Aim Counselor Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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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                                      811-09913

AIM Counselor Series Trust (Invesco Counselor Series Trust)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000    Houston, Texas 77046

(Address of principal executive offices)        (Zip code)

Sheri Morris     11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

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

Date of fiscal year end:        8/31            

Date of reporting period:      2/29/16     

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco American Franchise Fund
	Nasdaq:
	A: VAFAX  ¡  B: VAFBX  ¡  C: VAFCX  ¡   R: VAFRX  ¡  Y: VAFIX   ¡  R5: VAFNX  ¡   R6: VAFFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
17	Financial Highlights
18	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.70	%
Class B Shares	-5.66
Class C Shares	-6.02
Class R Shares	-5.76
Class Y Shares	-5.57
Class R5 Shares	-5.45
Class R6 Shares	-5.44
S&P 500 Index▼ (Broad Market Index)	-0.92
Russell 1000 Growth Index▼ (Style-Specific Index)	-1.22
Lipper Large-Cap Growth Funds Index ¡ (Peer Group Index)	-5.30

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 1000^® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth funds tracked by Lipper.

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

    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.

2                      Invesco American Franchise Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (6/23/05)	6.36	%
10 Years	5.94
5 Years	5.91
1 Year	-16.17
Class B Shares
Inception (6/23/05)	6.46	%
10 Years	6.11
5 Years	6.75
1 Year	-15.45
Class C Shares
Inception (6/23/05)	6.15	%
10 Years	5.78
5 Years	6.31
1 Year	-12.77
Class R Shares
10 Years	6.27	%
5 Years	6.84
1 Year	-11.51
Class Y Shares
Inception (6/23/05)	7.17	%
10 Years	6.79
5 Years	7.34
1 Year	-11.06
Class R5 Shares
10 Years	6.75	%
5 Years	7.47
1 Year	-10.95
Class R6 Shares
10 Years	6.70	%
5 Years	7.44
1 Year	-10.87

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (6/23/05)	7.66	%
10 Years	7.56
5 Years	9.62
1 Year	-0.84
Class B Shares
Inception (6/23/05)	7.76	%
10 Years	7.74
5 Years	10.51
1 Year	-0.06
Class C Shares
Inception (6/23/05)	7.44	%
10 Years	7.40
5 Years	10.04
1 Year	3.11
Class R Shares
10 Years	7.90	%
5 Years	10.57
1 Year	4.61
Class Y Shares
Inception (6/23/05)	8.48	%
10 Years	8.43
5 Years	11.09
1 Year	5.12
Class R5 Shares
10 Years	8.37	%
5 Years	11.24
1 Year	5.24
Class R6 Shares
10 Years	8.33	%
5 Years	11.17
1 Year	5.41

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Van Kampen American Franchise Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Van Kampen American Franchise Fund (renamed Invesco American Franchise Fund). Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco American Franchise Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of the predecessor fund’s

Class A shares, restated to reflect the higher 12b-1 fees applicable to Class R shares.

    Class R5 shares incepted on December 22, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the

most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.05%, 1.05%, 1.80%, 1.30%, 0.80%, 0.71% and 0.62%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco American Franchise Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco American Franchise Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.13%
Aerospace & Defense–2.19%
Honeywell International Inc.		433,360	$	43,921,036
Raytheon Co.		1,120,494		138,773,182
				182,694,218
Air Freight & Logistics–0.45%
FedEx Corp.		274,461		37,568,222
Airlines–0.81%
Southwest Airlines Co.		1,611,276		67,593,028
Application Software–1.92%
salesforce.com, inc.(b)		2,363,204		160,107,071
Automotive Retail–0.36%
AutoZone, Inc.(b)		38,348		29,703,210
Biotechnology–9.72%
Alexion Pharmaceuticals, Inc.(b)		236,193		33,255,974
Alkermes PLC(b)		1,882,739		60,755,988
Amgen Inc.		807,066		114,829,351
Biogen Inc.(b)		276,489		71,726,776
Celgene Corp.(b)		1,636,961		165,054,778
Gilead Sciences, Inc.		3,485,449		304,105,425
Vertex Pharmaceuticals Inc.(b)		728,051		62,241,080
				811,969,372
Broadcasting–0.35%
CBS Corp.–Class B		607,466		29,389,205
Cable & Satellite–4.08%
Comcast Corp.–Class A		1,331,380		76,860,567
DISH Network Corp.–Class A(b)		3,513,139		165,574,241
Time Warner Cable Inc.		517,310		98,733,787
				341,168,595
Communications Equipment–0.48%
Palo Alto Networks, Inc.(b)		276,060		39,970,727
Consumer Electronics–2.25%
Harman International Industries, Inc.		1,044,255		80,073,473
Sony Corp. (Japan)		5,113,500		107,861,027
				187,934,500
Data Processing & Outsourced Services–4.57%
First Data Corp.–Class A(b)(c)		4,959,187		61,989,837
MasterCard, Inc.–Class A		1,689,090		146,815,703
Visa Inc.–Class A		2,386,282		172,742,954
				381,548,494
Distillers & Vintners–0.84%
Constellation Brands, Inc.–Class A		495,337		70,055,512

	Shares		Value
Drug Retail–0.93%
CVS Health Corp.		801,380	$	77,870,095
Environmental & Facilities Services–1.27%
Republic Services, Inc.		2,328,282		106,402,487
Food Retail–0.57%
Kroger Co. (The)		1,185,172		47,300,215
Health Care Equipment–1.34%
Medtronic PLC		1,444,735		111,808,042
Home Entertainment Software–3.01%
Activision Blizzard, Inc.		5,080,089		160,886,419
Electronic Arts Inc.(b)		1,413,564		90,807,351
				251,693,770
Home Improvement Retail–3.49%
Lowe’s Cos., Inc.		4,317,870		291,585,761
Hotels, Resorts & Cruise Lines–1.83%
Carnival Corp.		3,192,021		153,089,327
Household Appliances–0.87%
Whirlpool Corp.		466,608		72,473,555
Industrial Conglomerates–1.53%
Danaher Corp.		917,527		81,907,636
Roper Technologies, Inc.		275,354		46,240,197
				128,147,833
Industrial Gases–0.88%
Air Products and Chemicals, Inc.		554,867		73,503,231
Internet Retail–7.45%
Amazon.com, Inc.(b)		844,503		466,604,797
Netflix Inc.(b)(c)		801,121		74,832,713
Priceline Group Inc. (The)(b)		63,718		80,616,651
				622,054,161
Internet Software & Services–11.55%
Alibaba Group Holding Ltd.–ADR (China)(b)(c)		572,241		39,375,903
Alphabet Inc.–Class A(b)		700,890		502,692,326
Facebook Inc.–Class A(b)		3,764,114		402,459,069
LinkedIn Corp.–Class A(b)		173,637		20,348,520
				964,875,818
Investment Banking & Brokerage–1.12%
Charles Schwab Corp. (The)		3,741,188		93,716,759
IT Consulting & Other Services–0.45%
Cognizant Technology Solutions Corp.–Class A(b)		652,459		37,177,114
Life Sciences Tools & Services–1.14%
Thermo Fisher Scientific, Inc.		734,422		94,879,978

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

5                         Invesco American Franchise Fund

	Shares		Value
Managed Health Care–2.39%
UnitedHealth Group Inc.		1,678,240	$	199,878,384
Oil & Gas Exploration & Production–1.32%
Cimarex Energy Co.		123,796		10,402,578
Pioneer Natural Resources Co.		826,500		99,618,045
				110,020,623
Packaged Foods & Meats–1.74%
JM Smucker Co. (The)		591,079		75,403,948
Tyson Foods, Inc.–Class A		1,079,230		69,880,143
				145,284,091
Pharmaceuticals–4.63%
Allergan PLC(b)		505,708		146,710,948
Bristol-Myers Squibb Co.		2,245,711		139,076,882
Eli Lilly and Co.		1,397,917		100,650,024
				386,437,854
Semiconductors–2.11%
Broadcom Ltd. (Singapore)		806,672		108,069,848
NXP Semiconductors N.V. (Netherlands)(b)		959,722		68,370,595
				176,440,443
Soft Drinks–1.00%
Monster Beverage Corp.(b)		662,117		83,095,684
Specialized Consumer Services–0.12%
Service Corp. International		415,632		9,775,665
Specialized Finance–1.82%
CME Group Inc.–Class A		927,396		84,801,090
McGraw Hill Financial, Inc.		750,935		67,388,907
				152,189,997
Specialized REIT’s–1.10%
American Tower Corp.		997,912		92,007,486
Specialty Chemicals–1.02%
Sherwin-Williams Co. (The)		315,600		85,369,800

	Shares		Value
Systems Software–2.82%
Microsoft Corp.		3,746,112	$	190,602,179
ServiceNow, Inc.(b)		819,986		45,091,030
				235,693,209
Technology Hardware, Storage & Peripherals–5.43%
Apple Inc.		4,693,750		453,838,687
Tobacco–4.15%
Altria Group, Inc.		1,557,452		95,892,320
Philip Morris International Inc.		2,017,940		183,693,078
Reynolds American Inc.		1,326,751		66,908,053
				346,493,451
Wireless Telecommunication Services–1.03%
Sprint Corp.(b)		25,000,937		86,003,223
Total Common Stocks & Other Equity Interests (Cost $6,161,209,588)				8,028,808,897
Money Market Funds–3.66%
Liquid Assets Portfolio–Institutional Class, 0.42%(d)		152,991,751		152,991,751
Premier Portfolio–Institutional Class, 0.38%(d)		152,991,752		152,991,752
Total Money Market Funds (Cost $305,983,503)				305,983,503
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.79% (Cost $6,467,193,091)				8,334,792,400
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.06%
Liquid Assets Portfolio–Institutional Class, 0.42% (Cost $4,997,301)(d)(e)		4,997,301		4,997,301
TOTAL INVESTMENTS–99.85% (Cost $6,472,190,392)				8,339,789,701
OTHER ASSETS LESS LIABILITIES–0.15%				12,713,640
NET ASSETS–100.00%			$	8,352,503,341

Investment Abbreviations:

ADR	–  American Depositary Receipt
REIT	– Real Estate Investment Trust

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) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 29, 2016.

^(d) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

6                         Invesco American Franchise Fund

Portfolio Composition

By sector, based on Net Assets as of February 29, 2016

Information Technology	32.3	%
Consumer Discretionary	20.8
Health Care	19.2
Consumer Staples	9.2
Industrials	6.3
Financials	4.1
Materials	1.9
Energy	1.3
Telecommunication Services	1.0
Money Market Funds Plus Other Assets Less Liabilities	3.9

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

7                         Invesco American Franchise Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $6,161,209,588)*	$	8,028,808,897
Investments in affiliated money market funds, at value and cost		310,980,804
Total investments, at value (Cost $6,472,190,392)		8,339,789,701
Foreign currencies, at value (Cost $528)		23,019
Receivable for:
Investments sold		54,131,598
Fund shares sold		2,955,307
Dividends		6,251,293
Investment for trustee deferred compensation and retirement plans		2,200,487
Other assets		202,712
Total assets		8,405,554,117
Liabilities:
Payable for:
Investments purchased		32,485,895
Fund shares reacquired		7,460,395
Collateral upon return of securities loaned		4,997,301
Accrued fees to affiliates		5,122,581
Accrued trustees’ and officers’ fees and benefits		16,940
Accrued other operating expenses		387,903
Trustee deferred compensation and retirement plans		2,579,761
Total liabilities		53,050,776
Net assets applicable to shares outstanding	$	8,352,503,341
Net assets consist of:
Shares of beneficial interest	$	6,629,083,958
Undistributed net investment income (loss)		(21,448,878	)
Undistributed net realized gain (loss)		(122,657,034	)
Net unrealized appreciation		1,867,525,295
	$	8,352,503,341

Net Assets:
Class A	$	7,560,423,236
Class B	$	125,869,988
Class C	$	344,834,608
Class R	$	27,960,296
Class Y	$	129,103,277
Class R5	$	49,817,382
Class R6	$	114,494,554
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		510,369,392
Class B		8,725,397
Class C		24,705,307
Class R		1,911,360
Class Y		8,593,670
Class R5		3,315,374
Class R6		7,598,610
Class A:
Net asset value per share	$	14.81
Maximum offering price per share
(Net asset value of $14.81 ¸ 94.50%)	$	15.67
Class B:
Net asset value and offering price per share	$	14.43
Class C:
Net asset value and offering price per share	$	13.96
Class R:
Net asset value and offering price per share	$	14.63
Class Y:
Net asset value and offering price per share	$	15.02
Class R5:
Net asset value and offering price per share	$	15.03
Class R6:
Net asset value and offering price per share	$	15.07

* At February 29, 2016, securities with an aggregate value of $4,740,898 were on loan to brokers.

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

8                         Invesco American Franchise Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $43,619)	$	45,911,604
Dividends from affiliated money market funds (includes securities lending income of $181,738)		425,127
Total investment income		46,336,731
Expenses:
Advisory fees		26,752,573
Administrative services fees		374,495
Custodian fees		139,673
Distribution fees:
Class A		10,261,018
Class B		190,441
Class C		1,876,173
Class R		77,012
Transfer agent fees — A, B, C, R and Y		9,742,444
Transfer agent fees — R5		23,363
Transfer agent fees — R6		1,769
Trustees’ and officers’ fees and benefits		200,127
Other		854,454
Total expenses		50,493,542
Less: Fees waived and expense offset arrangement(s)		(147,481	)
Net expenses		50,346,061
Net investment income (loss)		(4,009,330	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		101,553,794
Foreign currencies		(26,889	)
		101,526,905
Change in net unrealized appreciation (depreciation) of:
Investment securities		(593,920,941	)
Foreign currencies		(69,032	)
		(593,989,973	)
Net realized and unrealized gain (loss)		(492,463,068	)
Net increase (decrease) in net assets resulting from operations	$	(496,472,398	)

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

9                         Invesco American Franchise Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income (loss)	$	(4,009,330	)	$	(29,804,126	)
Net realized gain		101,526,905			664,686,802
Change in net unrealized appreciation (depreciation)		(593,989,973	)		(586,176,125	)
Net increase (decrease) in net assets resulting from operations		(496,472,398	)		48,706,551
Distributions to shareholders from net realized gains:
Class A		(404,436,352	)		(784,832,614	)
Class B		(7,572,828	)		(20,473,568	)
Class C		(19,559,139	)		(37,732,374	)
Class R		(1,576,212	)		(2,796,858	)
Class Y		(7,356,908	)		(13,159,645	)
Class R5		(2,447,999	)		(4,625,060	)
Class R6		(3,991,543	)		(11,435,482	)
Total distributions from net realized gains		(446,940,981	)		(875,055,601	)
Share transactions–net:
Class A		95,525,822			29,568,935
Class B		(24,564,282	)		(64,542,055	)
Class C		5,271,018			2,440,937
Class R		471,529			1,750,654
Class Y		(8,894,411	)		23,546,565
Class R5		4,953,177			2,253,149
Class R6		36,437,605			(43,605,157	)
Net increase (decrease) in net assets resulting from share transactions		109,200,458			(48,586,972	)
Net increase (decrease) in net assets		(834,212,921	)		(874,936,022	)
Net assets:
Beginning of period		9,186,716,262			10,061,652,284
End of period (includes undistributed net investment income (loss) of $(21,448,878) and $(17,439,548), respectively)	$	8,352,503,341		$	9,186,716,262

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco American Franchise Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to seek long-term capital appreciation.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

10                         Invesco American Franchise Fund

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

11                         Invesco American Franchise Fund

C. 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 — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net

12                         Invesco American Franchise Fund

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.

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

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

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $250 million		0	.695%
Next $250 million		0	.67%
Next $500 million		0	.645%
Next $550 million		0	.62%
Next $3.45 billion		0	.60%
Next $250 million		0	.595%
Next $2.25 billion		0	.57%
Next $2.5 billion		0	.545%
Over $10 billion		0	.52%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.59%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 29, 2016, the Adviser waived advisory fees of $98,526.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or

13                         Invesco American Franchise Fund

networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A, Class B, Class C and Class R shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended February 29, 2016, expenses incurred under these arrangements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $254,946 in front-end sales commissions from the sale of Class A shares and $2,223, $6,846 and $2,597 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 29, 2016, the Fund incurred $33,385 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	8,231,928,674	$	107,861,027	$	—	$	8,339,789,701

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $48,955.

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

14                         Invesco American Franchise Fund

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	188,402,611	$	—	$	188,402,611

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $2,952,145,739 and $3,472,184,122, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	2,091,039,632
Aggregate unrealized (depreciation) of investment securities		(259,146,325	)
Net unrealized appreciation of investment securities	$	1,831,893,307

Cost of investments for tax purposes is $6,507,896,394.

15                         Invesco American Franchise Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		6,383,668		$	103,916,824			11,430,895		$	198,025,073
Class B		49,102			770,364			114,963			1,953,963
Class C		898,510			13,911,433			1,474,703			24,315,642
Class R		220,198			3,506,021			422,057			7,207,296
Class Y		1,108,994			18,101,607			2,828,241			49,644,068
Class R5		576,908			9,337,730			925,325			16,123,386
Class R6		2,671,424			40,879,004			340,306			5,918,560
Issued as reinvestment of dividends:
Class A		23,357,169			381,889,684			45,566,849			740,461,291
Class B		468,373			7,456,502			1,268,110			20,099,547
Class C		1,189,373			18,352,020			2,276,570			35,286,826
Class R		97,598			1,576,212			173,586			2,796,462
Class Y		382,605			6,339,768			691,278			11,350,786
Class R5		147,701			2,447,403			281,944			4,623,889
Class R6		240,309			3,991,543			696,013			11,435,482
Automatic conversion of Class B shares to Class A shares:
Class A		1,499,305			24,399,303			3,624,145			63,022,397
Class B		(1,538,546	)		(24,399,303	)		(3,714,455	)		(63,022,397	)
Reacquired:
Class A		(25,521,574	)		(414,679,989	)		(56,061,210	)		(971,939,826	)
Class B		(532,882	)		(8,391,845	)		(1,391,879	)		(23,573,168	)
Class C		(1,763,033	)		(26,992,435	)		(3,461,721	)		(57,161,531	)
Class R		(289,439	)		(4,610,704	)		(483,878	)		(8,253,104	)
Class Y		(2,015,923	)		(33,335,786	)		(2,143,896	)		(37,448,289	)
Class R5		(409,407	)		(6,831,956	)		(1,073,189	)		(18,494,126	)
Class R6		(483,193	)		(8,432,942	)		(3,413,210	)		(60,959,199	)
Net increase (decrease) in share activity		6,737,240		$	109,200,458			371,547		$	(48,586,972	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16                         Invesco American Franchise Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	16.49	$	(0.00	)	$	(0.86	)	$	(0.86	)	$	—		$	(0.82	)	$	(0.82	)	$	14.81		(5.70	)%	$	7,560,423		1.09	%(d)		1.09	%(d)		(0.07	)%(d)		33	%
Year ended 08/31/15		18.07		(0.05	)		0.08			0.03			—			(1.61	)		(1.61	)		16.49		0.27			8,320,796		1.05			1.05			(0.28	)		74
Year ended 08/31/14		14.82		(0.04	)		3.99			3.95			(0.02	)		(0.68	)		(0.70	)		18.07		27.22			9,034,217		1.08			1.08			(0.27	)		77
Year ended 08/31/13		12.47		0.02			2.33			2.35			(0.00	)		—			(0.00	)		14.82		18.89			5,428,321		1.06			1.14			0.17			80
Year ended 08/31/12		11.72		(0.01	)		0.88			0.87			—			(0.12	)		(0.12	)		12.47		7.55			4,728,364		1.05			1.18			(0.05	)		96
Year ended 08/31/11		9.79		(0.05	)		1.98			1.93			—			—			—			11.72		19.71			4,894,163		1.06			1.17			(0.43	)		179
Class B
Six months ended 02/29/16		16.08		(0.00	)		(0.83	)		(0.83	)		—			(0.82	)		(0.82	)		14.43		(5.66	)		125,870		1.09	(d)(e)		1.09	(d)(e)		(0.07	)(d)(e)		33
Year ended 08/31/15		17.66		(0.05	)		0.08			0.03			—			(1.61	)		(1.61	)		16.08		0.27	(e)		165,265		1.05	(e)		1.05	(e)		(0.28	)(e)		74
Year ended 08/31/14		14.50		(0.04	)		3.90			3.86			(0.02	)		(0.68	)		(0.70	)		17.66		27.20	(e)		247,220		1.08	(e)		1.08	(e)		(0.27	)(e)		77
Year ended 08/31/13		12.20		0.02			2.28			2.30			(0.00	)		—			(0.00	)		14.50		18.90	(e)		226,796		1.06	(e)		1.14	(e)		0.17	(e)		80
Year ended 08/31/12		11.47		(0.01	)		0.86			0.85			—			(0.12	)		(0.12	)		12.20		7.54	(e)		273,177		1.05	(e)		1.18	(e)		(0.05	)(e)		96
Year ended 08/31/11		9.64		(0.08	)		1.91			1.83			—			—			—			11.47		18.98	(e)		373,157		1.28	(e)		1.65	(e)		(0.64	)(e)		179
Class C
Six months ended 02/29/16		15.64		(0.06	)		(0.80	)		(0.86	)		—			(0.82	)		(0.82	)		13.96		(6.02	)		344,835		1.84	(d)		1.84	(d)		(0.82	)(d)		33
Year ended 08/31/15		17.34		(0.17	)		0.08			(0.09	)		—			(1.61	)		(1.61	)		15.64		(0.46	)		381,264		1.80			1.80			(1.03	)		74
Year ended 08/31/14		14.34		(0.16	)		3.84			3.68			—			(0.68	)		(0.68	)		17.34		26.23			417,687		1.83			1.83			(1.02	)		77
Year ended 08/31/13		12.16		(0.08	)		2.26			2.18			—			—			—			14.34		17.93			271,960		1.81			1.89			(0.58	)		80
Year ended 08/31/12		11.51		(0.09	)		0.86			0.77			—			(0.12	)		(0.12	)		12.16		6.82			252,685		1.80			1.93			(0.80	)		96
Year ended 08/31/11		9.68		(0.11	)		1.94			1.83			—			—			—			11.51		18.90	(f)		266,990		1.60	(f)		1.71	(f)		(0.97	)(f)		179
Class R
Six months ended 02/29/16		16.31		(0.02	)		(0.84	)		(0.86	)		—			(0.82	)		(0.82	)		14.63		(5.76	)		27,960		1.34	(d)		1.34	(d)		(0.32	)(d)		33
Year ended 08/31/15		17.93		(0.09	)		0.08			(0.01	)		—			(1.61	)		(1.61	)		16.31		0.03			30,716		1.30			1.30			(0.53	)		74
Year ended 08/31/14		14.74		(0.09	)		3.96			3.87			—			(0.68	)		(0.68	)		17.93		26.83			31,760		1.33			1.33			(0.52	)		77
Year ended 08/31/13		12.43		(0.01	)		2.32			2.31			—			—			—			14.74		18.58			19,576		1.31			1.39			(0.08	)		80
Year ended 08/31/12		11.71		(0.04	)		0.88			0.84			—			(0.12	)		(0.12	)		12.43		7.30			18,746		1.30			1.43			(0.30	)		96
Year ended 08/31/11(g)		12.81		(0.02	)		(1.08	)		(1.10	)		—			—			—			11.71		(8.59	)		17,698		1.30	(h)		1.42	(h)		(0.66	)(h)		179
Class Y
Six months ended 02/29/16		16.69		0.02			(0.87	)		(0.85	)		—			(0.82	)		(0.82	)		15.02		(5.57	)		129,103		0.84	(d)		0.84	(d)		0.18	(d)		33
Year ended 08/31/15		18.22		(0.01	)		0.09			0.08			—			(1.61	)		(1.61	)		16.69		0.56			152,179		0.80			0.80			(0.03	)		74
Year ended 08/31/14		14.93		(0.00	)		4.01			4.01			(0.04	)		(0.68	)		(0.72	)		18.22		27.48			141,094		0.83			0.83			(0.02	)		77
Year ended 08/31/13		12.57		0.06			2.34			2.40			(0.04	)		—			(0.04	)		14.93		19.13			92,418		0.81			0.89			0.42			80
Year ended 08/31/12		11.78		0.02			0.89			0.91			—			(0.12	)		(0.12	)		12.57		7.86			99,758		0.80			0.93			0.20			96
Year ended 08/31/11		9.83		(0.02	)		1.97			1.95			—			—			—			11.78		19.84			117,471		0.81			0.92			(0.18	)		179
Class R5
Six months ended 02/29/16		16.68		0.03			(0.86	)		(0.83	)		—			(0.82	)		(0.82	)		15.03		(5.45	)		49,817		0.72	(d)		0.72	(d)		0.30	(d)		33
Year ended 08/31/15		18.20		0.01			0.08			0.09			—			(1.61	)		(1.61	)		16.68		0.62			50,052		0.71			0.71			0.06			74
Year ended 08/31/14		14.90		0.02			4.01			4.03			(0.05	)		(0.68	)		(0.73	)		18.20		27.65			52,164		0.70			0.70			0.11			77
Year ended 08/31/13		12.55		0.06			2.34			2.40			(0.05	)		—			(0.05	)		14.90		19.22			151,535		0.75			0.75			0.48			80
Year ended 08/31/12		11.75		0.04			0.88			0.92			—			(0.12	)		(0.12	)		12.55		7.96			301,283		0.69			0.69			0.31			96
Year ended 08/31/11(g)		12.07		(0.00	)		(0.32	)		(0.32	)		—			—			—			11.75		(2.65	)		197,097		0.66	(h)		0.66	(h)		(0.03	)(h)		179
Class R6
Six months ended 02/29/16		16.72		0.03			(0.86	)		(0.83	)		—			(0.82	)		(0.82	)		15.07		(5.44	)		114,495		0.63	(d)		0.63	(d)		0.39	(d)		33
Year ended 08/31/15		18.22		0.03			0.08			0.11			—			(1.61	)		(1.61	)		16.72		0.73			86,444		0.62			0.62			0.15			74
Year ended 08/31/14		14.92		0.03			4.01			4.04			(0.06	)		(0.68	)		(0.74	)		18.22		27.69			137,509		0.63			0.63			0.18			77
Year ended 08/31/13(g)		13.03		0.07			1.87			1.94			(0.05	)		—			(0.05	)		14.92		14.98			113,955		0.65	(h)		0.65	(h)		0.58	(h)		80

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended August 31, 2014, the portfolio turnover calculation excludes the value of securities purchased of $1,921,954,452 and sales of $1,568,687,370 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Constellation Fund into the Fund. For the year ended August 31, 2013, the portfolio turnover calculation excludes the value of securities purchased of $279,161,573 and sales of $299,305,234 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Leisure Fund into the Fund. For the year ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $4,947,460,310 and sales of $2,251,028,915 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Large Cap Growth Fund, Invesco Van Kampen Capital Growth Fund and Invesco Van Kampen Enterprise Fund into the Fund.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $8,253,918, $153,190, $377,296, $30,974, $148,169, $50,891 and $89,072 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25%, 0.25% and 0.47% for the six months ended February 29, 2016 and years ended August 31, 2015, 2014, 2013, 2012 and 2011, respectively.

^(f) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.79% for the year ended August 31, 2011.

^(g) Commencement date of May 23, 2011 for Class R shares, December 22, 2010 for Class R5 shares and September 24, 2012 for Class R6 shares.

^(h) Annualized.

17                         Invesco American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	943.00	$	5.28	$	1,019.50	$	5.49		1.09	%
B		1,000.00		943.40		5.28		1,019.50		5.49		1.09
C		1,000.00		939.80		8.90		1,015.76		9.25		1.84
R		1,000.00		942.40		6.49		1,018.25		6.74		1.34
Y		1,000.00		944.30		4.07		1,020.74		4.23		0.84
R5		1,000.00		945.50		3.49		1,021.34		3.63		0.72
R6		1,000.00		945.60		3.06		1,021.79		3.18		0.63

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

18                         Invesco American Franchise Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     VK-AMFR-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco California Tax-Free Income Fund
	Nasdaq:
	A: CLFAX  ¡  B: CLFBX  ¡  C: CLFCX  ¡  Y: CLFDX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
13	Financial Statements
15	Notes to Financial Statements
21	Financial Highlights
22	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	4.05	%
Class B Shares	4.12
Class C Shares	3.95
Class Y Shares	4.26
S&P Municipal Bond Index▼ (Broad Market Index)	3.56
S&P Municipal Bond California 5+ Year Investment Grade Index▼ (Style-Specific Index)	4.31
Lipper California Municipal Debt Funds Index¡ (Peer Group Index)	3.90

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

    The S&P Municipal Bond California 5+ Year Investment Grade Index is an unmanaged index considered representative of investment-grade municipal bonds issued in California with maturities of five years or greater.

    The Lipper California Municipal Debt Funds Index is an unmanaged index considered representative of California municipal debt funds tracked by Lipper.

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

    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.

2                      Invesco California Tax-Free Income Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	4.43	%
10 Years	4.12
5 Years	6.11
1 Year	0.02
Class B Shares
Inception (7/11/84)	6.24	%
10 Years	4.62
5 Years	6.80
1 Year	-0.40
Class C Shares
Inception (7/28/97)	4.17	%
10 Years	4.07
5 Years	6.54
1 Year	3.05
Class Y Shares
Inception (7/28/97)	4.94	%
10 Years	4.84
5 Years	7.31
1 Year	4.75

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	4.41	%
10 Years	4.10
5 Years	5.85
1 Year	-0.30
Class B Shares
Inception (7/11/84)	6.24	%
10 Years	4.60
5 Years	6.51
1 Year	-0.89
Class C Shares
Inception (7/28/97)	4.15	%
10 Years	4.04
5 Years	6.25
1 Year	2.56
Class Y Shares
Inception (7/28/97)	4.91	%
10 Years	4.81
5 Years	7.02
1 Year	4.35

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Morgan Stanley California Tax-Free Income Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco California Tax-Free Income Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco California Tax-Free Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of

Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.91%, 0.88%, 1.41% and 0.66%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco California Tax-Free Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco California Tax-Free Income Fund

Schedule of Investments

February 29, 2016

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–107.00%
California–102.64%
ABAG Finance Authority For Nonprofit Corps. (Sharp HealthCare); Series 2014 A, RB		5.00	%		08/01/2043	$	500	$	570,010
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB		7.63	%		01/01/2040		1,575		1,720,798
Alhambra Elementary School District (Election of 1999); Series 1999 A, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(b)		0.00	%		09/01/2020		1,925		1,800,318
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease RB (INS–AGM)(a)		6.00	%		09/01/2016		2,110		2,168,447
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB		5.38	%		10/01/2036		2,500		2,939,700
Arcadia Unified School District (Election of 2006); Series 2007 A, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		08/01/2037		1,500		1,557,090
Bakersfield (City of); Series 2007 A, Wastewater RB(c)(d)		5.00	%		09/15/2017		2,215		2,369,673
Bay Area Governments Association (California Capital); Series 2001 A, Lease RB (INS–AMBAC)(a)		5.25	%		07/01/2017		1,040		1,060,478
Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB(c)(d)(e)		5.00	%		04/01/2018		1,250		1,364,275
Series 2008 F-1, Toll Bridge RB(c)(d)		5.00	%		04/01/2018		2,500		2,728,550
Series 2009 F-1, Toll Bridge RB(c)(d)(e)		5.13	%		04/01/2019		1,500		1,701,480
Series 2009 F-1, Toll Bridge RB(c)(d)(e)		5.25	%		04/01/2019		4,685		5,332,139
Series 2009 F-1, Toll Bridge RB(c)(d)(e)		5.25	%		04/01/2019		5,205		5,923,967
Bay Area Water Supply & Conservation Agency; Series 2013 A, RB		5.00	%		10/01/2034		1,950		2,298,133
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds(b)		0.00	%		08/01/2026		1,465		1,165,085
Series 2009, Unlimited Tax CAB GO Bonds(b)		0.00	%		08/01/2032		3,045		1,899,288
Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS–AGM)(a)		5.50	%		08/01/2018		1,090		1,094,992
California (State of) (Green Bonds); Series 2014, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2037		3,245		3,838,218
California (State of) Educational Facilities Authority (Claremont McKenna College); Series 2007, RB(e)		5.00	%		01/01/2038		2,100		2,245,068
California (State of) Educational Facilities Authority (Pitzer College); Series 2009, RB		6.00	%		04/01/2040		2,000		2,360,200
California (State of) Educational Facilities Authority (Stanford University); Series 2007 T-1, RB		5.00	%		03/15/2039		3,190		4,258,618
California (State of) Educational Facilities Authority (University of Southern California); Series 2009 B, RB(e)		5.25	%		10/01/2039		1,800		2,000,034
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 A, RB		5.75	%		09/01/2039		500		570,645
California (State of) Health Facilities Financing Authority (Catholic Healthcare West);
Series 2009 A, RB		6.00	%		07/01/2039		500		572,470
Series 2011 A, RB		5.25	%		03/01/2041		2,500		2,797,225
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center);
Series 2015, Ref. RB		5.00	%		11/15/2031		1,300		1,601,327
Series 2015, Ref. RB		5.00	%		11/15/2032		1,250		1,532,425
Series 2015, Ref. RB		5.00	%		11/15/2033		1,000		1,219,150
California (State of) Health Facilities Financing Authority (Cedars–Sinai Medical Center); Series 2009, RB		5.00	%		08/15/2039		1,050		1,163,736
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2010, RB (INS–AGM)(a)		5.25	%		07/01/2038		2,950		3,296,979
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB		5.25	%		04/01/2039		2,000		2,009,100
California (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2008, RB(c)(d)		6.50	%		10/01/2018		20		22,965
Series 2008, RB(c)(d)		6.50	%		10/01/2018		980		1,125,285
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB		5.00	%		11/15/2036		4,000		4,506,520
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00	%		07/01/2037		1,000		1,157,930
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB		5.25	%		11/15/2040		2,000		2,371,640
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB		5.50	%		08/15/2026		1,000		1,192,680

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

5                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2006 A, Education RB		5.25	%		06/01/2026	$	1,000	$	1,003,930
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);
Series 2014 A, Sr. Mobile Home Park RB		5.25	%		08/15/2039		1,200		1,355,436
Series 2014 A, Sr. Mobile Home Park RB		5.25	%		08/15/2049		1,420		1,598,721
California (State of) Municipal Finance Authority (Caritas Projects); Series 2012 A, Sr. Mobile Home Park RB		5.50	%		08/15/2047		1,500		1,680,405
California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group);
Series 2007, COP(c)(d)		5.00	%		02/01/2017		985		1,026,537
Series 2007, COP(c)(d)		5.25	%		02/01/2017		205		214,116
Series 2007, COP		5.00	%		02/01/2020		1,400		1,450,316
Series 2007, COP		5.25	%		02/01/2037		295		302,850
California (State of) Municipal Finance Authority (Eisenhower Medical Center);
Series 2010 A, RB		5.50	%		07/01/2030		1,000		1,100,320
Series 2010 A, RB		5.75	%		07/01/2040		1,500		1,652,775
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB		5.75	%		01/01/2033		1,315		1,530,265
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB		5.25	%		01/01/2034		620		682,539
California (State of) Municipal Finance Authority (University of La Verne); Series 2010 A, RB		6.13	%		06/01/2030		1,000		1,151,980
California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB(f)(g)		5.00	%		07/01/2037		3,000		3,289,440
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2015 B-1, Ref. Solid Waste Disposal RB(f)		3.00	%		11/01/2025		1,500		1,556,850
California (State of) Public Works Board (Various Capital); Series 2011 A, Lease RB		5.13	%		10/01/2031		2,000		2,376,620
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, Lease RB		5.00	%		09/01/2039		3,000		3,501,390
California (State of) Public Works Board (Various State Universities); Series 2013 H, Lease RB		5.00	%		09/01/2038		1,000		1,145,080
California (State of) School Finance Authority (Alliance for College–Ready Public Schools); Series 2013 A, School Facility RB		6.30	%		07/01/2043		840		957,071
California (State of) School Finance Authority (Alliance For College-Ready Public Schools); Series 2015, School Facility RB(g)		5.00	%		07/01/2045		615		661,014
California (State of) School Finance Authority (Aspire Public Schools);
Series 2015 A, Ref. Charter School RB(g)		5.00	%		08/01/2045		1,000		1,110,140
Series 2016, Ref. Charter School RB(g)		5.00	%		08/01/2046		750		832,095
California (State of) School Finance Authority (Green Dot Public Schools); Series 2015 A, School Facility RB(g)		5.00	%		08/01/2045		1,500		1,608,435
California (State of) School Finance Authority (KIPP LA); Series 2015 A, Facilities RB(g)		5.00	%		07/01/2045		500		541,945
California (State of) Statewide Communities Development Authority (Adventist Health System);
Series 2015, Ref. RB		5.00	%		03/01/2033		775		923,258
Series 2015, Ref. RB		5.00	%		03/01/2045		2,315		2,661,880
California (State of) Statewide Communities Development Authority (Alliance for College–Ready Public Schools); Series 2012, School Facility RB		6.10	%		07/01/2032		820		893,357
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB		6.25	%		10/01/2039		2,000		2,214,860
California (State of) Statewide Communities Development Authority (Birchcrest Apartments); Series 2001 S, VRD RB (LOC–U.S. Bank, N.A.)(f)(h)(i)		0.03	%		08/01/2032		1,500		1,500,000
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.40	%		11/01/2027		1,785		1,856,150
Series 2014 A, RB		5.13	%		11/01/2023		715		774,774
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB		5.25	%		11/01/2030		1,675		1,916,619
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS–AGM)(a)		5.25	%		10/01/2043		600		692,448
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB		5.00	%		07/01/2044		750		849,555

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

6                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50	%		12/01/2054	$	1,500	$	1,643,280
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB(c)(d)		6.75	%		08/01/2019		445		535,237
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB(g)		6.25	%		11/15/2019		1,650		1,803,235
Series 2009, Senior Living RB(g)		7.25	%		11/15/2041		500		581,235
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB		5.63	%		10/01/2032		1,000		1,073,950
California (State of) Statewide Communities Development Authority (University of California–Irvine East Campus Apartments); Series 2012, Ref. Student Housing RB		5.38	%		05/15/2038		2,000		2,265,120
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2006 A, Tobacco Settlement CAB Turbo RB(b)		0.00	%		06/01/2046		8,000		866,000
California (State of);
Series 2003 B-4, VRD Unlimited Tax GO Bonds (LOC-JPMorgan Chase Bank, N.A.)(h)(i)		0.01	%		05/01/2033		1,800		1,800,000
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.75	%		04/01/2031		5,000		5,686,150
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		11/01/2035		1,750		2,061,920
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		04/01/2038		1,250		1,436,325
Series 2010, Unlimited Tax GO Bonds		5.25	%		11/01/2040		3,000		3,502,770
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		09/01/2032		2,450		2,868,999
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2041		2,500		2,886,100
Series 2012, Ref. Unlimited Tax GO Bonds		5.25	%		02/01/2030		1,000		1,190,490
Series 2015, Unlimited Tax GO Bonds		5.00	%		08/01/2045		1,000		1,172,930
California County Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, Tobacco Settlement Asset-Backed CAB RB(b)		0.00	%		06/01/2033		1,710		582,443
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts and Sciences Obligated Group);
Series 2015, Ref. RB		5.00	%		11/01/2035		1,000		1,170,470
Series 2015, Ref. RB		5.00	%		11/01/2041		4,265		4,908,631
California Infrastructure & Economic Development Bank (Broad Museum); Series 2011 A, RB		5.00	%		06/01/2021		2,000		2,408,940
California Infrastructure & Economic Development Bank (Traditional Baking Inc.); Series 2003, VRD Industrial Development RB (LOC–U.S. Bank, N.A.)(f)(h)(i)		0.10	%		08/01/2028		1,020		1,020,000
California State University;
Series 2009 A, Systemwide RB (INS–AGC)(a)		5.25	%		11/01/2038		1,000		1,130,040
Series 2012 A, Systemwide RB(e)		5.00	%		11/01/2037		6,750		7,903,643
Chino Basin Regional Financing Authority (Inland Empire Utilities Agency); Series 2008 A, RB (INS–AMBAC)(a)		5.00	%		11/01/2033		725		771,523
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(b)		0.00	%		08/01/2029		735		491,215
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax GO Bonds(c)(d)		5.00	%		08/01/2017		2,500		2,661,800
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB		5.00	%		06/01/2036		2,000		2,291,720
Eastern Municipal Water District;
Series 2016 A, Ref. Water and Wastewater RB		5.00	%		07/01/2028		1,025		1,296,471
Series 2016 A, Ref. Water and Wastewater RB		5.00	%		07/01/2033		1,005		1,227,638
Series 2016 A, Ref. Water and Wastewater RB		5.00	%		07/01/2045		1,000		1,180,950
Eden (Township of) Healthcare District; Series 2010, COP		6.13	%		06/01/2034		1,000		1,138,710
El Monte Union High School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds (INS–AGC)(a)		5.50	%		06/01/2034		1,000		1,124,750
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(b)		0.00	%		08/01/2033		4,430		2,344,888
Emeryville (City of) Public Financing Authority (Alameda County);
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(a)		5.00	%		09/01/2032		445		520,841
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(a)		5.00	%		09/01/2033		385		449,029
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(a)		5.00	%		09/01/2034		500		581,920

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

7                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Fairfield (City of) Community Facilities District No. 3 (North Cordelia General Improvements); Series 2008, Special Tax RB		6.00	%		09/01/2032	$	1,800	$	1,977,408
Fontana (City of) Public Financing Authority (North Fontana Redevelopment); Series 2003 A, Tax Allocation RB (INS–AMBAC)(a)		5.38	%		09/01/2025		1,500		1,506,345
Fontana (City of) Redevelopment Agency (Downtown Redevelopment); Series 2000, Ref. Tax Allocation RB (INS–NATL)(a)		5.00	%		09/01/2021		1,480		1,483,493
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. CAB Toll Road RB (INS–AGM)(a)(b)		0.00	%		01/15/2035		2,745		1,310,545
Fremont Community Facilities District No. 1 (Pacific Commons);
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2035		815		931,301
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2045		905		1,008,025
Fullerton (City of) Community Facilities District No. 1 (Amerige Heights);
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2026		1,960		2,258,430
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2032		1,090		1,215,928
Gilroy Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2029		615		453,150
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2031		2,235		1,548,162
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(a)(b)		0.00	%		08/01/2029		4,735		3,110,611
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(a)(b)		0.00	%		08/01/2031		1,415		836,831
Glendora (City of) Public Finance Authority; Series 2003 A, Project No. One Tax Allocation RB (INS–NATL)(a)		5.00	%		09/01/2024		2,425		2,435,064
Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/2027		2,740		2,750,138
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2033		3,440		3,265,042
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2047		2,000		1,795,460
Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2030		2,000		2,336,460
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2040		695		798,701
Inglewood (City of) Redevelopment Agency (Merged Redevelopment); Series 1998 A, Ref. Tax Allocation RB (INS–AMBAC)(a)		5.25	%		05/01/2023		1,000		1,108,730
Inland Empire Tobacco Securitization Authority;
Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		1,725		1,731,745
Series 2007 C-1, Asset-Backed Tobacco Settlement CAB RB(b)		0.00	%		06/01/2036		5,000		1,083,300
Irvine (City of) Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1) ;
Series 2014, Special Tax RB		5.00	%		09/01/2044		445		498,369
Series 2014, Special Tax RB		5.00	%		09/01/2049		445		497,906
Irvine Unified School District (Community Facilities District No. 06-1- Portola Springs); Series 2010, Special Tax RB		6.70	%		09/01/2035		515		598,435
Irvine Unified School District; Series 2015, Ref. Special Tax RB		5.00	%		09/01/2038		3,500		4,042,850
Kern (County of) (Capital Improvments); Series 2009 A, COP (INS–AGC)(a)		5.75	%		08/01/2035		1,000		1,123,030
Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, Water Revenue COP (INS–AGC)(a)		5.00	%		05/01/2028		1,700		1,847,016
Lodi (City of); Series 2007 A, Wastewater System Revenue COP (INS–AGM)(a)		5.00	%		10/01/2037		1,000		1,058,350
Long Beach (City of) Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB		5.00	%		11/01/2029		2,000		2,278,320
Long Beach (City of) Bond Finance Authority (Natural Gas Purchase); Series 2007 A, RB		5.50	%		11/15/2032		1,105		1,374,786
Long Beach (City of) Financing Authority; Series 1992, RB (INS–AMBAC)(a)		6.00	%		11/01/2017		6,570		6,781,751
Long Beach (City of);
Series 2010 A, Sr. Airport RB		5.00	%		06/01/2040		2,500		2,812,875
Series 2015, Marina System RB		5.00	%		05/15/2045		1,615		1,778,858
Los Angeles (City of) Community Facilities District No. 4 (Playa Vista — Phase 1); Series 2014, Ref. Special Tax RB		5.00	%		09/01/2031		600		689,982
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB		5.00	%		05/15/2035		2,500		2,845,250
Series 2010 B, Sub. RB		5.00	%		05/15/2040		1,000		1,131,990
Series 2013, RB(f)		5.00	%		05/15/2043		3,000		3,361,560
Los Angeles (City of) Department of Airports; Series 2015 C, Ref. Sub. RB		5.00	%		05/15/2038		1,000		1,174,830

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

8                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Los Angeles (City of) Department of Water & Power;
Series 2011 A, Power System RB(e)		5.00	%		07/01/2022	$	1,800	$	2,178,612
Series 2011 A, Water System RB		5.25	%		07/01/2039		1,500		1,735,740
Subseries 2006 A-1, Water System RB (INS–AMBAC)(a)		5.00	%		07/01/2036		1,485		1,509,131
Subseries 2007 A-1, Power System RB (INS–AMBAC)(a)		5.00	%		07/01/2037		1,000		1,056,230
Subseries 2008 A-1, Power System RB		5.25	%		07/01/2038		2,000		2,191,840
Los Angeles (City of) Harbor Department; Series 2014 A, Ref. RB(f)		5.00	%		08/01/2036		1,000		1,152,680
Los Angeles Community College District (Election of 2003); Series 2008 F-1, Unlimited Tax GO Bonds(c)(d)(e)		5.00	%		08/01/2018		2,000		2,209,400
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, CAB COP (INS–AMBAC)(a)(b)		0.00	%		08/01/2024		1,265		1,019,350
Los Angeles Unified School District (Election of 2004);
Series 2007 H, Unlimited Tax GO Bonds (INS–AGM)(a)		5.00	%		07/01/2032		1,000		1,053,540
Series 2009 I, Unlimited Tax GO Bonds (INS–AGC)(a)		5.00	%		01/01/2034		3,000		3,377,280
M-S-R Energy Authority; Series 2009 B, Gas RB		6.13	%		11/01/2029		1,600		2,073,504
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGC)(a)(b)		0.00	%		08/01/2035		940		440,578
Montclair (City of) Redevelopment Agency (Montclair Redevelopment Project No. V); Series 2001, Ref. Tax Allocation RB (INS–NATL)(a)		5.00	%		10/01/2020		1,120		1,123,920
Montebello Unified School District (Election of 2004); Series 2009 A-1, Unlimited Tax GO Bonds(c)(d)		5.25	%		08/01/2019		1,000		1,151,450
Moorpark Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(a)(b)		0.00	%		08/01/2031		840		476,507
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB(g)		6.50	%		03/01/2028		1,000		1,092,880
Napa Valley Unified School District; Series 2016 C, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2041		2,000		2,378,480
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB		7.00	%		08/01/2032		1,500		1,881,135
Norco (City of) Financing Authority; Series 2009, Ref. Enterprise RB (INS–AGM)(a)		5.63	%		10/01/2034		1,000		1,130,670
Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB		5.00	%		05/01/2038		1,250		1,485,275
Oakland Unified School District (County of Alameda, California); Series 2015 A, Unlimited Tax GO Bonds		5.00	%		08/01/2040		1,070		1,201,503
Orange (County of) Community Facilities District No. 2015-1 (Esencia Village);
Series 2015 A, Special Tax RB		5.00	%		08/15/2035		125		143,890
Series 2015 A, Special Tax RB		5.25	%		08/15/2045		615		707,656
Palomar Pomerado Health; Series 2009, COP		6.75	%		11/01/2039		2,000		2,242,200
Panama-Buena Vista Union School District (School Construction); Series 2006, COP(c)(d)		5.00	%		09/01/2016		1,045		1,070,279
Paramount Unified School District (Election of 2006); Series 2007, Unlimited Tax GO Bonds(c)(d)		5.25	%		08/01/2017		1,600		1,709,456
Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds(c)(d)		5.50	%		08/01/2018		1,000		1,116,700
Pomona (City of) Public Financing Authority (Merged Redevelopment); Series 2007 AW, Sub. RB		5.13	%		02/01/2033		1,075		1,076,129
Port Hueneme (City of) (Capital Improvement Program); Series 1992, Ref. COP (INS–NATL)(a)		6.00	%		04/01/2019		840		900,656
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Anatolia); Series 2012, Ref. Special Tax RB		5.00	%		09/01/2027		1,000		1,141,500
Rancho Cucamonga (City of) Redevelopment Agency (Rancho Redevelopment Housing Set Aside) Series 2007 A, Tax Allocation RB (INS–NATL)(a)		5.00	%		09/01/2034		1,000		1,054,520
Redding (City of) Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, Tax Allocation RB (INS–NATL)(a)		5.00	%		09/01/2023		1,400		1,405,474
Regents of the University of California;
Series 2009 E, Medical Center Pooled RB		5.50	%		05/15/2027		2,500		2,671,100
Series 2009 O, General RB(c)(d)(e)		5.75	%		05/15/2019		705		817,180
Series 2009 O, General RB(c)(d)(e)		5.75	%		05/15/2019		1,050		1,217,076
Series 2009 Q, General RB(e)(j)		5.00	%		05/15/2034		920		973,112
Riverside (City of);
Series 2008 B, Water RB (INS–AGM)(a)		5.00	%		10/01/2033		1,000		1,099,870
Series 2008 D, Electric RB (INS–AGM)(a)		5.00	%		10/01/2038		1,800		1,962,846

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

9                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Riverside (County of) Community Facilities District No. 07-2 (Clinton Keith); Series 2015, Special Tax Bonds		5.00	%		09/01/2044	$	1,000	$	1,053,470
Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB		5.00	%		06/01/2032		1,500		1,721,460
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. Special Tax Bonds		5.00	%		09/01/2038		1,000		1,120,400
Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2006, RB(c)(d)		5.00	%		06/01/2016		2,000		2,024,840
Sacramento (County of);
Series 2008 A, Sr. Airport System RB (INS–AGM)(a)		5.00	%		07/01/2032		1,000		1,082,900
Series 2008 A, Sr. Airport System RB (INS–AGM)(a)		5.00	%		07/01/2041		1,015		1,099,144
Series 2010, Sr. Airport System RB		5.00	%		07/01/2040		2,200		2,483,206
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/2041		2,000		2,451,600
San Clemente (City of) (Community Facilities District 2006-1); Series 2015, Special Tax RB		5.00	%		09/01/2040		315		357,928
San Diego (City of) Public Facilities Financing Authority (Southcrest & Central Imperial Redevelopment); Series 2007 B, Pooled Financing Tax Allocation RB (INS–AGC)(a)		5.25	%		10/01/2027		2,535		2,633,611
San Diego (City of) Public Facilities Financing Authority; Subseries 2012 A, Ref. Water RB		5.00	%		08/01/2032		2,215		2,637,999
San Diego (City of) Regional Building Authority (County Operations Center); Series 2016 A, Ref. RB		5.00	%		10/15/2034		1,500		1,798,875
San Diego (County of) Regional Transportation Commission; Series 2014 A, Sales & Use Tax RB(e)		5.00	%		04/01/2048		2,980		3,444,522
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(e)		5.25	%		08/01/2033		1,500		1,709,325
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds		5.00	%		08/01/2031		2,500		2,910,425
San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2009 E, Second Series RB		6.00	%		05/01/2039		1,000		1,154,390
Series 2011 C, Ref. Second Series RB(f)		5.00	%		05/01/2023		5,000		5,840,650
Series 2011 G, Second Series RB		5.25	%		05/01/2028		2,000		2,402,440
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB		5.00	%		11/01/2036		4,000		4,683,640
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, Tax Allocation RB		6.75	%		08/01/2041		1,000		1,208,410
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB		7.00	%		08/01/2033		500		603,985
San Francisco (City & County of) Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment); Series 2014 A, Tax Allocation RB		5.00	%		08/01/2043		1,060		1,175,900
San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. Special Tax RB		5.00	%		08/01/2033		500		558,165
San Francisco (City of) Bay Area Rapid Transit District;
Series 2012 A, RB		5.00	%		07/01/2036		1,000		1,170,180
Series 2015 A, Ref. RB		5.00	%		07/01/2032		1,500		1,834,335
San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. Jr. Toll Road RB		5.25	%		01/15/2044		2,000		2,185,180
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(b)		0.00	%		09/01/2031		3,110		1,853,747
San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS–AGM)(a)		5.00	%		08/01/2030		1,500		1,689,360
Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB		5.25	%		05/15/2036		3,000		3,250,320
Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, Special Tax RB		5.63	%		09/01/2036		1,000		1,141,090
Series 2013, Special Tax RB		5.63	%		09/01/2043		1,000		1,135,900
Santaluz Community Facilities District No. 2 (Improvement Area No. 1);
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2028		825		920,865
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2029		715		796,024
Series 2011 A, Ref. Special Tax RB		5.10	%		09/01/2030		465		518,229
Sierra View Local Health Care District; Series 2007, RB(c)(d)		5.25	%		07/01/2017		1,500		1,596,510
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB Turbo RB(b)		0.00	%		06/01/2036		3,000		843,690

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

10                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Simi Valley Unified School District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(b)		0.00	%		08/01/2028	$	3,480	$	2,385,679
Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(b)		0.00	%		08/01/2030		2,765		1,677,553
South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. Sr. Lien Special Tax RB		5.00	%		08/15/2034		895		1,011,386
Southern California Metropolitan Water District; Series 2009 B, Ref. RB(e)		5.00	%		07/01/2027		8,585		9,737,107
Southern California Public Power Authority (Milford Wind Corridor Phase II);
Series 2011 1, RB(e)		5.25	%		07/01/2031		2,100		2,442,195
Series 2011-1, RB(e)		5.25	%		07/01/2029		2,100		2,515,086
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2046		3,840		3,665,510
Temecula (City of) Redevelopment Agency (Temecula Redevelopment Project No. 1); Series 2002, Tax Allocation RB (INS–NATL)(a)		5.13	%		08/01/2027		2,150		2,165,222
Tustin (City of) Public Financing Authority; Series 2011 A, Water RB		5.00	%		04/01/2041		1,000		1,129,360
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. Special Tax RB		5.00	%		09/01/2038		3,000		3,400,110
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(a)		5.13	%		03/01/2036		1,475		1,621,158
Walnut (City of) Energy Center Authority; Series 2010 A, Ref. RB		5.00	%		01/01/2035		3,000		3,352,110
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS–NATL)(a)(b)		0.00	%		08/01/2025		2,500		1,974,550
Western Riverside (County of) Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS–AGC)(a)		5.63	%		09/01/2039		1,000		1,128,280
Whittier (City of) (Presbyterian Intercommunity Hospital, Inc.); Series 2014, Health Facility RB		5.00	%		06/01/2044		1,500		1,686,930
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS–AGM)(a)(b)		0.00	%		08/01/2024		4,685		3,867,421
									421,651,920
Guam–1.65%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB		5.38	%		12/01/2024		1,000		1,113,040
Series 2009 A, Limited Obligation RB		5.63	%		12/01/2029		660		733,550
Guam (Territory of) International Airport Authority; Series 2013 C, General RB(f)		6.25	%		10/01/2034		1,000		1,172,760
Guam (Territory of) Waterworks Authority;
Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2035		765		853,189
Series 2016, Water & Wastewater System RB		5.00	%		01/01/2046		1,125		1,261,980
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		1,500		1,645,080
									6,779,599
Puerto Rico–0.95%
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2002 D, RB(c)(d)		5.45	%		07/01/2017		3,680		3,921,482
Virgin Islands–1.76%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. Marine RB(f)		5.00	%		09/01/2029		1,645		1,880,186
Series 2014 A, Ref. RB(f)		5.00	%		09/01/2033		1,500		1,673,625
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		1,675		1,872,516
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/2025		1,600		1,782,656
									7,208,983
TOTAL INVESTMENTS(k)–107.00% (Cost $395,863,078)									439,561,984
FLOATING RATE NOTE OBLIGATIONS–(7.57)%
Notes with interest and fee rates ranging from 0.53% to 0.62% at 02/29/2016 and contractual maturities of collateral ranging from 07/01/2022 to 04/01/2048 (See Note 1J)(l)									(31,105,000	)
OTHER ASSETS LESS LIABILITIES–0.57%									2,349,012
NET ASSETS–100.00%								$	410,805,996

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

11                         Invesco California Tax-Free Income Fund

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	–  Assured Guaranty Municipal Corp.
AMBAC	–  American Municipal Bond Assurance Corp.
CAB	–  Capital Appreciation Bonds
COP	–  Certificates of Participation
GO	–  General Obligation
INS	–  Insurer
Jr.	–  Junior
LOC	–  Letter of Credit
NATL	–  National Public Finance Guarantee Corp.
RB	–  Revenue Bonds
Ref.	–  Refunding
Sr.	–  Senior
Sub.	–  Subordinated
VRD	–  Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Zero coupon bond issued at a discount.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(e)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(f)  Security subject to the alternative minimum tax.

^(g)  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 February 29, 2016 was $11,520,419, which represented 2.80% of the Fund’s Net Assets.

^(h)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016.

⁽ⁱ⁾  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(j)  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $615,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(k)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percentage
Assured Guaranty Municipal Corp.		7.6	%

^(l)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2016. At February 29, 2016, the Fund’s investments with a value of $53,714,221 are held by TOB Trusts and serve as collateral for the $31,105,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

as of February 29, 2016

Revenue Bonds	74.4	%
General Obligation Bonds	14.6
Pre-Refunded Bonds	10.0
Other	1.0

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

12                         Invesco California Tax-Free Income Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $395,863,078)	$	439,561,984
Cash		5,486,208
Receivable for:
Investments sold		1,276,742
Fund shares sold		562,401
Interest		5,460,855
Investment for trustee deferred compensation and retirement plans		51,953
Other assets		22,016
Total assets		452,422,159
Liabilities:
Floating rate note obligations		31,105,000
Payable for:
Investments purchased		9,371,705
Fund shares reacquired		381,370
Dividends		491,332
Accrued fees to affiliates		120,344
Accrued trustees’ and officers’ fees and benefits		2,969
Accrued other operating expenses		19,292
Trustee deferred compensation and retirement plans		124,151
Total liabilities		41,616,163
Net assets applicable to shares outstanding	$	410,805,996
Net assets consist of:
Shares of beneficial interest	$	398,543,827
Undistributed net investment income		1,274,527
Undistributed net realized gain (loss)		(32,711,264	)
Net unrealized appreciation		43,698,906
	$	410,805,996

Net Assets:
Class A	$	329,413,319
Class B	$	14,564,375
Class C	$	39,412,865
Class Y	$	27,415,437
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		26,685,078
Class B		1,168,748
Class C		3,172,046
Class Y		2,212,171
Class A:
Net asset value per share	$	12.34
Maximum offering price per share
(Net asset value of $12.34 ¸ 95.75%)	$	12.89
Class B:
Net asset value and offering price per share	$	12.46
Class C:
Net asset value and offering price per share	$	12.43
Class Y:
Net asset value and offering price per share	$	12.39

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

13                         Invesco California Tax-Free Income Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Interest	$	9,401,649
Expenses:
Advisory fees		909,458
Administrative services fees		51,964
Custodian fees		3,855
Distribution fees:
Class A		387,708
Class B		17,733
Class C		121,494
Interest, facilities and maintenance fees		119,626
Transfer agent fees		107,546
Trustees’ and officers’ fees and benefits		17,332
Other		109,301
Total expenses		1,846,017
Less: Expense offset arrangement(s)		(113	)
Net expenses		1,845,904
Net investment income		7,555,745
Realized and unrealized gain from:
Net realized gain from investment securities		82,024
Change in net unrealized appreciation of investment securities		8,022,939
Net realized and unrealized gain		8,104,963
Net increase in net assets resulting from operations	$	15,660,708

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

14                         Invesco California Tax-Free Income Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	7,555,745		$	14,488,491
Net realized gain (loss)		82,024			(24,505	)
Change in net unrealized appreciation (depreciation)		8,022,939			(2,247,668	)
Net increase in net assets resulting from operations		15,660,708			12,216,318
Distributions to shareholders from net investment income:
Class A		(6,115,545	)		(11,927,147	)
Class B		(288,066	)		(621,320	)
Class C		(542,032	)		(862,100	)
Class Y		(507,634	)		(995,664	)
Total distributions from net investment income		(7,453,277	)		(14,406,231	)
Share transactions–net:
Class A		21,830,200			6,401,757
Class B		(900,845	)		(1,193,174	)
Class C		10,409,385			8,082,680
Class Y		3,202,318			1,472,808
Net increase in net assets resulting from share transactions		34,541,058			14,764,071
Net increase in net assets		42,748,489			12,574,158
Net assets:
Beginning of period		368,057,507			355,483,349
End of period (includes undistributed net investment income of $1,274,527 and $1,172,059, respectively)	$	410,805,996		$	368,057,507

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco California Tax-Free Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to provide a high level of current income exempt from federal and California income tax, consistent with the preservation of capital.

The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

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.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

15                         Invesco California Tax-Free Income Fund

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. 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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement 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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. 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 — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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 and tax-exempt 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.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. 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.

I. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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

16                         Invesco California Tax-Free Income Fund

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.

J. Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

17                         Invesco California Tax-Free Income Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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	.47%
Next $250 million		0	.445%
Next $250 million		0	.42%
Next $250 million		0	.395%
Over $1.25 billion		0	.37%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.47%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 1.50%, 2.00%, 2.00% and 1.25% of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the net annual fund operating expenses and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 0.75% of the average daily net assets of Class B shares; and (3) Class C — up to 0.75% of the average daily net assets of Class C shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $26,226 in front-end sales commissions from the sale of Class A shares and $1,973, $444 and $268 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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.

18                         Invesco California Tax-Free Income Fund

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 29, 2016, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $113.

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances and Borrowings

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.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended February 29, 2016 were $31,120,000 and 0.68%, respectively.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2016	$	4,399,730	$	—	$	4,399,730
August 31, 2017		9,460,903		—		9,460,903
August 31, 2018		6,678,872		—		6,678,872
August 31, 2019		1,906,728		—		1,906,728
Not subject to expiration		2,145,450		8,017,346		10,162,796
	$	24,591,683	$	8,017,346	$	32,609,029

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

19                         Invesco California Tax-Free Income Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $47,351,986 and $12,694,639, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	46,263,385
Aggregate unrealized (depreciation) of investment securities		(2,252,042	)
Net unrealized appreciation of investment securities	$	44,011,343

Cost of investments for tax purposes is $395,550,641.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		2,792,904		$	34,086,681			2,990,754		$	36,545,462
Class B		2,915			36,459			16,866			209,331
Class C		978,168			12,077,116			1,108,401			13,637,252
Class Y		335,580			4,138,454			378,080			4,644,193
Issued as reinvestment of dividends:
Class A		290,562			3,564,824			570,873			6,959,438
Class B		10,761			133,393			24,298			298,984
Class C		28,494			351,912			41,519			509,049
Class Y		17,030			210,285			33,587			410,776
Automatic conversion of Class B shares to Class A shares:
Class A		36,391			444,783			35,876			436,722
Class B		(36,049	)		(444,783	)		(35,543	)		(436,722	)
Reacquired:
Class A		(1,329,948	)		(16,266,088	)		(3,086,033	)		(37,539,865	)
Class B		(50,684	)		(625,914	)		(102,736	)		(1,264,767	)
Class C		(163,968	)		(2,019,643	)		(495,997	)		(6,063,621	)
Class Y		(93,626	)		(1,146,421	)		(293,620	)		(3,582,161	)
Net increase in share activity		2,818,530		$	34,541,058			1,186,325		$	14,764,071

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

20                         Invesco California Tax-Free Income Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets (excluding interest, facilities and maintenance fees)(c)			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 02/29/16	$	12.09	$	0.24	$	0.25		$	0.49		$	(0.24	)	$	12.34		4.05	%	$	329,413		0.93	%(e)		0.93	%(e)		0.87	%(e)		3.93	%(e)		3	%
Year ended 08/31/15		12.15		0.48		(0.06	)		0.42			(0.48	)		12.09		3.48			300,873		0.91			0.91			0.86			3.94			12
Year ended 08/31/14		11.20		0.49		0.95			1.44			(0.49	)		12.15		13.14			296,200		0.93			0.93			0.87			4.25			12
Year ended 08/31/13		12.28		0.49		(1.08	)		(0.59	)		(0.49	)		11.20		(5.06	)		165,142		0.89			0.89			0.84			4.02			12
Year ended 08/31/12		11.34		0.50		0.94			1.44			(0.50	)		12.28		12.91			163,047		0.87			0.87			0.82			4.21			18
Year ended 08/31/11		11.75		0.52		(0.41	)		0.11			(0.52	)		11.34		1.13			148,884		0.90			0.90			0.85			4.66			25
Class B
Six months ended 02/29/16		12.20		0.24		0.26			0.50			(0.24	)		12.46		4.12	(f)		14,564		0.92	(e)(f)		0.92	(e)(f)		0.86	(e)(f)		3.94	(e)(f)		3
Year ended 08/31/15		12.26		0.49		(0.06	)		0.43			(0.49	)		12.20		3.51	(f)		15,150		0.88	(f)		0.88	(f)		0.83	(f)		3.97	(f)		12
Year ended 08/31/14		11.28		0.50		0.98			1.48			(0.50	)		12.26		13.35	(f)		16,419		0.93	(f)		0.93	(f)		0.87	(f)		4.25	(f)		12
Year ended 08/31/13		12.37		0.49		(1.09	)		(0.60	)		(0.49	)		11.28		(5.11	)(f)		155,900		0.93	(f)		0.93	(f)		0.88	(f)		3.98	(f)		12
Year ended 08/31/12		11.42		0.50		0.95			1.45			(0.50	)		12.37		12.93	(f)		217,489		0.88	(f)		0.88	(f)		0.83	(f)		4.20	(f)		18
Year ended 08/31/11		11.83		0.52		(0.41	)		0.11			(0.52	)		11.42		1.16	(f)		220,478		0.89	(f)		0.89	(f)		0.84	(f)		4.67	(f)		25
Class C
Six months ended 02/29/16		12.16		0.21		0.27			0.48			(0.21	)		12.43		3.95			39,413		1.43	(e)		1.43	(e)		1.37	(e)		3.43	(e)		3
Year ended 08/31/15		12.23		0.42		(0.07	)		0.35			(0.42	)		12.16		2.87	(g)		28,335		1.41	(g)		1.41	(g)		1.36	(g)		3.44	(g)		12
Year ended 08/31/14		11.27		0.44		0.96			1.40			(0.44	)		12.23		12.62			20,485		1.43			1.43			1.37			3.75			12
Year ended 08/31/13		12.36		0.43		(1.09	)		(0.66	)		(0.43	)		11.27		(5.57	)		21,558		1.40			1.40			1.35			3.51			12
Year ended 08/31/12		11.41		0.44		0.95			1.39			(0.44	)		12.36		12.37			27,394		1.38			1.38			1.33			3.70			18
Year ended 08/31/11		11.82		0.46		(0.40	)		0.06			(0.47	)		11.41		0.65			21,800		1.40			1.40			1.35			4.16			25
Class Y
Six months ended 02/29/16		12.13		0.25		0.26			0.51			(0.25	)		12.39		4.26			27,415		0.68	(e)		0.68	(e)		0.62	(e)		4.18	(e)		3
Year ended 08/31/15		12.20		0.51		(0.07	)		0.44			(0.51	)		12.13		3.65			23,698		0.66			0.66			0.61			4.19			12
Year ended 08/31/14		11.24		0.52		0.96			1.48			(0.52	)		12.20		13.48			22,380		0.69			0.69			0.63			4.49			12
Year ended 08/31/13		12.33		0.52		(1.09	)		(0.57	)		(0.52	)		11.24		(4.88	)		20,569		0.65			0.65			0.60			4.26			12
Year ended 08/31/12		11.38		0.53		0.95			1.48			(0.53	)		12.33		13.24			24,742		0.63			0.63			0.58			4.45			18
Year ended 08/31/11		11.79		0.55		(0.41	)		0.14			(0.55	)		11.38		1.40			24,195		0.65			0.65			0.60			4.91			25

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  For the year ended August 31, 2011, ratio does not exclude facilities and maintenance fees.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $139,542,348 and sold of $13,399,363 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Van Kampen California Insured Tax Free Income Fund into the Fund.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $316,941, $14,844, $32,576 and $24,768 for Class A, Class B, Class C and Class Y shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24%, 0.22%, 0.24%, 0.27%, 0.25% and 0.25% for the six months ended February 29, 2016 and the years ended August 31, 2015, 2014, 2013, 2012 and 2011, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.74%.

21                         Invesco California Tax-Free Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,040.50	$	4.72	$	1,020.24	$	4.67		0.93	%
B		1,000.00		1,041.20		4.67		1,020.29		4.62		0.92
C		1,000.00		1,039.50		7.25		1,017.75		7.17		1.43
Y		1,000.00		1,042.60		3.45		1,021.48		3.42		0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

22                         Invesco California Tax-Free Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     MS-CTFI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Core Plus Bond Fund
	Nasdaq:
	A: ACPSX  ¡  B: CPBBX  ¡  C: CPCFX  ¡   R: CPBRX  ¡  Y: CPBYX   ¡  R5: CPIIX  ¡   R6: CPBFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
23	Financial Statements
25	Notes to Financial Statements
39	Financial Highlights
40	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	0.91	%
Class B Shares	0.53
Class C Shares	0.53
Class R Shares	0.78
Class Y Shares	1.03
Class R5 Shares	0.95
Class R6 Shares	0.99
Barclays U.S. Aggregate Index▼ (Broad Market/Style-Specific Index)	2.20
Lipper Core Plus Bond Funds Index¡ (Peer Group Index)	1.58

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

    The Lipper Core Plus Bonds Funds Index is an unmanaged index considered representative of core plus bond funds tracked by Lipper.

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

    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.

