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:	2/28/17

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	February 28, 2017
	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
7	Financial Statements
9	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, 8/31/16 to 2/28/17, 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	9.71	%
Class B Shares	9.73
Class C Shares	9.34
Class R Shares	9.61
Class Y Shares	9.86
Class R5 Shares	9.91
Class R6 Shares	9.94
S&P 500 Index▼ (Broad Market Index)	10.01
Russell 1000 Growth Index▼ (Style-Specific Index)	9.15
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	7.67
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco American Franchise Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	7.88	%
10 Years	7.15
5 Years	10.78
1 Year	18.74
Class B Shares
Inception (6/23/05)	7.98	%
10 Years	7.41
5 Years	11.79
1 Year	20.55
Class C Shares
Inception (6/23/05)	7.62	%
10 Years	7.00
5 Years	11.22
1 Year	23.69
Class R Shares
10 Years	7.49	%
5 Years	11.76
1 Year	25.27
Class Y Shares
Inception (6/23/05)	8.66	%
10 Years	8.03
5 Years	12.32
1 Year	25.95
Class R5 Shares
10 Years	8.00	%
5 Years	12.44
1 Year	26.00
Class R6 Shares
10 Years	7.97	%
5 Years	12.48
1 Year	26.13

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, prior to June 1, 2010, 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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	7.15	%
10 Years	6.15
5 Years	11.62
1 Year	-3.60
Class B Shares
Inception (6/23/05)	7.25	%
10 Years	6.38
5 Years	12.65
1 Year	-2.84
Class C Shares
Inception (6/23/05)	6.90	%
10 Years	5.98
5 Years	12.05
1 Year	0.34
Class R Shares
10 Years	6.48	%
5 Years	12.62
1 Year	1.86
Class Y Shares
Inception (6/23/05)	7.93	%
10 Years	7.00
5 Years	13.17
1 Year	2.34
Class R5 Shares
10 Years	6.99	%
5 Years	13.30
1 Year	2.46
Class R6 Shares
10 Years	6.95	%
5 Years	13.32
1 Year	2.51

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 1.08%, 1.08%, 1.83%, 1.33%, 0.83%, 0.71% and 0.63%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco American Franchise Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.20%
Aerospace & Defense–1.54%
Raytheon Co.		940,449	$	144,970,213
Air Freight & Logistics–0.64%
FedEx Corp.		312,392		60,285,408
Airlines–0.43%
Southwest Airlines Co.		695,221		40,183,774
Application Software–2.11%
salesforce.com, inc.(b)		2,440,115		198,503,355
Biotechnology–8.13%
Alexion Pharmaceuticals, Inc.(b)		1,011,944		132,817,650
Amgen Inc.		686,874		121,253,867
Biogen Inc.(b)		349,957		100,997,590
BioMarin Pharmaceutical Inc.(b)		594,914		55,880,272
Celgene Corp.(b)		2,218,875		274,053,252
Incyte Corp.(b)		614,608		81,804,325
				766,806,956
Cable & Satellite–4.39%
Charter Communications, Inc.–Class A(b)		179,800		58,086,188
Comcast Corp.–Class A		2,367,745		88,601,018
DISH Network Corp.–Class A(b)		4,306,692		267,014,904
				413,702,110
Commodity Chemicals–0.46%
LyondellBasell Industries N.V.–Class A		476,635		43,488,177
Consumer Electronics–2.69%
Sony Corp. (Japan)		8,187,200		253,528,750
Consumer Finance–1.04%
Synchrony Financial		2,716,781		98,456,144
Data Processing & Outsourced Services–6.52%
First Data Corp.–Class A(b)		10,097,299		162,566,514
Mastercard Inc.–Class A		1,900,685		209,949,665
Visa Inc.–Class A		2,749,944		241,830,075
				614,346,254
Environmental & Facilities Services–1.00%
Republic Services, Inc.		1,519,055		94,105,457
Fertilizers & Agricultural Chemicals–0.63%
Monsanto Co.		525,113		59,773,613
Financial Exchanges & Data–0.25%
S&P Global Inc.		184,053		23,829,342
Home Entertainment Software–4.37%
Activision Blizzard, Inc.		4,247,293		191,680,333
Electronic Arts Inc.(b)		1,799,991		155,699,221
Nintendo Co., Ltd. (Japan)		307,600		64,360,059
				411,739,613
Home Improvement Retail–3.07%
Lowe’s Cos., Inc.		3,890,992		289,373,075

	Shares		Value
Hotels, Resorts & Cruise Lines–2.20%
Carnival Corp.		933,078	$	52,205,714
Royal Caribbean Cruises Ltd.		1,619,685		155,651,729
				207,857,443
Household Appliances–0.65%
Whirlpool Corp.		340,812		60,865,615
Housewares & Specialties–0.41%
Newell Brands, Inc.		787,026		38,587,885
Industrial Conglomerates–0.29%
Honeywell International Inc.		221,416		27,566,292
Industrial Gases–0.71%
Air Products and Chemicals, Inc.		473,769		66,550,332
Industrial Machinery–0.48%
Stanley Black & Decker Inc.		357,065		45,400,815
Internet & Direct Marketing Retail–8.39%
Amazon.com, Inc.(b)		748,808		632,772,712
Priceline Group Inc. (The)(b)		91,661		158,035,480
				790,808,192
Internet Software & Services–13.68%
Alibaba Group Holding Ltd.– ADR (China)(b)(c)		1,493,347		153,665,406
Alphabet Inc.–Class A(b)		741,115		626,190,297
Facebook, Inc.–Class A(b)		3,761,824		509,877,625
				1,289,733,328
Investment Banking & Brokerage–1.99%
Charles Schwab Corp. (The)		2,144,725		86,668,337
Goldman Sachs Group, Inc. (The)		407,302		101,035,334
				187,703,671
Life Sciences Tools & Services–0.75%
Thermo Fisher Scientific, Inc.		446,972		70,478,545
Managed Health Care–1.86%
UnitedHealth Group Inc.		1,060,042		175,309,746
Movies & Entertainment–0.66%
Time Warner Inc.		631,405		62,010,285
Oil & Gas Equipment & Services–1.54%
Halliburton Co.		2,716,121		145,203,829
Oil & Gas Exploration & Production–2.87%
Anadarko Petroleum Corp.		2,061,140		133,252,701
Parsley Energy, Inc.–Class A(b)		1,124,189		34,164,104
Pioneer Natural Resources Co.(c)		553,345		102,905,569
				270,322,374
Packaged Foods & Meats–1.28%
Mondelez International, Inc.–Class A		1,147,221		50,385,947
Tyson Foods, Inc.–Class A		1,121,579		70,165,982
				120,551,929