2                      Invesco Core Plus Bond Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (6/3/09)	4.32	%
5 Year	3.15
1 Year	-5.09
Class B Shares
Inception (6/3/09)	4.20	%
5 Year	2.91
1 Year	-6.40
Class C Shares
Inception (6/3/09)	4.20	%
5 Year	3.27
1 Year	-2.56
Class R Shares
Inception (6/3/09)	4.72	%
5 Year	3.78
1 Year	-1.11
Class Y Shares
Inception (6/3/09)	5.26	%
5 Year	4.32
1 Year	-0.61
Class R5 Shares
Inception (6/3/09)	5.24	%
5 Year	4.29
1 Year	-0.60
Class R6 Shares
Inception	5.14	%
5 Year	4.25
1 Year	-0.52

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (6/3/09)	4.29	%
5 Year	3.09
1 Year	-3.97
Class B Shares
Inception (6/3/09)	4.18	%
5 Year	2.84
1 Year	-5.32
Class C Shares
Inception (6/3/09)	4.18	%
5 Year	3.20
1 Year	-1.44
Class R Shares
Inception (6/3/09)	4.70	%
5 Year	3.71
1 Year	0.02
Class Y Shares
Inception (6/3/09)	5.24	%
5 Year	4.25
1 Year	0.53
Class R5 Shares
Inception (6/3/09)	5.23	%
5 Year	4.23
1 Year	0.53
Class R6 Shares
Inception	5.13	%
5 Year	4.19
1 Year	0.61

Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.86%, 1.61%, 1.61%, 1.11%, 0.61%, 0.60% and 0.53%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.98%, 1.73%, 1.73%, 1.23%, 0.73%, 0.61% and 0.54%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance

reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least December 31, 2016. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

3                      Invesco Core Plus Bond Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Core Plus Bond Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds and Notes–50.80%
Advertising–0.01%
Lamar Media Corp., Sr. Unsec. Gtd. Notes, 5.75%, 02/01/2026(b)	$	100,000	$	104,250
Sr. Unsec. Gtd. Sub. Global Notes, 5.00%, 05/01/2023		33,000		33,578
				137,828
Aerospace & Defense–0.20%
Bombardier Inc. (Canada), Sr. Unsec. Notes, 7.50%, 03/15/2018(b)		20,000		19,250
7.50%, 03/15/2025(b)		323,000		229,330
7.75%, 03/15/2020(b)		83,000		66,815
Embraer Overseas Ltd. (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 5.70%, 09/16/2023(b)		400,000		351,000
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(b)		166,000		159,360
L-3 Communications Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 05/28/2024		527,000		497,024
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(b)		170,000		167,875
Orbital ATK Inc., Sr. Unsec. Gtd. Notes, 5.50%, 10/01/2023(b)		90,000		92,925
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.50%, 10/15/2020		130,000		128,050
Sr. Unsec. Gtd. Sub. Notes, 6.50%, 05/15/2025(b)		259,000		250,582
				1,962,211
Agricultural & Farm Machinery–0.48%
John Deere Capital Corp., Sr. Unsec. Medium-Term Notes, 3.15%, 10/15/2021		4,460,000		4,657,310
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		132,000		96,360
				4,753,670
Agricultural Products–0.22%
Bunge Ltd. Finance Corp., Sr. Unsec. Gtd. Global Notes, 3.50%, 11/24/2020		2,024,000		2,041,026
US Foods, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 06/30/2019		130,000		133,087
				2,174,113
Airlines–1.17%
Air Canada (Canada), Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021(b)		160,000		155,200

	Principal Amount		Value
Airlines–(continued)
American Airlines Pass Through Trust, Series 2015-2, Class B, Sec. Third Lien Pass Through Ctfs., 4.40%, 09/22/2023	$	2,246,000	$	2,215,117
Series 2016-1, Class B, Sec. Third Lien Pass Through Ctfs., 5.25%, 01/15/2024		3,023,000		3,034,336
Continental Airlines Pass Through Trust, Series 2009-1, Sr. Sec. First Lien Pass Through Ctfs., 9.00%, 07/08/2016		917,828		938,594
Series 2012-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.15%, 04/11/2024		438,477		451,083
LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, Sec. Pass Through Ctfs., 4.20%, 11/15/2027(b)		5,651,000		4,898,711
US Airways Pass Through Trust, Series 2012-1, Class B, Sec. Second Lien Pass Through Ctfs., 8.00%, 10/01/2019		8,348		8,989
				11,702,030
Alternative Carriers–0.06%
EarthLink Holdings Corp., Sr. Sec. Gtd. First Lien Global Notes, 7.38%, 06/01/2020		186,000		189,255
Level 3 Communications, Inc., Sr. Unsec. Global Notes, 5.75%, 12/01/2022		60,000		62,100
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2025		115,000		118,450
Sr. Unsec. Gtd. Notes, 5.38%, 01/15/2024(b)		281,000		288,025
				657,830
Apparel Retail–0.09%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		122,000		112,850
L Brands, Inc., Sr. Unsec. Gtd. Notes, 6.88%, 11/01/2035(b)		673,000		717,586
Men’s Wearhouse, Inc. (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 07/01/2022		104,000		77,870
				908,306
Apparel, Accessories & Luxury Goods–0.00%
William Carter Co. (The), Sr. Unsec. Gtd. Global Notes, 5.25%, 08/15/2021		41,000		42,128

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

5                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Asset Management & Custody Banks–0.86%
Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/2024	$	2,865,000	$	2,955,061
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(b)		965,000		988,933
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(b)		2,645,000		2,592,548
Carlyle Holdings II Finance LLC, Sr. Sec. Gtd. Notes, 5.63%, 03/30/2043(b)		1,545,000		1,626,324
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., Sec. Second Lien Notes, 8.13%, 06/15/2021(b)		123,000		103,013
First Data Corp., Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(b)		80,000		81,600
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(b)		215,000		215,269
				8,562,748
Auto Parts & Equipment–0.03%
CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/2019(b)		170,000		172,550
Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/2021		128,000		124,800
5.50%, 12/15/2024		24,000		22,440
				319,790
Automobile Manufacturers–0.49%
General Motors Co., Sr. Unsec. Global Notes, 3.50%, 10/02/2018		2,355,000		2,357,944
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/01/2026		952,000		960,330
Sr. Unsec. Gtd. Notes, 3.15%, 01/15/2020		1,565,000		1,531,166
				4,849,440
Automotive Retail–0.43%
AutoNation, Inc., Sr. Unsec. Gtd. Global Notes, 4.50%, 10/01/2025		4,164,000		4,257,188
Biotechnology–0.31%
Gilead Sciences, Inc., Sr. Unsec. Global Notes, 4.40%, 12/01/2021		2,794,000		3,073,112
Brewers–3.14%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 2.65%, 02/01/2021		15,818,000		16,065,741
3.30%, 02/01/2023		5,516,000		5,676,466
3.65%, 02/01/2026		6,752,000		6,977,257
4.70%, 02/01/2036		1,447,000		1,513,308
4.90%, 02/01/2046		989,000		1,066,762
				31,299,534

	Principal Amount		Value
Broadcasting–0.07%
Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022	$	99,000	$	96,277
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		121,000		127,504
Sinclair Television Group Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(b)		160,000		159,200
TEGNA, Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 10/15/2023		141,000		152,280
Tribune Media Co., Sr. Unsec. Gtd. Notes, 5.88%, 07/15/2022(b)		135,000		135,675
				670,936
Building Products–0.29%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2023		100,000		105,750
BMC Stock Holdings, Inc., Sr. Sec. Gtd. First Lien Notes, 9.00%, 09/15/2018(b)		126,000		127,260
Builders FirstSource, Inc., Sr. Sec. First Lien Notes, 7.63%, 06/01/2021(b)		215,000		219,300
Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023(b)		102,000		95,243
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		220,000		222,750
Hardwoods Acquisition, Inc., Sr. Sec. Gtd. First Lien Notes, 7.50%, 08/01/2021 (Acquired 03/02/2015; Cost $24,000)(b)		25,000		12,031
NCI Building Systems, Inc., Sr. Unsec. Gtd. Notes, 8.25%, 01/15/2023(b)		20,000		20,700
Standard Industries Inc., Sr. Unsec. Notes, 5.38%, 11/15/2024(b)		215,000		219,838
6.00%, 10/15/2025(b)		1,874,000		1,923,192
				2,946,064
Cable & Satellite–1.00%
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022(b)		300,000		290,625
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 09/30/2022		35,000		35,438
Sr. Unsec. Gtd. Notes, 5.13%, 05/01/2023(b)		281,000		281,000
5.38%, 05/01/2025(b)		55,000		54,588
CCO Safari II, LLC, Sr. Sec. Gtd. First Lien Notes, 4.46%, 07/23/2022(b)		2,000,000		2,034,796
4.91%, 07/23/2025(b)		1,527,000		1,562,090
Sr. Sec. First Lien Notes, 6.83%, 10/23/2055(b)		2,464,000		2,508,301
CCOH Safari LLC, Sr. Unsec. Notes, 5.75%, 02/15/2026(b)		363,000		366,176

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

6                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Cable & Satellite–(continued)
Cox Communications, Inc., Sr. Unsec. Notes, 8.38%, 03/01/2039(b)	$	1,220,000	$	1,328,601
9.38%, 01/15/2019(b)		25,000		29,149
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		190,000		193,800
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/2020		207,000		205,448
5.88%, 11/15/2024		265,000		239,162
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		194,000		129,495
Numericable-SFR SA (France), Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022(b)		256,000		254,720
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025(b)		200,000		199,520
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024(b)		250,000		235,625
				9,948,534
Casinos & Gaming–0.04%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/15/2023		243,000		250,898
MGM Resorts International, Sr. Unsec. Gtd. Notes, 6.00%, 03/15/2023		30,000		30,825
7.75%, 03/15/2022		110,000		119,625
Mohegan Tribal Gaming Authority, Sr. Unsec. Gtd. Notes, 9.75%, 09/01/2021(b)		30,000		30,000
				431,348
Catalog Retail–0.58%
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 4.45%, 02/15/2025		2,800,000		2,616,271
4.85%, 04/01/2024		1,736,000		1,679,246
5.45%, 08/15/2034		1,815,000		1,518,850
				5,814,367
Commercial Printing–0.02%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2022(b)		226,000		228,260
Communications Equipment–0.01%
Hughes Satellite Systems Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		124,000		134,540
Computer & Electronics Retail–0.01%
Rent-A-Center, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/01/2021		85,000		56,950

	Principal Amount		Value
Construction & Engineering–0.03%
AECOM, Sr. Unsec. Gtd. Global Notes, 5.75%, 10/15/2022	$	250,000	$	253,612
Construction Machinery & Heavy Trucks–0.54%
Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/2019(b)		277,000		281,847
Caterpillar Inc., Sr. Unsec. Global Notes, 3.90%, 05/27/2021		4,094,000		4,385,775
Commercial Vehicle Group Inc., Sec. Gtd. Second Lien Global Notes, 7.88%, 04/15/2019		192,000		162,240
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		59,000		48,675
6.75%, 06/15/2021		94,000		85,540
Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/2021		245,000		150,063
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2022		237,000		239,963
5.38%, 03/01/2025		60,000		59,700
				5,413,803
Construction Materials–0.02%
CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/2021(b)		30,000		27,750
Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/2019 (Acquired 01/31/2013-03/27/2013; Cost $172,806)(b)		170,000		131,963
				159,713
Consumer Finance–1.12%
Ally Financial Inc., Sr. Unsec. Global Notes, 4.13%, 03/30/2020		3,525,000		3,529,406
4.63%, 03/30/2025		1,813,000		1,767,675
5.13%, 09/30/2024		274,000		275,713
Credit Acceptance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 03/15/2023(b)		62,000		59,365
Synchrony Financial, Sr. Unsec. Global Notes, 4.50%, 07/23/2025		5,430,000		5,517,952
				11,150,111
Department Stores–0.52%
Kohl’s Corp., Sr. Unsec. Global Notes, 5.55%, 07/17/2045		5,857,000		5,184,654
Distillers & Vintners–0.24%
Constellation Brands Inc., Sr. Unsec. Gtd. Notes, 3.88%, 11/15/2019		2,275,000		2,363,156
Diversified Banks–4.90%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander (Mexico), Unsec. Sub. Notes, 5.95%, 01/30/2024(b)		200,000		203,500

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

7                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Bank of America Corp., Series X, Jr. Unsec. Sub. Notes, 6.25%(c)	$	1,645,000	$	1,599,763
Series Z, Jr. Unsec. Sub. Notes, 6.50%(c)		3,360,000		3,452,400
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(b)		1,385,000		1,381,378
Unsec. Sub. Notes, 6.75%, 09/30/2022(b)		600,000		637,807
Citigroup Inc., Unsec. Sub. Global Notes, 5.50%, 09/13/2025		2,970,000		3,193,721
Unsec. Sub. Notes, 4.45%, 09/29/2027		5,555,000		5,471,861
Series Q, Jr. Unsec. Sub. Global Notes, 5.95%(c)		2,300,000		2,173,500
Series R, Jr. Unsec. Sub. Global Notes, 6.13%(c)		4,110,000		4,068,900
Crédit Agricole S.A. (France), Unsec. Sub. Notes, 4.38%, 03/17/2025(b)		1,160,000		1,109,138
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/2018(b)		1,360,000		1,471,413
HSBC Holdings PLC (United Kingdom), Sr. Unsec. Global Notes, 4.00%, 03/30/2022		1,050,000		1,095,112
ING Groep N.V. (Netherlands), Jr. Unsec. Sub. Global Notes, 6.50%(c)		2,710,000		2,544,013
Intesa Sanpaolo S.p.A. (Italy), Sr. Unsec. Gtd. Medium-Term Notes, 3.88%, 01/15/2019		2,840,000		2,893,548
Nordea Bank AB (Sweden), Jr. Unsec. Sub. Notes, 5.50%(b)(c)		2,140,000		1,990,200
Societe Generale S.A. (France), Unsec. Sub. Notes, 4.25%, 04/14/2025(b)		3,175,000		2,933,470
4.75%, 11/24/2025(b)		6,010,000		5,711,228
VTB Bank OJSC Via VTB Capital S.A. (Russia), REGS, Unsec. Sub. Euro Bonds, 6.95%, 10/17/2022(b)		200,000		190,431
Wells Fargo & Co., Unsec. Sub. Global Notes, 5.38%, 11/02/2043		3,500,000		3,796,005
Series U, Jr. Unsec. Sub. Global Notes, 5.88%(c)		2,835,000		3,001,556
				48,918,944
Diversified Capital Markets–1.21%
Credit Suisse Group Funding (Guernsey) Ltd. (Switzerland), Sr. Unsec. Gtd. Global Notes, 3.75%, 03/26/2025		1,965,000		1,854,405
4.88%, 05/15/2045		5,640,000		5,175,013
UBS Group Funding (Jersey) Ltd. (Switzerland), Sr. Unsec. Gtd. Notes, 4.13%, 09/24/2025(b)		5,105,000		5,089,652
				12,119,070

	Principal Amount		Value
Diversified Chemicals–0.38%
Chemours Co. (The), Sr. Unsec. Notes, 6.63%, 05/15/2023(b)	$	152,000	$	111,340
OCP S.A. (Morocco), Sr. Unsec. Notes, 4.50%, 10/22/2025(b)		1,940,000		1,816,713
Solvay Finance America LLC (Belgium), Sr. Unsec. Gtd. Notes, 4.45%, 12/03/2025(b)		1,822,000		1,830,031
				3,758,084
Diversified Metals & Mining–1.34%
Anglo American Capital PLC (United Kingdom), Sr. Unsec Gtd. Notes, 3.63%, 05/14/2020(b)		1,283,000		1,032,815
4.13%, 04/15/2021(b)		5,776,000		4,505,280
Compass Minerals International, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 07/15/2024(b)		59,000		54,280
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/2020		25,000		14,438
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022(b)		2,160,000		1,803,600
MMC Norilsk Nickel OJSC via MMC Finance Ltd. (Russia), Sr. Unsec. Notes, 6.63%, 10/14/2022(b)		295,000		303,850
Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/2028		565,000		643,093
Southern Copper Corp. (Peru), Sr. Unsec. Global Notes, 7.50%, 07/27/2035		200,000		190,500
Teck Resources Ltd. (Canada), Sr. Unsec. Gtd. Global Notes, 5.20%, 03/01/2042		1,817,000		953,925
Sr. Unsec. Gtd. Notes, 4.50%, 01/15/2021		5,960,000		3,903,800
				13,405,581
Diversified Real Estate Activities–0.08%
Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025		785,000		801,851
Diversified REIT’s–0.81%
Select Income REIT, Sr. Unsec. Global Notes, 4.50%, 02/01/2025		1,570,000		1,463,310
Trust F/1401 (Mexico), Sr. Unsec. Notes, 5.25%, 01/30/2026(b)		1,682,000		1,560,665
W.P. Carey Inc., Sr. Unsec. Notes, 4.00%, 02/01/2025		5,375,000		5,087,252
				8,111,227
Electric Utilities–1.42%
Appalachian Power Co., Sr. Unsec. Notes, 4.45%, 06/01/2045		2,679,000		2,690,580
Duke Energy Carolinas, LLC, Sr. Sec. First Mortgage Bonds, 3.90%, 06/15/2021		4,379,000		4,760,728

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

8                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Electric Utilities–(continued)
Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%(b)(c)	$	1,535,000	$	1,300,913
Eskom Holdings SOC Ltd. (South Africa), REGS, Sr. Unsec. Euro Notes, 7.13%, 02/11/2025(b)		800,000		695,296
Hrvatska elektroprivreda d.d. (Croatia), Sr. Unsec. Notes, 5.88%, 10/23/2022(b)		291,000		297,548
Majapahit Holding B.V. (Indonesia), REGS, Sr. Unsec. Gtd. Euro Notes, 7.75%, 01/20/2020(b)		200,000		228,076
Potomac Electric Power Co., Sr. Sec. First Mortgage Bonds, 4.15%, 03/15/2043		2,650,000		2,731,662
Southern Power Co., Sr. Unsec. Global Notes, 4.15%, 12/01/2025		1,490,000		1,500,226
				14,205,029
Electrical Components & Equipment–0.04%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)		203,000		194,626
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 4.88%, 10/15/2023(b)		100,000		99,250
5.00%, 10/01/2025(b)		60,000		59,288
				353,164
Environmental & Facilities Services–0.03%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/2020		243,000		240,570
GFL Escrow Corp. (Canada), Sr. Unsec. Notes, 9.88%, 02/01/2021(b)		48,000		48,840
				289,410
Fertilizers & Agricultural Chemicals–0.03%
Israel Chemicals Ltd. (Israel), Sr. Unsec. Euro Bonds, 4.50%, 12/02/2024(b)		300,000		289,839
Forest Products–0.02%
Norbord Inc. (Canada), Sr. Sec. Gtd. First Lien Notes, 6.25%, 04/15/2023(b)		120,000		114,900
Sr. Sec. First Lien Notes, 5.38%, 12/01/2020(b)		89,000		88,555
				203,455
Gas Utilities–0.02%
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		120,000		91,500
Sr. Unsec. Gtd. Notes, 6.75%, 06/15/2023(b)		65,000		48,425
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		40,000		34,200
				174,125

	Principal Amount		Value
General Merchandise Stores–0.01%
Dollar Tree, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2023(b)	$	134,000	$	143,380
Gold–0.52%
Kinross Gold Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 3.63%, 09/01/2016		4,167,000		4,139,742
5.95%, 03/15/2024		1,365,000		1,095,412
				5,235,154
Health Care Equipment–0.21%
Becton, Dickinson and Co., Sr. Unsec. Global Bonds, 4.88%, 05/15/2044		1,989,000		2,103,045
Health Care Facilities–0.26%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2023		187,000		189,805
Sr. Unsec. Gtd. Notes, 6.50%, 03/01/2024(b)		60,000		62,100
Community Health Systems, Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		139,737		121,222
HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/2021		130,000		139,100
HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.88%, 03/15/2022		136,000		146,158
6.50%, 02/15/2020		675,000		746,887
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		240,000		248,100
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		130,000		133,250
5.88%, 02/15/2026		70,000		72,450
Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/2023(b)		214,000		208,650
Tenet Healthcare Corp., Sr. Unsec. Global Notes, 6.75%, 02/01/2020		40,000		37,800
8.00%, 08/01/2020		76,000		77,330
8.13%, 04/01/2022		438,000		431,430
				2,614,282
Health Care REIT’s–0.69%
HCP, Inc., Sr. Unsec. Global Notes, 4.00%, 12/01/2022		2,835,000		2,790,325
4.25%, 11/15/2023		1,305,000		1,277,810
Senior Housing Properties Trust, Sr. Unsec. Notes, 6.75%, 12/15/2021		2,550,000		2,802,266
				6,870,401
Health Care Services–0.25%
Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 4.70%, 02/01/2045		2,261,000		2,140,226
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(b)		167,000		173,054

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

9                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/2022(b)	$	169,000	$	171,113
				2,484,393
Home Entertainment Software–0.28%
Electronic Arts, Inc., Sr. Unsec. Global Notes, 3.70%, 03/01/2021		2,790,000		2,826,769
Home Improvement Retail–0.02%
Hillman Group Inc. (The), Sr. Unsec. Notes, 6.38%, 07/15/2022(b)		312,000		241,800
Homebuilding–0.78%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/2021(b)		301,000		245,315
AV Homes, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 07/01/2019		40,000		39,500
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/2021		221,000		164,921
CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/2022		157,000		158,963
K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. First Lien Notes, 7.25%, 10/15/2020(b)		26,000		20,150
Sr. Unsec. Gtd. Notes, 7.00%, 01/15/2019(b)		165,000		83,325
8.00%, 11/01/2019(b)		225,000		114,750
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		20,000		19,075
Lennar Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 04/01/2021		4,326,000		4,363,852
4.75%, 11/15/2022		60,000		60,150
Sr. Unsec. Gtd. Notes, 4.88%, 12/15/2023		532,000		520,695
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		1,470,000		1,110,415
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025		80,000		78,800
7.15%, 04/15/2020		55,000		57,200
Toll Brothers Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2025		740,000		723,350
				7,760,461
Hotel and Resort REIT’s–0.83%
Hospitality Properties Trust, Sr. Unsec. Global Notes, 4.25%, 02/15/2021		5,995,000		6,021,177
Host Hotels & Resorts L.P., Series F, Sr. Unsec. Global Notes, 4.50%, 02/01/2026		2,280,000		2,277,540
				8,298,717
Hotels, Resorts & Cruise Lines–0.32%
Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/2022		40,000		42,237

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–(continued)
Hyatt Hotels Corp., Sr. Unsec. Global Notes, 4.85%, 03/15/2026	$	1,813,000	$	1,811,550
Wyndham Worldwide Corp., Sr. Unsec. Notes, 5.10%, 10/01/2025		1,305,000		1,331,383
				3,185,170
Household Products–0.07%
Reynolds Group Issuer Inc./LLC (New Zealand), Sr. Sec. Gtd. First Lien Global Notes, 5.75%, 10/15/2020		147,000		151,778
Sr. Unsec. Gtd. Global Notes, 8.25%, 02/15/2021		250,000		247,812
9.88%, 08/15/2019		100,000		103,375
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		151,000		149,679
				652,644
Housewares & Specialties–0.32%
Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/2021		3,157,000		3,239,204
Independent Power Producers & Energy Traders–0.02%
AES Corp., Sr. Unsec. Global Notes, 7.38%, 07/01/2021		66,000		68,805
Calpine Corp., Sr. Sec. Gtd. First Lien Notes, 5.88%, 01/15/2024(b)		11,000		11,275
Sr. Unsec. Global Notes, 5.38%, 01/15/2023		58,000		54,520
5.50%, 02/01/2024		102,000		92,310
				226,910
Industrial Conglomerates–0.04%
ALFA, S.A.B. de C.V. (Mexico), REGS, Sr. Unsec. Euro Notes, 5.25%, 03/25/2024(b)		400,000		407,000
Industrial Machinery–0.28%
Optimas OE Solutions Holding, LLC/Optimas OE Solutions, Inc., Sr. Sec. Notes, 8.63%, 06/01/2021(b)		126,000		98,910
Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 10/01/2054		2,916,000		2,567,725
Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/2020(b)		116,000		114,115
				2,780,750
Industrial REIT’s–0.17%
PLA Administradora Industrial, S. de R.L. de C.V. (Mexico), Sr. Unsec. Notes, 5.25%, 11/10/2022(b)		1,896,000		1,724,768

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

10                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Integrated Oil & Gas–0.96%
Exxon Mobil Corp., Sr. Unsec. Global Notes, 2.22%, 03/01/2021	$	1,783,000	$	1,783,000
2.73%, 03/01/2023		1,626,000		1,626,000
3.04%, 03/01/2026		2,844,000		2,844,000
4.11%, 03/01/2046		2,239,000		2,239,000
Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes, 6.50%, 06/02/2041		100,000		87,349
PETRONAS Capital Ltd. (Malaysia), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.50%, 03/18/2025(b)		400,000		398,415
PTT PCL (Thailand), REGS, Sr. Unsec. Euro Notes, 3.38%, 10/25/2022(b)		400,000		401,996
State Oil Co. of the Azerbaijan Republic (Azerbaijan), Sr. Unsec. Medium-Term Euro Notes, 4.75%, 03/13/2023		200,000		169,328
				9,549,088
Integrated Telecommunication Services–1.35%
AT&T Inc., Sr. Unsec. Global Notes, 3.40%, 05/15/2025		1,567,000		1,542,201
4.75%, 05/15/2046		2,287,000		2,094,177
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Notes, 4.45%, 04/01/2024		1,090,000		1,146,357
Frontier Communications Corp., Sr. Unsec. Notes, 8.88%, 09/15/2020(b)		58,000		60,320
11.00%, 09/15/2025(b)		145,000		146,450
GCI, Inc., Sr. Unsec. Global Notes, 6.88%, 04/15/2025		75,000		73,500
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 07/15/2022		150,000		153,750
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		70,000		71,050
6.84%, 04/28/2023		135,000		140,738
Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/2025		152,000		155,040
6.63%, 04/01/2023		194,000		204,670
Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/2024(b)		540,000		523,800
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.52%, 09/15/2048		4,812,000		4,427,425
5.01%, 08/21/2054		1,698,000		1,585,674
5.15%, 09/15/2023		665,000		752,464
6.40%, 09/15/2033		342,000		392,549
				13,470,165
Internet Retail–0.37%
Expedia, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2026(b)		3,855,000		3,670,000

	Principal Amount		Value
Internet Software & Services–0.30%
Baidu, Inc. (China), Sr. Unsec. Global Notes, 3.50%, 11/28/2022	$	200,000	$	201,382
Tencent Holdings Ltd. (China), Sr. Unsec. Notes, 3.38%, 05/02/2019(b)		2,255,000		2,313,884
REGS, Sr. Unsec. Medium-Term Euro Notes, 3.80%, 02/11/2025(b)		500,000		509,760
				3,025,026
Investment Banking & Brokerage–0.86%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022(b)		1,896,000		1,976,997
Charles Schwab Corp. (The), Series A, Jr. Unsec. Sub. Notes, 7.00%(c)		1,315,000		1,485,950
Stifel Financial Corp., Sr. Unsec. Notes, 3.50%, 12/01/2020		5,120,000		5,076,618
				8,539,565
Leisure Facilities–0.01%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		55,000		57,200
Leisure Products–0.02%
Vista Outdoor Inc., Sr. Unsec. Gtd. Notes, 5.88%, 10/01/2023(b)		165,000		171,188
Life & Health Insurance–1.04%
Forethought Financial Group, Inc., Sr. Unsec. Notes, 8.63%, 04/15/2021(b)		50,000		57,686
MetLife, Inc., Sr. Unsec. Global Notes, 4.13%, 08/13/2042		2,200,000		1,976,411
Series C, Jr. Unsec. Sub. Global Notes, 5.25%(c)		3,605,000		3,415,738
Nationwide Financial Services, Inc., Sr. Unsec. Notes, 5.38%, 03/25/2021(b)		735,000		815,831
Prudential Financial, Inc., Jr. Unsec. Sub. Global Notes, 8.88%, 06/15/2038		1,640,000		1,795,800
TIAA Asset Management Finance Co. LLC, Sr. Unsec. Notes, 4.13%, 11/01/2024(b)		2,235,000		2,299,208
				10,360,674
Life Sciences Tools & Services–0.00%
Quintiles Transnational Corp., Sr. Unsec. Gtd. Notes, 4.88%, 05/15/2023(b)		30,000		30,900
Managed Health Care–0.67%
UnitedHealth Group Inc., Sr. Unsec. Global Notes, 3.75%, 07/15/2025		6,261,000		6,671,759

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

11                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Marine–0.02%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021 (Acquired 10/29/2013-07/16/2015; Cost $318,485)(b)	$	318,000	$	228,960
Marine Ports & Services–0.02%
PT Pelabuhan Indonesia II (Indonesia), Sr. Unsec. Notes, 4.25%, 05/05/2025(b)		200,000		182,500
Metal & Glass Containers–0.05%
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2022		110,000		114,813
Berry Plastics Corp., Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		144,000		150,120
6.00%, 10/15/2022(b)		120,000		125,250
Coveris Holding Corp., Sr. Unsec. Gtd. Notes, 10.00%, 06/01/2018(b)		102,000		87,465
				477,648
Movies & Entertainment–0.23%
AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		35,000		36,444
5.88%, 02/15/2022		50,000		52,188
Mediacom Broadband LLC/Corp., Sr. Unsec. Gtd. Global Notes, 5.50%, 04/15/2021		146,000		141,985
Time Warner, Inc., Sr. Unsec. Gtd. Global Deb., 5.35%, 12/15/2043		2,100,000		2,031,107
				2,261,724
Multi-Line Insurance–0.22%
Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/2044(b)		2,185,000		2,190,442
Multi-Sector Holdings–0.41%
BNSF Railway Co. Pass Through Trust, Series 2015-1, Sr. Sec. First Lien Pass-Through Ctfs., 3.44%, 06/16/2028(b)		4,121,996		4,087,674
Multi-Utilities–0.16%
Enable Midstream Partners L.P., Sr. Unsec. Gtd. Global Notes, 3.90%, 05/15/2024		2,525,000		1,623,891
Office REIT’s–0.13%
Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/2024		1,290,000		1,319,453
Office Services & Supplies–0.52%
Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/2024		1,070,000		1,046,941
Steelcase, Inc., Sr. Unsec. Global Bonds, 6.38%, 02/15/2021		3,730,000		4,132,905
				5,179,846

	Principal Amount		Value
Oil & Gas Drilling–0.04%
Rowan Cos., Inc., Sr. Unsec. Gtd. Notes, 5.85%, 01/15/2044	$	730,000	$	372,300
Oil & Gas Equipment & Services–0.60%
Petrofac Ltd. (United Kingdom), Sr. Unsec. Gtd. Notes, 3.40%, 10/10/2018(b)		7,020,000		5,971,479
Oil & Gas Exploration & Production–2.32%
Anadarko Petroleum Corp., Sr. Unsec. Global Notes, 5.95%, 09/15/2016		4,966,000		4,987,677
Sr. Unsec. Notes, 6.38%, 09/15/2017		10,120,000		10,253,518
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 11/01/2021		119,000		102,935
6.00%, 12/01/2020		244,000		218,990
Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/2024		105,000		97,716
CNOOC Curtis Funding No.1 Pty Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 10/03/2023(b)		200,000		208,708
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/2022		61,000		57,187
5.50%, 04/01/2023		398,000		371,135
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 7.13%, 04/01/2021		75,000		61,125
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		148,000		46,620
Devon Energy Corp., Sr. Unsec. Global Notes, 2.25%, 12/15/2018		910,000		792,837
Diamondback Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 10/01/2021		215,000		216,075
Hess Corp., Sr. Unsec. Global Notes, 1.30%, 06/15/2017		3,030,000		2,895,329
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec. Notes, 7.00%, 05/05/2020(b)		210,000		217,875
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		136,000		123,760
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		82,000		48,790
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Notes, 7.50%, 02/15/2022(b)		88,000		86,900
Pertamina Persero PT (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.30%, 05/20/2023(b)		200,000		188,626
Pioneer Natural Resources Co., Sr. Unsec. Notes, 5.88%, 07/15/2016		1,419,000		1,425,149
Range Resources Corp., Sr. Unsec. Gtd. Sub. Global Notes, 5.00%, 03/15/2023		181,000		153,397
Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/2022		45,000		37,575

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

12                        ��Invesco Core Plus Bond Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/2022	$	84,000	$	74,970
Sr. Unsec. Gtd. Notes, 6.63%, 10/01/2022(b)		140,000		124,950
WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/2022		75,000		43,125
Zhaikmunai LLP (Kazakhstan), REGS, Sr. Unsec. Gtd. Euro Notes, 6.38%, 02/14/2019(b)		400,000		314,000
				23,148,969
Oil & Gas Refining & Marketing–0.03%
Reliance Industries Ltd. (India), REGS, Sr. Unsec. Euro Notes, 4.13%, 01/28/2025(b)		250,000		249,579
Oil & Gas Storage & Transportation–1.11%
Enbridge Inc. (Canada), Sr. Unsec. Notes, 5.60%, 04/01/2017		4,679,000		4,699,878
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		105,000		86,625
Enterprise Products Operating LLC, Sr. Unsec. Gtd. Notes, 3.75%, 02/15/2025		1,594,000		1,513,106
EQT Midstream Partners L.P., Sr. Unsec. Gtd. Notes, 4.00%, 08/01/2024		2,255,000		1,712,191
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/2034		815,000		649,629
MPLX LP, Sr. Unsec. Gtd. Notes, 4.88%, 06/01/2025(b)		125,000		103,281
5.50%, 02/15/2023(b)		194,000		171,630
Nakilat Inc. (Qatar), REGS, Sec. Sub. Gtd. Second Lien Euro Bonds, 6.27%, 12/31/2033(b)		192,716		208,747
Sabine Pass Liquefaction LLC, Sr. Sec. First Lien Global Notes, 5.63%, 04/15/2023		100,000		93,000
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 5.63%, 03/01/2025		145,000		132,312
Spectra Energy Partners, L.P., Sr. Unsec. Global Notes, 4.50%, 03/15/2045		574,000		464,105
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Bonds, 5.25%, 05/01/2023		89,000		70,310
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2021		94,000		82,720
Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/2020		35,000		22,225
Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/2019		81,000		44,955

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 10/01/2020	$	133,000	$	125,685
Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/2032		255,000		280,111
Williams Partners L.P./ACMP Finance Corp., Sr. Unsec. Global Notes, 4.88%, 05/15/2023		757,000		618,847
				11,079,357
Other Diversified Financial Services–0.66%
BOC Aviation Pte. Ltd. (Singapore), Sr. Unsec. Notes, 3.00%, 03/30/2020(b)		2,477,000		2,484,482
ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 3.80%, 11/01/2025(b)		1,904,000		1,908,040
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., Sr. Unsec. Notes, 4.88%, 04/15/2045(b)		2,125,000		1,827,500
Power Sector Assets & Liabilities Management Corp. (Philippines), REGS, Sr. Unsec. Gtd. Euro Bond, 7.39%, 12/02/2024(b)		250,000		328,711
				6,548,733
Packaged Foods & Meats–1.72%
Chiquita Brands International Inc., Sr. Unsec. Conv. Notes, 4.25%, 08/15/2016		5,805,000		5,805,000
Diamond Foods Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/15/2019(b)		6,498,000		6,741,675
FAGE Dairy Industry S.A./FAGE USA Dairy Industry, Inc. (Greece), Sr. Unsec. Gtd. Notes, 9.88%, 02/01/2020(b)		200,000		206,000
JBS USA LLC/JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 8.25%, 02/01/2020(b)		88,000		88,550
Mead Johnson Nutrition Co., Sr. Unsec. Global Notes, 4.13%, 11/15/2025		1,047,000		1,084,388
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 01/15/2024(b)		51,000		53,996
Smithfield Foods Inc., Sr. Unsec. Notes, 6.63%, 08/15/2022		2,762,000		2,920,815
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(b)		210,000		223,125
				17,123,549
Paper Packaging–0.52%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.75%, 04/15/2021		468,000		478,530
4.88%, 11/15/2022		65,000		65,975
International Paper Co., Sr. Unsec. Global Notes, 5.15%, 05/15/2046		3,418,000		3,110,385

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

13                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Paper Packaging–(continued)
Klabin Finance S.A. (Brazil), Sr. Unsec. Gtd. Notes, 5.25%, 07/16/2024(b)	$	1,770,000	$	1,576,406
				5,231,296
Paper Products–0.09%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		831,000		791,528
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020		114,000		112,860
				904,388
Personal Products–0.04%
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes, 8.50%, 11/01/2017(d)		432,000		434,160
Pharmaceuticals–0.67%
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 3.00%, 10/08/2021(b)		2,202,000		2,267,819
Bristol-Myers Squibb Co., Sr. Unsec. Deb., 6.88%, 08/01/2097		2,492,000		3,653,686
Concordia Healthcare Corp. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 04/15/2023(b)		178,000		155,750
9.50%, 10/21/2022(b)		50,000		48,875
Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/2023(b)		55,000		43,725
5.63%, 12/01/2021(b)		130,000		111,962
5.88%, 05/15/2023(b)		33,000		27,060
6.13%, 04/15/2025(b)		406,000		326,830
6.75%, 08/15/2018(b)		45,000		42,638
REGS, Sr. Unsec. Gtd. Euro Notes, 6.13%, 04/15/2025(b)		30,000		25,256
				6,703,601
Property & Casualty Insurance–0.35%
Allstate Corp. (The), Unsec. Sub. Global Deb., 5.75%, 08/15/2053		2,085,000		2,085,000
Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/15/2037(b)		1,320,000		1,450,350
				3,535,350
Railroads–0.10%
Autoridad del Canal de Panamá (Panama), REGS, Sr. Unsec. Euro Bonds, 4.95%, 07/29/2035(b)		500,000		516,500
Lima Metro Line 2 Finance Ltd. (Peru), Sr. Sec. First Lien Bonds, 5.88%, 07/05/2034(b)		500,000		480,000
				996,500
Real Estate Development–0.04%
CIFI Holdings (Group) Co. Ltd. (China), Sr. Unsec. Gtd. Euro Bonds, 7.75%, 06/05/2020		200,000		200,203

	Principal Amount		Value
Real Estate Development–(continued)
Country Garden Holdings Co. Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 7.50%, 01/10/2023(b)	$	200,000	$	203,679
				403,882
Regional Banks–0.39%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		222,000		222,555
5.00%, 08/01/2023		170,000		169,150
Fifth Third Bancorp, Series J, Jr. Unsec. Sub. Notes, 4.90%(c)		1,520,000		1,322,400
First Niagara Financial Group Inc., Unsec. Sub. Notes, 7.25%, 12/15/2021		650,000		748,267
SVB Financial Group, Sr. Unsec. Global Notes, 3.50%, 01/29/2025		1,455,000		1,444,712
				3,907,084
Reinsurance–0.18%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		1,650,000		1,760,045
Renewable Electricity–0.12%
Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/2044		1,194,000		1,193,331
Residential REIT’s–0.22%
Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/2022		2,135,000		2,197,466
Restaurants–0.38%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 6.00%, 04/01/2022(b)		3,475,000		3,635,719
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		155,000		164,687
				3,800,406
Security & Alarm Services–0.15%
Tyco International Finance S.A., Sr. Unsec. Gtd. Global Notes, 3.90%, 02/14/2026		1,460,000		1,481,275
Semiconductor Equipment–0.01%
Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/2022		71,000		64,433
Semiconductors–0.37%
Freescale Semiconductor Inc., Sr. Sec. Gtd. First Lien Notes, 6.00%, 01/15/2022(b)		1,375,000		1,461,797
NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes, 5.75%, 03/15/2023(b)		2,120,000		2,199,500
				3,661,297
Soft Drinks–1.23%
Coca-Cola Co. (The), Sr. Unsec. Global Notes, 3.30%, 09/01/2021		5,000,000		5,336,492

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

14                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Soft Drinks–(continued)
PepsiCo Inc., Sr. Unsec. Global Notes, 3.00%, 08/25/2021	$	4,378,000	$	4,596,981
4.45%, 04/14/2046		2,173,000		2,330,033
				12,263,506
Sovereign Debt–0.41%
Argentine Republic Governement International Bond (Argentina), Sr. Unsec. Euro Notes, 2.50%, 12/31/2038(e)		550,000		363,275
Dominican Republic International Bond (Dominican Repubic), Sr. Unsec. Bonds, 5.50%, 01/27/2025(b)		541,000		523,418
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes, 5.38%, 03/25/2024		550,000		612,356
Ivory Coast Government International Bond (Ivory Coast), Sr. Unsec. Notes, 6.38%, 03/03/2028(b)		324,000		292,349
Indonesia Government International Bond (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.13%, 01/15/2025(b)		300,000		298,058
Jamaica Government International Bond (Jamaica), Sr. Unsec. Global Notes, 6.75%, 04/28/2028		252,000		255,780
Lebanon Government International Bond (Lebanon), REGS, Sr. Unsec. Euro Bonds, 6.00%, 01/27/2023(b)		500,000		488,750
Mexico Government International Bond (Mexico), Sr. Unsec. Global Notes, 4.60%, 01/23/2046		200,000		184,250
Poland Government International Bond (Poland), Sr. Unsec. Global Notes, 4.00%, 01/22/2024		400,000		430,750
Romanian Government International Bond (Romania), Sr. Unsec. Notes, 4.88%, 01/22/2024(b)		200,000		220,304
Russian Foreign Bond (Russia), REGS, Sr. Unsec. Euro Bonds, 4.88%, 09/16/2023(b)		400,000		413,670
				4,082,960
Specialized Consumer Services–0.02%
ServiceMaster Co., LLC (The), Sr. Unsec. Notes, 7.45%, 08/15/2027		191,000		186,225
Specialized Finance–1.07%
Air Lease Corp., Sr. Unsec. Global Notes, 3.88%, 04/01/2021		2,425,000		2,350,735
Aircastle Ltd., Sr. Unsec. Notes, 5.13%, 03/15/2021		55,000		55,688
5.50%, 02/15/2022		75,000		75,375
International Lease Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/15/2022		120,000		128,400
Sr. Unsec. Notes, 8.25%, 12/15/2020		146,000		169,360

	Principal Amount		Value
Specialized Finance–(continued)
Moody’s Corp., Sr. Unsec. Global Notes, 2.75%, 07/15/2019	$	1,470,000	$	1,501,818
4.88%, 02/15/2024		4,595,000		4,989,166
5.25%, 07/15/2044		1,140,000		1,233,270
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(b)		175,000		186,156
				10,689,968
Specialized REIT’s–0.95%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022		259,000		264,180
EPR Properties, Sr. Unsec. Gtd. Global Notes, 4.50%, 04/01/2025		2,244,000		2,186,289
7.75%, 07/15/2020		4,386,000		5,183,111
Sr. Unsec. Gtd. Notes, 5.75%, 08/15/2022		1,345,000		1,432,725
Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/01/2022		111,000		115,995
5.38%, 04/01/2023		265,000		278,250
5.88%, 01/15/2026		46,000		48,300
				9,508,850
Specialty Chemicals–0.03%
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(b)		54,000		58,050
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		223,000		223,000
				281,050
Specialty Stores–0.21%
Tiffany & Co., Sr. Unsec. Global Notes, 3.80%, 10/01/2024		1,005,000		1,032,924
4.90%, 10/01/2044		1,140,000		1,069,526
				2,102,450
Steel–0.23%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Bonds, 10.85%, 06/01/2019		38,000		40,090
Sr. Unsec. Global Notes, 6.25%, 08/05/2020		115,000		103,788
FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Sec. Gtd. Notes, 9.75%, 03/01/2022(b)		38,000		36,005
Sr. Unsec. Gtd. Notes, 6.88%, 04/01/2022(b)		12,000		8,700
8.25%, 11/01/2019(b)		2,043,000		1,848,915
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 10/01/2021		113,000		110,457
5.50%, 10/01/2024		150,000		142,500
				2,290,455

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

15                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.09%
Seagate HDD Cayman, Sr. Unsec. Gtd. Global Bonds, 5.75%, 12/01/2034	$	1,540,000	$	931,700
Tobacco–0.55%
Philip Morris International Inc., Sr. Unsec. Global Notes, 2.90%, 11/15/2021		5,298,000		5,515,644
Trading Companies & Distributors–0.17%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 4.63%, 10/30/2020		689,000		703,641
5.00%, 10/01/2021		630,000		649,688
Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.75%, 12/15/2020		200,000		193,000
United Rentals North America Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		130,000		124,475
Sr. Unsec. Gtd. Notes, 6.13%, 06/15/2023		60,000		61,800
				1,732,604
Trucking–0.16%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.13%, 06/01/2022(b)		92,000		86,250
Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/2019		154,000		154,192
OPE KAG Finance Sub Inc., Sr. Unsec. Notes, 7.88%, 07/31/2023(b)		175,000		170,625
Ryder System, Inc., Sr. Unsec. Medium-Term Notes, 3.45%, 11/15/2021		1,145,000		1,154,312
				1,565,379
Wireless Telecommunication Services–0.90%
America Movil S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Global Notes, 6.13%, 03/30/2040		1,115,000		1,235,789
Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Notes, 5.35%, 05/20/2024(b)		500,000		529,715
Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes, 4.88%, 08/15/2020(b)		1,835,000		2,002,598
Digicel Ltd. (Jamaica), Sr. Unsec. Notes, 6.00%, 04/15/2021(b)		200,000		173,000
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2044		2,955,000		3,040,290
Sprint Communications Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/01/2020(b)		780,000		774,150
9.00%, 11/15/2018(b)		135,000		140,737
Turkcell Iletisim Hizmetleri A.S. (Turkey), Unsec. Notes, 5.75%, 10/15/2025(b)		580,000		556,365

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Second Lien Notes, 7.38%, 04/23/2021(b)	$	250,000	$	230,000
Sr. Sec. Gtd. First Lien Notes, 4.75%, 07/15/2020(b)		300,000		292,515
				8,975,159
Total U.S. Dollar Denominated Bonds and Notes (Cost $517,690,349)				506,872,736
U.S. Government Sponsored Agency Mortgage-Backed Securities–26.22%
Collateralized Mortgage Obligations–0.42%
Fannie Mae REMICs, IO, 7.00%, 05/25/2033		15,800		4,152
6.00%, 07/25/2033		13,745		2,976
Ginnie Mae REMICs IO, 1.58%, 09/20/2064(f)		12,910,054		1,210,318
1.63%, 11/20/2064(f)		8,396,342		846,193
1.68%, 12/20/2064(f)		21,661,368		2,125,522
				4,189,161
Federal Deposit Insurance Co. (FDIC)–0.02%
Federal Deposit Insurance Co., Series 2010-S1, Class 1A, Structured Sale Gtd. Floating Rate Notes, 0.98%, 02/25/2048(b)(f)		146,574		146,607
Federal Home Loan Mortgage Corp. (FHLMC)–7.04%
Pass Through Ctfs.,
5.50%, 05/01/2016 to 07/01/2040		5,245,122		5,927,789
6.50%, 05/01/2016 to 09/01/2036		891,152		1,018,471
7.00%, 08/01/2016 to 10/01/2034		2,066,041		2,400,035
6.00%, 04/01/2017 to 02/01/2034		412,761		461,627
7.50%, 04/01/2017 to 05/01/2035		969,992		1,172,599
3.50%, 08/01/2026		1,325,457		1,414,375
8.50%, 08/01/2031		71,110		92,085
8.00%, 08/01/2032		59,948		74,431
5.00%, 07/01/2034 to 06/01/2040		4,765,577		5,301,713
4.50%, 06/01/2041		3,302,302		3,603,022
Pass Through Ctfs., ARM,
2.78%, 12/01/2036(f)		148,564		157,407
2.82%, 02/01/2037(f)		48,465		51,583
2.57%, 05/01/2037(f)		414,864		440,820
2.37%, 06/01/2043(f)		3,525,945		3,606,463
Pass Through Ctfs., TBA,
3.50%, 03/01/2046(g)		19,000,000		19,866,503
4.00%, 03/01/2046(g)		23,170,000		24,690,983
				70,279,906

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

16                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–12.98%
Pass Through Ctfs.,
6.50%, 05/01/2016 to 01/01/2037	$	283,399	$	328,918
7.00%, 01/01/2017 to 02/01/2034		765,846		872,666
6.00%, 05/01/2017 to 10/01/2039		73,111		81,036
5.00%, 03/01/2018 to 12/01/2039		1,308,451		1,449,149
5.50%, 11/01/2018 to 06/01/2040		2,124,988		2,400,513
7.50%, 03/01/2021 to 08/01/2037		1,082,660		1,310,687
8.00%, 08/01/2021 to 04/01/2033		122,277		150,987
9.50%, 04/01/2030		24,176		28,229
8.50%, 10/01/2032		106,949		136,079
3.00%, 08/01/2043		5,606,019		5,762,582
Pass Through Ctfs., ARM,
2.50%, 05/01/2035(f)		479,313		504,679
2.52%, 01/01/2037(f)		322,048		337,125
2.48%, 03/01/2038(f)		162,664		172,226
Pass Through Ctfs., TBA,
2.50%, 03/01/2031(g)		13,920,000		14,275,069
4.00%, 03/01/2046(g)		13,500,000		14,406,502
3.00%, 03/01/2031 to 03/01/2046(g)		31,340,000		32,324,718
3.50%, 03/01/2046(g)		31,750,000		33,267,145
4.50%, 03/01/2046(g)		20,000,000		21,724,564
				129,532,874
Government National Mortgage Association (GNMA)–5.76%
Pass Through Ctfs.,
7.50%, 06/15/2023 to 05/15/2032		28,573		31,062
9.00%, 09/15/2024 to 10/15/2024		17,627		17,717
8.50%, 02/15/2025		6,447		6,480
8.00%, 08/15/2025 to 09/15/2026		55,063		59,164
6.56%, 01/15/2027		147,648		169,501
7.00%, 04/15/2028 to 09/15/2032		338,759		391,903
6.00%, 11/15/2028 to 02/15/2033		96,693		110,583
6.50%, 01/15/2029 to 09/15/2034		210,703		242,327
5.50%, 06/15/2035		136,431		154,289
5.00%, 07/15/2035 to 08/15/2035		67,799		74,874
Pass Through Ctfs., ARM,
2.00%, 01/20/2025 to 05/20/2025(f)		64,254		66,322
3.00%, 06/20/2025(f)		8,271		8,595

	Principal Amount		Value
Government National Mortgage Association (GNMA)–(continued)
Pass Through Ctfs., TBA,
3.00%, 03/01/2046(g)	$	14,360,000	$	14,872,697
3.50%, 03/01/2046(g)		24,950,000		26,347,589
4.00%, 03/01/2046(g)		13,930,000		14,876,534
				57,429,637
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $260,260,421)				261,578,185
Asset-Backed Securities–21.61%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, Variable Rate Pass Through Ctfs. 2.65%, 02/25/2035(f)		1,416,556		1,399,833
Series 2005-1, Class 4A1, Variable Rate Pass Through Ctfs., 2.87%, 05/25/2035(f)		2,191,017		2,152,307
Atrium V Corp., Series 5A, Class B, Floating Rate Pass Through Ctfs., 1.31%, 07/20/2020(b)(f)		1,763,000		1,681,190
Banc of America Commercial Mortgage Trust, Series 2006-1, Class AJ, Variable Rate Pass Through Ctfs., 5.46%, 09/10/2045(f)		1,391,238		1,390,889
Series 2006-1, Class B, Variable Rate Pass Through Ctfs., 5.49%, 09/10/2045(f)		3,077,000		3,074,118
Series 2015-UBS7, Class AS, Pass Through Ctfs., 3.99%, 09/15/2048		4,394,000		4,608,398
Banc of America Mortgage Trust, Series 2005-12, Class A2, Floating Rate Pass Through Ctfs., 1.34%, 01/25/2036(f)		2,200,079		1,966,543
Barclays Bank Commercial Mortgage Securities Trust, Series 2015-RRI, Class D, Floating Rate Pass Through Ctfs., 3.33%, 05/15/2032(b)(f)		3,730,000		3,487,441
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-6, Class 1A3, Variable Rate Pass Through Ctfs., 2.42%, 08/25/2033(f)		364,921		361,113
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 3.09%, 03/25/2035(f)		3,254,959		3,245,936
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 2.58%, 02/25/2036(f)		1,556,708		1,520,750
Bear Stearns ALT-A Trust, Series 2004-11, Class 2A3, Variable Rate Pass Through Ctfs., 2.60%, 11/25/2034(f)		3,615,346		3,500,424
Boca Hotel Portfolio Trust, Series 2013-BOCA, Class B, Floating Rate Pass Through Ctfs., 2.18%, 08/15/2026(b)(f)		2,500,000		2,492,312

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

17                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Carlyle High Yield Partners VIII, Ltd., Series 2006-8A, Class B, Floating Rate Pass Through Ctfs., 1.00%, 05/21/2021(b)(f)	$	700,000	$	677,693
Series 2006-8A, Class A2B, Floating Rate Pass Through Ctfs., 0.96%, 05/21/2021(b)(f)		4,184,000		4,079,906
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class A, Floating Rate Pass Through Ctfs., 1.83%, 12/15/2027(b)(f)		1,132,001		1,129,417
Centurion CDO 9 Ltd. (Cayman Islands), Series 2005-9A, Class A2, Floating Rate Pass Through Ctfs., 1.05%, 07/17/2019(b)(f)		1,875,000		1,803,849
Series 2005-9X, Class A2, Floating Rate Pass Through Ctfs., 1.05%, 07/17/2019(f)		2,750,000		2,645,646
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class C, Variable Rate Pass Through Ctfs., 5.57%, 12/15/2047(b)(f)		5,000,000		5,211,273
Cifc Funding Ltd. (Cayman Islands), Series 2007-2A, Class B, Floating Rate Pass Through Ctfs., 1.37%, 04/15/2021(b)(f)		2,371,000		2,270,919
Citigroup Commercial Mortgage Trust, Series 2014-388G, Class C, Floating Rate Pass Through Ctfs., 1.83%, 06/15/2033(b)(f)		5,505,000		5,296,962
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB3, Class 2A, Floating Rate Pass Through Ctfs., 2.69%, 09/25/2034(f)		2,750,491		2,679,405
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 2.36%, 08/25/2034(f)		1,364,424		1,282,464
COMM Mortgage Trust, Series 2015-CR25, Class B, Variable Rate Pass Through Ctfs., 4.55%, 08/10/2048(f)		4,367,000		4,396,515
Commercial Mortgage Trust, Series 2013-THL, Class A2, Floating Rate Pass Through Ctfs., 1.48%, 06/08/2030(b)(f)		2,875,000		2,870,887
Countrywide Asset-Backed Ctfs., Series 2003-1, Class 3A, Floating Rate Pass Through Ctfs., 1.12%, 06/25/2033(f)		162,481		145,311
Countrywide Home Loans Mortgage Pass Through Trust, Series 2007-13, Class A10, Pass Through Ctfs., 6.00%, 08/25/2037		648,284		609,536
Credit Suisse Mortgage Trust, Series 2009-2R, Class 1A11, Floating Rate Pass Through Ctfs., 2.75%, 09/26/2034(b)(f)		123,971		123,883
Eaton Vance CDO VII PLC (Ireland), Series 1-A, Class B2, Floating Rate Pass Through Ctfs., 1.02%, 03/25/2026(b)(f)		1,081,000		988,621

	Principal Amount		Value
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 2A1, Pass Through Ctfs., 5.00%, 11/25/2020	$	227,713	$	229,709
Series 2006-FA5, Class A3, Pass Through Ctfs., 6.25%, 08/25/2036		338,157		261,527
Foothill CLO Ltd. (Cayman Islands), Series 2007-1A, Class C, Floating Rate Pass Through Ctfs., 1.33%, 02/22/2021(b)(f)		1,531,000		1,510,365
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, Floating Rate Pass Through Ctfs., 3.19%, 04/19/2036(f)		1,558,475		1,406,739
GP Portfolio Trust, Series 2014-GPP, Class B, Floating Rate Pass Through Ctfs., 1.73%, 02/15/2027(b)(f)		5,000,000		4,876,421
Hamlet II Ltd. (Cayman Islands), Series 2006-2A, Class A2B, Floating Rate Pass Through Ctfs., 0.95%, 05/11/2021(b)(f)		5,000,000		4,822,661
Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1C, Floating Rate Pass Through Ctfs., 0.88%, 06/20/2035(f)		36,733		33,600
Hilton USA Trust, Series 2013-HLT, Class BFX, Pass Through Ctfs., 3.37%, 11/05/2030(b)		1,500,000		1,497,514
Hyatt Hotel Portfolio Trust, Series 2015-HYT, Class B, Floating Rate Pass Through Ctfs., 2.13%, 11/15/2029(b)(f)		3,998,000		3,927,605
ING Investment Management CLO II, Ltd. (Cayman Islands), Series 2006-2A, Class A2, Floating Rate Pass Through Ctfs., 0.96%, 08/01/2020(b)(f)		5,000,000		4,968,816
Series 2006-2A, Class B, Floating Rate Pass Through Ctfs., 1.02%, 08/01/2020(b)(f)		2,718,000		2,669,532
Inwood Park CDO Ltd. (Cayman Islands), Series 2006-1A, Class B, Floating Rate Pass Through Ctfs., 1.01%, 01/20/2021(b)(f)		3,888,000		3,710,329
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class B, Variable Rate Pass Through Ctfs., 3.81%, 12/15/2047(b)(f)		5,000,000		5,008,631
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP6, Class AJ, Variable Rate Pass Through Ctfs., 5.57%, 04/15/2043(f)		3,000,000		2,996,978
Series 2006-LDP8, Class AJ, Pass Through Ctfs., 5.48%, 05/15/2045		1,200,000		1,211,850
Series 2006-LDP9, Class A3, Pass Through Ctfs., 5.34%, 05/15/2047		831,444		844,792

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

18                         Invesco Core Plus Bond Fund

	Principal Amount		Value
JP Morgan Mortgage Trust, Series 2005-A3, Class 1A1, Variable Rate Pass Through Ctfs., 2.23%, 06/25/2035(f)	$	1,432,308	$	1,398,717
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 2.63%, 06/25/2035(f)		1,490,372		1,450,742
Series 2005-A5, Class 1A2, Floating Rate Pass Through Ctfs., 2.84%, 08/25/2035(f)		2,240,074		2,215,778
Series 2005-A6, Class 7A1, Floating Rate Pass Through Ctfs., 2.76%, 08/25/2035(f)		1,348,535		1,280,747
Series 2007-A4, Class 3A1, Floating Rate Pass Through Ctfs., 4.67%, 06/25/2037(f)		1,898,026		1,701,502
Katonah Ltd. (Cayman Islands), Series 2007-IA, Class A2L, Floating Rate Pass Through Ctfs., 2.12%, 04/23/2022(b)(f)		2,630,000		2,608,499
LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class AM, Pass Through Ctfs., 5.38%, 11/15/2038		2,110,000		2,144,163
Series 2006-C7, Class A3, Pass Through Ctfs., 5.35%, 11/15/2038		300,000		303,854
Lehman Mortgage Trust, Series 2006-1, Class 3A5, Pass Through Ctfs., 5.50%, 02/25/2036		467,283		442,690
Luminent Mortgage Trust, Series 2005-1, Class A1, Floating Rate Pass Through Ctfs., 0.70%, 11/25/2035(f)		1,520,989		1,363,151
MAPS CLO Fund II Ltd. (Cayman Islands), Series 2007-2A, Class A2, Floating Rate Pass Through Ctfs., 1.07%, 07/20/2022(b)(f)		3,448,000		3,320,069
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, Floating Rate Pass Through Ctfs., 2.36%, 11/25/2035(f)		2,216,726		2,141,226
Series 2005-A5, Class A9, Floating Rate Pass Through Ctfs., 2.58%, 06/25/2035(f)		3,090,939		3,004,525
One Wall Street CLO II Ltd., Series 2007-2A, Class C, Floating Rate Pass Through Ctfs., 1.37%, 04/22/2019(b)(f)		5,419,000		5,311,318
PPM Grayhawk CLO, Ltd. (Cayman Islands), Series 2007-1A, Class A2B, Floating Rate Pass Through Ctfs., 0.92%, 04/18/2021(b)(f)		649,000		634,447
Provident Home Equity Loan Trust, Series 2000-2, Class A1, Floating Rate Pass Through Ctfs., 0.98%, 08/25/2031(f)		241,701		179,270
Residential Funding Mortgage Sec I Trust, Series 2005-S9, Class A10, Pass Through Ctfs., 6.25%, 12/25/2035		1,806,689		1,708,472

	Principal Amount		Value
Sequoia Mortgage Trust, Series 2013-3, Class A1, Pass Through Ctfs., 2.00%, 03/25/2043	$	2,324,884	$	2,223,860
Series 2013-4, Class A3, Pass Through Ctfs., 1.55%, 04/25/2043		2,130,723		2,074,287
Series 2013-7, Class A2, Pass Through Ctfs., 3.00%, 06/25/2043		1,984,597		1,990,295
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Pass Through Ctfs., 3.75%, 07/25/2043(b)		3,380,833		3,497,051
Sierra Timeshare Receivables Funding LLC, Series 2013-2A, Class A, Pass Through Ctfs., 2.28%, 11/20/2025(b)		605,994		606,219
Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, Floating Rate Pass Through Ctfs., 0.98%, 05/25/2035(f)		41,645		35,503
Stone Tower CLO VII Ltd. (Cayman Islands), Series 2007-7A, Class A3, Floating Rate Pass Through Ctfs., 1.66%, 08/30/2021(b)(f)		1,509,000		1,477,742
Stoney Lane Funding I Corp., Series 2007-1A, Class A2, Floating Rate Pass Through Ctfs., 1.00%, 04/18/2022(b)(f)		2,013,000		1,896,096
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, Floating Rate Pass Through Ctfs., 2.62%, 09/25/2034(f)		2,556,326		2,526,960
Series 2004-16, Class 2A, Floating Rate Pass Through Ctfs., 2.62%, 11/25/2034(f)		3,351,253		3,300,731
Series 2004-16, Class 5A3, Variable Rate Pass Through Ctfs., 2.65%, 11/25/2034(f)		1,034,822		1,020,117
Series 2004-8, Class 3A, Floating Rate Pass Through Ctfs., 2.60%, 07/25/2034(f)		3,043,524		3,026,967
Series 2007-3, Class 4A2, Variable Rate Pass Through Ctfs., 4.61%, 04/25/2047(f)		972,759		688,325
Structured Asset Investment Loan Trust, Series 2003-BC12, Class 3A, Floating Rate Pass Through Ctfs., 1.18%, 11/25/2033(f)		12,792		12,448
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, Pass Through Ctfs., 6.00%, 12/25/2035		508,541		468,715
Symphony CLO II Ltd. (Cayman Islands), Series 2006-2A, Class A2B, Floating Rate Pass Through Ctfs., 0.97%, 10/25/2020(b)(f)		4,545,000		4,386,784
Series 2006-2A, Class A3, Floating Rate Pass Through Ctfs., 1.06%, 10/25/2020(b)(f)		2,882,000		2,700,001

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

19                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Thornburg Mortgage Securities Trust, Series 2003-6, Class A2, Floating Rate Pass Through Ctfs., 1.44%, 12/25/2033(f)	$	1,231,402	$	1,145,967
Series 2005-1, Class A3, Floating Rate Pass Through Ctfs., 2.44%, 04/25/2045(f)		2,537,070		2,502,704
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.31%, 07/25/2045(f)		3,348,643		3,234,366
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class C, Variable Rate Pass Through Ctfs., 5.89%, 01/10/2045(b)(f)		4,500,000		4,858,138
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class AJ, Variable Rate Pass Through Ctfs., 5.30%, 10/15/2044(f)		184,641		184,484
Series 2006-C25, Class D, Variable Rate Pass Through Ctfs., 5.90%, 05/15/2043(f)		4,900,000		4,893,090
WaMu Mortgage, Series 2005-AR12, Class 1A8, Floating Rate Pass Through Ctfs., 2.43%, 10/25/2035(f)		1,911,733		1,812,300
WaMu Mortgage Pass Through Trust, Series 2003-AR8, Class A, Floating Rate Pass Through Ctfs., 2.48%, 08/25/2033(f)		1,072,197		1,092,435
Series 2005-AR10, Class 1A3, Floating Rate Pass Through Ctfs., 2.49%, 09/25/2035(f)		479,645		460,819
Series 2007-HY2, Class 2A2, Variable Rate Pass Through Ctfs., 2.54%, 11/25/2036(f)		1,350,350		1,185,923
Wells Fargo Commercial Mortgage Trust, Series 2014-TISH, Class B, Floating Rate Pass Through Ctfs., 1.78%, 02/15/2027(b)(f)		2,500,000		2,412,090
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2, Floating Rate Pass Through Ctfs., 2.74%, 07/25/2034(f)		834,944		832,422
Series 2004-Z, Class 2A1, Floating Rate Pass Through Ctfs., 2.85%, 12/25/2034(f)		1,015,437		1,009,628
Series 2005-AR14, Class A1, Floating Rate Pass Through Ctfs., 2.74%, 08/25/2035(f)		904,912		890,746
Series 2005-AR2, Class 2A2, Floating Rate Pass Through Ctfs., 2.87%, 03/25/2035(f)		2,181,897		2,199,178
Series 2006-AR8, Class 1A3, Floating Rate Pass Through Ctfs., 2.76%, 04/25/2036(f)		2,538,469		2,507,744
Series 2007-7, Class A1, Pass Through Ctfs., 6.00%, 06/25/2037		1,408,544		1,353,265

	Principal Amount		Value
WFRBS Commercial Mortgage Trust, Series 2011-C5, Class B, Variable Rate Pass Through Ctfs., 5.64%, 11/15/2044(b)(f)	$	5,000,000	$	5,542,781
Series 2013-C15, Class B, Variable Rate Pass Through Ctfs., 4.48%, 08/15/2046(f)		3,800,000		3,922,113
Series 2013-C16, Class B, Variable Rate Pass Through Ctfs., 4.98%, 09/15/2046(f)		3,127,000		3,336,237
Total Asset-Backed Securities (Cost $216,550,127)				215,588,311
U.S. Treasury Securities–10.42%
U.S. Treasury Bills–0.52%(h)(i)
0.00%, 05/26/2016		490,000		489,637
0.07%, 05/26/2016		5,000		4,996
0.10%, 05/26/2016		105,000		104,922
0.23%, 05/26/2016		1,795,000		1,793,671
0.24%, 05/26/2016		100,000		99,926
0.25%, 05/26/2016		1,000,000		999,259
0.29%, 05/26/2016		1,720,000		1,718,726
				5,211,137
U.S. Treasury Notes–6.88%
1.13%, 02/28/2021		21,075,100		20,985,531
1.50%, 02/28/2023		7,308,400		7,300,507
1.63%, 02/15/2026		40,759,300		40,348,212
				68,634,250
U.S. Treasury Inflation — Indexed Bonds–0.46%
0.75%, 02/15/2045(j)		4,922,295		4,574,596
U.S. Treasury Bonds–2.56%
3.00%, 11/15/2045		23,621,800		25,532,690
Total U.S. Treasury Securities (Cost $103,505,215)				103,952,673
	Shares
Preferred Stocks–0.58%
Investment Banking & Brokerage–0.42%
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		78,000		1,922,700
Morgan Stanley, Series F, 6.88% Pfd.		85,000		2,296,700
				4,219,400
Regional Banks–0.08%
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		27,000		767,880
Reinsurance–0.08%
Reinsurance Group of America, Inc., 6.20% Unsec. Sub. Pfd.		30,000		825,600
Total Preferred Stocks (Cost $5,485,000)				5,812,880

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

20                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes–0.10%(k)
Asset Management & Custody Banks–0.01%
Alliance Automotive Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 6.25%, 12/01/2021(b)	EUR	100,000	$	112,278
Food Retail–0.01%
Labeyrie Fine Foods S.A.S. (France), Sr. Sec. Gtd. First Lien Notes, 5.63%, 03/15/2021(b)	EUR	100,000		112,397
Hotels, Resorts & Cruise Lines–0.02%
Thomas Cook Group PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.75%, 06/22/2017	GBP	100,000		143,047
Metal & Glass Containers–0.01%
SIG Combibloc Holding S.C.A. (Luxembourg), REGS, Sr. Unsec. Euro Bonds, 7.75%, 02/15/2023(b)	EUR	100,000		112,469
Movies & Entertainment–0.01%
Entertainment One Ltd. (Canada), Sr. Sec. Gtd. Bonds, 6.88%, 12/15/2022(b)	GBP	100,000		134,314
Multi-Sector Holdings–0.01%
Gala Electric Casinos PLC (United Kingdom), REGS, Sec. Gtd. Second Lien Euro Notes, 11.50%, 06/01/2019(b)	GBP	63,636		92,780
Other Diversified Financial Services–0.02%
Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 10.38%, 10/01/2019(b)	GBP	100,000		145,796

	Principal Amount		Value
Packaged Foods & Meats–0.01%
Moy Park (Bondco) PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.25%, 05/29/2021(b)	GBP	100,000	$	135,114
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,075,278)				988,195
Municipal Obligations–0.13%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010 A, Taxable Build America RB, 6.64%, 04/01/2057	$	500,000		610,470
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M); Series 2010, Class A, Taxable Build America RB, 6.66%, 04/01/2057		550,000		658,982
Total Municipal Obligations (Cost $1,050,000)				1,269,452
	Shares
Money Market Funds–11.90%
Liquid Assets Portfolio–Institutional Class, 0.42%(l)		59,354,957		59,354,957
Premier Portfolio–Institutional Class, 0.38%(l)		59,354,957		59,354,957
Total Money Market Funds (Cost $118,709,914)				118,709,914
Options Purchased-0.50%
(Cost $2,666,450)(m)				5,025,999
TOTAL INVESTMENTS–122.26% (Cost $1,226,992,754)				1,219,798,345
OTHER ASSETS LESS LIABILITIES–(22.26)%				(222,080,009	)
NET ASSETS–100.00%			$	997,718,336

Investment Abbreviations:

ARM	– Adjustable Rate Mortgage
Conv.	– Convertible
Ctfs.	– Certificates
Deb.	– Debentures
EUR	– Euro
GBP	– British Pound
Gtd.	– Guaranteed
IO	– Interest Only
Jr.	– Junior
Pfd.	– Preferred
PIK	– Payment in Kind
RB	– Revenue Bonds
REGS	– Regulation S
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
TBA	– To Be Announced
Unsec.	– Unsecured

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

21                         Invesco Core Plus 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 February 29, 2016 was $238,472,856, which represented 23.90% of the Fund’s Net Assets.

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

^(d)  All or a portion of this security is Payment-in-Kind.

Issuer	Cash Rate			PIK Rate
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes		7.75	%		8.50	%

^(e)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at February 29, 2016 represented less than 1% of the Fund’s Net Assets.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016.

^(g)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1J.

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

⁽ⁱ⁾  All or a portion of the value was pledged and/or designated as collateral to cover margin requirements for open futures contracts and swap agreements. See Note 1I, Note 1P and Note 4.

^(j)  Principal amount of security and interest payments are adjusted for inflation. See Note 1K.

^(k)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(l)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

^(m)  The table below details options purchased:

Open Over-The-Counter Foreign Currency Options Purchased — Currency Risk

Description

Type of Contract

Counterparty

Expiration Date

Strike Price

Notional Value

Value

JPY versus KRW

Call

Deutsche Bank Securities Inc.

04/06/16

KRW   11.30

JPY

2,242,500,000

$

1,000,615

USD versus CAD

Call

Morgan Stanley Capital Services LLC

03/07/16

CAD     1.44

USD

19,600,000

120

USD versus CNY

Call

Bank of America Merrill Lynch

04/22/16

CNY     6.70

USD

10,000,000

74,209

USD versus SGD

Call

Goldman Sachs International

03/16/16

SGD     1.44

USD

19,800,000

10,999

USD versus INR

Put

Bank of America Merrill Lynch

11/08/16

INR   66.82

USD

10,000,000

49,245

USD versus JPY

Put

Bank of America Merrill Lynch

06/13/16

JPY 120.30

USD

29,250,000

2,187,822

USD versus JPY

Put

Deutsche Bank Securities Inc.

06/13/16

JPY 120.30

USD

29,250,000

1,439,376

USD versus MXN

Put

Goldman Sachs International

08/10/16

MXN   21.00

USD

10,000,000

263,613

Total foreign currency options purchased — currency risk (Cost $2,666,450)

$

5,025,999

Abbreviations:

CAD	– Canadian Dollar
CHF	– Swiss Franc
CNY	– Chinese Yuan
INR	– Indian Rupee
JPY	– Japanese Yen

KRW	– South Korean Won
MXN	– Singapore Dollar
SGD	– Singapore Dollar
USD	– U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of February 29, 2016

U.S. Dollar Denominated Bonds and Notes	41.6	%
U.S. Government Sponsored Agency Mortgage-Backed Securities	21.4
Asset-Backed Securities	17.7
U.S. Treasury Securities	8.5
Preferred Stocks	0.5
Municipal Obligations	0.1
Non-U.S. Dollar Denominated Bonds & Notes	0.1
Money Market Funds	9.7
Put Options Purchased	0.4

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

22                         Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $1,108,282,840)	$	1,101,088,431
Investments in affiliated money market funds, at value and cost		118,709,914
Total investments, at value (Cost $1,226,992,754)		1,219,798,345
Foreign currencies, at value (Cost $387,965)		382,499
Receivable for:
Investments sold		109,893,466
Fund shares sold		2,664,753
Dividends and interest		7,682,913
Principal paydowns		174,795
Swaps receivables — OTC		660
Premiums paid on swap agreements — OTC		116,832
Investment for trustee deferred compensation and retirement plans		100,101
Unrealized appreciation on forward foreign currency contracts outstanding		7,221,770
Other assets		89,070
Total assets		1,348,125,204
Liabilities:
Payable for:
Investments purchased		337,697,395
Fund shares reacquired		969,868
Options written, at value (premiums received $3,670,800)		4,423,467
Dividends		370,245
Swaps payable — OTC		25,565
Variation margin — futures		254,390
Variation margin — centrally cleared swap agreements		8,009
Accrued fees to affiliates		441,840
Accrued trustees’ and officers’ fees and benefits		3,960
Accrued other operating expenses		263,865
Trustee deferred compensation and retirement plans		115,313
Unrealized depreciation on forward foreign currency contracts outstanding		5,687,115
Unrealized depreciation on swap agreements — OTC		145,836
Total liabilities		350,406,868
Net assets applicable to shares outstanding	$	997,718,336
Net assets consist of:
Shares of beneficial interest	$	1,088,147,776
Undistributed net investment income		(3,868,453	)
Undistributed net realized gain (loss)		(79,310,266	)
Net unrealized appreciation (depreciation)		(7,250,721	)
	$	997,718,336

Net Assets:
Class A	$	549,691,204
Class B	$	7,280,938
Class C	$	79,906,381
Class R	$	6,255,804
Class Y	$	116,819,745
Class R5	$	47,804
Class R6	$	237,716,460
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		52,093,101
Class B		690,183
Class C		7,575,536
Class R		593,115
Class Y		11,063,107
Class R5		4,534
Class R6		22,543,513
Class A:
Net asset value per share	$	10.55
Maximum offering price per share
(Net asset value of $10.55 ¸ 95.75%)	$	11.02
Class B:
Net asset value and offering price per share	$	10.55
Class C:
Net asset value and offering price per share	$	10.55
Class R:
Net asset value and offering price per share	$	10.55
Class Y:
Net asset value and offering price per share	$	10.56
Class R5:
Net asset value and offering price per share	$	10.54
Class R6:
Net asset value and offering price per share	$	10.54

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

23                         Invesco Core Plus Bond Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Interest	$	16,736,411
Dividends		170,635
Dividends from affiliated money market funds		126,840
Total investment income		17,033,886
Expenses:
Advisory fees		2,137,073
Administrative services fees		127,208
Custodian fees		16,798
Distribution fees:
Class A		652,706
Class B		39,252
Class C		347,339
Class R		14,548
Transfer agent fees — A, B, C, R and Y		663,023
Transfer agent fees — R5		120
Transfer agent fees — R6		124
Trustees’ and officers’ fees and benefits		19,871
Other		153,445
Total expenses		4,171,507
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(361,856	)
Net expenses		3,809,651
Net investment income		13,224,235
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gain (loss) from securities sold to affiliates of $(206))		(463,441	)
Foreign currencies		78,342
Forward foreign currency contracts		2,065,830
Futures contracts		(5,083,908	)
Option contracts written		570,334
Swap agreements		1,044,052
		(1,788,791	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(3,186,571	)
Foreign currencies		(21,043	)
Forward foreign currency contracts		984,612
Futures contracts		(650,066	)
Option contracts written		(335,029	)
Swap agreements		613,539
		(2,594,558	)
Net realized and unrealized gain (loss)		(4,383,349	)
Net increase in net assets resulting from operations	$	8,840,886

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

24                         Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	13,224,235		$	23,362,873
Net realized gain (loss)		(1,788,791	)		13,902,919
Change in net unrealized appreciation (depreciation)		(2,594,558	)		(31,722,327	)
Net increase in net assets resulting from operations		8,840,886			5,543,465
Distributions to shareholders from net investment income:
Class A		(8,700,544	)		(14,917,587	)
Class B		(101,488	)		(298,682	)
Class C		(895,653	)		(1,472,780	)
Class R		(89,790	)		(179,006	)
Class Y		(1,897,534	)		(2,379,308	)
Class R5		(5,158	)		(33,725	)
Class R6		(4,893,063	)		(10,732,408	)
Total distributions from net investment income		(16,583,230	)		(30,013,496	)
Share transactions–net:
Class A		58,552,521			174,061,422
Class B		(1,151,284	)		(3,166,515	)
Class C		15,255,317			28,719,763
Class R		454,512			2,433,288
Class Y		15,239,927			95,315,767
Class R5		(618,535	)		(808,803	)
Class R6		(35,059,900	)		15,020,198
Net increase in net assets resulting from share transactions		52,672,558			311,575,120
Net increase in net assets		44,930,214			287,105,089
Net assets:
Beginning of period		952,788,122			665,683,033
End of period (includes undistributed net investment income of $(3,868,453) and $(509,458), respectively)	$	997,718,336		$	952,788,122

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Core Plus Bond Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

25                         Invesco Core Plus Bond Fund

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

26                         Invesco Core Plus Bond Fund

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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. 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 — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

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

J. Dollar Rolls and Forward Commitment Transactions — The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions are considered borrowings under the 1940 Act.

27                         Invesco Core Plus Bond Fund

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

K. Treasury Inflation-Protected Securities — The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

L. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

N. Call Options Written and Purchased — The Fund may write 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. An uncovered call option exists without the ownership of the underlying security. 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 these contracts are included in the Statement of Operations. 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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

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 these contracts are included in the Statement of Operations. 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.

O. Put Options Written and Purchased — The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying

28                         Invesco Core Plus Bond Fund

instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations as Net realized gain from 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.

P. Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

29                         Invesco Core Plus Bond Fund

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

Notional amounts of each individual credit default swap agreement outstanding as of February 29, 2016 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Q. Other Risks — The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

R. 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.

S. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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	.45%
Next $500 million		0	.425%
Next $1.5 billion		0	.40%
Next $2.5 billion		0	.375%
Over $5 billion		0	.35%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.44%.

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, may 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 December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.86%, 1.61%, 1.61%, 1.11%, 0.61%, 0.61% and 0.61%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without the approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed these expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $80,941 and reimbursed class level expenses of $205,128, $3,084, $27,290, $2,286 and $41,704 of Class A, Class B, Class C, Class R and Class Y shares, respectively.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

30                         Invesco Core Plus Bond Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $132,804 in front-end sales commissions from the sale of Class A shares and $12,853, $461 and $3,808 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	124,522,794		$	—		$	—	$	124,522,794
U.S. Treasury Securities		—			103,952,673			—		103,952,673
Corporate Debt Securities		—			502,789,776			—		502,789,776
U.S. Government Sponsored Agency Securities		—			261,578,185			—		261,578,185
Asset-Backed Securities		—			215,588,311			—		215,588,311
Municipal Obligations		—			1,269,452			—		1,269,452
Foreign Debt Securities		—			988,195			—		988,195
Foreign Sovereign Debt Securities		—			4,082,960			—		4,082,960
Options Purchased		—			5,025,999			—		5,025,999
		124,522,794			1,095,275,551			—		1,219,798,345
Forward Foreign Currency Contracts*		—			1,534,655			—		1,534,655
Futures Contracts*		(841,749	)		—			—		(841,749	)
Options Written*		—			(4,423,467	)		—		(4,423,467	)
Swap Agreements*		—			11,488			—		11,488
Total Investments	$	123,681,045		$	1,092,398,227		$	—	$	1,216,079,272

* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

31                         Invesco Core Plus Bond Fund

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Credit risk:
Swap agreements(a)	$	—	$	(145,836	)
Currency risk:
Forward foreign currency contracts(b)		7,221,770		(5,687,115	)
Options purchased(c)		5,025,999		—
Options written(d)		—		(4,423,467	)
Interest rate risk:
Futures contracts(e)		247,314		(1,089,063	)
Swap agreements(f)		157,324		—
Total	$	12,652,407	$	(11,345,481	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized depreciation on swap agreements — OTC.

^(b)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

^(c)  Options purchased are at value as reported in the Schedule of Investments.

^(d)  Values are disclosed on the Statement of Assets and Liabilities under the caption Options written, at value.

^(e)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

^(f)  Includes cumulative appreciation of centrally cleared swap agreements. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Forward Foreign Currency Contracts		Futures Contracts			Options Purchased(a)			Options Written			Swap Agreements
Realized Gain (Loss):
Commodity risk	$	—	$	—		$	—		$	—		$	—
Credit risk		—		—			(106,920	)		283,458			1,057,444
Currency risk		2,065,830		—			1,784,949			286,876			—
Equity risk		—		—			—			—			—
Interest rate risk		—		(5,083,908	)		(1,930,829	)		—			(13,392	)
Change in Net Unrealized Appreciation (Depreciation):
Commodity risk		—		—			—			—			—
Credit risk		—		—			95,346			(97,734	)		(71,648	)
Currency risk		984,612		—			2,734,433			(237,295	)		—
Equity risk		—		—			—			—			—
Interest rate risk		—		(650,066	)		(278,489	)		—			685,187
Total	$	3,050,442	$	(5,733,974	)	$	2,298,490		$	235,305		$	1,657,591

^(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 forward foreign currency contracts, futures contracts, options purchased, options written and swap agreements outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Options Purchased		Options Written		Swap Agreements
Average notional value	$	394,773,949	$	192,694,736	$	249,723,169	$	56,472,080	$	86,759,021

32                         Invesco Core Plus Bond Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
03/01/2016	Citigroup Global Markets Inc.		JPY	20,748,941		USD	183,240	$	184,057	$	(817	)
03/01/2016	Citigroup Global Markets Inc.		USD	22,400,000		JPY	2,532,185,600		22,462,241		62,241
03/01/2016	Deutsche Bank Securities Inc.		JPY	1,006,327,347		USD	8,960,000		8,926,821		33,179
03/01/2016	Nomura Securities International, Inc.		JPY	1,505,109,312		USD	13,440,000		13,351,363		88,637
03/08/2016	Morgan Stanley Capital Services LLC		CAD	17,474,170		USD	12,401,367		12,916,599		(515,232	)
03/08/2016	Morgan Stanley Capital Services LLC		USD	12,000,000		CAD	17,474,170		12,916,599		916,599
03/11/2016	Citigroup Global Markets Inc.		EUR	305,600		USD	337,072		332,534		4,538
03/11/2016	Deutsche Bank Securities Inc.		GBP	395,146		USD	595,126		550,010		45,116
03/11/2016	Deutsche Bank Securities Inc.		JPY	1,202,000,000		USD	10,293,346		10,666,582		(373,236	)
03/11/2016	Deutsche Bank Securities Inc.		USD	10,000,000		JPY	1,202,000,000		10,666,582		666,582
03/11/2016	Goldman Sachs International		CAD	13,925,900		USD	10,000,000		10,293,792		(293,792	)
03/11/2016	Goldman Sachs International		EUR	207,393		USD	223,197		225,672		(2,475	)
03/11/2016	Goldman Sachs International		GBP	86,210		USD	129,264		119,997		9,267
03/11/2016	Goldman Sachs International		USD	10,041,700		CAD	13,925,900		10,293,792		252,092
03/11/2016	Goldman Sachs International		USD	216,751		EUR	200,000		217,627		876
03/11/2016	Goldman Sachs International		USD	57,047		GBP	38,315		53,332		(3,715	)
03/14/2016	JPMorgan Chase Bank, N.A.		AUD	15,000,000		USD	10,578,150		10,698,774		(120,624	)
03/14/2016	JPMorgan Chase Bank, N.A.		USD	10,631,625		AUD	15,000,000		10,698,774		67,149
03/16/2016	Deutsche Bank Securities Inc.		KRW	13,046,400,000		USD	10,800,000		10,533,891		266,109
03/16/2016	Deutsche Bank Securities Inc.		USD	10,800,000		JPY	1,216,954,800		10,801,322		1,322
03/18/2016	Barclays Bank PLC		JPY	1,231,000,200		USD	11,002,911		10,926,806		76,105
03/18/2016	Barclays Bank PLC		USD	10,800,000		JPY	1,231,000,200		10,926,806		126,806
03/22/2016	Goldman Sachs International		CAD	44,302,356		USD	32,400,000		32,747,693		(347,693	)
03/22/2016	Goldman Sachs International		JPY	3,683,883,240		USD	32,489,430		32,704,409		(214,979	)
03/22/2016	Goldman Sachs International		USD	32,475,455		CAD	44,302,356		32,747,693		272,238
03/22/2016	Goldman Sachs International		USD	32,400,000		JPY	3,683,883,240		32,704,409		304,409
03/29/2016	Nomura Securities International, Inc.		SGD	14,100,123		USD	10,000,000		10,023,208		(23,208	)
03/29/2016	Nomura Securities International, Inc.		USD	10,000,000		EUR	9,095,622		9,903,013		(96,987	)
03/31/2016	Deutsche Bank Securities Inc.		USD	10,750,000		GBP	7,691,812		10,707,222		(42,778	)
04/01/2016	Deutsche Bank Securities Inc.		TWD	357,867,500		USD	10,750,000		10,721,808		28,192
04/04/2016	Deutsche Bank Securities Inc.		MXN	45,557,435		USD	2,651,000		2,505,409		145,591
04/04/2016	Deutsche Bank Securities Inc.		USD	2,685,378		MXN	45,557,435		2,505,409		(179,969	)
04/15/2016	Deutsche Bank Securities Inc.		CNY	133,860,000		USD	20,000,000		20,342,950		(342,950	)
04/15/2016	Deutsche Bank Securities Inc.		USD	20,000,000		CNY	133,840,000		20,339,910		339,910
05/05/2016	JPMorgan Chase Bank, N.A.		CNY	66,895,000		USD	10,000,000		10,141,555		(141,555	)
05/09/2016	Goldman Sachs International		CAD	13,902,110		USD	10,000,000		10,277,016		(277,016	)
05/09/2016	Goldman Sachs International		JPY	1,166,292,000		USD	10,496,733		10,367,937		128,796
05/09/2016	Goldman Sachs International		USD	10,057,449		CAD	13,902,110		10,277,016		219,567
05/09/2016	Goldman Sachs International		USD	10,000,000		JPY	1,166,292,000		10,367,937		367,937
05/10/2016	JPMorgan Chase Bank, N.A.		JPY	1,242,661,299		USD	10,944,035		11,047,180		(103,145	)
05/10/2016	JPMorgan Chase Bank, N.A.		USD	10,963,835		CHF	10,627,026		10,681,277		(282,558	)
05/10/2016	Nomura Securities International, Inc.		CHF	10,627,026		USD	10,700,000		10,681,277		18,723
05/10/2016	Nomura Securities International, Inc.		USD	10,700,000		JPY	1,242,661,299		11,047,180		347,180
06/13/2016	Deutsche Bank Securities Inc.		CNY	38,840,580		USD	6,084,051		5,863,749		220,302
06/13/2016	Deutsche Bank Securities Inc.		USD	6,120,000		CNY	38,840,580		5,863,749		(256,251	)
06/15/2016	Deutsche Bank Securities Inc.		JPY	1,159,291,000		USD	9,800,000		10,319,214		(519,214	)
06/15/2016	Deutsche Bank Securities Inc.		USD	24,214,820		JPY	2,813,931,625		25,047,690		832,870
06/15/2016	Merrill Lynch International		JPY	1,654,640,625		USD	13,750,000		14,728,476		(978,476	)
07/19/2016	Citigroup Global Markets Inc.		JPY	2,392,938,810		USD	21,270,000		21,329,478		(59,478	)
07/19/2016	Citigroup Global Markets Inc.		USD	21,336,640		JPY	2,392,938,810		21,329,478		(7,162	)
07/19/2016	Deutsche Bank Securities Inc.		JPY	1,697,289,750		USD	14,625,000		15,128,805		(503,805	)

33                         Invesco Core Plus Bond Fund

Open Forward Foreign Currency Contracts—(continued)
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
07/19/2016	Deutsche Bank Securities Inc.		USD	14,372,241		JPY	1,697,289,750	$	15,128,805	$	756,564
11/28/2016	Deutsche Bank Securities Inc.		USD	12,157,916		CNY	83,129,750		12,359,034		201,118
11/28/2016	Goldman Sachs International		USD	5,781,412		CNY	39,520,000		5,875,502		94,090
11/28/2016	JPMorgan Chase Bank, N.A.		CNY	122,649,750		USD	18,562,202		18,234,537		327,665
Total open forward foreign currency contracts — currency risk										$	1,534,655

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. 2 Year Treasury Notes		Long		201		June-2016		43,927,922		$	(94,650	)
U.S. 5 Year Treasury Notes		Long		304		June-2016		36,779,250			(63,856	)
U.S. 10 Year Treasury Notes		Long		221		June-2016		28,843,953			(68,823	)
U.S. Long Bond		Short		101		June-2016		(16,617,656	)		78,666
U.S. Ultra Bond		Short		125		June-2016		(21,644,531	)		168,648
Euro Bond		Short		221		March-2016		(33,698,256	)		(861,734	)
Total — interest rate risk										$	(841,749	)

Open Over-The-Counter Credit Default Swaptions Written — Credit Risk
Description	Type of Contract		Counterparty		Exercise Rate			Pay/ Receive Floating Rate		Reference Entity		Expiration Date		Implied Credit Spread(a)			Premiums Received			Notional Value		Value			Unrealized Appreciation (Depreciation)
5 Year Credit Default Swap		Call		Goldman Sachs International		0.98	%		Receive		Markit CDX North America High Yield Index, Series 25		03/16/2016		0.05	%		(152,000	)		20,000,000	$	(265,146	)	$	(113,146	)

^(a)  Implied credit spreads represent the current level as of February 29, 2016 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Strike Price			Premiums Received			Notional Value			Value			Unrealized Appreciation (Depreciation)
JPY versus KRW		Call	Deutsche Bank Securities Inc.		04/06/2016		KRW	11.30	$	(265,627	)		JPY	2,242,500,000	$	(275,203	)	$	(9,576	)
USD versus CNY		Call	Bank of America Merrill Lunch		04/22/2016		CNY	6.94		(81,850	)		USD	10,000,000		(33,112	)		48,738
USD versus CNY		Call	JPMorgan Chase Bank, N.A.		05/03/2016		CNY	6.90		(121,950	)		USD	10,000,000		(44,728	)		77,222
USD versus MXN		Call	Goldman Sachs International		08/10/2016		MXN	21.00		(162,410	)		USD	10,000,000		(76,347	)		86,063
USD versus JPY		Put	Deutsche Bank Securities Inc.		06/13/2016		JPY	120.30		(1,266,817	)		USD	29,250,000		(2,187,822	)		(921,005	)
USD versus JPY		Put	Citigroup Global Markets Inc.		07/14/2016		JPY	116.50		(1,569,555	)		USD	29,250,000		(1,507,339	)		62,216
USD versus CNY		Put	Goldman Sachs International		03/24/2016		CNY	6.52		(50,591	)		USD	10,000,000		(33,770	)		16,821
Subtotal foreign currency options written — currency risk									$	(3,518,800	)				$	(4,158,321	)	$	(639,521	)
Total options written									$	(3,670,800	)				$	(4,423,467	)	$	(752,667	)

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc
CNY	– Chinese Yuan
EUR	– Euro
GBP	– British Pound Sterling

MXN	– Mexican Peso
JPY	– Japanese Yen
KRW	– South Korean Won
SGD	– Singapore Dollar
TWD	– New Taiwan Dollar
USD	– U.S. Dollar

34                         Invesco Core Plus Bond Fund

Options Written Transactions
	Call Options
			Notional Value				Notional Value			Notional Value			Premiums Received
Beginning of Period		EUR		17,000,000		JPY		—	USD		28,500,000		$	409,003
Written		EUR		—		JPY		2,242,500,000	USD		88,500,000			969,159
Closed		EUR		—		JPY		—	USD		(48,000,000	)		(278,783	)
Expired		EUR		(17,000,000	)	JPY		—	USD		(19,000,000	)		(315,542	)
End of Period		EUR		—		JPY		2,242,500,000	USD		50,000,000		$	783,837

Options Written Transactions
	Put Options
			Notional Value				Notional Value			Premiums Received
Beginning of Period		EUR		—		USD		9,000,000		$	122,958
Written		EUR		9,000,000		USD		118,500,000			3,211,664
Closed		EUR		—		USD		(40,000,000	)		(210,500	)
Expired		EUR		(9,000,000	)	USD		(19,000,000	)		(237,159	)
End of Period		EUR		—		USD		68,500,000		$	2,886,963

Open Centrally Cleared Interest Rate Swap Agreements — Interest Rate Risk

Counterparty/ Clearinghouse

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Termination Date

Notional Value

Unrealized Appreciation

Credit Suisse Securities (USA) LLC/CME

Pay

3 Month AUD BBSW

2.11

%

February-2019

AUD

144,300,000

$

157,324

Abbreviations:

AUD	– Australian Dollar
BBSW	– Bank Bill Swap Benchmark Rate
EUR	– Euro

JPY	– Japanese Yen
USD	– U.S. Dollar

Open Over-The-Counter Credit Default Swap Agreements — Credit Risk
Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/Receive Fixed Rate			Expiration Date		Implied Credit Spread(a)			Notional Value			Upfront Payments		Unrealized Appreciation (Depreciation)
Bank of America Merrill Lynch	Citigroup Inc.		Buy		(1.00	)%		06/20/2017		0.60	%	$	(5,500,000	)	$	116,832	$	(145,836	)

^(a)  Implied credit spreads represent the current level as of February 29, 2016, at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

35                         Invesco Core Plus Bond Fund

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of February 29, 2016

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Barclays Bank PLC(a)	$	202,911	$	—		$	—	$	—	$	202,911
Citigroup Global Markets Inc.(a)		66,779		(66,779	)		—		—		—
Deutsche Bank Securities Inc.(a)		3,536,855		(2,218,203	)		—		—		1,318,652
Goldman Sachs International(a)		1,649,272		(1,139,670	)		—		—		509,602
JPMorgan Chase Bank, N.A.(a)		394,814		(394,814	)		—		—		—
Morgan Stanley Capital Services LLC(a)		916,599		(515,232	)		—		—		401,367
Nomura Securities International, Inc.(a)		454,540		(120,195	)		—		—		334,345
Bank of America Merrill Lynch(b)		2,311,276		(33,112	)		—		—		2,278,164
Deutsche Bank Securities Inc.(b)		2,439,991		(2,439,991	)		—		—		—
Goldman Sachs International(b)		274,612		(274,612	)		—		—		—
Morgan Stanley Capital Services LLC(b)		120		—			—		—		120
Bank of America Merrill Lynch(c)		117,492		(117,492	)		—		—		—
Credit Suisse Securities (USA) LLC(d)		157,324		—			—		—		157,324
Total	$	12,522,585	$	(7,320,100	)	$	—	$	—	$	5,202,485

Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities								Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash			Cash
Citigroup Global Markets Inc.(a)	$	67,457	$	(66,779	)	$	—		$	—	$	678
Deutsche Bank Securities Inc.(a)		2,218,203		(2,218,203	)		—			—		—
Goldman Sachs International(a)		1,139,670		(1,139,670	)		—			—		—
JPMorgan Chase Bank, N.A.(a)		647,882		(394,814	)		—			—		253,068
Merrill Lynch International(a)		978,476		—			—			—		978,476
Morgan Stanley Capital Services LLC(a)		515,232		(515,232	)		—			—		—
Nomura Securities International, Inc.(a)		120,195		(120,195	)		—			—		—
Bank of America Merrill Lynch(b)		33,112		(33,112	)		—			—		—
Citigroup Global Markets Inc. (b)		1,507,339		—			—			—		1,507,339
Deutsche Bank Securities Inc. (b)		2,463,025		(2,439,991	)		—			—		23,034
Goldman Sachs International (b)		375,263		(274,612	)		—			—		100,651
JPMorgan Chase Bank, N.A. (b)		44,728		—			—			—		44,728
Bank of America Merrill Lynch(c)		170,739		(117,492	)		(53,247	)		—		—
Credit Suisse Securities (USA) LLC(c)		662		(662	)		—			—		—
Total	$	10,281,983	$	(7,320,762	)	$	(53,247	)	$	—	$	2,907,974

^(a) Forward foreign currency contracts Counterparty.

^(b)  Options contracts at value — OTC Counterparty.

^(c)  Swap agreements — OTC Counterparty.

^(d) Swap agreements — centrally cleared Counterparty. Includes cumulative appreciation (depreciation).

36                         Invesco Core Plus Bond Fund

NOTE 5—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 29, 2016, the Fund engaged in securities purchases of $6,865,588 and securities sales of $319,084, which resulted in net realized gain (loss) of $(206).

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,423.

NOTE 7—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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. The Fund may not purchase additional securities when any borrowings from banks exceed 5% of the Fund’s total assets.

NOTE 9—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2016	$	76,820,639	$	—	$	76,820,639

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

37                         Invesco Core Plus Bond Fund

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $1,955,906,156 and $1,874,012,741, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $692,699,645 and $704,055,139, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	17,917,544
Aggregate unrealized (depreciation) of investment securities		(26,027,856	)
Net unrealized appreciation (depreciation) of investment securities	$	(8,110,312	)

Cost of investments for tax purposes is $1,227,908,657.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		11,103,571		$	117,499,515			22,794,656		$	247,856,089
Class B		34,634			366,364			97,108			1,055,710
Class C		2,487,622			26,283,381			4,218,004			45,900,723
Class R		116,455			1,233,554			434,461			4,705,542
Class Y		4,488,058			47,456,027			10,907,806			118,966,984
Class R5		137			1,456			29,743			317,612
Class R6		2,237,396			23,653,746			2,716,835			29,628,889
Issued as reinvestment of dividends:
Class A		724,496			7,665,409			1,361,980			14,812,636
Class B		7,971			84,341			25,983			282,808
Class C		73,040			772,544			132,476			1,439,880
Class R		8,287			87,654			16,338			177,776
Class Y		102,350			1,083,717			155,336			1,687,568
Class R5		398			4,220			2,906			31,585
Class R6		462,720			4,893,063			987,288			10,732,408
Automatic conversion of Class B shares to Class A shares:
Class A		87,522			926,899			196,567			2,136,815
Class B		(87,537	)		(926,899	)		(196,584	)		(2,136,815	)
Reacquired:
Class A		(6,389,724	)		(67,539,302	)		(8,351,410	)		(90,744,118	)
Class B		(63,789	)		(675,090	)		(218,008	)		(2,368,218	)
Class C		(1,114,793	)		(11,800,608	)		(1,716,630	)		(18,620,840	)
Class R		(81,827	)		(866,696	)		(226,273	)		(2,450,030	)
Class Y		(3,147,837	)		(33,299,817	)		(2,330,560	)		(25,338,785	)
Class R5		(58,816	)		(624,211	)		(106,862	)		(1,158,000	)
Class R6		(6,034,245	)		(63,606,709	)		(2,325,168	)		(25,341,099	)
Net increase in share activity		4,956,089		$	52,672,558			28,605,992		$	311,575,120

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 20% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

38                         Invesco Core Plus Bond Fund

NOTE 12—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	10.63	$	0.14	$	(0.04	)	$	0.10		$	(0.18	)	$	—		$	(0.18	)	$	10.55		0.91	%	$	549,691		0.84	%(d)		0.94	%(d)		2.65	%(d)		248	%
Year ended 08/31/15		10.92		0.30		(0.20	)		0.10			(0.39	)		—			(0.39	)		10.63		0.91			495,226		0.84			0.97			2.78			537
Year ended 08/31/14		10.41		0.39		0.58			0.97			(0.46	)		—			(0.46	)		10.92		9.44			333,641		0.81			1.03			3.62			398
Year ended 08/31/13		10.95		0.31		(0.51	)		(0.20	)		(0.34	)		—			(0.34	)		10.41		(1.92	)		324,537		0.73			0.99			2.86			252
Year ended 08/31/12		10.60		0.37		0.44			0.81			(0.44	)		(0.02	)		(0.46	)		10.95		7.86			295,311		0.74			1.01			3.44			297
Year ended 08/31/11		10.75		0.35		(0.03	)		0.32			(0.32	)		(0.15	)		(0.47	)		10.60		3.10			225,417		0.75			1.20			3.27			138
Class B
Six months ended 02/29/16		10.63		0.10		(0.04	)		0.06			(0.14	)		—			(0.14	)		10.55		0.53			7,281		1.59	(d)		1.69	(d)		1.90	(d)		248
Year ended 08/31/15		10.91		0.22		(0.19	)		0.03			(0.31	)		—			(0.31	)		10.63		0.25			8,494		1.59			1.72			2.03			537
Year ended 08/31/14		10.41		0.31		0.57			0.88			(0.38	)		—			(0.38	)		10.91		8.53			11,899		1.56			1.78			2.87			398
Year ended 08/31/13		10.95		0.23		(0.51	)		(0.28	)		(0.26	)		—			(0.26	)		10.41		(2.66	)		15,876		1.48			1.74			2.11			252
Year ended 08/31/12		10.60		0.29		0.44			0.73			(0.36	)		(0.02	)		(0.38	)		10.95		7.06			22,465		1.49			1.76			2.69			297
Year ended 08/31/11		10.74		0.27		(0.02	)		0.25			(0.24	)		(0.15	)		(0.39	)		10.60		2.43			24,401		1.50			1.95			2.52			138
Class C
Six months ended 02/29/16		10.63		0.10		(0.04	)		0.06			(0.14	)		—			(0.14	)		10.55		0.53			79,906		1.59	(d)		1.69	(d)		1.90	(d)		248
Year ended 08/31/15		10.91		0.22		(0.19	)		0.03			(0.31	)		—			(0.31	)		10.63		0.25			65,160		1.59			1.72			2.03			537
Year ended 08/31/14		10.41		0.31		0.57			0.88			(0.38	)		—			(0.38	)		10.91		8.53			38,142		1.56			1.78			2.87			398
Year ended 08/31/13		10.94		0.23		(0.50	)		(0.27	)		(0.26	)		—			(0.26	)		10.41		(2.56	)		35,770		1.48			1.74			2.11			252
Year ended 08/31/12		10.60		0.29		0.44			0.73			(0.37	)		(0.02	)		(0.39	)		10.94		6.96			37,950		1.49			1.76			2.69			297
Year ended 08/31/11		10.74		0.27		(0.02	)		0.25			(0.24	)		(0.15	)		(0.39	)		10.60		2.43			33,476		1.50			1.95			2.52			138
Class R
Six months ended 02/29/16		10.63		0.13		(0.05	)		0.08			(0.16	)		—			(0.16	)		10.55		0.78			6,256		1.09	(d)		1.19	(d)		2.40	(d)		248
Year ended 08/31/15		10.91		0.27		(0.19	)		0.08			(0.36	)		—			(0.36	)		10.63		0.75			5,848		1.09			1.22			2.53			537
Year ended 08/31/14		10.41		0.36		0.57			0.93			(0.43	)		—			(0.43	)		10.91		9.07			3,554		1.06			1.28			3.37			398
Year ended 08/31/13		10.95		0.28		(0.51	)		(0.23	)		(0.31	)		—			(0.31	)		10.41		(2.16	)		2,820		0.98			1.24			2.61			252
Year ended 08/31/12		10.60		0.34		0.44			0.78			(0.41	)		(0.02	)		(0.43	)		10.95		7.59			3,313		0.99			1.26			3.19			297
Year ended 08/31/11		10.74		0.32		(0.02	)		0.30			(0.29	)		(0.15	)		(0.44	)		10.60		2.94			2,301		1.00			1.45			3.02			138
Class Y
Six months ended 02/29/16		10.64		0.15		(0.04	)		0.11			(0.19	)		—			(0.19	)		10.56		1.03			116,820		0.59	(d)		0.69	(d)		2.90	(d)		248
Year ended 08/31/15		10.92		0.33		(0.19	)		0.14			(0.42	)		—			(0.42	)		10.64		1.25			102,380		0.59			0.72			3.03			537
Year ended 08/31/14		10.42		0.42		0.56			0.98			(0.48	)		—			(0.48	)		10.92		9.61			9,699		0.56			0.78			3.87			398
Year ended 08/31/13		10.95		0.34		(0.50	)		(0.16	)		(0.37	)		—			(0.37	)		10.42		(1.58	)		1,456		0.48			0.74			3.11			252
Year ended 08/31/12		10.60		0.39		0.45			0.84			(0.47	)		(0.02	)		(0.49	)		10.95		8.12			5,753		0.49			0.76			3.69			297
Year ended 08/31/11		10.74		0.37		(0.01	)		0.36			(0.35	)		(0.15	)		(0.50	)		10.60		3.46			5,234		0.50			0.95			3.52			138
Class R5
Six months ended 02/29/16		10.63		0.15		(0.05	)		0.10			(0.19	)		—			(0.19	)		10.54		0.95			48		0.57	(d)		0.59	(d)		2.92	(d)		248
Year ended 08/31/15		10.91		0.33		(0.19	)		0.14			(0.42	)		—			(0.42	)		10.63		1.25			668		0.59			0.60			3.03			537
Year ended 08/31/14		10.40		0.41		0.58			0.99			(0.48	)		—			(0.48	)		10.91		9.72			1,495		0.56			0.60			3.87			398
Year ended 08/31/13		10.94		0.34		(0.51	)		(0.17	)		(0.37	)		—			(0.37	)		10.40		(1.68	)		1,960		0.48			0.56			3.11			252
Year ended 08/31/12		10.60		0.39		0.44			0.83			(0.47	)		(0.02	)		(0.49	)		10.94		8.03			169,474		0.49			0.56			3.69			297
Year ended 08/31/11		10.74		0.37		(0.01	)		0.36			(0.35	)		(0.15	)		(0.50	)		10.60		3.46			166,656		0.50			0.66			3.52			138
Class R6
Six months ended 02/29/16		10.63		0.15		(0.05	)		0.10			(0.19	)		—			(0.19	)		10.54		0.99			237,716		0.48	(d)		0.50	(d)		3.01	(d)		248
Year ended 08/31/15		10.91		0.34		(0.19	)		0.15			(0.43	)		—			(0.43	)		10.63		1.32			275,013		0.52			0.53			3.10			537
Year ended 08/31/14		10.41		0.42		0.56			0.98			(0.48	)		—			(0.48	)		10.91		9.64			267,254		0.54			0.56			3.89			398
Year ended 08/31/13(e)		10.97		0.32		(0.54	)		(0.22	)		(0.34	)		—			(0.34	)		10.41		(2.07	)		185,513		0.48	(f)		0.54	(f)		3.11	(f)		252

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $390,261,951 and sold of $29,803,473 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Core Bond Fund and Invesco Van Kampen Core Plus Fixed Income Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $525,034, $7,893, $69,850, $5,851, $106,744, $289 and $266,135 for Class A, Class B, Class C, Class R, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of September 24, 2012 for Class R6 shares.

^(f)  Annualized.

39                         Invesco Core Plus Bond Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,009.10	$	4.20	$	1,020.69	$	4.22		0.84	%
B		1,000.00		1,005.30		7.93		1,016.96		7.97		1.59
C		1,000.00		1,005.30		7.93		1,016.96		7.97		1.59
R		1,000.00		1,007.80		5.44		1,019.44		5.47		1.09
Y		1,000.00		1,010.30		2.95		1,021.93		2.97		0.59
R5		1,000.00		1,009.50		2.85		1,022.03		2.87		0.57
R6		1,000.00		1,009.90		2.40		1,022.48		2.41		0.48

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

40                         Invesco Core Plus Bond Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     CPB-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Equally-Weighted S&P 500 Fund
	Nasdaq:
	A: VADAX  ¡  B: VADBX  ¡  C: VADCX  ¡  R: VADRX  ¡  Y: VADDX  ¡  R6: VADFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
14	Financial Statements
16	Notes to Financial Statements
23	Financial Highlights
24	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-3.21	%
Class B Shares	-3.57
Class C Shares	-3.57
Class R Shares	-3.34
Class Y Shares	-3.08
Class R6 Shares	-3.03
S&P 500 Index▼ (Broad Market Index)	-0.92
S&P 500 Equal Weight Index▼ (Style-Specific Index)	-2.96
Lipper Multi-Cap Core Funds Index¡ (Peer Group Index)	-4.63

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The S&P 500^® Equal Weight Index is the equally weighted version of the S&P 500 Index.

    The Lipper Multi-Cap Core Funds Index is an unmanaged index considered representative of multi-cap core funds tracked by Lipper.

    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.

2                      Invesco Equally-Weighted S&P 500 Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	7.52	%
10 Years	6.25
5 Years	8.09
1 Year	-14.61
Class B Shares
Inception (12/1/87)	10.63	%
10 Years	6.20
5 Years	8.22
1 Year	-14.71
Class C Shares
Inception (7/28/97)	7.06	%
10 Years	6.06
5 Years	8.51
1 Year	-11.18
Class R Shares
Inception (3/31/08)	8.21	%
5 Years	9.05
1 Year	-9.87
Class Y Shares
Inception (7/28/97)	8.11	%
10 Years	7.11
5 Years	9.59
1 Year	-9.43
Class R6 Shares
10 Years	6.97	%
5 Years	9.58
1 Year	-9.29

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (7/28/97)	7.87	%
10 Years	7.19
5 Years	10.46
1 Year	-8.08
Class B Shares
Inception (12/1/87)	10.88	%
10 Years	7.15
5 Years	10.62
1 Year	-8.17
Class C Shares
Inception (7/28/97)	7.40	%
10 Years	7.00
5 Years	10.89
1 Year	-4.41
Class R Shares
Inception (3/31/08)	9.07	%
5 Years	11.43
1 Year	-2.97
Class Y Shares
Inception (7/28/97)	8.46	%
10 Years	8.07
5 Years	12.00
1 Year	-2.49
Class R6 Shares
10 Years	7.92	%
5 Years	11.97
1 Year	-2.37

Effective June 1, 2010, Class A, Class B, Class C, Class R, Class W and Class I shares of the predecessor fund, Morgan Stanley Equally-Weighted S&P 500 Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C, Class R, Class A and Class Y shares, respectively, of Invesco Equally-Weighted S&P 500 Fund. Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Equally-Weighted S&P 500 Fund. Share Class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y and Class R6 shares

was 0.54%, 1.29%, 1.29%, 0.79%, 0.29% and 0.16%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Equally-Weighted S&P 500 Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Equally-Weighted S&P 500 Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.36%
Advertising–0.41%
Interpublic Group of Cos., Inc. (The)		423,754	$	9,064,098
Omnicom Group Inc.		127,868		9,949,409
				19,013,507
Aerospace & Defense–1.99%
Boeing Co. (The)		65,604		7,753,081
General Dynamics Corp.		68,831		9,379,600
Honeywell International Inc.		96,587		9,789,093
L-3 Communications Holdings, Inc.		79,555		9,332,597
Lockheed Martin Corp.		43,682		9,426,139
Northrop Grumman Corp.		51,004		9,803,989
Raytheon Co.		75,180		9,311,043
Rockwell Collins, Inc.		106,222		9,301,861
Textron Inc.		232,203		7,929,732
United Technologies Corp.		101,691		9,825,384
				91,852,519
Agricultural & Farm Machinery–0.21%
Deere & Co.		122,963		9,859,173
Agricultural Products–0.21%
Archer-Daniels-Midland Co.		277,260		9,693,010
Air Freight & Logistics–0.83%
C.H. Robinson Worldwide, Inc.		153,029		10,686,015
Expeditors International of Washington, Inc.		203,601		9,320,854
FedEx Corp.		65,768		9,002,324
United Parcel Service, Inc.–Class B		97,350		9,399,142
				38,408,335
Airlines–0.81%
American Airlines Group Inc.		225,417		9,242,097
Delta Air Lines, Inc.		192,529		9,287,599
Southwest Airlines Co.		218,513		9,166,620
United Continental Holdings Inc.(b)		166,365		9,526,060
				37,222,376
Alternative Carriers–0.19%
Level 3 Communications, Inc.(b)		184,158		8,940,871
Aluminum–0.21%
Alcoa Inc.		1,070,866		9,562,833
Apparel Retail–1.07%
Gap, Inc. (The)		364,077		10,066,729
L Brands, Inc.		98,258		8,331,296
Ross Stores, Inc.		177,144		9,739,377
TJX Cos., Inc. (The)		134,465		9,963,856
Urban Outfitters, Inc.(b)		418,151		11,076,820
				49,178,078

	Shares		Value
Apparel, Accessories & Luxury Goods–1.55%
Coach, Inc.		312,305	$	12,161,157
Hanesbrands, Inc.		321,622		9,163,011
Michael Kors Holdings Ltd.(b)		234,905		13,307,368
PVH Corp.		124,561		9,859,003
Ralph Lauren Corp.		83,977		7,621,752
Under Armour, Inc.–Class A(b)		114,919		9,617,571
VF Corp.		153,500		9,994,385
				71,724,247
Application Software–0.95%
Adobe Systems Inc.(b)		103,782		8,837,037
Autodesk, Inc.(b)		155,284		8,034,394
Citrix Systems, Inc.(b)		126,370		8,928,041
Intuit Inc.		98,707		9,539,045
salesforce.com, inc.(b)		123,427		8,362,179
				43,700,696
Asset Management & Custody Banks–1.80%
Affiliated Managers Group, Inc.(b)		62,109		8,613,897
Ameriprise Financial, Inc.		90,231		7,574,893
Bank of New York Mellon Corp. (The)		232,716		8,235,819
BlackRock, Inc.		29,393		9,169,440
Franklin Resources, Inc.		262,240		9,401,304
Invesco Ltd.(c)		301,968		8,074,624
Legg Mason, Inc.		239,230		6,832,409
Northern Trust Corp.		135,328		8,035,777
State Street Corp.		143,494		7,860,601
T. Rowe Price Group Inc.		134,009		9,261,362
				83,060,126
Auto Parts & Equipment–0.52%
BorgWarner, Inc.		238,269		7,786,631
Delphi Automotive PLC (United Kingdom)		115,704		7,715,143
Johnson Controls, Inc.		236,134		8,609,445
				24,111,219
Automobile Manufacturers–0.36%
Ford Motor Co.		695,591		8,701,844
General Motors Co.		274,612		8,084,577
				16,786,421
Automotive Retail–0.97%
Advance Auto Parts, Inc.		63,740		9,461,566
AutoNation, Inc.(b)		154,929		7,974,196
AutoZone, Inc.(b)		12,551		9,721,628
CarMax, Inc.(b)		165,063		7,635,814
O’Reilly Automotive, Inc.(b)		38,114		9,921,836
				44,715,040

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

5                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Biotechnology–1.62%
AbbVie Inc.		175,570	$	9,587,878
Alexion Pharmaceuticals, Inc.(b)		50,450		7,103,360
Amgen Inc.		61,152		8,700,707
Baxalta Inc.		256,151		9,866,936
Biogen Inc.(b)		33,471		8,683,047
Celgene Corp.(b)		87,558		8,828,473
Gilead Sciences, Inc.		94,849		8,275,575
Regeneron Pharmaceuticals, Inc.(b)		17,750		6,816,355
Vertex Pharmaceuticals Inc.(b)		80,651		6,894,854
				74,757,185
Brewers–0.19%
Molson Coors Brewing Co.–Class B		102,371		8,729,175
Broadcasting–0.83%
CBS Corp.–Class B		202,558		9,799,756
Discovery Communications, Inc.–Class A(b)		130,505		3,262,625
Discovery Communications, Inc.–Class C(b)		225,367		5,555,297
Scripps Networks Interactive Inc.–Class A		173,706		10,290,343
TEGNA Inc.		372,804		9,185,891
				38,093,912
Building Products–0.40%
Allegion PLC		146,893		9,254,259
Masco Corp.		327,619		9,238,856
				18,493,115
Cable & Satellite–0.64%
Cablevision Systems Corp.–Class A		314,792		10,240,184
Comcast Corp.–Class A		163,668		9,448,554
Time Warner Cable Inc.		52,563		10,032,174
				29,720,912
Casinos & Gaming–0.27%
Wynn Resorts Ltd.		150,290		12,395,919
Coal & Consumable Fuels–0.25%
CONSOL Energy Inc.		1,357,349		11,713,922
Commodity Chemicals–0.19%
LyondellBasell Industries N.V.–Class A		110,864		8,892,401
Communications Equipment–1.22%
Cisco Systems, Inc.		362,686		9,495,119
F5 Networks, Inc.(b)		97,250		9,352,533
Harris Corp.		115,157		8,984,549
Juniper Networks, Inc.		331,511		8,188,322
Motorola Solutions, Inc.		138,286		10,162,638
QUALCOMM, Inc.		199,912		10,153,530
				56,336,691
Computer & Electronics Retail–0.43%
Best Buy Co., Inc.		318,491		10,315,923
GameStop Corp.–Class A		316,261		9,747,164
				20,063,087

	Shares		Value
Construction & Engineering–0.61%
Fluor Corp.		210,794	$	9,704,956
Jacobs Engineering Group, Inc.(b)		226,602		8,758,167
Quanta Services, Inc.(b)		478,460		9,707,953
				28,171,076
Construction Machinery & Heavy Trucks–0.67%
Caterpillar Inc.		145,007		9,816,974
Cummins Inc.		108,295		10,566,343
PACCAR Inc.		200,800		10,341,200
				30,724,517
Construction Materials–0.42%
Martin Marietta Materials, Inc.		66,773		9,523,165
Vulcan Materials Co.		100,634		9,915,468
				19,438,633
Consumer Electronics–0.41%
Garmin Ltd.		267,640		10,842,096
Harman International Industries, Inc.		103,816		7,960,611
				18,802,707
Consumer Finance–0.90%
American Express Co.		137,784		7,658,034
Capital One Financial Corp.		128,771		8,464,118
Discover Financial Services		179,864		8,349,287
Navient Corp.		768,248		8,320,126
Synchrony Financial(b)		316,578		8,531,777
				41,323,342
Data Processing & Outsourced Services–2.16%
Alliance Data Systems Corp.(b)		35,389		7,436,291
Automatic Data Processing, Inc.		113,858		9,642,634
Fidelity National Information Services, Inc.		155,030		9,030,497
Fiserv, Inc.(b)		103,420		9,890,055
MasterCard, Inc.–Class A		100,050		8,696,346
Paychex, Inc.		181,585		9,331,653
PayPal Holdings, Inc.(b)		273,504		10,431,443
Total System Services, Inc.		176,550		7,694,049
Visa Inc.–Class A		124,659		9,024,065
Western Union Co. (The)		519,029		9,477,469
Xerox Corp.		945,007		9,081,517
				99,736,019
Department Stores–0.64%
Kohl’s Corp.		205,186		9,576,030
Macy’s, Inc.		258,103		11,152,631
Nordstrom, Inc.		171,168		8,784,342
				29,513,003
Distillers & Vintners–0.41%
Brown-Forman Corp.–Class B		94,839		9,338,796
Constellation Brands, Inc.–Class A		68,602		9,702,381
				19,041,177

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

6                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Distributors–0.22%
Genuine Parts Co.		111,293	$	10,033,064
Diversified Banks–1.03%
Bank of America Corp.		567,116		7,100,292
Citigroup Inc.		185,635		7,211,920
Comerica Inc.		227,199		7,674,782
JPMorgan Chase & Co.		148,085		8,337,186
U.S. Bancorp		224,723		8,656,330
Wells Fargo & Co.		177,974		8,350,540
				47,331,050
Diversified Chemicals–0.56%
Dow Chemical Co. (The)		177,774		8,641,594
E. I. du Pont de Nemours and Co.		134,694		8,198,824
Eastman Chemical Co.		140,623		9,020,965
				25,861,383
Diversified Metals & Mining–0.23%
Freeport-McMoRan Inc.		1,375,053		10,491,654
Diversified Support Services–0.19%
Cintas Corp.		105,537		8,864,053
Drug Retail–0.41%
CVS Health Corp.		101,756		9,887,631
Walgreens Boots Alliance, Inc.		116,115		9,166,118
				19,053,749
Electric Utilities–2.97%
American Electric Power Co., Inc.		173,897		10,738,140
Duke Energy Corp.		139,856		10,388,504
Edison International		160,186		10,918,278
Entergy Corp.		144,499		10,434,273
Eversource Energy		193,985		10,533,386
Exelon Corp.		365,762		11,517,845
FirstEnergy Corp.		301,584		10,094,017
NextEra Energy, Inc.		97,400		10,988,668
Pepco Holdings, Inc.		362,963		9,502,371
Pinnacle West Capital Corp.		154,198		10,613,448
PPL Corp.		290,059		10,149,164
Southern Co. (The)		213,690		10,295,584
Xcel Energy, Inc.		271,547		10,736,968
				136,910,646
Electrical Components & Equipment–0.84%
AMETEK, Inc.		179,320		8,322,241
Eaton Corp. PLC (b)		186,511		10,577,039
Emerson Electric Co.		208,615		10,186,671
Rockwell Automation, Inc.		93,402		9,722,214
				38,808,165
Electronic Components–0.41%
Amphenol Corp.–Class A		180,343		9,570,803
Corning Inc.		507,915		9,294,844
				18,865,647

	Shares		Value
Electronic Equipment & Instruments–0.22%
FLIR Systems, Inc.		325,260	$	10,070,050
Electronic Manufacturing Services–0.19%
TE Connectivity Ltd. (Switzerland)		150,600		8,572,152
Environmental & Facilities Services–0.64%
Republic Services, Inc.		219,524		10,032,247
Stericycle, Inc.(b)		81,650		9,302,385
Waste Management, Inc.		184,804		10,321,303
				29,655,935
Fertilizers & Agricultural Chemicals–0.77%
CF Industries Holdings, Inc.		230,791		8,414,640
FMC Corp.		249,615		9,395,508
Monsanto Co.		101,332		9,118,867
Mosaic Co. (The)		323,045		8,609,149
				35,538,164
Food Distributors–0.22%
Sysco Corp.		231,919		10,234,585
Food Retail–0.39%
Kroger Co. (The)		230,959		9,217,574
Whole Foods Market, Inc.		278,890		8,732,046
				17,949,620
Footwear–0.20%
NIKE, Inc.–Class B		150,255		9,254,205
Gas Utilities–0.21%
AGL Resources Inc.		151,249		9,778,248
General Merchandise Stores–0.66%
Dollar General Corp.		134,866		10,013,801
Dollar Tree, Inc.(b)		124,105		9,959,426
Target Corp.		132,069		10,360,813
				30,334,040
Gold–0.28%
Newmont Mining Corp.		495,968		12,810,853
Health Care Distributors–0.96%
AmerisourceBergen Corp.		92,944		8,050,809
Cardinal Health, Inc.		110,451		9,023,847
Henry Schein, Inc.(b)		61,938		10,247,642
McKesson Corp.		49,880		7,762,326
Patterson Cos. Inc.		216,815		9,418,443
				44,503,067
Health Care Equipment–2.47%
Abbott Laboratories		213,882		8,285,789
Baxter International Inc.		257,542		10,175,484
Becton, Dickinson and Co.		62,551		9,223,145
Boston Scientific Corp.(b)		524,191		8,900,763
C.R. Bard, Inc.		51,865		9,977,789
Edwards Lifesciences Corp.(b)		118,813		10,336,731
Intuitive Surgical, Inc.(b)		18,124		10,204,899

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

7                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Health Care Equipment–(continued)
Medtronic PLC		123,781	$	9,579,412
St. Jude Medical, Inc.		156,487		8,401,787
Stryker Corp.		102,904		10,278,051
Varian Medical Systems, Inc.(b)		122,171		9,556,216
Zimmer Biomet Holdings, Inc.		95,875		9,281,659
				114,201,725
Health Care Facilities–0.57%
HCA Holdings, Inc.(b)		143,104		9,904,228
Tenet Healthcare Corp.(b)		316,261		7,849,598
Universal Health Services, Inc.–Class B		79,402		8,763,599
				26,517,425
Health Care REIT’s–0.59%
HCP, Inc.		266,587		7,885,643
Ventas, Inc.		174,473		9,712,912
Welltower Inc.		150,100		9,573,378
				27,171,933
Health Care Services–0.75%
DaVita HealthCare Partners Inc.(b)		136,104		8,978,781
Express Scripts Holding Co.(b)		111,621		7,855,886
Laboratory Corp. of America Holdings(b)		78,301		8,600,582
Quest Diagnostics Inc.		140,602		9,354,251
				34,789,500
Health Care Supplies–0.21%
DENTSPLY SIRONA Inc.(b)		158,686		9,673,499
Health Care Technology–0.17%
Cerner Corp.(b)		158,130		8,074,118
Home Entertainment Software–0.37%
Activision Blizzard, Inc.		254,913		8,073,095
Electronic Arts Inc.(b)		141,251		9,073,964
				17,147,059
Home Furnishings–0.41%
Leggett & Platt, Inc.		219,169		9,788,088
Mohawk Industries, Inc.(b)		49,833		8,956,485
				18,744,573
Home Improvement Retail–0.38%
Home Depot, Inc. (The)		72,736		9,027,992
Lowe’s Cos., Inc.		126,488		8,541,735
				17,569,727
Homebuilding–0.55%
D.R. Horton, Inc.		296,959		7,934,745
Lennar Corp.–Class A		193,985		8,135,731
PulteGroup Inc.		537,860		9,245,813
				25,316,289
Homefurnishing Retail–0.19%
Bed Bath & Beyond Inc.(b)		180,274		8,644,138

	Shares		Value
Hotel and Resort REIT’s–0.20%
Host Hotels & Resorts Inc.		600,118	$	9,187,807
Hotels, Resorts & Cruise Lines–0.98%
Carnival Corp.		187,173		8,976,817
Marriott International Inc.–Class A		141,927		9,672,325
Royal Caribbean Cruises Ltd.		103,229		7,677,141
Starwood Hotels & Resorts Worldwide, Inc.		139,383		9,632,759
Wyndham Worldwide Corp.		129,792		9,454,049
				45,413,091
Household Appliances–0.22%
Whirlpool Corp.		64,940		10,086,481
Household Products–1.07%
Church & Dwight Co., Inc.		113,198		10,273,850
Clorox Co. (The)		75,347		9,525,368
Colgate-Palmolive Co.		145,496		9,550,357
Kimberly-Clark Corp.		79,595		10,371,229
Procter & Gamble Co. (The)		121,983		9,794,015
				49,514,819
Housewares & Specialties–0.17%
Newell Rubbermaid Inc.		209,537		7,964,501
Human Resource & Employment Services–0.17%
Robert Half International, Inc.		203,820		8,028,470
Hypermarkets & Super Centers–0.42%
Costco Wholesale Corp.		59,291		8,895,429
Wal-Mart Stores, Inc.		159,835		10,603,454
				19,498,883
Independent Power Producers & Energy Traders–0.44%
AES Corp. (The)		1,057,733		10,365,783
NRG Energy, Inc.		935,686		10,086,695
				20,452,478
Industrial Conglomerates–0.79%
3M Co.		61,278		9,612,680
Danaher Corp.		101,997		9,105,272
General Electric Co.		313,544		9,136,672
Roper Technologies, Inc.		51,769		8,693,568
				36,548,192
Industrial Gases–0.62%
Air Products and Chemicals, Inc.		72,714		9,632,423
Airgas, Inc.		69,548		9,842,433
Praxair, Inc.		90,102		9,171,483
				28,646,339
Industrial Machinery–1.81%
Dover Corp.		153,674		9,340,306
Flowserve Corp.		230,063		9,667,247
Illinois Tool Works Inc.		103,737		9,777,212
Ingersoll-Rand PLC		173,897		9,661,717
Parker-Hannifin Corp.		99,286		10,047,743

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

8                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Industrial Machinery–(continued)
Pentair PLC (United Kingdom)		183,410	$	8,750,491
Snap-on Inc.		56,768		8,212,627
Stanley Black & Decker Inc.		88,670		8,335,867
Xylem, Inc.		261,951		9,799,587
				83,592,797
Industrial REIT’s–0.19%
Prologis, Inc.		229,119		8,811,917
Insurance Brokers–0.60%
Aon PLC		101,691		9,690,135
Marsh & McLennan Cos., Inc.		172,852		9,861,207
Willis Towers Watson PLC		70,393		7,976,917
				27,528,259
Integrated Oil & Gas–0.63%
Chevron Corp.		109,761		9,158,458
Exxon Mobil Corp.		127,628		10,229,384
Occidental Petroleum Corp.		143,690		9,888,746
				29,276,588
Integrated Telecommunication Services–0.96%
AT&T Inc.		286,037		10,569,067
CenturyLink Inc.		380,885		11,651,272
Frontier Communications Corp.		2,076,120		11,231,809
Verizon Communications Inc.		211,687		10,738,882
				44,191,030
Internet Retail–0.87%
Amazon.com, Inc.(b)(d)		14,821		8,188,899
Expedia, Inc.		77,005		8,016,991
Netflix Inc.(b)		79,789		7,453,090
Priceline Group Inc. (The)(b)		7,381		9,338,515
TripAdvisor Inc.(b)		115,031		7,200,941
				40,198,436
Internet Software & Services–1.19%
Akamai Technologies, Inc.(b)		183,127		9,883,364
Alphabet Inc.–Class A(b)		6,307		4,523,507
Alphabet Inc.–Class C(b)		6,435		4,490,150
eBay Inc.(b)		339,275		8,074,745
Facebook Inc.–Class A(b)		92,908		9,933,723
VeriSign, Inc.(b)		106,556		9,002,916
Yahoo! Inc.(b)		288,297		9,164,962
				55,073,367
Investment Banking & Brokerage–0.66%
Charles Schwab Corp. (The)		298,642		7,480,982
E*TRADE Financial Corp.(b)		328,640		7,709,895
Goldman Sachs Group, Inc. (The)		53,736		8,035,144
Morgan Stanley		295,756		7,305,173
				30,531,194
IT Consulting & Other Services–0.97%
Accenture PLC–Class A		90,102		9,033,627

	Shares		Value
IT Consulting & Other Services–(continued)
Cognizant Technology Solutions Corp.–Class A(b)		162,741	$	9,272,982
CSRA Inc.		328,072		8,513,469
International Business Machines Corp.		70,504		9,238,139
Teradata Corp.(b)		350,493		8,744,800
				44,803,017
Leisure Products–0.48%
Hasbro, Inc.		138,772		10,528,631
Mattel, Inc.		361,442		11,754,094
				22,282,725
Life & Health Insurance–1.22%
Aflac, Inc.		158,898		9,457,609
Lincoln National Corp.		187,432		6,846,891
MetLife, Inc.		201,354		7,965,564
Principal Financial Group, Inc.		209,768		7,931,328
Prudential Financial, Inc.		117,583		7,771,061
Torchmark Corp.		162,240		8,309,933
Unum Group		279,465		7,973,136
				56,255,522
Life Sciences Tools & Services–0.95%
Agilent Technologies, Inc.		236,075		8,817,401
Illumina, Inc.(b)		54,271		8,153,675
PerkinElmer, Inc.		188,700		8,917,962
Thermo Fisher Scientific, Inc.		70,698		9,133,475
Waters Corp.(b)		73,270		8,815,114
				43,837,627
Managed Health Care–1.04%
Aetna Inc.		90,437		9,824,171
Anthem, Inc.		69,876		9,132,094
Cigna Corp.		67,731		9,455,925
Humana Inc.		54,912		9,717,777
UnitedHealth Group Inc.		81,805		9,742,976
				47,872,943
Metal & Glass Containers–0.37%
Ball Corp.		132,995		8,808,259
Owens-Illinois, Inc.(b)		541,853		8,106,121
				16,914,380
Motorcycle Manufacturers–0.19%
Harley-Davidson, Inc.		207,929		8,976,295
Movies & Entertainment–0.77%
Time Warner Inc.		144,919		9,593,638
Twenty-First Century Fox, Inc.–Class A		253,684		6,854,541
Twenty-First Century Fox, Inc.–Class B		89,593		2,433,346
Viacom Inc.–Class B		228,127		8,406,480
Walt Disney Co. (The)		87,817		8,388,280
				35,676,285

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

9                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Multi-Line Insurance–0.75%
American International Group, Inc.		159,566	$	8,010,213
Assurant, Inc.		115,297		8,197,617
Hartford Financial Services Group, Inc. (The)		216,271		9,109,335
Loews Corp.		256,984		9,341,368
				34,658,533
Multi-Sector Holdings–0.39%
Berkshire Hathaway Inc.–Class B(b)		72,809		9,768,783
Leucadia National Corp.		570,526		8,244,101
				18,012,884
Multi-Utilities–2.97%
Ameren Corp.		227,416		10,677,181
CenterPoint Energy, Inc.		568,475		10,590,689
CMS Energy Corp.		272,170		10,767,045
Consolidated Edison, Inc.		156,024		10,923,240
Dominion Resources, Inc.		146,214		10,223,283
DTE Energy Co.		121,126		10,189,119
NiSource Inc.		508,460		10,921,721
PG&E Corp.		183,481		10,408,877
Public Service Enterprise Group Inc.		256,290		10,933,332
SCANA Corp.		165,149		10,737,988
Sempra Energy		103,941		10,031,346
TECO Energy, Inc.		355,884		9,776,134
WEC Energy Group, Inc.		195,383		11,009,832
				137,189,787
Office REIT’s–0.54%
Boston Properties, Inc.		76,973		8,785,698
SL Green Realty Corp.		84,810		7,478,546
Vornado Realty Trust		98,217		8,482,020
				24,746,264
Office Services & Supplies–0.19%
Pitney Bowes Inc.		484,322		8,775,915
Oil & Gas Drilling–0.68%
Diamond Offshore Drilling, Inc.		470,861		9,421,929
Ensco PLC–Class A		634,215		5,498,644
Helmerich & Payne, Inc.		184,696		9,783,347
Transocean Ltd.		747,665		6,467,302
				31,171,222
Oil & Gas Equipment & Services–1.14%
Baker Hughes Inc.		198,490		8,509,266
Cameron International Corp.(b)		150,433		9,862,387
FMC Technologies, Inc.(b)		328,072		8,047,606
Halliburton Co.		256,706		8,286,470
National Oilwell Varco Inc.		285,006		8,342,126
Schlumberger Ltd.		135,890		9,746,031
				52,793,886
Oil & Gas Exploration & Production–3.11%
Anadarko Petroleum Corp.		191,480		7,266,666

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Apache Corp.		221,058	$	8,462,100
Cabot Oil & Gas Corp.		589,307		11,862,750
California Resources Corp.		13,507		7,592
Chesapeake Energy Corp.		2,280,738		5,952,726
Cimarex Energy Co.		93,595		7,864,788
Concho Resources Inc.(b)		80,372		7,252,769
ConocoPhillips		197,129		6,668,874
Devon Energy Corp.		282,797		5,565,445
EOG Resources, Inc.		126,690		8,201,911
EQT Corp.		188,963		10,532,798
Hess Corp.		188,138		8,202,817
Marathon Oil Corp.		661,636		5,432,032
Murphy Oil Corp.		420,188		7,218,830
Newfield Exploration Co.(b)		269,082		7,327,103
Noble Energy, Inc.		290,771		8,577,744
Pioneer Natural Resources Co.		67,774		8,168,800
Range Resources Corp.		417,048		9,896,549
Southwestern Energy Co.(b)		1,608,113		9,294,893
				143,757,187
Oil & Gas Refining & Marketing–0.69%
Marathon Petroleum Corp.		191,210		6,548,943
Phillips 66		114,614		9,099,205
Tesoro Corp.		94,312		7,609,092
Valero Energy Corp.		140,540		8,443,643
				31,700,883
Oil & Gas Storage & Transportation–1.05%
Columbia Pipeline Group, Inc.		506,019		9,184,245
Kinder Morgan Inc.		569,499		10,302,237
ONEOK, Inc.		467,151		11,211,624
Spectra Energy Corp.		417,783		12,199,263
Williams Cos., Inc. (The)		359,117		5,742,281
				48,639,650
Packaged Foods & Meats–2.85%
Campbell Soup Co.		179,049		11,056,276
ConAgra Foods, Inc.		241,360		10,151,601
General Mills, Inc.		163,302		9,610,322
Hershey Co. (The)(d)		108,518		9,863,201
Hormel Foods Corp.		245,037		10,416,523
JM Smucker Co. (The)		78,684		10,037,718
Kellogg Co.		135,289		10,014,092
Keurig Green Mountain Inc.		106,652		9,805,585
Kraft Heinz Co. (The)		136,143		10,485,734
McCormick & Co., Inc.		113,151		10,552,462
Mead Johnson Nutrition Co.		122,408		9,028,814
Mondelez International, Inc.–Class A		222,041		8,999,322
Tyson Foods, Inc.–Class A		180,652		11,697,217
				131,718,867
Paper Packaging–0.78%
Avery Dennison Corp.		150,744		9,816,449

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

10                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Paper Packaging–(continued)
International Paper Co.		248,829	$	8,883,196
Sealed Air Corp.		221,574		10,132,579
WestRock Co.		207,339		7,001,838
				35,834,062
Personal Products–0.22%
Estee Lauder Cos. Inc. (The)–Class A		112,281		10,254,624
Pharmaceuticals–2.04%
Allergan PLC(b)		31,409		9,112,065
Bristol-Myers Squibb Co.		140,311		8,689,460
Eli Lilly and Co.		113,912		8,201,664
Endo International PLC(b)		166,103		6,944,767
Johnson & Johnson		93,310		9,817,145
Mallinckrodt PLC(b)		136,771		8,894,218
Merck & Co., Inc.		181,933		9,134,856
Mylan N.V.(b)		180,514		8,135,766
Perrigo Co. PLC		64,459		8,137,949
Pfizer Inc.		295,940		8,780,540
Zoetis Inc.		207,022		8,500,323
				94,348,753
Property & Casualty Insurance–1.25%
Allstate Corp. (The)		154,349		9,794,988
Chubb Ltd.		83,903		9,693,314
Cincinnati Financial Corp.		160,430		10,129,550
Progressive Corp. (The)		313,233		9,998,397
Travelers Cos., Inc. (The)		86,441		9,294,136
XL Group PLC		253,550		8,717,049
				57,627,434
Publishing–0.17%
News Corp.–Class A		552,102		5,973,744
News Corp.–Class B		156,212		1,782,379
				7,756,123
Railroads–0.80%
CSX Corp.		368,890		8,905,005
Kansas City Southern		127,132		10,387,956
Norfolk Southern Corp.		106,079		7,761,800
Union Pacific Corp.		122,772		9,681,800
				36,736,561
Real Estate Services–0.15%
CBRE Group, Inc.–Class A(b)		274,453		6,973,851
Regional Banks–1.90%
BB&T Corp.		257,752		8,289,304
Citizens Financial Group Inc.		452,418		8,699,998
Fifth Third Bancorp		481,373		7,345,752
Huntington Bancshares Inc.		876,882		7,672,718
KeyCorp		744,730		7,856,902
M&T Bank Corp.		78,795		8,080,427
People’s United Financial Inc.		593,362		8,669,019
PNC Financial Services Group, Inc. (The)		102,715		8,351,757

	Shares		Value
Regional Banks–(continued)
Regions Financial Corp.		1,012,579	$	7,614,594
SunTrust Banks, Inc.		227,036		7,533,054
Zions Bancorp.		346,778		7,393,307
				87,506,832
Research & Consulting Services–0.82%
Dun & Bradstreet Corp. (The)		92,069		8,819,289
Equifax Inc.		88,029		9,232,482
Nielsen Holdings PLC		208,707		10,506,310
Verisk Analytics, Inc.–Class A(b)		126,420		9,208,433
				37,766,514
Residential REIT’s–0.79%
Apartment Investment & Management Co.–Class A		252,202		9,233,115
AvalonBay Communities, Inc.		54,240		9,309,754
Equity Residential		122,345		9,113,479
Essex Property Trust, Inc.		41,106		8,602,664
				36,259,012
Restaurants–1.03%
Chipotle Mexican Grill, Inc.(b)		16,792		8,549,815
Darden Restaurants, Inc.		164,234		10,491,268
McDonald’s Corp.		81,734		9,578,408
Starbucks Corp.		158,606		9,232,455
Yum! Brands, Inc.		133,069		9,643,510
				47,495,456
Retail REIT’s–1.30%
Federal Realty Investment Trust		59,974		8,879,750
General Growth Properties, Inc.		365,903		10,069,651
Kimco Realty Corp.		377,551		10,099,489
Macerich Co. (The)		123,059		9,731,506
Realty Income Corp.		195,022		11,416,588
Simon Property Group, Inc.		51,396		9,751,363
				59,948,347
Security & Alarm Services–0.47%
ADT Corp. (The)		287,859		11,620,868
Tyco International PLC		292,293		10,282,868
				21,903,736
Semiconductor Equipment–0.61%
Applied Materials, Inc.		517,896		9,772,697
KLA-Tencor Corp.		139,794		9,469,646
Lam Research Corp.		120,267		8,815,571
				28,057,914
Semiconductors–2.32%
Analog Devices, Inc.		166,658		8,831,208
Broadcom Ltd. (Singapore)		65,695		8,801,159
First Solar, Inc.(b)		171,694		12,339,648
Intel Corp.		276,856		8,192,169
Linear Technology Corp.		219,042		9,554,612
Microchip Technology Inc.		212,541		9,455,949

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

11                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Semiconductors–(continued)
Micron Technology, Inc.(b)		675,773	$	7,183,467
NVIDIA Corp.		292,023		9,157,841
Qorvo, Inc.(b)		168,852		7,611,848
Skyworks Solutions, Inc.		116,514		7,742,355
Texas Instruments Inc.		168,792		8,949,352
Xilinx, Inc.		200,376		9,461,755
				107,281,363
Soft Drinks–1.00%
Coca-Cola Co. (The)		224,457		9,680,830
Coca-Cola Enterprises, Inc.		194,104		9,415,985
Dr Pepper Snapple Group, Inc.		104,907		9,602,138
Monster Beverage Corp.(b)		63,361		7,951,806
PepsiCo, Inc.		97,032		9,491,670
				46,142,429
Specialized Consumer Services–0.21%
H&R Block, Inc.		294,197		9,673,197
Specialized Finance–1.03%
CME Group Inc.–Class A		102,960		9,414,663
Intercontinental Exchange, Inc.		38,892		9,274,186
McGraw Hill Financial, Inc.		102,382		9,187,761
Moody’s Corp.		99,109		8,800,879
Nasdaq, Inc.		172,946		10,945,752
				47,623,241
Specialized REIT’s��1.43%
American Tower Corp.		101,278		9,337,832
Crown Castle International Corp.		111,857		9,675,630
Equinix, Inc.		32,723		9,937,648
Extra Space Storage Inc.		109,448		8,991,153
Iron Mountain Inc.		354,686		10,420,675
Public Storage		39,210		9,782,503
Weyerhaeuser Co.		311,281		8,087,080
				66,232,521
Specialty Chemicals–0.78%
Ecolab Inc.		84,418		8,657,066
International Flavors & Fragrances Inc.		81,706		8,439,413
PPG Industries, Inc.		96,098		9,276,340
Sherwin-Williams Co. (The)		36,229		9,799,944
				36,172,763
Specialty Stores–0.77%
Signet Jewelers Ltd.		80,850		8,764,140
Staples, Inc.		998,723		9,437,932
Tiffany & Co.		126,134		8,196,187
Tractor Supply Co.		107,938		9,128,317
				35,526,576
Steel–0.20%
Nucor Corp.		237,256		9,333,651

	Shares		Value
Systems Software–0.99%
CA, Inc.		349,460	$	10,235,684
Microsoft Corp.		175,505		8,929,695
Oracle Corp.		254,981		9,378,201
Red Hat, Inc.(b)		120,741		7,890,424
Symantec Corp.		482,843		9,323,698
				45,757,702
Technology Hardware, Storage & Peripherals–1.45%
Apple Inc.		83,829		8,105,426
EMC Corp.		366,185		9,568,414
Hewlett Packard Enterprise Co.(d)		669,101		8,878,970
HP Inc.		777,057		8,306,739
NetApp, Inc.		326,491		8,110,037
SanDisk Corp.		126,826		9,164,447
Seagate Technology PLC		263,698		8,269,569
Western Digital Corp.		152,832		6,652,777
				67,056,379
Tires & Rubber–0.19%
Goodyear Tire & Rubber Co. (The)		295,020		8,886,002
Tobacco–0.67%
Altria Group, Inc.		168,045		10,346,531
Philip Morris International Inc.		109,914		10,005,471
Reynolds American Inc.		212,922		10,737,657
				31,089,659
Trading Companies & Distributors–0.63%
Fastenal Co.		240,381		10,886,855
United Rentals, Inc.(b)		140,436		7,242,285
W.W. Grainger, Inc.		49,718		10,783,834
				28,912,974
Trucking–0.42%
J.B. Hunt Transport Services, Inc.		129,668		9,892,372
Ryder System, Inc.		168,762		9,572,180
				19,464,552
Total Common Stocks & Other Equity Interests (Cost $3,893,508,142)				4,588,496,309
Money Market Funds–0.46%
Liquid Assets Portfolio–Institutional Class, 0.42%(e)		10,566,225		10,566,225
Premier Portfolio–Institutional Class, 0.38%(e)		10,566,225		10,566,225
Total Money Market Funds (Cost $21,132,450)				21,132,450
TOTAL INVESTMENTS–99.82% (Cost $3,914,640,592)				4,609,628,759
OTHER ASSETS LESS LIABILITIES–0.18%				8,083,330
NET ASSETS–100.00%			$	4,617,712,089

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

12                         Invesco Equally-Weighted S&P 500 Fund

Investment Abbreviations:

REIT – Real Estate Investment Trust

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)  Non-income producing security.

^(c)  The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 5.

^(d)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I and Note 4.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

Portfolio Composition

By sector, based on Net Assets

as of February 29, 2016

Consumer Discretionary	16.8	%
Financials	16.7
Industrials	13.3
Information Technology	13.0
Health Care	10.8
Consumer Staples	8.1
Energy	7.6
Utilities	6.6
Materials	5.4
Telecommunication Services	1.1
Money Market Funds Plus Other Assets Less Liabilities	0.6

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

13                         Invesco Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $3,884,292,166)	$	4,580,421,685
Investments in affiliates, at value (Cost $30,348,426)		29,207,074
Total investments, at value (Cost $3,914,640,592)		4,609,628,759
Receivable for:
Fund shares sold		12,842,438
Dividends		8,903,871
Investment for trustee deferred compensation and retirement plans		115,360
Other assets		150,373
Total assets		4,631,640,801
Liabilities:
Payable for:
Fund shares reacquired		10,759,806
Variation margin — futures		144,885
Accrued fees to affiliates		2,283,690
Accrued trustees’ and officers’ fees and benefits		9,739
Accrued other operating expenses		517,553
Trustee deferred compensation and retirement plans		213,039
Total liabilities		13,928,712
Net assets applicable to shares outstanding	$	4,617,712,089
Net assets consist of:
Shares of beneficial interest	$	3,891,015,337
Undistributed net investment income		11,712,627
Undistributed net realized gain		19,196,994
Net unrealized appreciation		695,787,131
	$	4,617,712,089

Net Assets:
Class A	$	1,752,957,979
Class B	$	6,535,782
Class C	$	791,489,016
Class R	$	91,537,621
Class Y	$	1,756,067,124
Class R6	$	219,124,567
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		39,727,193
Class B		148,797
Class C		18,644,431
Class R		2,083,127
Class Y		39,467,342
Class R6		4,920,722
Class A:
Net asset value per share	$	44.12
Maximum offering price per share
(Net asset value of $44.12 ¸ 94.50%)	$	46.69
Class B:
Net asset value and offering price per share	$	43.92
Class C:
Net asset value and offering price per share	$	42.45
Class R:
Net asset value and offering price per share	$	43.94
Class Y:
Net asset value and offering price per share	$	44.49
Class R6:
Net asset value and offering price per share	$	44.53

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

14                         Invesco Equally-Weighted S&P 500 Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,427)	$	52,029,083
Dividends from affiliates		201,843
Total investment income		52,230,926
Expenses:
Advisory fees		2,533,688
Administrative services fees		306,246
Custodian fees		69,643
Distribution fees:
Class A		2,229,918
Class B		40,062
Class C		3,816,725
Class R		228,282
Transfer agent fees — A, B, C, R & Y		3,069,677
Transfer agent fees — R6		2,973
Trustees’ and officers’ fees and benefits		58,983
Other		773,171
Total expenses		13,129,368
Less: Fees waived and expense offset arrangement(s)		(43,774	)
Net expenses		13,085,594
Net investment income		39,145,332
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		83,108,845
Futures contracts		(5,847,828	)
		77,261,017
Change in net unrealized appreciation (depreciation) of:
Investment securities		(274,676,769	)
Futures contracts		4,313,804
		(270,362,965	)
Net realized and unrealized gain (loss)		(193,101,948	)
Net increase (decrease) in net assets resulting from operations	$	(153,956,616	)

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

15                         Invesco Equally-Weighted S&P 500 Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	39,145,332		$	57,480,218
Net realized gain		77,261,017			44,400,916
Change in net unrealized appreciation (depreciation)		(270,362,965	)		(200,646,282	)
Net increase (decrease) in net assets resulting from operations		(153,956,616	)		(98,765,148	)
Distributions to shareholders from net investment income:
Class A		(25,881,811	)		(16,858,607	)
Class B		(68,005	)		(75,582	)
Class C		(7,024,603	)		(2,502,255	)
Class R		(1,158,685	)		(624,853	)
Class Y		(32,793,334	)		(16,046,854	)
Class R6		(607,413	)		(1,937,107	)
Total distributions from net investment income		(67,533,851	)		(38,045,258	)
Distributions to shareholders from net realized gains:
Class A		(23,878,959	)		(22,937,580	)
Class B		(107,081	)		(195,607	)
Class C		(11,061,008	)		(6,475,856	)
Class R		(1,242,285	)		(1,012,662	)
Class Y		(26,041,641	)		(18,300,963	)
Class R6		(449,730	)		(2,090,876	)
Total distributions from net realized gains		(62,780,704	)		(51,013,544	)
Share transactions-net:
Class A		72,637,326			350,674,194
Class B		(1,946,812	)		(6,623,821	)
Class C		88,678,922			434,132,904
Class R		7,741,520			27,401,759
Class Y		(65,035,842	)		996,912,519
Class R6		36,372,020			188,329,413
Net increase in net assets resulting from share transactions		138,447,134			1,990,826,968
Net increase (decrease) in net assets		(145,824,037	)		1,803,003,018
Net assets:
Beginning of period		4,763,536,126			2,960,533,108
End of period (includes undistributed net investment income of $11,712,627 and $40,101,146, respectively)	$	4,617,712,089		$	4,763,536,126

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Equally-Weighted S&P 500 Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y and Class R6

16                         Invesco Equally-Weighted S&P 500 Fund

shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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

17                         Invesco Equally-Weighted S&P 500 Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

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

J. 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.

18                         Invesco Equally-Weighted S&P 500 Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $2 billion		0	.12%
Over $2 billion		0	.10%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.11%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the net annual fund operating expenses and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $41,683.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; (3) Class C — up to 1.00% of the average daily net assets of Class C shares; and (4) Class R — up to 0.50% of the average daily net assets of Class R shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $343,149 in front-end sales commissions from the sale of Class A shares and $47,750, $1,110 and $128,115 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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.

19                         Invesco Equally-Weighted S&P 500 Fund

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	4,609,628,759	$	—	$	—	$	4,609,628,759
Futures Contracts*		798,964		—		—		798,964
Total Investments	$	4,610,427,723	$	—	$	—	$	4,610,427,723

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Futures contracts(a)	$	798,964	$	(—	)

^(a)  Includes cumulative appreciation of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Futures Contracts
Realized Gain (Loss):
Equity risk	$	(5,847,828	)
Change in Net Unrealized Appreciation:
Equity risk		4,313,804
Total	$	(1,534,024	)

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	41,502,232

Open Futures Contracts — Equity Risk
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
E-Mini S&P 500 Index		Long		303		March-2016	$	29,231,925	$	798,964

NOTE 5—Investments in Affiliates

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Ltd. for the six months ended February 29, 2016.

	Value 08/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value 02/29/16		Dividend Income
Invesco Ltd.	$	8,621,575	$	2,100,796	$	(553,798	)	$	(2,149,320	)	$	55,371	$	8,074,624	$	154,273

20                         Invesco Equally-Weighted S&P 500 Fund

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,091.

NOTE 7—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 9—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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 August 31, 2015.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $935,544,277 and $822,284,458, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	942,965,662
Aggregate unrealized (depreciation) of investment securities		(291,080,321	)
Net unrealized appreciation of investment securities	$	651,885,341

Cost of investments for tax purposes is $3,957,743,418.

21                         Invesco Equally-Weighted S&P 500 Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		5,898,979		$	270,894,627			16,005,691		$	784,165,212
Class B		11,309			534,037			34,912			1,702,372
Class C		3,826,015			169,822,056			10,580,817			499,514,855
Class R		530,593			24,254,496			1,121,093			54,845,808
Class Y		11,032,784			511,332,934			30,177,325			1,486,812,841
Class R6		4,301,247			189,284,397			4,487,464			224,884,801
Issued as reinvestment of dividends:
Class A		970,959			44,120,381			738,018			34,922,997
Class B		3,471			157,254			5,237			247,497
Class C		379,367			16,608,691			181,392			8,289,654
Class R		52,982			2,399,007			34,670			1,635,742
Class Y		1,087,004			49,784,798			615,826			29,356,434
Class R6		23,058			1,056,729			84,454			4,027,614
Automatic conversion of Class B shares to Class A shares:
Class A		34,287			1,575,822			117,662			5,790,549
Class B		(34,489	)		(1,575,822	)		(118,138	)		(5,790,549	)
Reacquired:
Class A		(5,353,361	)		(243,953,504	)		(9,723,008	)		(474,204,564	)
Class B		(23,713	)		(1,062,281	)		(57,629	)		(2,783,141	)
Class C		(2,237,458	)		(97,751,825	)		(1,560,796	)		(73,671,605	)
Class R		(420,897	)		(18,911,983	)		(595,599	)		(29,079,791	)
Class Y		(13,789,598	)		(626,153,574	)		(10,517,430	)		(519,256,756	)
Class R6		(3,176,846	)		(153,969,106	)		(824,237	)		(40,583,002	)
Net increase in share activity		3,115,693		$	138,447,134			40,787,724		$	1,990,826,968

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    On October 16, 2015, a total of 3,109,979 Class R6 shares of the Fund valued at $149,863,711 were redeemed by a significant shareholder and settled through a redemption-in-kind transaction.

22                         Invesco Equally-Weighted S&P 500 Fund

NOTE 12—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	46.87	$	0.39	$	(1.86	)	$	(1.47	)	$	(0.66	)	$	(0.62	)	$	(1.28	)	$	44.12		(3.21	)%	$	1,752,958		0.54	%(d)		0.54	%(d)		1.70	%(d)		18	%
Year ended 08/31/15		48.54		0.67		(1.18	)		(0.51	)		(0.49	)		(0.67	)		(1.16	)		46.87		(1.07	)		1,789,491		0.54			0.54			1.36			21
Year ended 08/31/14		40.07		0.59		9.45			10.04			(0.48	)		(1.09	)		(1.57	)		48.54		25.64			1,506,665		0.56			0.56			1.31			17
Year ended 08/31/13		33.40		0.55		7.47			8.02			(0.51	)		(0.84	)		(1.35	)		40.07		24.83			999,730		0.57			0.57			1.48			18
Year ended 08/31/12		29.89		0.42		3.61			4.03			(0.52	)		—			(0.52	)		33.40		13.66			730,648		0.60			0.60			1.34			27
Year ended 08/31/11		25.26		0.39		4.65			5.04			(0.41	)		—			(0.41	)		29.89		19.91			639,478		0.56			0.56			1.26			22
Class B
Six months ended 02/29/16		46.56		0.22		(1.85	)		(1.63	)		(0.39	)		(0.62	)		(1.01	)		43.92		(3.57	)		6,536		1.29	(d)		1.29	(d)		0.95	(d)		18
Year ended 08/31/15		48.35		0.30		(1.16	)		(0.86	)		(0.26	)		(0.67	)		(0.93	)		46.56		(1.81	)		8,950		1.29			1.29			0.61			21
Year ended 08/31/14		40.01		0.25		9.44			9.69			(0.26	)		(1.09	)		(1.35	)		48.35		24.70			15,851		1.31			1.31			0.56			17
Year ended 08/31/13		33.34		0.27		7.49			7.76			(0.25	)		(0.84	)		(1.09	)		40.01		23.90			22,925		1.32			1.32			0.73			18
Year ended 08/31/12		29.70		0.18		3.61			3.79			(0.15	)		—			(0.15	)		33.34		12.82			42,131		1.35			1.35			0.59			27
Year ended 08/31/11		25.05		0.16		4.60			4.76			(0.11	)		—			(0.11	)		29.70		18.98			77,702		1.31			1.31			0.51			22
Class C
Six months ended 02/29/16		45.03		0.22		(1.79	)		(1.57	)		(0.39	)		(0.62	)		(1.01	)		42.45		(3.57	)(e)		791,489		1.27	(d)(e)		1.27	(d)(e)		0.97	(d)(e)		18
Year ended 08/31/15		46.79		0.29		(1.12	)		(0.83	)		(0.26	)		(0.67	)		(0.93	)		45.03		(1.81	)		750,898		1.29			1.29			0.61			21
Year ended 08/31/14		38.75		0.25		9.14			9.39			(0.26	)		(1.09	)		(1.35	)		46.79		24.73			349,739		1.31			1.31			0.56			17
Year ended 08/31/13		32.33		0.26		7.24			7.50			(0.24	)		(0.84	)		(1.08	)		38.75		23.88			141,986		1.32			1.32			0.73			18
Year ended 08/31/12		28.81		0.18		3.49			3.67			(0.15	)		—			(0.15	)		32.33		12.80			77,691		1.35			1.35			0.59			27
Year ended 08/31/11		24.29		0.16		4.47			4.63			(0.11	)		—			(0.11	)		28.81		19.04			67,788		1.31			1.31			0.51			22
Class R
Six months ended 02/29/16		46.65		0.33		(1.85	)		(1.52	)		(0.57	)		(0.62	)		(1.19	)		43.94		(3.34	)		91,538		0.79	(d)		0.79	(d)		1.45	(d)		18
Year ended 08/31/15		48.36		0.54		(1.17	)		(0.63	)		(0.41	)		(0.67	)		(1.08	)		46.65		(1.33	)		89,588		0.79			0.79			1.11			21
Year ended 08/31/14		39.95		0.48		9.43			9.91			(0.41	)		(1.09	)		(1.50	)		48.36		25.35			65,777		0.81			0.81			1.06			17
Year ended 08/31/13		33.31		0.46		7.44			7.90			(0.42	)		(0.84	)		(1.26	)		39.95		24.48			29,320		0.82			0.82			1.23			18
Year ended 08/31/12		29.77		0.35		3.59			3.94			(0.40	)		—			(0.40	)		33.31		13.36			8,924		0.85			0.85			1.09			27
Year ended 08/31/11		25.14		0.31		4.63			4.94			(0.31	)		—			(0.31	)		29.77		19.62			1,176		0.81			0.81			1.01			22
Class Y
Six months ended 02/29/16		47.30		0.45		(1.87	)		(1.42	)		(0.77	)		(0.62	)		(1.39	)		44.49		(3.08	)		1,756,067		0.29	(d)		0.29	(d)		1.95	(d)		18
Year ended 08/31/15		48.95		0.80		(1.19	)		(0.39	)		(0.59	)		(0.67	)		(1.26	)		47.30		(0.83	)		1,945,879		0.29			0.29			1.61			21
Year ended 08/31/14		40.38		0.71		9.52			10.23			(0.57	)		(1.09	)		(1.66	)		48.95		25.95			1,021,247		0.31			0.31			1.56			17
Year ended 08/31/13		33.64		0.65		7.52			8.17			(0.59	)		(0.84	)		(1.43	)		40.38		25.16			481,948		0.32			0.32			1.73			18
Year ended 08/31/12		30.13		0.50		3.63			4.13			(0.62	)		—			(0.62	)		33.64		13.94			309,645		0.35			0.35			1.59			27
Year ended 08/31/11		25.47		0.47		4.68			5.15			(0.49	)		—			(0.49	)		30.13		20.19			178,056		0.31			0.31			1.51			22
Class R6
Six months ended 02/29/16		47.37		0.48		(1.87	)		(1.39	)		(0.83	)		(0.62	)		(1.45	)		44.53		(3.03	)		219,125		0.17	(d)		0.17	(d)		2.07	(d)		18
Year ended 08/31/15		48.99		0.87		(1.20	)		(0.33	)		(0.62	)		(0.67	)		(1.29	)		47.37		(0.70	)		178,731		0.16			0.16			1.74			21
Year ended 08/31/14		40.39		0.78		9.49			10.27			(0.58	)		(1.09	)		(1.67	)		48.99		26.05			1,253		0.22			0.22			1.65			17
Year ended 08/31/13(f)		34.93		0.62		6.27			6.89			(0.59	)		(0.84	)		(1.43	)		40.39		20.58			12		0.27	(g)		0.27	(g)		1.78	(g)		18

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,793,737, $8,057, $790,337, $91,814, $1,927,664 and $83,610 for Class A, Class B, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and the ratio of net investment income reflect actual 12b-1 fees of 0.97% for the six months ended February 29, 2016.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

23                         Invesco Equally-Weighted S&P 500 Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	967.90	$	2.64	$	1,022.18	$	2.72		0.54	%
B		1,000.00		964.30		6.30		1,018.45		6.47		1.29
C		1,000.00		964.30		6.20		1,018.55		6.37		1.27
R		1,000.00		966.60		3.86		1,020.93		3.97		0.79
Y		1,000.00		969.20		1.42		1,023.42		1.46		0.29
R6		1,000.00		969.70		0.83		1,024.02		0.86		0.17

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

24                         Invesco Equally-Weighted S&P 500 Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     MS-EWSP-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Equity and Income Fund
	Nasdaq:
	A: ACEIX  ¡  B: ACEQX  ¡  C: ACERX  ¡   R: ACESX  ¡  Y: ACETX   ¡  R5: ACEKX  ¡   R6: IEIFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
17	Financial Statements
19	Notes to Financial Statements
27	Financial Highlights
28	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.36	%
Class B Shares	-5.68
Class C Shares	-5.65
Class R Shares	-5.46
Class Y Shares	-5.24
Class R5 Shares	-5.30
Class R6 Shares	-5.16
Russell 1000 Value Index▼ (Broad Market Index)	-2.87
Barclays U.S. Government/Credit Index▼ (Style-Specific Index)	2.22
Lipper Mixed-Asset Target Allocation Growth Funds Index¡ (Peer Group Index)*	-3.24

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

* During the reporting period, the Lipper Mixed-Asset Target Allocation Growth Funds Index became the Fund’s peer group index.

The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Barclays U.S. Government/Credit Index includes treasuries and agencies that represent the government portion of the index, and includes publicly issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

    Lipper Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth funds tracked by Lipper.

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

    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.