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

5                         Invesco  American Franchise Fund

	Shares		Value
Pharmaceuticals–4.98%
Allergan PLC		849,006	$	207,853,649
Eli Lilly and Co.		901,125		74,622,161
Merck & Co., Inc.		1,578,072		103,947,603
Zoetis Inc.		1,550,718		82,668,776
				469,092,189
Semiconductors–2.88%
Broadcom Ltd.		801,491		169,058,496
NVIDIA Corp.		639,075		64,853,331
QUALCOMM, Inc.		668,191		37,739,428
				271,651,255
Soft Drinks–0.67%
Monster Beverage Corp.(b)		1,528,754		63,351,566
Specialized Consumer Services–0.39%
Service Corp. International		1,183,538		36,370,123
Specialized REIT’s–0.40%
American Tower Corp.		332,843		38,207,048
Specialty Chemicals–1.72%
Ecolab Inc.		542,646		67,271,825
Sherwin-Williams Co. (The)		308,106		95,063,025
				162,334,850
Systems Software–2.88%
Microsoft Corp.		3,584,653		229,346,099
ServiceNow, Inc.(b)		488,459		42,456,856
				271,802,955
Technology Hardware, Storage & Peripherals–5.13%
Apple Inc.		3,527,010		483,165,100

	Shares		Value
Tobacco–3.18%
Altria Group, Inc.		1,097,558	$	82,229,045
Philip Morris International Inc.		1,986,385		217,211,200
				299,440,245
Wireless Telecommunication Services–1.94%
Sprint Corp.(b)		20,778,329		183,057,079
Total Common Stocks & Other Equity Interests (Cost $6,000,439,498)				9,350,514,932
Money Market Funds–0.72%
Government & Agency Portfolio–Institutional Class, 0.47%(d)		40,953,111		40,953,111
Treasury Portfolio–Institutional Class, 0.41%(d)		27,302,076		27,302,076
Total Money Market Funds (Cost $68,255,187)				68,255,187
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.92% (Cost $6,068,694,685)				9,418,770,119
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.01%
Government & Agency Portfolio–Institutional Class, 0.47% (Cost $1,398,556)(d)(e)		1,398,556		1,398,556
TOTAL INVESTMENTS–99.93% (Cost $6,070,093,241)				9,420,168,675
OTHER ASSETS LESS LIABILITIES–0.07%				6,312,246
NET ASSETS–100.00%			$	9,426,480,921

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 28, 2017.

^(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 28, 2017.

^(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 28, 2017

Information Technology	37.6	%
Consumer Discretionary	22.8
Health Care	15.7
Consumer Staples	5.1
Energy	4.4
Industrials	4.4
Materials	3.5
Financials	3.3
Telecommunication Services	2.0
Real Estate	0.4
Money Market Funds Plus Other Assets Less Liabilities	0.8

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

6                         Invesco  American Franchise Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $6,000,439,498)*	$	9,350,514,932
Investments in affiliated money market funds, at value and cost		69,653,743
Total investments, at value (Cost $6,070,093,241)		9,420,168,675
Foreign currencies, at value (Cost $525)		1,453
Receivable for:
Investments sold		89,091,982
Fund shares sold		4,034,986
Dividends		6,956,674
Investment for trustee deferred compensation and retirement plans		2,528,752
Other assets		148,069
Total assets		9,522,930,591
Liabilities:
Payable for:
Investments purchased		75,281,474
Fund shares reacquired		9,607,596
Dividends		37
Collateral upon return of securities loaned		1,398,556
Accrued fees to affiliates		4,942,742
Accrued trustees’ and officers’ fees and benefits		19,011
Accrued other operating expenses		2,352,146
Trustee deferred compensation and retirement plans		2,848,108
Total liabilities		96,449,670
Net assets applicable to shares outstanding	$	9,426,480,921
Net assets consist of:
Shares of beneficial interest	$	6,002,557,410
Undistributed net investment income (loss)		(13,064,383	)
Undistributed net realized gain		86,912,848
Net unrealized appreciation		3,350,075,046
	$	9,426,480,921

Net Assets:
Class A	$	8,592,369,817
Class B	$	82,514,006
Class C	$	369,251,763
Class R	$	29,618,250
Class Y	$	173,944,313
Class R5	$	57,750,678
Class R6	$	121,032,094
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		480,351,881
Class B		4,742,017
Class C		22,133,019
Class R		1,681,912
Class Y		9,558,767
Class R5		3,169,502
Class R6		6,617,526
Class A:
Net asset value per share	$	17.89
Maximum offering price per share
(Net asset value of $17.89 ¸ 94.50%)	$	18.93
Class B:
Net asset value and offering price per share	$	17.40
Class C:
Net asset value and offering price per share	$	16.68
Class R:
Net asset value and offering price per share	$	17.61
Class Y:
Net asset value and offering price per share	$	18.20
Class R5:
Net asset value and offering price per share	$	18.22
Class R6:
Net asset value and offering price per share	$	18.29

* At February 28, 2017, securities with an aggregate value of $1,362,194 were on loan to brokers.

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

7                         Invesco  American Franchise Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $77,041)	$	43,195,589
Dividends from affiliated money market funds (includes securities lending income of $9,984)		158,310
Total investment income		43,353,899
Expenses:
Advisory fees		26,553,282
Administrative services fees		372,769
Custodian fees		113,201
Distribution fees:
Class A		10,216,460
Class B		121,842
Class C		1,787,354
Class R		71,238
Transfer agent fees — A,B,C,R and Y		8,158,693
Transfer agent fees — R5		24,544
Transfer agent fees — R6		2,358
Trustees’ and officers’ fees and benefits		127,746
Registration and filing fees		83,485
Reports to shareholders		1,865,321
Professional services fees		45,516
Other		108,467
Total expenses		49,652,276
Less: Fees waived and expense offset arrangement(s)		(125,249	)
Net expenses		49,527,027
Net investment income (loss)		(6,173,128	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $71,992)		264,111,923
Foreign currencies		(97,983	)
		264,013,940
Change in net unrealized appreciation (depreciation) of:
Investment securities		589,242,755
Foreign currencies		(25,156	)
		589,217,599
Net realized and unrealized gain		853,231,539
Net increase in net assets resulting from operations	$	847,058,411

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

8                         Invesco  American Franchise Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income (loss)	$	(6,173,128	)	$	(5,205,861	)
Net realized gain		264,013,940			394,895,687
Change in net unrealized appreciation		589,217,599			299,342,179
Net increase in net assets resulting from operations		847,058,411			689,032,005
Distributions to shareholders from net realized gains:
Class A		(315,570,815	)		(404,436,791	)
Class B		(3,788,050	)		(7,572,828	)
Class C		(14,719,499	)		(19,559,023	)
Class R		(1,131,439	)		(1,576,213	)
Class Y		(5,919,585	)		(7,356,909	)
Class R5		(2,009,822	)		(2,447,999	)
Class R6		(4,503,505	)		(3,991,542	)
Total distributions from net realized gains		(347,642,715	)		(446,941,305	)
Share transactions–net:
Class A		(117,564,426	)		(286,789,679	)
Class B		(33,594,646	)		(55,638,345	)
Class C		(15,400,696	)		(19,536,713	)
Class R		(587,138	)		(2,647,321	)
Class Y		17,320,673			(9,414,064	)
Class R5		794,649			1,812,719
Class R6		(6,673,756	)		26,177,006
Net increase (decrease) in net assets resulting from share transactions		(155,705,340	)		(346,036,397	)
Net increase (decrease) in net assets		343,710,356			(103,945,697	)
Net assets:
Beginning of period		9,082,770,565			9,186,716,262
End of period (includes undistributed net investment income (loss) of $(13,064,383) and $(6,891,255), respectively)	$	9,426,480,921		$	9,082,770,565

Notes to Financial Statements

February 28, 2017

(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.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

9                         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.

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

10                         Invesco  American Franchise Fund

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 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.

11                         Invesco  American Franchise Fund

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 the 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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $51,132.

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 28, 2017, 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 28, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

12                         Invesco  American Franchise Fund

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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $242,211 in front-end sales commissions from the sale of Class A shares and $3,648, $935 and $6,345 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2017, the Fund incurred $17,256 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 28, 2017, all of the securities in the 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.

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 28, 2017, the Fund engaged in securities purchases of $23,000,951 and securities sales of $5,445,635, which resulted in net realized gains of $71,992.

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $74,117.

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.

13                         Invesco  American Franchise 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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	51,059,727	$	—	$	51,059,727

* 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 28, 2017 was $2,240,223,562 and $2,701,009,462, 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	$	3,332,025,694
Aggregate unrealized (depreciation) of investment securities		(27,037,784	)
Net unrealized appreciation of investment securities	$	3,304,987,910

Cost of investments for tax purposes is $6,115,180,765.

14                         Invesco  American Franchise Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		5,205,713		$	89,023,618			11,018,677		$	178,385,249
Class B		63,459			1,050,655			76,428			1,198,972
Class C		670,412			10,709,892			1,373,794			21,088,137
Class R		126,688			2,133,795			385,728			6,135,501
Class Y		2,644,295			45,916,418			2,425,004			39,927,655
Class R5		362,654			6,354,637			866,249			14,040,010
Class R6		200,609			3,486,969			2,687,395			41,141,890
Issued as reinvestment of dividends:
Class A		18,006,443			299,267,087			23,357,342			381,892,508
Class B		230,789			3,731,860			468,373			7,456,502
Class C		891,176			13,831,052			1,189,374			18,352,040
Class R		69,116			1,131,439			97,598			1,576,212
Class Y		289,922			4,899,682			382,605			6,339,768
Class R5		118,755			2,009,335			147,701			2,447,403
Class R6		265,224			4,503,505			240,310			3,991,543
Automatic conversion of Class B shares to Class A shares:
Class A		1,761,361			30,313,066			2,986,781			48,313,269
Class B		(1,809,737	)		(30,313,066	)		(3,066,056	)		(48,313,269	)
Reacquired:
Class A		(31,418,534	)		(536,168,197	)		(55,216,726	)		(895,380,705	)
Class B		(484,825	)		(8,064,095	)		(1,015,764	)		(15,980,550	)
Class C		(2,502,101	)		(39,941,640	)		(3,870,093	)		(58,976,890	)
Class R		(229,338	)		(3,852,372	)		(650,883	)		(10,359,034	)
Class Y		(1,928,048	)		(33,495,427	)		(3,373,005	)		(55,681,487	)
Class R5		(433,781	)		(7,569,323	)		(892,248	)		(14,674,694	)
Class R6		(834,303	)		(14,664,230	)		(1,111,779	)		(18,956,427	)
Net increase (decrease) in share activity		(8,734,051	)	$	(155,705,340	)		(21,493,195	)	$	(346,036,397	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% 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  American Franchise 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 (loss)(a)			Net gains 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 02/28/17	$	16.96	$	(0.01	)	$	1.61	$	1.60		$	—		$	(0.67	)	$	(0.67	)	$	17.89		9.71	%	$	8,592,370		1.09	%(d)		1.09	%(d)		(0.12	)%(d)		25	%
Year ended 08/31/16		16.49		(0.01	)		1.30		1.29			—			(0.82	)		(0.82	)		16.96		7.99			8,253,739		1.08			1.08			(0.04	)		59
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
Class B
Six months ended 02/28/17		16.51		(0.01	)		1.57		1.56			—			(0.67	)		(0.67	)		17.40		9.73	(e)		82,514		1.09	(d)(e)		1.09	(d)(e)		(0.12	)(d)(e)		25
Year ended 08/31/16		16.08		(0.01	)		1.26		1.25			—			(0.82	)		(0.82	)		16.51		7.94	(e)		111,323		1.08	(e)		1.08	(e)		(0.04	)(e)		59
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
Class C
Six months ended 02/28/17		15.92		(0.07	)		1.50		1.43			—			(0.67	)		(0.67	)		16.68		9.34			369,252		1.84	(d)		1.84	(d)		(0.87	)(d)		25
Year ended 08/31/16		15.64		(0.12	)		1.22		1.10			—			(0.82	)		(0.82	)		15.92		7.18			367,233		1.83			1.83			(0.79	)		59
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
Class R
Six months ended 02/28/17		16.72		(0.03	)		1.59		1.56			—			(0.67	)		(0.67	)		17.61		9.61			29,618		1.34	(d)		1.34	(d)		(0.37	)(d)		25
Year ended 08/31/16		16.31		(0.05	)		1.28		1.23			—			(0.82	)		(0.82	)		16.72		7.70			28,686		1.33			1.33			(0.29	)		59
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
Class Y
Six months ended 02/28/17		17.22		0.01			1.64		1.65			—			(0.67	)		(0.67	)		18.20		9.86			173,944		0.84	(d)		0.84	(d)		0.13	(d)		25
Year ended 08/31/16		16.69		0.04			1.31		1.35			—			(0.82	)		(0.82	)		17.22		8.26			147,246		0.83			0.83			0.21			59
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
Class R5
Six months ended 02/28/17		17.23		0.02			1.64		1.66			—			(0.67	)		(0.67	)		18.22		9.91			57,751		0.74	(d)		0.74	(d)		0.23	(d)		25
Year ended 08/31/16		16.68		0.05			1.32		1.37			—			(0.82	)		(0.82	)		17.23		8.39			53,789		0.71			0.71			0.33			59
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
Class R6
Six months ended 02/28/17		17.29		0.03			1.64		1.67			—			(0.67	)		(0.67	)		18.29		9.94			121,032		0.66	(d)		0.66	(d)		0.31	(d)		25
Year ended 08/31/16		16.72		0.07			1.32		1.39			—			(0.82	)		(0.82	)		17.29		8.49			120,754		0.63			0.63			0.42			59
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(f)		13.03		0.07			1.87		1.94			(0.05	)		—			(0.05	)		14.92		14.98			113,955		0.65	(g)		0.65	(g)		0.58	(g)		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.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $8,240,901, $98,281, $360,433, $28,731, $156,080, $53,830 and $118,931 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 0.25% for the six months ended February 28, 2017 and the years ended August 31, 2016, 2015, 2014, 2013 and 2012 respectively.