2                      Invesco Equity and Income Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (8/3/60)	9.92	%
10 Years	4.66
5 Years	4.66
1 Year	-13.74
Class B Shares
Inception (5/1/92)	8.95	%
10 Years	4.99
5 Years	4.95
1 Year	-13.70
Class C Shares
Inception (7/6/93)	8.18	%
10 Years	4.49
5 Years	5.09
1 Year	-10.27
Class R Shares
Inception (10/1/02)	7.12	%
10 Years	4.99
5 Years	5.60
1 Year	-8.99
Class Y Shares
Inception (12/22/04)	5.87	%
10 Years	5.52
5 Years	6.13
1 Year	-8.48
Class R5 Shares
10 Years	5.46	%
5 Years	6.20
1 Year	-8.50
Class R6 Shares
10 Years	5.39	%
5 Years	6.15
1 Year	-8.41

Average Annual Total Returns

As of 12/31/15, including maximum applicable sales charges

Class A Shares
Inception (8/3/60)	10.07	%
10 Years	5.45
5 Years	7.00
1 Year	-7.69
Class B Shares
Inception (5/1/92)	9.28	%
10 Years	5.77
5 Years	7.32
1 Year	-7.72
Class C Shares
Inception (7/6/93)	8.52	%
10 Years	5.27
5 Years	7.41
1 Year	-3.99
Class R Shares
Inception (10/1/02)	7.68	%
10 Years	5.78
5 Years	7.94
1 Year	-2.57
Class Y Shares
Inception (12/22/04)	6.51	%
10 Years	6.31
5 Years	8.49
1 Year	-2.10
Class R5 Shares
10 Years	6.26	%
5 Years	8.59
1 Year	-2.03
Class R6 Shares
10 Years	6.20	%
5 Years	8.51
1 Year	-1.93

Effective June 1, 2010, Class A, Class B, Class C, Class I and Class R shares of the predecessor fund, Van Kampen Equity and Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen Equity and Income Fund (renamed Invesco Equity and Income Fund). Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Equity and Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s

Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would

pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.80%, 1.55%, 1.55%, 1.05%, 0.55%, 0.48% and 0.38%, respectively.¹

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.81%, 1.56%, 1.56%, 1.06%, 0.56%, 0.49% and 0.39%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

3                      Invesco Equity and Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Equity and Income Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–62.39%
Aerospace & Defense–0.88%
General Dynamics Corp.		805,607	$	109,780,066
Agricultural Products–0.70%
Archer-Daniels-Midland Co.		2,488,156		86,985,934
Application Software–0.61%
Citrix Systems, Inc.(b)		1,079,113		76,239,333
Asset Management & Custody Banks–1.48%
Northern Trust Corp.		1,310,261		77,803,298
State Street Corp.		1,943,871		106,485,254
				184,288,552
Automobile Manufacturers–0.54%
General Motors Co.		2,294,380		67,546,547
Biotechnology–0.59%
Amgen Inc.		518,925		73,832,649
Broadcasting–0.19%
CBS Corp.–Class B		500,306		24,204,804
Cable & Satellite–1.72%
Comcast Corp.–Class A		2,161,099		124,760,246
Time Warner Cable Inc.		471,841		90,055,573
				214,815,819
Communications Equipment–2.86%
Cisco Systems, Inc.		5,136,618		134,476,659
Juniper Networks, Inc.		4,180,116		103,248,865
QUALCOMM, Inc.		2,342,067		118,953,583
				356,679,107
Construction Machinery & Heavy Trucks–0.57%
Caterpillar Inc.		1,044,145		70,688,616
Data Processing & Outsourced Services–0.79%
PayPal Holdings, Inc.(b)		2,575,576		98,232,469
Diversified Banks–7.55%
Bank of America Corp.		16,381,565		205,097,194
Citigroup Inc.		8,173,177		317,527,927
Comerica Inc.		1,910,721		64,544,155
JPMorgan Chase & Co.		6,318,083		355,708,073
				942,877,349
Electric Utilities–0.56%
FirstEnergy Corp.		2,086,362		69,830,536
Fertilizers & Agricultural Chemicals–0.42%
Mosaic Co. (The)		1,963,383		52,324,157
Food Distributors–0.65%
Sysco Corp.		1,826,261		80,592,898

	Shares		Value
General Merchandise Stores–1.33%
Target Corp.		2,119,011	$	166,236,413
Health Care Equipment–1.66%
Baxter International Inc.		2,242,145		88,587,149
Medtronic PLC		1,539,338		119,129,368
				207,716,517
Health Care Services–0.47%
Express Scripts Holding Co.(b)		834,200		58,710,996
Hotels, Resorts & Cruise Lines–1.20%
Carnival Corp.		3,121,104		149,688,148
Household Products–0.96%
Procter & Gamble Co. (The)		1,487,410		119,424,149
Hypermarkets & Super Centers–0.30%
Wal-Mart Stores, Inc.		567,348		37,637,866
Industrial Conglomerates–2.03%
General Electric Co.		8,688,062		253,170,127
Industrial Machinery–0.57%
Ingersoll-Rand PLC		1,284,701		71,377,988
Insurance Brokers–2.14%
Aon PLC		974,388		92,849,432
Marsh & McLennan Cos., Inc.		1,737,158		99,104,864
Willis Towers Watson PLC		662,253		75,046,510
				267,000,806
Integrated Oil & Gas–3.26%
Exxon Mobil Corp.		957,000		76,703,550
Occidental Petroleum Corp.		1,230,238		84,664,979
Royal Dutch Shell PLC–Class A (United Kingdom)		6,637,498		151,060,537
TOTAL S.A. (France)		2,106,622		94,377,383
				406,806,449
Integrated Telecommunication Services–1.19%
Koninklijke KPN N.V. (Netherlands)		6,359,508		23,402,863
Orange S.A. (France)		1,421,615		24,533,381
Telecom Italia S.p.A. (Italy)(b)		13,281,280		12,929,111
Telefónica, S.A. (Spain)		1,033,822		10,274,506
Verizon Communications Inc.		1,515,321		76,872,234
				148,012,095
Internet Software & Services–0.69%
eBay Inc.(b)		3,612,774		85,984,021
Investment Banking & Brokerage–2.61%
Charles Schwab Corp. (The)		3,026,838		75,822,292
Goldman Sachs Group, Inc. (The)		562,500		84,110,625
Morgan Stanley		6,725,312		166,115,206
				326,048,123

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

5                         Invesco Equity and Income Fund

	Shares		Value
Managed Health Care–0.99%
Anthem, Inc.		477,151	$	62,358,864
UnitedHealth Group Inc.		518,147		61,711,308
				124,070,172
Movies & Entertainment–0.52%
Time Warner Inc.		987,642		65,381,900
Multi-Utilities–0.57%
PG&E Corp.		1,259,583		71,456,144
Oil & Gas Equipment & Services–1.17%
Baker Hughes Inc.		1,907,149		81,759,478
Weatherford International PLC(b)		10,124,015		64,793,696
				146,553,174
Oil & Gas Exploration & Production–2.27%
Apache Corp.		3,015,392		115,429,206
California Resources Corp.		115,642		65,002
Canadian Natural Resources Ltd. (Canada)		4,245,466		88,747,295
Devon Energy Corp.		4,003,523		78,789,333
				283,030,836
Other Diversified Financial Services–0.72%
Voya Financial, Inc.		3,050,837		89,572,574
Packaged Foods & Meats–0.87%
Mondelez International, Inc.–Class A		2,678,236		108,548,905
Pharmaceuticals–4.68%
Eli Lilly and Co.		1,224,220		88,143,840
Merck & Co., Inc.		2,976,063		149,428,123
Novartis AG (Switzerland)		1,021,647		72,915,168
Pfizer Inc.		3,665,776		108,763,574
Sanofi (France)		987,588		78,137,746
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		1,573,043		87,461,191
				584,849,642
Publishing–0.48%
Thomson Reuters Corp.		1,630,318		59,736,751
Railroads–0.59%
CSX Corp.		3,045,685		73,522,836
Regional Banks–3.77%
BB&T Corp.		1,969,026		63,323,876
Citizens Financial Group Inc.		6,754,653		129,891,977
Fifth Third Bancorp		4,982,072		76,026,419
First Horizon National Corp.		4,935,681		59,326,886
PNC Financial Services Group, Inc. (The)		1,740,926		141,554,693
				470,123,851
Security & Alarm Services–0.90%
Tyco International PLC		3,178,914		111,834,195
Semiconductor Equipment–0.77%
Applied Materials, Inc.		5,111,702		96,457,817

	Shares		Value
Semiconductors–0.80%
Intel Corp.		3,356,341	$	99,314,130
Specialized Finance–0.49%
CME Group Inc.–Class A		664,418		60,754,382
Systems Software–1.99%
Microsoft Corp.		2,371,484		120,661,106
Oracle Corp.		3,468,063		127,555,357
				248,216,463
Technology Hardware, Storage & Peripherals–0.61%
NetApp, Inc.		3,067,947		76,207,803
Tobacco–1.06%
Philip Morris International Inc.		1,458,603		132,776,631
Wireless Telecommunication Services–0.62%
Vodafone Group PLC–ADR (United Kingdom)		2,548,594		77,477,258
Total Common Stocks & Other Equity Interests (Cost $7,203,279,212)				7,786,617,998
	Principal Amount
Bonds and Notes–20.59%
Advertising–0.03%
Interpublic Group of Cos., Inc. (The), Sr. Unsec. Global Notes, 2.25%, 11/15/2017	$	4,145,000		4,070,535
Aerospace & Defense–0.33%
BAE Systems Holdings Inc. (United Kingdom), Sr. Unsec. Gtd. Notes, 2.85%, 12/15/2020(c)		3,091,000		3,126,793
Boeing Capital Corp., Sr. Unsec. Notes, 2.13%, 08/15/2016		10,000,000		10,054,405
L-3 Communications Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 05/28/2024		1,489,000		1,404,304
Lockheed Martin Corp., Sr. Unsec. Global Notes, 2.13%, 09/15/2016		20,720,000		20,840,290
Northrop Grumman Corp., Sr. Unsec. Global Notes, 3.85%, 04/15/2045		1,938,000		1,858,196
Precision Castparts Corp., Sr. Unsec. Global Notes, 2.50%, 01/15/2023		4,150,000		4,097,409
				41,381,397
Agricultural & Farm Machinery–0.12%
Deere & Co., Sr. Unsec. Notes, 2.60%, 06/08/2022		14,645,000		14,686,438
Agricultural Products–0.04%
Ingredion Inc., Sr. Unsec. Notes, 6.63%, 04/15/2037		3,940,000		4,861,603

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

6                         Invesco Equity and Income Fund

	Principal Amount		Value
Air Freight & Logistics–0.11%
FedEx Corp.,
Sr. Unsec. Gtd. Bonds, 4.90%, 01/15/2034	$	4,310,000	$	4,443,181
Sr. Unsec. Gtd. Notes, 5.10%, 01/15/2044		8,875,000		9,083,860
				13,527,041
Airlines–0.22%
American Airlines Pass Through Trust, Series 2014-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.70%, 10/01/2026		4,257,046		4,201,172
Continental Airlines Pass Through Trust, Series 2009-1, Sr. Sec. First Lien Pass Through Ctfs., 9.00%, 07/08/2016		2,343,389		2,396,408
Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.75%, 01/12/2021		3,560,939		3,728,971
Series 2012-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.15%, 04/11/2024		5,042,481		5,187,452
Delta Air Lines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 6.20%, 07/02/2018		1,739,377		1,865,917
United Airlines Pass Through Trust, Series 2014-2, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.75%, 09/03/2026		5,455,000		5,547,053
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs., 5.00%, 10/23/2023(c)		4,814,442		4,964,845
				27,891,818
Apparel Retail–0.03%
Ross Stores, Inc., Sr. Unsec. Notes, 3.38%, 09/15/2024		3,638,000		3,689,763
Application Software–0.49%
Citrix Systems, Inc., Sr. Unsec. Conv. Bonds, 0.50%, 04/15/2019		46,415,000		50,273,247
Nuance Communications, Inc., Sr. Unsec. Conv. Notes, 1.00%, 12/15/2022(c)(d)		11,886,000		11,328,844
				61,602,091
Asset Management & Custody Banks–0.09%
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(c)		4,260,000		4,365,652
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(c)		3,975,000		3,896,174
KKR Group Finance Co. III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/2044(c)		3,217,000		3,161,048
				11,422,874

	Principal Amount		Value
Automobile Manufacturers–0.18%
Daimler Finance North America LLC (Germany), Sr. Unsec. Gtd. Notes, 1.88%, 01/11/2018(c)	$	5,220,000	$	5,203,301
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 4.13%, 08/04/2025		7,006,000		7,014,446
General Motors Co., Sr. Unsec. Global Notes, 6.60%, 04/01/2036		4,317,000		4,484,284
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/01/2026		5,467,000		5,514,836
				22,216,867
Automotive Retail–0.12%
Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 4.50%, 12/01/2023		6,415,000		6,629,402
5.75%, 05/01/2020		7,393,000		8,094,356
				14,723,758
Biotechnology–0.69%
AbbVie Inc., Sr. Unsec. Global Notes, 4.50%, 05/14/2035		7,233,000		7,229,651
Amgen Inc., Sr. Unsec. Notes, 2.30%, 06/15/2016		7,477,000		7,506,684
BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/2020		21,842,000		25,705,304
Celgene Corp., Sr. Unsec. Global Notes,
4.00%, 08/15/2023		4,735,000		4,957,637
4.63%, 05/15/2044		13,875,000		13,287,789
5.00%, 08/15/2045		1,714,000		1,753,186
Gilead Sciences, Inc., Sr. Unsec. Global Notes, 3.05%, 12/01/2016		19,850,000		20,157,705
4.40%, 12/01/2021		4,988,000		5,486,286
				86,084,242
Brewers–0.34%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes,
2.65%, 02/01/2021		10,569,000		10,734,532
3.30%, 02/01/2023		6,427,000		6,613,968
4.70%, 02/01/2036		10,870,000		11,368,112
4.90%, 02/01/2046		12,141,000		13,095,604
				41,812,216
Broadcasting–0.47%
Liberty Media Corp., Sr. Unsec. Conv. Bonds, 1.38%, 10/15/2023		61,171,000		58,685,928
Cable & Satellite–0.36%
CCO Safari II, LLC, Sr. Sec. Gtd. First Lien Notes, 4.46%, 07/23/2022(c)		10,845,000		11,033,681

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

7                         Invesco Equity and Income Fund

	Principal Amount		Value
Cable & Satellite–(continued)
Comcast Corp.,
Sr. Unsec. Gtd. Global Notes,
4.25%, 01/15/2033	$	1,605,000	$	1,643,264
5.70%, 05/15/2018		4,735,000		5,169,666
Sr. Unsec. Gtd. Notes,
4.40%, 08/15/2035		7,245,000		7,541,016
6.45%, 03/15/2037		2,465,000		3,066,532
Cox Communications, Inc., Sr. Unsec. Notes,
4.70%, 12/15/2042(c)		4,980,000		3,821,672
6.25%, 06/01/2018(c)		3,700,000		3,966,881
8.38%, 03/01/2039(c)		655,000		713,306
NBCUniversal Media LLC, Sr. Unsec. Gtd. Global Notes,
5.15%, 04/30/2020		3,320,000		3,743,629
5.95%, 04/01/2041		3,365,000		4,006,783
				44,706,430
Catalog Retail–0.25%
Liberty Interactive LLC, Sr. Unsec. Conv. Global Deb., 0.75%, 03/30/2023(d)		15,395,000		23,996,956
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.45%, 08/15/2034		8,810,000		7,372,490
				31,369,446
Commodity Chemicals–0.08%
Montell Finance Co. B.V. (Netherlands), Sr. Unsec. Gtd. Deb., 8.10%, 03/15/2027(c)		7,384,000		9,395,734
Communications Equipment–0.39%
Ciena Corp., Sr. Unsec. Conv. Notes, 4.00%, 12/15/2020(c)		14,876,000		19,217,932
Viavi Solutions Inc., Sr. Unsec. Conv. Deb., 0.63%, 08/15/2018(d)		31,263,000		29,895,244
				49,113,176
Consumer Finance–0.03%
American Express Co., Unsec. Sub. Global Notes, 3.63%, 12/05/2024		3,423,000		3,361,549
Data Processing & Outsourced Services–0.06%
Visa Inc., Sr. Unsec. Global Notes, 4.15%, 12/14/2035		7,245,000		7,706,322
Diversified Banks–1.68%
Abbey National Treasury Services PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 4.00%, 04/27/2016		21,928,000		22,038,451
Bank of America Corp.,
Sr. Unsec. Global Notes,
5.75%, 12/01/2017		2,825,000		2,997,800
Sr. Unsec. Medium-Term Global Notes,
5.65%, 05/01/2018		8,680,000		9,275,839

	Principal Amount		Value
Diversified Banks–(continued)
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(c)	$	6,875,000	$	6,857,018
BNP Paribas S.A. (France), Unsec. Sub. Gtd. Medium-Term Notes, 4.25%, 10/15/2024		5,010,000		4,895,544
Citigroup Inc., Unsec. Sub. Global Notes,
5.30%, 05/06/2044		2,765,000		2,779,668
6.68%, 09/13/2043		8,000,000		9,371,928
Danske Bank A/S (Denmark), Sr. Unsec. Notes, 3.88%, 04/14/2016(c)		9,435,000		9,465,117
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/2018(c)		8,535,000		9,234,200
JPMorgan Chase & Co.,
Unsec. Sub. Global Notes, 4.25%, 10/01/2027		3,640,000		3,712,334
Series V, Jr. Unsec. Sub. Global Notes, 5.00%(e)		6,410,000		6,025,400
Series X, Jr. Unsec. Sub. Global Notes, 6.10%(e)		10,895,000		10,895,000
Series Z, Jr. Unsec. Sub. Global Notes, 5.30%(e)		7,145,000		6,993,169
Lloyds Bank PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.30%, 11/27/2018		5,240,000		5,261,442
Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/2024(c)		545,000		566,078
National Australia Bank Ltd. (Australia), Sr. Unsec. Medium-Term Global Notes, 2.00%, 01/14/2019		10,015,000		10,060,658
Royal Bank of Canada (Canada), Sr. Unsec. Medium-Term Global Notes, 2.50%, 01/19/2021		10,875,000		11,029,773
Societe Generale S.A. (France),
Sr. Unsec. Bonds, 2.63%, 09/16/2020(c)		8,565,000		8,559,321
Unsec. Sub. Notes,
5.00%, 01/17/2024(c)		7,365,000		7,236,286
5.63%, 11/24/2045(c)		7,260,000		6,478,937
Standard Chartered PLC (United Kingdom), Sr. Unsec. Notes, 3.05%, 01/15/2021(c)		7,250,000		7,168,786
Sumitomo Mitsui Banking Corp. (Japan), Sr. Unsec. Gtd. Medium-Term Global Notes, 2.65%, 07/23/2020		7,235,000		7,315,714

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

8                         Invesco Equity and Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Wells Fargo & Co.,
Sr. Unsec. Global Notes, 1.50%, 01/16/2018	$	2,070,000	$	2,068,428
Sr. Unsec. Medium-Term Notes, 3.55%, 09/29/2025		6,840,000		7,097,071
Sr. Unsec. Notes, 3.90%, 05/01/2045		14,525,000		14,025,267
Unsec. Sub. Medium-Term Notes,
4.10%, 06/03/2026		4,515,000		4,676,249
4.65%, 11/04/2044		14,430,000		14,131,046
				210,216,524
Diversified Capital Markets–0.05%
Credit Suisse AG (Switzerland), Unsec. Sub. Notes, 6.50%, 08/08/2023(c)		6,536,000		6,704,403
Diversified Chemicals–0.11%
Eastman Chemical Co., Sr. Unsec. Global Notes, 2.70%, 01/15/2020		8,092,000		8,018,286
Solvay Finance America LLC (Belgium), Sr. Unsec. Gtd. Notes, 4.45%, 12/03/2025(c)		5,166,000		5,188,772
				13,207,058
Diversified Metals & Mining–0.07%
Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes,
7.13%, 07/15/2028		2,175,000		2,475,625
9.00%, 05/01/2019		5,240,000		6,081,201
				8,556,826
Diversified Real Estate Activities–0.04%
Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025		4,515,000		4,611,919
Diversified Support Services–0.04%
Cintas Corp. No. 2, Sr. Unsec. Gtd. Notes, 2.85%, 06/01/2016		4,605,000		4,629,955
Drug Retail–0.19%
CVS Health Corp., Sr. Unsec. Global Bonds, 3.38%, 08/12/2024		3,740,000		3,868,396
CVS Pass Through Trust, Sr. Sec. First Lien Global Pass Through Ctfs., 6.04%, 12/10/2028		8,722,878		9,765,353
Walgreens Boots Alliance Inc.,
Sr. Unsec. Global Notes,
3.30%, 11/18/2021		6,129,000		6,182,736
4.50%, 11/18/2034		4,519,000		4,066,522
				23,883,007

	Principal Amount		Value
Electric Utilities–0.23%
Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%(c)(e)	$	8,670,000	$	7,347,825
Sr. Unsec. Notes,
4.60%, 01/27/2020(c)		2,150,000		2,349,338
4.88%, 01/22/2044(c)		9,110,000		8,950,976
Georgia Power Co., Sr. Unsec. Notes, 3.00%, 04/15/2016		8,795,000		8,816,456
Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/2021		1,050,000		1,191,288
PPL Electric Utilities Corp., Sr. Sec. First Mortgage Bonds, 6.25%, 05/15/2039		355,000		471,540
				29,127,423
Environmental & Facilities Services–0.04%
Waste Management, Inc., Sr. Unsec. Gtd. Global Notes, 3.90%, 03/01/2035		4,786,000		4,670,930
Fertilizers & Agricultural Chemicals–0.02%
Monsanto Co., Sr. Unsec. Global Notes, 2.13%, 07/15/2019		3,055,000		3,045,549
Food Retail–0.09%
Kraft Heinz Co. (The), Sr. Unsec. Gtd. Notes, 1.60%, 06/30/2017(c)		10,860,000		10,852,197
General Merchandise Stores–0.23%
Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/2023		3,650,000		3,605,742
Target Corp.,
Sr. Unsec. Global Notes, 2.90%, 01/15/2022		9,830,000		10,211,871
Sr. Unsec. Notes, 5.88%, 07/15/2016		14,510,000		14,787,010
				28,604,623
Gold–0.01%
Newmont Mining Corp., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/2022		1,423,000		1,378,461
Health Care Distributors–0.25%
McKesson Corp.,
Sr. Unsec. Global Notes, 2.28%, 03/15/2019		11,085,000		11,163,959
Sr. Unsec. Notes, 3.25%, 03/01/2016		19,600,000		19,603,126
				30,767,085

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

9                         Invesco Equity and Income Fund

	Principal Amount		Value
Health Care Equipment–0.73%
Becton, Dickinson and Co.,
Sr. Unsec. Global Bonds, 4.88%, 05/15/2044	$	7,465,000	$	7,893,028
Sr. Unsec. Global Notes,
1.75%, 11/08/2016		3,740,000		3,753,455
3.88%, 05/15/2024		6,825,000		7,098,113
Sr. Unsec. Notes, 2.68%, 12/15/2019		3,198,000		3,266,771
Edwards Lifesciences Corp., Sr. Unsec. Global Notes, 2.88%, 10/15/2018		7,055,000		7,183,563
Medtronic, Inc., Sr. Unsec. Gtd. Global Notes,
3.15%, 03/15/2022		10,944,000		11,419,380
4.00%, 04/01/2043		5,720,000		5,515,087
4.38%, 03/15/2035		3,883,000		4,021,452
4.63%, 03/15/2044		5,490,000		5,831,722
NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/2017		13,684,000		15,813,573
Wright Medical Group, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 02/15/2020		20,807,000		18,869,348
				90,665,492
Health Care Facilities–0.48%
Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/2018		24,795,000		23,555,250
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/2020(d)		33,605,000		36,146,378
				59,701,628
Health Care REIT’s–0.11%
HCP, Inc., Sr. Unsec. Global Notes,
3.88%, 08/15/2024		5,085,000		4,783,861
4.20%, 03/01/2024		4,690,000		4,534,243
Ventas Realty L.P., Sr. Unsec. Gtd. Notes, 5.70%, 09/30/2043		2,080,000		2,269,080
Ventas Realty L.P./Ventas Capital Corp., Sr. Unsec. Gtd. Notes, 4.25%, 03/01/2022		1,905,000		1,994,199
				13,581,383
Health Care Services–0.26%
Express Scripts Holding Co.,
Sr. Unsec. Gtd. Global Notes, 2.25%, 06/15/2019		5,685,000		5,650,927
Sr. Unsec. Gtd. Notes, 3.13%, 05/15/2016		18,659,000		18,730,511
Laboratory Corp. of America Holdings, Sr. Unsec. Notes,
3.20%, 02/01/2022		6,132,000		6,112,089
4.70%, 02/01/2045		2,694,000		2,550,097
				33,043,624

	Principal Amount		Value
Home Improvement Retail–0.06%
Home Depot, Inc. (The), Sr. Unsec. Global Notes, 2.00%, 04/01/2021	$	6,883,000	$	6,932,520
Homebuilding–0.06%
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		10,130,000		7,652,045
Hotels, Resorts & Cruise Lines–0.01%
Wyndham Worldwide Corp., Sr. Unsec. Notes, 2.95%, 03/01/2017		1,225,000		1,226,855
Housewares & Specialties–0.10%
Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/2021		12,185,000		12,502,279
Hypermarkets & Super Centers–0.04%
Wal-Mart Stores, Inc., Sr. Unsec. Global Notes,
3.30%, 04/22/2024		3,610,000		3,838,271
6.50%, 08/15/2037		730,000		958,638
				4,796,909
Industrial Machinery–0.19%
Pentair Finance S.A. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 5.00%, 05/15/2021		7,940,000		8,431,319
Valmont Industries, Inc.,
Sr. Unsec. Gtd. Global Notes,
5.00%, 10/01/2044		4,195,000		3,836,327
5.25%, 10/01/2054		13,347,000		11,752,888
				24,020,534
Insurance Brokers–0.03%
Marsh & McLennan Cos., Inc., Sr. Unsec. Global Notes, 4.05%, 10/15/2023		3,960,000		4,169,904
Integrated Oil & Gas–0.31%
BP Capital Markets PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.24%, 05/10/2019		5,302,000		5,251,353
Chevron Corp., Sr. Unsec. Global Notes,
1.37%, 03/02/2018		14,553,000		14,466,308
1.72%, 06/24/2018		5,275,000		5,271,210
Husky Energy Inc. (Canada), Sr. Unsec. Global Notes, 3.95%, 04/15/2022		3,630,000		3,137,066
Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes, 4.88%, 01/24/2022		7,430,000		7,150,862
Suncor Energy Inc. (Canada), Sr. Unsec. Notes, 3.60%, 12/01/2024		3,379,000		3,066,459
				38,343,258

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

10                         Invesco Equity and Income Fund

	Principal Amount		Value
Integrated Telecommunication Services–0.55%
AT&T Inc., Sr. Unsec. Global Notes,
3.00%, 06/30/2022	$	5,334,000	$	5,315,438
3.40%, 05/15/2025		2,967,000		2,920,046
4.50%, 05/15/2035		4,755,000		4,389,804
5.35%, 09/01/2040		2,077,000		2,048,223
6.15%, 09/15/2034		3,675,000		3,953,379
British Telecommunications PLC (United Kingdom), Sr. Unsec. Global Notes, 1.25%, 02/14/2017		5,420,000		5,414,534
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
Sr. Unsec. Gtd. Global Notes,
3.80%, 03/15/2022		3,340,000		3,439,789
5.15%, 03/15/2042		1,370,000		1,276,600
Telefonica Emisiones S.A.U. (Spain), Sr. Unsec. Gtd. Global Notes, 7.05%, 06/20/2036		3,600,000		4,294,472
Verizon Communications Inc.,
Sr. Unsec. Global Notes,
4.40%, 11/01/2034		3,285,000		3,095,730
4.52%, 09/15/2048		19,069,000		17,545,006
5.01%, 08/21/2054		6,727,000		6,281,995
5.15%, 09/15/2023		4,525,000		5,120,151
6.40%, 02/15/2038		3,500,000		3,979,490
				69,074,657
Investment Banking & Brokerage–1.75%
Goldman Sachs Group, Inc. (The),
Sr. Unsec. Global Notes, 5.25%, 07/27/2021		5,510,000		6,117,742
Unsec. Sub. Notes, 4.25%, 10/21/2025		5,807,000		5,753,288
Series 0000, Sr. Unsec. Exchangeable Basket-Linked Conv. Medium-Term Notes,
1.00%, 03/15/2017(c)(f)		61,461,000		77,591,439
1.00%, 09/28/2020(c)(g)		59,890,000		64,310,481
Jefferies Group LLC, Sr. Unsec. Conv. Deb., 3.88%, 11/01/2017(d)		30,876,000		30,451,455
Lazard Group LLC, Sr. Unsec. Global Notes, 3.75%, 02/13/2025		11,653,000		10,602,523
Macquarie Bank Ltd. (Australia), Sr. Unsec. Notes, 5.00%, 02/22/2017(c)		6,100,000		6,292,431
Morgan Stanley,
Sr. Unsec. Global Notes, 6.38%, 07/24/2042		8,140,000		10,141,585
Sr. Unsec. Medium-Term Global Notes, 4.00%, 07/23/2025		6,870,000		7,090,860
				218,351,804
IT Consulting & Other Services–0.04%
Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/2022		4,954,000		4,945,454

	Principal Amount		Value
Life & Health Insurance–0.15%
MetLife, Inc., Sr. Unsec. Global Notes, 4.60%, 05/13/2046	$	5,080,000	$	5,036,137
Prudential Financial, Inc.,
Sr. Unsec. Medium-Term Notes, 5.10%, 08/15/2043		4,010,000		4,022,908
Series D, Sr. Unsec. Medium-Term Notes, 6.63%, 12/01/2037		3,475,000		4,098,295
Reliance Standard Life Global Funding II, Sr. Sec. Notes, 3.05%, 01/20/2021(c)		4,985,000		5,051,535
				18,208,875
Life Sciences Tools & Services–0.10%
Thermo Fisher Scientific Inc., Sr. Unsec. Global Notes, 2.25%, 08/15/2016		12,000,000		12,058,482
Managed Health Care–0.08%
Aetna, Inc., Sr. Unsec. Global Notes, 3.95%, 09/01/2020		9,990,000		10,564,929
Movies & Entertainment–0.11%
Live Nation Entertainment, Inc., Sr. Unsec. Conv. Bonds, 2.50%, 05/15/2019		11,374,000		11,238,934
Viacom Inc., Sr. Unsec. Global Deb., 4.85%, 12/15/2034		3,527,000		2,733,742
				13,972,676
Multi-Line Insurance–0.28%
American International Group, Inc.,
Sr. Unsec. Global Notes,
2.30%, 07/16/2019		3,855,000		3,831,970
4.38%, 01/15/2055		7,405,000		5,966,301
CNA Financial Corp.,
Sr. Unsec. Global Bonds, 5.88%, 08/15/2020		4,915,000		5,428,214
Sr. Unsec. Notes, 7.35%, 11/15/2019		425,000		490,222
Farmers Exchange Capital III, Unsec. Sub. Notes, 5.45%, 10/15/2054(c)		9,460,000		9,212,290
Nationwide Financial Services Inc., Sr. Unsec. Notes, 5.30%, 11/18/2044(c)		9,220,000		9,809,347
				34,738,344
Multi-Utilities–0.03%
Enable Midstream Partners, LP, Sr. Unsec. Gtd. Global Notes, 2.40%, 05/15/2019		4,395,000		3,390,743
Office REIT’s–0.06%
Highwoods Realty L.P., Sr. Unsec. Notes, 3.20%, 06/15/2021		1,650,000		1,641,969
Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/2024		6,115,000		6,254,615
				7,896,584

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

11                         Invesco Equity and Income Fund

	Principal Amount		Value
Office Services & Supplies–0.04%
Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/2024	$	5,065,000	$	4,955,847
Oil & Gas Drilling–0.02%
Noble Holding International Ltd. (Cayman Islands), Sr. Unsec. Gtd. Global Notes, 2.50%, 03/15/2017		1,150,000		1,099,688
Rowan Cos., Inc., Sr. Unsec. Gtd. Notes, 5.85%, 01/15/2044		1,714,000		874,140
				1,973,828
Oil & Gas Equipment & Services–0.05%
Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 3.25%, 03/15/2018(d)		11,911,000		6,513,828
Oil & Gas Exploration & Production–0.32%
Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 2.63%, 12/01/2019		18,562,000		8,492,115
ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes,
2.88%, 11/15/2021		8,738,000		7,931,745
4.15%, 11/15/2034		9,367,000		7,558,237
Devon Energy Corp., Sr. Unsec. Global Notes, 2.25%, 12/15/2018		4,368,000		3,805,620
Noble Energy, Inc., Sr. Unsec. Global Notes, 5.25%, 11/15/2043		7,940,000		5,828,500
Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/2017		12,132,000		6,733,260
				40,349,477
Oil & Gas Storage & Transportation–0.51%
Energy Transfer Partners, L.P., Sr. Unsec. Notes, 4.90%, 03/15/2035		3,640,000		2,603,925
Enterprise Products Operating LLC,
Sr. Unsec. Gtd. Global Bonds, 6.45%, 09/01/2040		555,000		548,061
Sr. Unsec. Gtd. Global Notes, 5.25%, 01/31/2020		2,889,000		3,015,844
Sr. Unsec. Gtd. Notes, 2.55%, 10/15/2019		3,770,000		3,659,172
Series N, Sr. Unsec. Gtd. Notes, 6.50%, 01/31/2019		4,420,000		4,744,903
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/2034		4,203,000		3,350,171
Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/2022		4,275,000		3,529,534
Spectra Energy Capital LLC, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2038		2,245,000		2,278,912

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Spectra Energy Partners, L.P.,
Sr. Unsec. Global Notes, 4.50%, 03/15/2045	$	5,468,000	$	4,421,121
Sr. Unsec. Notes, 2.95%, 06/15/2016		12,896,000		12,908,296
Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes,
5.30%, 04/01/2044		8,165,000		5,936,804
5.50%, 02/15/2020		5,405,000		5,139,761
Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/2032		3,835,000		4,212,650
Western Gas Partners L.P., Sr. Unsec. Notes, 5.45%, 04/01/2044		9,710,000		6,457,150
Williams Partners L.P., Sr. Unsec. Global Notes, 5.10%, 09/15/2045		276,000		189,060
				62,995,364
Other Diversified Financial Services–0.13%
Athene Global Funding, Sec. Notes, 2.88%, 10/23/2018(c)		6,568,000		6,460,978
ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.35%, 10/15/2019(c)		9,335,000		9,292,978
				15,753,956
Packaged Foods & Meats–0.15%
General Mills, Inc., Sr. Unsec. Global Notes, 2.20%, 10/21/2019		8,595,000		8,687,890
Grupo Bimbo S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 3.88%, 06/27/2024(c)		7,565,000		7,397,110
Mead Johnson Nutrition Co., Sr. Unsec. Global Notes, 4.13%, 11/15/2025		648,000		671,140
Tyson Foods, Inc., Sr. Unsec. Gtd. Global Bonds, 4.88%, 08/15/2034		2,136,000		2,202,235
				18,958,375
Paper Packaging–0.09%
Packaging Corp. of America, Sr. Unsec. Global Notes, 4.50%, 11/01/2023		11,003,000		11,418,957
Paper Products–0.02%
International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/2041		2,855,000		2,780,639
Pharmaceuticals–0.84%
Actavis Funding SCS, Sr. Unsec. Gtd. Global Notes,
1.85%, 03/01/2017		9,281,000		9,307,957
4.85%, 06/15/2044		9,265,000		9,537,595
Allergan, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 04/01/2016		9,117,000		9,149,693

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

12                         Invesco Equity and Income Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 3.00%, 10/08/2021(c)	$	6,079,000	$	6,260,704
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		14,556,000		14,683,365
Merck & Co., Inc., Sr. Unsec. Global Notes, 0.70%, 05/18/2016		19,405,000		19,414,770
Perrigo Co. PLC, Sr. Unsec. Global Notes, 2.30%, 11/08/2018		3,945,000		3,856,936
Sanofi (France), Sr. Unsec. Global Notes, 2.63%, 03/29/2016		28,540,000		28,584,451
Zoetis Inc., Sr. Unsec. Global Notes, 4.70%, 02/01/2043		4,101,000		3,615,040
				104,410,511
Property & Casualty Insurance–0.26%
Liberty Mutual Group Inc., Sr. Unsec. Gtd. Bonds, 4.85%, 08/01/2044(c)		6,360,000		6,069,361
Markel Corp., Sr. Unsec. Notes, 5.00%, 03/30/2043		4,185,000		4,357,704
Old Republic International Corp., Sr. Unsec. Conv. Notes, 3.75%, 03/15/2018		8,381,000		10,209,106
Travelers Cos., Inc. (The), Sr. Unsec. Global Notes, 4.60%, 08/01/2043		6,455,000		6,918,940
WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/2022		5,040,000		5,422,468
				32,977,579
Railroads–0.40%
Burlington Northern Santa Fe, LLC, Sr. Unsec. Deb., 5.15%, 09/01/2043		19,380,000		21,575,124
Canadian National Railway Co. (Canada), Sr. Unsec. Notes, 5.80%, 06/01/2016		15,990,000		16,190,586
CSX Corp., Sr. Unsec. Notes, 5.50%, 04/15/2041		1,660,000		1,825,054
Union Pacific Corp.,
Sr. Unsec. Notes,
4.15%, 01/15/2045		4,410,000		4,437,139
4.85%, 06/15/2044		5,560,000		6,181,055
				50,208,958
Regional Banks–0.32%
PNC Bank, N.A., Series BKNT, Sr. Unsec. Notes, 1.30%, 10/03/2016		16,480,000		16,501,844
SunTrust Banks, Inc., Sr. Unsec. Notes, 3.60%, 04/15/2016		23,334,000		23,355,374
				39,857,218
Reinsurance–0.06%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		7,510,000		8,010,872

	Principal Amount		Value
Renewable Electricity–0.05%
Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/2044	$	5,806,000	$	5,802,749
Research & Consulting Services–0.04%
Verisk Analytics, Inc., Sr. Unsec. Global Notes, 5.50%, 06/15/2045		5,065,000		4,662,918
Semiconductor Equipment–0.41%
Lam Research Corp.,
Sr. Unsec. Global Notes, 3.80%, 03/15/2025		6,120,000		5,945,020
Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/2018		33,039,000		44,994,988
				50,940,008
Semiconductors–1.14%
Microchip Technology Inc., Sr. Unsec. Sub. Conv. Bonds, 1.63%, 02/15/2025		18,228,000		17,578,627
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(d)		35,244,000		24,582,690
NVIDIA Corp., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/2018		42,110,000		67,902,375
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Notes, 1.00%, 12/01/2020(c)		36,461,000		32,062,892
				142,126,584
Soft Drinks–0.40%
Coca-Cola Co. (The), Sr. Unsec. Global Notes, 1.80%, 09/01/2016		17,475,000		17,568,823
PepsiCo, Inc.,
Sr. Unsec. Global Notes, 3.60%, 03/01/2024		6,320,000		6,838,477
Sr. Unsec. Notes, 2.50%, 05/10/2016		25,410,000		25,500,866
				49,908,166
Specialized Finance–0.32%
Air Lease Corp., Sr. Unsec. Global Notes,
2.63%, 09/04/2018		8,760,000		8,508,150
4.25%, 09/15/2024		4,355,000		4,041,984
Aviation Capital Group Corp.,
Sr. Unsec. Notes,
2.88%, 09/17/2018(c)		7,805,000		7,546,268
4.88%, 10/01/2025(c)		7,745,000		7,606,307
Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/2022		9,185,000		9,997,900
National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Bonds, 3.05%, 02/15/2022		2,550,000		2,629,152
				40,329,761

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

13                         Invesco Equity and Income Fund

	Principal Amount		Value
Specialized REIT’s–0.05%
Crown Castle International Corp., Sr. Unsec. Notes, 4.45%, 02/15/2026	$	6,640,000	$	6,797,700
Steel–0.06%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Bonds, 10.85%, 06/01/2019		7,005,000		7,390,275
Systems Software–0.40%
FireEye, Inc., Series A, Sr. Unsec. Conv. Notes, 1.00%, 06/01/2020(c)(d)		10,953,000		9,015,688
Series B, Sr. Unsec. Conv. Notes, 1.63%, 06/01/2022(c)(d)		10,953,000		8,680,253
Microsoft Corp., Sr. Unsec. Global Notes, 3.50%, 02/12/2035		4,259,000		4,030,520
NetSuite Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/2018		23,004,000		21,695,647
Oracle Corp., Sr. Unsec. Global Notes, 4.30%, 07/08/2034		6,045,000		6,185,262
				49,607,370
Technology Hardware, Storage & Peripherals–0.58%
Apple Inc., Sr. Unsec. Global Notes, 2.15%, 02/09/2022		7,303,000		7,278,509
Hewlett Packard Enterprise Co.,
Sr. Unsec. Notes,
2.85%, 10/05/2018(c)		14,555,000		14,571,222
6.20%, 10/15/2035(c)		7,270,000		6,317,601
SanDisk Corp., Sr. Unsec. Conv. Bonds, 0.50%, 10/15/2020		37,991,000		39,106,986
Seagate HDD Cayman, Sr. Unsec. Gtd. Global Bonds,
4.75%, 01/01/2025		890,000		681,406
5.75%, 12/01/2034		7,094,000		4,291,870
				72,247,594
Thrifts & Mortgage Finance–0.39%
MGIC Investment Corp., Sr. Unsec. Conv. Notes,
2.00%, 04/01/2020		6,962,000		8,071,569
5.00%, 05/01/2017		24,396,000		25,417,582
Radian Group Inc., Sr. Unsec. Conv. Notes,
2.25%, 03/01/2019		4,063,000		4,641,978
3.00%, 11/15/2017		10,019,000		10,901,924
				49,033,053
Tobacco–0.24%
Philip Morris International Inc.,
Sr. Unsec. Global Bonds, 1.25%, 08/11/2017		2,167,000		2,172,720
Sr. Unsec. Global Notes,
2.50%, 05/16/2016		10,825,000		10,867,228
3.60%, 11/15/2023		3,940,000		4,246,572
4.88%, 11/15/2043		11,740,000		13,105,585
				30,392,105

	Principal Amount		Value
Trucking–0.06%
Penske Truck Leasing Co., L.P./PTL Finance Corp., Sr. Unsec. Notes, 2.50%, 03/15/2016(c)	$	7,435,000	$	7,438,056
Wireless Telecommunication Services–0.23%
America Movil S.A.B. de C.V. (Mexico),
Sr. Unsec. Global Notes, 4.38%, 07/16/2042		6,610,000		6,045,955
Sr. Unsec. Gtd. Global Notes, 2.38%, 09/08/2016		4,450,000		4,468,281
Crown Castle Towers LLC,
Sr. Sec. Gtd. First Lien Notes,
4.88%, 08/15/2020(c)		5,425,000		5,920,487
6.11%, 01/15/2020(c)		6,300,000		6,946,613
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 4.50%, 03/15/2043		6,080,000		5,751,388
				29,132,724
Total Bonds and Notes (Cost $2,557,851,928)				2,569,378,639
U.S. Treasury Securities–7.79%
U.S. Treasury Bills–0.02%
0.29%, 05/26/2016(h)(i)		1,865,000		1,863,618
U.S. Treasury Notes–7.26%
2.00%, 04/30/2016		17,445,000		17,491,483
1.75%, 05/31/2016		950,000		953,129
0.50%, 04/30/2017		48,000,000		47,875,274
0.88%, 04/30/2017		2,000,000		2,003,553
0.75%, 02/28/2018		81,150,000		81,092,618
1.25%, 01/31/2019		23,000,000		23,236,087
0.75%, 02/15/2019		95,780,000		95,356,434
3.63%, 08/15/2019		58,350,000		63,499,890
3.38%, 11/15/2019		10,000,000		10,835,800
1.13%, 02/28/2021		375,333,000		373,737,835
1.50%, 02/28/2023		10,661,000		10,649,486
1.63%, 02/15/2026		181,505,600		179,674,929
				906,406,518
U.S. Treasury Bonds–0.51%
3.00%, 11/15/2045		58,708,600		63,457,865
Total U.S. Treasury Securities (Cost $963,996,539)				971,728,001
	Shares
Preferred Stocks–0.96%
Asset Management & Custody Banks–0.19%
AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd.		438,000		21,681,000
State Street Corp., Series D, 5.90% Pfd.		55,128		1,438,841
				23,119,841
Diversified Banks–0.03%
Wells Fargo & Co., 5.85% Pfd.		142,800		3,639,972

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

14                         Invesco Equity and Income Fund

	Shares		Value
Oil & Gas Storage & Transportation–0.30%
El Paso Energy Capital Trust I, $2.38 Jr. Unsec. Gtd. Sub. Conv. Pfd.		875,900	$	38,057,855
Regional Banks–0.44%
KeyCorp, Series A, $7.75 Conv. Pfd.		427,098		55,518,469
Total Preferred Stocks (Cost $103,636,395)				120,336,137
	Principal Amount
U.S. Government Sponsored Agency Securities–0.45%
Federal Home Loan Mortgage Corp. (FHLMC)–0.38%
Unsec. Global Notes,
4.88%, 06/13/2018	$	33,680,000		36,676,897
6.75%, 03/15/2031		7,000,000		10,555,979
				47,232,876
Federal National Mortgage Association (FNMA)–0.07%
Unsec. Global Notes, 6.63%, 11/15/2030		6,315,000		9,433,438
Total U.S. Government Sponsored Agency Securities (Cost $55,447,058)				56,666,314
Municipal Obligations–0.07%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010 A, Taxable Build America RB, 6.64%, 04/01/2057		2,600,000		3,174,444
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M); Series 2010 A, Taxable Build America RB, 6.66%, 04/01/2057		4,980,000		5,966,787
Total Municipal Obligations (Cost $7,640,528)				9,141,231
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%
Federal Home Loan Mortgage Corp. (FHLMC)–0.00%
Pass Through Ctfs.,
6.50%, 05/01/2029		2		2
5.50%, 02/01/2037		59		66
				68

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–0.00%
Pass Through Ctfs.,
7.00%, 07/01/2018 to 07/01/2032	$	27,462	$	28,981
5.50%, 03/01/2021		88		94
8.00%, 08/01/2021		2,221		2,310
				31,385
Government National Mortgage Association (GNMA)–0.00%
Pass Through Ctfs.,
8.00%, 04/15/2026 to 01/20/2031		29,297		31,958
7.50%, 12/20/2030		1,973		2,486
				34,444
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $62,676)				65,897
	Shares
Money Market Funds–7.30%
Liquid Assets Portfolio–Institutional Class, 0.42%(j)		455,501,888		455,501,888
Premier Portfolio–Institutional Class, 0.38%(j)		455,501,887		455,501,887
Total Money Market Funds (Cost $911,003,775)				911,003,775
TOTAL INVESTMENTS–99.55% (Cost $11,802,918,111)				12,424,937,992
OTHER ASSETS LESS LIABILITIES–0.45%				56,527,897
NET ASSETS–100.00%			$	12,481,465,889

Investment Abbreviations:

ADR	–  American Depositary Receipt
Conv.	–  Convertible
Ctfs.	–  Certificates
Deb.	–  Debentures
Gtd.	–  Guaranteed
Jr.	–  Junior
Pfd.	–  Preferred
RB	–  Revenue Bonds
REIT	–  Real Estate Investment Trust
Sec.	–  Secured
Sr.	–  Senior
Sub.	–  Subordinated
Unsec.	–  Unsecured

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

15                         Invesco Equity and Income 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)  Non-income producing security.

^(c)  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 February 29, 2016 was $495,009,158, which represented 3.97% of the Fund’s Net Assets.

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

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

^(f)  Exchangeable for a basket of four common stocks and one ordinary Share.

^(g)  Exchangeable for a basket of five common shares.

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

⁽ⁱ⁾  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K and Note 4.

^(j)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

Portfolio Composition

By security type, based on Net Assets as of February 29, 2016

Common Stocks & Other Equity Interests	62.4	%
Bonds and Notes	20.6
U.S. Treasury Securities	7.8
Preferred Stocks	1.0
Security types each less than 1% of portfolio	0.5
Money Market Funds Plus Other Assets Less Liabilities	7.7

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

16                         Invesco Equity and Income Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $10,891,914,336)	$	11,513,934,217
Investments in affiliated money market funds, at value and cost		911,003,775
Total investments, at value (Cost $11,802,918,111)		12,424,937,992
Foreign currencies, at value (Cost $2,007,934)		1,995,503
Receivable for:
Investments sold		485,288,491
Fund shares sold		15,512,084
Dividends and interest		47,348,401
Investment for trustee deferred compensation and retirement plans		1,097,768
Unrealized appreciation on forward foreign currency contracts outstanding		16,202,382
Other assets		144,944
Total assets		12,992,527,565
Liabilities:
Payable for:
Investments purchased		480,420,652
Fund shares reacquired		17,126,333
Amount due custodian		568,377
Variation margin—futures		173,551
Accrued fees to affiliates		8,294,647
Accrued trustees’ and officers’ fees and benefits		22,535
Accrued other operating expenses		619,320
Trustee deferred compensation and retirement plans		1,336,766
Unrealized depreciation on forward foreign currency contracts outstanding		2,499,495
Total liabilities		511,061,676
Net assets applicable to shares outstanding	$	12,481,465,889
Net assets consist of:
Shares of beneficial interest	$	11,821,583,924
Undistributed net investment income		(24,446,024	)
Undistributed net realized gain		48,649,347
Net unrealized appreciation		635,678,642
	$	12,481,465,889

Net Assets:
Class A	$	9,196,390,104
Class B	$	202,714,862
Class C	$	1,544,030,258
Class R	$	208,203,013
Class Y	$	732,842,539
Class R5	$	394,628,754
Class R6	$	202,656,359
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,012,947,576
Class B		22,857,895
Class C		173,143,745
Class R		22,824,100
Class Y		80,693,489
Class R5		43,437,554
Class R6		22,313,850
Class A:
Net asset value per share	$	9.08
Maximum offering price per share
(Net asset value of $9.08 ¸ 94.50%)	$	9.61
Class B:
Net asset value and offering price per share	$	8.87
Class C:
Net asset value and offering price per share	$	8.92
Class R:
Net asset value and offering price per share	$	9.12
Class Y:
Net asset value and offering price per share	$	9.08
Class R5:
Net asset value and offering price per share	$	9.08
Class R6:
Net asset value and offering price per share	$	9.08

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

17                         Invesco Equity and Income Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,382,962)	$	105,765,212
Dividends from affiliated money market funds		941,839
Interest		47,845,256
Total investment income		154,552,307
Expenses:
Advisory fees		23,066,563
Administrative services fees		434,804
Custodian fees		188,869
Distribution fees:
Class A		12,015,457
Class B		1,203,330
Class C		8,131,005
Class R		542,962
Transfer agent fees — A, B, C, R and Y		10,510,060
Transfer agent fees — R5		203,032
Transfer agent fees — R6		3,119
Trustees’ and officers’ fees and benefits		197,733
Other		942,849
Total expenses		57,439,783
Less: Fees waived and expense offset arrangement(s)		(638,379	)
Net expenses		56,801,404
Net investment income		97,750,903
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		85,412,694
Foreign currencies		(178,443	)
Forward foreign currency contracts		22,479,760
Futures contracts		(4,628,543	)
		103,085,468
Change in net unrealized appreciation (depreciation) of:
Investment securities		(924,658,151	)
Foreign currencies		(127,294	)
Forward foreign currency contracts		7,295,097
Futures contracts		(361,589	)
		(917,851,937	)
Net realized and unrealized gain (loss)		(814,766,469	)
Net increase (decrease) in net assets resulting from operations	$	(717,015,566	)

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

18                         Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	97,750,903		$	180,306,245
Net realized gain		103,085,468			639,775,006
Change in net unrealized appreciation (depreciation)		(917,851,937	)		(1,063,505,802	)
Net increase (decrease) in net assets resulting from operations		(717,015,566	)		(243,424,551	)
Distributions to shareholders from net investment income:
Class A		(141,120,777	)		(260,216,393	)
Class B		(2,609,727	)		(7,021,414	)
Class C		(17,561,951	)		(30,002,656	)
Class R		(2,902,913	)		(5,368,311	)
Class Y		(12,228,861	)		(21,553,271	)
Class R5		(6,657,549	)		(12,247,206	)
Class R6		(3,176,691	)		(4,726,916	)
Total distributions from net investment income		(186,258,469	)		(341,136,167	)
Distributions to shareholders from net realized gains:
Class A		(266,959,800	)		(842,979,900	)
Class B		(6,706,307	)		(33,958,762	)
Class C		(45,979,749	)		(140,184,003	)
Class R		(5,987,733	)		(19,237,356	)
Class Y		(21,242,026	)		(63,938,513	)
Class R5		(11,414,804	)		(34,430,457	)
Class R6		(5,223,400	)		(12,907,558	)
Total distributions from net realized gains		(363,513,819	)		(1,147,636,549	)
Share transactions–net:
Class A		249,174,917			970,871,766
Class B		(45,808,148	)		(124,425,413	)
Class C		34,511,259			254,679,990
Class R		7,381,982			18,275,914
Class Y		23,343,797			162,275,763
Class R5		23,190,723			60,543,892
Class R6		29,417,157			63,841,482
Net increase in net assets resulting from share transactions		321,211,687			1,406,063,394
Net increase (decrease) in net assets		(945,576,167	)		(326,133,873	)
Net assets:
Beginning of period		13,427,042,056			13,753,175,929
End of period (includes undistributed net investment income of $(24,446,024) and $64,061,542, respectively)	$	12,481,465,889		$	13,427,042,056

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Equity and Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

19                         Invesco Equity and Income Fund

The Fund’s investment objective is current income and, secondarily, capital appreciation.

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

20                         Invesco Equity and Income Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

21                         Invesco Equity and Income Fund

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

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

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

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

L. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $150 million		0.50%
Next $100 million		0.45%
Next $100 million		0.40%
Over $350 million		0.35%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.35%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

22                         Invesco Equity and Income Fund

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $624,064.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares, Class C shares and Class R shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $1,584,974 in front-end sales commissions from the sale of Class A shares and $51,419, $14,292 and $47,048 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 29, 2016, the Fund incurred $31,251 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	8,350,327,215	$	467,630,695	$	—	$	8,817,957,910
U.S. Treasury Securities		—		971,728,001		—		971,728,001
Corporate Debt Securities		—		2,569,378,639		—		2,569,378,639
U.S. Government Sponsored Agency Securities		—		56,732,211		—		56,732,211
Municipal Obligations		—		9,141,231		—		9,141,231
		8,350,327,215		4,074,610,777		—		12,424,937,992
Forward Foreign Currency Contracts*		—		13,702,887		—		13,702,887
Futures Contracts*		151,079		—		—		151,079
Total Investments	$	8,350,478,294	$	4,088,313,664	$	—	$	12,438,791,958

* Unrealized appreciation (depreciation).

23                         Invesco Equity and Income Fund

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	16,202,382	$	(2,499,495	)
Interest rate risk:
Futures contracts(b)		151,079		—
Total	$	16,353,461	$	(2,499,495	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

^(b)  Includes cumulative appreciation (depreciation) of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Forward Foreign Currency Contracts		Futures Contracts
Realized Gain (Loss):
Currency risk	$	22,479,760	$	—
Interest rate risk		—		(4,628,543	)
Change in Net Unrealized Appreciation (Depreciation):
Currency risk		7,295,097		—
Interest rate risk		—		(361,589	)
Total	$	29,774,857	$	(4,990,132	)

The table below summarizes the average notional value of forward foreign currency contracts and futures contracts outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts
Average notional value	$	864,024,308	$	178,105,702

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
03/11/16	Bank of New York Mellon (The)		CAD	71,310,346		USD	51,605,357	$	52,711,414	$	(1,106,057	)
03/11/16	Bank of New York Mellon (The)		CHF	38,167,477		USD	39,341,425		38,247,694		1,093,731
03/11/16	Bank of New York Mellon (The)		EUR	81,660,503		USD	92,451,939		88,857,711		3,594,228
03/11/16	Bank of New York Mellon (The)		GBP	54,671,771		USD	79,226,777		76,098,413		3,128,364
03/11/16	Bank of New York Mellon (The)		ILS	172,911,726		USD	44,718,164		44,326,527		391,637
03/11/16	State Street Bank and Trust Co.		CAD	82,768,147		USD	59,897,185		61,180,828		(1,283,643	)
03/11/16	State Street Bank and Trust Co.		CHF	29,812,940		USD	30,739,743		29,875,598		864,145
03/11/16	State Street Bank and Trust Co.		EUR	77,586,093		USD	87,855,000		84,424,200		3,430,800
03/11/16	State Street Bank and Trust Co.		GBP	59,802,885		USD	86,650,792		83,240,483		3,410,309
03/11/16	State Street Bank and Trust Co.		ILS	134,206,836		USD	34,693,561		34,404,393		289,168
03/11/16	State Street Bank and Trust Co.		USD	13,222,599		CHF	13,085,303		13,112,804		(109,795	)
Total forward foreign currency contracts — currency risk										$	13,702,887

Currency Abbreviations:

CAD	– Canadian Dollar
CHF	– Swiss Franc

EUR	– Euro
GBP	– British Pound Sterling

ILS	– Israeli Shekel
USD	– U.S. Dollar

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation
U.S. Treasury 5 Year Notes		Short		507		June-2016	$	(61,339,078	)	$	58,208
U.S. Treasury 10 Year Notes		Short		868		June-2016		(113,287,563	)		92,871
Total futures contracts — interest rate risk										$	151,079

24                         Invesco Equity and Income Fund

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of February 29, 2016.

			Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross amounts of Recognized Assets		Financial Instruments			Collateral Received
Counterparty						Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)	$	8,207,960	$	(1,106,057	)	$	—	$	—	$	7,101,903
State Street Bank and Trust Co.		7,994,422		(1,393,438	)		—		—		6,600,984
Total	$	16,202,382	$	(2,499,495	)	$	—	$	—	$	13,702,887
			Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross amounts of Recognized  Liabilities		Financial Instruments			Collateral Pledged
Counterparty						Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)	$	1,106,057	$	(1,106,057	)	$	—	$	—	$	—
State Street Bank and Trust Co.		1,393,438		(1,393,438	)		—		—		—
Total	$	2,499,495	$	(2,499,495	)	$	—	$	—	$	—

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $14,315.

NOTE 6—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

25                         Invesco Equity and Income Fund

The Fund did not have a capital loss carryforward as of August 31, 2015.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $3,199,856,014 and $1,800,048,746, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $3,919,183,220 and $3,804,836,929, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,354,334,231
Aggregate unrealized (depreciation) of investment securities		(792,587,501	)
Net unrealized appreciation of investment securities	$	561,746,730

Cost of investments for tax purposes is $11,863,191,262.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 29,  2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		63,839,059		$	617,269,683			132,855,407		$	1,407,335,195
Class B		159,999			1,498,700			391,128			4,066,382
Class C		12,814,169			122,183,080			31,927,192			332,741,941
Class R		3,490,904			33,832,095			5,817,559			61,877,721
Class Y		10,271,772			98,799,817			29,754,125			316,032,681
Class R5		5,967,318			59,048,516			14,653,172			154,978,913
Class R6		6,563,750			62,405,624			13,351,616			140,910,100
Issued as reinvestment of dividends:
Class A		39,838,200			381,710,931			101,273,868			1,032,701,699
Class B		964,782			9,028,163			3,975,218			39,580,117
Class C		6,155,065			57,943,952			15,458,277			154,681,888
Class R		922,920			8,885,471			2,401,902			24,594,997
Class Y		3,216,834			30,839,285			7,619,261			77,752,111
Class R5		1,883,286			18,056,232			4,569,798			46,663,503
Class R6		876,743			8,400,091			1,726,337			17,634,474
Automatic conversion of Class B shares to Class A shares:
Class A		4,133,768			39,787,276			10,509,185			111,300,490
Class B		(4,228,077	)		(39,787,276	)		(10,741,031	)		(111,300,490	)
Reacquired:
Class A		(81,943,810	)		(789,592,973	)		(148,952,999	)		(1,580,465,618	)
Class B		(1,756,495	)		(16,547,735	)		(5,457,994	)		(56,771,422	)
Class C		(15,417,127	)		(145,615,773	)		(22,383,709	)		(232,743,839	)
Class R		(3,668,928	)		(35,335,584	)		(6,407,390	)		(68,196,804	)
Class Y		(11,125,512	)		(106,295,305	)		(22,048,368	)		(231,509,029	)
Class R5		(5,507,159	)		(53,914,025	)		(13,327,278	)		(141,098,524	)
Class R6		(4,234,844	)		(41,388,558	)		(9,037,781	)		(94,703,092	)
Net increase in share activity		33,216,617		$	321,211,687			137,927,495		$	1,406,063,394

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

26                         Invesco Equity and Income Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	10.01	$	0.07		$	(0.59	)	$	(0.52	)	$	(0.14	)	$	(0.27	)	$	(0.41	)	$	9.08		(5.36	)%	$	9,196,390		0.79	%(d)		0.80	%(d)		1.57	%(d)		43	%
Year ended 08/31/15		11.42		0.15			(0.33	)		(0.18	)		(0.28	)		(0.95	)		(1.23	)		10.01		(1.65	)		9,879,022		0.79			0.80			1.38			69
Year ended 08/31/14		10.43		0.22	(e)		1.56			1.78			(0.20	)		(0.59	)		(0.79	)		11.42		17.86			10,181,796		0.79			0.80			1.99	(e)		60
Year ended 08/31/13		9.05		0.17			1.42			1.59			(0.21	)		—			(0.21	)		10.43		17.80			8,752,700		0.78			0.79			1.74			26
Year ended 08/31/12		8.19		0.17			0.85			1.02			(0.16	)		—			(0.16	)		9.05		12.67			7,878,694		0.80			0.81			2.05			21
Year ended 08/31/11		7.53		0.15			0.66			0.81			(0.15	)		—			(0.15	)		8.19		10.78			7,908,623		0.81			0.81			1.74			22
Class B
Six months ended 02/29/16		9.78		0.04			(0.58	)		(0.54	)		(0.10	)		(0.27	)		(0.37	)		8.87		(5.68	)		202,715		1.54	(d)		1.55	(d)		0.82	(d)		43
Year ended 08/31/15		11.18		0.07			(0.32	)		(0.25	)		(0.20	)		(0.95	)		(1.15	)		9.78		(2.41	)		271,120		1.54			1.55			0.63			69
Year ended 08/31/14		10.22		0.13	(e)		1.54			1.67			(0.12	)		(0.59	)		(0.71	)		11.18		17.01			442,318		1.54			1.55			1.24	(e)		60
Year ended 08/31/13		8.87		0.09			1.39			1.48			(0.13	)		—			(0.13	)		10.22		16.90			570,146		1.53			1.54			0.99			26
Year ended 08/31/12		8.04		0.15			0.83			0.98			(0.15	)		—			(0.15	)		8.87		12.36			739,631		1.02			1.56			1.83			21
Year ended 08/31/11		7.39		0.14			0.65			0.79			(0.14	)		—			(0.14	)		8.04		10.69	(f)		1,014,527		0.84	(f)		0.98	(f)		1.71	(f)		22
Class C
Six months ended 02/29/16		9.83		0.03			(0.57	)		(0.54	)		(0.10	)		(0.27	)		(0.37	)		8.92		(5.65	)		1,544,030		1.54	(d)		1.55	(d)		0.82	(d)		43
Year ended 08/31/15		11.24		0.07			(0.33	)		(0.26	)		(0.20	)		(0.95	)		(1.15	)		9.83		(2.48	)		1,667,769		1.54			1.55			0.63			69
Year ended 08/31/14		10.27		0.13	(e)		1.55			1.68			(0.12	)		(0.59	)		(0.71	)		11.24		17.03			1,624,965		1.54			1.55			1.24	(e)		60
Year ended 08/31/13		8.91		0.10			1.40			1.50			(0.14	)		—			(0.14	)		10.27		16.95			1,284,225		1.53			1.54			0.99			26
Year ended 08/31/12		8.07		0.11			0.83			0.94			(0.10	)		—			(0.10	)		8.91		11.77	(g)		1,157,325		1.54	(g)		1.54	(g)		1.31	(g)		21
Year ended 08/31/11		7.42		0.09			0.65			0.74			(0.09	)		—			(0.09	)		8.07		9.95	(g)		1,216,936		1.54	(g)		1.54	(g)		1.01	(g)		22
Class R
Six months ended 02/29/16		10.05		0.06			(0.59	)		(0.53	)		(0.13	)		(0.27	)		(0.40	)		9.12		(5.46	)		208,203		1.04	(d)		1.05	(d)		1.32	(d)		43
Year ended 08/31/15		11.47		0.13			(0.34	)		(0.21	)		(0.26	)		(0.95	)		(1.21	)		10.05		(1.98	)		221,987		1.04			1.05			1.13			69
Year ended 08/31/14		10.47		0.19	(e)		1.58			1.77			(0.18	)		(0.59	)		(0.77	)		11.47		17.60			232,455		1.04			1.05			1.74	(e)		60
Year ended 08/31/13		9.08		0.15			1.43			1.58			(0.19	)		—			(0.19	)		10.47		17.57			193,610		1.03			1.04			1.49			26
Year ended 08/31/12		8.23		0.15			0.85			1.00			(0.15	)		—			(0.15	)		9.08		12.23			176,940		1.05			1.06			1.80			21
Year ended 08/31/11		7.57		0.13			0.66			0.79			(0.13	)		—			(0.13	)		8.23		10.45			182,135		1.06			1.06			1.49			22
Class Y
Six months ended 02/29/16		10.01		0.09			(0.59	)		(0.50	)		(0.16	)		(0.27	)		(0.43	)		9.08		(5.24	)		732,843		0.54	(d)		0.55	(d)		1.82	(d)		43
Year ended 08/31/15		11.43		0.17			(0.33	)		(0.16	)		(0.31	)		(0.95	)		(1.26	)		10.01		(1.49	)		784,238		0.54			0.55			1.63			69
Year ended 08/31/14		10.43		0.24	(e)		1.58			1.82			(0.23	)		(0.59	)		(0.82	)		11.43		18.25			719,931		0.54			0.55			2.24	(e)		60
Year ended 08/31/13		9.05		0.20			1.41			1.61			(0.23	)		—			(0.23	)		10.43		18.10			477,207		0.53			0.54			1.99			26
Year ended 08/31/12		8.20		0.20			0.84			1.04			(0.19	)		—			(0.19	)		9.05		12.83			410,600		0.55			0.56			2.30			21
Year ended 08/31/11		7.54		0.17			0.67			0.84			(0.18	)		—			(0.18	)		8.20		11.04			422,009		0.56			0.56			1.99			22
Class R5
Six months ended 02/29/16		10.02		0.08			(0.59	)		(0.51	)		(0.16	)		(0.27	)		(0.43	)		9.08		(5.30	)		394,629		0.47	(d)		0.48	(d)		1.89	(d)		43
Year ended 08/31/15		11.43		0.18			(0.32	)		(0.14	)		(0.32	)		(0.95	)		(1.27	)		10.02		(1.32	)		411,579		0.47			0.48			1.70			69
Year ended 08/31/14		10.43		0.25	(e)		1.58			1.83			(0.24	)		(0.59	)		(0.83	)		11.43		18.33			402,366		0.48			0.49			2.30	(e)		60
Year ended 08/31/13		9.05		0.20			1.42			1.62			(0.24	)		—			(0.24	)		10.43		18.17			241,540		0.47			0.48			2.05			26
Year ended 08/31/12		8.20		0.21			0.84			1.05			(0.20	)		—			(0.20	)		9.05		12.96			238,392		0.44			0.44			2.41			21
Year ended 08/31/11		7.54		0.19			0.65			0.84			(0.18	)		—			(0.18	)		8.20		11.16			156,096		0.39			0.39			2.16			22
Class R6
Six months ended 02/29/16		10.01		0.10			(0.60	)		(0.50	)		(0.16	)		(0.27	)		(0.43	)		9.08		(5.16	)		202,656		0.37	(d)		0.38	(d)		1.99	(d)		43
Year ended 08/31/15		11.43		0.19			(0.33	)		(0.14	)		(0.33	)		(0.95	)		(1.28	)		10.01		(1.33	)		191,328		0.37			0.38			1.80			69
Year ended 08/31/14		10.43		0.26	(e)		1.58			1.84			(0.25	)		(0.59	)		(0.84	)		11.43		18.44			149,346		0.39			0.40			2.39	(e)		60
Year ended 08/31/13(h)		9.27		0.21			1.14			1.35			(0.19	)		—			(0.19	)		10.43		14.81			37,884		0.37	(i)		0.38	(i)		2.15	(i)		26

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $9,672,919, $241,988, $1,635,136, $218,378, $771,283, $408,403 and $198,065 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.16 and 1.47%, $0.07 and 0.72%, $0.07 and 0.72%, $0.13 and 1.22%, $0.18 and 1.72%, $0.19 and 1.78% and $0.20 and 1.87% for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.28% for the year ended August 31, 2011.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% and 0.97% for the years ended August 31, 2012 and August 31, 2011.

^(h)  Commencement date of September 24, 2012.

⁽ⁱ⁾  Annualized.

27                         Invesco Equity and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	946.40	$	3.82	$	1,020.93	$	3.97		0.79	%
B		1,000.00		943.20		7.44		1,017.21		7.72		1.54
C		1,000.00		943.50		7.44		1,017.21		7.72		1.54
R		1,000.00		945.40		5.03		1,019.69		5.22		1.04
Y		1,000.00		947.60		2.61		1,022.18		2.72		0.54
R5		1,000.00		947.00		2.28		1,022.53		2.36		0.47
R6		1,000.00		948.40		1.79		1,023.02		1.86		0.37

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

28                         Invesco Equity and Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     VK-EQI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Floating Rate Fund
	Nasdaq:
	A: AFRAX  ¡  C: AFRCX  ¡  R: AFRRX  ¡  Y: AFRYX  ¡  R5: AFRIX  ¡  R6: AFRFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
24	Financial Statements
27	Notes to Financial Statements
37	Financial Highlights
38	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.83	%
Class C Shares	-5.97
Class R Shares	-5.94
Class Y Shares	-5.60
Class R5 Shares	-5.71
Class R6 Shares	-5.67
Barclays U.S. Aggregate Index▼ (Broad Market Index)	2.20
Credit Suisse Leveraged Loan Index¡ (Style-Specific Index)	-3.86
Lipper Loan Participation Funds Classification Average¿ (Peer Group)	-4.21

Source(s): ^▼Factset Research Systems Inc.; ¡Bloomberg LP; ^¿Lipper Inc.

The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

    The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated non-investment-grade loans.

    The Lipper Loan Participation Funds Classification Average represents an average of all of the funds in the Lipper Loan Participation Funds classification.

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

    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.

2                      Invesco Floating Rate Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (5/1/97)	3.52	%
10 Years	2.45
5 Years	1.61
1 Year	-8.70
Class C Shares
Inception (3/31/00)	2.79	%
10 Years	2.19
5 Years	1.63
1 Year	-7.75
Class R Shares
10 Years	2.47	%
5 Years	1.85
1 Year	-6.69
Class Y Shares
10 Years	2.87	%
5 Years	2.37
1 Year	-6.13
Class R5 Shares
10 Years	3.02	%
5 Years	2.41
1 Year	-6.23
Class R6 Shares
10 Years	2.83	%
5 Years	2.36
1 Year	-6.02

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/1/97)	3.67	%
10 Years	2.80
5 Years	2.49
1 Year	-5.30
Class C Shares
Inception (3/31/00)	2.97	%
10 Years	2.54
5 Years	2.50
1 Year	-4.28
Class R Shares
10 Years	2.83	%
5 Years	2.74
1 Year	-3.20
Class Y Shares
10 Years	3.23	%
5 Years	3.27
1 Year	-2.61
Class R5 Shares
10 Years	3.39	%
5 Years	3.34
1 Year	-2.58
Class R6 Shares
10 Years	3.18	%
5 Years	3.25
1 Year	-2.50

On April 13, 2006, the Fund reorganized from a closed-end fund to an open-end fund. Performance shown for Class A shares prior to that date is that of the closed-end fund’s Class B shares and includes the management and 12b-1 fees applicable to Class B shares.

    On April 13, 2006, the Fund reorganized from a closed-end fund to an open-end fund. Performance shown for Class C shares prior to that date is that of the closed-end fund’s Class C shares and includes the management and 12b-1 fees applicable to Class C shares.

    Class R shares incepted on April 13, 2006. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R5 shares incepted on April 13, 2006. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of

Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 1.07%, 1.57%, 1.32%, 0.82%, 0.81% and 0.71%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 2.50% sales charge and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Floating Rate Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Floating Rate Fund

Schedule of Investments

February 29, 2016

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Variable Rate Senior Loan Interests–83.83%(a)(b)
Aerospace & Defense–1.76%
BE Aerospace Inc., Term Loan		4.00	%		12/16/2021	$	1,961	$	1,965,468
CAMP International Holding Co.,
First Lien Term Loan		4.75	%		05/31/2019		3,658		3,438,627
Second Lien Term Loan		8.25	%		11/30/2019		258		235,204
Consolidated Aerospace Manufacturing, LLC, Term Loan		4.75	%		08/11/2022		2,431		2,272,991
IAP Worldwide Services,
Revolver Loan(c)		0.00	%		07/18/2018		877		859,152
Second Lien Term Loan (Acquired 08/18/2014; Cost $950,525)		8.00	%		07/18/2019		1,021		1,025,737
PRV Aerospace, LLC, Term Loan		6.50	%		05/09/2018		1,903		1,807,592
Transdigm Inc.,
Term Loan C		3.75	%		02/28/2020		4,093		3,984,336
Term Loan D		3.75	%		06/04/2021		6,974		6,682,781
Term Loan E		3.50	%		05/16/2022		8,958		8,583,004
									30,854,892
Air Transport–0.72%
American Airlines, Inc., Term Loan		3.25	%		06/27/2020		5,258		5,174,608
Delta Air Lines, Inc., Revolver Loan(c)		0.00	%		10/18/2017		1,145		1,124,822
Gol LuxCo S.A. (Luxembourg), Term Loan		6.50	%		08/31/2020		5,842		5,841,654
United Continental Holdings, Inc., Term Loan B-1		3.50	%		09/15/2021		374		372,476
									12,513,560
Automotive–3.16%
Affinia Group Inc., Term Loan B-2		4.75	%		04/27/2020		4,077		4,074,680
Autoparts Holdings Ltd., First Lien Term Loan		7.05	%		07/29/2017		1,283		1,047,476
BBB Industries, LLC, Second Lien Term Loan		9.75	%		11/03/2022		1,033		957,604
Britax Group Ltd., Term Loan		4.50	%		10/15/2020		1,763		1,247,718
FCA US LLC, Term Loan		3.50	%		05/24/2017		2,023		2,016,345
Federal-Mogul Holdings Corp.,
Term Loan B(d)		—			04/15/2018		768		673,457
Term Loan C		4.75	%		04/15/2021		27,787		22,623,280
Gates Global, LLC, Term Loan		4.25	%		07/05/2021		7,320		6,469,186
Goodyear Tire & Rubber Co., Second Lien Term Loan		3.75	%		04/30/2019		877		880,834
Midas Intermediate Holdco II, LLC, First Lien Delayed Draw Term Loan(c)		0.00	%		08/18/2021		171		169,581
Nelson Bidco Ltd. (United Kingdom), Second Lien Term Loan		8.25	%		12/17/2022	GBP	2,750		3,846,727
Tower Automotive Holdings USA, LLC, Term Loan		4.00	%		04/23/2020		5,181		5,012,303
Transtar Holding Co.,
First Lien Term Loan		5.75	%		10/09/2018		4,627		3,655,018
Second Lien Term Loan		10.00	%		10/09/2019		1,654		1,306,357
Wand Intermediate I L.P., Second Lien Term Loan		8.25	%		09/17/2022		1,406		1,251,386
									55,231,952
Beverage and Tobacco–0.07%
Winebow Holdings, Inc., Second Lien Term Loan		8.50	%		12/31/2021		1,508		1,251,789
Building & Development–2.27%
ABC Supply Co., Inc., Term Loan B		3.50	%		04/16/2020		454		448,211
Capital Automotive L.P., Second Lien Term Loan		6.00	%		04/30/2020		3,330		3,271,263
DI Purchaser, Inc., First Lien Term Loan		6.00	%		12/15/2021		700		566,602

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

5                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Building & Development–(continued)
Lake at Las Vegas Joint Venture, LLC,
Exit Revolver Loan(c)		0.00	%		02/28/2017	$	13	$	9,114
PIK Exit Revolver Loan(e)		5.00	%		02/28/2017		155		111,141
Mannington Mills, Inc., Term Loan		4.75	%		10/01/2021		690		660,101
Mueller Water Products, Inc., Term Loan		4.00	%		11/25/2021		105		104,755
Nortek, Inc., Incremental Term Loan 1		3.50	%		10/30/2020		3,400		3,257,252
Quikrete Holdings, Inc., First Lien Term Loan		4.00	%		09/26/2020		9,428		9,224,985
Re/Max International, Inc., Term Loan		4.25	%		07/31/2020		2,734		2,699,777
Realogy Corp.,
Synthetic LOC (Acquired 11/18/2011-08/08/2012; Cost $1,308)		4.68	%		10/10/2016		—		285
Term Loan B		3.75	%		03/05/2020		19,488		19,349,497
									39,702,983
Business Equipment & Services–8.20%
Acosta, Inc., Term Loan B-1		4.25	%		09/26/2021		2,944		2,782,997
Asurion LLC,
Incremental Term Loan B-1		5.00	%		05/24/2019		211		199,057
Incremental Term Loan B-2		4.25	%		07/08/2020		19,677		18,111,475
Incremental Term Loan B-4		5.00	%		08/04/2022		2,634		2,425,315
Second Lien Term Loan		8.50	%		03/03/2021		23,167		19,008,518
AVSC Holding Corp., First Lien Term Loan		4.50	%		01/25/2021		4		3,779
Brickman Group Ltd. LLC,
First Lien Term Loan		4.00	%		12/18/2020		1,709		1,658,650
Second Lien Term Loan		7.50	%		12/17/2021		1,110		1,007,427
Caraustar Industries, Inc.,
Incremental Term Loan		8.00	%		05/01/2019		256		244,779
Term Loan		8.00	%		05/01/2019		2,775		2,691,522
Checkout Holding Corp.,
Second Lien Term Loan		7.75	%		04/11/2022		4,379		2,497,330
Term Loan B		4.50	%		04/09/2021		6,275		4,816,187
Connolly, LLC, Second Lien Term Loan		8.00	%		05/14/2022		3,411		3,368,523
Crossmark Holdings, Inc.,
First Lien Term Loan		4.50	%		12/20/2019		4,566		3,287,791
Second Lien Term Loan		8.75	%		12/21/2020		576		302,626
Dream Secured Bondco AB (Sweden), Term Loan B-1		5.25	%		10/21/2022	EUR	892		964,800
Equinix, Inc., Term Loan B		4.00	%		12/08/2022		710		711,878
Expert Global Solutions, Inc., First Lien Term Loan B		8.50	%		04/03/2018		3,809		3,758,202
First Data Corp.,
Term Loan		3.93	%		03/23/2018		19,899		19,677,437
Term Loan		4.18	%		07/10/2022		9,870		9,627,058
Genesys Telecom Holdings, U.S., Inc.,
Term Loan		4.00	%		02/08/2020		781		760,747
Term Loan 2		4.50	%		11/13/2020		5,019		4,901,770
Hillman Group Inc. (The), Term Loan(d)		—			06/30/2021		1,719		1,644,157
Inmar, Inc., Second Lien Term Loan		8.00	%		01/27/2022		40		30,389
Karman Buyer Corp.,
Second Lien Term Loan		7.50	%		07/25/2022		3,750		3,140,854
Term Loan		4.25	%		07/25/2021		3,950		3,762,905
Kronos Inc., Second Lien Term Loan		9.75	%		04/30/2020		1,710		1,663,152
LS Deco LLC, Term Loan B		5.50	%		05/21/2022		1,399		1,399,220
Prime Security Services Borrower, LLC, Second Lien Term Loan B		9.75	%		07/01/2022		1,317		1,215,360
Sensus USA, Inc., First Lien Term Loan		4.50	%		05/09/2017		3,317		3,197,177
Spin Holdco Inc., First Lien Term Loan		4.25	%		11/14/2019		11,869		11,316,173

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

6                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Business Equipment & Services–(continued)
TaxAct, Inc., Term Loan		7.00	%		12/31/2022	$	2,669	$	2,600,884
TNS Inc., Second Lien Term Loan		9.00	%		08/14/2020		231		225,340
Trans Union LLC, Term Loan B-2		3.50	%		04/09/2021		6,053		5,913,425
Wash MultiFamily Laundry Systems, LLC,
First Lien Term Loan		4.25	%		05/13/2022		355		343,214
First Lien Term Loan		4.25	%		05/13/2022		2,026		1,959,776
Second Lien Term Loan		8.00	%		05/12/2023		222		209,090
Second Lien Term Loan		8.00	%		05/14/2023		39		36,621
WOWMIDCO SAS (France), Term Loan B(d)		—			01/01/2023	EUR	1,713		1,829,835
									143,295,440
Cable & Satellite Television–4.73%
Altice Financing S.A. (Luxembourg),
Term Loan		5.50	%		07/02/2019		1,203		1,192,894
Term Loan		5.25	%		02/04/2022		3,855		3,745,736
Euro Term Loan		5.25	%		02/04/2022	EUR	995		1,062,451
Charter Communications Operating, LLC, Term Loan I		3.50	%		01/24/2023		15,588		15,532,748
CSC Holdings, LLC, Term Loan		5.00	%		10/09/2022		10,463		10,388,191
ION Media Networks, Inc., Term Loan B-1		4.75	%		12/18/2020		317		308,272
MCC Iowa LLC, Term Loan H		3.25	%		01/29/2021		3,227		3,163,646
Mediacom Illinois LLC,
Term Loan E		3.40	%		10/23/2017		669		665,671
Term Loan G		3.50	%		06/30/2021		176		173,968
Quebecor Media Inc. (Canada), Term Loan B-1		3.25	%		08/17/2020		2,454		2,389,049
Virgin Media Investment Holdings Ltd. (United Kingdom), Term Loan F		3.50	%		06/30/2023		6,318		6,128,553
WideOpenWest Finance, LLC,
Term Loan B		4.50	%		04/01/2019		1,899		1,828,426
Term Loan B-1		3.75	%		07/17/2017		916		911,383
YPSO Holding S.A. (France),
Term Loan B-5		4.56	%		07/29/2022		2,219		2,127,817
Term Loan B-6		4.75	%		02/10/2023		16,285		15,694,606
Term Loan B-6		4.75	%		02/10/2023	EUR	3,150		3,283,252
Ziggo B.V. (Netherlands),
Term Loan B-1		3.50	%		01/15/2022		5,435		5,228,395
Term Loan B-2		3.51	%		01/15/2022		3,502		3,369,276
Term Loan B-3		3.60	%		01/15/2022		5,760		5,541,256
									82,735,590
Chemicals & Plastics–2.73%
Allnex & Cy S.C.A.,
Term Loan B-1		4.50	%		10/03/2019		563		557,649
Term Loan B-2		4.50	%		10/03/2019		292		289,347
Chemours Co. (The), Term Loan B		3.75	%		05/12/2022		773		699,760
Chemstralia Finco Ltd., Term Loan		7.25	%		02/28/2022		3,235		3,154,165
Chromaflo Technologies Corp.,
First Lien Term Loan B		4.50	%		12/02/2019		344		325,808
Second Lien Term Loan		8.25	%		06/02/2020		815		623,522
Colouroz Investment LLC (Germany),
First Lien Term Loan B-2		4.50	%		09/07/2021		2,919		2,777,566
Second Lien Term Loan B-2		8.25	%		09/05/2022		4,949		4,528,294
Term Loan C		4.50	%		09/07/2021		483		459,164
Eco Services Operations LLC, Term Loan		4.75	%		12/01/2021		2,580		2,531,546
Gemini HDPE LLC, Term Loan		4.75	%		08/06/2021		316		308,411

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

7                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Chemicals & Plastics–(continued)
HII Holding Corp., First Lien Term Loan		4.25	%		12/20/2019	$	2,015	$	1,923,914
Huntsman International, LLC, Incremental Term Loan		3.75	%		10/01/2021		2,267		2,200,730
Ineos Holdings Ltd.,
Term Loan		3.75	%		05/04/2018		8,210		8,021,932
Term Loan 1		2.94	%		12/31/2016		959		955,312
MacDermid, Inc.,
First Lien Term Loan B		5.50	%		06/07/2020		1,403		1,279,459
Term Loan B-3		5.50	%		06/07/2020		9		8,662
OMNOVA Solutions, Inc., Term Loan B-1		4.25	%		05/31/2018		1,140		1,134,254
Otter Products, LLC, Term Loan B		5.75	%		06/03/2020		6,157		5,603,115
Oxea Finance LLC, First Lien Term Loan B-2		4.25	%		01/15/2020		5,465		5,289,195
ProAmpac Intermediate Inc., Second Lien Term Loan		9.25	%		08/18/2023		122		107,055
Royal Holdings, Inc., Second Lien Term Loan		8.50	%		06/19/2023		660		637,311
Styrolution US Holding LLC, First Lien Term Loan B-1		6.50	%		11/07/2019		2,824		2,816,630
Tata Chemicals North America Inc., Term Loan		3.75	%		08/07/2020		1,453		1,420,556
									47,653,357
Clothing & Textiles–0.60%
ABG Intermediate Holdings 2 LLC,
First Lien Term Loan		5.50	%		05/27/2021		2,352		2,275,674
Second Lien Term Loan		9.50	%		05/27/2022		2,243		2,085,708
Ascena Retail Group, Inc., Term Loan B		5.25	%		08/21/2022		6,621		6,182,241
									10,543,623
Conglomerates–0.27%
Epiq Systems, Inc., Term Loan		4.50	%		08/27/2020		2,929		2,899,770
Jarden Corp., Term Loan B-2		3.19	%		07/30/2022		34		34,462
Penn Engineering & Manufacturing Corp., Incremental Term Loan B		4.00	%		08/29/2021		124		122,108
Spectrum Brands, Inc., Term Loan		3.50	%		06/23/2022		1,624		1,623,527
									4,679,867
Containers & Glass Products–0.83%
Berlin Packaging, LLC,
Second Lien Term Loan		7.75	%		09/30/2022		760		684,151
Term Loan		4.50	%		10/01/2021		519		507,667
BWAY Holding Co., Term Loan		5.50	%		08/14/2020		900		858,606
Consolidated Container Co. LLC, Term Loan		5.00	%		07/03/2019		374		338,761
Duran Group (Germany), Term Loan C		8.25	%		11/28/2019		2,544		2,530,811
Hoffmaster Group, Inc.,
First Lien Term Loan		5.25	%		05/09/2020		3,825		3,738,935
Second Lien Term Loan (Acquired 05/13/2014; Cost $777,390)		10.00	%		05/09/2021		786		713,441
LA Holding B.V. (Netherlands),
Term Loan B-1A (Acquired 12/16/2015; Cost $675,127)		6.50	%		06/18/2018	EUR	618		669,028
Term Loan B-1B (Acquired 12/16/2015; Cost $726,502)		6.50	%		06/18/2018	EUR	665		719,939
Term Loan B-1C (Acquired 12/16/2015; Cost $236,788)		6.50	%		06/18/2018	EUR	217		234,649
Ranpak Corp.,
Second Lien Term Loan		8.25	%		10/03/2022		415		344,284
Term Loan B-1		4.25	%		10/01/2021		576		548,942
Reynolds Group Holdings Inc., Incremental Term Loan		4.50	%		12/01/2018		1,574		1,571,514
Tekni-Plex, Inc., Second Lien Term Loan		8.75	%		06/01/2023		1,122		1,048,973
									14,509,701

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

8                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Cosmetics & Toiletries–0.55%
Coty Inc., Term Loan B		3.75	%		10/27/2022	$	2,228	$	2,224,208
Galleria Co., Term Loan B		3.75	%		01/26/2023		5,278		5,256,354
Prestige Brands, Inc., Term Loan B-3		3.50	%		09/03/2021		2,100		2,098,342
									9,578,904
Drugs–1.68%
BPA Laboratories,
First Lien Term Loan		3.12	%		07/03/2017		1,202		970,147
Second Lien Term Loan		3.12	%		07/03/2017		1,045		841,452
Catalent Pharma Solutions, Inc., Term Loan		4.25	%		05/20/2021		806		799,367
Endo Pharmaceuticals Holding Inc., Incremental Term Loan B		3.75	%		09/25/2022		3,185		3,151,520
Grifols Worldwide Operations USA, Inc., Term Loan B		3.44	%		02/27/2021		10,781		10,762,853
Valeant Pharmaceuticals International, Inc. (Canada),
Series C-2 Term Loan B		3.75	%		12/11/2019		6,613		6,234,766
Series E-1 Term Loan B		3.75	%		08/05/2020		6,991		6,555,073
									29,315,178
Ecological Services & Equipment–0.04%
ADS Waste Holdings, Inc., Term Loan B-2		3.75	%		10/09/2019		608		592,144
Waste Industries USA, Inc., Term Loan		4.25	%		02/27/2020		90		89,474
									681,618
Electronics & Electrical–8.20%
4L Technologies Inc., Term Loan (Acquired 05/09/2014-10/08/2014; Cost $10,150,959)		5.51	%		05/08/2020		10,207		9,288,519
Avago Technologies Cayman Ltd. (Luxembourg), Term Loan B-1		4.25	%		02/01/2023		33,254		32,843,812
AVG Technologies N.V. (Netherlands), Term Loan		5.75	%		10/15/2020		1,749		1,705,140
Blackboard Inc., Term Loan B-3		4.75	%		10/04/2018		4,671		4,215,483
CommScope, Inc., Term Loan 5		3.83	%		12/29/2022		4,531		4,506,465
Compuware Corp.,
Term Loan B-1		6.25	%		12/15/2019		3,326		3,085,884
Term Loan B-2		6.25	%		12/15/2021		1,059		953,845
Dell International LLC, Term Loan C		3.75	%		10/29/2018		2,931		2,929,808
Deltek, Inc., First Lien Term Loan		5.00	%		06/25/2022		4,713		4,550,703
Diamond US Holding LLC, Term Loan		4.75	%		12/17/2021		2,706		2,657,826
Hyland Software, Inc., Second Lien Term Loan		8.25	%		07/03/2023		643		587,770
Lattice Semiconductor Corp., Term Loan		5.25	%		03/10/2021		2,834		2,663,622
Lully Finance LLC, Second Lien Term Loan B-1		9.50	%		10/16/2023		1,281		1,184,920
MA Finance Co., LLC, Term Loan C		4.50	%		11/20/2019		6,030		5,788,867
Mediaocean LLC, Term Loan		5.75	%		08/15/2022		2,155		2,133,414
Microsemi Corp., Term Loan B		5.25	%		01/15/2023		9,902		9,904,526
Mirion Technologies, Inc., Term Loan		5.75	%		03/31/2022		1,831		1,808,112
MSC Software Corp.,
First Lien Term Loan		5.00	%		05/29/2020		316		287,268
Second Lien Term Loan		8.50	%		06/01/2021		803		690,250
Natel Engineering Co., Inc., Term Loan		6.75	%		04/10/2020		2,400		2,291,794
NeuStar, Inc., Incremental Term Loan		4.43	%		01/22/2018		5,863		5,613,363
Oberthur Technologies of America Corp., Term Loan B-2		4.50	%		10/18/2019		1,856		1,814,720
Peak 10, Inc., Second Lien Term Loan		8.25	%		06/17/2022		788		716,743
RP Crown Parent, LLC,
First Lien Term Loan		6.00	%		12/21/2018		12,669		11,496,798
Second Lien Term Loan		11.25	%		12/21/2019		602		477,511