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

^(g)  Annualized.

16                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,097.10	$	5.67	$	1,019.39	$	5.46		1.09	%
B		1,000.00		1,097.30		5.67		1,019.39		5.46		1.09
C		1,000.00		1,093.40		9.55		1,015.67		9.20		1.84
R		1,000.00		1,096.10		6.96		1,018.15		6.71		1.34
Y		1,000.00		1,098.60		4.37		1,020.63		4.21		0.84
R5		1,000.00		1,099.10		3.85		1,021.12		3.71		0.74
R6		1,000.00		1,099.40		3.44		1,021.52		3.31		0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco  American Franchise Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             VK-AMFR-SAR-1             04132017      0957

	Semiannual Report to Shareholders	February 28, 2017
	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
14	Financial Statements
16	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, 8/31/16 to 2/28/17, 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	-4.11	%
Class B Shares	-4.06
Class C Shares	-4.32
Class Y Shares	-3.97
S&P Municipal Bond Index▼ (Broad Market Index)	-2.51
S&P Municipal Bond California 5+ Year Investment Grade Index▼ (Style-Specific Index)	-4.11
Lipper California Municipal Debt Funds Index∎ (Peer Group Index)	-3.73
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 a sub-set 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 California-issued US municipals whose maturities are greater than or equal to 5 years.

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

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco California Tax-Free Income Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.19	%
10 Years	3.65
5 Years	2.79
1 Year	-4.40
Class B Shares
Inception (7/11/84)	6.04	%
10 Years	4.13
5 Years	3.42
1 Year	-4.93
Class C Shares
Inception (7/28/97)	3.92	%
10 Years	3.58
5 Years	3.17
1 Year	-1.67
Class Y Shares
Inception (7/28/97)	4.69	%
10 Years	4.37
5 Years	3.96
1 Year	0.12

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, prior to June 1, 2010, 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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.17	%
10 Years	3.61
5 Years	3.41
1 Year	-4.36
Class B Shares
Inception (7/11/84)	6.04	%
10 Years	4.09
5 Years	4.00
1 Year	-4.94
Class C Shares
Inception (7/28/97)	3.89	%
10 Years	3.55
5 Years	3.78
1 Year	-1.60
Class Y Shares
Inception (7/28/97)	4.66	%
10 Years	4.32
5 Years	4.55
1 Year	0.11

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 0.94%, 0.94%, 1.44% and 0.69%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco California Tax-Free Income Fund

Schedule of Investments

February 28, 2017

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–108.80%
California–104.42%
ABAG Finance Authority For Non-profit Corps. (Sharp Healthcare); Series 2014 A, RB		5.00	%		08/01/2043	$	500	$	553,105
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB(a)(b)		7.63	%		01/01/2020		1,575		1,854,421
Alhambra Elementary School District (Election of 1999); Series 1999 A, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		09/01/2020		1,925		1,814,178
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB		5.38	%		10/01/2036		2,500		2,822,275
Antelope Valley-East Kern Water Agency;
Series 2016, Ref. Water RB		5.00	%		06/01/2036		650		743,639
Series 2016, Ref. Water RB		5.00	%		06/01/2037		1,000		1,141,480
Arcadia Unified School District (Election of 2006); Series 2007 A, Unlimited Tax GO Bonds (INS–AGM)(c)		5.00	%		08/01/2037		1,500		1,504,995
Bakersfield (City of); Series 2007 A, Wastewater RB(a)(b)		5.00	%		09/15/2017		2,215		2,267,651
Bay Area Governments Association (California Capital); Series 2001 A, Lease RB (INS–AMBAC)(c)		5.25	%		07/01/2017		535		539,847
Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll Bridge RB(a)(b)(e)		5.00	%		04/01/2018		1,250		1,307,225
Series 2008 F-1, Toll Bridge RB(a)(b)		5.00	%		04/01/2018		2,500		2,614,450
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.13	%		04/01/2019		1,500		1,628,415
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.25	%		04/01/2019		4,685		5,098,170
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.25	%		04/01/2019		5,205		5,664,029
Series 2017 F-1, Toll Bridge RB(e)		5.00	%		04/01/2056		3,465		3,900,447
Bay Area Water Supply & Conservation Agency; Series 2013 A, RB		5.00	%		10/01/2034		1,950		2,188,680
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2026		1,465		1,120,300
Series 2009, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2032		3,045		1,766,861
Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS–AGM)(c)		5.50	%		08/01/2018		1,090		1,094,578
California (State of) (Green Bonds); Series 2014, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2037		3,245		3,692,064
California (State of) Educational Facilities Authority (Claremont McKenna College); Series 2007, RB(e)		5.00	%		01/01/2038		2,100		2,165,163
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB		5.00	%		04/01/2042		1,715		1,899,311
California (State of) Educational Facilities Authority (Pepperdine University); Series 2016, Ref. RB		5.00	%		10/01/2049		1,000		1,136,990
California (State of) Educational Facilities Authority (Pitzer College); Series 2009, RB		6.00	%		04/01/2040		2,000		2,265,040
California (State of) Educational Facilities Authority (Stanford University); Series 2007 T-1, RB(e)		5.00	%		03/15/2039		3,190		4,017,327
California (State of) Educational Facilities Authority (University of Southern California); Series 2009 B, RB(a)(b)(e)		5.25	%		10/01/2018		1,800		1,926,702
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 A, RB(a)(b)		5.75	%		09/01/2019		500		558,375
California (State of) Health Facilities Financing Authority (Catholic Healthcare West);
Series 2009 A, RB(a)(b)		6.00	%		07/01/2019		500		557,710
Series 2011 A, RB		5.25	%		03/01/2041		2,500		2,684,550
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center);
Series 2015, Ref. RB		5.00	%		11/15/2031		1,300		1,514,266
Series 2015, Ref. RB		5.00	%		11/15/2032		1,250		1,446,625
Series 2015, Ref. RB		5.00	%		11/15/2033		1,000		1,151,490
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2009, RB(a)(b)		5.00	%		08/15/2019		1,050		1,151,504
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2010, RB (INS–AGM)(c)		5.25	%		07/01/2038		2,950		3,169,155
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2016 B, RB		5.00	%		08/15/2055		1,750		1,934,503

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) Health Facilities Financing Authority (Providence Health & Services);
Series 2008, RB(a)(b)		6.50	%		10/01/2018	$	980	$	1,067,338
Series 2008, RB(a)(b)		6.50	%		10/01/2018		20		21,782
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB		5.00	%		11/15/2036		4,000		4,328,600
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00	%		07/01/2037		1,000		1,116,510
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB		5.25	%		11/15/2040		2,000		2,257,300
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB		5.50	%		08/15/2026		1,000		1,129,510
California (State of) Municipal Finance Authority (American Heritage Education Foundation);
Series 2016 A, Ref. RB		5.00	%		06/01/2036		1,000		1,065,700
Series 2016 A, Ref. RB		5.00	%		06/01/2046		1,140		1,202,324
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(f)		5.00	%		11/01/2046		1,000		994,440
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		1,320,132
Series 2014 A, Sr. Mobile Home Park RB		5.25	%		08/15/2049		1,420		1,553,437
California (State of) Municipal Finance Authority (Caritas Projects); Series 2012 A, Sr. Mobile Home Park RB		5.50	%		08/15/2047		1,500		1,644,090
California (State of) Municipal Finance Authority (Community Medical Centers);
Series 2017 A, Ref. RB		5.00	%		02/01/2033		1,035		1,154,087
Series 2017 A, Ref. RB		5.00	%		02/01/2047		1,380		1,508,616
California (State of) Municipal Finance Authority (Eisenhower Medical Center);
Series 2010 A, RB		5.50	%		07/01/2030		1,000		1,084,520
Series 2010 A, RB		5.75	%		07/01/2040		1,500		1,630,170
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB		5.75	%		01/01/2033		1,315		1,472,997
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB		5.25	%		01/01/2034		620		658,235
California (State of) Municipal Finance Authority (University of La Verne); Series 2010 A, RB		6.13	%		06/01/2030		1,000		1,129,230
California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB(f)(g)		5.00	%		07/01/2037		3,000		3,115,800
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2015 B-1, Ref. Solid Waste Disposal RB(g)		3.00	%		11/01/2025		1,500		1,508,535
California (State of) Public Works Board (Various Capital); Series 2011 A, Lease RB		5.13	%		10/01/2031		2,000		2,257,860
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, Lease RB		5.00	%		09/01/2039		3,000		3,377,070
California (State of) Public Works Board (Various State Universities); Series 2013 H, Lease RB(a)(b)		5.00	%		09/01/2023		1,000		1,204,780
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, School Facility RB		6.30	%		07/01/2043		840		950,284
Series 2015, School Facility RB(f)		5.00	%		07/01/2045		1,265		1,271,338
California (State of) School Finance Authority (Aspire Public Schools);
Series 2015 A, Ref. Charter School RB(f)		5.00	%		08/01/2045		1,000		1,039,310
Series 2016, Ref. Charter School RB(f)		5.00	%		08/01/2046		750		778,950
California (State of) School Finance Authority (Green Dot Public Schools); Series 2015 A, School Facility RB(f)		5.00	%		08/01/2045		1,500		1,595,835
California (State of) School Finance Authority (KIPP LA); Series 2015 A, Facilities RB(f)		5.00	%		07/01/2045		500		518,785
California (State of) Statewide Communities Development Authority (Adventist Health System);
Series 2015, Ref. RB		5.00	%		03/01/2033		775		880,183
Series 2015, Ref. RB		5.00	%		03/01/2045		2,315		2,547,495
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012, School Facility RB		6.10	%		07/01/2032		820		900,081
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB		6.25	%		10/01/2039		2,000		2,181,240
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2007 A, RB		5.40	%		11/01/2027		1,785		1,833,516
Series 2014 A, RB		5.13	%		11/01/2023		715		759,309