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

9                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Electronics & Electrical–(continued)
SolarWinds Holdings, Inc., Term Loan		6.50	%		02/03/2023	$	7,613	$	7,325,489
SS&C Technologies Inc.,
Term Loan B-1		4.01	%		07/08/2022		5,534		5,498,022
Term Loan B-2		4.02	%		07/08/2022		798		792,706
Sybil Software LLC, Term Loan		4.25	%		03/20/2020		1,091		1,081,925
TTM Technologies, Inc., Term Loan B		6.00	%		05/31/2021		6,036		5,733,966
Zebra Technologies Corp., Term Loan		4.75	%		10/27/2021		8,606		8,670,740
									143,300,011
Equipment Leasing–0.16%
Flying Fortress Inc., Term Loan		3.50	%		04/30/2020		104		104,037
IBC Capital US LLC, Term Loan		4.75	%		09/09/2021		3,055		2,726,598
									2,830,635
Financial Intermediaries–1.13%
Bankruptcy Management Solutions, Inc., Term Loan B		7.00	%		06/27/2018		22		19,608
Black Knight InfoServ, LLC, Term Loan B		3.75	%		05/27/2022		940		940,051
iPayment Inc., Term Loan		6.75	%		05/08/2017		3,978		3,808,832
LPL Holdings, Inc., Term Loan B		4.75	%		11/20/2022		17		15,867
MoneyGram International, Inc., Term Loan		4.25	%		03/27/2020		9,441		8,733,134
RJO Holdings Corp., Term Loan		7.19	%		12/10/2016		1,598		1,398,065
RPI Finance Trust, Term Loan B-4		3.50	%		11/09/2020		1,948		1,943,432
Stiphout Finance LLC,
Term Loan		4.75	%		10/26/2022		1,984		1,949,484
Second Lien Term Loan		9.00	%		10/26/2023		1,020		994,346
									19,802,819
Food & Drug Retailers–1.28%
Albertson’s LLC,
Term Loan B-4		5.50	%		08/25/2021		16,447		16,094,070
Term Loan B-5		5.50	%		12/21/2022		1,692		1,649,006
Pret A Manger (United Kingdom), Term Loan B		5.51	%		06/19/2020	GBP	1,750		2,424,777
Supervalu Inc., Term Loan		4.50	%		03/21/2019		2,310		2,184,890
									22,352,743
Food Products–4.16%
AdvancePierre Foods, Inc.,
First Lien Term Loan		5.75	%		07/10/2017		4,794		4,797,780
Second Lien Term Loan		9.50	%		10/10/2017		2,540		2,515,998
Candy Intermediate Holdings, Inc., Term Loan		7.50	%		06/18/2018		3,648		3,629,989
Charger OpCo B.V., Term Loan B-1		4.25	%		07/02/2022		10,445		10,269,263
CSM Bakery Supplies LLC,
First Lien Term Loan		5.00	%		07/03/2020		18		16,941
Second Lien Term Loan		8.75	%		07/03/2021		2,515		2,289,099
Dole Food Co., Inc., Term Loan B		4.50	%		11/01/2018		7,457		7,279,623
Hearthside Group Holdings, LLC,
Revolver Loan(c)		0.00	%		06/02/2019		2,431		2,233,405
Revolver Loan		3.59	%		06/02/2019		270		248,156
Term Loan		4.50	%		06/02/2021		399		379,009
Hostess Brands, LLC, Second Lien Term Loan B		8.50	%		08/03/2023		28		26,460
JBS USA, LLC,
Incremental Term Loan		4.00	%		10/30/2022		7,481		7,289,190
Term Loan		3.75	%		05/25/2018		6,906		6,897,833

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

10                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Food Products–(continued)
Keurig Green Mountain, Inc., Term Loan B(d)		—			03/03/2023	$	18,910	$	18,595,318
NBTY, Inc., Term Loan B-2		3.50	%		10/01/2017		919		908,436
Post Holdings, Inc., Revolver Loan(c)		0.00	%		01/29/2019		3,566		3,560,417
QCE LLC, PIK Term Loan(e)		15.00	%		06/30/2019		6		829
Shearer’s Foods, LLC,
First Lien Term Loan		4.94	%		06/30/2021		507		491,846
Incremental Term Loan		5.25	%		06/30/2021		991		962,897
Second Lien Term Loan		7.75	%		06/30/2022		457		422,471
									72,814,960
Food Service–0.71%
Aramark Corp., LOC		3.92	%		07/26/2016		10		9,704
New Red Finance, Inc., Term Loan B-2		3.75	%		12/10/2021		1,138		1,134,108
Portillo’s Holdings, LLC, Second Lien Term Loan		8.00	%		08/01/2022		841		801,718
Restaurant Holding Co., LLC, First Lien Term Loan (Acquired 02/28/2014; Cost $2,654,571)		8.75	%		02/28/2019		2,720		2,447,885
Steak ‘n Shake, Inc., Term Loan		4.75	%		03/19/2021		1,921		1,892,248
TMK Hawk Parent, Corp.,
First Lien Term Loan		5.25	%		10/01/2021		1,210		1,194,610
Second Lien Term Loan		8.50	%		10/01/2022		1,083		1,066,996
US Foods, Inc., Incremental Term Loan		4.50	%		03/31/2019		3,872		3,828,662
									12,375,931
Forest Products–0.38%
Builders FirstSource, Inc., Term Loan		6.00	%		07/29/2022		1,922		1,862,772
NewPage Corp.,
DIP Delayed Draw Term Loan (Acquired 01/28/2016; Cost $570,546)(c)(f)		0.00	%		07/26/2017		571		570,546
Term Loan (Acquired 01/28/2016; Cost $1,358,717)(f)		11.00	%		07/26/2017		1,426		1,355,047
Term Loan B(d)(f)(g)		—			02/11/2021		4,697		1,227,132
Xerium Technologies, Inc., Term Loan		6.25	%		05/17/2019		1,638		1,605,089
									6,620,586
Health Care–4.26%
Acadia Healthcare Co., Inc.,
Incremental Term Loan B		4.25	%		02/11/2022		1,094		1,094,851
Term Loan B-2		4.50	%		02/16/2023		3,322		3,324,435
CareCore National, LLC, Term Loan		5.50	%		03/05/2021		7,805		6,634,646
Community Health Systems, Inc.,
Incremental Term Loan F		3.74	%		12/31/2018		3,882		3,782,324
Incremental Term Loan G		3.75	%		12/31/2019		3,830		3,661,961
Creganna Finance (US) LLC,
First Lien Term Loan		4.75	%		12/01/2021		1,154		1,154,455
Second Lien Term Loan		9.00	%		06/01/2022		981		985,042
DJO Finance LLC, Term Loan		4.25	%		06/07/2020		6,526		6,307,779
Greatbatch Ltd., Term Loan B		5.25	%		10/27/2022		4,661		4,610,003
HC Group Holdings III, Inc., Term Loan		6.00	%		04/07/2022		2,813		2,799,019
Hill-Rom Holdings, Inc., Term Loan B		3.50	%		09/08/2022		3,086		3,084,064
Indigo Cleanco Ltd. (United Kingdom), Term Loan B (Acquired 08/04/2015; Cost $2,783,156)		5.26	%		07/08/2021	GBP	1,797		2,435,637
Kindred Healthcare, Inc., Term Loan		4.25	%		04/09/2021		994		944,283
Kinetic Concepts, Inc., Term Loan E-1		4.50	%		05/04/2018		5,538		5,426,014
MPH Acquisition Holdings LLC, Term Loan		3.75	%		03/31/2021		4,472		4,373,224
National Surgical Hospitals, Inc., Term Loan		4.50	%		06/01/2022		1,774		1,685,973

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

11                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Health Care–(continued)
New Millennium HoldCo, Inc., Term Loan		7.50	%		12/21/2020	$	8,869	$	8,120,472
Ortho-Clinical Diagnostics, Inc., Term Loan		4.75	%		06/30/2021		1,500		1,286,046
Phillips-Medisize Corp., Second Lien Term Loan		8.25	%		06/16/2022		788		673,423
Surgery Center Holdings, Inc., Second Lien Term Loan		8.50	%		11/03/2021		1,894		1,718,541
Surgical Care Affiliates, LLC, Term Loan		4.25	%		03/17/2022		5,170		5,137,324
Tunstall Group Finance Ltd. (United Kingdom), Term Loan B-2(d)		—			10/16/2020	EUR	2,000		2,027,285
Western Dental Services, Inc., Term Loan		7.50	%		11/01/2018		3,709		3,251,312
									74,518,113
Home Furnishings–0.41%
Mattress Holding Corp.,
Incremental Term Loan		6.25	%		10/20/2021		5,125		4,964,627
Term Loan		6.25	%		10/20/2021		2,265		2,204,049
									7,168,676
Industrial Equipment–1.53%
Accudyne Industries LLC, Term Loan		4.00	%		12/13/2019		2,961		2,421,881
Crosby US Acquisition Corp.,
First Lien Term Loan		4.00	%		11/23/2020		7,178		5,323,350
Second Lien Term Loan		7.00	%		11/22/2021		1,620		830,044
Doosan Infracore International, Inc., Term Loan B		4.50	%		05/28/2021		4,765		4,478,647
Filtration Group Corp., Second Lien Term Loan		8.25	%		11/22/2021		446		429,660
Gardner Denver, Inc., Term Loan		4.25	%		07/30/2020		1,176		973,460
Generac Power System, Inc., Term Loan B		3.50	%		05/31/2020		1,500		1,468,580
North American Lifting Holdings, Inc., First Lien Term Loan		5.50	%		11/27/2020		3,505		2,625,748
Rexnord LLC/ RBS Global, Inc., Term Loan B		4.00	%		08/21/2020		5,851		5,611,384
Tank Holding Corp., Term Loan		5.25	%		03/16/2022		883		848,469
Terex Corp., Term Loan		3.50	%		08/13/2021		231		227,966
Virtuoso US LLC, Term Loan		4.25	%		02/11/2021		1,521		1,479,221
									26,718,410
Insurance–0.18%
Cooper Gay Swett & Crawford Ltd.,
First Lien Term Loan		5.00	%		04/16/2020		1,901		1,882,609
Second Lien Term Loan		8.25	%		10/16/2020		1,300		1,288,878
									3,171,487
Leisure Goods, Activities & Movies–3.10%
Alpha Topco Ltd. (United Kingdom),
Second Lien Term Loan		7.75	%		07/29/2022		7,388		6,421,126
Term Loan B-3		4.75	%		07/30/2021		19,886		18,551,946
AMC Entertainment, Inc., Term Loan		4.00	%		12/15/2022		2,670		2,671,774
Bright Horizons Family Solutions, Inc., Term Loan B-1		4.50	%		01/30/2020		468		467,809
Cinemark USA, Inc., Term Loan		3.56	%		05/06/2022		241		241,271
CWGS Group, LLC, Term Loan		5.75	%		02/20/2020		5,828		5,707,418
Dorna Sports S.L. (Spain), Term Loan B		4.33	%		04/30/2021		1,780		1,723,437
Equinox Holdings Inc., Revolver Loan (Acquired 04/14/2014-11/05/2014; Cost $1,847,623)(c)		0.00	%		02/01/2018		1,866		1,679,639
Fitness International, LLC, Term Loan B		5.50	%		07/01/2020		5,789		5,448,880
Infront Finance Luxembourg S.a r.l. (Switzerland), Term Loan D		8.00	%		06/28/2020	EUR	1,250		1,332,617
Metro-Goldwyn-Mayer Inc., Second Lien Term Loan		5.13	%		06/26/2020		1,556		1,528,857
Performance Sports Group Ltd. (Canada), Term Loan		4.50	%		04/15/2021		259		240,324
Regal Cinemas Corp., Term Loan		3.80	%		04/01/2022		2,529		2,528,096

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

12                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Leisure Goods, Activities & Movies–(continued)
Seaworld Parks & Entertainment, Inc.,
Term Loan B-2		3.00	%		05/14/2020	$	4,168	$	3,971,369
Term Loan B-3		4.00	%		05/14/2020		324		319,012
Six Flags Theme Parks, Inc., Term Loan B		3.50	%		06/30/2022		1,310		1,307,107
									54,140,682
Lodging & Casinos–3.95%
Belmond Interfin Ltd. (Bermuda), Term Loan		4.00	%		03/21/2021		3,164		3,088,491
Caesars Growth Properties Holdings, LLC, Term Loan B		6.25	%		05/08/2021		5,971		4,781,945
Cannery Casino Resorts, LLC, First Lien Term Loan		6.00	%		10/02/2018		4,494		4,434,572
ESH Hospitality, Inc., Term Loan		5.00	%		06/24/2019		3,771		3,789,173
Four Seasons Holdings Inc. (Canada),
First Lien Term Loan		3.50	%		06/27/2020		3,219		3,172,175
Second Lien Term Loan		6.25	%		12/27/2020		485		476,110
Harrah’s Operating Co., Inc., Term Loan B-6(f)		1.50	%		03/01/2017		11,423		10,030,902
Hilton Worldwide Finance, LLC, Term Loan		3.50	%		10/26/2020		9,051		9,035,779
La Quinta Intermediate Holdings LLC, Term Loan		3.75	%		04/14/2021		7,586		7,257,091
MGM Resorts International, Term Loan B		3.50	%		12/20/2019		968		960,663
Scientific Games International, Inc.,
Term Loan		6.00	%		10/18/2020		15,765		14,562,656
Term Loan B-2		6.00	%		10/01/2021		1,965		1,805,331
Twin River Management Group, Inc., Term Loan		5.25	%		07/10/2020		5,790		5,748,076
									69,142,964
Nonferrous Metals & Minerals–0.66%
Arch Coal, Inc.,
DIP Term Loan(c)(f)		0.00	%		01/31/2017		3,457		3,318,639
Term Loan		6.25	%		05/16/2018		9,521		2,835,227
Dynacast International LLC, Second Lien Term Loan		9.50	%		01/30/2023		25		23,075
EP Minerals, LLC, Term Loan		5.50	%		08/20/2020		874		855,292
Novelis Inc., Term Loan		4.00	%		06/02/2022		4,821		4,510,376
									11,542,609
Oil & Gas–3.85%
Ameriforge Group Inc., First Lien Term Loan		5.00	%		12/19/2019		68		30,332
Ascent Resources — Marcellus, LLC,
First Lien Term Loan		5.25	%		08/04/2020		5,037		873,128
Second Lien Term Loan		8.50	%		08/04/2021		999		41,644
Bronco Midstream Funding, LLC, Term Loan		5.00	%		08/17/2020		5,860		3,486,989
Citgo Holding Inc., Term Loan		9.50	%		05/12/2018		8,027		7,936,355
CJ Holding Co.,
Term Loan B-1		6.50	%		03/24/2020		333		131,434
Term Loan B-2		7.25	%		03/24/2022		2,747		1,011,911
Crestwood Holdings LLC, Term Loan B-1		7.00	%		06/19/2019		3,840		1,589,864
Drillships Financing Holding Inc., Term Loan B-1		6.00	%		03/31/2021		16,785		4,895,646
Drillships Ocean Ventures, Inc., Term Loan		5.50	%		07/25/2021		6,945		2,795,472
EFR Benelux B.V. (Netherlands), Second Lien Term Loan		8.50	%		08/28/2019	EUR	500		545,456
EMG Utica, LLC, Term Loan		4.75	%		03/27/2020		2,254		1,746,606
Fieldwood Energy LLC, Term Loan		3.88	%		09/28/2018		6,784		4,160,936
Floatel International Ltd., Term Loan		6.00	%		06/27/2020		6,576		2,827,807
Glenn Pool Oil & Gas Trust I, Term Loan (Acquired 06/08/2011; Cost $83,694)		4.50	%		05/02/2016		84		83,484
HGIM Corp., Term Loan B		5.50	%		06/18/2020		8,592		3,966,726
Jonah Energy LLC, Second Lien Term Loan		7.50	%		05/12/2021		3,067		1,349,566

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

13                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Oil & Gas–(continued)
McDermott International, Inc., Term Loan		5.25	%		04/16/2019	$	1,469	$	1,319,011
NGPL PipeCo LLC, Term Loan		6.75	%		09/15/2017		3,891		3,686,280
Osum Productions Corp. (Canada), Term Loan		6.50	%		07/31/2020		3,454		1,606,145
Pacific Drilling S.A. (Luxembourg), Term Loan		4.50	%		06/03/2018		2,519		507,726
Paragon Offshore Finance Co. (Cayman Islands), Term Loan(f)		3.75	%		07/16/2021		2,525		563,178
Petroleum GEO-Services ASA, Term Loan		3.25	%		03/19/2021		6,822		3,670,053
Samchully Midstream 3 LLC, Term Loan		5.75	%		10/20/2021		2,631		1,848,183
Samson Investment Co., Second Lien Term Loan 1(f)(g)		0.00	%		09/25/2018		10,513		332,890
Seadrill Operating LP, Term Loan		4.00	%		02/21/2021		19,058		8,038,555
Seventy Seven Operating LLC, Term Loan		3.75	%		06/25/2021		2,422		1,448,289
Southcross Energy Partners, L.P., Term Loan		5.25	%		08/04/2021		1,874		1,009,421
Targa Resources Corp., Term Loan		5.75	%		02/25/2022		970		800,435
Veresen Midstream US LLC, Term Loan B-1		5.25	%		03/31/2022		5,346		5,015,857
									67,319,379
Publishing–2.28%
Getty Images, Inc.,
Revolver Loan(c)		0.00	%		10/18/2017		6,893		5,376,764
Term Loan		4.75	%		10/18/2019		7,022		4,851,499
MediMedia USA, Inc., First Lien Term Loan (Acquired 05/10/2013-09/05/2013; Cost $1,737,355)		8.00	%		11/20/2018		1,755		1,715,450
Merrill Communications LLC, Term Loan		6.25	%		06/01/2022		6,392		5,137,278
Newsday, LLC, Term Loan		3.94	%		10/12/2016		6,892		6,896,617
ProQuest LLC, Term Loan		5.75	%		10/24/2021		6,850		6,559,256
Tribune Media Co., Term Loan B		3.75	%		12/28/2020		9,407		9,343,986
									39,880,850
Radio & Television–2.26%
Block Communications, Inc., Term Loan B		4.00	%		11/07/2021		1,155		1,150,923
Gray Television, Inc., Term Loan C		4.25	%		06/13/2021		1,309		1,307,995
iHeartCommunications, Inc.,
Term Loan D		7.19	%		01/30/2019		6,101		4,020,044
Term Loan E		7.94	%		07/31/2019		43,274		28,371,549
Media General Inc., Term Loan B		4.00	%		07/31/2020		3,410		3,406,783
Sinclair Television Group Inc., Incremental Term Loan B-1		3.50	%		07/30/2021		1,311		1,307,446
									39,564,740
Retailers (except Food & Drug)–4.51%
Cortefiel, S.A. (Spain),
Term Loan B-1(d)		—			03/20/2017	EUR	384		342,123
Term Loan B-2(d)		—			03/20/2017	EUR	421		375,042
Term Loan B-3(d)		—			03/20/2017	EUR	196		174,312
Term Loan B-3(d)		—			03/20/2017	EUR	514		458,006
David’s Bridal, Inc.,
Asset-Based Revolver Loan(c)		0.00	%		10/11/2017		1,573		1,431,139
Term Loan		5.25	%		10/11/2019		2,397		2,016,174
Fullbeauty Brands Holdings Corp., Term Loan		5.75	%		10/14/2022		4,295		3,979,658
J. Crew Group, Inc., Term Loan		4.00	%		03/05/2021		2,910		1,963,856
Jill Holdings LLC, Term Loan		6.00	%		05/08/2022		1,430		1,344,468

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

14                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Retailers (except Food & Drug)–(continued)
Kirk Beauty One GmbH (Germany),
Term Loan B-1		6.00	%		08/13/2022	EUR	211	$	228,100
Term Loan B-2		6.00	%		08/13/2022	EUR	129		138,992
Term Loan B-3		6.00	%		08/13/2022	EUR	221		238,300
Term Loan B-4		6.00	%		08/13/2022	EUR	146		158,210
Term Loan B-5		6.00	%		08/13/2022	EUR	33		35,158
Term Loan B-6		6.00	%		08/13/2022	EUR	168		181,488
Term Loan B-7		6.00	%		08/13/2022	EUR	93		100,467
Lands’ End, Inc., Term Loan B		4.25	%		04/02/2021		4,284		3,141,649
Men’s Wearhouse, Inc. (The), Term Loan B		4.50	%		06/18/2021		1,419		1,283,675
National Vision, Inc., Second Lien Term Loan		6.75	%		03/13/2022		132		116,829
Nine West Holdings, Inc., Term Loan		4.75	%		10/08/2019		4,268		2,731,485
Payless, Inc.,
Second Lien Term Loan		8.50	%		03/11/2022		2,178		489,969
Term Loan		5.00	%		03/11/2021		7,622		3,611,108
Petco Animal Supplies, Inc.,
Term Loan B-1		5.75	%		01/26/2023		4,778		4,690,741
Term Loan B-2		5.62	%		01/26/2023		2,183		2,143,136
Pier 1 Imports (U.S.), Inc., Term Loan		4.50	%		04/30/2021		1,536		1,405,658
Savers Inc., Term Loan		5.00	%		07/09/2019		4,240		3,226,854
Sears Roebuck Acceptance Corp., Term Loan		5.50	%		06/30/2018		24,611		22,811,249
Staples, Inc., Term Loan B		4.75	%		02/02/2022		1,649		1,639,583
Toys ‘R’ US Property Co. I, LLC, Term Loan		6.00	%		08/21/2019		13,584		11,919,895
Toys ‘R’ US-Delaware, Inc.,
Canadian Term Loan A-1		8.25	%		10/24/2019		1,745		1,691,408
Term Loan A-1		8.25	%		10/24/2019		2,164		2,097,346
Term Loan B-2		5.25	%		05/25/2018		93		73,730
Term Loan B-3		5.25	%		05/25/2018		27		21,277
Vivarte (France), Term Loan(d)		—			10/29/2019	EUR	1,000		1,082,749
Wilton Brands LLC, Term Loan B		8.50	%		08/30/2018		1,581		1,466,302
									78,810,136
Steel–0.66%
Fortescue Metals Group Ltd., Term Loan		4.25	%		06/30/2019		14,911		11,502,710
Surface Transport–0.59%
Hertz Corp. (The),
LOC		3.75	%		03/09/2018		552		537,799
Term Loan B-2(d)		—			03/11/2018		511		502,366
Kenan Advantage Group, Inc.,
Canadian Term Loan		4.00	%		07/31/2022		242		237,856
Delayed Draw Term Loan 1(c)		0.00	%		01/31/2017		106		104,404
Term Loan		4.00	%		07/31/2022		758		745,712
PODS Holding, LLC, Second Lien Term Loan		9.25	%		02/02/2023		1,276		1,249,629
Stena International S.A. (Luxembourg), Term Loan		4.00	%		03/03/2021		4,616		3,577,324
U.S. Shipping Corp., Term Loan B-2		5.25	%		06/26/2021		3,636		3,417,919
									10,373,009
Telecommunications–6.94%
Communications Sales & Leasing, Inc., Term Loan		5.00	%		10/24/2022		8,853		8,261,381
Consolidated Communications, Inc., Term Loan		4.25	%		12/23/2020		6,614		6,554,870

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

15                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Telecommunications–(continued)
CWC-US Co-Borrower, LLC,
Term Loan B-1(d)		—			12/31/2022	$	730	$	710,753
Term Loan B-2(d)		—			12/31/2022		597		581,526
Fairpoint Communications, Inc., Term Loan		7.50	%		02/14/2019		6,338		6,179,518
Frontier Communications Corp., Delayed Draw Term Loan A(c)		0.00	%		03/31/2021		5,716		5,344,883
GTT Communications, Inc., Term Loan		6.25	%		10/22/2022		2,803		2,785,445
Level 3 Communications, Inc.,
Term Loan B		4.00	%		01/15/2020		13,826		13,829,277
Term Loan B-II		3.50	%		05/31/2022		24,334		24,053,852
Term Loan B-III		4.00	%		08/01/2019		428		428,698
LTS Buyer LLC, Second Lien Term Loan		8.00	%		04/12/2021		82		77,960
Nextgen Finance, LLC, Term Loan B		5.00	%		05/31/2021		5,398		4,660,066
NTELOS Inc., Term Loan B		5.75	%		11/09/2019		6,500		6,435,489
SBA Senior Finance II LLC,
Incremental Term Loan B-1-A		3.25	%		03/24/2021		1,231		1,211,504
Incremental Term Loan B-2		3.25	%		06/10/2022		466		458,055
Syniverse Holdings, Inc.,
Term Loan		4.00	%		04/23/2019		9,263		6,136,847
Term Loan		4.00	%		04/23/2019		5,500		3,634,592
T-Mobile USA, Inc., Term Loan		3.50	%		11/09/2022		6,421		6,435,763
Telesat LLC, Term Loan B-2		3.50	%		03/28/2019		1,247		1,221,687
U.S. Telepacific Corp., Term Loan		6.00	%		11/25/2020		6,663		6,360,274
Zayo Group, LLC,
Incremental Term Loan		4.50	%		05/06/2021		571		571,149
Term Loan		3.75	%		05/06/2021		15,687		15,501,138
									121,434,727
Utilities–5.02%
Aria Energy Operating LLC, Term Loan		5.00	%		05/27/2022		1,720		1,453,606
Calpine Construction Finance Co., L.P., Term Loan B-2		3.25	%		01/31/2022		13,057		12,232,882
Calpine Corp.,
Term Loan		4.00	%		10/09/2019		942		914,633
Term Loan		3.50	%		05/27/2022		5,911		5,613,614
Term Loan		4.00	%		01/15/2023		8,529		8,273,187
Term Loan B		4.00	%		10/31/2020		6,177		5,963,136
Dynegy Inc., Term Loan B-2		4.00	%		04/23/2020		7,035		6,623,339
Energy Future Intermediate Holding Co. LLC, Term Loan		4.25	%		12/19/2016		2,516		2,508,852
Granite Acquisition, Inc.,
First Lien Term Loan B		5.00	%		12/17/2021		6,014		5,468,367
First Lien Term Loan C		5.00	%		12/17/2021		265		241,059
Second Lien Term Loan B		8.25	%		12/17/2022		1,098		851,095
NSG Holdings LLC, Term Loan (Acquired 12/17/12-10/04/13; Cost $791,230)		3.75	%		12/11/2019		794		766,260
Southeast PowerGen LLC, Term Loan B		4.50	%		12/02/2021		1,858		1,765,204
Texas Competitive Electric Holdings Co., LLC,
DIP Revolver Loan(c)(f)		0.00	%		11/07/2016		26,667		26,264,800
Term Loan(f)		4.50	%		10/10/2017		5,116		1,415,781
TPF II Power, LLC, Term Loan		5.50	%		10/02/2021		6,091		5,755,874
USIC Holding, Inc., First Lien Term Loan		4.00	%		07/10/2020		1,827		1,725,592
									87,837,281
Total Variable Rate Senior Loan Interests									1,465,771,912

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

16                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Bonds and Notes–7.52%
Aerospace & Defense–0.26%
LMI Aerospace, Inc.		7.38	%		07/15/2019	$	4,875	$	4,570,313
Air Transport–0.38%
Mesa Airlines, Inc.(h)		5.75	%		07/15/2025		6,646		6,679,230
Business Equipment & Services–0.31%
ADT Corp. (The)		6.25	%		10/15/2021		2,222		2,183,115
Dream Secured Bondco AB (Sweden) (Acquired 10/21/2015; Cost $245,669)(h)(i)		8.25	%		10/21/2023	EUR	2,112		244,885
Dream Secured Bondco AB (Sweden) (Acquired 10/02/2015-10/21/2015; Cost $3,018,108)(h)(i)		7.09	%		10/21/2023	SEK	2,775		2,996,446
									5,424,446
Cable & Satellite Television–0.59%
Altice Financing SA (Luxembourg)(h)		6.63	%		02/15/2023		851		842,490
Charter Communications Operating, LLC(h)		5.88	%		04/01/2024		2,142		2,192,872
Charter Communications Operating, LLC(h)		5.75	%		02/15/2026		932		940,155
UPC Broadband Holdings, B.V. (Netherlands)(h)		7.25	%		11/15/2021		967		1,028,221
UPC Broadband Holdings, B.V. (Netherlands)(h)		6.88	%		01/15/2022		156		166,225
Virgin Media Investment Holdings Ltd. (United Kingdom)(h)		5.50	%		01/15/2025	GBP	3,465		4,557,510
YPSO Holding S.A. (France)(h)		6.00	%		05/15/2022		555		552,225
									10,279,698
Chemicals & Plastics–0.26%
Chemours Co. (The)(h)		6.63	%		05/15/2023		1,010		739,825
Hexion Specialty Chemicals, Inc.		6.63	%		04/15/2020		3,966		3,152,970
Ineos Holdings Ltd.(h)		6.13	%		08/15/2018		615		618,075
									4,510,870
Containers & Glass Products–0.48%
Ardagh Glass Finance PLC(h)		6.25	%		01/31/2019		932		920,350
Ardagh Glass Finance PLC(h)		7.00	%		11/15/2020		151		141,570
Ardagh Glass Finance PLC(h)		4.25	%		01/15/2022	EUR	750		806,954
Onex Wizard US Acquisition(h)		7.75	%		02/15/2023	EUR	1,750		1,968,389
Reynolds Group Holdings Inc.(h)		5.63	%		12/15/2016		2,973		2,976,716
Reynolds Group Holdings Inc.		9.88	%		08/15/2019		561		579,934
Reynolds Group Holdings Inc.		5.75	%		10/15/2020		634		654,605
Sealed Air Corp.(h)		4.50	%		09/15/2023	EUR	375		423,234
									8,471,752
Electronics & Electrical–0.30%
Blackboard Inc.(h)		7.75	%		11/15/2019		4,194		3,386,655
ICBPI (United Kingdom)(h)(i)		8.00	%		05/30/2021	EUR	1,750		1,789,514
									5,176,169
Financial Intermediaries–0.81%
Arrow Global Finance (United Kingdom)(h)(i)		5.14	%		11/01/2021	EUR	1,000		1,077,026
Cabot Financial S.A. (Luxembourg)(h)		6.50	%		04/01/2021	GBP	3,000		3,810,859
Cabot Financial S.A. (Luxembourg)(h)(i)		5.70	%		11/15/2021	EUR	1,000		1,024,048
Garfunkelux Holdco 3 S.A. (Luxembourg)(h)		7.50	%		08/01/2022	EUR	3,220		3,468,725
Garfunkelux Holdco 3 S.A. (Luxembourg)(h)		11.00	%		11/01/2023	GBP	1,000		1,268,324
Lindorff Group AB (Norway)(h)(i)		5.32	%		08/15/2020	EUR	500		535,081
TMF Group Holdco B.V. (Netherlands)(h)		9.88	%		12/01/2019	EUR	2,500		2,910,544
									14,094,607

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

17                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Food Products–0.04%
Wagamama Finance (United Kingdom)(h)		7.88	%		02/01/2020	GBP	500	$	732,461
Health Care–1.06%
Care UK Health & Social Care PLC (United Kingdom)(h)(i)		5.59	%		07/15/2019	GBP	2,954		3,541,052
Community Health Systems, Inc.		6.88	%		02/01/2022		1,320		1,145,100
DaVita HealthCare Partners Inc.		5.13	%		07/15/2024		557		567,792
DJO Finance LLC(h)		10.75	%		04/15/2020		5,087		4,145,905
DJO Finance LLC(h)		8.13	%		06/15/2021		4,493		3,762,887
IDH Finance PLC (United Kingdom)(h)(i)		5.57	%		12/01/2018	GBP	2,000		2,755,864
IDH Finance PLC (United Kingdom)(h)		6.00	%		12/01/2018	GBP	500		690,601
Kinetic Concepts, Inc.		10.50	%		11/01/2018		1,764		1,631,700
Kinetic Concepts, Inc.(h)		7.88	%		02/15/2021		335		345,888
									18,586,789
Industrial Equipment–0.13%
Galapagos Holding S.A. (Luxembourg)(h)(i)		4.62	%		06/15/2021	EUR	2,225		2,208,125
Insurance–0.19%
Domestic & General Group Ltd. (United Kingdom)(h)(i)		5.59	%		11/15/2019	GBP	2,450		3,338,593
Leisure Goods, Activities & Movies–0.22%
Carmike Cinemas, Inc.(h)		6.00	%		06/15/2023		1,019		1,075,045
Corleone Capital Ltd. (United Kingdom)(h)(i)		4.84	%		08/01/2018	EUR	2,170		2,342,931
Sabre, Inc.(h)		5.25	%		11/15/2023		341		344,410
									3,762,386
Lodging & Casinos–0.06%
ESH Hospitality, Inc.(h)		5.25	%		05/01/2025		1,019		993,525
Nonferrous Metals & Minerals–0.14%
TiZir Ltd. (United Kingdom)		9.00	%		09/28/2017		3,600		2,430,000
Oil & Gas–0.32%
Drill Rigs Holdings Inc.(h)		6.50	%		10/01/2017		7,256		3,736,840
FTS International, Inc.(h)(i)		8.01	%		06/15/2020		2,012		1,230,696
Pacific Drilling S.A. (Luxembourg)(h)		5.38	%		06/01/2020		2,798		622,555
Seventy Seven Operating LLC		6.50	%		07/15/2022		236		7,080
									5,597,171
Radio & Television–0.36%
IHeartCommunications, Inc.(h)		8.75	%		12/15/2020		4,561		4,629,415
Sinclair Television Group Inc.		6.38	%		11/01/2021		1,208		1,253,300
Univision Communications Inc.(h)		6.75	%		09/15/2022		450		479,790
									6,362,505
Retailers (except Food & Drug)–0.39%
Claire’s Stores Inc.(h)		6.13	%		03/15/2020		1,210		611,050
Guitar Center, Inc.(h)		6.50	%		04/15/2019		1,644		1,397,400
New Look PLC (United Kingdom)(h)		8.00	%		07/01/2023	GBP	2,725		3,566,325
TWIN SET — Simona Barbieri S.p.A. (Italy)(h)(i)		5.73	%		07/15/2019	EUR	1,250		1,251,708
									6,826,483
Steel–0.01%
Fortescue Metals Group Ltd.(h)		9.75	%		03/01/2022		279		263,655

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

18                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Surface Transport–0.06%
WFS Global Holding SAS (France)(h)		9.50	%		07/15/2022	EUR	1,000	$	1,125,958
Telecommunications–0.98%
Goodman Networks Inc.		12.13	%		07/01/2018		7,708		2,312,400
SoftBank Group Corp. (Japan)(h)		4.75	%		07/30/2025	EUR	3,000		3,087,156
Wind Telecomunicazioni S.p.A. (Italy)(h)		6.50	%		04/30/2020		256		260,488
Wind Telecomunicazioni S.p.A. (Italy)(h)		7.00	%		04/23/2021	EUR	3,950		4,103,644
Wind Telecomunicazioni S.p.A. (Italy)(h)		7.38	%		04/23/2021		1,422		1,308,240
Windstream Corp.		7.50	%		06/01/2022		1,484		1,164,940
Windstream Corp.		6.38	%		08/01/2023		17		12,559
Zayo Group, LLC		6.38	%		05/15/2025		5,089		4,872,717
									17,122,144
Utilities–0.17%
Calpine Corp.(h)		6.00	%		01/15/2022		807		829,192
Calpine Corp.(h)		7.88	%		01/15/2023		—		275
NRG Energy Inc.		6.25	%		07/15/2022		1,579		1,342,150
NRG Energy Inc.		6.63	%		03/15/2023		880		750,200
									2,921,817
Total Bonds and Notes									131,478,697
Structured Products–5.45%
Apidos Cinco CDO(h)(i)		4.87	%		05/14/2020		345		321,238
Apidos CLO IX-R(h)(i)		6.72	%		07/15/2023		3,032		2,521,338
Apidos CLO X(h)(i)		6.87	%		10/30/2022		3,367		2,711,098
Apidos CLO X(h)(i)		6.87	%		10/30/2022		2,190		1,763,381
Apidos CLO XI(h)(i)		5.87	%		01/17/2023		1,181		873,855
Apidos CLO XV(h)(i)		5.37	%		10/20/2025		6,500		4,575,311
Ares XI CLO, Ltd(h)(i)		6.62	%		10/11/2021		1,002		946,335
Atrium X LLC(h)(i)		5.12	%		07/16/2025		3,742		2,789,889
Babson CLO Ltd. 2007-I(h)(i)		3.87	%		01/18/2021		1,034		942,587
Babson CLO Ltd. 2013-II(h)(i)		5.12	%		01/18/2025		6,540		4,392,467
Carlyle Global Market Strategies CLO 2012-2(h)(i)		6.72	%		07/20/2023		3,541		2,796,151
Carlyle Global Market Strategies CLO 2012-3(h)(i)		6.12	%		10/04/2024		3,188		2,450,600
Carlyle Global Market Strategies CLO 2013-1(h)(i)		6.12	%		02/14/2025		3,200		2,522,051
Carlyle High Yield Partners 10, Ltd.(h)(i)		3.82	%		04/19/2022		2,000		1,730,726
Dryden Senior Loan Fund 2013-30(h)(i)		5.62	%		11/15/2025		3,276		2,069,420
Dryden Senior Loan Fund 2014-34(h)(i)		5.42	%		10/15/2026		1,000		690,077
Dryden XI-Leveraged Loan CDO 2006(h)(i)		4.52	%		04/12/2020		427		392,377
Duane Street CLO 2007-4(h)(i)		4.87	%		11/14/2021		2,428		2,172,108
Flagship CLO VI(h)(i)		5.24	%		06/10/2021		3,254		2,979,531
Flagship CLO VI(h)(i)		5.24	%		06/10/2021		987		903,527
Four Corners CLO II, Ltd.(h)(i)		2.47	%		01/26/2020		310		291,485
Four Corners CLO II, Ltd.(h)(i)		2.47	%		01/26/2020		103		96,848
Gallatin Funding CLO VII 2014-1 Ltd.(h)(i)		6.29	%		07/15/2023		3,068		2,633,504
Halcyon Loan Investors CLO II, Ltd.(h)(i)		4.22	%		04/24/2021		917		813,561
Highbridge Loan Management 6-2015, Ltd.(h)(i)		6.07	%		05/05/2027		500		338,133
ING Investment Management CLO 2012-4, Ltd.(h)(i)		6.37	%		10/15/2023		1,861		1,441,626
ING Investment Management CLO 2013-1, Ltd.(h)(i)		5.62	%		04/15/2024		4,808		3,428,905
ING Investment Management CLO 2013-3, Ltd.(h)(i)		5.12	%		01/18/2026		2,745		1,857,283
ING Investment Management CLO III, Ltd.(h)(i)		4.12	%		12/13/2020		1,188		1,080,838

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

19                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
ING Investment Management CLO IV, Ltd.(h)(i)		4.87	%		06/14/2022	$	293	$	259,562
Keuka Park CLO 2013-1(h)(i)		5.12	%		10/21/2024		617		424,149
Kingsland Ltd. 2006-2(h)(i)		5.12	%		04/21/2021		1,205		1,099,466
KKR Financial CLO 2012-1, Ltd.(h)(i)		6.01	%		12/15/2024		2,100		1,516,744
KKR Financial CLO 2013-1, Ltd.(h)(i)		5.37	%		07/15/2025		2,461		1,655,461
Madison Park Funding II, Ltd.(h)(i)		5.35	%		03/25/2020		700		658,821
Madison Park Funding IV, Ltd.(h)(i)		4.19	%		03/22/2021		1,344		1,216,269
Madison Park Funding IX, Ltd.(h)(i)		5.87	%		08/15/2022		736		606,772
Madison Park Funding X, Ltd.(h)(i)		5.87	%		01/20/2025		1,953		1,530,519
Madison Park Funding XIV, Ltd.(h)(i)		5.37	%		07/20/2026		1,350		994,452
Madison Park Funding XIV, Ltd.(h)(i)		6.02	%		07/20/2026		1,915		1,283,531
Magnetite CLO Ltd.(h)(i)		6.06	%		09/15/2023		1,988		1,612,526
Maps CLO Fund LLC(h)(i)		4.87	%		07/20/2022		1,685		1,492,125
NewStar Commercial Loan Funding 2015-1(h)(i)		6.12	%		01/20/2027		1,000		942,250
Northwoods Capital, 2013-10A Ltd.(h)(i)		4.22	%		11/04/2025		1,130		904,450
Octagon Investment Partners XIV Ltd.(h)(i)		5.87	%		01/15/2024		2,052		1,414,971
Octagon Investment Partners XIX Ltd.(h)(i)		5.47	%		04/15/2026		2,920		1,893,010
Octagon Investment Partners XVII Ltd.(h)(i)		5.12	%		10/25/2025		1,975		1,239,283
Octagon Investment Partners XVIII Ltd.(h)(i)		5.87	%		12/16/2024		4,442		3,201,727
Octagon Investment Partners XXI Ltd.(h)(i)		7.22	%		11/14/2026		3,500		2,424,922
Pacifica CDO VI, Ltd.(h)(i)		4.37	%		08/15/2021		565		478,792
Regatta IV Funding, 2014-1 Ltd.(h)(i)		5.57	%		07/25/2026		3,250		1,765,104
Seneca Park CLO Ltd. 2014-1(h)(i)		5.32	%		07/17/2026		2,750		1,866,447
Silverado CLO 2006-II Ltd.(h)(i)		4.37	%		10/16/2020		886		772,028
Slater Mill Loan Fund, LP(h)(i)		6.12	%		08/17/2022		1,108		782,482
St. James River CLO Ltd. 2007-1(h)(i)		4.79	%		06/11/2021		481		435,825
Stone Tower CLO, 2007-6 Ltd.(h)(i)		4.22	%		04/17/2021		1,750		1,542,432
Symphony CLO VIII, Ltd.(h)(i)		6.62	%		01/09/2023		1,156		1,007,488
Symphony CLO XI, Ltd.(h)(i)		5.87	%		01/17/2025		2,640		2,035,266
Symphony CLO XII, Ltd.(h)(i)		5.52	%		10/15/2025		1,850		1,369,357
Symphony CLO XIV, Ltd.(h)(i)		5.22	%		07/14/2026		2,750		1,762,857
TriMaran CLO VII, Ltd.(h)(i)		3.91	%		06/15/2021		1,535		1,353,043
Voya CLO 2014-2, Ltd(h)(i)		5.37	%		07/17/2026		1,875		1,198,554
Total Structured Products									95,266,935
						Shares
Common Stocks & Other Equity Interests–0.65%(j)
Aerospace & Defense–0.01%
IAP Worldwide Services(h)(k)							134		200,865
Automotive–0.01%
Dayco Products, LLC(h)(k)							3,266		84,916
Dayco Products, LLC(h)(k)							3,261		84,786
									169,702
Building & Development–0.10%
Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 04/28/2010-07/15/2010; Cost $664,569)(h)(k)							1		0
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 06/30/2010; Cost $3,408,940)(h)(k)							0		0
Stile Acquisition Corp. (Canada)(k)							27,093		1,558,119
United Subcontractors, Inc.(h)(k)							4,840		145,214
									1,703,333

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

20                         Invesco Floating Rate Fund

	Shares		Value
Business Equipment & Services–0.04%
EmployBridge Holding Co.(h)(k)		43,971	$	604,601
Cable & Satellite Television–0.14%
ION Media Networks, Inc.		4,471		2,476,487
Chemicals & Plastics–0.00%
LyondellBasell Industries N.V.–Class A		218		17,486
Drugs–0.00%
BPA Laboratories, Class A, Wts. expiring 04/29/24, (Acquired 04/29/2014; Cost $0)(h)(k)		3		0
BPA Laboratories, Class B, Wts. expiring 04/29/24, (Acquired 04/29/2014; Cost $0)(h)(k)		6		0
				0
Financial Intermediaries–0.00%
Bankruptcy Management Solutions, Inc.(h)(k)		335		12,563
Bankruptcy Management Solutions, Inc., Class A, Wts. expiring 06/27/18, (Acquired 06/27/2013; Cost $0)(h)(k)		0		0
Bankruptcy Management Solutions, Inc., Class B, Wts. expiring 06/27/18, (Acquired 06/27/2013; Cost $0)(h)(k)		0		0
Bankruptcy Management Solutions, Inc., Class C, Wts. expiring 06/27/18, (Acquired 06/27/2013; Cost $0)(h)(k)		0		0
				12,563
Food Products–0.00%
QCE LLC(h)(k)		17		0
Forest Products–0.00%
Xerium Technologies, Inc.(k)		1,766		12,945
Health Care–0.19%
New Milennium Holdco.(h)(k)		259,087		3,324,863
Leisure Goods, Activities & Movies–0.00%
AMF Bowling Centers, Inc.(k)		1,665		64,935
Lodging & Casinos–0.05%
Twin River Worldwide Holdings, Inc.,(h)(k)		18,663		907,488
Publishing–0.06%
F&W Publications, Inc.(h)(k)		288		21,600
Merrill Communications LLC Class A,(h)(k)		133,776		735,768
Tribune Media Co., Class A		9,050		324,895
Tribune Publishing Co.		2,262		18,978
				1,101,241
Surface Transport–0.01%
U.S. Shipping Corp. (Acquired 09/28/2007-09/30/2009; Cost $0)(h)(k)		6,189		62
U.S. Shipping Corp. (Acquired 09/28/2007-09/30/2009; Cost $87,805)(h)(k)		87,805		74,634
				74,696
Telecommunications–0.04%
FairPoint Communications, Inc.(k)		44,928		675,268
Utilities–0.00%
Bicent Power, LLC, Series A, Wts. expiring 08/21/22, (Acquired 08/21/2012; Cost $0)(h)(k)		0		0
Bicent Power, LLC, Series B, Wts. expiring 08/21/22, (Acquired 08/21/2012; Cost $0)(h)(k)		0		0
				0
Total Common Stocks & Other Equity Interests				11,346,473

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

21                         Invesco Floating Rate Fund

	Shares		Value
Preferred Stocks–0.01%
Building & Development–0.01%
United Subcontractors, Inc.(h)(k)		4,840	$	101,650
Retailers (except Food & Drug)–0.00%
Vivarte (France) (Acquired 01/06/2016; Cost $0)(h)(k)		934		—
Total Preferred Stocks				101,650
Money Market Funds–1.01%
Liquid Assets Portfolio–Institutional Class, 0.42%(l)		8,864,273		8,864,273
Premier Portfolio–Institutional Class, 0.38%(l)		8,864,273		8,864,273
Total Money Market Funds				17,728,546
TOTAL INVESTMENTS–98.47% (Cost $1,946,231,981)				1,721,694,213
OTHER ASSETS LESS LIABILITIES–1.53%				26,714,968
NET ASSETS–100.00%			$	1,748,409,181

Investment Abbreviations:

CDO	– Collateralized Debt Obligation
CLO	– Collateralized Loan Obligation
DIP	– Debtor-in-possession
EUR	– Euro
GBP	– British Pound
IBC	– International Bancshares Corp.
LOC	– Letter of Credit
PIK	– Payment in Kind
SEK	– Swedish Krona
Wts.	– Warrants

Notes to Schedule of Investments:

* Principal amounts are denominated in U.S. dollars unless otherwise noted.

^(a)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(b)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”), and may be subject to contractual and legal restrictions on sale. Senior secured corporate loans and senior secured debt securities in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Inter-Bank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(c)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 8.

^(d)  This floating rate interest will settle after February 29, 2016, at which time the interest rate will be determined.

^(e)  All or a portion of this security is Payment-in-Kind.

Issuer	Cash Rate			PIK Rate
Lake at Las Vegas Joint Venture LLC, PIK Exit Revolver Loan		—	%		5.00	%
QCE LLC, PIK Term Loan		—			15.00

^(f)  The borrower has filed for protection in federal bankruptcy court.

^(g)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 29, 2016 was $1,560,022, which represented less than 1% of the Fund’s Net Assets.

^(h)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933. 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 February 29, 2016 was $204,413,767, which represented 11.69% of the Fund’s Net Assets.

⁽ⁱ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016.

^(j)  Acquired through the restructuring of senior loans.

^(k)  Non-income producing security.

^(l)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

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

22                         Invesco Floating Rate Fund

Portfolio Composition*

By credit quality rating based on total investments^† as of February 29, 2016

BBB+	0.4	%
BBB	2.5
BBB-	2.8
BB+	8.0
BB	19.3
BB-	13.4
B+	10.5
B	18.8
B-	8.0
CCC+	6.8
CCC	2.7
CCC-	0.3
CC	0.0
C	0.0
D	0.8
Not-Rated	5.0
Equity	0.7

^†  Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard and Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

* Excluding money market holdings

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

23                         Invesco Floating Rate Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $1,928,503,435)	$	1,703,965,667
Investments in affiliated money market funds, at value and cost		17,728,546
Total investments, at value (Cost $1,946,231,981)		1,721,694,213
Cash		23,911,473
Foreign currencies, at value (Cost $12,351,316)		12,290,042
Receivable for:
Investments sold		71,781,930
Interest and fees		13,489,648
Fund shares sold		2,467,456
Investments matured (Cost $20,621,517)		5,477,017
Unrealized appreciation on forward foreign currency contracts outstanding		3,898,077
Investment for trustee deferred compensation and retirement plans		142,916
Other assets		244,775
Total assets		1,855,397,547
Liabilities:
Payable for:
Investments purchased		45,316,967
Fund shares repurchased		6,292,678
Income distributions		2,144,090
Accrued fees to affiliates		955,745
Accrued trustees’ and officers’ fees and benefits		7,936
Trustee deferred compensation and retirement plans		169,224
Unrealized depreciation on forward foreign currency contracts outstanding		54,421
Unfunded loan commitments		52,047,305
Total liabilities		106,988,366
Net assets applicable to common shares	$	1,748,409,181
Net assets consist of:
Shares of beneficial interest	$	2,068,731,345
Undistributed net investment income		(3,777,677	)
Undistributed net realized gain (loss)		(80,626,734	)
Net unrealized appreciation (depreciation)		(235,917,753	)
	$	1,748,409,181

Net Assets:
Class A	$	639,131,107
Class C	$	446,624,751
Class R	$	10,412,039
Class Y	$	534,579,116
Class R5	$	3,264,601
Class R6	$	114,397,567
Shares outstanding, $0.01 par value per share with an unlimited number of shares authorized:
Class A		92,269,513
Class C		64,766,921
Class R		1,500,467
Class Y		77,296,636
Class R5		470,909
Class R6		16,515,241
Class A:
Net asset value per share	$	6.93
Maximum offering price per share
(Net asset value of $6.93 ¸ 97.50%	$	7.11
Class C:
Net asset value and offering price per share	$	6.90
Class R:
Net asset value and offering price per share	$	6.94
Class Y:
Net asset value and offering price per share	$	6.92
Class R5:
Net asset value and offering price per share	$	6.93
Class R6:
Net asset value and offering price per share	$	6.93

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

24                         Invesco Floating Rate Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Interest	$	63,133,994
Dividends		3,394
Dividends from affiliated money market funds		51,105
Other income		1,854,408
Total investment income		65,042,901
Expenses:
Advisory fees		6,393,634
Administrative services fees		222,857
Custodian fees		202,891
Class A		930,150
Class C		1,928,583
Class R		27,692
Interest, facilities and maintenance fees		504,167
Transfer agent fees — A, C, R & Y		1,023,082
Transfer agent fees — R5		1,694
Transfer agent fees — R6		3,139
Trustees’ and officers’ fees and benefits		33,471
Other		220,663
Total expenses		11,492,023
Less: Fees waived and expense offset arrangement(s)		(45,443	)
Net expenses		11,446,580
Net investment income		53,596,321
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		(58,565,298	)
Foreign currencies		1,930,605
Forward foreign currency contracts		(1,306,636	)
		(57,941,329	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(126,593,296	)
Foreign currencies		188,387
Forward foreign currency contracts		4,063,709
		(122,341,200	)
Net realized and unrealized gain (loss)		(180,282,529	)
Net increase (decrease) in net assets resulting from operations	$	(126,686,208	)

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

25                         Invesco Floating Rate Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	53,596,321		$	109,334,487
Net realized gain (loss)		(57,941,329	)		(9,077,969	)
Change in net unrealized appreciation (depreciation)		(122,341,200	)		(118,044,276	)
Net increase (decrease) in net assets resulting from operations		(126,686,208	)		(17,787,758	)
Distributions to shareholders from net investment income:
Class A		(20,139,524	)		(41,201,004	)
Class C		(12,642,236	)		(25,284,497	)
Class R		(285,171	)		(494,668	)
Class Y		(19,678,664	)		(39,480,871	)
Class R5		(95,607	)		(212,956	)
Class R6		(3,506,763	)		(4,858,586	)
Total distributions to shareholders from net investment income		(56,347,965	)		(111,532,582	)
Share transactions–net:
Class A		(146,848,693	)		(126,076,413	)
Class C		(78,475,401	)		(88,632,668	)
Class R		(589,494	)		1,411,096
Class Y		(210,040,769	)		46,121,653
Class R5		95,738			(4,354,384	)
Class R6		27,366,616			19,769,006
Net change in net assets resulting from share transactions		(408,492,003	)		(151,761,710	)
Net increase (decrease) in net assets		(591,526,176	)		(281,082,050	)
Net assets applicable to common shares:
Beginning of period		2,339,935,357			2,621,017,407
End of period (includes undistributed net investment income of $(3,777,677) and $(1,026,033), respectively)	$	1,748,409,181		$	2,339,935,357

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

26                         Invesco Floating Rate Fund

Statement of Cash Flows

For the six months ended February 29, 2016

(Unaudited)

Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	(126,686,208	)
Adjustments to reconcile net increase in net assets to net cash provided by operating activities:
Purchases of investments		(571,424,879	)
Proceeds from sales of investments		1,003,214,047
Net change in transactions in forward foreign currency contracts		(4,063,709	)
Decrease in interest receivables and other assets		2,759,210
Amortization of loan fees		(394,602	)
Accretion of discount on investment securities		(5,313,724	)
Decrease in accrued expenses and other payables		(309,602	)
Net realized loss from investment securities		58,565,298
Net change in unrealized depreciation on investment securities		126,593,296
Net cash provided by operating activities		482,939,127
Cash provided by (used in) financing activities:
Dividends paid to common shareholders from net investment income		(17,127,871	)
Proceeds from shares of beneficial interest sold		273,896,564
Disbursements from shares of beneficial interest reacquired		(714,720,362	)
Net cash provided by (used in) financing activities		(457,951,669	)
Net increase in cash and cash equivalents		24,987,458
Cash and cash equivalents at beginning of period		28,942,603
Cash and cash equivalents at end of period	$	53,930,061
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	39,824,938
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	337,500

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Floating Rate Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return, comprised of current income and capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Variable rate senior loan interests are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales 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 (but not securities reported on the NASDAQ Stock Exchange) are valued based on the prices furnished by independent pricing services, in which case the securities may be considered fair valued, or by market makers. Each security reported on the NASDAQ Stock Exchange is valued at the NASDAQ Official Closing Price (“NOCP”) as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price.

27                         Invesco Floating Rate Fund

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from the settlement date. Facility fees received may be amortized over the life of the loan. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of the loan or note.

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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

28                         Invesco Floating Rate Fund

C. 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 — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining the credit agreement.

H. 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.

I. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

J. Cash and Cash Equivalents — For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

K. Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

L. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

M. 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.

29                         Invesco Floating Rate Fund

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

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

N. Industry Focus — To the extent that the Fund invests a greater amount of its assets in securities of issuers in the banking and financial services industries, the Fund’s performance will depend to a greater extent on the overall condition of those industries. The value of these securities can be sensitive to changes in government regulation, interest rates and economic downturns in the U.S. and abroad.

O. Bank Loan Risk — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

P. Other Risks — The Fund may invest all or substantially of its assets in senior secured floating rate loans and senior secured debt securities that are determined to be rated below investment grade. These securities are generally considered to have speculative characteristics and are subject to greater risk of loss of principal and interest than higher rated securities. The value of lower quality debt securities and floating rate loans can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market or economic developments.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

Q. Leverage Risk — The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the shares, including that the costs of the financial leverage may exceed the income from investments made with such leverage, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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	.65%
Next $4.5 billion		0	.60%
Next $5 billion		0	.575%
Over $10 billion		0	.55%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.61%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.00%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following

30                         Invesco Floating Rate Fund

expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $44,588.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

Also, Invesco has entered into service agreements whereby State Street Bank and Trust Company (“SSB”) serves as the custodian, fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 0.75% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $52,058 in front-end sales commissions from the sale of Class A shares and $246,813 and $31,159 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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.

31                         Invesco Floating Rate Fund

During the six months ended February 29, 2016, there were transfers from Level 2 to level 3 of $34,673,989, due to third-party vendor quotations utilizing single market quotes and from level 3 to level 2 of $41,229,314, due to third-party vendor quotations utilizing more than one market quote.

	Level 1		Level 2		Level 3		Total
Equity Securities	$	20,336,237	$	5,807,357	$	3,033,075	$	29,176,669
Variable Rate Senior Loan Interests		—		1,351,085,011		114,686,901		1,465,771,912
Bonds and Notes		—		121,558,136		9,920,561		131,478,697
Structured Products		—		95,266,935		—		95,266,935
		20,336,237		1,573,717,439		127,640,537		1,721,694,213
Forward Foreign Currency Contracts*		—		3,843,656		—		3,843,656
Total Investments	$	20,336,237	$	1,577,561,095	$	127,640,537	$	1,725,537,869

* Unrealized appreciation.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 29, 2016:

	Beginning Balance, as of August 31, 2015		Purchases		Sales			Accrued discounts/ premiums		Net realized gain (loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Ending Balance, as of February 29, 2016
Variable Rate Senior Loan Interests	$	150,150,779	$	15,535,399	$	(34,692,792	)	$	875,184	$	(302,750	)	$	(12,432,671	)	$	36,953,220	$	(41,399,468	)	$	114,686,901
Bonds & Notes		—		9,909,351		—			423		—			10,787			—		—			9,920,561
Equity Securities		2,708,358		—		—			—		—			377,089			12,563		(64,935	)		3,033,075
Total	$	152,859,137	$	25,444,750	$	(34,692,792	)	$	875,607	$	(302,750	)	$	(12,044,795	)	$	36,965,783	$	(41,464,403	)	$	127,640,537

Securities determined to be Level 3 at the end of the reporting period were valued utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	3,898,077	$	(54,421	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the caption Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding .

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Forward Foreign Currency Contracts
Realized Gain (loss):
Currency risk	$	(1,306,636	)
Change in Net Unrealized Appreciation:
Currency risk		4,063,709
Total	$	2,757,073

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	96,159,440

32                         Invesco Floating Rate Fund

Open Forward Foreign Currency Contracts at Period-End
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
03/14/16	State Street Bank and Trust Co.		USD	846,894		EUR	750,000	$	816,156	$	(30,738	)
03/14/16	State Street Bank and Trust Co.		EUR	52,500,000		USD	59,615,693		57,130,902		2,484,791
03/14/16	State Street Bank and Trust Co.		USD	545,643		GBP	375,000		521,960		(23,683	)
03/14/16	State Street Bank and Trust Co.		GBP	26,500,000		USD	38,291,970		36,885,168		1,406,802
03/14/16	State Street Bank and Trust Co.		SEK	2,150,000		USD	257,705		251,221		6,484
Total Forward Foreign Currency Contracts — Currency Risk										$	3,843,656

Currency Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
SEK	– Swedish Krona
USD	– U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of February 29, 2016.

	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities
			Financial Instruments			Collateral Received				Net Amount
Counterparty						Non-Cash		Cash
State Street Bank and Trust Co.	$	3,898,077	$	(54,421	)	$	—	$	—	$	3,843,656
	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities
			Financial Instruments			Collateral Pledged				Net Amount
Counterparty						Non-Cash		Cash
State Street Bank and Trust Co.	$	54,421	$	(54,421	)	$	—	$	—	$	—

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $855.

NOTE 6—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

33                         Invesco Floating Rate Fund

NOTE 7—Borrowings

The Board of Trustees of the Fund approved a revolving line of credit agreement with SSB in which the Fund may borrow up to the lesser of (1) $500,000,000 or (2) the limits set by its prospectus for borrowings. This agreement will expire on July��20, 2016.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 8—Unfunded Loan Commitments

As of February 29, 2016, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:

Borrower	Type	Principal Amount		Value
Arch Coal, Inc.	DIP Term Loan	$	3,456,916	$	3,318,639
David’s Bridal, Inc.	Asset-Based Revolver Loan		1,572,680		1,431,139
Delta Air Lines, Inc.	Revolver Loan		1,144,857		1,124,822
Equinox Holdings, Inc.	Revolver Loan		1,866,265		1,679,639
Frontier Communications Corp.	Delayed Draw Term Loan A		5,716,452		5,344,883
Getty Images, Inc.	Revolver Loan		6,893,288		5,376,764
Hearthside Group Holdings, LLC	Revolver Loan		2,430,969		2,233,405
IAP Worldwide Services	Revolver Loan		876,686		859,152
Kenan Advantage Group, Inc.	Delayed Draw Term Loan 1		106,061		104,404
Lake at Las Vegas Joint Venture, LLC	Exit Revolver Loan		12,703		9,114
Midas Intermediate Holdco II, LLC	First Lien Delayed Draw Term Loan		170,934		169,581
NewPage Corp.	DIP Delayed Draw Term Loan		570,546		570,546
Post Holdings, Inc.	Revolver Loan		3,566,087		3,560,417
Texas Competitive Electric Holdings Co., LLC	DIP Revolver Loan		26,666,667		26,264,800
		$	55,051,111	$	52,047,305

NOTE 9—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	2,739,285	$	—	$	2,739,285
Not subject to expiration		734,335		9,722,246		10,456,581
	$	3,473,620	$	9,722,246	$	13,195,866

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

34                         Invesco Floating Rate Fund

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $499,202,621 and $958,754,363, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	8,500,731
Aggregate unrealized (depreciation) of investment securities		(235,539,776	)
Net unrealized appreciation (depreciation) of investment securities	$	(227,039,045	)

Cost of investments for tax purposes is $1,948,733,258.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		7,634,844		$	55,687,808			39,709,720		$	308,748,638
Class C		4,945,398			35,954,975			20,069,741			155,362,291
Class R		71,663			522,633			305,899			2,374,253
Class Y		18,329,459			132,980,445			75,722,818			587,249,556
Class R5		61,836			451,219			183,215			1,423,310
Class R6		5,557,613			41,380,423			4,230,090			33,067,238
Issued as reinvestment of dividends:
Class A		1,913,181			13,796,154			3,775,435			29,292,254
Class C		1,303,344			9,357,177			2,452,652			18,940,243
Class R		37,367			269,619			58,511			454,357
Class Y		1,777,949			12,815,757			3,496,532			27,064,107
Class R5		11,034			79,467			26,246			204,201
Class R6		487,416			3,506,764			626,454			4,856,839
Reacquired:
Class A		(29,894,122	)		(216,332,655	)		(59,768,075	)		(464,117,305	)
Class C		(17,271,476	)		(123,787,553	)		(34,029,469	)		(262,935,202	)
Class R		(189,826	)		(1,381,746	)		(182,991	)		(1,417,514	)
Class Y		(49,600,075	)		(355,836,971	)		(73,501,780	)		(568,192,010	)
Class R5		(60,303	)		(434,948	)		(767,212	)		(5,981,895	)
Class R6		(2,485,962	)		(17,520,571	)		(2,338,925	)		(18,155,071	)
Net increase (decrease) in share activity		(57,370,660	)	$	(408,492,003	)		(19,931,139	)	$	(151,761,710	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35                         Invesco Floating Rate Fund

NOTE 12—Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the six months ended February 29, 2016, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount		Value
Barclays Bank PLC	$	6,893,288	$	5,376,764
Citibank N.A.		26,666,667		26,264,800
Goldman Sachs Lending Partners LLC		5,138,767		4,991,556
Total	$	38,698,722	$	36,633,120

36                         Invesco Floating Rate Fund

NOTE 13—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of  period(b)		Total return(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 02/29/16	$	7.56	$	0.19	$	(0.63	)	$	(0.44	)	$	(0.19	)	$	6.93		(5.83	)%	$	639,131		1.08	%(e)(f)		1.08	%(e)(f)		5.15	%(e)		24	%
Year ended 08/31/15		7.95		0.35		(0.38	)		(0.03	)		(0.36	)		7.56		(0.42	)		850,891		1.06	(f)		1.06	(f)		4.51			59
Year ended 08/31/14		7.93		0.32		0.03			0.35			(0.33	)		7.95		4.33			1,025,092		1.03	(f)		1.04	(f)		4.01			82
Year ended 08/31/13		7.77		0.35		0.17			0.52			(0.36	)		7.93		6.83			957,442		1.08	(f)		1.09	(f)		4.36			97
Year ended 08/31/12		7.36		0.37		0.41			0.78			(0.37	)		7.77		10.75			448,142		1.11	(f)		1.11	(f)		4.80			82
Year ended 08/31/11		7.47		0.35		(0.11	)		0.24			(0.35	)		7.36		3.07			450,750		0.99	(f)		1.00	(f)		4.53			152
Class C
Six months ended 02/29/16		7.52		0.17		(0.61	)		(0.44	)		(0.18	)		6.90		(5.97	)		446,625		1.58	(e)(f)		1.58	(e)(f)		4.65	(e)		24
Year ended 08/31/15		7.92		0.31		(0.39	)		(0.08	)		(0.32	)		7.52		(1.07	)		570,097		1.56	(f)		1.56	(f)		4.01			59
Year ended 08/31/14		7.90		0.28		0.03			0.31			(0.29	)		7.92		3.91			691,152		1.53	(f)		1.54	(f)		3.51			82
Year ended 08/31/13		7.73		0.31		0.18			0.49			(0.32	)		7.90		6.45			518,948		1.58	(f)		1.59	(f)		3.86			97
Year ended 08/31/12		7.32		0.33		0.41			0.74			(0.33	)		7.73		10.24			258,800		1.61	(f)		1.61	(f)		4.30			82
Year ended 08/31/11		7.44		0.31		(0.12	)		0.19			(0.31	)		7.32		2.41			267,796		1.49	(f)		1.50	(f)		4.03			152
Class R
Six months ended 02/29/16		7.57		0.18		(0.62	)		(0.44	)		(0.19	)		6.94		(5.94	)		10,412		1.33	(e)(f)		1.33	(e)(f)		4.90	(e)		24
Year ended 08/31/15		7.97		0.33		(0.39	)		(0.06	)		(0.34	)		7.57		(0.79	)		11,969		1.31	(f)		1.31	(f)		4.26			59
Year ended 08/31/14		7.95		0.30		0.03			0.33			(0.31	)		7.97		4.18			11,152		1.28	(f)		1.29	(f)		3.76			82
Year ended 08/31/13		7.79		0.33		0.17			0.50			(0.34	)		7.95		6.57			3,559		1.33	(f)		1.34	(f)		4.11			97
Year ended 08/31/12		7.37		0.35		0.42			0.77			(0.35	)		7.79		10.61			1,779		1.36	(f)		1.36	(f)		4.55			82
Year ended 08/31/11		7.49		0.33		(0.12	)		0.21			(0.33	)		7.37		2.68			1,491		1.24	(f)		1.25	(f)		4.28			152
Class Y
Six months ended 02/29/16		7.54		0.19		(0.61	)		(0.42	)		(0.20	)		6.92		(5.60	)		534,579		0.83	(e)(f)		0.83	(e)(f)		5.40	(e)		24
Year ended 08/31/15		7.94		0.37		(0.39	)		(0.02	)		(0.38	)		7.54		(0.31	)		805,611		0.81	(f)		0.81	(f)		4.76			59
Year ended 08/31/14		7.92		0.34		0.03			0.37			(0.35	)		7.94		4.69			802,508		0.78	(f)		0.79	(f)		4.26			82
Year ended 08/31/13		7.76		0.37		0.17			0.54			(0.38	)		7.92		7.10			550,974		0.83	(f)		0.84	(f)		4.61			97
Year ended 08/31/12		7.34		0.38		0.42			0.80			(0.38	)		7.76		11.19			165,609		0.86	(f)		0.86	(f)		5.05			82
Year ended 08/31/11		7.46		0.37		(0.12	)		0.25			(0.37	)		7.34		3.19			125,900		0.74	(f)		0.75	(f)		4.78			152
Class R5
Six months ended 02/29/16		7.56		0.19		(0.62	)		(0.43	)		(0.20	)		6.93		(5.71	)		3,265		0.83	(e)(f)		0.83	(e)(f)		5.40	(e)		24
Year ended 08/31/15		7.96		0.37		(0.39	)		(0.02	)		(0.38	)		7.56		(0.29	)		3,466		0.80	(f)		0.80	(f)		4.77			59
Year ended 08/31/14		7.94		0.34		0.03			0.37			(0.35	)		7.96		4.72			8,087		0.76	(f)		0.77	(f)		4.28			82
Year ended 08/31/13		7.77		0.37		0.18			0.55			(0.38	)		7.94		7.26			9,260		0.81	(f)		0.82	(f)		4.63			97
Year ended 08/31/12		7.36		0.39		0.41			0.80			(0.39	)		7.77		11.13			58,039		0.77	(f)		0.77	(f)		5.14			82
Year ended 08/31/11		7.47		0.38		(0.12	)		0.26			(0.37	)		7.36		3.40			48,967		0.68	(f)		0.69	(f)		4.84			152
Class R6
Six months ended 02/29/16		7.56		0.20		(0.62	)		(0.42	)		(0.21	)		6.93		(5.67	)		114,398		0.73	(e)(f)		0.73	(e)(f)		5.50	(e)		24
Year ended 08/31/15		7.95		0.38		(0.38	)		0.00			(0.39	)		7.56		(0.06	)		97,902		0.70	(f)		0.70	(f)		4.87			59
Year ended 08/31/14		7.94		0.35		0.01			0.36			(0.35	)		7.95		4.66			83,025		0.69	(f)		0.70	(f)		4.35			82
Year ended 08/31/13(g)		7.84		0.35		0.11			0.46			(0.36	)		7.94		6.01			63,032		0.76	(f)(h)		0.77	(f)(h)		4.68	(h)		97

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for the fiscal years ended August 31, 2012 and prior.

^(c)  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. Does not include sales charges and is 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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $748,209, $517,115, $11,138, $698,648, $3,401 and $122,745 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Ratio includes line of credit expense of 0.05%, 0.03%, 0.02%, 0.02%, 0.03% and 0.01% for the six months ended February 29, 2016 and the years ended August 31, 2015, August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011, respectively.

^(g)  Commencement date of September 24, 2012.

^(h)  Annualized.

37                         Invesco Floating Rate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	941.70	$	5.21	$	1,019.49	$	5.42		1.08	%
C		1,000.00		940.30		7.62		1,017.01		7.92		1.58
R		1,000.00		940.60		6.42		1,018.25		6.67		1.33
Y		1,000.00		944.00		4.01		1,020.74		4.17		0.83
R5		1,000.00		942.90		4.01		1,020.74		4.17		0.83
R6		1,000.00		943.30		3.53		1,021.23		3.67		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

38                         Invesco Floating Rate Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     FLR-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco S&P 500 Index Fund
	Nasdaq:
	A: SPIAX  ¡  B: SPIBX  ¡  C: SPICX  ¡   Y: SPIDX

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
13	Financial Statements
15	Notes to Financial Statements
22	Financial Highlights
23	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-1.24	%
Class B Shares	-1.61
Class C Shares	-1.58
Class Y Shares	-1.10
S&P 500 Index▼ (Broad Market/Style-Specific Index)	-0.92
Lipper S&P 500 Objective Funds Index¡ (Peer Group Index)	-1.09

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Lipper S&P 500 Objective Funds Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.

    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.

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (9/26/97)	4.98	%
10 Years	5.32
5 Years	8.28
1 Year	-11.86
Class B Shares
Inception (9/26/97)	4.95	%
10 Years	5.28
5 Years	8.39
1 Year	-12.03
Class C Shares
Inception (9/26/97)	4.51	%
10 Years	5.13
5 Years	8.70
1 Year	-8.31
Class Y Shares
Inception (9/26/97)	5.55	%
10 Years	6.18
5 Years	9.78
1 Year	-6.49

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (9/26/97)	5.33	%
10 Years	6.17
5 Years	10.66
1 Year	-4.73
Class B Shares
Inception (9/26/97)	5.30	%
10 Years	6.13
5 Years	10.82
1 Year	-4.93
Class C Shares
Inception (9/26/97)	4.87	%
10 Years	5.98
5 Years	11.10
1 Year	-0.97
Class Y Shares
Inception (9/26/97)	5.91	%
10 Years	7.04
5 Years	12.21
1 Year	1.09

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Morgan Stanley S&P 500 Index Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco S&P 500 Index Fund. Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor

fund and Invesco S&P 500 Index Fund. Share class returns will differ from the predecessor fund because of different expenses.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance.

Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.58%, 1.33%, 1.33% and 0.33%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

2                      Invesco S&P 500 Index Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

3                      Invesco S&P 500 Index Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.46%
Advertising–0.16%
Interpublic Group of Cos., Inc. (The)		19,384	$	414,624
Omnicom Group Inc.		11,534		897,460
				1,312,084
Aerospace & Defense–2.49%
Boeing Co. (The)		30,084		3,555,327
General Dynamics Corp.		14,194		1,934,217
Honeywell International Inc.		36,815		3,731,200
L-3 Communications Holdings, Inc.		3,713		435,572
Lockheed Martin Corp.		12,623		2,723,917
Northrop Grumman Corp.		8,711		1,674,429
Raytheon Co.		14,411		1,784,802
Rockwell Collins, Inc.		6,255		547,750
Textron Inc.		13,023		444,736
United Technologies Corp.		37,176		3,591,945
				20,423,895
Agricultural & Farm Machinery–0.15%
Deere & Co.		14,902		1,194,842
Agricultural Products–0.12%
Archer-Daniels-Midland Co.		28,506		996,570
Air Freight & Logistics–0.71%
C.H. Robinson Worldwide, Inc.		6,860		479,034
Expeditors International of Washington, Inc.		8,880		406,526
FedEx Corp.		12,544		1,717,023
United Parcel Service, Inc.–Class B		33,262		3,211,446
				5,814,029
Airlines–0.65%
American Airlines Group Inc.		30,110		1,234,510
Delta Air Lines, Inc.		37,569		1,812,328
Southwest Airlines Co.		31,067		1,303,261
United Continental Holdings Inc.(b)		17,808		1,019,686
				5,369,785
Alternative Carriers–0.08%
Level 3 Communications, Inc.(b)		13,784		669,213
Aluminum–0.07%
Alcoa Inc.		62,584		558,875
Apparel Retail–0.59%
Gap, Inc. (The)		10,942		302,546
L Brands, Inc.		12,197		1,034,184
Ross Stores, Inc.		19,346		1,063,643
TJX Cos., Inc. (The)		32,017		2,372,460
Urban Outfitters, Inc.(b)		4,146		109,827
				4,882,660

	Shares		Value
Apparel, Accessories & Luxury Goods–0.47%
Coach, Inc.		13,256	$	516,189
Hanesbrands, Inc.		18,717		533,247
Michael Kors Holdings Ltd.(b)		8,791		498,010
PVH Corp.		3,918		310,110
Ralph Lauren Corp.		2,837		257,486
Under Armour, Inc.–Class A(b)		8,643		723,333
VF Corp.		16,291		1,060,707
				3,899,082
Application Software–0.77%
Adobe Systems Inc.(b)		23,827		2,028,869
Autodesk, Inc.(b)		10,839		560,810
Citrix Systems, Inc.(b)		7,347		519,066
Intuit Inc.		12,610		1,218,630
salesforce.com, inc.(b)		29,816		2,020,034
				6,347,409
Asset Management & Custody Banks–1.05%
Affiliated Managers Group, Inc.(b)		2,577		357,404
Ameriprise Financial, Inc.		8,316		698,128
Bank of New York Mellon Corp. (The)		52,209		1,847,676
BlackRock, Inc.		6,031		1,881,431
Franklin Resources, Inc.		18,101		648,921
Invesco Ltd.(c)		20,247		541,405
Legg Mason, Inc.		5,108		145,884
Northern Trust Corp.		10,391		617,018
State Street Corp.		19,274		1,055,830
T. Rowe Price Group Inc.		11,994		828,905
				8,622,602
Auto Parts & Equipment–0.29%
BorgWarner, Inc.		10,744		351,114
Delphi Automotive PLC (United Kingdom)		13,378		892,045
Johnson Controls, Inc.		30,939		1,128,036
				2,371,195
Automobile Manufacturers–0.53%
Ford Motor Co.		186,197		2,329,324
General Motors Co.		67,647		1,991,528
				4,320,852
Automotive Retail–0.43%
Advance Auto Parts, Inc.		3,476		515,977
AutoNation, Inc.(b)		3,616		186,115
AutoZone, Inc.(b)		1,456		1,127,774
CarMax, Inc.(b)		9,679		447,751
O’Reilly Automotive, Inc.(b)		4,719		1,228,450
				3,506,067
Biotechnology–3.27%
AbbVie Inc.		78,091		4,264,549

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

4                         Invesco S&P 500 Index Fund

	Shares		Value
Biotechnology–(continued)
Alexion Pharmaceuticals, Inc.(b)		10,786	$	1,518,669
Amgen Inc.		36,051		5,129,336
Baxalta Inc.		25,928		998,747
Biogen Inc.(b)		10,647		2,762,045
Celgene Corp.(b)		37,532		3,784,352
Gilead Sciences, Inc.		68,844		6,006,639
Regeneron Pharmaceuticals, Inc.(b)		3,708		1,423,946
Vertex Pharmaceuticals Inc.(b)		11,737		1,003,396
				26,891,679
Brewers–0.09%
Molson Coors Brewing Co.–Class B		8,641		736,818
Broadcasting–0.24%
CBS Corp.–Class B		20,717		1,002,289
Discovery Communications, Inc.–Class A(b)		7,188		179,700
Discovery Communications, Inc.–Class C(b)		12,340		304,181
Scripps Networks Interactive Inc.–Class A		4,472		264,921
TEGNA Inc.		10,589		260,913
				2,012,004
Building Products–0.09%
Allegion PLC		4,548		286,524
Masco Corp.		16,073		453,259
				739,783
Cable & Satellite–1.18%
Cablevision Systems Corp.–Class A		10,655		346,607
Comcast Corp.–Class A		116,646		6,733,974
Time Warner Cable Inc.		13,527		2,581,763
				9,662,344
Casinos & Gaming–0.04%
Wynn Resorts Ltd.		3,856		318,043
Coal & Consumable Fuels–0.01%
CONSOL Energy Inc.		10,972		94,688
Commodity Chemicals–0.17%
LyondellBasell Industries N.V.–Class A		17,175		1,377,607
Communications Equipment–1.43%
Cisco Systems, Inc.		242,485		6,348,257
F5 Networks, Inc.(b)		3,371		324,189
Harris Corp.		5,990		467,340
Juniper Networks, Inc.		16,957		418,838
Motorola Solutions, Inc.		7,633		560,949
QUALCOMM, Inc.		71,803		3,646,875
				11,766,448
Computer & Electronics Retail–0.08%
Best Buy Co., Inc.		14,243		461,331
GameStop Corp.–Class A		5,066		156,134
				617,465

	Shares		Value
Construction & Engineering–0.08%
Fluor Corp.		6,764	$	311,415
Jacobs Engineering Group, Inc.(b)		5,877		227,146
Quanta Services, Inc.(b)		7,631		154,833
				693,394
Construction Machinery & Heavy Trucks–0.43%
Caterpillar Inc.		27,812		1,882,872
Cummins Inc.		7,887		769,535
PACCAR Inc.		16,852		867,878
				3,520,285
Construction Materials–0.13%
Martin Marietta Materials, Inc.		3,180		453,532
Vulcan Materials Co.		6,323		623,005
				1,076,537
Consumer Electronics–0.06%
Garmin Ltd.		5,620		227,666
Harman International Industries, Inc.		3,378		259,025
				486,691
Consumer Finance–0.74%
American Express Co.		39,964		2,221,199
Capital One Financial Corp.		25,415		1,670,528
Discover Financial Services		20,420		947,896
Navient Corp.		17,307		187,435
Synchrony Financial(b)		39,831		1,073,446
				6,100,504
Data Processing & Outsourced Services–2.34%
Alliance Data Systems Corp.(b)		2,916		612,739
Automatic Data Processing, Inc.		22,014		1,864,366
Fidelity National Information Services, Inc.		13,252		771,929
Fiserv, Inc.(b)		10,916		1,043,897
MasterCard, Inc.–Class A		47,282		4,109,751
Paychex, Inc.		15,363		789,504
PayPal Holdings, Inc.(b)		53,107		2,025,501
Total System Services, Inc.		8,134		354,480
Visa Inc.–Class A		92,981		6,730,895
Western Union Co. (The)		24,136		440,723
Xerox Corp.		45,460		436,871
				19,180,656
Department Stores–0.17%
Kohl’s Corp.		9,067		423,157
Macy’s, Inc.		15,027		649,316
Nordstrom, Inc.		6,499		333,529
				1,406,002
Distillers & Vintners–0.20%
Brown-Forman Corp.–Class B		4,854		477,973
Constellation Brands, Inc.–Class A		8,270		1,169,626
				1,647,599

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

5                         Invesco S&P 500 Index Fund

	Shares		Value
Distributors–0.08%
Genuine Parts Co.		7,197	$	648,810
Diversified Banks–4.31%
Bank of America Corp.		497,405		6,227,510
Citigroup Inc.		142,306		5,528,588
Comerica Inc.		8,447		285,340
JPMorgan Chase & Co.		175,847		9,900,186
U.S. Bancorp		78,492		3,023,512
Wells Fargo & Co.		222,040		10,418,117
				35,383,253
Diversified Chemicals–0.68%
Dow Chemical Co. (The)		53,717		2,611,183
E. I. du Pont de Nemours and Co.		41,865		2,548,323
Eastman Chemical Co.		7,058		452,771
				5,612,277
Diversified Metals & Mining–0.05%
Freeport-McMoRan Inc.		55,215		421,290
Diversified Support Services–0.04%
Cintas Corp.		4,138		347,551
Drug Retail–1.03%
CVS Health Corp.		52,913		5,141,556
Walgreens Boots Alliance, Inc.		41,608		3,284,536
				8,426,092
Electric Utilities–1.92%
American Electric Power Co., Inc.		23,445		1,447,729
Duke Energy Corp.		32,881		2,442,401
Edison International		15,569		1,061,183
Entergy Corp.		8,523		615,446
Eversource Energy		15,159		823,134
Exelon Corp.		43,927		1,383,261
FirstEnergy Corp.		20,208		676,362
NextEra Energy, Inc.		21,999		2,481,927
Pepco Holdings, Inc.		12,133		317,642
Pinnacle West Capital Corp.		5,261		362,114
PPL Corp.		32,091		1,122,864
Southern Co. (The)		43,420		2,091,975
Xcel Energy, Inc.		24,242		958,529
				15,784,567
Electrical Components & Equipment–0.48%
AMETEK, Inc.		11,362		527,310
Eaton Corp. PLC(b)		22,095		1,253,008
Emerson Electric Co.		31,301		1,528,428
Rockwell Automation, Inc.		6,266		652,228
				3,960,974
Electronic Components–0.22%
Amphenol Corp.–Class A		14,677		778,908
Corning Inc.		56,510		1,034,133
				1,813,041

	Shares		Value
Electronic Equipment & Instruments–0.02%
FLIR Systems, Inc.		6,558	$	203,036
Electronic Manufacturing Services–0.13%
TE Connectivity Ltd. (Switzerland)		18,453		1,050,345
Environmental & Facilities Services–0.25%
Republic Services, Inc.		11,430		522,351
Stericycle, Inc.(b)		4,027		458,796
Waste Management, Inc.		19,835		1,107,785
				2,088,932
Fertilizers & Agricultural Chemicals–0.36%
CF Industries Holdings, Inc.		11,164		407,039
FMC Corp.		6,343		238,750
Monsanto Co.		21,010		1,890,690
Mosaic Co. (The)		16,007		426,587
				2,963,066
Food Distributors–0.13%
Sysco Corp.		25,078		1,106,692
Food Retail–0.29%
Kroger Co. (The)		46,500		1,855,815
Whole Foods Market, Inc.		16,302		510,416
				2,366,231
Footwear–0.48%
NIKE, Inc.–Class B		64,368		3,964,425
Gas Utilities–0.04%
AGL Resources Inc.		5,701		368,570
General Merchandise Stores–0.52%
Dollar General Corp.		13,889		1,031,258
Dollar Tree, Inc.(b)		11,243		902,251
Target Corp.		29,428		2,308,627
				4,242,136
Gold–0.08%
Newmont Mining Corp.		25,275		652,853
Health Care Distributors–0.56%
AmerisourceBergen Corp.		9,331		808,251
Cardinal Health, Inc.		15,715		1,283,916
Henry Schein, Inc.(b)		3,959		655,017
McKesson Corp.		10,983		1,709,174
Patterson Cos. Inc.		3,989		173,282
				4,629,640
Health Care Equipment–2.13%
Abbott Laboratories		71,259		2,760,574
Baxter International Inc.		26,130		1,032,396
Becton, Dickinson and Co.		10,066		1,484,232
Boston Scientific Corp.(b)		64,259		1,091,118
C.R. Bard, Inc.		3,522		677,562
Edwards Lifesciences Corp.(b)		10,308		896,796
Intuitive Surgical, Inc.(b)		1,784		1,004,499

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

6                         Invesco S&P 500 Index Fund

	Shares		Value
Health Care Equipment–(continued)
Medtronic PLC		67,142	$	5,196,119
St. Jude Medical, Inc.		13,501		724,869
Stryker Corp.		15,118		1,509,986
Varian Medical Systems, Inc.(b)		4,586		358,717
Zimmer Biomet Holdings, Inc.		8,210		794,810
				17,531,678
Health Care Facilities–0.20%
HCA Holdings, Inc.(b)		14,995		1,037,804
Tenet Healthcare Corp.(b)		4,726		117,299
Universal Health Services, Inc.–Class B		4,355		480,662
				1,635,765
Health Care REIT’s–0.32%
HCP, Inc.		22,214		657,090
Ventas, Inc.		15,906		885,487
Welltower Inc.		16,904		1,078,137
				2,620,714
Health Care Services–0.46%
DaVita HealthCare Partners Inc.(b)		7,962		525,253
Express Scripts Holding Co.(b)		32,305		2,273,626
Laboratory Corp. of America Holdings(b)		4,876		535,580
Quest Diagnostics Inc.		6,815		453,402
				3,787,861
Health Care Supplies–0.08%
DENTSPLY SIRONA Inc.(b)		11,449		697,931
Health Care Technology–0.09%
Cerner Corp.(b)		14,580		744,455
Home Entertainment Software–0.21%
Activision Blizzard, Inc.		24,100		763,247
Electronic Arts Inc.(b)		14,800		950,752
				1,713,999
Home Furnishings–0.10%
Leggett & Platt, Inc.		6,496		290,111
Mohawk Industries, Inc.(b)		3,017		542,246
				832,357
Home Improvement Retail–1.27%
Home Depot, Inc. (The)		60,566		7,517,452
Lowe’s Cos., Inc.		43,714		2,952,006
				10,469,458
Homebuilding–0.13%
D.R. Horton, Inc.		15,675		418,836
Lennar Corp.–Class A		8,552		358,671
PulteGroup Inc.		15,141		260,274
				1,037,781
Homefurnishing Retail–0.05%
Bed Bath & Beyond Inc.(b)		7,951		381,250

	Shares		Value
Hotel and Resort REIT’s–0.07%
Host Hotels & Resorts Inc.		35,904	$	549,690
Hotels, Resorts & Cruise Lines–0.40%
Carnival Corp.		21,976		1,053,969
Marriott International Inc.–Class A		9,211		627,729
Royal Caribbean Cruises Ltd.		8,244		613,106
Starwood Hotels & Resorts Worldwide, Inc.		8,088		558,962
Wyndham Worldwide Corp.		5,507		401,130
				3,254,896
Household Appliances–0.07%
Whirlpool Corp.		3,722		578,101
Household Products–2.05%
Church & Dwight Co., Inc.		6,263		568,430
Clorox Co. (The)		6,207		784,689
Colgate-Palmolive Co.		42,846		2,812,411
Kimberly-Clark Corp.		17,294		2,253,408
Procter & Gamble Co. (The)		129,962		10,434,649
				16,853,587
Housewares & Specialties–0.06%
Newell Rubbermaid Inc.		12,714		483,259
Human Resource & Employment Services–0.03%
Robert Half International, Inc.		6,385		251,505
Hypermarkets & Super Centers–0.99%
Costco Wholesale Corp.		20,916		3,138,027
Wal-Mart Stores, Inc.		74,923		4,970,392
				8,108,419
Independent Power Producers & Energy Traders–0.06%
AES Corp. (The)		32,142		314,992
NRG Energy, Inc.		15,008		161,786
				476,778
Industrial Conglomerates–2.57%
3M Co.		29,412		4,613,860
Danaher Corp.		28,480		2,542,410
General Electric Co.(d)		450,848		13,137,711
Roper Technologies, Inc.		4,829		810,934
				21,104,915
Industrial Gases–0.37%
Air Products and Chemicals, Inc.		9,261		1,226,805
Airgas, Inc.		3,089		437,155
Praxair, Inc.		13,600		1,384,344
				3,048,304
Industrial Machinery–0.65%
Dover Corp.		7,428		451,474
Flowserve Corp.		6,231		261,827
Illinois Tool Works Inc.		15,642		1,474,258
Ingersoll-Rand PLC		12,469		692,778
Parker-Hannifin Corp.		6,471		654,865

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

7                         Invesco S&P 500 Index Fund

	Shares		Value
Industrial Machinery–(continued)
Pentair PLC (United Kingdom)		8,648	$	412,596
Snap-on Inc.		2,761		399,434
Stanley Black & Decker Inc.		7,151		672,265
Xylem, Inc.		8,616		322,325
				5,341,822
Industrial REIT’s–0.12%
Prologis, Inc.		25,045		963,231
Insurance Brokers–0.42%
Aon PLC		13,084		1,246,774
Marsh & McLennan Cos., Inc.		24,918		1,421,572
Willis Towers Watson PLC		6,567		744,131
				3,412,477
Integrated Oil & Gas–3.16%
Chevron Corp.		89,904		7,501,590
Exxon Mobil Corp.		198,863		15,938,869
Occidental Petroleum Corp.		36,483		2,510,760
				25,951,219
Integrated Telecommunication Services–2.66%
AT&T Inc.		293,881		10,858,903
CenturyLink Inc.		26,225		802,223
Frontier Communications Corp.		55,804		301,899
Verizon Communications Inc.		194,370		9,860,390
				21,823,415
Internet Retail–1.95%
Amazon.com, Inc.(b)		18,361		10,144,820
Expedia, Inc.		5,658		589,054
Netflix Inc.(b)		20,415		1,906,965
Priceline Group Inc. (The)(b)		2,378		3,008,670
TripAdvisor Inc.(b)		5,360		335,536
				15,985,045
Internet Software & Services–4.25%
Akamai Technologies, Inc.(b)		8,479		457,612
Alphabet Inc.–Class A(b)		13,915		9,980,116
Alphabet Inc.–Class C(b)		14,193		9,903,450
eBay Inc.(b)		52,766		1,255,831
Facebook Inc.–Class A(b)		108,459		11,596,436
VeriSign, Inc.(b)		4,641		392,118
Yahoo! Inc.(b)		41,502		1,319,348
				34,904,911
Investment Banking & Brokerage–0.78%
Charles Schwab Corp. (The)		57,230		1,433,612
E*TRADE Financial Corp.(b)		13,991		328,229
Goldman Sachs Group, Inc. (The)		18,949		2,833,444
Morgan Stanley		72,145		1,781,981
				6,377,266
IT Consulting & Other Services–1.29%
Accenture PLC–Class A		29,846		2,992,360

	Shares		Value
IT Consulting & Other Services–(continued)
Cognizant Technology Solutions Corp.– Class A(b)		29,047	$	1,655,098
CSRA Inc.		6,614		171,634
International Business Machines Corp.		42,633		5,586,202
Teradata Corp.(b)		6,314		157,534
				10,562,828
Leisure Products–0.11%
Hasbro, Inc.		5,336		404,842
Mattel, Inc.		16,210		527,149
				931,991
Life & Health Insurance–0.76%
Aflac, Inc.		20,347		1,211,053
Lincoln National Corp.		11,814		431,565
MetLife, Inc.		53,130		2,101,823
Principal Financial Group, Inc.		13,013		492,022
Prudential Financial, Inc.		21,411		1,415,053
Torchmark Corp.		5,524		282,939
Unum Group		11,611		331,262
				6,265,717
Life Sciences Tools & Services–0.59%
Agilent Technologies, Inc.		15,834		591,400
Illumina, Inc.(b)		6,993		1,050,628
PerkinElmer, Inc.		5,382		254,353
Thermo Fisher Scientific, Inc.		19,064		2,462,878
Waters Corp.(b)		3,905		469,811
				4,829,070
Managed Health Care–1.44%
Aetna Inc.		16,657		1,809,450
Anthem, Inc.		12,470		1,629,704
Cigna Corp.		12,304		1,717,761
Humana Inc.		7,083		1,253,479
UnitedHealth Group Inc.		45,529		5,422,504
				11,832,898
Metal & Glass Containers–0.07%
Ball Corp.		6,559		434,402
Owens-Illinois, Inc.(b)		7,732		115,671
				550,073
Motorcycle Manufacturers–0.05%
Harley-Davidson, Inc.		9,208		397,509
Movies & Entertainment–1.48%
Time Warner Inc.		38,190		2,528,178
Twenty-First Century Fox, Inc.–Class A		55,926		1,511,121
Twenty-First Century Fox, Inc.–Class B		20,598		559,442
Viacom Inc.–Class B		16,597		611,599
Walt Disney Co. (The)		72,654		6,939,910
				12,150,250
Multi-Line Insurance–0.55%
American International Group, Inc.		59,092		2,966,418

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

8                         Invesco S&P 500 Index Fund

	Shares		Value
Multi-Line Insurance–(continued)
Assurant, Inc.		3,172	$	225,529
Hartford Financial Services Group, Inc. (The)		19,566		824,120
Loews Corp.		13,371		486,036
				4,502,103
Multi-Sector Holdings–1.49%
Berkshire Hathaway Inc.–Class B(b)		89,494		12,007,410
Leucadia National Corp.		15,912		229,928
				12,237,338
Multi-Utilities–1.28%
Ameren Corp.		11,619		545,512
CenterPoint Energy, Inc.		20,553		382,902
CMS Energy Corp.		13,235		523,577
Consolidated Edison, Inc.		14,004		980,420
Dominion Resources, Inc.		28,438		1,988,385
DTE Energy Co.		8,620		725,114
NiSource Inc.		15,222		326,969
PG&E Corp.		23,428		1,329,070
Public Service Enterprise Group Inc.		24,169		1,031,050
SCANA Corp.		6,785		441,161
Sempra Energy		11,281		1,088,729
TECO Energy, Inc.		11,267		309,504
WEC Energy Group, Inc.		15,088		850,209
				10,522,602
Office REIT’s–0.24%
Boston Properties, Inc.		7,291		832,195
SL Green Realty Corp.		4,729		417,003
Vornado Realty Trust		8,512		735,096
				1,984,294
Office Services & Supplies–0.02%
Pitney Bowes Inc.		9,412		170,545
Oil & Gas Drilling–0.07%
Diamond Offshore Drilling, Inc.		3,060		61,231
Ensco PLC–Class A		11,292		97,902
Helmerich & Payne, Inc.		5,115		270,941
Transocean Ltd.		16,333		141,280
				571,354
Oil & Gas Equipment & Services–0.96%
Baker Hughes Inc.		20,831		893,025
Cameron International Corp.(b)		9,092		596,071
FMC Technologies, Inc.(b)		10,894		267,230
Halliburton Co.		40,881		1,319,639
National Oilwell Varco Inc.		17,949		525,367
Schlumberger Ltd.		60,242		4,320,556
				7,921,888
Oil & Gas Exploration & Production–1.26%
Anadarko Petroleum Corp.		24,273		921,160
Apache Corp.		18,057		691,222
Cabot Oil & Gas Corp.		19,770		397,970

	Shares		Value
Oil & Gas Exploration & Production–(continued)
California Resources Corp.		3,429	$	1,928
Chesapeake Energy Corp.		24,721		64,522
Cimarex Energy Co.		4,484		376,791
Concho Resources Inc.(b)		6,167		556,510
ConocoPhillips		58,978		1,995,226
Devon Energy Corp.		18,455		363,194
EOG Resources, Inc.		26,258		1,699,943
EQT Corp.		7,335		408,853
Hess Corp.		11,447		499,089
Marathon Oil Corp.		32,352		265,610
Murphy Oil Corp.		7,709		132,441
Newfield Exploration Co.(b)		7,737		210,678
Noble Energy, Inc.		20,331		599,764
Pioneer Natural Resources Co.		7,088		854,317
Range Resources Corp.		8,140		193,162
Southwestern Energy Co.(b)		18,364		106,144
				10,338,524
Oil & Gas Refining & Marketing–0.55%
Marathon Petroleum Corp.		25,455		871,834
Phillips 66		22,632		1,796,754
Tesoro Corp.		5,744		463,426
Valero Energy Corp.		23,000		1,381,840
				4,513,854
Oil & Gas Storage & Transportation–0.44%
Columbia Pipeline Group, Inc.		18,587		337,354
Kinder Morgan Inc.		87,411		1,581,265
ONEOK, Inc.		10,030		240,720
Spectra Energy Corp.		32,073		936,532
Williams Cos., Inc. (The)		32,592		521,146
				3,617,017
Packaged Foods & Meats–1.68%
Campbell Soup Co.		8,550		527,963
ConAgra Foods, Inc.		20,679		869,759
General Mills, Inc.(d)		28,551		1,680,226
Hershey Co. (The)		6,834		621,142
Hormel Foods Corp.		12,796		543,958
JM Smucker Co. (The)		5,681		724,725
Kellogg Co.		12,188		902,156
Keurig Green Mountain Inc.		5,548		510,083
Kraft Heinz Co. (The)		28,402		2,187,522
McCormick & Co., Inc.		5,505		513,396
Mead Johnson Nutrition Co.		9,416		694,524
Mondelez International, Inc.–Class A		75,914		3,076,795
Tyson Foods, Inc.–Class A		14,121		914,335
				13,766,584
Paper Packaging–0.22%
Avery Dennison Corp.		4,341		282,686
International Paper Co.		19,832		708,003
Sealed Air Corp.		9,430		431,234

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

9                         Invesco S&P 500 Index Fund

	Shares		Value
Paper Packaging–(continued)
WestRock Co.		12,281	$	414,729
				1,836,652
Personal Products–0.12%
Estee Lauder Cos. Inc. (The)–Class A		10,623		970,199
Pharmaceuticals–5.67%
Allergan PLC(b)		18,827		5,461,901
Bristol-Myers Squibb Co.		79,693		4,935,387
Eli Lilly and Co.		46,622		3,356,784
Endo International PLC(b)		9,988		417,598
Johnson & Johnson		132,177		13,906,342
Mallinckrodt PLC(b)		5,571		362,282
Merck & Co., Inc.		133,447		6,700,374
Mylan N.V.(b)		19,731		889,276
Perrigo Co. PLC		6,994		882,993
Pfizer Inc.		294,884		8,749,208
Zoetis Inc.		21,893		898,927
				46,561,072
Property & Casualty Insurance–0.86%
Allstate Corp. (The)		18,501		1,174,073
Chubb Ltd.		22,032		2,545,357
Cincinnati Financial Corp.		7,011		442,675
Progressive Corp. (The)		27,920		891,206
Travelers Cos., Inc. (The)		14,532		1,562,481
XL Group PLC		14,223		488,987
				7,104,779
Publishing–0.03%
News Corp.–Class A		18,226		197,205
News Corp.–Class B		5,117		58,385
				255,590
Railroads–0.71%
CSX Corp.		46,573		1,124,272
Kansas City Southern		5,239		428,079
Norfolk Southern Corp.		14,308		1,046,916
Union Pacific Corp.		40,800		3,217,488
				5,816,755
Real Estate Services–0.04%
CBRE Group, Inc.–Class A(b)		13,887		352,869
Regional Banks–0.91%
BB&T Corp.		37,267		1,198,507
Citizens Financial Group Inc.		25,062		481,942
Fifth Third Bancorp		37,944		579,025
Huntington Bancshares Inc.		38,027		332,736
KeyCorp		39,921		421,166
M&T Bank Corp.		7,593		778,662
People’s United Financial Inc.		14,819		216,506
PNC Financial Services Group, Inc. (The)		24,257		1,972,337
Regions Financial Corp.		62,362		468,962
SunTrust Banks, Inc.		24,343		807,701

	Shares		Value
Regional Banks–(continued)
Zions Bancorp.		9,793	$	208,787
				7,466,331
Research & Consulting Services–0.26%
Dun & Bradstreet Corp. (The)		1,733		166,004
Equifax Inc.		5,613		588,691
Nielsen Holdings PLC		17,417		876,772
Verisk Analytics, Inc.–Class A(b)		7,459		543,314
				2,174,781
Residential REIT’s–0.41%
Apartment Investment & Management Co.–Class A		7,519		275,271
AvalonBay Communities, Inc.		6,538		1,122,182
Equity Residential		17,400		1,296,126
Essex Property Trust, Inc.		3,171		663,627
				3,357,206
Restaurants–1.45%
Chipotle Mexican Grill, Inc.(b)		1,498		762,722
Darden Restaurants, Inc.		5,512		352,106
McDonald’s Corp.		43,863		5,140,305
Starbucks Corp.		70,928		4,128,719
Yum! Brands, Inc.		20,600		1,492,882
				11,876,734
Retail REIT’s–0.71%
Federal Realty Investment Trust		3,298		488,302
General Growth Properties, Inc.		27,853		766,515
Kimco Realty Corp.		19,743		528,125
Macerich Co. (The)		6,389		505,242
Realty Income Corp.		11,949		699,495
Simon Property Group, Inc.		14,780		2,804,209
				5,791,888
Security & Alarm Services–0.13%
ADT Corp. (The)(d)		7,878		318,035
Tyco International PLC		20,194		710,425
				1,028,460
Semiconductor Equipment–0.26%
Applied Materials, Inc.		54,893		1,035,831
KLA-Tencor Corp.		7,478		506,560
Lam Research Corp.		7,610		557,813
				2,100,204
Semiconductors–2.01%
Analog Devices, Inc.		14,892		789,127
Broadcom Ltd. (Singapore)		18,649		2,498,406
First Solar, Inc.(b)		3,592		258,157
Intel Corp.		225,426		6,670,355
Linear Technology Corp.		11,382		496,483
Microchip Technology Inc.		9,702		431,642
Micron Technology, Inc.(b)		51,866		551,336

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

10                         Invesco S&P 500 Index Fund

	Shares		Value
Semiconductors–(continued)
NVIDIA Corp.		24,414	$	765,623
Qorvo, Inc.(b)		6,710		302,487
Skyworks Solutions, Inc.		9,155		608,350
Texas Instruments Inc.		48,458		2,569,243
Xilinx, Inc.		12,280		579,862
				16,521,071
Soft Drinks–2.08%
Coca-Cola Co. (The)		186,976		8,064,275
Coca-Cola Enterprises, Inc.		10,006		485,391
Dr Pepper Snapple Group, Inc.		9,062		829,445
Monster Beverage Corp.(b)		7,165		899,208
PepsiCo, Inc.		69,593		6,807,587
				17,085,906
Specialized Consumer Services–0.05%
H&R Block, Inc.		11,294		371,347
Specialized Finance–0.62%
CME Group Inc.–Class A		16,157		1,477,396
Intercontinental Exchange, Inc.		5,675		1,353,261
McGraw Hill Financial, Inc.		12,937		1,160,966
Moody’s Corp.		8,173		725,763
Nasdaq, Inc.		5,491		347,525
				5,064,911
Specialized REIT’s–0.94%
American Tower Corp.		20,233		1,865,483
Crown Castle International Corp.		15,946		1,379,329
Equinix, Inc.		3,274		994,281
Extra Space Storage Inc.		5,800		476,470
Iron Mountain Inc.		9,208		270,531
Public Storage		7,030		1,753,915
Weyerhaeuser Co.		37,684		979,030
				7,719,039
Specialty Chemicals–0.48%
Ecolab Inc.		12,708		1,303,205
International Flavors & Fragrances Inc.		3,825		395,084
PPG Industries, Inc.		12,852		1,240,604
Sherwin-Williams Co. (The)		3,761		1,017,351
				3,956,244
Specialty Stores–0.19%
Signet Jewelers Ltd.		3,778		409,535
Staples, Inc.		30,745		290,540
Tiffany & Co.		5,326		346,084
Tractor Supply Co.		6,448		545,307
				1,591,466
Steel–0.07%
Nucor Corp.		15,274		600,879

	Shares		Value
Systems Software–3.25%
CA, Inc.		14,875	$	435,689
Microsoft Corp.		381,583		19,414,943
Oracle Corp.		152,938		5,625,060
Red Hat, Inc.(b)		8,711		569,264
Symantec Corp.		32,269		623,114
				26,668,070
Technology Hardware, Storage & Peripherals–3.92%
Apple Inc.		266,333		25,751,738
EMC Corp.		92,618		2,420,108
Hewlett Packard Enterprise Co.		85,901		1,139,906
HP Inc.		86,292		922,462
NetApp, Inc.		13,964		346,866
SanDisk Corp.		9,586		692,684
Seagate Technology PLC		14,239		446,535
Western Digital Corp.		11,068		481,790
				32,202,089
Tires & Rubber–0.05%
Goodyear Tire & Rubber Co. (The)		12,890		388,247
Tobacco–1.77%
Altria Group, Inc.		93,661		5,766,708
Philip Morris International Inc.		74,009		6,737,039
Reynolds American Inc.		39,594		1,996,725
				14,500,472
Trading Companies & Distributors–0.18%
Fastenal Co.		13,875		628,399
United Rentals, Inc.(b)		4,427		228,300
W.W. Grainger, Inc.		2,759		598,427
				1,455,126
Trucking–0.06%
J.B. Hunt Transport Services, Inc.		4,360		332,624
Ryder System, Inc.		2,533		143,672
				476,296
Total Common Stocks & Other Equity Interests (Cost $480,343,007)				808,534,699
Money Market Funds–1.43%
Liquid Assets Portfolio–Institutional Class, 0.42%(e)		5,872,586		5,872,586
Premier Portfolio–Institutional Class, 0.38%(e)		5,872,587		5,872,587
Total Money Market Funds (Cost $11,745,173)				11,745,173
TOTAL INVESTMENTS–99.89% (Cost $492,088,180)				820,279,872
OTHER ASSETS LESS LIABILITIES–0.11%				928,822
NET ASSETS–100.00%			$	821,208,694

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

11                         Invesco S&P 500 Index Fund

Investment Abbreviations:

REIT – Real Estate Investment Trust

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)  Non-income producing security.

^(c)  The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 5.

^(d)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1I and Note 4.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

Portfolio Composition

By sector, based on Net Assets

as of February 29, 2016

Information Technology	20.1	%
Financials	15.3
Health Care	14.5
Consumer Discretionary	12.7
Consumer Staples	10.5
Industrials	10.0
Energy	6.5
Utilities	3.3
Materials	2.8
Telecommunication Services	2.7
Money Market Funds Plus Other Assets Less Liabilities	1.6

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

12                         Invesco S&P 500 Index Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $479,836,922)	$	807,993,294
Investments in affiliates, at value (Cost $12,251,258)		12,286,578
Total investments, at value (Cost $492,088,180)		820,279,872
Receivable for:
Fund shares sold		1,473,515
Dividends		2,005,731
Investment for trustee deferred compensation and retirement plans		60,090
Other assets		42,627
Total assets		823,861,835
Liabilities:
Payable for:
Investments purchased		293,296
Fund shares reacquired		1,552,881
Variation margin — futures		89,957
Accrued fees to affiliates		519,988
Accrued trustees’ and officers’ fees and benefits		3,519
Accrued other operating expenses		121,431
Trustee deferred compensation and retirement plans		72,069
Total liabilities		2,653,141
Net assets applicable to shares outstanding	$	821,208,694
Net assets consist of:
Shares of beneficial interest	$	549,582,640
Undistributed net investment income		1,824,712
Undistributed net realized gain (loss)		(58,610,301	)
Net unrealized appreciation		328,411,643
	$	821,208,694

Net Assets:
Class A	$	550,903,889
Class B	$	4,086,521
Class C	$	187,702,028
Class Y	$	78,516,256
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		26,443,258
Class B		200,183
Class C		9,302,972
Class Y		3,728,172
Class A:
Net asset value per share	$	20.83
Maximum offering price per share
(Net asset value of $20.83 ¸ 94.50%)	$	22.04
Class B:
Net asset value and offering price per share	$	20.41
Class C:
Net asset value and offering price per share	$	20.18
Class Y:
Net asset value and offering price per share	$	21.06

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

13                         Invesco S&P 500 Index Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $178)	$	9,073,424
Dividends from affiliates		30,307
Total investment income		9,103,731
Expenses:
Advisory fees		483,389
Administrative services fees		100,109
Custodian fees		29,113
Distribution fees:
Class A		691,999
Class B		23,780
Class C		904,226
Transfer agent fees		539,948
Trustees’ and officers’ fees and benefits		17,109
Other		175,943
Total expenses		2,965,616
Less: Fees waived and expense offset arrangement(s)		(14,832	)
Net expenses		2,950,784
Net investment income		6,152,947
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		1,950,462
Futures contracts		(765,077	)
		1,185,385
Change in net unrealized appreciation (depreciation) of:
Investment securities		(23,317,130	)
Futures contracts		818,820
		(22,498,310	)
Net realized and unrealized gain (loss)		(21,312,925	)
Net increase (decrease) in net assets resulting from operations	$	(15,159,978	)

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

14                         Invesco S&P 500 Index Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	6,152,947		$	9,943,392
Net realized gain		1,185,385			12,136,389
Change in net unrealized appreciation (depreciation)		(22,498,310	)		(24,352,997	)
Net increase (decrease) in net assets resulting from operations		(15,159,978	)		(2,273,216	)
Distributions to shareholders from net investment income:
Class A		(9,027,890	)		(6,708,197	)
Class B		(44,560	)		(41,456	)
Class C		(1,800,621	)		(776,453	)
Class Y		(1,298,508	)		(488,719	)
Total distributions from net investment income		(12,171,579	)		(8,014,825	)
Share transactions–net:
Class A		33,512,799			(17,280,449	)
Class B		(932,692	)		(3,038,091	)
Class C		28,899,044			43,635,887
Class Y		34,365,203			24,505,883
Net increase in net assets resulting from share transactions		95,844,354			47,823,230
Net increase in net assets		68,512,797			37,535,189
Net assets:
Beginning of period		752,695,897			715,160,708
End of period (includes undistributed net investment income of $1,824,712 and $7,843,344, respectively)	$	821,208,694		$	752,695,897

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco S&P 500 Index Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return through growth of capital and current income.

The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

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.

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

15                         Invesco S&P 500 Index Fund

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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

16                         Invesco S&P 500 Index Fund

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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

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

J. 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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $2 billion		0.12%
Over $2 billion		0.10%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.12%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 2.00%, 2.75%, 2.75% and 1.75% of average daily net assets (the “expense limits”), respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. The fee waiver agreement cannot be terminated during its term. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees.

17                         Invesco S&P 500 Index Fund

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $14,066.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”), an affiliate of the Adviser. The Fund has adopted a Plan of Distribution (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will reimburse IDI for distribution related expenses that IDI incurs up to a maximum of the following annual rates: (1) Class A — up to 0.25% of the average daily net assets of Class A shares; (2) Class B — up to 1.00% of the average daily net assets of Class B shares; and (3) Class C — up to 1.00% of the average daily net assets of Class C shares.

In the case of Class B shares, provided that the Plan continues in effect, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, may be recovered through the payment of future distribution fees from the Fund pursuant to the Plan and contingent deferred sales charges paid by investors upon redemption of Class B shares.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $44,163 in front-end sales commissions from the sale of Class A shares and $384, $335 and $15,351 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	820,279,872	$	—	$	—	$	820,279,872
Futures Contracts*		219,951		—		—		219,951
Total Investments	$	820,499,823	$	—	$	—	$	820,499,823

* Unrealized appreciation.

18                         Invesco S&P 500 Index Fund

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Futures contracts(a)	$	219,951	$	—

^(a)  Includes cumulative appreciation of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Futures Contracts
Realized Gain (Loss):
Equity risk	$	(765,077	)
Change in Net Unrealized Appreciation:
Equity risk		818,820
Total	$	53,743

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	21,561,437

Open Futures Contracts — Equity Risk
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
E-Mini S&P 500 Index		Long		137		March-2016	$	13,217,075	$	219,951

NOTE 5—Investments in Affiliates

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Ltd. for the six months ended February 29, 2016.

	Value 08/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 02/29/16		Dividend Income
Invesco Ltd.	$	626,498	$	66,503	$	(3,259	)	$	(147,276	)	$	(1,061	)	$	541,405	$	10,572

NOTE 6—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $766.

NOTE 7—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

19                         Invesco S&P 500 Index Fund

NOTE 8—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 9—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	7,791,415	$	—	$	7,791,415
August 31, 2018		19,847,354		—		19,847,354
August 31, 2019		10,267,726		—		10,267,726
	$	37,906,495	$	—	$	37,906,495

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $104,864,155 and $17,250,553, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	323,819,826
Aggregate unrealized (depreciation) of investment securities		(18,116,194	)
Net unrealized appreciation of investment securities	$	305,703,632

Cost of investments for tax purposes is $514,576,240.

20                         Invesco S&P 500 Index Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		4,039,821		$	88,855,801			4,466,067		$	98,414,922
Class B		9,716			201,725			27,111			593,239
Class C		2,306,408			48,647,228			2,802,822			60,071,002
Class Y		2,868,722			62,842,664			1,679,230			37,709,460
Issued as reinvestment of dividends:
Class A		376,356			8,136,825			281,199			6,051,415
Class B		1,881			39,916			1,732			36,649
Class C		73,432			1,540,596			32,806			685,648
Class Y		53,253			1,163,579			21,191			460,483
Automatic conversion of Class B shares to Class A shares:
Class A		39,237			844,678			106,759			2,375,610
Class B		(40,082	)		(844,678	)		(108,964	)		(2,375,610	)
Reacquired:
Class A		(2,974,745	)		(64,324,505	)		(5,598,294	)		(124,122,396	)
Class B		(15,681	)		(329,655	)		(59,315	)		(1,292,369	)
Class C		(1,042,407	)		(21,288,780	)		(798,622	)		(17,120,763	)
Class Y		(1,411,059	)		(29,641,040	)		(616,691	)		(13,664,060	)
Net increase in share activity		4,284,852		$	95,844,354			2,237,031		$	47,823,230

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and own, in the aggregate, 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

21                         Invesco S&P 500 Index Fund

NOTE 12—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	21.42	$	0.18	$	(0.43	)	$	(0.25	)	$	(0.34	)	$	20.83		(1.24	)%	$	550,904		0.58	%(d)		0.58	%(d)		1.68	%(d)		2	%
Year ended 08/31/15		21.69		0.32		(0.33	)		(0.01	)		(0.26	)		21.42		(0.05	)		534,656		0.58			0.58			1.44			4
Year ended 08/31/14		17.67		0.29		4.01			4.30			(0.28	)		21.69		24.54	(e)		557,688		0.59	(e)		0.59	(e)		1.45	(e)		5
Year ended 08/31/13		15.26		0.27		2.43			2.70			(0.29	)		17.67		18.04			467,234		0.62			0.62			1.64			6
Year ended 08/31/12		13.25		0.22		2.03			2.25			(0.24	)		15.26		17.26			410,772		0.65			0.67			1.55			3
Year ended 08/31/11		11.36		0.19		1.85			2.04			(0.15	)		13.25		17.94			369,597		0.61			0.61			1.42			4
Class B
Six months ended 02/29/16		20.94		0.10		(0.43	)		(0.33	)		(0.20	)		20.41		(1.61	)		4,087		1.33	(d)		1.33	(d)		0.93	(d)		2
Year ended 08/31/15		21.24		0.15		(0.33	)		(0.18	)		(0.12	)		20.94		(0.85	)		5,117		1.33			1.33			0.69			4
Year ended 08/31/14		17.32		0.13		3.94			4.07			(0.15	)		21.24		23.60			8,150		1.35			1.35			0.69			5
Year ended 08/31/13		14.96		0.14		2.40			2.54			(0.18	)		17.32		17.14			11,045		1.37			1.37			0.89			6
Year ended 08/31/12		12.92		0.11		2.01			2.12			(0.08	)		14.96		16.47			19,912		1.40			1.42			0.80			3
Year ended 08/31/11		11.10		0.09		1.80			1.89			(0.07	)		12.92		17.02			37,840		1.36			1.36			0.67			4
Class C
Six months ended 02/29/16		20.70		0.10		(0.42	)		(0.32	)		(0.20	)		20.18		(1.58	)		187,702		1.33	(d)		1.33	(d)		0.93	(d)		2
Year ended 08/31/15		20.99		0.15		(0.32	)		(0.17	)		(0.12	)		20.70		(0.81	)		164,876		1.33			1.33			0.69			4
Year ended 08/31/14		17.12		0.13		3.89			4.02			(0.15	)		20.99		23.59			124,452		1.35			1.35			0.69			5
Year ended 08/31/13		14.79		0.14		2.37			2.51			(0.18	)		17.12		17.14	(f)		91,761		1.36	(f)		1.36	(f)		0.90	(f)		6
Year ended 08/31/12		12.79	��	0.11		1.99			2.10			(0.10	)		14.79		16.50			78,797		1.40			1.42			0.80			3
Year ended 08/31/11		10.99		0.10		1.77			1.87			(0.07	)		12.79		17.01	(f)		68,753		1.27	(f)		1.27	(f)		0.76	(f)		4
Class Y
Six months ended 02/29/16		21.67		0.21		(0.43	)		(0.22	)		(0.39	)		21.06		(1.10	)		78,516		0.33	(d)		0.33	(d)		1.93	(d)		2
Year ended 08/31/15		21.94		0.38		(0.34	)		0.04			(0.31	)		21.67		0.17			48,047		0.33			0.33			1.69			4
Year ended 08/31/14		17.87		0.34		4.05			4.39			(0.32	)		21.94		24.83			24,870		0.35			0.35			1.69			5
Year ended 08/31/13		15.43		0.32		2.45			2.77			(0.33	)		17.87		18.33			22,546		0.37			0.37			1.89			6
Year ended 08/31/12		13.40		0.26		2.06			2.32			(0.29	)		15.43		17.64			14,518		0.40			0.42			1.80			3
Year ended 08/31/11		11.48		0.23		1.86			2.09			(0.17	)		13.40		18.21			16,824		0.36			0.36			1.67			4

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $556,641, $4,782, $181,839 and $66,813 for Class A, Class B, Class C and Class Y shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended August 31, 2014.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% and 0.91% for the years ended August 31, 2013 and 2011, respectively.

22                         Invesco S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	987.60	$	2.87	$	1,021.98	$	2.92		0.58	%
B		1,000.00		983.90		6.56		1,018.25		6.67		1.33
C		1,000.00		984.20		6.56		1,018.25		6.67		1.33
Y		1,000.00		989.00		1.63		1,023.22		1.66		0.33

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

23                         Invesco S&P 500 Index Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     MS-SPI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Global Real Estate Income Fund
	Nasdaq:
	A: ASRAX  ¡  B: SARBX  ¡  C: ASRCX  ¡  Y: ASRYX  ¡  R5: ASRIX  ¡  R6: ASRFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
9	Financial Statements
11	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	1.03	%
Class B Shares	0.76
Class C Shares	0.76
Class Y Shares	1.16
Class R5 Shares	1.21
Class R6 Shares	1.24
MSCI World Index▼ (Broad Market Index)	-5.18
Custom Invesco Global Real Estate Income Index¡ (Style-Specific Index)	1.28
Lipper Global Real Estate Funds Classification Average¿ (Peer Group)	-0.03

Source(s): ^▼FactSet Research Systems Inc.; ¡Invesco, FactSet Research Systems Inc.; ^¿Lipper Inc.

The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

    The Custom Invesco Global Real Estate Income Index is an index composed of the FTSE NAREIT All Equity REITs Index, through August 31, 2011, and the FTSE EPRA/NAREIT Developed Index, which is computed using the net return by withholding applicable taxes, thereafter.

    The Lipper Global Real Estate Funds Classification Average represents an average of all funds in the Lipper Global Real Estate Funds classification.

    The FTSE NAREIT All Equity REITs Index is an unmanaged index considered representative of US REITs.

    The FTSE EPRA/NAREIT Developed Index is an unmanaged index considered representative of listed real estate companies and REITs worldwide.

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

    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.

2                      Invesco Global Real Estate Income Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (5/31/02)	8.17	%
10 Years	3.99
5 Years	4.37
1 Year	-9.98
Class B Shares
10 Years	3.84	%
5 Years	4.43
1 Year	-10.00
Class C Shares
10 Years	3.77	%
5 Years	4.77
1 Year	-6.40
Class Y Shares
10 Years	4.75	%
5 Years	5.81
1 Year	-4.54
Class R5 Shares
10 Years	4.95	%
5 Years	5.92
1 Year	-4.45
Class R6 Shares
10 Years	4.75	%
5 Years	5.87
1 Year	-4.48

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/31/02)	8.34	%
10 Years	4.95
5 Years	5.42
1 Year	-6.82
Class B Shares
10 Years	4.78	%
5 Years	5.48
1 Year	-6.80
Class C Shares
10 Years	4.70	%
5 Years	5.80
1 Year	-3.07
Class Y Shares
10 Years	5.71	%
5 Years	6.86
1 Year	-1.15
Class R5 Shares
10 Years	5.90	%
5 Years	6.96
1 Year	-1.07
Class R6 Shares
10 Years	5.70	%
5 Years	6.91
1 Year	-1.10

On March 12, 2007, the Fund reorganized from a closed-end fund to an open-end fund. Performance shown prior to that date is that of the closed-end fund’s common shares and includes the fees applicable to common shares.

    Class B shares incepted on March 9, 2007. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class B shares.

    Class C shares incepted on March 9, 2007. Performance shown prior to that date is that of Class A shares, restated to reflect the higher 12b-1 fees applicable to Class C shares.

    Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R5 shares incepted on March 9, 2007. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance

shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions (reinvested at net asset value, except for periods prior to March 12, 2007 where reinvestments were made at the lower of the closed-end fund’s net asset value or market price), changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date

of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.23%, 1.98%, 1.98%, 0.98%, 0.92% and 0.85%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance was positively impacted by a temporary 2% fee on redemptions that was in effect from March 12, 2007 to March 12, 2008. Without income from this temporary fee, returns would have been lower.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Global Real Estate Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Global Real Estate Income Fund

Schedule of Investments

February 29, 2016

(Unaudited)

	Shares		Value
Real Estate Investment Trusts, Common Stocks & Other Equity Interests–58.58%
Australia–6.04%
DEXUS Property Group		370,278	$	1,990,073
Goodman Group		1,702,352		7,885,699
Scentre Group		70,497		219,886
Stockland		5,536,766		16,429,682
Vicinity Centres		6,650,303		14,762,093
Westfield Corp.		2,155,874		15,326,139
				56,613,572
Canada–1.57%
Canadian REIT		190,600		5,852,477
First Capital Realty, Inc.		47,573		689,234
H&R REIT		412,300		5,723,468
RioCan REIT		40,200		761,894
Smart REIT		72,200		1,717,408
				14,744,481
France–3.07%
ICADE		44,221		3,060,987
Mercialys S.A.		270,423		5,942,014
Unibail-Rodamco S.E.		79,728		19,770,053
				28,773,054
Germany–0.47%
LEG Immobilien AG		53,567		4,376,131
Hong Kong–3.73%
Cheung Kong Property Holdings Ltd.		311,500		1,591,008
Henderson Land Development Co. Ltd.		426,700		2,304,129
Hongkong Land Holdings Ltd.		750,800		4,407,196
Hysan Development Co. Ltd.		596,000		2,360,108
Link REIT		1,609,500		9,073,930
Sino Land Co. Ltd.		1,886,000		2,618,788
Sun Hung Kai Properties Ltd.		882,000		9,834,981
Wharf Holdings Ltd. (The)		556,000		2,791,455
				34,981,595
Japan–8.27%
Activia Properties, Inc.		1,211		6,490,497
GLP J-REIT		2,622		2,789,502
Hulic Reit, Inc.		1,508		2,423,540
Japan Hotel REIT Investment Corp.		12,453		10,849,643
Japan Logistics Fund Inc.		67		145,230
Japan Retail Fund Investment Corp.		4,429		10,079,542
Kenedix Office Investment Corp.		594		3,443,346
Mitsubishi Estate Co. Ltd.		401,000		7,410,761
Mitsui Fudosan Co., Ltd.		558,000		12,905,439
Mori Hills REIT Investment Corp.		6,448		9,707,057
Nomura Real Estate Master Fund, Inc.		1,913		2,650,069
Tokyu Fudosan Holdings, Corp.		715,200		4,500,317

	Shares		Value
Japan–(continued)
United Urban Investment Corp.		2,633	$	4,135,765
				77,530,708
Netherlands–1.09%
Vastned Retail N.V.		127,800		5,477,169
Wereldhave N.V.		93,277		4,730,422
				10,207,591
Singapore–2.51%
Ascendas REIT		2,476,800		4,263,207
CapitaLand Mall Trust		1,606,500		2,502,390
Frasers Centrepoint Trust		4,042,800		5,707,854
Mapletree Industrial Trust		10,013,700		11,004,066
				23,477,517
Sweden–0.44%
Castellum AB		270,420		4,077,276
Switzerland–0.33%
Swiss Prime Site AG		36,488		3,044,872
United Kingdom–2.75%
British Land Co. PLC (The)		532,032		4,843,324
Land Securities Group PLC		1,501,577		20,934,193
				25,777,517
United States–28.31%
American Campus Communities, Inc.		213,700		9,353,649
Apple Hospitality REIT, Inc.		584,500		11,111,345
AvalonBay Communities, Inc.		70,726		12,139,411
Brandywine Realty Trust		376,300		4,632,253
Brixmor Property Group, Inc.		668,100		15,653,583
Brookdale Senior Living Inc.(a)		172,167		2,474,040
Care Capital Properties, Inc.		155,159		4,113,265
Cohen & Steers Quality Income Realty Fund, Inc.		357,173		4,000,338
Columbia Property Trust, Inc.		87,300		1,769,571
Corrections Corp. of America		222,777		6,444,939
Crown Castle International Corp.		131,100		11,340,150
CyrusOne Inc.		83,300		3,302,012
DCT Industrial Trust Inc.		13,039		471,881
DiamondRock Hospitality Co.		1,062,100		9,452,690
Equity Lifestyle Properties, Inc.		16,168		1,134,347
Essex Property Trust, Inc.		19,819		4,147,720
Federal Realty Investment Trust		52,400		7,758,344
HCP, Inc.		204,900		6,060,942
Highwoods Properties, Inc.		229,000		9,972,950
Host Hotels & Resorts Inc.		164,400		2,516,964
Hudson Pacific Properties Inc.		306,700		7,820,850
InfraREIT Inc.		549,700		11,609,664
LaSalle Hotel Properties		551,300		13,424,155

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

5                         Invesco Global Real Estate Income Fund

	Shares		Value
United States–(continued)
Mid-America Apartment Communities, Inc.		116,417	$	10,470,545
National Retail Properties Inc.		221,600		9,745,968
Prologis, Inc.		46,400		1,784,544
QTS Realty Trust, Inc.–Class A		168,800		7,514,976
Realty Income Corp.		203,766		11,928,462
Retail Opportunity Investments Corp.		786,700		14,459,546
Rexford Industrial Realty, Inc.		332,100		5,595,885
RLJ Lodging Trust		351,000		7,360,470
Simon Property Group, Inc.		78,500		14,893,805
Terreno Realty Corp.		217,600		4,817,664
Ventas, Inc.		288,200		16,044,094
				265,321,022
Total Real Estate Investment Trusts, Common Stocks & Other Equity Interests (Cost $553,833,250)				548,925,336
Preferred Stocks–20.62%
Australia–0.45%
Goodman PLUS Trust, 6.04% Unsec. Sub. Gtd. Floating Rate Pfd.(b)		60,179		4,265,209
United States–20.17%
Alexandria Real Estate Equities Inc., Series E, 6.45% Pfd.		177,996		4,643,916
American Tower Corp., $5.50 Conv. Pfd.		90,100		8,771,235
American Tower Corp., Series A, $5.25 Conv. Pfd.		87,840		8,696,160
Brandywine Realty Trust, Series E, 6.90% Pfd.		150,701		3,970,971
Chesapeake Lodging Trust, Series A, 7.75% Pfd.		68,500		1,739,900
CoreSite Realty Corp., Series A, 7.25% Pfd.		408,585		10,610,952
CubeSmart, Series A, 7.75% Pfd.		336,352		8,829,240
Digital Realty Trust, Inc., Series E, 7.00% Pfd.		170,500		4,380,145
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		62,977		1,725,570
Eagle Hospitality Properties Trust Inc., Series A, 8.25% Pfd.		195,800		12,257
Essex Property Trust, Inc., Series H, 7.13% Pfd.		707,720		18,131,786
General Growth Properties, Inc., Series A, 6.38% Pfd.		2,738		70,503
Hersha Hospitality Trust, Series B, 8.00% Pfd.		340,500		8,669,130
Kilroy Realty Corp., Series G, 6.88% Pfd.		222,502		5,820,652
Kilroy Realty Corp., Series H, 6.38% Pfd.		292,827		7,601,789
LaSalle Hotel Properties, Series H, 7.50% Pfd.		249,210		6,317,473
National Retail Properties Inc., Series D, 6.63% Pfd.		214,631		5,528,895
Pebblebrook Hotel Trust, Series A, 7.88% Pfd.		471,065		11,908,523
Pebblebrook Hotel Trust, Series B, 8.00% Pfd.		365,910		9,319,728

	Shares		Value
United States–(continued)
Pebblebrook Hotel Trust, Series C, 6.50% Pfd.		177,670	$	4,495,051
Public Storage, Series Q, 6.50% Pfd.		215,309		5,516,217
Public Storage, Series R, 6.35% Pfd.		278,634		7,199,903
Public Storage, Series T, 5.75% Pfd.		50,000		1,300,000
Public Storage, Series Y, 6.38% Pfd.		374,114		10,434,039
Public Storage, Series Z, 6.00% Pfd.		64,969		1,771,705
Regency Centers Corp., Series 6, 6.63% Pfd.		159,200		4,166,264
Regency Centers Corp., Series 7, 6.00% Pfd.		30,162		759,178
SL Green Realty Corp., Series I, 6.50% Pfd.		54,687		1,431,159
Summit Hotel Properties, Inc., Series A, 9.25% Pfd.		165,294		4,312,520
Summit Hotel Properties, Inc., Series B, 7.88% Pfd.		161,156		4,085,305
Terreno Realty Corp., Series A, 7.75% Pfd.		169,651		4,446,553
Vornado Realty Trust, Series K 5.70% Pfd.		49,000		1,242,640
Welltower Inc., Series J, 6.50% Pfd.		423,031		11,083,412
				188,992,771
Total Preferred Stocks (Cost $196,869,923)				193,257,980
	Principal Amount
Mortgage-Backed Securities–15.56%
Ireland–0.26%
Taurus Ltd., Series 2015-DE2, Class E, Floating Rate Pass Through Ctfs., 3.40%, 02/01/2026(b)(c)	EUR	2,300,000		2,395,498
United Kingdom–1.57%
Logistics UK PLC, Series 2015-1A, Class E, Floating Rate Pass through Ctfs., 3.99%, 08/20/2025(b)(c)(d)	GBP	7,500,000		10,132,484
Triton European Loan Conduit PLC, Series 26X, Class G, Floating Rate Pass Through Ctfs., 1.27%, 10/25/2019(b)(c)	GBP	153,302		217,030
Series 26X, Class H, Floating Rate Pass Through Ctfs., 1.44%, 10/25/2019(b)(c)	GBP	354,014		467,586
Ulysses European Loan Conduit PLC, Series 27X, Class B, Floating Rate Pass Through Ctfs., 0.82%, 07/25/2017(b)(c)	GBP	2,950,000		3,877,666
				14,694,766
United States–13.73%
ACRE Commercial Mortgage Trust, Series 2013-FL1, Class D, Floating Rate Pass Through Ctfs., 4.83%, 06/15/2030(b)(d)	$	14,395,249		14,358,663

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

6                         Invesco Global Real Estate Income Fund

	Principal Amount		Value
United States–(continued)
Banc of America Merrill Lynch Commercial Mortgage Inc., Series 2005-5, Class F, Variable Rate Pass Through Ctfs., 5.38%, 10/10/2045(b)(d)	$	5,800,000	$	5,796,469
Banc of America Merrill Lynch Large Loan Inc., Series 2014-FRR7, Class B, Floating Rate Pass Through Ctfs., 2.69%, 10/26/2044(b)(d)		4,900,000		4,660,674
Series 2014-ICTS, Class E, Floating Rate Pass Through Ctfs., 3.38%, 06/15/2028(b)(d)		9,350,000		8,641,622
Series 2015-ASHF, Class E, Floating Rate Pass Through Ctfs., 4.43%, 01/15/2028(b)(d)		1,400,000		1,400,805
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR6, Class B, Pass Through Ctfs., 4.95%, 11/11/2041(d)		23,830		24,342
FREMF Mortgage Trust, Series 2012-KF01, Class C, Floating Rate Pass Through Ctfs., 4.69%, 10/25/2044(b)(d)		1,278,000		1,267,097
Series 2015-K718, Class C, Variable Rate Pass Through Ctfs., 3.55%, 02/25/2022(b)(d)		4,900,000		4,169,941
GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class F, Variable Rate Pass Through Ctfs., 3.65%, 01/10/2030(b)(d)		14,200,000		13,431,108
Series 2013-NYC5, Class G, Variable Rate Pass Through Ctfs., 3.65%, 01/10/2030(b)(d)		4,000,000		3,745,136
GS Mortgage Securities Trust, Series GSMS 2011-GC3, Class E, Pass Through Ctfs., 5.00%, 03/10/2044(d)		7,888,000		7,502,177
Series GSMS 2011-GC3, Class F, Pass Through Ctfs., 5.00%, 03/10/2044(d)		4,900,000		4,495,779
Series GSMS 2011-GC5, Class E, Variable Rate Pass Through Ctfs., 5.32%, 08/10/2044(b)(d)		11,025,000		10,064,921
Hilton USA Trust, Series 2013-HLF, Class EFL, Floating Rate Pass Through Ctfs., 4.18%, 11/05/2030(b)(d)		11,220,590		11,119,248
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class TAC1, Pass Through Ctfs., 7.99%, 07/15/2046(d)		1,829,777		1,938,054
Series 2012-C8, Class E, Variable Rate Pass Through Ctfs., 4.66%, 10/15/2045(b)(d)		2,805,000		2,503,466
Series 2013-LC11, Class D, Variable Rate Pass Through Ctfs., 4.24%, 04/15/2046(b)		9,749,000		8,486,407

	Principal Amount		Value
United States–(continued)
Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class E, Pass Through Ctfs., 5.13%, 06/12/2043(d)	$	561,895	$	560,900
Series 2005-MKB2, Class E, Variable Rate Pass Through Ctfs., 6.01%, 09/12/2042(b)(d)		235,000		248,568
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class D, Variable Rate Pass Through Ctfs., 4.16%, 05/15/2046(b)(d)		5,700,000		4,812,744
Morgan Stanley Capital I Trust, Series 2003-TOP11, Class G, Variable Rate Pass Through Ctfs., 5.72%, 06/13/2041(b)(d)		900,000		908,985
Series 2005-IQ10, Class B, Variable Rate Pass Through Ctfs., 6.21%, 09/15/2042(b)		2,607,032		2,615,101
Series 2006-IQ11, Class B, Variable Rate Pass Through Ctfs., 5.86%, 10/15/2042(b)		270,000		268,782
Starwood Retail Property Trust, Series 2014-STAR, Class E, Floating Rate Pass Through Ctfs., 4.58%, 11/15/2027(b)(d)		12,200,000		11,657,455
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class H, Variable Rate Pass Through Ctfs., 5.30%, 10/15/2041(b)(d)		550,000		553,244
Series 2005-C21, Class D, Variable Rate Pass Through Ctfs., 5.30%, 10/15/2044(b)		3,450,000		3,450,789
				128,682,477
Total Mortgage-Backed Securities (Cost $149,873,113)				145,772,741
U.S. Dollar Denominated Bonds & Notes–0.55%
United States–0.55%
Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/01/2022 (Cost $5,036,570)		4,975,000		5,198,875
Non U.S. Dollar Denominated Bonds & Notes–0.25%(c)
Australia–0.25%
General Property Trust, Sr. Unsec. Gtd. Medium-Term Notes, 6.75%, 01/24/2019 (Cost $3,207,788)	AUD	2,980,000		2,331,326

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

7                         Invesco Global Real Estate Income Fund

	Shares		Value
Money Market Funds–4.39%
Liquid Assets Portfolio–Institutional Class, 0.42%(e)		20,564,432	$	20,564,432
Premier Portfolio–Institutional Class, 0.38%(e)		20,564,432		20,564,432
Total Money Market Funds (Cost $41,128,864)				41,128,864
TOTAL INVESTMENTS–99.95% (Cost $949,949,508)				936,615,122
OTHER ASSETS LESS LIABILITIES–0.05%				462,323
NET ASSETS–100.00%			$	937,077,445

Investment Abbreviations:

AUD	– Australian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
EUR	– Euro
GBP	– British Pound
Gtd.	– Guaranteed
Pfd.	– Preferred
REIT	– Real Estate Investment Trust
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016.

^(c)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(d)  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 February 29, 2016 was $123,993,882, which represented 13.23% of the Fund’s Net Assets.

^(e)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

Portfolio Composition

By country, based on Net Assets

as of February 29, 2016

United States	62.8	%
Japan	8.3
Australia	6.8
United Kingdom	4.3
Hong Kong	3.7
France	3.1
Singapore	2.5
Countries each less than 2.0% of portfolio	4.1
Money Market Funds Plus Other Assets Less Liabilities	4.4

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

8                         Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $908,820,644)	$	895,486,258
Investments in affiliated money market funds, at value and cost		41,128,864
Total investments, at value (Cost $949,949,508)		936,615,122
Foreign currencies, at value (Cost $1,524,193)		1,587,294
Receivable for:
Investments sold		9,003,718
Fund shares sold		966,189
Dividends and interest		2,504,625
Investment for trustee deferred compensation and retirement plans		112,407
Other assets		54,942
Total assets		950,844,297
Liabilities:
Payable for:
Investments purchased		11,903,459
Fund shares reacquired		1,092,450
Accrued fees to affiliates		485,180
Accrued trustees’ and officers’ fees and benefits		4,014
Accrued other operating expenses		150,710
Trustee deferred compensation and retirement plans		131,039
Total liabilities		13,766,852
Net assets applicable to shares outstanding	$	937,077,445
Net assets consist of:
Shares of beneficial interest	$	960,203,514
Undistributed net investment income		(3,502,884	)
Undistributed net realized gain (loss)		(6,299,964	)
Net unrealized appreciation (depreciation)		(13,323,221	)
	$	937,077,445

Net Assets:
Class A	$	389,581,960
Class B	$	879,278
Class C	$	95,038,522
Class Y	$	355,339,447
Class R5	$	11,989,190
Class R6	$	84,249,048
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		45,538,784
Class B		102,982
Class C		11,131,724
Class Y		41,659,667
Class R5		1,402,451
Class R6		9,849,862
Class A:
Net asset value per share	$	8.55
Maximum offering price per share
(Net asset value of $8.55 ¸ 94.50%)	$	9.05
Class B:
Net asset value and offering price per share	$	8.54
Class C:
Net asset value and offering price per share	$	8.54
Class Y:
Net asset value and offering price per share	$	8.53
Class R5:
Net asset value and offering price per share	$	8.55
Class R6:
Net asset value and offering price per share	$	8.55

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

9                         Invesco Global Real Estate Income Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $500,897)	$	18,190,732
Dividends from affiliated money market funds		19,894
Interest		4,200,892
Total investment income		22,411,518
Expenses:
Advisory fees		3,424,423
Administrative services fees		119,149
Custodian fees		59,177
Distribution fees:
Class A		540,285
Class B		4,835
Class C		494,507
Transfer Agent Fees — A, B, C and Y		854,317
Transfer agent fees — R5		6,289
Transfer agent fees — R6		689
Trustees’ and officers’ fees and benefits		20,686
Other		172,513
Total expenses		5,696,870
Less: Fees waived and expense offset arrangement(s)		(9,483	)
Net expenses		5,687,387
Net investment income		16,724,131
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(5,592,037	)
Foreign currencies		(328,816	)
		(5,920,853	)
Change in net unrealized appreciation of:
Investment securities		267,523
Foreign currencies		166,407
		433,930
Net realized and unrealized gain (loss)		(5,486,923	)
Net increase in net assets resulting from operations	$	11,237,208

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

10                         Invesco Global Real Estate Income Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	16,724,131		$	36,575,244
Net realized gain (loss)		(5,920,853	)		32,010,471
Change in net unrealized appreciation (depreciation)		433,930			(100,582,189	)
Net increase (decrease) in net assets resulting from operations		11,237,208			(31,996,474	)
Distributions to shareholders from net investment income:
Class A		(7,725,239	)		(23,842,662	)
Class B		(13,014	)		(50,721	)
Class C		(1,312,746	)		(3,912,502	)
Class Y		(6,962,458	)		(19,395,644	)
Class R5		(245,541	)		(1,048,545	)
Class R6		(28,704	)		(69,263	)
Total distributions from net investment income		(16,287,702	)		(48,319,337	)
Distributions to shareholders from net realized gains:
Class A		(9,628,157	)		(292,934	)
Class B		(21,631	)		(812	)
Class C		(2,248,413	)		(60,843	)
Class Y		(8,688,128	)		(234,608	)
Class R5		(291,961	)		(12,797	)
Class R6		(36,308	)		(758	)
Total distributions from net realized gains		(20,914,598	)		(602,752	)
Share transactions–net:
Class A		(98,385,962	)		(69,248,140	)
Class B		(157,371	)		(494,308	)
Class C		(6,105,280	)		(6,291,726	)
Class Y		(31,521,658	)		27,381
Class R5		(1,837,461	)		(9,236,603	)
Class R6		82,262,667			137,220
Net increase (decrease) in net assets resulting from share transactions		(55,745,065	)		(85,106,176	)
Net increase (decrease) in net assets		(81,710,157	)		(166,024,739	)
Net assets:
Beginning of period		1,018,787,602			1,184,812,341
End of period (includes undistributed net investment income of $(3,502,884) and $(3,939,313), respectively)	$	937,077,445		$	1,018,787,602

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Global Real Estate Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is current income and, secondarily, capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6

11                         Invesco Global Real Estate Income Fund

shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

12                         Invesco Global Real Estate Income Fund

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.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital in the Statement of Changes in Net Assets. These recharacterizations are reflected in the accompanying financial statements.

C. 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 — Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

13                         Invesco Global Real Estate Income Fund

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

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

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

K. Other Risks — The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $250 million		0.75%
Next $250 million		0.74%
Next $500 million		0.73%
Next $1.5 billion		0.72%
Next $2.5 billion		0.71%
Next $2.5 billion		0.70%
Next $2.5 billion		0.69%
Over $10 billion		0.68%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.74%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursemnt (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursemnt to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $8,981.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund,

14                         Invesco Global Real Estate Income Fund

subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $20,973 in front-end sales commissions from the sale of Class A shares and $1,618, $321 and $4,264 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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.

During the six months ended February 29, 2016, there were transfers from Level 1 to Level 2 of $24,354,264 and from Level 2 to Level 1 of $23,170,802, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	29,122,960	$	34,087,147	$	—	$	63,210,107
Canada		14,744,481		—		—		14,744,481
France		—		28,773,054		—		28,773,054
Germany		—		4,376,131		—		4,376,131
Hong Kong		23,555,606		11,425,989		—		34,981,595
Ireland		—		2,395,498		—		2,395,498
Japan		—		77,530,708		—		77,530,708
Netherlands		5,477,169		4,730,422		—		10,207,591
Singapore		23,477,517		—		—		23,477,517
Sweden		—		4,077,276		—		4,077,276
Switzerland		—		3,044,872		—		3,044,872
United Kingdom		—		40,472,283		—		40,472,283
United States		495,430,400		133,893,609		—		629,324,009
Total Investments	$	591,808,133	$	344,806,989	$	—	$	936,615,122

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $502.

15                         Invesco Global Real Estate Income Fund

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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 August 31, 2015.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $233,871,589 and $339,848,475, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	40,177,876
Aggregate unrealized (depreciation) of investment securities		(57,735,048	)
Net unrealized appreciation (depreciation) of investment securities	$	(17,557,172	)

Cost of investments for tax purposes is $954,172,294.

16                         Invesco Global Real Estate Income Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		3,388,486		$	29,152,222			14,146,624		$	132,193,306
Class B		21			189			8,986			85,063
Class C		291,324			2,528,279			1,694,288			15,727,052
Class Y		5,763,965			49,983,801			16,793,913			155,523,659
Class R5		57,663			504,702			493,785			4,598,900
Class R6		9,804,786			83,320,267			81,299			757,438
Issued as reinvestment of dividends:
Class A		1,589,942			13,567,220			1,728,158			15,861,225
Class B		3,652			31,141			4,439			40,677
Class C		345,104			2,940,977			328,419			3,010,348
Class Y		1,500,962			12,767,277			1,662,514			15,213,953
Class R5		59,955			511,423			109,918			1,007,205
Class R6		7,575			64,632			7,578			69,582
Automatic conversion of Class B shares to Class A shares:
Class A		8,573			74,795			35,460			327,764
Class B		(8,586	)		(74,795	)		(35,507	)		(327,764	)
Reacquired:
Class A		(16,171,803	)		(141,180,199	)		(23,541,803	)		(217,630,435	)
Class B		(13,066	)		(113,906	)		(31,167	)		(292,284	)
Class C		(1,331,029	)		(11,574,536	)		(2,710,025	)		(25,029,126	)
Class Y		(10,934,795	)		(94,272,736	)		(18,509,565	)		(170,710,231	)
Class R5		(328,275	)		(2,853,586	)		(1,604,082	)		(14,842,708	)
Class R6		(126,950	)		(1,122,232	)		(74,210	)		(689,800	)
Net increase (decrease) in share activity		(6,092,496	)	$	(55,745,065	)		(9,410,978	)	$	(85,106,176	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 9% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds that are also advised by Invesco.

17                         Invesco Global Real Estate Income Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	8.81	$	0.16	$	(0.07	)	$	0.09		$	(0.15	)	$	(0.20	)	$	(0.35	)	$	8.55			1.03	%	$	389,582		1.26	%(d)		1.26	%(d)		3.57	%(d)		25	%
Year ended 08/31/15		9.48		0.29		(0.57	)		(0.28	)		(0.38	)		(0.01	)		(0.39	)		8.81			(3.08	)		499,799		1.22			1.22			3.12			60
Year ended 08/31/14		8.52		0.29		1.19			1.48			(0.42	)		(0.10	)		(0.52	)		9.48			18.13			609,824		1.27			1.27			3.26			61
Year ended 08/31/13		8.97		0.36		(0.31	)		0.05			(0.50	)		—			(0.50	)		8.52			0.43			615,876		1.26			1.27			4.00			63
Year ended 08/31/12		8.39		0.41		0.57			0.98			(0.40	)		—			(0.40	)		8.97	(e)		12.19			318,464		1.31			1.31			4.82			49
Year ended 08/31/11		7.77		0.32		0.61			0.93			(0.31	)		—			(0.31	)		8.39			12.11			203,100		1.30			1.30			3.83			101
Class B
Six months ended 02/29/16		8.79		0.12		(0.06	)		0.06			(0.11	)		(0.20	)		(0.31	)		8.54			0.76			879		2.01	(d)		2.01	(d)		2.82	(d)		25
Year ended 08/31/15		9.46		0.22		(0.57	)		(0.35	)		(0.31	)		(0.01	)		(0.32	)		8.79			(3.83	)		1,064		1.97			1.97			2.37			60
Year ended 08/31/14		8.51		0.23		1.18			1.41			(0.36	)		(0.10	)		(0.46	)		9.46			17.13			1,647		2.02			2.02			2.51			61
Year ended 08/31/13		8.95		0.29		(0.30	)		(0.01	)		(0.43	)		—			(0.43	)		8.51			(0.23	)		1,822		2.01			2.02			3.25			63
Year ended 08/31/12		8.36		0.34		0.59			0.93			(0.34	)		—			(0.34	)		8.95	(e)		11.49			1,606		2.06			2.06			4.07			49
Year ended 08/31/11		7.75		0.26		0.59	��		0.85			(0.24	)		—			(0.24	)		8.36			11.15			1,772		2.05			2.05			3.08			101
Class C
Six months ended 02/29/16		8.79		0.12		(0.06	)		0.06			(0.11	)		(0.20	)		(0.31	)		8.54			0.76			95,039		2.01	(d)		2.01	(d)		2.82	(d)		25
Year ended 08/31/15		9.46		0.22		(0.57	)		(0.35	)		(0.31	)		(0.01	)		(0.32	)		8.79			(3.83	)		103,988		1.97			1.97			2.37			60
Year ended 08/31/14		8.51		0.23		1.18			1.41			(0.36	)		(0.10	)		(0.46	)		9.46			17.14			118,319		2.02			2.02			2.51			61
Year ended 08/31/13		8.95		0.29		(0.30	)		(0.01	)		(0.43	)		—			(0.43	)		8.51			(0.23	)		108,878		2.01			2.02			3.25			63
Year ended 08/31/12		8.36		0.34		0.59			0.93			(0.34	)		—			(0.34	)		8.95	(e)		11.49			44,790		2.06			2.06			4.07			49
Year ended 08/31/11		7.75		0.26		0.59			0.85			(0.24	)		—			(0.24	)		8.36			11.15			26,511		2.05			2.05			3.08			101
Class Y
Six months ended 02/29/16		8.79		0.17		(0.07	)		0.10			(0.16	)		(0.20	)		(0.36	)		8.53			1.16			355,339		1.01	(d)		1.01	(d)		3.82	(d)		25
Year ended 08/31/15		9.45		0.31		(0.55	)		(0.24	)		(0.41	)		(0.01	)		(0.42	)		8.79			(2.75	)		398,283		0.97			0.97			3.37			60
Year ended 08/31/14		8.50		0.32		1.17			1.49			(0.44	)		(0.10	)		(0.54	)		9.45			18.33			428,854		1.02			1.02			3.51			61
Year ended 08/31/13		8.95		0.39		(0.32	)		0.07			(0.52	)		—			(0.52	)		8.50			0.68			270,196		1.01			1.02			4.25			63
Year ended 08/31/12		8.36		0.43		0.58			1.01			(0.42	)		—			(0.42	)		8.95	(e)		12.62			114,525		1.06			1.06			5.07			49
Year ended 08/31/11		7.75		0.34		0.60			0.94			(0.33	)		—			(0.33	)		8.36			12.28			26,139		1.05			1.05			4.08			101
Class R5
Six months ended 02/29/16		8.81		0.17		(0.07	)		0.10			(0.16	)		(0.20	)		(0.36	)		8.55			1.21			11,989		0.92	(d)		0.92	(d)		3.91	(d)		25
Year ended 08/31/15		9.47		0.32		(0.56	)		(0.24	)		(0.41	)		(0.01	)		(0.42	)		8.81			(2.68	)		14,204		0.91			0.91			3.43			60
Year ended 08/31/14		8.52		0.32		1.18			1.50			(0.45	)		(0.10	)		(0.55	)		9.47			18.40			24,749		0.91			0.91			3.62			61
Year ended 08/31/13		8.96		0.39		(0.30	)		0.09			(0.53	)		—			(0.53	)		8.52			0.85			23,565		0.94			0.95			4.32			63
Year ended 08/31/12		8.38		0.44		0.57			1.01			(0.43	)		—			(0.43	)		8.96	(e)		12.63			30,076		0.98			0.98			5.15			49
Year ended 08/31/11		7.76		0.35		0.61			0.96			(0.34	)		—			(0.34	)		8.38			12.52			35,777		0.96			0.96			4.17			101
Class R6
Six months ended 02/29/16		8.81		0.17		(0.06	)		0.11			(0.17	)		(0.20	)		(0.37	)		8.55			1.24			84,249		0.84	(d)		0.84	(d)		3.99	(d)		25
Year ended 08/31/15		9.48		0.33		(0.57	)		(0.24	)		(0.42	)		(0.01	)		(0.43	)		8.81			(2.70	)		1,449		0.84			0.84			3.50			60
Year ended 08/31/14		8.52		0.34		1.18			1.52			(0.46	)		(0.10	)		(0.56	)		9.48			18.62			1,420		0.87			0.87			3.66			61
Year ended 08/31/13(f)		8.98		0.38		(0.41	)		(0.03	)		(0.43	)		—			(0.43	)		8.52			(0.49	)		60		0.86	(g)		0.87	(g)		4.40	(g)		63

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $434,603, $972, $99,445, $378,603, $12,861 and $6,595 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share.

^(f)  Commencement date of September 24, 2012.

^(g)  Annualized.

18                         Invesco Global Real Estate Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,010.30	$	6.30	$	1,018.60	$	6.32		1.26	%
B		1,000.00		1,007.60		10.03		1,014.87		10.07		2.01
C		1,000.00		1,007.60		10.03		1,014.87		10.07		2.01
Y		1,000.00		1,011.60		5.05		1,019.84		5.07		1.01
R5		1,000.00		1,012.10		4.60		1,020.29		4.62		0.92
R6		1,000.00		1,012.40		4.20		1,020.69		4.22		0.84

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                         Invesco Global Real Estate Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                    GREI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Low Volatility Equity Yield Fund
	Nasdaq:
	A: SCAUX  ¡  B: SBCUX  ¡  C: SCCUX  ¡  R: SCRUX  ¡  Y: SCAYX Investor: SCNUX  ¡  R5: SCIUX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
9	Financial Statements
11	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-0.27	%
Class B Shares	-0.57
Class C Shares	-0.69
Class R Shares	-0.30
Class Y Shares	-0.24
Investor Class Shares	-0.27
Class R5 Shares	-0.05
S&P 500 Index▼ (Broad Market Index)	-0.92
Russell 1000 Index▼ (Style-Specific Index)	-2.03
Lipper Equity Income Funds Index¡ (Peer Group Index)	-1.42

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 1000^® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Equity Income Funds Index is an unmanaged Index considered representative of equity income funds tracked by Lipper.

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

    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.

2                      Invesco Low Volatility Equity Yield Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.26	%
5 Years	5.83
1 Year	-15.24
Class B Shares
Inception (3/31/06)	3.24	%
5 Years	5.97
1 Year	-15.22
Class C Shares
Inception (3/31/06)	3.07	%
5 Years	6.25
1 Year	-11.87
Class R Shares
Inception (3/31/06)	3.61	%
5 Years	6.80
1 Year	-10.48
Class Y Shares
Inception	4.06	%
5 Years	7.33
1 Year	-10.10
Investor Class Shares
Inception	3.86	%
5 Years	7.04
1 Year	-10.34
Class R5 Shares
Inception (3/31/06)	4.19	%
5 Years	7.44
1 Year	-9.84

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (3/31/06)	3.44	%
5 Years	7.35
1 Year	-13.99
Class B Shares
Inception (3/31/06)	3.42	%
5 Years	7.48
1 Year	-14.02
Class C Shares
Inception (3/31/06)	3.27	%
5 Years	7.76
1 Year	-10.52
Class R Shares
Inception (3/31/06)	3.80	%
5 Years	8.30
1 Year	-9.15
Class Y Shares
Inception	4.25	%
5 Years	8.85
1 Year	-8.77
Investor Class Shares
Inception	4.05	%
5 Years	8.56
1 Year	-9.02
Class R5 Shares
Inception (3/31/06)	4.37	%
5 Years	8.94
1 Year	-8.61

Class Y shares incepted on October 3, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Investor Class shares incepted on April 25, 2008. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of

Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5 shares was 1.15%, 1.90%, 1.90%, 1.40%, 0.90%, 1.15% and 0.75%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at

the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Low Volatility Equity Yield Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Low Volatility Equity Yield Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.79%
Aerospace & Defense–0.60%
BWX Technologies, Inc.		10,100	$	322,190
Huntington Ingalls Industries, Inc.		9,500		1,245,070
				1,567,260
Agricultural Products–1.34%
Bunge Ltd.		58,000		2,883,760
Ingredion Inc.		6,400		647,808
				3,531,568
Airlines–0.54%
Alaska Air Group, Inc.		19,100		1,411,490
Apparel Retail–2.21%
Abercrombie & Fitch Co.–Class A(b)		101,700		2,954,385
American Eagle Outfitters, Inc.(b)		53,800		820,988
Chico’s FAS, Inc.		51,600		658,416
Guess?, Inc.(b)		64,300		1,372,805
				5,806,594
Biotechnology–2.38%
Myriad Genetics, Inc.(b)(c)		61,400		2,149,000
PDL BioPharma Inc.		264,000		794,640
United Therapeutics Corp.(c)		27,100		3,304,574
				6,248,214
Broadcasting–0.16%
TEGNA Inc.		16,700		411,488
Building Products–0.36%
Owens Corning		22,100		948,532
Cable & Satellite–1.46%
Comcast Corp.–Class A		66,700		3,850,591
Commercial Printing–0.66%
R. R. Donnelley & Sons Co.		113,600		1,724,448
Communications Equipment–4.39%
Brocade Communications Systems, Inc.		100,700		999,951
Cisco Systems, Inc.		187,700		4,913,986
Juniper Networks, Inc.		152,100		3,756,870
Motorola Solutions, Inc.		23,700		1,741,713
Polycom, Inc.(c)		13,000		135,330
				11,547,850
Computer & Electronics Retail–2.57%
Best Buy Co., Inc.		65,700		2,128,023
GameStop Corp.–Class A(b)		121,500		3,744,630
Rent-A–Center, Inc.		69,600		888,792
				6,761,445

	Shares		Value
Construction Machinery & Heavy Trucks–0.52%
Allison Transmission Holdings, Inc.		57,200	$	1,354,496
Data Processing & Outsourced Services–0.87%
Western Union Co. (The)		125,800		2,297,108
Diversified Chemicals–0.09%
Chemours Co. (The)		45,000		230,850
Diversified REIT’s–0.14%
Liberty Property Trust		13,100		378,328
Diversified Support Services–0.45%
Ritchie Bros. Auctioneers Inc. (Canada)		49,400		1,181,154
Electric Utilities–6.66%
Entergy Corp.		68,300		4,931,943
Exelon Corp.		157,300		4,953,377
FirstEnergy Corp.		97,000		3,246,590
PPL Corp.		125,300		4,384,247
				17,516,157
Electrical Components & Equipment–0.13%
General Cable Corp.		38,300		328,997
Environmental & Facilities Services–1.06%
Waste Management, Inc.		50,100		2,798,085
Food Distributors–1.23%
Sysco Corp.		73,200		3,230,316
Gas Utilities–1.22%
National Fuel Gas Co.		20,000		913,600
New Jersey Resources Corp.		35,300		1,222,086
Southwest Gas Corp.		8,400		512,400
WGL Holdings Inc.		8,300		565,977
				3,214,063
General Merchandise Stores–2.02%
Big Lots, Inc.		12,000		485,400
Target Corp.		61,500		4,824,675
				5,310,075
Gold–1.14%
Kinross Gold Corp. (Canada)(c)		338,100		994,014
Newmont Mining Corp.		77,500		2,001,825
				2,995,839
Health Care Distributors–0.46%
AmerisourceBergen Corp.		14,100		1,221,342
Health Care REIT’s–3.58%
Care Capital Properties, Inc.		12,500		331,375
HCP, Inc.		126,900		3,753,702
Healthcare Trust of America, Inc.–Class A		34,900		970,569

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

5                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Health Care REIT’s–(continued)
Medical Properties Trust Inc.		108,200	$	1,251,874
National Health Investors, Inc.		14,600		918,486
Senior Housing Properties Trust		139,400		2,176,034
				9,402,040
Health Care Services–0.10%
Premier Inc.–Class A(c)		8,200		266,664
Home Furnishings–0.26%
Leggett & Platt, Inc.		15,400		687,764
Homebuilding–0.12%
TopBuild Corp.(c)		12,100		326,458
Hotel and Resort REIT’s–0.66%
Hospitality Properties Trust		71,200		1,728,736
Industrial Machinery–0.09%
Kennametal Inc.		11,100		223,443
Integrated Telecommunication Services–5.40%
AT&T Inc.		102,200		3,776,290
BCE Inc. (Canada)		70,700		3,048,584
CenturyLink Inc.		162,400		4,967,816
Verizon Communications Inc.		47,400		2,404,602
				14,197,292
Internet Software & Services–0.66%
IAC/InterActiveCorp		30,200		1,341,484
VeriSign, Inc.(c)		4,800		405,552
				1,747,036
IT Consulting & Other Services–0.61%
Leidos Holdings, Inc.		37,400		1,616,428
Leisure Facilities–0.80%
Six Flags Entertainment Corp.		41,100		2,090,346
Life & Health Insurance–0.35%
Sun Life Financial Inc. (Canada)		30,900		919,893
Mortgage REIT’s–6.62%
American Capital Agency Corp.		189,000		3,415,230
Annaly Capital Management Inc.		493,800		5,002,194
Chimera Investment Corp.		118,600		1,545,358
CYS Investments, Inc.		208,600		1,635,424
Hatteras Financial Corp.		69,500		955,625
MFA Financial, Inc.		364,800		2,484,288
Starwood Property Trust, Inc.		27,900		489,366
Two Harbors Investment Corp.		242,700		1,880,925
				17,408,410
Multi-Utilities–6.04%
Ameren Corp.		57,700		2,709,015
Consolidated Edison, Inc.		50,100		3,507,501
PG&E Corp.		89,200		5,060,316

	Shares		Value
Multi-Utilities–(continued)
Public Service Enterprise Group Inc.		107,700	$	4,594,482
				15,871,314
Office REIT’s–1.31%
Alexandria Real Estate Equities, Inc.		20,800		1,646,528
Mack-Cali Realty Corp.		12,500		248,750
Piedmont Office Realty Trust Inc.–Class A		84,300		1,548,591
				3,443,869
Office Services & Supplies–0.45%
Pitney Bowes Inc.		49,100		889,692
West Corp.		13,000		289,640
				1,179,332
Oil & Gas Drilling–1.07%
Noble Corp. PLC		337,900		2,814,707
Oil & Gas Exploration & Production–0.10%
Enerplus Corp. (Canada)(b)		94,600		273,394
Oil & Gas Refining & Marketing–4.09%
CVR Energy, Inc.(b)		36,400		860,860
Tesoro Corp.		25,700		2,073,476
Valero Energy Corp.		72,400		4,349,792
Western Refining, Inc.		129,900		3,464,433
				10,748,561
Packaged Foods & Meats–7.37%
Campbell Soup Co.		14,300		883,025
ConAgra Foods, Inc.		98,300		4,134,498
Dean Foods Co.		128,500		2,478,765
Flowers Foods, Inc.		70,200		1,202,526
General Mills, Inc.		63,600		3,742,860
Pilgrim’s Pride Corp.(c)		114,700		2,804,415
Pinnacle Foods Inc.		11,100		479,409
Tyson Foods, Inc.–Class A		56,600		3,664,850
				19,390,348
Personal Products–0.81%
Nu Skin Enterprises, Inc.–Class A(b)		69,900		2,131,251
Property & Casualty Insurance–1.17%
Assured Guaranty Ltd.		123,500		3,064,035
Regional Banks–0.17%
Commerce Bancshares, Inc.		10,700		454,536
Reinsurance–0.66%
Everest Re Group, Ltd.		4,250		791,053
Validus Holdings, Ltd.		21,200		952,092
				1,743,145
Residential REIT’s–0.83%
Equity Lifestyle Properties, Inc.		23,100		1,620,696
Post Properties, Inc.		10,300		574,019
				2,194,715

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

6                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Restaurants–1.86%
Cracker Barrel Old Country Store, Inc.(b)		900	$	133,245
Darden Restaurants, Inc.		74,300		4,746,284
				4,879,529
Retail REIT’s–2.65%
CBL & Associates Properties, Inc.		110,100		1,269,453
Kimco Realty Corp.		7,000		187,250
National Retail Properties Inc.		33,200		1,460,136
Regency Centers Corp.		41,400		2,922,012
Urban Edge Properties		13,500		328,320
Weingarten Realty Investors		23,000		810,290
				6,977,461
Semiconductors–2.00%
Intel Corp.		152,200		4,503,598
NVIDIA Corp.		24,400		765,184
				5,268,782
Soft Drinks–3.41%
Coca-Cola Enterprises, Inc.		82,400		3,997,224
Dr Pepper Snapple Group, Inc.		54,300		4,970,079
				8,967,303
Specialized REIT’s–5.29%
Communications Sales & Leasing, Inc.		71,500		1,347,775
Corrections Corp. of America		4,400		127,292
Digital Realty Trust, Inc.		61,200		4,839,084
Four Corners Property Trust, Inc.		33,846		555,413
Lamar Advertising Co.–Class A		36,200		2,068,106
Public Storage		14,650		3,655,028
Sovran Self Storage, Inc.		12,300		1,309,212
				13,901,910
Specialty Stores–0.35%
GNC Holdings, Inc.–Class A		31,900		908,512
Steel–0.28%
Commercial Metals Co.		50,200		737,438
Technology Distributors–0.62%
Tech Data Corp.(c)		23,100	$	1,626,471

	Shares		Value
Technology Hardware, Storage & Peripherals–2.37%
Apple Inc.		28,700	$	2,775,003
NetApp, Inc.		139,000		3,452,760
				6,227,763
Tobacco–1.92%
Altria Group, Inc.		82,200		5,061,054
Wireless Telecommunication Services–0.06%
Rogers Communications, Inc.–Class B (Canada)		4,400		162,580
Total Common Stocks & Other Equity Interests (Cost $263,844,792)				254,508,810
	Principal Amount
U.S. Treasury Bills–0.25%
0.26%, 03/10/2016(d)(e) (Cost $649,953)	$	650,000		649,974
Money Market Funds–2.88%
Liquid Assets Portfolio–Institutional Class, 0.42%(f)		3,779,624		3,779,624
Premier Portfolio–Institutional Class, 0.38%(f)		3,779,624		3,779,624
Total Money Market Funds (Cost $7,559,248)				7,559,248
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.92% (Cost $272,053,993)				262,718,032
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.65%
Liquid Assets Portfolio–Institutional Class, 0.42% (Cost $9,602,665)(f)(g)		9,602,665		9,602,665
TOTAL INVESTMENTS–103.57% (Cost $281,656,658)				272,320,697
OTHER ASSETS LESS LIABILITIES–(3.57)%				(9,375,728	)
NET ASSETS–100.00%			$	262,944,969

Investment Abbreviations:

REIT – Real Estate Investment Trust

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)  All or a portion of this security was out on loan at February 29, 2016.