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 (Cottage Health System Obligated Group); Series 2010, RB		5.25	%		11/01/2030	$	1,675	$	1,829,134
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS–AGM)(c)		5.25	%		10/01/2043		600		664,392
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB		5.00	%		07/01/2044		750		794,820
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB		5.00	%		08/15/2046		3,000		3,271,440
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(f)		5.00	%		06/01/2046		1,000		979,160
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50	%		12/01/2054		1,500		1,601,250
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB(a)(b)		6.75	%		08/01/2019		445		505,667
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB(f)		6.25	%		11/15/2019		1,275		1,361,483
Series 2009, Senior Living RB(f)		7.25	%		11/15/2041		500		552,755
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB		5.63	%		10/01/2032		1,000		1,056,800
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		2,202,440
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2006 A, Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2046		8,000		1,088,160
California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.75	%		04/01/2031		5,000		5,469,050
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		11/01/2035		1,750		1,969,940
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		04/01/2038		1,250		1,379,463
Series 2010, Unlimited Tax GO Bonds		5.25	%		11/01/2040		3,000		3,368,250
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		09/01/2032		2,450		2,763,085
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2041		2,500		2,801,750
Series 2012, Ref. Unlimited Tax GO Bonds		5.25	%		02/01/2030		1,000		1,144,620
Series 2015, Unlimited Tax GO Bonds		5.00	%		08/01/2045		1,000		1,128,830
California County Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, Tobacco Settlement Asset-Backed CAB RB(d)		0.00	%		06/01/2033		1,645		647,308
California County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Asset-Backed RB		5.70	%		06/01/2046		1,030		1,030,937
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts and Sciences Obligated Group);
Series 2015, Ref. RB		5.00	%		11/01/2035		1,000		1,141,560
Series 2015, Ref. RB		5.00	%		11/01/2041		4,265		4,843,633
California Infrastructure & Economic Development Bank (Broad Museum); Series 2011 A, RB		5.00	%		06/01/2021		2,000		2,313,640
California Infrastructure & Economic Development Bank (The Walt Disney Family Museum);
Series 2016, Ref. RB		5.00	%		02/01/2030		200		231,422
Series 2016, Ref. RB		5.00	%		02/01/2031		300		345,147
California Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00	%		10/15/2037		1,000		1,071,790
Series 2017, Ref. RB		5.00	%		10/15/2047		1,000		1,062,780
California State University;
Series 2009 A, Systemwide RB(a)(b)		5.25	%		05/01/2019		1,000		1,092,040
Series 2012 A, Systemwide RB(e)		5.00	%		11/01/2037		6,750		7,754,198
Chino Basin Regional Financing Authority (Inland Empire Utilities Agency); Series 2008 A, RB(a)(b)		5.00	%		11/01/2017		725		746,214
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(d)		0.00	%		08/01/2029		735		479,301
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax GO Bonds(a)(b)		5.00	%		08/01/2017		2,500		2,546,850

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)
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB		5.00	%		06/01/2036	$	2,000	$	2,219,940
Eastern Municipal Water District;
Series 2016 A, Ref. Water and Wastewater RB		5.00	%		07/01/2033		1,005		1,177,488
Series 2016 A, Ref. Water and Wastewater RB		5.00	%		07/01/2045		2,775		3,177,874
Eden (Township of) Healthcare District; Series 2010, COP(a)(b)		6.13	%		06/01/2020		1,000		1,157,930
El Monte Union High School District (Election of 2008); Series 2009 A, Unlimited Tax GO Bonds(a)(b)		5.50	%		06/01/2019		1,000		1,100,060
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2033		4,430		2,311,485
Emeryville (City of) Public Financing Authority (Alameda County);
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2032		445		503,798
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2033		385		433,941
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2034		500		561,420
Fairfield (City of) Community Facilities District No. 3 (North Cordelia General Improvements); Series 2008, Special Tax RB		6.00	%		09/01/2032		1,800		1,920,168
Fontana (City of) Public Financing Authority (North Fontana Redevelopment); Series 2003 A, Tax Allocation RB (INS–AMBAC)(c)		5.38	%		09/01/2025		1,500		1,505,910
Fontana (City of) Redevelopment Agency (Downtown Redevelopment); Series 2000, Ref. Tax Allocation RB (INS–NATL)(c)		5.00	%		09/01/2021		1,480		1,483,182
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. CAB Toll Road RB (INS–AGM)(c)(d)		0.00	%		01/15/2035		2,745		1,281,695
Fremont Community Facilities District No. 1 (Pacific Commons);
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2035		815		869,043
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2045		905		957,671
Fullerton (City of) Community Facilities District No. 1 (Amerige Heights);
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2026		1,960		2,188,928
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2032		1,090		1,187,784
Gilroy Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2029		615		438,513
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2031		2,235		1,496,511
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2029		4,735		3,035,419
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2031		1,415		824,450
Glendora (City of) Public Finance Authority; Series 2003 A, Project No. One Tax Allocation RB (INS–NATL)(c)		5.00	%		09/01/2024		2,425		2,434,045
Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/2027		2,740		2,760,851
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2033		3,440		3,440,069
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2047		2,000		1,999,880
Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2030		2,000		2,262,140
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2040		695		770,220
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2045		1,165		1,286,696
Hollister Joint Powers Financing Authority; Series 2016, Ref. Wastewater RB (INS–AGM)(c)		5.00	%		06/01/2036		1,270		1,443,139
Inglewood (City of) Redevelopment Agency (Merged Redevelopment); Series 1998 A, Ref. Tax Allocation RB (INS–AMBAC)(c)		5.25	%		05/01/2023		1,000		1,091,820
Inland Empire Tobacco Securitization Authority;
Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		1,655		1,656,092
Series 2007 C-1, Asset-Backed Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2036		5,000		1,242,250
Series 2007 C-2, Asset-Backed Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2047		10,000		1,223,500
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		469,479
Series 2014, Special Tax RB		5.00	%		09/01/2049		445		468,389
Irvine Ranch Water District; Series 2016, Special Assessment RB(e)		5.25	%		02/01/2046		4,305		5,106,634
Irvine Unified School District (Community Facilities District No. 06-1-Portola Springs); Series 2010, Special Tax RB		6.70	%		09/01/2035		515		567,473
Irvine Unified School District; Series 2015, Ref. Special Tax RB (INS-BAM)(c)		5.00	%		09/01/2038		3,500		3,915,730
Kern (County of) (Capital Improvements); Series 2009 A, COP(a)(b)		5.75	%		02/01/2019		1,000		1,092,270