^(c)  Non-income producing security.

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

^(e)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J and Note 4.

^(f)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

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

7                         Invesco Low Volatility Equity Yield Fund

Portfolio Composition

By sector, based on Net Assets

as of February 29, 2016

Financials	23.4	%
Consumer Staples	16.1
Utilities	13.9
Consumer Discretionary	12.2
Information Technology	11.5
Telecommunication Services	5.5
Energy	5.3
Industrials	4.5
Health Care	2.9
Materials	1.5
U.S. Treasury Bills, Plus Money Market Funds, Plus Other Assets Less Liabilities	3.2

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

8                         Invesco Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $264,494,745)*	$	255,158,784
Investments in affiliated money market funds, at value and cost		17,161,913
Total investments, at value (Cost $281,656,658)		272,320,697
Receivable for:
Fund shares sold		144,885
Dividends		819,282
Investment for trustee deferred compensation and retirement plans		186,921
Other assets		61,511
Total assets		273,533,296
Liabilities:
Payable for:
Investments purchased		147,502
Fund shares reacquired		384,433
Collateral upon return of securities loaned		9,602,665
Variation margin—futures		53,072
Accrued fees to affiliates		157,849
Accrued trustees’ and officers’ fees and benefits		2,871
Accrued other operating expenses		33,944
Trustee deferred compensation and retirement plans		205,991
Total liabilities		10,588,327
Net assets applicable to shares outstanding	$	262,944,969
Net assets consist of:
Shares of beneficial interest	$	312,987,051
Undistributed net investment income		2,114,192
Undistributed net realized gain (loss)		(42,946,899	)
Net unrealized appreciation (depreciation)		(9,209,375	)
	$	262,944,969

Net Assets:
Class A	$	165,181,774
Class B	$	3,466,603
Class C	$	26,798,767
Class R	$	173,262
Class Y	$	5,967,991
Investor Class	$	48,203,438
Class R5	$	13,153,134
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		17,916,682
Class B		381,492
Class C		2,956,772
Class R		18,884
Class Y		644,283
Investor Class		5,210,589
Class R5		1,417,884
Class A:
Net asset value per share	$	9.22
Maximum offering price per share
(Net asset value of $9.22 ¸ 94.50%)	$	9.76
Class B:
Net asset value and offering price per share	$	9.09
Class C:
Net asset value and offering price per share	$	9.06
Class R:
Net asset value and offering price per share	$	9.18
Class Y:
Net asset value and offering price per share	$	9.26
Investor Class:
Net asset value and offering price per share	$	9.25
Class R5:
Net asset value and offering price per share	$	9.28

* At February 29, 2016, securities with an aggregate value of $9,458,414 were on loan to brokers.

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

9                         Invesco Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,350)	$	5,498,761
Dividends from affiliated money market funds (includes securities lending income of $104,395)		109,794
Total investment income		5,608,555
Expenses:
Advisory fees		813,580
Administrative services fees		46,218
Custodian fees		6,333
Distribution fees:
Class A		213,024
Class B		21,733
Class C		142,215
Class R		418
Investor Class		62,651
Transfer agent fees — A, B, C, R, Y and Investor		295,738
Transfer agent fees — R5		3,817
Trustees’ and officers’ fees and benefits		16,431
Other		106,121
Total expenses		1,728,279
Less: Fees waived and expense offset arrangement(s)		(5,880	)
Net expenses		1,722,399
Net investment income		3,886,156
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(6,907,872	)
Futures contracts		(227,315	)
		(7,135,187	)
Change in net unrealized appreciation of:
Investment securities		2,017,711
Futures contracts		314,577
		2,332,288
Net realized and unrealized gain (loss)		(4,802,899	)
Net increase (decrease) in net assets resulting from operations	$	(916,743	)

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

10                         Invesco Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	3,886,156		$	8,060,559
Net realized gain (loss)		(7,135,187	)		8,378,828
Change in net unrealized appreciation (depreciation)		2,332,288			(52,620,041	)
Net increase (decrease) in net assets resulting from operations		(916,743	)		(36,180,654	)
Distributions to shareholders from net investment income:
Class A		(2,874,260	)		(6,009,779	)
Class B		(60,214	)		(192,301	)
Class C		(374,042	)		(766,000	)
Class R		(2,576	)		(5,153	)
Class Y		(87,877	)		(175,638	)
Investor Class		(853,840	)		(1,748,652	)
Class R5		(257,459	)		(498,712	)
Total distributions from net investment income		(4,510,268	)		(9,396,235	)
Distributions to shareholders from net realized gains:
Class A		—			(16,453,349	)
Class B		—			(783,284	)
Class C		—			(2,900,697	)
Class R		—			(12,480	)
Class Y		—			(428,354	)
Investor Class		—			(4,778,723	)
Class R5		—			(1,151,603	)
Total distributions from net realized gains		—			(26,508,490	)
Share transactions–net:
Class A		(9,169,603	)		(2,198,900	)
Class B		(1,706,684	)		(4,876,741	)
Class C		(2,557,593	)		(2,365,103	)
Class R		5,818			3,817
Class Y		1,187,758			674,638
Investor Class		(3,701,967	)		500,182
Class R5		(427,445	)		932,506
Net increase (decrease) in net assets resulting from share transactions		(16,369,716	)		(7,329,601	)
Net increase (decrease) in net assets		(21,796,727	)		(79,414,980	)
Net assets:
Beginning of period		284,741,696			364,156,676
End of period (includes undistributed net investment income of $2,114,192 and $2,738,304, respectively)	$	262,944,969		$	284,741,696

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Low Volatility Equity Yield Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is income and long-term growth of capital.

11                         Invesco Low Volatility Equity Yield Fund

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class and Class R5 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

12                         Invesco Low Volatility Equity Yield Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

13                         Invesco Low Volatility Equity Yield Fund

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

K. Collateral — To the extent the Fund has pledged 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. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $250 million		0	.60%
Next $250 million		0	.575%
Next $500 million		0	.55%
Next $1.5 billion		0	.525%
Next $2.5 billion		0	.50%
Next $2.5 billion		0	.475%
Next $2.5 billion		0	.45%
Over $10 billion		0	.425%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.60%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 2.00% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 29, 2016, the Adviser waived advisory fees of $3,745.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14                         Invesco Low Volatility Equity Yield Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class B, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class B and Class C shares, 0.50% of the average daily net assets of Class R shares and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $6,842 in front-end sales commissions from the sale of Class A shares and $902, $312 and $1,052 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	271,670,723	$	—	$	—	$	271,670,723
U.S. Treasury Securities		—		649,974		—		649,974
		271,670,723		649,974		—		272,320,697
Futures Contracts*		126,586		—		—		126,586
Total Investments	$	271,797,309	$	649,974	$	—	$	272,447,283

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Equity risk:
Futures contracts(a)	$	126,586	$	—

^(a)  Includes cumulative appreciation of futures contracts. Only current day’s variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

15                         Invesco Low Volatility Equity Yield Fund

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Futures Contracts
Realized Gain (Loss):
Equity risk	$	(227,315	)
Change in Net Unrealized Appreciation:
Equity risk		314,577
Total	$	87,262

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	6,026,044

Open Futures Contracts — Equity Risk
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
E–Mini S&P 500 Index		Long		81		March-2016	$	7,814,475	$	126,586

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,135.

NOTE 6—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2016	$	9,977,947	$	—	$	9,977,947
August 31, 2018		21,115,609		—		21,115,609
	$	31,093,556	$	—	$	31,093,556

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

16                         Invesco Low Volatility Equity Yield Fund

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $120,565,839 and $141,822,550, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $649,146 and $0, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	18,354,595
Aggregate unrealized (depreciation) of investment securities		(27,892,942	)
Net unrealized appreciation (depreciation) of investment securities	$	(9,538,347	)

Cost of investments for tax purposes is $281,859,044.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)							Year ended August 31, 2015
	Shares				Amount			Shares			Amount
Sold:
Class A		278,963			$	2,582,048			678,854		$	7,278,910
Class B		10,500				95,570			7,577			80,772
Class C		57,038				523,277			190,688			2,019,877
Class R		2,862				26,421			7,169			74,689
Class Y		159,950				1,468,852			178,350			1,934,247
Investor Class		79,371				735,931			266,183			2,858,315
Class R5		55,325				517,075			218,919			2,360,543
Issued as reinvestment of dividends:
Class A		283,809				2,641,653			1,971,458			20,490,517
Class B		6,217				57,201			82,277			842,760
Class C		34,434				315,870			301,117			3,076,130
Class R		255				2,362			1,537			15,910
Class Y		7,637				71,331			46,413			484,365
Investor Class		88,476		��		826,483			605,330			6,310,713
Class R5		23,300				217,323			157,715			1,648,232
Automatic conversion of Class B shares to Class A shares:
Class A		146,955				1,369,198			377,824			3,982,977
Class B		(149,030	)			(1,369,198	)		(383,127	)		(3,982,977	)
Reacquired:
Class A		(1,699,194	)			(15,762,502	)		(3,254,893	)		(33,951,304	)
Class B		(53,151	)			(490,257	)		(172,118	)		(1,817,296	)
Class C		(376,498	)			(3,396,740	)		(719,971	)		(7,461,110	)
Class R		(2,455	)			(22,965	)		(8,142	)		(86,782	)
Class Y		(37,893	)			(352,425	)		(166,333	)		(1,743,974	)
Investor Class		(562,813	)			(5,264,381	)		(817,875	)		(8,668,846	)
Class R5		(128,057	)			(1,161,843	)		(286,382	)		(3,076,269	)
Net increase (decrease) in share activity		(1,773,999	)		$	(16,369,716	)		(717,430	)	$	(7,329,601	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17                         Invesco Low Volatility Equity Yield Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	9.40	$	0.13	$	(0.15	)	$	(0.02	)	$	(0.16	)	$	—		$	(0.16	)	$	9.22		(0.27	)%	$	165,182		1.20	%(d)		1.20	%(d)		2.92	%(d)		45	%
Year ended 08/31/15		11.75		0.26		(1.43	)		(1.17	)		(0.31	)		(0.87	)		(1.18	)		9.40		(10.72	)		177,739		1.15			1.15			2.49			101
Year ended 08/31/14		9.98		0.31		1.92			2.23			(0.29	)		(0.17	)		(0.46	)		11.75		22.91			224,786		1.14			1.14			2.80			109
Year ended 08/31/13		8.66		0.12		1.31			1.43			(0.11	)		—			(0.11	)		9.98		16.71			199,636		1.18			1.18			1.31			107
Year ended 08/31/12		7.34		0.09		1.27			1.36			(0.04	)		—			(0.04	)		8.66		18.54			198,831		1.03			1.23			1.10			45
Year ended 08/31/11		6.29		0.07		1.06			1.13			(0.08	)		—			(0.08	)		7.34		18.00			204,311		1.00			1.22			0.90			125
Class B
Six months ended 02/29/16		9.26		0.10		(0.15	)		(0.05	)		(0.12	)		—			(0.12	)		9.09		(0.57	)		3,467		1.95	(d)		1.95	(d)		2.17	(d)		45
Year ended 08/31/15		11.59		0.18		(1.42	)		(1.24	)		(0.22	)		(0.87	)		(1.09	)		9.26		(11.42	)		5,253		1.90			1.90			1.74			101
Year ended 08/31/14		9.84		0.22		1.90			2.12			(0.20	)		(0.17	)		(0.37	)		11.59		22.08			11,962		1.89			1.89			2.05			109
Year ended 08/31/13		8.53		0.05		1.29			1.34			(0.03	)		—			(0.03	)		9.84		15.72			13,288		1.93			1.93			0.56			107
Year ended 08/31/12		7.26		0.03		1.26			1.29			(0.02	)		—			(0.02	)		8.53		17.75			16,913		1.78			1.98			0.35			45
Year ended 08/31/11		6.22		0.01		1.06			1.07			(0.03	)		—			(0.03	)		7.26		17.15			20,750		1.75			1.97			0.15			125
Class C
Six months ended 02/29/16		9.24		0.10		(0.16	)		(0.06	)		(0.12	)		—			(0.12	)		9.06		(0.69	)		26,799		1.95	(d)		1.95	(d)		2.17	(d)		45
Year ended 08/31/15		11.56		0.18		(1.41	)		(1.23	)		(0.22	)		(0.87	)		(1.09	)		9.24		(11.37	)		29,959		1.90			1.90			1.74			101
Year ended 08/31/14		9.82		0.22		1.89			2.11			(0.20	)		(0.17	)		(0.37	)		11.56		22.01			40,119		1.89			1.89			2.05			109
Year ended 08/31/13		8.51		0.05		1.29			1.34			(0.03	)		—			(0.03	)		9.82		15.75			37,335		1.93			1.93			0.56			107
Year ended 08/31/12		7.25		0.03		1.25			1.28			(0.02	)		—			(0.02	)		8.51		17.64			41,148		1.78			1.98			0.35			45
Year ended 08/31/11		6.22		0.01		1.05			1.06			(0.03	)		—			(0.03	)		7.25		16.99			48,592		1.75			1.97			0.15			125
Class R
Six months ended 02/29/16		9.35		0.12		(0.15	)		(0.03	)		(0.14	)		—			(0.14	)		9.18		(0.30	)		173		1.45	(d)		1.45	(d)		2.67	(d)		45
Year ended 08/31/15		11.69		0.24		(1.43	)		(1.19	)		(0.28	)		(0.87	)		(1.15	)		9.35		(10.93	)		170		1.40			1.40			2.24			101
Year ended 08/31/14		9.93		0.28		1.91			2.19			(0.26	)		(0.17	)		(0.43	)		11.69		22.60			206		1.39			1.39			2.55			109
Year ended 08/31/13		8.61		0.10		1.30			1.40			(0.08	)		—			(0.08	)		9.93		16.37			200		1.43			1.43			1.06			107
Year ended 08/31/12		7.31		0.07		1.26			1.33			(0.03	)		—			(0.03	)		8.61		18.24			1,059		1.28			1.48			0.85			45
Year ended 08/31/11		6.27		0.05		1.06			1.11			(0.07	)		—			(0.07	)		7.31		17.68			1,300		1.25			1.47			0.65			125
Class Y
Six months ended 02/29/16		9.45		0.15		(0.17	)		(0.02	)		(0.17	)		—			(0.17	)		9.26		(0.24	)		5,968		0.95	(d)		0.95	(d)		3.17	(d)		45
Year ended 08/31/15		11.80		0.29		(1.43	)		(1.14	)		(0.34	)		(0.87	)		(1.21	)		9.45		(10.43	)		4,861		0.90			0.90			2.74			101
Year ended 08/31/14		10.02		0.33		1.94			2.27			(0.32	)		(0.17	)		(0.49	)		11.80		23.24			5,383		0.89			0.89			3.05			109
Year ended 08/31/13		8.71		0.15		1.30			1.45			(0.14	)		—			(0.14	)		10.02		16.90			4,189		0.93			0.93			1.56			107
Year ended 08/31/12		7.37		0.11		1.27			1.38			(0.04	)		—			(0.04	)		8.71		18.89			4,269		0.78			0.98			1.35			45
Year ended 08/31/11		6.32		0.09		1.06			1.15			(0.10	)		—			(0.10	)		7.37		18.24			3,846		0.75			0.97			1.15			125
Investor Class
Six months ended 02/29/16		9.43		0.14		(0.16	)		(0.02	)		(0.16	)		—			(0.16	)		9.25		(0.27	)		48,203		1.20	(d)		1.20	(d)		2.92	(d)		45
Year ended 08/31/15		11.78		0.27		(1.44	)		(1.17	)		(0.31	)		(0.87	)		(1.18	)		9.43		(10.68	)		52,880		1.15			1.15			2.49			101
Year ended 08/31/14		10.01		0.31		1.92			2.23			(0.29	)		(0.17	)		(0.46	)		11.78		22.85			65,428		1.14			1.14			2.80			109
Year ended 08/31/13		8.69		0.12		1.31			1.43			(0.11	)		—			(0.11	)		10.01		16.65			64,369		1.18			1.18			1.31			107
Year ended 08/31/12		7.36		0.09		1.28			1.37			(0.04	)		—			(0.04	)		8.69		18.63			63,296		1.03			1.23			1.10			45
Year ended 08/31/11		6.32		0.07		1.05			1.12			(0.08	)		—			(0.08	)		7.36		17.76			63,890		1.00			1.22			0.90			125
Class R5
Six months ended 02/29/16		9.46		0.16		(0.16	)		0.00			(0.18	)		—			(0.18	)		9.28		(0.05	)		13,153		0.78	(d)		0.78	(d)		3.34	(d)		45
Year ended 08/31/15		11.82		0.31		(1.44	)		(1.13	)		(0.36	)		(0.87	)		(1.23	)		9.46		(10.35	)		13,881		0.75			0.75			2.89			101
Year ended 08/31/14		10.03		0.35		1.94			2.29			(0.33	)		(0.17	)		(0.50	)		11.82		23.48			16,272		0.75			0.75			3.19			109
Year ended 08/31/13		8.71		0.16		1.31			1.47			(0.15	)		—			(0.15	)		10.03		17.12			13,000		0.76			0.76			1.73			107
Year ended 08/31/12		7.37		0.11		1.28			1.39			(0.05	)		—			(0.05	)		8.71		18.90			11,397		0.76			0.77			1.37			45
Year ended 08/31/11		6.32		0.09		1.06			1.15			(0.10	)		—			(0.10	)		7.37		18.24			11,645		0.74			0.77			1.18			125

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the period ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $286,080,448 and sold of $155,521,831 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Select Equity Fund and Invesco Van Kampen Equity Premium Income Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $171,356, $4,370, $28,599, $168, $5,130, $50,396 and $13,650 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5 shares, respectively.

18                         Invesco Low Volatility Equity Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	997.30	$	5.96	$	1,018.90	$	6.02		1.20	%
B		1,000.00		994.30		9.67		1,015.17		9.77		1.95
C		1,000.00		993.10		9.66		1,015.17		9.77		1.95
R		1,000.00		997.00		7.20		1,017.65		7.27		1.45
Y		1,000.00		997.60		4.72		1,020.14		4.77		0.95
Investor		1,000.00		997.30		5.96		1,018.90		6.02		1.20
R5		1,000.00		999.50		3.88		1,020.98		3.92		0.78

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                         Invesco Low Volatility Equity Yield Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     LVEY-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Growth and Income Fund
	Nasdaq:
	A: ACGIX  ¡  B: ACGJX  ¡  C: ACGKX  ¡   R: ACGLX  ¡  Y: ACGMX   ¡  R5: ACGQX  ¡   R6: GIFFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-7.79	%
Class B Shares	-7.77
Class C Shares	-8.12
Class R Shares	-7.86
Class Y Shares	-7.66
Class R5 Shares	-7.59
Class R6 Shares	-7.55
S&P 500 Index▼ (Broad Market Index)	-0.92
Russell 1000 Value Index▼ (Style-Specific Index)	-2.87
Lipper Large-Cap Value Funds Index¡ (Peer Group Index)	-3.84

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.

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

    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.

2                      Invesco Growth and Income Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (8/1/46)	9.19	%
10 Years	4.39
5 Years	5.42
1 Year	-16.66
Class B Shares
Inception (8/2/93)	8.77	%
10 Years	4.98
5 Years	6.32
1 Year	-15.83
Class C Shares
Inception (8/2/93)	8.26	%
10 Years	4.21
5 Years	5.83
1 Year	-13.23
Class R Shares
Inception (10/1/02)	7.65	%
10 Years	4.72
5 Years	6.36
1 Year	-11.97
Class Y Shares
Inception (10/19/04)	6.67	%
10 Years	5.24
5 Years	6.88
1 Year	-11.56
Class R5 Shares
10 Years	5.21	%
5 Years	7.01
1 Year	-11.44
Class R6 Shares
10 Years	5.14	%
5 Years	6.94
1 Year	-11.39

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (8/1/46)	9.35	%
10 Years	5.51
5 Years	8.64
1 Year	-8.46
Class B Shares
Inception (8/2/93)	9.25	%
10 Years	6.09
5 Years	9.62
1 Year	-7.58
Class C Shares
Inception (8/2/93)	8.74	%
10 Years	5.33
5 Years	9.07
1 Year	-4.77
Class R Shares
Inception (10/1/02)	8.45	%
10 Years	5.84
5 Years	9.61
1 Year	-3.39
Class Y Shares
Inception (10/19/04)	7.59	%
10 Years	6.37
5 Years	10.15
1 Year	-2.90
Class R5 Shares
10 Years	6.33	%
5 Years	10.28
1 Year	-2.79
Class R6 Shares
10 Years	6.26	%
5 Years	10.20
1 Year	-2.69

Effective June 1, 2010, Class A, Class B, Class C, Class R and Class I shares of the predecessor fund, Van Kampen Growth and Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C, Class R and Class Y shares, respectively, of Invesco Van Kampen Growth and Income Fund (renamed Invesco Growth and Income Fund). Returns shown above for Class A, Class B, Class C, Class R and Class Y shares are blended returns of the predecessor fund and Invesco Growth and Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on June 1, 2010. Performance shown prior to that

date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect

deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.84%, 0.84%, 1.59%, 1.09%, 0.59%, 0.48%, and 0.38%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Growth and Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Growth and Income Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.98%
Aerospace & Defense–1.33%
General Dynamics Corp.		696,714	$	94,941,217
Agricultural Products–1.08%
Archer-Daniels-Midland Co.		2,198,201		76,849,107
Application Software–0.93%
Citrix Systems, Inc.(b)		941,841		66,541,067
Asset Management & Custody Banks–2.28%
Northern Trust Corp.		1,216,186		72,217,124
State Street Corp.		1,655,142		90,668,679
				162,885,803
Automobile Manufacturers–0.82%
General Motors Co.		1,984,676		58,428,861
Biotechnology–0.95%
Amgen Inc.		478,709		68,110,717
Broadcasting–0.29%
CBS Corp.–Class B		430,956		20,849,651
Cable & Satellite–2.59%
Comcast Corp.–Class A		1,863,384		107,573,158
Time Warner Cable Inc.		406,837		77,648,910
				185,222,068
Communications Equipment–4.45%
Cisco Systems, Inc.		4,484,441		117,402,665
Juniper Networks, Inc.		3,854,097		95,196,196
QUALCOMM, Inc.		2,066,286		104,946,666
				317,545,527
Construction Machinery & Heavy Trucks–0.84%
Caterpillar Inc.		889,045		60,188,347
Data Processing & Outsourced Services–1.24%
PayPal Holdings, Inc.(b)		2,332,946		88,978,560
Diversified Banks–11.60%
Bank of America Corp.		14,229,172		178,149,233
Citigroup Inc.		7,093,327		275,575,754
Comerica Inc.		1,797,231		60,710,463
JPMorgan Chase & Co.		5,577,059		313,988,422
				828,423,872
Electric Utilities–0.85%
FirstEnergy Corp.		1,806,523		60,464,325
Fertilizers & Agricultural Chemicals–0.66%
Mosaic Co. (The)		1,768,882		47,140,705
Food Distributors–0.97%
Sysco Corp.		1,566,490		69,129,204

	Shares		Value
General Merchandise Stores–2.09%
Target Corp.		1,900,560	$	149,098,932
Health Care Equipment–2.59%
Baxter International Inc.		1,962,657		77,544,578
Medtronic PLC		1,392,361		107,754,818
				185,299,396
Health Care Services–0.73%
Express Scripts Holding Co.(b)		746,282		52,523,327
Hotels, Resorts & Cruise Lines–2.07%
Carnival Corp.		3,087,225		148,063,311
Household Products–1.45%
Procter & Gamble Co. (The)		1,287,057		103,337,807
Hypermarkets & Super Centers–0.45%
Wal-Mart Stores, Inc.		483,323		32,063,648
Industrial Conglomerates–3.01%
General Electric Co.		7,375,796		214,930,695
Industrial Machinery–0.87%
Ingersoll-Rand PLC		1,115,423		61,972,902
Insurance Brokers–3.31%
Aon PLC		868,198		82,730,587
Marsh & McLennan Cos., Inc.		1,537,576		87,718,711
Willis Towers Watson PLC		582,571		66,016,946
				236,466,244
Integrated Oil & Gas–5.42%
Exxon Mobil Corp.		883,167		70,785,835
Occidental Petroleum Corp.		1,222,052		84,101,619
Royal Dutch Shell PLC–Class A (United Kingdom)		6,280,820		142,943,025
TOTAL S.A. (France)		1,993,418		89,305,805
				387,136,284
Integrated Telecommunication Services–1.84%
Koninklijke KPN N.V. (Netherlands)		5,703,800		20,989,871
Orange S.A. (France)		1,272,235		21,955,470
Telecom Italia S.p.A. (Italy)(b)		11,885,627		11,570,466
Telefónica, S.A. (Spain)		960,589		9,546,689
Verizon Communications Inc.		1,327,895		67,364,113
				131,426,609
Internet Software & Services–1.03%
eBay Inc.(b)		3,079,566		73,293,671
Investment Banking & Brokerage–3.94%
Charles Schwab Corp. (The)		2,601,396		65,164,970
Goldman Sachs Group, Inc. (The)		477,657		71,424,051
Morgan Stanley		5,874,029		145,088,516
				281,677,537

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

5                         Invesco Growth and Income Fund

	Shares		Value
Managed Health Care–1.63%
Anthem, Inc.		427,147	$	55,823,841
UnitedHealth Group Inc.		509,179		60,643,219
				116,467,060
Movies & Entertainment–0.79%
Time Warner Inc.		848,823		56,192,083
Multi-Utilities–0.95%
PG&E Corp.		1,199,658		68,056,598
Oil & Gas Equipment & Services–1.93%
Baker Hughes Inc.		1,861,294		79,793,674
Weatherford International PLC(b)		9,049,124		57,914,393
				137,708,067
Oil & Gas Exploration & Production–3.78%
Apache Corp.		2,846,645		108,969,571
California Resources Corp.		114,870		64,568
Canadian Natural Resources Ltd. (Canada)		4,438,591		92,784,384
Devon Energy Corp.		3,473,637		68,361,176
				270,179,699
Other Diversified Financial Services–1.09%
Voya Financial, Inc.		2,643,649		77,617,535
Packaged Foods & Meats–1.33%
Mondelez International, Inc.–Class A		2,353,517		95,388,044
Pharmaceuticals–7.37%
Eli Lilly and Co.		1,068,523		76,933,656
Merck & Co., Inc.		2,597,564		130,423,688
Novartis AG (Switzerland)		1,019,254		72,744,379
Pfizer Inc.		3,438,942		102,033,409
Sanofi (France)		855,993		67,725,979
Teva Pharmaceutical Industries Ltd.–ADR (Israel)		1,375,562		76,481,247
				526,342,358
Publishing–0.72%
Thomson Reuters Corp.		1,408,332		51,602,925
Railroads–0.89%
CSX Corp.		2,634,565		63,598,399
Regional Banks–5.81%
BB&T Corp.		1,796,000		57,759,360
Citizens Financial Group Inc.		5,802,650		111,584,960

	Shares		Value
Regional Banks–(continued)
Fifth Third Bancorp		4,351,446	$	66,403,066
First Horizon National Corp.		4,283,572		51,488,535
PNC Financial Services Group, Inc. (The)		1,574,081		127,988,526
				415,224,447
Security & Alarm Services–1.35%
Tyco International PLC		2,732,600		96,132,868
Semiconductor Equipment–1.17%
Applied Materials, Inc.		4,413,465		83,282,085
Semiconductors–1.24%
Intel Corp.		3,000,262		88,777,753
Specialized Finance–0.74%
CME Group Inc.–Class A		575,343		52,609,364
Systems Software–3.02%
Microsoft Corp.		2,047,550		104,179,344
Oracle Corp.		3,029,479		111,424,238
				215,603,582
Technology Hardware, Storage & Peripherals–0.93%
NetApp, Inc.		2,669,013		66,298,283
Tobacco–1.61%
Philip Morris International Inc.		1,260,138		114,710,362
Wireless Telecommunication Services–0.95%
Vodafone Group PLC–ADR (United Kingdom)		2,222,298		67,557,859
Total Common Stocks & Other Equity Interests (Cost $6,020,835,122)				6,926,338,765
Money Market Funds–2.04%
Liquid Assets Portfolio–Institutional Class, 0.42%(c)		72,759,645		72,759,645
Premier Portfolio–Institutional Class, 0.38%(c)		72,759,646		72,759,646
Total Money Market Funds (Cost $145,519,291)				145,519,291
TOTAL INVESTMENTS–99.02% (Cost $6,166,354,413)				7,071,858,056
OTHER ASSETS LESS LIABILITIES–0.98%				70,045,856
NET ASSETS–100.00%			$	7,141,903,912

Investment Abbreviations:

ADR – American Depositary Receipt

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)  Non-income producing security.

^(c)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

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

6                         Invesco Growth and Income Fund

Portfolio Composition

By sector, based on Net Assets

as of February 29, 2016

Financials	28.8	%
Information Technology	14.0
Health Care	13.3
Energy	11.1
Consumer Discretionary	9.4
Industrials	8.3
Consumer Staples	6.9
Telecommunication Services	2.8
Utilities	1.8
Materials	0.6
Money Market Funds Plus Other Assets Less Liabilities	3.0

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

7                         Invesco Growth and Income Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $6,020,835,122)	$	6,926,338,765
Investments in affiliated money market funds, at value and cost		145,519,291
Total investments, at value (Cost $6,166,354,413)		7,071,858,056
Foreign currencies, at value (Cost $1,810,898)		1,808,257
Receivable for:
Investments sold		45,315,751
Fund shares sold		19,591,918
Dividends		19,692,142
Investment for trustee deferred compensation and retirement plans		562,166
Unrealized appreciation on forward foreign currency contracts outstanding		15,318,654
Other assets		84,039
Total assets		7,174,230,983
Liabilities:
Payable for:
Fund shares reacquired		23,988,293
Accrued fees to affiliates		4,773,995
Accrued trustees’ and officers’ fees and benefits		16,001
Accrued other operating expenses		283,849
Trustee deferred compensation and retirement plans		682,657
Unrealized depreciation on forward foreign currency contracts outstanding		2,582,276
Total liabilities		32,327,071
Net assets applicable to shares outstanding	$	7,141,903,912
Net assets consist of:
Shares of beneficial interest	$	6,107,429,386
Undistributed net investment income		30,482,441
Undistributed net realized gain		85,991,759
Net unrealized appreciation		918,000,326
	$	7,141,903,912

Net Assets:
Class A	$	3,802,004,785
Class B	$	37,643,882
Class C	$	273,600,496
Class R	$	115,606,105
Class Y	$	1,613,507,478
Class R5	$	724,674,336
Class R6	$	574,866,830
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		175,817,018
Class B		1,755,532
Class C		12,796,629
Class R		5,343,280
Class Y		74,547,550
Class R5		33,446,315
Class R6		26,526,533
Class A:
Net asset value per share	$	21.62
Maximum offering price per share
(Net asset value of $21.62 ¸ 94.50%)	$	22.88
Class B:
Net asset value and offering price per share	$	21.44
Class C:
Net asset value and offering price per share	$	21.38
Class R:
Net asset value and offering price per share	$	21.64
Class Y:
Net asset value and offering price per share	$	21.64
Class R5:
Net asset value and offering price per share	$	21.67
Class R6:
Net asset value and offering price per share	$	21.67

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

8                         Invesco Growth and Income Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $2,339,490)	$	94,399,922
Dividends from affiliated money market funds		214,530
Total investment income		94,614,452
Expenses:
Advisory fees		13,945,491
Administrative services fees		356,623
Custodian fees		134,177
Distribution fees:
Class A		5,251,281
Class B		56,609
Class C		1,467,946
Class R		326,074
Transfer agent fees — A, B, C, R and Y		6,602,240
Transfer agent fees — R5		362,644
Transfer agent fees — R6		9,215
Trustees’ and officers’ fees and benefits		108,114
Other		440,101
Total expenses		29,060,515
Less: Fees waived and expense offset arrangement(s)		(159,658	)
Net expenses		28,900,857
Net investment income		65,713,595
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		147,041,360
Foreign currencies		(192,949	)
Forward foreign currency contracts		22,242,898
		169,091,309
Change in net unrealized appreciation (depreciation) of:
Investment securities		(857,523,050	)
Foreign currencies		(165,793	)
Forward foreign currency contracts		6,331,859
		(851,356,984	)
Net realized and unrealized gain (loss)		(682,265,675	)
Net increase (decrease) in net assets resulting from operations	$	(616,552,080	)

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

9                         Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	65,713,595		$	128,816,413
Net realized gain		169,091,309			711,943,080
Change in net unrealized appreciation (depreciation)		(851,356,984	)		(1,039,891,789	)
Net increase (decrease) in net assets resulting from operations		(616,552,080	)		(199,132,296	)
Distributions to shareholders from net investment income:
Class A		(44,348,140	)		(95,852,748	)
Class B		(482,001	)		(1,361,186	)
Class C		(1,943,179	)		(3,750,293	)
Class R		(1,202,458	)		(2,785,361	)
Class Y		(21,079,028	)		(46,673,590	)
Class R5		(8,859,154	)		(18,554,045	)
Class R6		(8,731,041	)		(16,315,170	)
Total distributions from net investment income		(86,645,001	)		(185,292,393	)
Distributions to shareholders from net realized gains:
Class A		(293,157,140	)		(452,856,740	)
Class B		(3,128,396	)		(6,596,296	)
Class C		(20,896,404	)		(29,434,651	)
Class R		(9,082,838	)		(15,312,972	)
Class Y		(123,300,010	)		(194,870,035	)
Class R5		(50,003,257	)		(71,525,594	)
Class R6		(46,577,661	)		(60,590,022	)
Total distributions from net realized gains		(546,145,706	)		(831,186,310	)
Share transactions–net:
Class A		15,654,518			(190,458,025	)
Class B		(6,250,655	)		(22,934,232	)
Class C		11,537,296			18,566,173
Class R		(3,060,472	)		(20,329,574	)
Class Y		7,787,064			(21,583,356	)
Class R5		103,860,101			(30,967,417	)
Class R6		(34,305,811	)		163,697,019
Net increase (decrease) in net assets resulting from share transactions		95,222,041			(104,009,412	)
Net increase (decrease) in net assets		(1,154,120,746	)		(1,319,620,411	)
Net assets:
Beginning of period		8,296,024,658			9,615,645,069
End of period (includes undistributed net investment income of $30,482,441 and $51,413,847, respectively)	$	7,141,903,912		$	8,296,024,658

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Growth and Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is total return through growth of capital and current income.

10                         Invesco Growth and Income Fund

The Fund currently consists of seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

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

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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

11                         Invesco Growth and Income Fund

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

12                         Invesco Growth and Income Fund

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $150 million		0	.50%
Next $100 million		0	.45%
Next $100 million		0	.40%
Over $350 million		0	.35%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.35%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 February 29, 2016, the Adviser waived advisory fees of $155,325.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A, Class B, Class C and Class R shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% each of Class B and Class C average daily net assets and up to 0.50% of Class R average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $229,903 in front-end sales commissions from the sale of Class A shares and $5,429, $1,672 and $8,102 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

13                         Invesco Growth and Income Fund

For the six months ended February 29, 2016, the Fund incurred $27,926 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	6,635,076,372	$	436,781,684	$	—	$	7,071,858,056
Forward Foreign Currency Contracts*		—		12,736,378		—		12,736,378
Total Investments	$	6,635,076,372	$	449,518,062	$	—	$	7,084,594,434

* Unrealized appreciation.

NOTE 4—Derivative Investments

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 February 29, 2016:

	Value
Risk Exposure/Derivative Type	Assets		Liabilities
Currency risk:
Forward foreign currency contracts(a)	$	15,318,654	$	(2,582,276	)

^(a)  Values are disclosed on the Statement of Assets and Liabilities under the captions Unrealized appreciation on forward foreign currency contracts outstanding and Unrealized depreciation on forward foreign currency contracts outstanding.

Effect of Derivative Investments for the six months ended February 29, 2016

The table below summarizes the gains on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain on Statement of Operations
	Forward Foreign Currency Contracts
Realized Gain:
Currency risk	$	22,242,898
Change in Net Unrealized Appreciation:
Currency risk		6,331,859
Total	$	28,574,757

The table below summarizes the average notional value of forward foreign currency contracts outstanding during the period.

	Forward Foreign Currency Contracts
Average notional value	$	834,234,475

14                         Invesco Growth and Income Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
03/11/16	Bank of New York Mellon (The)		CAD	71,042,058		USD	51,411,204	$	52,513,100	$	(1,101,896	)
03/11/16	State Street Bank & Trust Co.		CAD	82,456,754		USD	59,671,838		60,950,652		(1,278,814	)
03/11/16	State Street Bank & Trust Co.		USD	2,488,730		CAD	3,403,990		2,516,172		27,442
03/11/16	Bank of New York Mellon (The)		CHF	38,966,338		USD	40,164,857		39,048,234		1,116,623
03/11/16	State Street Bank & Trust Co.		CHF	30,436,935		USD	31,383,137		30,500,905		882,232
03/11/16	State Street Bank & Trust Co.		USD	14,802,738		CHF	14,655,471		14,686,272		(116,466	)
03/11/16	Bank of New York Mellon (The)		EUR	51,535,269		USD	85,803,079		82,467,337		3,335,742
03/11/16	State Street Bank & Trust Co.		EUR	56,372,012		USD	81,536,739		78,352,671		3,184,068
03/11/16	State Street Bank & Trust Co.		USD	3,853,146		EUR	3,494,124		3,802,081		(51,065	)
03/11/16	Bank of New York Mellon (The)		GBP	51,535,269		USD	74,681,562		71,732,671		2,948,891
03/11/16	State Street Bank & Trust Co.		GBP	56,372,012		USD	81,679,663		78,465,002		3,214,661
03/11/16	State Street Bank & Trust Co.		USD	2,493,162		GBP	1,766,724		2,459,127		(34,035	)
03/11/16	Bank of New York Mellon (The)		ILK	154,673,542		USD	40,001,433		39,651,105		350,328
03/11/16	State Street Bank & Trust Co.		ILK	120,051,121		USD	31,034,193		30,775,526		258,667
Total Forward Foreign Currency Contracts — Currency Risk										$	12,736,378

Currency Abbreviations:

CAD	– Canadian Dollar
CHF	– Swiss Franc
EUR	– Euro
GBP	– British Pound Sterling
ILK	– Israeli Shekel
USD	– U.S. Dollar

Offsetting Assets and Liabilities

Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which was subsequently clarified in Financial Accounting Standards Board ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” is intended to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting arrangements on the Statement of Assets and Liabilities and to enable investors to better understand the effect of those arrangements on the Fund’s financial position. In order for an arrangement to be eligible for netting, the Fund must have a basis to conclude that such netting arrangements are legally enforceable. The Fund enters into netting agreements and collateral agreements in an attempt to reduce the Fund’s Counterparty credit risk by providing for a single net settlement with a Counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

The following tables present derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of February 29, 2016.

Counterparty	Gross amounts of Recognized Assets		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Received
						Non-Cash		Cash
Bank of New York Mellon (The)	$	7,751,584	$	(1,101,896	)	$	—	$	—	$	6,649,688
State Street Bank & Trust Co.		7,567,070		(1,480,380	)		—		—		6,086,690
Total	$	15,318,654	$	(2,582,276	)	$	—	$	—	$	12,736,378
Counterparty	Gross amounts of Recognized Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities							Net Amount
			Financial Instruments			Collateral Pledged
						Non-Cash		Cash
Bank of New York Mellon (The)	$	1,101,896	$	(1,101,896	)	$	—	$	—	$	—
State Street Bank & Trust Co.		1,480,380		(1,480,380	)		—		—		—
Total	$	2,582,276	$	(2,582,276	)	$	—	$	—	$	—

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,333.

15                         Invesco Growth and Income Fund

NOTE 6—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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 8—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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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 August 31, 2015.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $778,159,412 and $1,301,621,554, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,434,113,242
Aggregate unrealized (depreciation) of investment securities		(538,700,681	)
Net unrealized appreciation of investment securities	$	895,412,561

Cost of investments for tax purposes is $6,176,445,495.

16                         Invesco Growth and Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 29,  2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		7,936,665		$	189,548,616			17,888,584		$	485,903,239
Class B		5,718			135,342			24,494			667,225
Class C		564,543			13,468,265			1,253,277			33,557,232
Class R		537,840			12,880,746			1,075,763			29,268,433
Class Y		5,334,139			126,731,241			18,424,623			503,537,339
Class R5		5,777,748			136,972,217			8,520,759			231,266,680
Class R6		4,233,336			100,801,724			10,683,508			288,569,077
Issued as reinvestment of dividends:
Class A		13,765,069			320,494,776			20,187,250			521,859,531
Class B		149,182			3,444,689			295,592			7,581,858
Class C		908,786			20,907,785			1,183,905			30,214,201
Class R		441,461			10,281,567			699,242			18,074,952
Class Y		5,926,894			138,153,705			8,962,519			232,043,868
Class R5		2,522,708			58,861,975			3,472,896			90,078,761
Class R6		2,305,401			53,814,411			2,877,870			74,651,350
Automatic conversion of Class B shares to Class A shares:
Class A		299,964			7,127,448			815,263			22,186,231
Class B		(302,421	)		(7,127,448	)		(821,538	)		(22,186,231	)
Reacquired:
Class A		(21,133,772	)		(501,516,322	)		(44,887,223	)		(1,220,407,026	)
Class B		(115,069	)		(2,703,238	)		(332,033	)		(8,997,084	)
Class C		(976,544	)		(22,838,754	)		(1,680,802	)		(45,205,260	)
Class R		(1,101,209	)		(26,222,785	)		(2,495,100	)		(67,672,959	)
Class Y		(10,819,896	)		(257,097,882	)		(27,829,736	)		(757,164,563	)
Class R5		(3,839,578	)		(91,974,091	)		(12,993,861	)		(352,312,858	)
Class R6		(8,259,425	)		(188,921,946	)		(7,359,673	)		(199,523,408	)
Net increase (decrease) in share activity		4,161,540		$	95,222,041			(2,034,421	)	$	(104,009,412	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17                         Invesco Growth and Income Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or  expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	25.44	$	0.19		$	(2.04	)	$	(1.85	)	$	(0.25	)	$	(1.72	)	$	(1.97	)	$	21.62		(7.79	)%	$	3,802,005		0.84	%(d)		0.84	%(d)		1.57	%(d)		10	%
Year ended 08/31/15		29.30		0.35			(1.09	)		(0.74	)		(0.54	)		(2.58	)		(3.12	)		25.44		(2.61	)		4,450,596		0.84			0.84			1.29			23
Year ended 08/31/14		24.92		0.55	(e)		4.78			5.33			(0.33	)		(0.62	)		(0.95	)		29.30		21.84			5,302,375		0.83			0.84			2.03	(e)		31
Year ended 08/31/13		20.48		0.31			4.47			4.78			(0.34	)		—			(0.34	)		24.92		23.57			4,766,860		0.81			0.82			1.37			29
Year ended 08/31/12		18.01		0.32			2.42			2.74			(0.27	)		—			(0.27	)		20.48		15.33			4,266,135		0.83			0.84			1.66			25
Year ended 08/31/11		16.06		0.24			1.91			2.15			(0.20	)		—			(0.20	)		18.01		13.37			4,149,537		0.83			0.84			1.23			23
Class B
Six months ended 02/29/16		25.24		0.19			(2.02	)		(1.83	)		(0.25	)		(1.72	)		(1.97	)		21.44		(7.77	)(f)		37,644		0.84	(d)(f)		0.84	(d)(f)		1.57	(d)(f)		10
Year ended 08/31/15		29.10		0.35			(1.09	)		(0.74	)		(0.54	)		(2.58	)		(3.12	)		25.24		(2.65	)(f)		50,939		0.84	(f)		0.84	(f)		1.29	(f)		23
Year ended 08/31/14		24.75		0.54	(e)		4.75			5.29			(0.32	)		(0.62	)		(0.94	)		29.10		21.86	(f)		82,970		0.83	(f)		0.84	(f)		2.03	(e)(f)		31
Year ended 08/31/13		20.34		0.31			4.44			4.75			(0.34	)		—			(0.34	)		24.75		23.57	(f)		101,723		0.81	(f)		0.82	(f)		1.37	(f)		29
Year ended 08/31/12		17.88		0.31			2.41			2.72			(0.26	)		—			(0.26	)		20.34		15.37	(f)		124,930		0.81	(f)		0.82	(f)		1.68	(f)		25
Year ended 08/31/11		15.93		0.23			1.90			2.13			(0.18	)		—			(0.18	)		17.88		13.36	(f)		173,129		0.83	(f)		0.84	(f)		1.23	(f)		23
Class C
Six months ended 02/29/16		25.17		0.10			(2.01	)		(1.91	)		(0.16	)		(1.72	)		(1.88	)		21.38		(8.12	)(g)		273,600		1.57	(d)(g)		1.57	(d)(g)		0.84	(d)(g)		10
Year ended 08/31/15		29.01		0.15			(1.08	)		(0.93	)		(0.33	)		(2.58	)		(2.91	)		25.17		(3.33	)		309,526		1.59			1.59			0.54			23
Year ended 08/31/14		24.68		0.34	(e)		4.73			5.07			(0.12	)		(0.62	)		(0.74	)		29.01		20.94			334,902		1.58			1.59			1.28	(e)		31
Year ended 08/31/13		20.29		0.14			4.42			4.56			(0.17	)		—			(0.17	)		24.68		22.63			289,458		1.56			1.57			0.62			29
Year ended 08/31/12		17.84		0.18			2.40			2.58			(0.13	)		—			(0.13	)		20.29		14.53	(g)		254,679		1.55	(g)		1.56	(g)		0.94	(g)		25
Year ended 08/31/11		15.91		0.09			1.90			1.99			(0.06	)		—			(0.06	)		17.84		12.52	(g)		258,606		1.57	(g)		1.58	(g)		0.49	(g)		23
Class R
Six months ended 02/29/16		25.45		0.16			(2.03	)		(1.87	)		(0.22	)		(1.72	)		(1.94	)		21.64		(7.86	)		115,606		1.09	(d)		1.09	(d)		1.32	(d)		10
Year ended 08/31/15		29.31		0.29			(1.10	)		(0.81	)		(0.47	)		(2.58	)		(3.05	)		25.45		(2.86	)		139,084		1.09			1.09			1.04			23
Year ended 08/31/14		24.93		0.48	(e)		4.78			5.26			(0.26	)		(0.62	)		(0.88	)		29.31		21.53			181,301		1.08			1.09			1.78	(e)		31
Year ended 08/31/13		20.49		0.25			4.47			4.72			(0.28	)		—			(0.28	)		24.93		23.26			170,691		1.06			1.07			1.12			29
Year ended 08/31/12		18.02		0.27			2.42			2.69			(0.22	)		—			(0.22	)		20.49		15.03			147,659		1.08			1.09			1.41			25
Year ended 08/31/11		16.07		0.19			1.92			2.11			(0.16	)		—			(0.16	)		18.02		13.08			147,453		1.08			1.09			0.98			23
Class Y
Six months ended 02/29/16		25.46		0.22			(2.03	)		(1.81	)		(0.29	)		(1.72	)		(2.01	)		21.64		(7.66	)		1,613,507		0.59	(d)		0.59	(d)		1.82	(d)		10
Year ended 08/31/15		29.33		0.42			(1.10	)		(0.68	)		(0.61	)		(2.58	)		(3.19	)		25.46		(2.39	)		1,886,928		0.59			0.59			1.54			23
Year ended 08/31/14		24.94		0.62	(e)		4.78			5.40			(0.39	)		(0.62	)		(1.01	)		29.33		22.17			2,186,472		0.58			0.59			2.28	(e)		31
Year ended 08/31/13		20.50		0.37			4.47			4.84			(0.40	)		—			(0.40	)		24.94		23.86			1,826,646		0.56			0.57			1.62			29
Year ended 08/31/12		18.03		0.36			2.42			2.78			(0.31	)		—			(0.31	)		20.50		15.60			1,504,586		0.58			0.59			1.91			25
Year ended 08/31/11		16.08		0.28			1.92			2.20			(0.25	)		—			(0.25	)		18.03		13.64			1,544,968		0.58			0.59			1.48			23
Class R5
Six months ended 02/29/16		25.49		0.23			(2.03	)		(1.80	)		(0.30	)		(1.72	)		(2.02	)		21.67		(7.59	)		724,674		0.48	(d)		0.48	(d)		1.93	(d)		10
Year ended 08/31/15		29.36		0.45			(1.10	)		(0.65	)		(0.64	)		(2.58	)		(3.22	)		25.49		(2.29	)		738,797		0.48			0.48			1.65			23
Year ended 08/31/14		24.97		0.65	(e)		4.78			5.43			(0.42	)		(0.62	)		(1.04	)		29.36		22.27			880,275		0.47			0.48			2.39	(e)		31
Year ended 08/31/13		20.53		0.39			4.47			4.86			(0.42	)		—			(0.42	)		24.97		23.96			718,816		0.47			0.48			1.71			29
Year ended 08/31/12		18.05		0.39			2.43			2.82			(0.34	)		—			(0.34	)		20.53		15.80			697,346		0.46			0.47			2.03			25
Year ended 08/31/11		16.08		0.32			1.92			2.24			(0.27	)		—			(0.27	)		18.05		13.87			307,338		0.39			0.40			1.67			23
Class R6
Six months ended 02/29/16		25.49		0.25			(2.03	)		(1.78	)		(0.32	)		(1.72	)		(2.04	)		21.67		(7.55	)		574,867		0.38	(d)		0.38	(d)		2.03	(d)		10
Year ended 08/31/15		29.36		0.48			(1.10	)		(0.62	)		(0.67	)		(2.58	)		(3.25	)		25.49		(2.19	)		720,155		0.38			0.38			1.75			23
Year ended 08/31/14		24.97		0.68	(e)		4.78			5.46			(0.45	)		(0.62	)		(1.07	)		29.36		22.38			647,350		0.38			0.39			2.48	(e)		31
Year ended 08/31/13(h)		21.23		0.43			3.66			4.09			(0.35	)		—			(0.35	)		24.97		19.45			335,549		0.38	(i)		0.38	(i)		1.80	(i)		29

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For year ended August 31, 2011, the portfolio turnover calculation excludes the value of securities purchased of $138,016,999 and sold of $13,000,923 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Fundamental Value Fund & Invesco Large Cap Relative Value Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,227,490, $45,536, $298,452, $131,146, $1,793,319, $729,334 and $680,218 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.34 and 1.24%, $0.33 and 1.24%, $0.13 and 0.49%, $0.27 and 0.99%, $0.41 and 1.49%, $0.44 and 1.60% and $0.47 and 1.69% for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25%, 0.23% and 0.25% for the six months ended February 29, 2016 and the years ended August 31, 2015, 2014, 2013, 2012 and 2011, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99%, 0.97% and 0.99% for the six months ended February 29, 2016 and years ended August 31, 2012 and 2011, respectively.

^(h)  Commencement date of September 24, 2012.

⁽ⁱ⁾  Annualized.

18                         Invesco Growth and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	922.10	$	4.01	$	1,020.69	$	4.22		0.84	%
B		1,000.00		922.30		4.01		1,020.69		4.22		0.84
C		1,000.00		918.80		7.49		1,017.06		7.87		1.57
R		1,000.00		921.40		5.21		1,019.44		5.47		1.09
Y		1,000.00		923.40		2.82		1,021.93		2.97		0.59
R5		1,000.00		924.10		2.30		1,022.48		2.41		0.48
R6		1,000.00		924.50		1.82		1,022.97		1.91		0.38

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                         Invesco Growth and Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     VK-GRI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Pennsylvania Tax Free Income Fund
	Nasdaq:
	A: VKMPX  ¡  B: VKPAX  ¡  C: VKPCX  ¡  Y: VKPYX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
10	Financial Statements
12	Notes to Financial Statements
18	Financial Highlights
19	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	3.04	%
Class B Shares	2.99
Class C Shares	2.67
Class Y Shares	3.18
S&P Municipal Bond Index▼ (Broad Market Index)	3.56
S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index▼ (Style-Specific Index)	4.07
Lipper Pennsylvania Municipal Debt Funds Index¡ (Peer Group Index)	3.04

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper, Inc.

The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

    The S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index is a subset of the broad S&P Municipal Bond Index. This index of market value-weighted investment-grade US municipal bonds seeks to measure the performance of Pennsylvania-issued US municipals whose maturities are equal to or greater than five years.

    The Lipper Pennsylvania Municipal Debt Funds Index is an unmanaged index considered representative of funds that limit assets to those securities that are exempt from taxation in Pennsylvania.

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

    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.

2                      Invesco Pennsylvania Tax Free Income Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (5/1/87)	5.66	%
10 Years	3.38
5 Years	4.70
1 Year	-0.91
Class B Shares
Inception (5/3/93)	4.25	%
10 Years	3.60
5 Years	5.40
1 Year	-1.49
Class C Shares
Inception (8/13/93)	3.64	%
10 Years	3.06
5 Years	4.85
1 Year	1.76
Class Y Shares
10 Years	3.99	%
5 Years	5.91
1 Year	3.83

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (5/1/87)	5.66	%
10 Years	3.41
5 Years	4.55
1 Year	-1.19
Class B Shares
Inception (5/3/93)	4.24	%
10 Years	3.61
5 Years	5.21
1 Year	-1.78
Class C Shares
Inception (8/13/93)	3.64	%
10 Years	3.09
5 Years	4.67
1 Year	1.48
Class Y Shares
10 Years	4.01	%
5 Years	5.72
1 Year	3.46

Effective June 1, 2010, Class A, Class B and Class C shares of the predecessor fund, Van Kampen Pennsylvania Tax Free Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B and Class C shares, respectively, of Invesco Van Kampen Pennsylvania Tax Free Income Fund (renamed Invesco Pennsylvania Tax Free Income Fund). Returns shown above for Class A, Class B and Class C shares are blended returns of the predecessor fund and Invesco Pennsylvania Tax Free Income Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class Y shares incepted on June 1, 2010. Performance shown prior to that date is that of the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating

expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 1.04%, 1.04%, 1.79% and 0.79%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 4.25% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 4% at the time of purchase to 0% at the beginning of the seventh year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Pennsylvania Tax Free Income Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Pennsylvania Tax Free Income Fund

Schedule of Investments

February 29, 2016

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–103.25%
Pennsylvania–98.03%
Allegheny (County of) Higher Education Building Authority (Chatham University); Series 2012 A, University RB		5.00	%		09/01/2035	$	1,000	$	1,080,550
Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 1998, Ref. University RB (INS–AMBAC)(a)		5.50	%		03/01/2020		1,750		1,943,060
Series 2011 A, University RB		5.50	%		03/01/2031		550		629,965
Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB		6.00	%		10/15/2038		1,000		1,078,800
Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital); Series 2005 A, RB		5.00	%		04/01/2025		1,510		1,510,393
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB		5.63	%		08/15/2039		1,250		1,408,825
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB		5.10	%		09/01/2026		980		986,635
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.60	%		07/01/2023		1,125		1,132,132
Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB(b)		5.00	%		12/01/2045		2,120		2,399,522
Allegheny (County of); Series 2008 C 61, Unlimited Tax GO Bonds (INS–AGC)(a)		5.00	%		12/01/2033		500		547,585
Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.); Series 2008 A, Ref. PCR		2.15	%		03/01/2017		700		701,638
Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR(c)		2.70	%		04/02/2018		230		230,835
Beaver (County of);
Series 2009, Unlimited Tax GO Notes(c)(d)		5.55	%		11/15/2017		65		70,498
Series 2009, Unlimited Tax GO Notes (INS–AGM)(a)		5.55	%		11/15/2031		1,325		1,422,162
Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB(e)		6.13	%		11/01/2034		430		436,983
Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00	%		11/01/2040		1,000		1,102,990
Bethlehem (City of);
Series 2014, Gtd. Ref. Water RB		5.00	%		11/15/2030		425		489,439
Series 2014, Gtd. Ref. Water RB		5.00	%		11/15/2031		425		487,428
Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS–AGM)(a)		5.25	%		01/15/2026		1,000		1,137,390
Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB		5.75	%		01/01/2037		2,000		2,016,520
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB		5.38	%		12/01/2041		1,100		1,251,437
Centre (County of) Hospital Authority (Mt. Nittany Medical Center); Series 2011, RB		6.25	%		11/15/2041		500		585,395
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center); Series 2006, Ref. First Mortgage RB		5.75	%		12/01/2022		900		914,679
Chester (County of) Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB		5.00	%		10/01/2044		1,000		1,067,120
Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB		5.00	%		08/01/2045		750		787,298
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.00	%		01/01/2040		870		928,742
Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB		5.00	%		11/01/2039		750		800,685
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);
Series 2007, RB(c)(d)		5.00	%		01/01/2017		1,000		1,036,880
Series 2015, Ref. RB		5.00	%		01/01/2038		1,270		1,390,942
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		5.63	%		07/01/2028		1,000		1,064,420
Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB		6.00	%		06/01/2036		2,215		2,525,166
Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS–AGC)(a)		5.75	%		07/01/2023		220		220,664
Delaware (County of) Authority (Neumann College); Series 2008, College RB(c)(d)		6.25	%		10/01/2018		110		125,543
Delaware (County of) Authority (Villanova University); Series 2015, RB		5.00	%		08/01/2045		215		247,772
Delaware (County of) Industrial Development Authority (Covanta); Series 2015, Ref. RB		5.00	%		07/01/2043		425		430,508

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

5                         Invesco Pennsylvania Tax Free Income Fund

		Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Delaware River Port Authority (Port District);
Series 2012, Ref. RB			5.00	%		01/01/2025	$	540	$	616,702
Series 2012, Ref. RB			5.00	%		01/01/2027		535		604,930
Delaware River Port Authority; Series 2010 D, RB			5.00	%		01/01/2040		1,000		1,113,830
Delaware Valley Regional Financial Authority;
Series 2002, RB			5.75	%		07/01/2017		1,160		1,236,305
Series 2002, RB			5.75	%		07/01/2032		1,000		1,268,060
Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS–AGM)(a)			5.00	%		07/01/2024		1,000		1,167,020
East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB			5.00	%		07/01/2035		500		532,420
Series 2014, RB			5.00	%		07/01/2039		250		262,945
East Hempfield (Township of) Industrial Development Authority (Willow Valley Communities);	��
Series 2016, Ref. RB			5.00	%		12/01/2030		210		245,381
Series 2016, Ref. RB			5.00	%		12/01/2039		370		416,983
Emmaus (City of) General Authority (Pennsylvania Loan Program); Series 2000 A, VRD RB (LOC–U.S. Bank, N.A.)(f)(g)			0.02	%		03/01/2030		1,800		1,800,000
Erie (City of) Higher Education Building Authority (Mercyhurst College);
Series 2004 B, Ref. College RB			5.00	%		03/15/2023		800		801,760
Series 2008, College RB			5.50	%		03/15/2038		500		523,150
Fayette (County of) Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f)(g)			0.01	%		06/01/2037		2,000		2,000,000
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB			5.38	%		07/01/2042		1,000		1,099,110
Geisinger Authority (Geisinger Health System); Series 2011 A-1, Health System RB			5.13	%		06/01/2041		500		554,360
Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB			6.50	%		07/01/2040		350		360,441
Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB			5.00	%		07/01/2045		425		442,842
Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB			5.00	%		11/01/2035		210		240,280
Lehigh (County of) Authority; Series 2013 A, Water & Sewer RB			5.00	%		12/01/2038		930		1,059,186
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB			5.25	%		07/01/2042		825		861,283
Lehigh (County of) General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB			7.50	%		02/01/2044		676		671,869
Series 2014 B, Conv. CAB RB(h)			7.50	%		02/01/2044		172		45,300
Series 2014 C, RB(i)			0.00	%		02/01/2044		516		5
Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB			5.00	%		07/01/2030		750		839,835
Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB			5.75	%		07/01/2039		1,250		1,379,950
Monroe (County of) Hospital Authority (Pocono Medical Center); Series 2007, RB			5.13	%		01/01/2037		1,500		1,541,685
Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB			5.00	%		06/01/2031		1,400		1,571,710
Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB			5.00	%		10/01/2027		390		437,596
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2009 A-1, RB			6.25	%		11/15/2029		1,000		1,133,020
Series 2012, Ref. RB			5.00	%		11/15/2028		900		989,820
Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB			5.25	%		01/15/2045		850		935,034
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB			6.63	%		12/01/2030		1,500		1,742,760
Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB(c)(d)			7.00	%		02/01/2018		500		560,785
Northampton (County of) General Purpose Authority (Lehigh University); Series 2009, Higher Education RB			5.50	%		11/15/2033		1,000		1,121,700
Northampton (County of) General Purpose Authority (St. Luke’s Hospital);
Series 2008 A, Hospital RB			5.50	%		08/15/2035		1,000		1,087,660
Series 2010 C, Hospital RB(c)			4.50	%		08/15/2016		1,000		1,015,800

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

6                         Invesco Pennsylvania Tax Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB		5.00	%		07/01/2032	$	920	$	957,941
Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds(b)		5.00	%		06/15/2034		3,000		3,456,600
Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB		5.00	%		03/01/2034		500		552,270
Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB(e)		5.00	%		11/01/2041		1,200		1,298,064
Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB(e)(j)		5.50	%		11/01/2044		635		660,787
Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(e)		5.00	%		06/30/2042		1,585		1,737,731
Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB		6.25	%		01/01/2032		1,000		1,106,260
Pennsylvania (State of) Economic Development Financing Authority (Shippingport); Series 2006 A, Exempt Facilities RB(c)		2.55	%		12/03/2018		1,500		1,500,765
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.);
Series 2004 A, Solid Waste Disposal RB(c)		1.50	%		05/01/2018		1,500		1,510,800
Series 2005 A, Solid Waste Disposal RB(e)		5.10	%		10/01/2027		1,300		1,318,291
Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB		5.00	%		11/01/2042		535		555,202
Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);
Series 2008, RB		5.88	%		07/01/2038		750		783,795
Series 2010, RB		6.00	%		07/01/2043		500		539,520
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB		5.00	%		05/01/2042		1,180		1,248,912
Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services); Series 2012, RB		5.00	%		10/01/2035		1,300		1,383,915
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB		5.00	%		11/01/2034		500		547,615
Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB		5.00	%		04/01/2042		570		638,383
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB		5.25	%		09/01/2050		845		956,286
Pennsylvania (State of) Turnpike Commission;
Series 2008 B-1, Sub. RB		5.50	%		06/01/2033		1,000		1,085,860
Series 2009 C, Sub. Conv. CAB RB (INS–AGM)(a)(h)		6.25	%		06/01/2033		2,000		2,509,120
Series 2009 E, Sub. Conv. CAB RB(h)		6.38	%		12/01/2038		1,435		1,672,779
Series 2010 A 1, Motor License Fund Special RB		5.00	%		12/01/2038		500		557,160
Series 2010 A-2, Motor License Fund Special RB		5.50	%		12/01/2034		1,000		1,157,120
Series 2010 B 2, RB		5.00	%		12/01/2030		625		704,181
Series 2010 B 2, RB		5.13	%		12/01/2035		500		561,125
Pennsylvania State University; Series 2015 A, RB		5.00	%		09/01/2040		1,000		1,167,040
Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB(b)		5.00	%		07/01/2042		1,500		1,717,440
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB(c)(d)		5.00	%		05/15/2020		1,500		1,746,975
Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB		6.13	%		03/15/2043		585		635,948
Philadelphia (City of) Industrial Development Authority (Discovery Charter School); Series 2012, RB		6.25	%		04/01/2042		1,000		968,710
Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.00	%		06/15/2033		875		1,027,609
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB		5.50	%		09/15/2037		1,235		1,255,044
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB		6.00	%		08/01/2035		700		775,334
Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB		6.63	%		12/15/2041		750		841,995

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

7                         Invesco Pennsylvania Tax Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(j)		6.50	%		06/15/2033	$	945	$	1,008,627
Philadelphia (City of);
Ninth Series 2010, Gas Works RB		5.25	%		08/01/2040		1,000		1,122,450
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(a)		5.50	%		08/01/2024		1,000		1,146,230
Series 2010 C, Water & Wastewater RB (INS–AGM)(a)		5.00	%		08/01/2035		1,250		1,408,075
Series 2011, Unlimited Tax GO Bonds		6.00	%		08/01/2036		500		579,275
Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. City Agreement RB		5.00	%		12/01/2031		840		974,971
Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB		5.00	%		04/01/2045		530		600,686
Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS–BHAC)(a)		5.13	%		09/01/2023		1,500		1,650,735
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS–AGM)(a)		5.00	%		02/01/2031		1,000		1,135,880
Pittsburgh (City of) Water & Sewer Authority; Series 2013 A, Ref. First Lien RB		5.00	%		09/01/2031		500		579,130
Southcentral (Region of) General Authority (Wellspan Health Obligated Group); Series 2014, Ref. RB(b)		5.00	%		06/01/2044		3,180		3,582,429
State Public School Building Authority (Harrisburg School District);
Series 2009, RB(c)(d)		5.00	%		05/15/2019		165		186,996
Series 2009, RB (INS–AGC)(a)		5.00	%		11/15/2033		835		913,707
Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB(e)		5.00	%		01/01/2027		1,185		1,310,432
Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB		7.00	%		08/01/2041		1,000		1,188,570
Washington (County of) Industrial Development Authority (Washington Jefferson College); Series 2010, College RB		5.25	%		11/01/2030		500		568,595
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB		5.45	%		07/01/2035		1,355		1,373,536
Westmoreland (County of) Municipal Authority; Series 2013, RB		5.00	%		08/15/2031		750		868,050
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB		5.00	%		11/01/2040		850		955,289
									126,762,358
Guam–3.64%
Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB		5.75	%		12/01/2034		1,250		1,390,437
Guam (Territory of) Power Authority;
Series 2010 A, RB		5.50	%		10/01/2040		410		452,517
Series 2012 A, Ref. RB		5.00	%		10/01/2034		520		567,128
Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB		5.63	%		07/01/2040		1,000		1,105,580
Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2029		285		326,202
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		785		860,925
									4,702,789
Virgin Islands–1.58%
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. Marine RB(e)		5.00	%		09/01/2029		575		657,208
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		750		838,440
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/2029		500		544,350
									2,039,998
TOTAL INVESTMENTS(k)–103.25% (Cost $124,199,216)									133,505,145
FLOATING RATE NOTE OBLIGATIONS–(5.05)%
Notes with interest and fee rates ranging from 0.54% to 0.65% at 02/29/2016 and contractual maturities of collateral ranging from 06/15/2034 to 12/01/2045 (See Note 1J)(l)									(6,530,000	)
OTHER ASSETS LESS LIABILITIES–1.80%									2,330,583
NET ASSETS–100.00%								$	129,305,728

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

8                         Invesco Pennsylvania Tax Free Income Fund

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
Conv.	– Convertible
GO	– General Obligation
Gtd.	– Guaranteed
INS	– Insurer
LOC	– Letter of Credit
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(e)  Security subject to the alternative minimum tax.

^(f)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016.

^(g)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(h)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾  Zero coupon bond issued at a discount.

^(j)  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 February 29, 2016 was $1,669,414, which represented 1.29% of the Fund’s Net Assets.

^(k)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percentage
Assured Guaranty Municipal Corp.		6.6	%

^(l)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 29, 2016. At February 29, 2016, the Fund’s investments with a value of $11,155,991 are held by TOB Trusts and serve as collateral for the $6,530,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of February 29, 2016

Revenue Bonds	86.9	%
GO Bonds	7.5
Prerefunded Bonds	2.8
Others	2.8

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

9                         Invesco Pennsylvania Tax Free Income Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $124,199,216)	$	133,505,145
Receivable for:
Investments sold		554,142
Fund shares sold		1,072,473
Interest		1,524,290
Investment for trustee deferred compensation and retirement plans		30,745
Other assets		20,855
Total assets		136,707,650
Liabilities:
Floating rate note obligations		6,530,000
Payable for:
Fund shares reacquired		33,112
Amount due custodian		596,913
Dividends		135,581
Accrued fees to affiliates		43,446
Accrued trustees’ and officers’ fees and benefits		2,599
Accrued other operating expenses		26,292
Trustee deferred compensation and retirement plans		33,979
Total liabilities		7,401,922
Net assets applicable to shares outstanding	$	129,305,728
Net assets consist of:
Shares of beneficial interest	$	129,880,558
Undistributed net investment income		503,893
Undistributed net realized gain (loss)		(10,384,652	)
Net unrealized appreciation		9,305,929
	$	129,305,728

Net Assets:
Class A	$	114,388,905
Class B	$	1,198,000
Class C	$	9,944,485
Class Y	$	3,774,338
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		6,874,132
Class B		71,850
Class C		596,959
Class Y		226,606
Class A:
Net asset value per share	$	16.64
Maximum offering price per share
(Net asset value of $16.64 ¸ 95.75%)	$	17.38
Class B:
Net asset value and offering price per share	$	16.67
Class C:
Net asset value and offering price per share	$	16.66
Class Y:
Net asset value and offering price per share	$	16.66

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

10                         Invesco Pennsylvania Tax Free Income Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Interest	$	2,892,329
Expenses:
Advisory fees		315,405
Administrative services fees		24,863
Custodian fees		1,625
Distribution fees:
Class A		139,676
Class B		1,520
Class C		47,625
Interest, facilities and maintenance fees		25,975
Transfer agent fees		51,715
Trustees’ and officers’ fees and benefits		10,366
Professional services fees		35,590
Other		56,237
Total expenses		710,597
Net investment income		2,181,732
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(33,487	)
Change in net unrealized appreciation of investment securities		1,613,040
Net realized and unrealized gain		1,579,553
Net increase in net assets resulting from operations	$	3,761,285

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

11                         Invesco Pennsylvania Tax Free Income Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	2,181,732		$	4,525,939
Net realized gain (loss)		(33,487	)		(792,529	)
Change in net unrealized appreciation		1,613,040			140,483
Net increase in net assets resulting from operations		3,761,285			3,873,893
Distributions to shareholders from net investment income:
Class A		(2,016,679	)		(3,880,981	)
Class B		(22,003	)		(49,222	)
Class C		(136,819	)		(264,372	)
Class Y		(67,792	)		(115,097	)
Total distributions from net investment income		(2,243,293	)		(4,309,672	)
Share transactions–net:
Class A		630,643			(1,083,200	)
Class B		(64,016	)		(293,384	)
Class C		343,835			(281,205	)
Class Y		409,341			627,640
Net increase (decrease) in net assets resulting from share transactions		1,319,803			(1,030,149	)
Net increase (decrease) in net assets		2,837,795			(1,465,928	)
Net assets:
Beginning of period		126,467,933			127,933,861
End of period (includes undistributed net investment income of $503,893 and $565,454, respectively)	$	129,305,728		$	126,467,933

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Pennsylvania Tax Free Income Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to provide only Pennsylvania investors with a high level of current income exempt from federal and Pennsylvania state income taxes and, where possible under local law, local income and personal property taxes, through investment in a varied portfolio of medium- and lower-grade municipal securities.

The Fund currently consists of four different classes of shares: Class A, Class B, Class C and Class Y. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to conversion date will be subject to a CDSC.

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.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

12                         Invesco Pennsylvania Tax Free Income Fund

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. 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 — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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 and tax-exempt 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.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. 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.

13                         Invesco Pennsylvania Tax Free Income Fund

I. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

J. Floating Rate Note Obligations — The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

14                         Invesco Pennsylvania Tax Free Income Fund

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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		0.50%
Over $500 million		0.40%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.50%.

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, may 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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C and Class Y shares to 1.50%, 2.25%, 2.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $6,520 in front-end sales commissions from the sale of Class A shares and $3,677, $0 and $258 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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.

15                         Invesco Pennsylvania Tax Free Income Fund

Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 29, 2016, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 29, 2016, the Fund engaged in securities purchases of $3,800,016, which did not result in any realized gain (loss).

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company (“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.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended February 29, 2016 were $6,530,000 and 0.80%, respectively.

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	5,564,499	$	—	$	5,564,499
August 31, 2018		1,085,533		—		1,085,533
Not subject to expiration		426,981		3,200,175		3,627,156
	$	7,077,013	$	3,200,175	$	10,277,188

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

16                         Invesco Pennsylvania Tax Free Income Fund

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $4,921,581 and $8,715,075, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	10,861,975
Aggregate unrealized (depreciation) of investment securities		(1,383,176	)
Net unrealized appreciation of investment securities	$	9,478,799

Cost of investments for tax purposes is $124,026,346.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 29, 2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		284,323		$	4,711,957			464,914		$	7,705,345
Class B		—			—			529			8,818
Class C		36,355			604,837			56,650			939,389
Class Y		24,412			405,050			48,185			801,208
Issued as reinvestment of dividends:
Class A		80,020			1,326,322			150,694			2,495,101
Class B		482			8,030			1,125			18,669
Class C		4,961			82,340			9,544			158,254
Class Y		1,952			32,412			3,529			58,463
Automatic conversion of Class B shares to Class A shares:
Class A		1,380			22,740			10,583			175,149
Class B		(1,377	)		(22,740	)		(10,560	)		(175,149	)
Reacquired:
Class A		(328,382	)		(5,430,376	)		(691,815	)		(11,458,795	)
Class B		(2,968	)		(49,306	)		(8,776	)		(145,722	)
Class C		(20,747	)		(343,342	)		(82,985	)		(1,378,848	)
Class Y		(1,695	)		(28,121	)		(14,088	)		(232,031	)
Net increase (decrease) in share activity		78,716		$	1,319,803			(62,471	)	$	(1,030,149	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17                         Invesco Pennsylvania Tax Free Income Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Supplemental Ratio: Ratio of expenses to average net assets (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/29/16	$	16.44	$	0.29	$	0.21		$	0.50		$	(0.30	)	$	16.64		3.04	%	$	114,389		1.08	%(d)		1.04	%(d)		3.51	%(d)		4	%
Year ended 08/31/15		16.50		0.59		(0.09	)		0.50			(0.56	)		16.44		3.09			112,409		1.12			1.09			3.59			13
Year ended 08/31/14		15.39		0.62		1.09			1.71			(0.60	)		16.50		11.33			113,872		1.09			1.07			3.93			10
Year ended 08/31/13		17.05		0.63		(1.65	)		(1.02	)		(0.64	)		15.39		(6.24	)		118,936		1.03			1.01			3.72			17
Year ended 08/31/12		15.85		0.68		1.19			1.87			(0.67	)		17.05		12.04			137,146		1.03			1.01			4.13			11
Year ended 08/31/11		16.29		0.70		(0.47	)		0.23			(0.67	)		15.85		1.58			130,344		1.02			1.00			4.47			13
Class B
Six months ended 02/29/16		16.48		0.29		0.20			0.49			(0.30	)		16.67		2.99	(e)		1,198		1.08	(d)(e)		1.04	(d)(e)		3.51	(d)(e)		4
Year ended 08/31/15		16.53		0.60		(0.09	)		0.51			(0.56	)		16.48		3.15	(e)		1,247		1.12	(e)		1.09	(e)		3.59	(e)		13
Year ended 08/31/14		15.42		0.63		1.08			1.71			(0.60	)		16.53		11.32	(e)		1,544		1.09	(e)		1.07	(e)		3.93	(e)		10
Year ended 08/31/13		17.09		0.63		(1.66	)		(1.03	)		(0.64	)		15.42		(6.28	)(e)		1,717		1.03	(e)		1.01	(e)		3.72	(e)		17
Year ended 08/31/12		15.86		0.71		1.19			1.90			(0.67	)		17.09		12.22			2,430		0.86			0.84			4.30			11
Year ended 08/31/11		16.23		0.70		(0.45	)		0.25			(0.62	)		15.86		1.68	(e)		3,062		1.02	(e)		1.00	(e)		4.47	(e)		13
Class C
Six months ended 02/29/16		16.46		0.23		0.21			0.44			(0.24	)		16.66		2.67			9,944		1.83	(d)		1.79	(d)		2.76	(d)		4
Year ended 08/31/15		16.53		0.47		(0.09	)		0.38			(0.45	)		16.46		2.33			9,488		1.87			1.84			2.84			13
Year ended 08/31/14		15.41		0.51		1.09			1.60			(0.48	)		16.53		10.56	(f)		9,804		1.81	(f)		1.79	(f)		3.21	(f)		10
Year ended 08/31/13		17.08		0.50		(1.66	)		(1.16	)		(0.51	)		15.41		(7.00	)		10,838		1.78			1.76			2.97			17
Year ended 08/31/12		15.88		0.56		1.19			1.75			(0.55	)		17.08		11.19			11,020		1.78			1.76			3.38			11
Year ended 08/31/11		16.31		0.58		(0.45	)		0.13			(0.56	)		15.88		0.89			9,670		1.77			1.75			3.72			13
Class Y
Six months ended 02/29/16		16.46		0.31		0.21			0.52			(0.32	)		16.66		3.18			3,774		0.83	(d)		0.79	(d)		3.76	(d)		4
Year ended 08/31/15		16.51		0.64		(0.08	)		0.56			(0.61	)		16.46		3.41			3,323		0.87			0.84			3.84			13
Year ended 08/31/14		15.40		0.66		1.09			1.75			(0.64	)		16.51		11.60			2,713		0.84			0.82			4.18			10
Year ended 08/31/13		17.06		0.67		(1.65	)		(0.98	)		(0.68	)		15.40		(6.00	)		2,562		0.78			0.76			3.97			17
Year ended 08/31/12		15.86		0.73		1.18			1.91			(0.71	)		17.06		12.31			1,298		0.78			0.76			4.38			11
Year ended 08/31/11		16.30		0.74		(0.47	)		0.27			(0.71	)		15.86		1.84			179		0.77			0.75			4.72			13

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $112,534, $1,223, $9,577 and $3,521 for Class A, Class B, Class C and Class Y shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25% and 0.25% for the six months ended February 29, 2016 and the years ended August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2011, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.97% for the year ended August 31, 2014.

18                         Invesco Pennsylvania Tax Free Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	1,030.40	$	5.45	$	1,019.49	$	5.42		1.08	%
B		1,000.00		1,029.90		5.45		1,019.49		5.42		1.08
C		1,000.00		1,026.70		9.22		1,015.76		9.17		1.83
Y		1,000.00		1,031.80		4.19		1,020.74		4.17		0.83

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

19                         Invesco Pennsylvania Tax Free Income Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     VK-PTFI-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Short Duration High Yield Municipal Fund
	Nasdaq:
	A: ISHAX  ¡  C: ISHCX  ¡  Y: ISHYX  ¡   R5: ISHFX

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
14	Financial Highlights
15	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 9/30/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	3.05	%
Class C Shares	2.66
Class Y Shares	3.11
Class R5 Shares	3.11
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	2.80
Custom Invesco Short Duration High Yield Municipal Index¡ (Style-Specific Index)	2.22
Lipper High Yield Municipal Debt Funds Index¿ (Peer Group Index)	3.44

Source(s): ^▼FactSet Research Systems Inc.; ¡Invesco, FactSet Research Systems Inc.; ^¿Lipper Inc.

The S&P Municipal Bond High Yield Index consists of bonds in the S&P Municipal Bond Index that are not rated or are rated below investment grade.

    The Custom Invesco Short Duration High Yield Municipal Index consists of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index.

    The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield municipal debt funds tracked by Lipper.

    The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.

    The S&P Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of four years.

    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.

Cumulative Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (9/30/15)	-1.30	%
Class C Shares
Inception (9/30/15)	-1.67	%
Class Y Shares
Inception (9/30/15)	-1.24	%
Class R5 Shares
Inception (9/30/15)	-1.24	%

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Cumulative Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (9/30/15)	-2.32	%
Class C Shares
Inception (9/30/15)	-2.47	%
Class Y Shares
Inception (9/30/15)	-2.20	%
Class R5 Shares
Inception (9/30/15)	-2.20	%

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y and Class R5 shares was 0.80%, 1.55%, 0.55% and 0.55%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class Y and Class R5 shares was 1.77%, 2.52%, 1.52% and 1.52%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R5 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least December 31, 2016. See current prospectus for more information.

2                      Invesco Short Duration High Yield Municipal Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

3                      Invesco Short Duration High Yield Municipal Fund

Schedule of Investments

February 29, 2016

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–99.88%
Alabama–1.80%
Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.25	%		06/01/2025	$	500	$	508,760
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB		5.50	%		01/01/2028		100		100,685
									609,445
Arizona–1.50%
Pima (County of) Industrial Development Authority (Americal Leadership); Series 2015, Ref. Education Facility RB(a)		4.60	%		06/15/2025		500		506,995
California–6.33%
California (State of) Pollution Control Financing Authority (Aemerge Redpack Services LLC); Series 2016, Solid Waste Disposal RB(a)(b)		7.00	%		12/01/2027		500		500,835
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, School Facilities RB (Acquired 11/03/2015; Cost $545,000)(a)		5.00	%		06/01/2022		545		552,592
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2038		90		88,654
Golden State Tobacco Securitization Corp.; Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/2027		655		657,423
Inland Empire Tobacco Securitization Authority; Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		345		346,349
									2,145,853
Colorado–1.99%
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB		5.00	%		12/01/2025		150		151,720
Copperleaf Metropolitan District No. 2; Series 2015, Ref. Unlimited Tax GO Bonds		5.25	%		12/01/2030		500		524,180
									675,900
Florida–4.79%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.63	%		11/15/2022		150		154,434
Cape Coral (City of) Health Facilities Authority (Gulf Care Inc.); Series 2015, Ref. Senior Housing RB(a)		3.75	%		07/01/2019		495		499,861
Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB		4.75	%		10/01/2022		315		341,454
Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014, RB		6.00	%		06/01/2021		600		627,378
									1,623,127
Illinois–9.72%
Chicago (City of);
Series 2008 C, Ref. Second Lien Wastewater Transmission RB		5.00	%		01/01/2020		200		222,608
Series 2009 D, Unlimited Tax GO Bonds		5.00	%		01/01/2020		100		103,687
Series 2010 A, Ref. Unlimited Tax GO Bonds		4.00	%		01/01/2022		110		109,260
Series 2010 A, Ref. Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		01/01/2029		500		529,835
Series 2014 A, Ref. Unlimited Tax GO Bonds		5.25	%		01/01/2028		100		102,053
Illinois (State of) Finance Authority (Greenfields of Geneva); Series 2010 C-1, TEMPS-75SM RB		7.00	%		02/15/2017		100		94,175
Illinois (State of) Finance Authority (Intrinsic Schools — Belmont School); Series 2015, Charter School RB(a)		5.25	%		12/01/2025		400		405,784
Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB		5.00	%		05/15/2022		480		511,027
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB		2.75	%		05/15/2019		395		397,654
Series 2015, Ref. RB		5.00	%		05/15/2025		250		271,498
Manhattan (Village of) Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. Sr. Lien Special Tax RB		4.25	%		03/01/2024		538		548,098
									3,295,679

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

4                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Iowa–3.38%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster Area RB		5.00	%		12/01/2019	$	1,100	$	1,146,321
Kansas–0.77%
Olathe (City of) (West Village Center); Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/2017		265		260,360
Kentucky–1.83%
Kentucky (State of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. Health Care Facilities RB		5.00	%		11/15/2025		600		621,438
Massachusetts–1.72%
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB		5.00	%		01/01/2024		250		250,357
Massachusetts (State of) Port Authority (Delta Airlines Inc.);
Series 2001 A, Facilities RB (INS–AMBAC)(b)(c)		5.50	%		01/01/2019		135		135,354
Series 2001 A, Facilities RB (INS–AMBAC)(b)(c)		5.20	%		01/01/2020		195		195,511
									581,222
Minnesota–3.09%
Brooklyn Park (City of) (Athlos Leadership Academy); Series 2015, Charter School Lease RB		4.00	%		07/01/2020		225		227,763
Rochester (City of) (Homestead at Rochester, Inc.); Series 2015, Health Care & Housing RB		5.00	%		12/01/2021		470		514,387
St. Paul (City of) Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, Charter School Lease RB		5.13	%		10/01/2023		300		305,598
									1,047,748
Missouri–1.08%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB		5.00	%		04/01/2016		500		366,250
Multiple States–11.05%
Non-Profit Preferred Funding Trust I;
Series 2006 A-2A, RB(a)		4.38	%		09/15/2037		3,300		733,263
Series 2007 A-2T, RB (Acquired 02/08/2016; Cost $3,015,064)(a)		4.37	%		09/15/2037		13,470		3,013,564
									3,746,827
New Jersey–12.87%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB(b)		5.25	%		09/15/2029		800		878,576
Series 2012, Special Facility RB(b)		5.75	%		09/15/2027		200		221,648
New Jersey (State of) Economic Development Authority;
Series 2012, Ref. RB		5.00	%		06/15/2019		400		434,100
Series 2012, Ref. RB		5.00	%		06/15/2025		600		651,288
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 A, Transportation System RB		5.50	%		12/15/2023		595		684,577
Series 2010 D, Transportation System RB		5.25	%		12/15/2023		750		850,118
Tobacco Settlement Financing Corp.;
Series 2007 1-A, Asset-Backed RB		4.50	%		06/01/2023		40		40,579
Series 2007 1A, Asset-Backed RB		4.63	%		06/01/2026		600		600,258
									4,361,144
New York–4.51%
Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Waste Disposal RB(a)(b)		3.75	%		01/01/2020		545		567,786
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2014 B, Continuing Care Retirement Community RB		5.50	%		07/01/2020		960		962,122
									1,529,908

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

5                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Ohio–5.77%
Buckeye Tobacco Settlement Financing Authority; Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.13	%		06/01/2024	$	800	$	738,040
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB		5.00	%		02/15/2021		365		401,770
Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB(b)		5.00	%		12/31/2025		340		402,601
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2008, Ref. PCR(b)(d)		3.95	%		05/01/2020		400		414,596
									1,957,007
Oklahoma–4.40%
Comanche (County of) Hospital Authority; Series 2015, Ref. RB		5.00	%		07/01/2023		1,000		1,105,150
Tulsa (City of) Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(d)		5.00	%		06/01/2025		340		387,505
									1,492,655
Pennsylvania–0.89%
Pennsylvania (State of) Economic Development Financing Authority (Shippingport); Series 2006 A, Exempt Facilities RB(d)		2.55	%		12/03/2018		300		300,153
Rhode Island–1.72%
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00	%		06/01/2026		500		582,695
Tennessee–0.43%
Tennessee Energy Acquisition Corp.; Series 2006 C, Gas RB		5.00	%		02/01/2027		125		147,227
Texas–13.95%
Guadalupe (County of) & Seguin (City of) Hospital Board of Managers;
Series 2015, Ref. Hospital Mortgage RB		5.00	%		12/01/2021		450		501,764
Series 2015, Ref. Hospital Mortgage RB		5.00	%		12/01/2023		280		314,728
Houston (City of) (United Airlines, Inc. Terminal E); Series 2014, Ref. Airport System RB(b)		4.75	%		07/01/2024		200		223,922
New Hope Cultural Education Facilities Corp. (Wesleyan Homes Inc.); Series 2014, Retirement Facilities RB		4.00	%		01/01/2018		435		443,574
Port Beaumont Navigation District (Jefferson Energy Companies); Series 2016, Dock and Wharf Facility RB(a)(b)(d)		7.25	%		02/13/2020		1,500		1,499,235
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, Retirement Facility RB		6.75	%		11/15/2024		200		232,586
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB		6.25	%		12/15/2026		1,000		1,220,180
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, Gas Supply RB		5.00	%		12/15/2021		250		290,850
									4,726,839
West Virginia–5.96%
Harrison (County of) Commission (Charles Pointe No. 2); Series 2008 A, Ref. Tax Increment Allocation RB		6.50	%		06/01/2023		1,025		1,021,904
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); Series 2016, Solid Waste Disposal Facilities RB(a)(b)		6.75	%		02/01/2026		1,000		997,840
									2,019,744
Wisconsin–0.33%
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB		7.00	%		06/01/2020		100		113,002
TOTAL INVESTMENTS(e)–99.88% (Cost $33,586,214)									33,857,539
OTHER ASSETS LESS LIABILITIES–0.12%									39,614
NET ASSETS–100.00%								$	33,897,153

Investment Abbreviations:

AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer

PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
TEMPS	– Tax-Exempt Mandatory Paydown Securities

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

6                         Invesco Short Duration High Yield Municipal Fund

Notes to Schedule of Investments:

^(a)  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 February 29, 2016 was $9,277,755, which represented 27.37% of the Fund’s Net Assets.

^(b)  Security subject to the alternative minimum tax.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

The Fund is limited to investing 15% of net assets in illiquid securities at the time of purchase. The aggregate value of securities considered illiquid at February 29, 2016 was $3,920,691, which represented 11.57% of the Fund’s Net Assets.

Portfolio Composition

By credit sector, based on Total Investments

as of February 29, 2016

Revenue Bonds	96.0	%
General Obligation Bonds	4.0

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

7                         Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $33,586,214)	$	33,857,539
Cash		2,348,161
Receivable for:
Investments sold		142,140
Fund shares sold		876,889
Interest		453,450
Other assets		47,580
Total assets		37,725,759
Liabilities:
Payable for:
Investments purchased		3,302,950
Fund shares reacquired		409,261
Dividends		51,149
Accrued fees to affiliates		25,227
Accrued trustees’ and officers’ fees and benefits		2,427
Accrued other operating expenses		37,592
Total liabilities		3,828,606
Net assets applicable to shares outstanding	$	33,897,153
Net assets consist of:
Shares of beneficial interest	$	33,526,724
Undistributed net investment income		95,956
Undistributed net realized gain		3,148
Net unrealized appreciation		271,325
	$	33,897,153

Net Assets:
Class A	$	18,169,578
Class C	$	5,048,623
Class Y	$	10,067,097
Class R5	$	611,855
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		1,777,935
Class C		494,792
Class Y		984,631
Class R5		59,853
Class A:
Net asset value per share	$	10.22
Maximum offering price per share
(Net asset value of $10.22 ¸ 97.50%)	$	10.48
Class C:
Net asset value and offering price per share	$	10.20
Class Y:
Net asset value and offering price per share	$	10.22
Class R5:
Net asset value and offering price per share	$	10.22

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

8                         Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the period September 30, 2015 (commencement date) through February 29, 2016

(Unaudited)

Investment income:
Interest	$	369,182
Expenses:
Advisory fees		44,479
Administrative services fees		20,902
Custodian fees		2,055
Distribution fees:
Class A		11,813
Class C		7,160
Transfer agent fees — A, C and Y		3,925
Transfer agent fees — R5		78
Trustees’ and officers’ fees and benefits		6,333
Registration and filing fees		27,662
Professional services fees		45,257
Other		14,078
Total expenses		183,742
Less: Fees waived and expenses reimbursed		(116,556	)
Net expenses		67,186
Net investment income		301,996
Realized and unrealized gain from:
Net realized gain from investment securities		3,148
Change in net unrealized appreciation of investment securities		271,325
Net realized and unrealized gain		274,473
Net increase in net assets resulting from operations	$	576,469

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

9                         Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the period September 30, 2015 (commencement date) through February 29, 2016

(Unaudited)

	September 30, 2015 (commencement date) through February 29, 2016
Operations:
Net investment income	$	301,996
Net realized gain		3,148
Change in net unrealized appreciation		271,325
Net increase in net assets resulting from operations		576,469
Distributions to shareholders from net investment income:
Class A		(111,740	)
Class C		(17,280	)
Class Y		(74,567	)
Class R5		(2,453	)
Total distributions from net investment income		(206,040	)
Share transactions–net:
Class A		17,975,672
Class C		5,036,014
Class Y		9,903,023
Class R5		612,015
Net increase in net assets resulting from share transactions		33,526,724
Net increase in net assets		33,897,153
Net assets:
Beginning of period		—
End of period (includes undistributed net investment income of $95,956)	$	33,897,153

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Short Duration High Yield Municipal Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund commenced operations on September 30, 2015.

The Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R5. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R5 shares are sold at net asset value.

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.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on

10                         Invesco Short Duration High Yield Municipal Fund

transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. 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 — Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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 and tax-exempt 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.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

11                         Invesco Short Duration High Yield Municipal Fund

I. Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

The Fund may hold illiquid securities that is unable to sell at the preferred time or price and could lose its entire investment in such securities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $300 million		0.50%
Next $300 million		0.46%
Over $600 million		0.42%

For the period September 30, 2015 (commencement date) through February 29, 2016, the effective advisory fees incurred by the Fund was 0.50%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 December 31, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R5 shares to 0.79%, 1.54%, 0.54% and 0.54%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without the approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed these expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

For the period September 30, 2015 (commencement date) through February 29, 2016, the Adviser waived advisory fees and reimbursed fund level expenses of $112,553 and reimbursed class level expenses of $2,103, $319, $1,503 and $78 of Class A, Class C, Class Y and Class R5 shares, respectively.

The Trust 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 period September 30, 2015 (commencement date) through February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the period September 30, 2015 (commencement date) through February 29, 2016, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R5 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the period September 30, 2015 (commencement date) through February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the period September 30, 2015 (commencement date) through February 29, 2016, IDI advised the Fund that IDI did not retain any front-end sales commissions from the sale of Class A shares or any CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

12                         Invesco Short Duration High Yield Municipal Fund

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 29, 2016, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the period September 30, 2015 (commencement date) through February 29, 2016, the Fund engaged in securities purchases of $12,586,146 and securities sales of $10,000,099, which did not result in any realized gain (loss).

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the period September 30, 2015 (commencement date) through February 29, 2016 was $51,748,335 and $18,539,467, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	402,740
Aggregate unrealized (depreciation) of investment securities		(131,415	)
Net unrealized appreciation of investment securities	$	271,325

Cost of investments is the same for tax and financial reporting purposes.

13                         Invesco Short Duration High Yield Municipal Fund

NOTE 9—Share Information

	Summary of Share Activity
	September 30, 2015 (commencement  date) through February 29, 2016(a)
	Shares			Amount
Sold:
Class A		1,861,603		$	18,828,140
Class C		515,261			5,245,376
Class Y		984,436			9,901,040
Class R5		60,085			614,398
Issued as reinvestment of dividends:
Class A		4,399			44,931
Class C		1,591			16,225
Class Y		584			5,966
Class R5		231			2,362
Reacquired:
Class A		(88,067	)		(897,399	)
Class C		(22,060	)		(225,587	)
Class Y		(389	)		(3,983	)
Class R5		(463	)		(4,745	)
Net increase in share activity		3,317,211		$	33,526,724

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 42% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

    In addition, 45% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are mutual funds that are advised by Invesco.

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Period ended 02/29/16(d)	$	10.00	$	0.14	$	0.16	$	0.30	$	(0.08	)	$	10.22		3.05	%	$	18,170		0.79	%(e)		2.10	%(e)		3.36	%(e)		88	%
Class C
Period ended 02/29/16(d)		10.00		0.11		0.16		0.27		(0.07	)		10.20		2.66			5,049		1.54	(e)		2.85	(e)		2.61	(e)		88
Class Y
Period ended 02/29/16(d)		10.00		0.15		0.16		0.31		(0.09	)		10.22		3.11			10,067		0.54	(e)		1.85	(e)		3.61	(e)		88
Class R5
Period ended 02/29/16(d)		10.00		0.15		0.16		0.31		(0.09	)		10.22		3.11			612		0.54	(e)		1.91	(e)		3.61	(e)		88

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Commencement date of September 30, 2015.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $11,303, $1,713, $8,076 and $188 for Class A, Class C, Class Y and Class R5 shares, respectively.

14                         Invesco Short Duration High Yield Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested as of close of business on September 30, 2015 (commencement date) and held through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period, as of close of business September 30, 2015 (commencement date) through February 29, 2016).

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period3
A	$	1,000.00	$	1,030.50	$	3.35	$	1,017.60	$	3.33		0.79	%
C		1,000.00		1,026.60		6.52		1,014.46		6.48		1.54
Y		1,000.00		1,031.10		2.29		1,018.64		2.28		0.54
R5		1,000.00		1,031.10		2.29		1,018.64		2.28		0.54

¹  The actual ending account value is based on the actual total return of the Fund for the period September 30, 2015 (commencement date) through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 153 (as of close of business September 30, 2015 (commencement date) through February 29, 2016 )/366. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

15                         Invesco Short Duration High Yield Municipal Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     SDHYM-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Small Cap Discovery Fund
	Nasdaq:
	A:VASCX  ¡  B: VBSCX  ¡  C: VCSCX  ¡  Y: VISCX  ¡  R5: VESCX  ¡  R6: VFSCX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
16	Financial Highlights
17	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-13.90	%
Class B Shares	-13.87
Class C Shares	-14.25
Class Y Shares	-13.82
Class R5 Shares	-13.74
Class R6 Shares	-13.73
S&P 500 Index▼ (Broad Market Index)	-0.92
Russell 2000 Growth Index▼ (Style-Specific Index)	-13.47
Lipper Small-Cap Growth Funds Index¡ (Peer Group Index)	-11.75

Source(s): ^▼FactSet Research Systems Inc.; ¡Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.

    The Russell 2000^® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.

    The Lipper Small-Cap Growth Funds Index is an unmanaged index considered representative of small-cap growth funds tracked by Lipper.

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

    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.

2                      Invesco Small Cap Discovery Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (11/27/00)	2.95	%
10 Years	4.44
5 Years	4.11
1 Year	-22.46
Class B Shares
Inception (11/27/00)	2.94	%
10 Years	4.79
5 Years	5.11
1 Year	-21.40
Class C Shares
Inception (11/27/00)	2.57	%
10 Years	4.26
5 Years	4.54
1 Year	-19.27
Class Y Shares
Inception (2/2/06)	5.36	%
10 Years	5.31
5 Years	5.57
1 Year	-17.71
Class R5 Shares
10 Years	5.19	%
5 Years	5.60
1 Year	-17.54
Class R6 Shares
10 Years	5.19	%
5 Years	5.61
1 Year	-17.66

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (11/27/00)	3.84	%
10 Years	6.72
5 Years	8.42
1 Year	-6.17
Class B Shares
Inception (11/27/00)	3.83	%
10 Years	7.06
5 Years	9.48
1 Year	-4.83
Class C Shares
Inception (11/27/00)	3.46	%
10 Years	6.54
5 Years	8.87
1 Year	-2.32
Class Y Shares
Inception (2/2/06)	6.79	%
5 Years	9.94
1 Year	-0.47
Class R5 Shares
10 Years	7.47	%
5 Years	9.95
1 Year	-0.29
Class R6 Shares
10 Years	7.48	%
5 Years	9.96
1 Year	-0.38

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Van Kampen Small Cap Growth Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco Van Kampen Small Cap Growth Fund (renamed Invesco Small Cap Discovery Fund). Returns shown above for Class A, Class B, Class C and Class Y shares are blended returns of the predecessor fund and Invesco Small Cap Discovery Fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares.

    Class R6 shares incepted on September 24, 2012. Performance

shown prior to that date is that of the Fund’s and the predecessor fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date

of this report for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares was 1.33%, 1.33%, 2.08%, 1.08%, 0.95% and 0.86%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. For shares purchased prior to June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the sixth year. For shares purchased on or after June 1, 2010, the CDSC on Class B shares declines from 5% at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

3                      Invesco Small Cap Discovery Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Small Cap Discovery Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.72%
Airlines–1.02%
Spirit Airlines Inc.(b)		130,152	$	6,214,758
Apparel Retail–2.02%
Burlington Stores, Inc.(b)		220,114		12,339,591
Apparel, Accessories & Luxury Goods–1.07%
G-III Apparel Group, Ltd.(b)		123,693		6,524,806
Application Software–8.93%
Cadence Design Systems, Inc.(b)		441,128		9,506,308
Guidewire Software Inc.(b)		207,628		10,221,527
Manhattan Associates, Inc.(b)		79,312		4,382,781
Paycom Software, Inc.(b)		178,238		5,682,228
Qlik Technologies Inc.(b)		220,249		5,114,182
SS&C Technologies Holdings, Inc.		101,291		5,904,252
Tyler Technologies, Inc.(b)		38,723		4,659,151
Ultimate Software Group, Inc.(The)(b)		52,391		8,998,678
				54,469,107
Asset Management & Custody Banks–0.27%
WisdomTree Investments, Inc.(c)		136,532		1,617,904
Auto Parts & Equipment–0.53%
Gentherm Inc.(b)		78,111		3,257,229
Biotechnology–3.45%
Chiasma, Inc.(b)(c)		114,702		1,132,109
Eagle Pharmaceuticals, Inc.(b)(c)		53,772		3,408,607
Esperion Therapeutics, Inc.(b)		159,811		2,379,586
Medivation Inc.(b)		130,954		4,684,224
Neurocrine Biosciences, Inc.(b)		181,937		6,691,643
Retrophin, Inc.(b)		191,746		2,728,546
				21,024,715
Building Products–6.11%
A.O. Smith Corp.		90,210		6,348,980
Allegion PLC		51,576		3,249,288
American Woodmark Corp.(b)		70,304		4,801,060
Lennox International Inc.		36,614		4,730,895
Masonite International Corp.(b)		115,223		6,626,475
Owens Corning		132,195		5,673,809
Trex Co., Inc.(b)(c)		135,544		5,837,880
				37,268,387
Commodity Chemicals–0.54%
Methanex Corp.(Canada)		104,452		3,307,995
Communications Equipment–2.37%
ARRIS International PLC(b)		327,472		7,823,306
Infinera Corp.(b)		423,338		6,642,173
				14,465,479

	Shares		Value
Construction & Engineering–0.82%
Dycom Industries, Inc.(b)		87,652	$	4,993,534
Consumer Electronics–0.65%
Harman International Industries, Inc.		51,932		3,982,146
Data Processing & Outsourced Services–1.29%
Euronet Worldwide, Inc.(b)		120,454		7,894,555
Distributors–2.31%
Core-Mark Holding Co., Inc.		90,293		6,648,274
Pool Corp.		92,526		7,427,062
				14,075,336
Diversified Support Services–0.91%
Mobile Mini, Inc.		193,324		5,556,132
Education Services–0.47%
Bright Horizons Family Solutions Inc.(b)		45,498		2,883,208
Electronic Equipment & Instruments–0.62%
Cognex Corp.		101,575		3,759,291
Footwear–1.18%
Skechers U.S.A., Inc.–Class A(b)		217,619		7,164,017
Health Care Equipment–3.90%
DexCom Inc.(b)		119,761		7,791,650
Globus Medical, Inc.–Class A(b)		334,983		8,140,087
Wright Medical Group N.V.(b)		458,041		7,827,921
				23,759,658
Health Care Facilities–2.90%
Acadia Healthcare Co., Inc.(b)		135,319		7,498,026
VCA Inc.(b)		199,620		10,186,608
				17,684,634
Health Care Services–1.99%
Premier Inc.–Class A(b)		86,818		2,823,321
Team Health Holdings, Inc.(b)		208,810		9,306,662
				12,129,983
Health Care Supplies–1.54%
Align Technology, Inc.(b)		100,567		6,640,439
Penumbra, Inc.(b)(c)		58,497		2,727,130
				9,367,569
Homebuilding–0.87%
TopBuild Corp.(b)		197,352		5,324,557
Household Appliances–1.33%
Helen of Troy Ltd.(b)		85,318		8,135,924
Housewares & Specialties–0.53%
Jarden Corp.(b)		60,685		3,209,023

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

5                         Invesco Small Cap Discovery Fund

	Shares		Value
Human Resource & Employment Services–0.97%
TrueBlue, Inc.(b)		257,281	$	5,904,599
Industrial Conglomerates–1.58%
Carlisle Cos. Inc.		106,875		9,635,850
Industrial Machinery–0.90%
Woodward Inc.		117,366		5,510,334
Internet Software & Services–1.47%
CoStar Group Inc.(b)		45,369		8,033,035
Marketo, Inc.(b)		53,500		902,545
				8,935,580
Investment Banking & Brokerage–2.05%
E*TRADE Financial Corp.(b)		401,181		9,411,706
Evercore Partners Inc.–Class A		66,116		3,085,634
				12,497,340
IT Consulting & Other Services–2.81%
EPAM Systems, Inc.(b)		118,565		8,107,475
InterXion Holding N.V.(Netherlands)(b)		289,627		9,042,155
				17,149,630
Leisure Facilities–1.41%
Vail Resorts, Inc.		67,712		8,627,186
Leisure Products–1.43%
Brunswick Corp.		205,187		8,728,655
Life Sciences Tools & Services–4.81%
Bio-Techne Corp.		81,155		6,966,345
Bruker Corp.(b)		325,194		8,448,540
PAREXEL International Corp.(b)		120,148		7,051,486
VWR Corp.(b)		280,547		6,845,347
				29,311,718
Marine–0.53%
Kirby Corp.(b)		57,200		3,238,092
Metal & Glass Containers–1.05%
Berry Plastics Group Inc.(b)		204,964		6,380,529
Movies & Entertainment–1.91%
Cinemark Holdings, Inc.		237,800		7,871,180
Lions Gate Entertainment Corp.(c)		179,343		3,784,137
				11,655,317
Office Services & Supplies–0.61%
Steelcase Inc.–Class A		297,279		3,713,015
Oil & Gas Exploration & Production–1.60%
Diamondback Energy Inc.(b)		87,362		6,224,543
RSP Permian Inc.(b)(c)		148,651		3,554,245
				9,778,788

	Shares		Value
Packaged Foods & Meats–1.74%
Hain Celestial Group, Inc.(The)(b)		120,844	$	4,467,603
WhiteWave Foods Co.(The)(b)		159,141		6,161,939
				10,629,542
Pharmaceuticals–3.79%
Flamel Technologies S.A.–ADR (France)(b)		316,481		2,762,879
Impax Laboratories, Inc.(b)		245,148		8,013,888
Pacira Pharmaceuticals, Inc.(b)(c)		138,185		7,187,002
Teligent, Inc.(b)(c)		877,363		5,132,574
				23,096,343
Regional Banks–2.86%
East West Bancorp, Inc.		180,832		5,419,535
Signature Bank(b)		57,307		7,424,122
SVB Financial Group(b)		51,650		4,589,102
				17,432,759
Research & Consulting Services–0.73%
CEB Inc.		82,416		4,472,716
Restaurants–3.48%
Jack in the Box Inc.		90,275		6,206,407
Papa John’s International, Inc.		23,868		1,387,924
Texas Roadhouse, Inc.		205,458		8,569,653
Zoe’s Kitchen Inc.(b)(c)		144,870		5,060,309
				21,224,293
Semiconductors–5.62%
Cavium Inc.(b)		162,945		9,693,598
Cypress Semiconductor Corp.(b)		736,419		5,876,624
MA-COM Technology Solutions Holdings Inc.(b)(c)		223,278		8,462,236
Qorvo, Inc.(b)		140,899		6,351,727
Silicon Laboratories Inc.(b)		94,175		3,884,719
				34,268,904
Specialized Finance–1.20%
MarketAxess Holdings, Inc.		61,712		7,310,404
Specialty Chemicals–0.91%
PolyOne Corp.		205,451		5,528,686
Thrifts & Mortgage Finance–1.14%
MGIC Investment Corp.(b)		1,013,817		6,934,508
Trucking–0.50%
ArcBest Corp.		156,603		3,064,721
Total Common Stocks & Other Equity Interests (Cost $513,391,998)				565,439,047
Money Market Funds–7.30%
Liquid Assets Portfolio–Institutional Class, 0.42%(d)		22,242,833		22,242,833

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

6                         Invesco Small Cap Discovery Fund

	Shares		Value
Premier Portfolio–Institutional Class, 0.38%(d)		22,242,834	$	22,242,834
Total Money Market Funds (Cost $44,485,667)				44,485,667
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.02% (Cost $557,877,665)				609,924,714
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.28%
Liquid Assets Portfolio–Institutional Class, 0.42% (Cost $26,090,980)(d)(e)		26,090,980		26,090,980
TOTAL INVESTMENTS–104.30% (Cost $583,968,645)				636,015,694
OTHER ASSETS LESS LIABILITIES–(4.30)%				(26,209,945	)
NET ASSETS–100.00%			$	609,805,749

Investment Abbreviations:

ADR – American Depositary Receipt

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)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 29, 2016.

^(d)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of February 29, 2016

Information Technology	23.1	%
Health Care	22.4
Consumer Discretionary	18.3
Industrials	15.6
Financials	7.5
Materials	2.5
Consumer Staples	1.7
Energy	1.6
Money Market Funds Plus Other Assets Less Liabilities	7.3

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

7                         Invesco Small Cap Discovery Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $513,391,998)*	$	565,439,047
Investments in affiliated money market funds, at value and cost		70,576,647
Total investments, at value (Cost $583,968,645)		636,015,694
Receivable for:
Investments sold		243,054
Fund shares sold		742,693
Dividends		146,817
Investment for trustee deferred compensation and retirement plans		95,417
Other assets		52,151
Total assets		637,295,826
Liabilities:
Payable for:
Fund shares reacquired		769,974
Collateral upon return of securities loaned		26,090,980
Accrued fees to affiliates		476,269
Accrued trustees’ and officers’ fees and benefits		3,598
Accrued other operating expenses		36,976
Trustee deferred compensation and retirement plans		112,280
Total liabilities		27,490,077
Net assets applicable to shares outstanding	$	609,805,749
Net assets consist of:
Shares of beneficial interest	$	593,032,833
Undistributed net investment income (loss)		(7,464,606	)
Undistributed net realized gain (loss)		(27,809,527	)
Net unrealized appreciation		52,047,049
	$	609,805,749

Net Assets:
Class A	$	429,721,768
Class B	$	5,155,000
Class C	$	47,813,815
Class Y	$	60,793,268
Class R5	$	4,182,419
Class R6	$	62,139,479
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		54,830,510
Class B		751,750
Class C		7,626,319
Class Y		7,403,840
Class R5		505,814
Class R6		7,502,241
Class A:
Net asset value per share	$	7.84
Maximum offering price per share
(Net asset value of $7.84 ¸ 94.50%)	$	8.30
Class B:
Net asset value and offering price per share	$	6.86
Class C:
Net asset value and offering price per share	$	6.27
Class Y:
Net asset value and offering price per share	$	8.21
Class R5:
Net asset value and offering price per share	$	8.27
Class R6:
Net asset value and offering price per share	$	8.28

* At February 29, 2016, securities with an aggregate value of $24,913,235 were on loan to brokers.

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

8                         Invesco Small Cap Discovery Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $10,710)	$	1,387,276
Dividends from affiliated money market funds (includes securities lending income of $239,957)		272,603
Total investment income		1,659,879
Expenses:
Advisory fees		2,728,736
Administrative services fees		92,300
Custodian fees		7,261
Distribution fees:
Class A		603,333
Class B		8,292
Class C		282,558
Transfer agent fees — A, B, C and Y		789,333
Transfer agent fees — R5		2,352
Transfer agent fees — R6		2,181
Trustees’ and officers’ fees and benefits		18,880
Other		112,195
Total expenses		4,647,421
Less: Fees waived and expense offset arrangement(s)		(21,513	)
Net expenses		4,625,908
Net investment income (loss)		(2,966,029	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(9,894,091	)
Change in net unrealized appreciation (depreciation) of investment securities		(89,212,409	)
Net realized and unrealized gain (loss)		(99,106,500	)
Net increase (decrease) in net assets resulting from operations	$	(102,072,529	)

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

9                         Invesco Small Cap Discovery Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income (loss)	$	(2,966,029	)	$	(6,502,825	)
Net realized gain (loss)		(9,894,091	)		102,187,981
Change in net unrealized appreciation (depreciation)		(89,212,409	)		(53,678,797	)
Net increase (decrease) in net assets resulting from operations		(102,072,529	)		42,006,359
Distributions to shareholders from net realized gains:
Class A		(70,507,205	)		(73,267,917	)
Class B		(1,062,060	)		(1,515,016	)
Class C		(10,017,635	)		(9,251,581	)
Class Y		(9,673,736	)		(15,070,292	)
Class R5		(527,087	)		(6,371,266	)
Class R6		(9,777,575	)		(15,078,987	)
Total distributions from net realized gains		(101,565,298	)		(120,555,059	)
Share transactions–net:
Class A		58,237,214			35,689,215
Class B		(554,786	)		(1,525,306	)
Class C		3,341,847			14,340,675
Class Y		(15,642,464	)		(8,219,671	)
Class R5		(1,532,240	)		(36,289,288	)
Class R6		5,375,079			(24,408,949	)
Net increase (decrease) in net assets resulting from share transactions		49,224,650			(20,413,324	)
Net increase (decrease) in net assets		(154,413,177	)		(98,962,024	)
Net assets:
Beginning of period		764,218,926			863,180,950
End of period (includes undistributed net investment income (loss) of $(7,464,606) and $(4,498,577), respectively)	$	609,805,749		$	764,218,926

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Small Cap Discovery Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares may continue to reinvest dividends and capital gains distributions in Class B shares until they convert to Class A shares. Also, shareholders in Class B shares will be able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they convert to Class A shares. Generally, Class B shares will automatically convert to Class A shares on or about the month-end, which is at least eight years after the date of purchase. Redemption of Class B shares prior to the conversion date will be subject to a CDSC.

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.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based

10                         Invesco Small Cap Discovery Fund

on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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,

11                         Invesco Small Cap Discovery Fund

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 — Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Securities Lending — The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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		0.80%
Next $500 million		0.75%
Over $1 billion		0.70%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.79%.

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, may pay 40% of the fees paid to the Adviser to any such

12                         Invesco Small Cap Discovery Fund

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, 2016, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2017, 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 (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended February 29, 2016, the Adviser waived advisory fees of $20,330.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, the expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class B shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% each of Class B and Class C average daily net assets.

With respect to Class B and Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class B and Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended February 29, 2016, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $57,940 in front-end sales commissions from the sale of Class A shares and $1,427, $223 and $2,510 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 29, 2016, the Fund incurred $1,272 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 29, 2016, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.

13                         Invesco Small Cap Discovery Fund

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 29, 2016, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,183.

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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards 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 August 31, 2015.

NOTE 8—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $113,917,674 and $192,848,989, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	108,046,957
Aggregate unrealized (depreciation) of investment securities		(58,948,296	)
Net unrealized appreciation of investment securities	$	49,098,661

Cost of investments for tax purposes is $586,917,033.

14                         Invesco Small Cap Discovery Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 29,  2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		7,265,774		$	68,477,808			13,575,929		$	153,093,532
Class B		11,827			100,280			39,831			403,879
Class C		731,801			5,574,973			1,891,145			17,770,645
Class Y		1,258,473			12,226,257			3,272,479			38,406,104
Class R5		310,245			2,947,617			357,167			4,193,167
Class R6		911,382			8,874,183			4,726,056			55,761,349
Issued as reinvestment of dividends:
Class A		7,611,829			67,364,686			7,017,483			70,245,010
Class B		132,016			1,021,804			160,889			1,438,345
Class C		1,347,347			9,552,693			1,051,442			8,800,570
Class Y		963,727			8,933,748			1,411,862			14,669,253
Class R5		18,772			175,147			610,714			6,369,745
Class R6		1,046,714			9,776,309			1,442,820			15,077,466
Automatic conversion of Class B shares to Class A shares:
Class A		99,662			906,167			150,402			1,687,700
Class B		(112,962	)		(906,167	)		(167,885	)		(1,687,700	)
Reacquired:
Class A		(8,528,511	)		(78,511,447	)		(16,981,379	)		(189,337,027	)
Class B		(94,608	)		(770,703	)		(168,071	)		(1,679,830	)
Class C		(1,579,592	)		(11,785,819	)		(1,306,193	)		(12,230,540	)
Class Y		(3,666,723	)		(36,802,469	)		(5,260,213	)		(61,295,028	)
Class R5		(435,669	)		(4,655,004	)		(4,043,733	)		(46,852,200	)
Class R6		(1,370,566	)		(13,275,413	)		(8,164,378	)		(95,247,764	)
Net increase (decrease) in share activity		5,920,938		$	49,224,650			(383,633	)	$	(20,413,324	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 37% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15                         Invesco Small Cap Discovery Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Distributions from net realized gains			Net asset value, end of  period(b)		Total return(c)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(d)
Class A
Six months ended 02/29/16	$	10.60	$	(0.04	)	$	(1.27	)	$	(1.31	)	$	(1.45	)	$	7.84		(13.90	)%	$	429,722		1.35	%(e)		1.36	%(e)		(0.87	)%(e)		17	%
Year ended 08/31/15		11.83		(0.09	)		0.61			0.52			(1.75	)		10.60		5.24			512,763		1.32			1.32			(0.85	)		63
Year ended 08/31/14		12.20		(0.10	)		1.62			1.52			(1.89	)		11.83		13.15			527,759		1.32			1.32			(0.85	)		79
Year ended 08/31/13		10.85		(0.08	)		2.56			2.48			(1.13	)		12.20		25.31			540,979		1.32			1.33			(0.72	)		70
Year ended 08/31/12		10.56		(0.08	)		1.47			1.39			(1.10	)		10.85		14.33			607,073		1.38			1.43			(0.80	)		78
Year ended 08/31/11		8.74		(0.11	)		1.93			1.82			—			10.56		20.82			820,988		1.38			1.42			(1.01	)		114
Class B
Six months ended 02/29/16		9.46		(0.04	)		(1.11	)		(1.15	)		(1.45	)		6.86		(13.87	)(f)		5,155		1.35	(e)(f)		1.36	(e)(f)		(0.87	)(e)(f)		17
Year ended 08/31/15		10.75		(0.08	)		0.54			0.46			(1.75	)		9.46		5.19	(f)		7,715		1.32	(f)		1.32	(f)		(0.85	)(f)		63
Year ended 08/31/14		11.25		(0.09	)		1.48			1.39			(1.89	)		10.75		13.11	(f)		10,216		1.32	(f)		1.32	(f)		(0.85	)(f)		79
Year ended 08/31/13		10.09		(0.07	)		2.36			2.29			(1.13	)		11.25		25.34	(f)		12,554		1.32	(f)		1.33	(f)		(0.72	)(f)		70
Year ended 08/31/12		9.89		(0.08	)		1.38			1.30			(1.10	)		10.09		14.40	(f)		13,754		1.38	(f)		1.43	(f)		(0.80	)(f)		78
Year ended 08/31/11		8.18		(0.11	)		1.82			1.71			—			9.89		20.90	(f)		16,910		1.40	(f)		1.44	(f)		(1.03	)(f)		114
Class C
Six months ended 02/29/16		8.81		(0.06	)		(1.03	)		(1.09	)		(1.45	)		6.27		(14.25	)		47,814		2.10	(e)		2.11	(e)		(1.62	)(e)		17
Year ended 08/31/15		10.19		(0.15	)		0.52			0.37			(1.75	)		8.81		4.50			62,773		2.07			2.07			(1.60	)		63
Year ended 08/31/14		10.83		(0.17	)		1.42			1.25			(1.89	)		10.19		12.21			55,961		2.07			2.07			(1.60	)		79
Year ended 08/31/13		9.82		(0.15	)		2.29			2.14			(1.13	)		10.83		24.43			53,560		2.07			2.08			(1.47	)		70
Year ended 08/31/12		9.73		(0.15	)		1.34			1.19			(1.10	)		9.82		13.43			48,486		2.13			2.18			(1.55	)		78
Year ended 08/31/11		8.10		(0.17	)		1.80			1.63			—			9.73		20.12	(g)		51,212		2.06	(g)		2.10	(g)		(1.69	)(g)		114
Class Y
Six months ended 02/29/16		11.02		(0.03	)		(1.33	)		(1.36	)		(1.45	)		8.21		(13.82	)		60,793		1.10	(e)		1.11	(e)		(0.62	)(e)		17
Year ended 08/31/15		12.20		(0.07	)		0.64			0.57			(1.75	)		11.02		5.51			97,497		1.07			1.07			(0.60	)		63
Year ended 08/31/14		12.50		(0.07	)		1.66			1.59			(1.89	)		12.20		13.42			114,973		1.07			1.07			(0.60	)		79
Year ended 08/31/13		11.06		(0.05	)		2.62			2.57			(1.13	)		12.50		25.67			163,072		1.07			1.08			(0.47	)		70
Year ended 08/31/12		10.72		(0.06	)		1.50			1.44			(1.10	)		11.06		14.60			206,367		1.13			1.18			(0.55	)		78
Year ended 08/31/11		8.84		(0.09	)		1.97			1.88			—			10.72		21.27			233,467		1.13			1.17			(0.76	)		114
Class R5
Six months ended 02/29/16		11.08		(0.02	)		(1.34	)		(1.36	)		(1.45	)		8.27		(13.74	)		4,182		0.94	(e)		0.95	(e)		(0.46	)(e)		17
Year ended 08/31/15		12.23		(0.05	)		0.65			0.60			(1.75	)		11.08		5.77			6,784		0.94			0.94			(0.47	)		63
Year ended 08/31/14		12.52		(0.05	)		1.65			1.60			(1.89	)		12.23		13.49			45,126		0.94			0.94			(0.47	)		79
Year ended 08/31/13(h)		11.48		(0.04	)		2.21			2.17			(1.13	)		12.52		21.25			44,037		0.93	(i)		0.94	(i)		(0.33	)(i)		70
Class R6
Six months ended 02/29/16		11.09		(0.02	)		(1.34	)		(1.36	)		(1.45	)		8.28		(13.73	)		62,139		0.85	(e)		0.86	(e)		(0.37	)(e)		17
Year ended 08/31/15		12.25		(0.04	)		0.63			0.59			(1.75	)		11.09		5.66			76,687		0.85			0.85			(0.38	)		63
Year ended 08/31/14		12.52		(0.04	)		1.66			1.62			(1.89	)		12.25		13.67			109,145		0.84			0.84			(0.37	)		79
Year ended 08/31/13(h)		11.48		(0.03	)		2.20			2.17			(1.13	)		12.52		21.25			68,425		0.83	(i)		0.84	(i)		(0.23	)(i)		70

^(a)  Calculated using average shares outstanding.

^(b)  Includes redemption fees added to shares of beneficial interest which were less than $0.005 per share for fiscal years ended prior to August 31, 2013.

^(c)  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. Does not include sales charges and is 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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $485,318, $6,670, $56,822, $73,312, $4,730 and $71,476 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25%, 0.25% and 0.27% for the six months ended February 29, 2016 and the years ended August 31, 2015, 2014, 2013, 2012 and 2011, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.93% for the year ended August 31, 2011.

^(h)  Commencement date of September 24, 2012 for Class R5 and Class R6 shares, respectively.

⁽ⁱ⁾  Annualized.

16                         Invesco Small Cap Discovery Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	861.00	$	6.25	$	1,018.15	$	6.77		1.35	%
B		1,000.00		861.30		6.25		1,018.15		6.77		1.35
C		1,000.00		857.50		9.70		1,014.42		10.52		2.10
Y		1,000.00		861.80		5.09		1,019.39		5.52		1.10
R5		1,000.00		862.60		4.35		1,020.19		4.72		0.94
R6		1,000.00		862.70		3.94		1,020.64		4.27		0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

17                         Invesco Small Cap Discovery Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     VK-SCD-SAR-1         Invesco Distributors, Inc.

	Semiannual Report to Shareholders	February 29, 2016
	Invesco Strategic Real Return Fund
	Nasdaq:
	A: SRRAX  ¡  C: SRRCX  ¡  R: SRRQX  ¡   Y: SRRYX  ¡  R5: SRRFX   ¡  R6: SRRSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
11	Financial Statements
13	Notes to Financial Statements
20	Financial Highlights
21	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 8/31/15 to 2/29/16, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-2.21	%
Class C Shares	-2.58
Class R Shares	-2.33
Class Y Shares	-2.09
Class R5 Shares	-2.09
Class R6 Shares	-2.09
The BofA Merrill Lynch Current 10 Year Treasury Index▼ (Broad Market Index)	5.01
Custom Invesco Strategic Real Return Index¡ (Style-Specific Index)	-1.96
Lipper Inflation Protected Bond Funds Index¿ (Peer Group Index)	0.46

Source(s): ^▼Bloomberg LP; ¡Invesco, Bloomberg LP, FactSet Research Systems Inc.,

                  S&P Dow Jones Indices LLC; ^¿Lipper Inc.

The BofA Merrill Lynch Current 10 Year Treasury Index is a one-security index composed of the most recently issued 10-year US Treasury Note. The index is rebalanced monthly.

    The Custom Invesco Strategic Real Return Index consists of 45% The BofA Merrill Lynch US Inflation-Linked Treasury Index, 30% S&P/LSTA Leveraged Loan Total Return Index and 25% The BofA Merrill Lynch US High Yield Constrained Index.

    The Lipper Inflation Protected Bond Funds Index is an index based on the total return of certain mutual funds within the Fund’s designated category as determined by Lipper.

    The BofA Merrill Lynch US Inflation-Linked Treasury Index tracks the performance of US dollar-denominated inflation-linked sovereign debt publicly issued by the US government in its domestic market.

    The S&P/LSTA Leveraged Loan Total Return Index reflects the market-value-weighted performance of US dollar-denominated institutional leveraged loans.

    The BofA Merrill Lynch US High Yield Constrained Index contains all securities in The BofA Merill Lynch US High Yield Index but caps issuer exposure at 2%.

    The BofA Merrill Lynch US High Yield Index tracks the performance of the US dollar denominated below-investment-grade corporate debt publicly-issued in the US domestic 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.

    Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates (“BofAML”) indices and related information, the name “Bank of America Merrill Lynch,” and related trademarks, are intellectual property licensed from BofAML, and may not be copied, used or distributed without BofAML’s prior written approval. The licensee’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed or promoted by BofAML.

    BOFAML MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

2                      Invesco Strategic Real Return Fund

Average Annual Total Returns

As of 2/29/16, including maximum applicable sales charges

Class A Shares
Inception (4/30/14)	-2.52	%
1 Year	-6.35
Class C Shares
Inception (4/30/14)	-1.91	%
1 Year	-5.74
Class R Shares
Inception (4/30/14)	-1.38	%
1 Year	-4.22
Class Y Shares
Inception (4/30/14)	-0.91	%
1 Year	-8.99
Class R5 Shares
Inception (4/30/14)	-0.91	%
1 Year	-3.84
Class R6 Shares
Inception (4/30/14)	-0.91	%
1 Year	-3.84

Average Annual Total Returns

As of 12/31/15, the most recent calendar quarter end, including maximum applicable sales charges

Class A Shares
Inception (4/30/14)	-2.92	%
1 Year	-4.84
Class C Shares
Inception (4/30/14)	-2.17	%
1 Year	-4.08
Class R Shares
Inception (4/30/14)	-1.64	%
1 Year	-2.64
Class Y Shares
Inception (4/30/14)	-1.18	%
1 Year	-2.15
Class R5 Shares
Inception (4/30/14)	-1.18	%
1 Year	-2.15
Class R6 Shares
Inception (4/30/14)	-1.18	%
1 Year	-2.15

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.82%, 1.57%, 1.07%, 0.57%, 0.57%, and 0.57%, respectively.^1,2 The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares was 2.47%, 3.22%, 2.72%, 2.22%, 2.39% and 2.39%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

1 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least December 31, 2016. See current prospectus for more information.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2017. See current prospectus for more information.

3                      Invesco Strategic Real Return Fund

Letters to Shareholders

Bruce Crockett Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: ensuring that Invesco offers a diverse lineup of mutual funds that your financial adviser can use to strive to meet your financial needs as your investment goals change over time; monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Philip Taylor Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     The investment professionals at Invesco invest with high conviction and a long-term perspective. At Invesco, investing with high conviction means offering a wide range of strategies designed to go beyond market benchmarks. We trust our research-driven insights, have confidence in our investment processes and build portfolios that reflect our beliefs. Our goal is to look past market noise in an effort to find attractive opportunities at attractive prices – consistent with the investment strategies spelled out in each fund’s prospectus. Of course, investing with high conviction can’t guarantee a profit or ensure investment success; no investment strategy or risk analysis can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.

    On our website, invesco.com/us, you can access timely information about your Fund, as well as access your account. Invesco’s mobile apps for iPhone^® and iPad^® (both available free from the App Store^SM) allow you to obtain the same detailed information.

    In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.

    For questions about your account, contact an Invesco client services representative at 800 959 4246. For Invesco-related questions or comments, please email me directly at phil@invesco.com.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.

4                      Invesco Strategic Real Return Fund

Schedule of Investments^(a)

February 29, 2016

(Unaudited)

	Principal Amount		Value
U.S. Treasury Securities–44.63%
U.S. Treasury Bills–0.03%
0.29%, 05/26/2016(b)	$	5,000	$	4,996
U.S. Treasury Inflation — Indexed Notes–30.38%(c)
0.13%, 04/15/2017		304,112		305,983
2.63%, 07/15/2017		102,722		107,753
1.63%, 01/15/2018		119,690		124,488
0.13%, 04/15/2018		330,536		333,764
1.38%, 07/15/2018		105,310		110,393
2.13%, 01/15/2019		106,874		114,450
0.13%, 04/15/2019		330,116		333,611
1.88%, 07/15/2019		115,218		124,055
1.38%, 01/15/2020		134,551		142,539
0.13%, 04/15/2020		329,302		332,270
1.25%, 07/15/2020		228,867		243,126
1.13%, 01/15/2021		258,447		272,856
0.63%, 07/15/2021		245,597		254,188
0.13%, 01/15/2022		282,191		282,541
0.13%, 07/15/2022		275,681		276,673
0.13%, 01/15/2023		275,679		273,917
0.38%, 07/15/2023		273,433		277,585
0.63%, 01/15/2024		271,701		278,972
0.13%, 07/15/2024		266,992		263,960
0.25%, 01/15/2025		267,660		265,585
0.38%, 07/15/2025		269,328		270,989
				4,989,698
U.S. Treasury Inflation — Indexed Bonds–14.22%(c)
2.38%, 01/15/2025		224,634		264,280
2.00%, 01/15/2026		156,131		180,641
2.38%, 01/15/2027		124,338		149,728
1.75%, 01/15/2028		118,561		134,770
3.63%, 04/15/2028		159,418		215,817
2.50%, 01/15/2029		100,263		123,248
3.88%, 04/15/2029		185,625		260,757
3.38%, 04/15/2032		46,644		65,852
2.13%, 02/15/2040		110,539		136,826
2.13%, 02/15/2041		168,510		209,847
0.75%, 02/15/2042		157,032		146,671
0.63%, 02/15/2043		154,334		139,329
1.38%, 02/15/2044		154,278		166,694
0.75%, 02/15/2045		151,687		140,972
				2,335,432
Total U.S. Treasury Securities (Cost $7,334,613)				7,330,126

	Shares		Value
Common Stocks–29.37%
Fixed-Income Funds–29.37%
Invesco Floating Rate Fund–Class R6 (Cost $5,499,334)(d)		696,028	$	4,823,471
	Principal Amount
Bonds and Notes–22.84%
Advertising–0.09%
Lamar Media Corp., Sr. Unsec. Gtd. Sub. Global Notes, 5.00%, 05/01/2023	$	5,000		5,088
Sr. Unsec. Gtd. Notes, 5.75%, 02/01/2026(e)		10,000		10,425
				15,513
Aerospace & Defense–0.59%
Bombardier Inc. (Canada), Sr. Unsec. Notes, 7.50%, 03/15/2025(e)		20,000		14,200
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(e)		21,000		20,160
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(e)		20,000		19,750
TransDigm Inc., Sr. Unsec. Gtd. Sub. Notes, 6.50%, 05/15/2025(e)		45,000		43,537
				97,647
Agricultural & Farm Machinery–0.01%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		3,000		2,190
Agricultural Products–0.12%
US Foods, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 06/30/2019		19,000		19,451
Airlines–0.15%
Air Canada (Canada), Sr. Unsec. Gtd. Notes, 7.75%, 04/15/2021(e)		25,000		24,250
Alternative Carriers–0.59%
EarthLink Holdings Corp., Sr. Sec. Gtd. First Lien Global Notes, 7.38%, 06/01/2020		35,000		35,612
Level 3 Financing, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2025		15,000		15,450
Sr. Unsec. Gtd. Notes, 5.38%, 01/15/2024(e)		45,000		46,125
				97,187
Apparel Retail–0.05%
Men’s Wearhouse, Inc. (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 07/01/2022		10,000		7,488
Asset Management & Custody Banks–0.29%
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp., Sec. Second Lien Notes, 8.13%, 06/15/2021(e)		13,000		10,887

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

5                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
First Data Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(e)	$	8,000	$	8,160
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(e)		28,000		28,035
				47,082
Auto Parts & Equipment–0.74%
Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/2021		125,000		121,875
Broadcasting–0.49%
Clear Channel Worldwide Holdings, Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		14,000		13,615
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		17,000		17,914
Sinclair Television Group Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(e)		25,000		24,875
TEGNA, Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 10/15/2023		8,000		8,640
Tribune Media Co., Sr. Unsec. Gtd. Notes, 5.88%, 07/15/2022(e)		15,000		15,075
				80,119
Building Products–1.48%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2023		17,000		17,978
BMC Stock Holdings, Inc., Sr. Sec. Gtd. First Lien Notes, 9.00%, 09/15/2018(e)		25,000		25,250
Builders FirstSource, Inc.,
Sr. Sec. First Lien Notes, 7.63%, 06/01/2021(e)		25,000		25,500
Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023(e)		11,000		10,271
Building Materials Corp. of America,
Sr. Unsec. Notes,
5.38%, 11/15/2024(e)		25,000		25,563
6.00%, 10/15/2025(e)		12,000		12,315
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		125,000		126,562
				243,439
Cable & Satellite–1.18%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Gtd. Global Notes, 5.25%, 09/30/2022		50,000		50,625
Sr. Unsec. Gtd. Notes,
5.13%, 05/01/2023(e)		5,000		5,000
5.38%, 05/01/2025(e)		25,000		24,813
CCOH Safari LLC, Sr. Unsec. Notes, 5.75%, 02/15/2026(e)		26,000		26,227
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		20,000		20,400
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		55,000		49,637
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		25,000		16,688
				193,390

	Principal Amount		Value
Casinos & Gaming–0.26%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 05/15/2023	$	29,000	$	29,943
Mohegan Tribal Gaming Authority, Sr. Unsec. Gtd. Notes, 9.75%, 09/01/2021(e)		13,000		13,000
				42,943
Commercial Printing–0.06%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2022(e)		10,000		10,100
Communications Equipment–0.10%
Hughes Satellite Systems Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		15,000		16,275
Computer & Electronics Retail–0.03%
Rent-A-Center, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/01/2021		8,000		5,360
Construction & Engineering–0.17%
AECOM, Sr. Unsec. Gtd. Global Notes, 5.75%, 10/15/2022		28,000		28,405
Construction Machinery & Heavy Trucks–1.50%
Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/2019(e)		35,000		35,612
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		125,000		103,125
Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/2021		82,000		50,225
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		58,000		57,710
				246,672
Construction Materials–0.07%
Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/2019 (Acquired 07/28/2014; Cost $15,300)(e)		15,000		11,644
Consumer Finance–0.27%
Ally Financial Inc., Sr. Unsec. Global Notes,
4.63%, 03/30/2025		15,000		14,625
5.13%, 09/30/2024		30,000		30,188
				44,813
Diversified Banks–0.10%
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds, 6.13%, 12/15/2022		15,000		15,770
Diversified Chemicals–0.08%
Chemours Co. (The), Sr. Unsec. Notes, 6.63%, 05/15/2023(e)		18,000		13,185
Diversified Metals & Mining–0.08%
Compass Minerals International, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 07/15/2024(e)		8,000		7,360
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/2020		3,000		1,733

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

6                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Diversified Metals & Mining–(continued)
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022(e)	$	5,000	$	4,175
				13,268
Electrical Components & Equipment–0.05%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(e)		8,000		7,670
Environmental & Facilities Services–0.20%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/2020		30,000		29,700
GFL Escrow Corp. (Canada), Sr. Unsec. Notes, 9.88%, 02/01/2021(e)		3,000		3,053
				32,753
Gas Utilities–0.06%
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Gtd. Notes, 6.75%, 06/15/2023(e)		8,000		5,960
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		4,000		3,420
				9,380
General Merchandise Stores–0.09%
Dollar Tree, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2023(e)		14,000		14,980
Health Care Facilities–1.97%
Acadia Healthcare Co., Inc.,
Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2023		31,000		31,465
Sr. Unsec. Gtd. Notes, 6.50%, 03/01/2024(e)		5,000		5,175
Community Health Systems, Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		25,000		21,687
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		60,000		62,025
Sr. Unsec. Gtd. Notes,
5.38%, 02/01/2025		10,000		10,250
5.88%, 02/15/2026		15,000		15,525
Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/2023(e)		25,000		24,375
Tenet Healthcare Corp., Sr. Unsec. Global Notes,
6.75%, 02/01/2020		125,000		118,125
8.00%, 08/01/2020		11,000		11,193
8.13%, 04/01/2022		25,000		24,625
				324,445
Health Care Services–0.29%
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(e)		17,000		17,616
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/2022(e)		30,000		30,375
				47,991

	Principal Amount		Value
Home Improvement Retail–0.12%
Hillman Group Inc. (The), Sr. Unsec. Notes, 6.38%, 07/15/2022(e)	$	25,000	$	19,375
Homebuilding–0.58%
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/2021		30,000		22,387
CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/2022		20,000		20,250
K. Hovnanian Enterprises Inc., Sr. Unsec. Gtd. Notes,
7.00%, 01/15/2019(e)		25,000		12,625
8.00%, 11/01/2019(e)		24,000		12,240
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 06/01/2025		13,000		12,805
7.15%, 04/15/2020		5,000		5,200
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(e)		10,000		9,175
				94,682
Household Products–0.89%
Reynolds Group Issuer Inc./LLC (New Zealand), Sr. Unsec. Gtd. Global Notes, 8.25%, 02/15/2021		125,000		123,906
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		22,000		21,808
				145,714
Independent Power Producers & Energy Traders–0.19%
Calpine Corp., Sr. Unsec. Global Notes, 5.50%, 02/01/2024		34,000		30,770
Integrated Telecommunication Services–1.18%
Frontier Communications Corp.,
Sr. Unsec. Notes,
8.88%, 09/15/2020(e)		10,000		10,400
11.00%, 09/15/2025(e)		22,000		22,220
GCI, Inc., Sr. Unsec. Global Notes, 6.88%, 04/15/2025		10,000		9,800
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 07/15/2022		20,000		20,500
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.84%, 04/28/2023		125,000		130,312
				193,232
Leisure Facilities–0.06%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		10,000		10,400
Leisure Products–0.12%
Vista Outdoor Inc., Sr. Unsec. Gtd. Notes, 5.88%, 10/01/2023(e)		19,000		19,725
Life Sciences Tools & Services–0.02%
Quintiles Transnational Corp., Sr. Unsec. Gtd. Notes, 4.88%, 05/15/2023(e)		3,000		3,090

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

7                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Metal & Glass Containers–0.33%
Ball Corp., Sr. Unsec. Gtd. Global Bonds, 5.00%, 03/15/2022	$	10,000	$	10,437
Berry Plastics Corp., Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		30,000		31,275
Coveris Holding Corp., Sr. Unsec. Gtd. Notes, 10.00%, 06/01/2018(e)		14,000		12,005
				53,717
Movies & Entertainment–0.19%
AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes,
5.75%, 06/15/2025		9,000		9,371
5.88%, 02/15/2022		5,000		5,219
Mediacom Broadband LLC/Corp., Sr. Unsec. Gtd. Global Notes, 5.50%, 04/15/2021		17,000		16,533
				31,123
Oil & Gas Exploration & Production–1.27%
Anadarko Petroleum Corp., Sr. Unsec. Notes, 6.38%, 09/15/2017		10,000		10,132
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes,
5.38%, 11/01/2021		13,000		11,245
6.00%, 12/01/2020		29,000		26,027
Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/2024		13,000		12,098
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes,
5.50%, 10/01/2022		8,000		7,500
5.50%, 04/01/2023		31,000		28,907
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 7.13%, 04/01/2021		10,000		8,150
Diamondback Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 10/01/2021		25,000		25,125
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		18,000		16,380
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Notes, 7.50%, 02/15/2022(e)		12,000		11,850
Range Resources Corp.,
Sr. Unsec. Gtd. Sub. Global Notes, 5.00%, 03/15/2023		21,000		17,798
Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/2022		5,000		4,175
RSP Permian, Inc.,
Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/2022		10,000		8,925
Sr. Unsec. Gtd. Notes, 6.63%, 10/01/2022(e)		17,000		15,173
WPX Energy Inc., Sr. Unsec. Global Notes, 6.00%, 01/15/2022		9,000		5,175
				208,660
Oil & Gas Storage & Transportation–0.31%
Energy Transfer Partners, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		13,000		10,725
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 5.63%, 03/01/2025		19,000		17,337

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds, 5.25%, 05/01/2023	$	10,000	$	7,900
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2021		11,000		9,680
Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/2019		5,000		2,775
Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/2022(e)		2,000		1,860
				50,277
Packaged Foods & Meats–0.40%
JBS USA LLC/JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 8.25%, 02/01/2020(e)		10,000		10,063
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., Sr. Unsec. Gtd. Notes, 5.88%, 01/15/2024(e)		7,000		7,411
Smithfield Foods Inc., Sr. Unsec. Notes, 6.63%, 08/15/2022		15,000		15,862
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(e)		30,000		31,875
				65,211
Paper Packaging–0.04%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes,
4.75%, 04/15/2021		2,000		2,045
4.88%, 11/15/2022		4,000		4,060
				6,105
Paper Products–0.15%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		11,000		10,478
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020		15,000		14,850
				25,328
Personal Products–0.33%
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes, 8.50%, 11/01/2017(f)		54,000		54,270
Pharmaceuticals–0.57%
Concordia Healthcare Corp. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 04/15/2023(e)		31,000		27,125
Valeant Pharmaceuticals International, Inc.,
Sr. Unsec. Gtd. Notes,
5.50%, 03/01/2023(e)		25,000		19,875
5.88%, 05/15/2023(e)		5,000		4,100
6.13%, 04/15/2025(e)		11,000		8,855
6.75%, 08/15/2018(e)		5,000		4,737
REGS, Sr. Unsec. Gtd. Euro Notes,
6.13%, 04/15/2025(e)		35,000		29,466
				94,158

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

8                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Regional Banks–0.76%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022	$	125,000	$	125,312
Restaurants–0.40%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 6.00%, 04/01/2022(e)		44,000		46,035
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		19,000		20,187
				66,222
Semiconductor Equipment–0.04%
Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/2022		8,000		7,260
Semiconductors–0.06%
Freescale Semiconductor Inc., Sr. Sec. Gtd. First Lien Notes, 6.00%, 01/15/2022(e)		10,000		10,631
Specialized Consumer Services–0.03%
ServiceMaster Co., LLC (The), Sr. Unsec. Notes, 7.45%, 08/15/2027		5,000		4,875
Specialized Finance–1.03%
Aircastle Ltd., Sr. Unsec. Notes, 5.50%, 02/15/2022		35,000		35,175
International Lease Finance Corp., Sr. Unsec. Notes, 8.25%, 12/15/2020		115,000		133,400
				168,575
Specialized REIT’s–1.62%
Crown Castle International Corp., Sr. Unsec. Notes, 4.88%, 04/15/2022		125,000		131,211
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022		75,000		76,500
Equinix Inc., Sr. Unsec. Notes,
5.38%, 01/01/2022		52,000		54,340
5.88%, 01/15/2026		3,000		3,150
				265,201
Specialty Chemicals–0.05%
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(e)		8,000		8,600
Steel–0.37%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Bonds, 10.85%, 06/01/2019		5,000		5,275
Sr. Unsec. Global Notes, 6.25%, 08/05/2020		15,000		13,537

	Principal Amount		Value
Steel–(continued)
FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Sec. Gtd. Notes, 9.75%, 03/01/2022(e)	$	5,000	$	4,738
Sr. Unsec. Gtd. Notes, 8.25%, 11/01/2019(e)		9,000		8,145
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.13%, 10/01/2021		30,000		29,325
				61,020
Trading Companies & Distributors–0.10%
United Rentals North America Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		18,000		17,235
Trucking–0.34%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.13%, 06/01/2022(e)		18,000		16,875
Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 6.75%, 04/15/2019		19,000		19,024
OPE KAG Finance Sub Inc., Sr. Unsec. Notes, 7.88%, 07/31/2023(e)		20,000		19,500
				55,399
Wireless Telecommunication Services–0.13%
Sprint Communications Inc., Sr. Unsec. Gtd. Notes, 9.00%, 11/15/2018(e)		20,000		20,850
Total Bonds and Notes (Cost $3,890,968)				3,752,302
	Shares
Money Market Funds–3.02%
Liquid Assets Portfolio–Institutional Class, 0.42%(g)		248,334		248,334
Premier Portfolio–Institutional Class, 0.38%(g)		248,334		248,334
Total Money Market Funds (Cost $496,668)				496,668
TOTAL INVESTMENTS–99.86% (Cost $17,221,583)				16,402,567
OTHER ASSETS LESS LIABILITIES–0.14%				22,386
NET ASSETS–100.00%			$	16,424,953

Investment Abbreviations:

Gtd.	– Guaranteed
PIK	– Payment in Kind
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

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

9                         Invesco Strategic Real Return 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 traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(c)  Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

^(d)  Invesco Floating Rate Fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser. The value of this security as of February 29, 2016 represented 29.37% of the Fund’s Net Assets. See Note 5.

^(e)  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 February 29, 2016 was $1,053,317, which represented 6.41% of the Fund’s Net Assets.

^(f)  All or a portion of this security is Payment-in-Kind.

Issuer	Cash Rate			PIK Rate
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes		7.75	%		8.50	%

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 29, 2016.

Portfolio Composition

By security type, based on Net Assets

as of February 29, 2016

U.S. Treasury Securities	44.6	%
Common Stocks	29.4
Bonds and Notes	22.8
Money Market Funds Plus Other Assets Less Liabilities	3.2

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

10                         Invesco Strategic Real Return Fund

Statement of Assets and Liabilities

February 29, 2016

(Unaudited)

Assets:
Investments, at value (Cost $11,225,581)	$	11,082,428
Investments in affiliates, at value (Cost $5,996,002)		5,320,139
Total investments, at value (Cost $17,221,583)		16,402,567
Receivable for:
Investments sold		48,242
Dividends and interest		96,922
Fund expenses absorbed		5,858
Investment for trustee deferred compensation and retirement plans		3,795
Other assets		19,169
Total assets		16,576,553
Liabilities:
Payable for:
Investments purchased		102,389
Fund shares reacquired		1,555
Accrued fees to affiliates		2,845
Accrued trustees’ and officers’ fees and benefits		2,827
Accrued other operating expenses		38,189
Trustee deferred compensation and retirement plans		3,795
Total liabilities		151,600
Net assets applicable to shares outstanding	$	16,424,953
Net assets consist of:
Shares of beneficial interest	$	17,747,748
Undistributed net investment income		(94,854	)
Undistributed net realized gain (loss)		(408,925	)
Net unrealized appreciation (depreciation)		(819,016	)
	$	16,424,953

Net Assets:
Class A	$	9,114,060
Class C	$	333,591
Class R	$	49,984
Class Y	$	6,908,856
Class R5	$	9,231
Class R6	$	9,231
Shares outstanding, $0.01 par value per share, with an unlimited number of shares authorized:
Class A		988,658
Class C		36,213
Class R		5,423
Class Y		749,265
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	9.22
Maximum offering price per share
(Net asset value of $9.22 ¸ 94.50%)	$	9.76
Class C:
Net asset value and offering price per share	$	9.21
Class R:
Net asset value and offering price per share	$	9.22
Class Y:
Net asset value and offering price per share	$	9.22
Class R5:
Net asset value and offering price per share	$	9.22
Class R6:
Net asset value and offering price per share	$	9.22

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

11                         Invesco Strategic Real Return Fund

Statement of Operations

For the six months ended February 29, 2016

(Unaudited)

Investment income:
Dividends from affiliated funds	$	139,680
Interest		83,901
Total investment income		223,581
Expenses:
Advisory fees		33,047
Administrative services fees		24,863
Custodian fees		4,131
Distribution fees:
Class A		11,372
Class C		1,907
Class R		117
Transfer agent fees — A, C, R and Y		3,355
Transfer agent fees — R5		5
Transfer agent fees — R6		5
Trustees’ and officers’ fees and benefits		8,422
Registration and filing fees		44,964
Reports to shareholders	��	10,032
Professional services fees		61,833
Other		6,613
Total expenses		210,666
Less: Fees waived and expenses reimbursed		(167,805	)
Net expenses		42,861
Net investment income		180,720
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(220,239	)
Futures contracts		(9,818	)
		(230,057	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(328,809	)
Futures contracts		(13	)
		(328,822	)
Net realized and unrealized gain (loss)		(558,879	)
Net increase (decrease) in net assets resulting from operations	$	(378,159	)

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

12                         Invesco Strategic Real Return Fund

Statement of Changes in Net Assets

For the six months ended February 29, 2016 and the year ended August 31, 2015

(Unaudited)

	February 29, 2016			August 31, 2015
Operations:
Net investment income	$	180,720		$	452,953
Net realized gain (loss)		(230,057	)		(169,074	)
Change in net unrealized appreciation (depreciation)		(328,822	)		(633,008	)
Net increase (decrease) in net assets resulting from operations		(378,159	)		(349,129	)
Distributions to shareholders from net investment income:
Class A		(186,789	)		(219,582	)
Class C		(6,031	)		(6,386	)
Class R		(905	)		(387	)
Class Y		(149,550	)		(215,309	)
Class R5		(200	)		(288	)
Class R6		(200	)		(288	)
Total distributions from net investment income		(343,675	)		(442,240	)
Share transactions–net:
Class A		581,065			1,466,432
Class C		(109,222	)		418,097
Class R		17,252			25,789
Class Y		268			12,090
Net increase in net assets resulting from share transactions		489,363			1,922,408
Net increase (decrease) in net assets		(232,471	)		1,131,039
Net assets:
Beginning of period		16,657,424			15,526,385
End of period (includes undistributed net investment income of $(94,854) and $68,101, respectively)	$	16,424,953		$	16,657,424

Notes to Financial Statements

February 29, 2016

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Strategic Real Return Fund (the “Fund”) is a series portfolio of AIM Counselor Series Trust (Invesco Counselor Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of fourteen separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

The Fund’s investment objective is to seek to mitigate the effects of unanticipated inflation and to provide current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value.

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.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they

13                         Invesco Strategic Real Return Fund

may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

C. 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 — Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. 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

14                         Invesco Strategic Real Return Fund

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.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. 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.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust 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.

I. Treasury Inflation-Protected Securities — The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity.

J. Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

L. Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or

15                         Invesco Strategic Real Return Fund

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.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays 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 $1 billion		0.40%
Next $2.5 billion		0.35%
Over $3.5 billion		0.33%

For the six months ended February 29, 2016, the effective advisory fees incurred by the Fund was 0.40%.

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., Invesco Canada Ltd. and Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, may 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 December 31, 2016 to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.79%, 1.54%, 1.04%, 0.54%, 0.54% and 0.54%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2016. The fee waiver agreement cannot be terminated during its term. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2017, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives on the Fund’s investments in certain affiliated funds.

For the six months ended February 29, 2016, the Adviser waived advisory fees of $33,047 and reimbursed fund level expenses of $131,394, and class level expenses of $1,849, $78, $10, $1,419, $7 and $7 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust 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 February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 29, 2016, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption

16                         Invesco Strategic Real Return Fund

proceeds prior to remittance to the shareholder. During the six months ended February 29, 2016, IDI advised the Fund that IDI retained $211 in front-end sales commissions from the sale of Class A shares for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

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 Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 29, 2016. 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
Equity Securities	$	5,320,139	$	—	$	—	$	5,320,139
U.S. Treasury Securities		—		7,330,126		—		7,330,126
Corporate Debt Securities		—		3,752,302		—		3,752,302
Total Investments	$	5,320,139	$	11,082,428	$	—	$	16,402,567

NOTE 4—Derivative Investments

Effect of Derivative Investments for the six months ended February 29, 2016

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
	Futures Contracts
Realized Gain (Loss):
Interest rate risk	$	(9,818	)
Change in Net Unrealized Appreciation (Depreciation):
Interest rate risk		(13	)
Total	$	(9,831	)

The table below summarizes the average notional value of futures contracts outstanding during the period.

	Futures Contracts
Average notional value	$	213,974

NOTE 5—Investments in Affiliates

The Fund’s Adviser and the adviser for Invesco Floating Rate Fund are subsidiaries of Invesco Ltd. and therefore, Invesco Floating Rate Fund is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Floating Rate Fund for the six months ended February 29, 2016.

	Value 08/31/15		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 02/29/16		Dividend Income
Invesco Floating Rate Fund	$	4,979,425	$	331,221	$	(42,300	)	$	(441,715	)	$	(3,160	)	$	4,823,471	$	139,244

17                         Invesco Strategic Real Return Fund

NOTE 6—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 also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, 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. The Fund may not purchase additional securities when any borrowings from banks exceed 5% of the Fund’s total assets.

NOTE 8—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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2015, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not Subject to Expiration	$	112,120	$	51,520	$	163,640

* Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 29, 2016 was $2,013,225 and $2,528,243, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $876,157 and $103,599, respectively. Cost of investments 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 Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	83,819
Aggregate unrealized (depreciation) of investment securities		(976,286	)
Net unrealized appreciation (depreciation) of investment securities	$	(892,467	)

Cost of investments for tax purposes is $17,295,034.

18                         Invesco Strategic Real Return Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 29,  2016(a)						Year ended August 31, 2015
	Shares			Amount			Shares			Amount
Sold:
Class A		158,014		$	1,492,215			174,539		$	1,714,799
Class C		11,147			103,619			49,594			488,421
Class R		1,741			16,523			2,588			25,640
Class Y		2			19			1,227			12,010
Issued as reinvestment of dividends:
Class A		4,719			43,941			2,237			21,862
Class C		618			5,763			632			6,170
Class R		78			729			15			149
Class Y		27			249			11			109
Reacquired:
Class A		(102,974	)		(955,091	)		(27,409	)		(270,229	)
Class C		(23,288	)		(218,604	)		(7,830	)		(76,494	)
Class Y		—			—			(3	)		(29	)
Net increase in share activity		50,084		$	489,363			195,601		$	1,922,408

^(a)  84% of the outstanding shares of the Fund are owned by the Adviser.

19                         Invesco Strategic Real Return Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed(c)			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 02/29/16	$	9.62	$	0.10	$	(0.31	)	$	(0.21	)	$	(0.19	)	$	9.22		(2.21	)%	$	9,114		0.61	%(e)		2.64	%(e)		2.10	%(e)		16	%
Year ended 08/31/15		10.11		0.26		(0.49	)		(0.23	)		(0.26	)		9.62		(2.26	)		8,936		0.60			2.25			2.71			25
Year ended 08/31/14(f)		10.00		0.14		0.10			0.24			(0.13	)		10.11		2.44			7,880		0.59	(g)		2.87	(g)		4.21	(g)		13
Class C
Six months ended 02/29/16		9.61		0.06		(0.31	)		(0.25	)		(0.15	)		9.21		(2.58	)		334		1.36	(e)		3.39	(e)		1.35	(e)		16
Year ended 08/31/15		10.10		0.19		(0.49	)		(0.30	)		(0.19	)		9.61		(3.00	)		459		1.35			3.00			1.96			25
Year ended 08/31/14(f)		10.00		0.12		0.09			0.21			(0.11	)		10.10		2.14			54		1.34	(g)		3.62	(g)		3.46	(g)		13
Class R
Six months ended 02/29/16		9.62		0.09		(0.31	)		(0.22	)		(0.18	)		9.22		(2.33	)		50		0.86	(e)		2.89	(e)		1.85	(e)		16
Year ended 08/31/15		10.11		0.24		(0.49	)		(0.25	)		(0.24	)		9.62		(2.51	)		35		0.85			2.50			2.46			25
Year ended 08/31/14(f)		10.00		0.14		0.10			0.24			(0.13	)		10.11		2.37			10		0.84	(g)		3.12	(g)		3.96	(g)		13
Class Y
Six months ended 02/29/16		9.62		0.11		(0.31	)		(0.20	)		(0.20	)		9.22		(2.09	)		6,909		0.36	(e)		2.39	(e)		2.35	(e)		16
Year ended 08/31/15		10.11		0.29		(0.49	)		(0.20	)		(0.29	)		9.62		(2.02	)		7,209		0.35			2.00			2.96			25
Year ended 08/31/14(f)		10.00		0.15		0.10			0.25			(0.14	)		10.11		2.50			7,563		0.34	(g)		2.62	(g)		4.46	(g)		13
Class R5
Six months ended 02/29/16		9.62		0.11		(0.31	)		(0.20	)		(0.20	)		9.22		(2.09	)		9		0.36	(e)		2.45	(e)		2.35	(e)		16
Year ended 08/31/15		10.11		0.29		(0.49	)		(0.20	)		(0.29	)		9.62		(2.02	)		10		0.35			2.07			2.96			25
Year ended 08/31/14(f)		10.00		0.15		0.10			0.25			(0.14	)		10.11		2.50			10		0.34	(g)		2.68	(g)		4.46	(g)		13
Class R6
Six months ended 02/29/16		9.62		0.11		(0.31	)		(0.20	)		(0.20	)		9.22		(2.09	)		9		0.36	(e)		2.45	(e)		2.35	(e)		16
Year ended 08/31/15		10.11		0.29		(0.49	)		(0.20	)		(0.29	)		9.62		(2.02	)		10		0.35			2.07			2.96			25
Year ended 08/31/14(f)		10.00		0.15		0.10			0.25			(0.14	)		10.11		2.50			10		0.34	(g)		2.68	(g)		4.46	(g)		13

^(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. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you Fund bears indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.22% for the six months ended February 29, 2016 and the year ended August 31, 2015 and 0.21% for the period April 30, 2014 (commencement date) through August 31, 2014.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $9,147, $384, $47, $7,018, $9 and $9 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of April 30, 2014.

^(g)  Annualized

20                         Invesco Strategic Real Return Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2015 through February 29, 2016.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Class	Beginning Account Value (09/01/15)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/29/16)1		Expenses Paid During Period2		Ending Account Value (02/29/16)		Expenses Paid During Period2
A	$	1,000.00	$	977.90	$	3.00	$	1,021.83	$	3.07		0.61	%
C		1,000.00		974.20		6.68		1,018.10		6.82		1.36
R		1,000.00		976.70		4.23		1,020.59		4.32		0.86
Y		1,000.00		979.10		1.77		1,023.07		1.81		0.36
R5		1,000.00		979.10		1.77		1,023.07		1.81		0.36
R6		1,000.00		979.10		1.77		1,023.07		1.81		0.36

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2015 through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.

21                         Invesco Strategic Real Return Fund

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 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 800 959 4246 or at invesco.com/proxyguidelines. 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.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.     

SEC file numbers: 811-09913 and 333-36074                     SRR-SAR-1         Invesco Distributors, Inc.

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

PricewaterhouseCoopers LLP (“PwC”), the Independent Accountant to the series portfolios of the Registrant (“Funds”), has advised the Audit Committee of the Board of Trustees of the Funds (“Audit Committee”) that, as of the date of the filing of this Semi-Annual Report on Form N-CSR, it is in discussions with the Staff of the Securities and Exchange Commission, or the SEC, regarding a difference in the interpretation and application of Rule 2-01(c)(1)(ii)(A) of Regulation S-X, or the Loan Rule.

The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm is not independent if it receives a loan from an audit client or it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Pursuant to the SEC’s interpretation of the Loan Rule, some of PwC’s relationships with lenders who also own shares of one or more funds within the Invesco investment company complex may run afoul of the Loan Rule, calling into question PwC’s independence with respect to the Funds. However, PwC’s interpretation of the Loan Rule, in light of the facts of these lending relationships, leads it to conclude that there is no violation of the Loan Rule.

The Audit Committee has considered the lending relationships described by PwC and has concluded that (1) the lending relationships did not impact PwC’s application of objective judgment with respect to conducting its audits and issuing reports on the Funds’ financial statements; and (2) a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion. In making this determination, the Audit Committee considered, among other things, PwC’s description of the relevant lending relationships, PwC’s interpretation of the Rule 2-01(c)(1)(ii)(A) and PwC’s representation that its independence was not impaired in conducting its audit of the Funds’ financial statements.

PwC advised the Audit Committee that it believes it is independent and it continues to have discussions with the SEC’s Staff to resolve this interpretive matter. PwC further advised the Audit Committee that this matter did not compromise or impair its objectivity in connection with its audits of the Funds’ financial statements. These discussions with the Staff remain ongoing and, while PwC represented to the Audit Committee that it feels confident that PwC’s interpretation of the Loan Rule is correct, neither PwC nor the Audit Committee can be certain of the final outcome.

If the SEC were ultimately to determine that PwC was not independent with respect to the Funds for certain periods, the Funds’ filings with the SEC which contain the Funds’ financial statements for such periods would be non-compliant with the applicable securities laws. If the SEC determines that PwC was not independent, among other

things, the Funds may be required to have independent audits conducted on the Funds’ previously audited financial statements by another independent registered public accounting firm for the affected periods. The time involved to conduct such independent audits may impair the Funds’ ability to issue shares. Any of the foregoing potentially could have a material adverse effect on the Funds.

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 INVESTMENT 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 February 12, 2016, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2016 the Registrant’s disclosure controls and procedures were reasonably designed 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 second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a) (1) Not applicable.

12(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.

12(a) (3) Not applicable.

12(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:      AIM Counselor Series Trust (Invesco Counselor Series Trust)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	May 12, 2016

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:	May 12, 2016

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	May 12, 2016

EXHIBIT INDEX

12(a) (1)	Not applicable.
12(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.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.