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)
Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, Water Revenue COP(a)(b)		5.00	%		05/01/2018	$	1,700	$	1,783,946
Lake Elsinore (City of) Public Financing Authority;
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2022		155		175,136
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2024		450		509,661
Lodi (City of);
Series 2007 A, Wastewater System Revenue COP(a)(b)		5.00	%		10/01/2017		740		759,151
Series 2007 A, Wastewater System Revenue COP (INS–AGM)(c)		5.00	%		10/01/2037		260		265,738
Long Beach (City of) Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB		5.00	%		11/01/2029		2,000		2,247,100
Long Beach (City of) Bond Finance Authority (Natural Gas Purchase); Series 2007 A, RB		5.50	%		11/15/2032		2,665		3,236,163
Long Beach (City of) Financing Authority; Series 1992, RB (INS–AMBAC)(c)		6.00	%		11/01/2017		3,380		3,471,530
Long Beach (City of);
Series 2010 A, Sr. Airport RB		5.00	%		06/01/2040		2,500		2,730,675
Series 2015, Marina System RB		5.00	%		05/15/2025		480		547,181
Series 2015, Marina System RB		5.00	%		05/15/2045		1,615		1,734,042
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		661,470
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB		5.00	%		05/15/2035		2,500		2,766,075
Series 2010 B, Sub. RB		5.00	%		05/15/2040		1,000		1,106,430
Series 2013, RB(g)		5.00	%		05/15/2043		3,000		3,282,510
Los Angeles (City of) Department of Airports; Series 2015 C, Ref. Sub. RB		5.00	%		05/15/2038		1,000		1,133,700
Los Angeles (City of) Department of Water & Power;
Series 2011 A, Power System RB(e)		5.00	%		07/01/2022		1,800		2,058,138
Series 2011 A, Water System RB		5.25	%		07/01/2039		1,500		1,700,775
Series 2016 A, Ref. Water System RB		5.00	%		07/01/2041		2,000		2,290,160
Subseries 2007 A-1, Power System RB (INS–AMBAC)(c)		5.00	%		07/01/2037		1,000		1,012,310
Subseries 2008 A-1, Power System RB		5.25	%		07/01/2038		2,000		2,113,260
Los Angeles (City of) Harbor Department; Series 2014 A, Ref. RB(g)		5.00	%		08/01/2036		1,000		1,105,570
Los Angeles Community College District (Election of 2003); Series 2008 F-1, Unlimited Tax GO Bonds(a)(b)(e)		5.00	%		08/01/2018		2,000		2,118,620
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, CAB COP (INS–AMBAC)(c)(d)		0.00	%		08/01/2024		1,265		1,013,025
Los Angeles Unified School District (Election of 2004);
Series 2007 H, Unlimited Tax GO Bonds(a)(b)		5.00	%		07/01/2017		1,000		1,015,130
Series 2009 I, Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		01/01/2034		3,000		3,257,340
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2035		940		453,935
Montclair (City of) Redevelopment Agency (Montclair Redevelopment Project No. V); Series 2001, Ref. Tax Allocation RB (INS–NATL)(c)		5.00	%		10/01/2020		915		918,084
Montebello Unified School District (Election of 2004); Series 2009 A-1, Unlimited Tax GO Bonds(a)(b)		5.25	%		08/01/2019		1,000		1,102,020
Moorpark Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2031		840		496,406
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B, RB(f)		6.50	%		03/01/2028		1,000		1,040,540
Mt. San Antonio (City of) Community College District (Election 2008); Series 2013 A, Unlimited Tax Conv. CAB GO Bonds(h)		6.25	%		08/01/2043		1,285		917,657
Napa Valley Unified School District; Series 2016 C, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2041		2,000		2,290,880
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB		7.00	%		08/01/2032		1,500		1,800,390
Norco (City of) Financing Authority; Series 2009, Ref. Enterprise RB (INS–AGM)(c)		5.63	%		10/01/2034		1,000		1,091,750
Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB		5.00	%		05/01/2038		1,250		1,424,413
Oakland Unified School District (County of Alameda); Series 2015 A, Unlimited Tax GO Bonds		5.00	%		08/01/2040		1,070		1,207,848
Orange (County of) Community Facilities District No. 2015-1 (Esencia Village);
Series 2015 A, Special Tax RB		5.00	%		08/15/2035		125		133,529
Series 2015 A, Special Tax RB		5.25	%		08/15/2045		615		663,314

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)
Orange (County of) Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, Special Tax RB		5.00	%		08/15/2046	$	2,700	$	2,869,371
Palomar Pomerado Health; Series 2009, COP(a)(b)		6.75	%		11/01/2019		2,000		2,294,900
Paramount Unified School District (Election of 2006); Series 2007, Unlimited Tax GO Bonds(a)(b)		5.25	%		08/01/2017		1,600		1,631,680
Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds(a)(b)		5.50	%		08/01/2018		1,000		1,066,030
Pomona (City of) Public Financing Authority (Merged Redevelopment); Series 2007 AW, Sub. RB		5.13	%		02/01/2033		1,075		1,075,817
Port Hueneme (City of) (Capital Improvement Program); Series 1992, Ref. COP (INS–NATL)(c)		6.00	%		04/01/2019		650		680,739
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		1,077,490
Rancho Cucamonga (City of) Redevelopment Agency (Rancho Redevelopment Housing Set Aside) Series 2007 A, Tax Allocation RB(a)(b)		5.00	%		09/01/2017		1,000		1,022,330
Redding (City of) Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, Tax Allocation RB (INS–NATL)(c)		5.00	%		09/01/2023		1,400		1,405,040
Regents of the University of California;
Series 2009 O, General RB(a)(b)(e)		5.75	%		05/15/2019		705		778,468
Series 2009 O, General RB(a)(b)(e)		5.75	%		05/15/2019		1,050		1,159,421
Series 2009 Q, General RB(e)(i)		5.00	%		05/15/2034		920		936,542
Series 2016 L, Ref. Medical Center Pooled RB(e)		5.00	%		05/15/2041		3,420		3,872,705
Riverside (City of);
Series 2008 B, Water RB (INS–AGM)(c)		5.00	%		10/01/2033		1,000		1,058,990
Series 2008 D, Electric RB (INS–AGM)(c)		5.00	%		10/01/2038		1,800		1,895,922
Riverside (County of) Community Facilities District No. 07-2 (Clinton Keith); Series 2015, Special Tax Bonds		5.00	%		09/01/2044		1,000		1,055,510
Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB		5.00	%		06/01/2032		1,500		1,663,440
RNR School Financing Authority (Community Facilities District No. 92-1); Series 2017 A, Special Tax RB (INS-BAM)(c)		5.00	%		09/01/2041		1,610		1,794,248
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. Special Tax Bonds		5.00	%		09/01/2038		1,000		1,064,090
Sacramento (City of) Municipal Utility District; Series 2016 D, Ref. Electric RB		5.00	%		08/15/2027		1,500		1,860,975
Sacramento (County of);
Series 2008 A, Sr. Airport System RB(a)(b)		5.00	%		07/01/2018		1,015		1,071,911
Series 2008 A, Sr. Airport System RB (INS–AGM)(c)		5.00	%		07/01/2032		1,000		1,045,620
Series 2010, Sr. Airport System RB		5.00	%		07/01/2040		2,200		2,410,034
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/2041		2,000		2,333,400
San Clemente (City of) (Community Facilities District 2006-1); Series 2015, Special Tax RB		5.00	%		09/01/2040		315		332,486
San Diego (City of) Public Facilities Financing Authority (Ballpark Refunding); Series 2016, Ref. Lease RB		5.00	%		10/15/2031		1,525		1,752,850
San Diego (City of) Public Facilities Financing Authority (Southcrest & Central Imperial Redevelopment); Series 2007 B, Pooled Financing Tax Allocation RB(a)(b)		5.25	%		10/01/2017		2,535		2,603,724
San Diego (City of) Public Facilities Financing Authority;
Series 2016 A, Ref. Sr. Sewer RB		5.00	%		05/15/2039		1,565		1,794,914
Series 2016 B, Ref. Sub. Water RB		5.00	%		08/01/2036		1,500		1,730,025
Subseries 2012 A, Ref. Water RB		5.00	%		08/01/2032		2,215		2,521,179
San Diego (City of) Regional Building Authority (County Operations Center); Series 2016 A, Ref. RB		5.00	%		10/15/2034		1,500		1,717,980
San Diego (County of) Regional Transportation Commission; Series 2014 A, Sales & Use Tax RB(e)		5.00	%		04/01/2048		2,980		3,354,050
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(a)(b)(e)		5.25	%		08/01/2019		1,500		1,653,030
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds(a)(b)		5.00	%		08/01/2021		2,500		2,896,075
San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2009 E, Second Series RB		6.00	%		05/01/2039		1,000		1,103,650
Series 2011 C, Ref. Second Series RB(g)		5.00	%		05/01/2023		5,000		5,571,750
Series 2011 G, Ref. Second Series Government Loan Program RB(a)(b)		5.25	%		05/03/2021		1,450		1,683,972
Series 2011 G, Ref. Second Series Government Loan Program RB		5.25	%		05/01/2028		550		633,809
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB		5.00	%		11/01/2036		4,000		4,531,920

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)
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, Tax Allocation RB(a)(b)		6.75	%		02/01/2021	$	1,000	$	1,209,650
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB(a)(b)		7.00	%		02/01/2021		500		609,380
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		1,165,332
Series 2016 B, Tax Allocation RB (INS–NATL)(c)		5.00	%		08/01/2043		2,100		2,356,368
Series 2016 C, Ref. Tax Allocation RB (INS–NATL)(c)		5.00	%		08/01/2041		590		666,075
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		529,025
San Francisco (City of) Bay Area Rapid Transit District;
Series 2012 A, RB		5.00	%		07/01/2036		1,000		1,136,590
Series 2015 A, Ref. RB		5.00	%		07/01/2032		1,500		1,757,310
San Joaquin Hills Transportation Corridor Agency;
Series 2014 A, Ref. Sr. Lien Toll Road RB		5.00	%		01/15/2044		1,730		1,860,407
Series 2014 B, Ref. Jr. Lien Toll Road RB		5.25	%		01/15/2044		2,000		2,120,960
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		09/01/2031		3,110		1,806,381
San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS–AGM)(c)		5.00	%		08/01/2030		1,500		1,654,050
San Mateo (City of) Union High School District (Election 2010); Series 2011 A, Unlimited Tax Conv. CAB GO Bonds(h)		6.70	%		09/01/2041		1,215		944,140
Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB(a)(b)		5.25	%		05/15/2018		3,000		3,163,380
Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, Special Tax RB		5.63	%		09/01/2036		1,000		1,097,910
Series 2013, Special Tax RB		5.63	%		09/01/2043		1,000		1,092,500
Santaluz Community Facilities District No. 2 (Improvement Area No. 1);
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2028		825		895,538
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2029		715		773,730
Series 2011 A, Ref. Special Tax RB		5.10	%		09/01/2030		465		504,637
Sierra View Local Health Care District; Series 2007, RB(a)(b)		5.25	%		07/01/2017		1,500		1,523,760
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2036		4,000		1,366,640
Simi Valley Unified School District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		08/01/2028		3,480		2,339,778
Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		08/01/2030		2,765		1,685,406
South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. Sr. Lien Special Tax RB		5.00	%		08/15/2034		895		977,438
Southern California Metropolitan Water District; Series 2009 B, Ref. RB(e)		5.00	%		07/01/2027		8,585		9,323,482
Southern California Public Power Authority (Milford Wind Corridor Phase II);
Series 2011 1, RB(e)		5.25	%		07/01/2031		2,100		2,400,783
Series 2011-1, RB(e)		5.25	%		07/01/2029		2,100		2,425,017
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.);
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2037		860		859,957
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2046		3,840		3,825,254
Temecula (City of) Redevelopment Agency (Temecula Redevelopment Project No. 1); Series 2002, Tax Allocation RB (INS–NATL)(c)		5.13	%		08/01/2027		2,150		2,181,132
Tustin (City of) Public Financing Authority; Series 2011 A, Water RB(a)(b)		5.00	%		04/01/2021		1,000		1,148,470
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. Special Tax RB (INS-BAM)(c)		5.00	%		09/01/2038		3,000		3,287,040
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(c)		5.13	%		03/01/2036		1,475		1,570,270
Walnut (City of) Energy Center Authority; Series 2010 A, Ref. RB		5.00	%		01/01/2035		3,000		3,251,670

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

11                         Invesco California Tax-Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(d)		0.00	%		08/01/2025	$	2,500	$	1,889,925
Western Riverside (County of) Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS–AGC)(c)		5.63	%		09/01/2039		1,000		1,089,190
Whittier (City of) (Presbyterian Intercommunity Hospital, Inc.); Series 2014, Health Facility RB		5.00	%		06/01/2044		1,500		1,618,095
Yosemite Community College District (Election of 2004); Series 2008 C, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		08/01/2024		4,685		3,903,167
									448,909,632
Guam–1.93%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB(a)(b)		5.38	%		12/01/2019		1,000		1,112,580
Series 2009 A, Limited Obligation RB(a)(b)		5.63	%		12/01/2019		660		738,764
Series 2016 A, Ref. Limited Obligation RB		5.00	%		12/01/2034		1,000		1,070,890
Series 2016 A, Ref. Limited Obligation RB		5.00	%		12/01/2046		1,750		1,866,813
Guam (Territory of) International Airport Authority; Series 2013 C, General RB(g)		6.25	%		10/01/2034		1,000		1,137,200
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2035		765		820,761
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		1,500		1,551,825
									8,298,833
Puerto Rico–0.87%
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2002 D, RB(a)(b)		5.45	%		07/01/2017		3,680		3,731,410
Virgin Islands–1.58%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. Marine RB(g)		5.00	%		09/01/2029		1,645		1,761,795
Series 2014 A, Ref. RB(g)		5.00	%		09/01/2033		1,500		1,586,490
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		1,310		1,023,503
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/2025		1,600		1,338,575
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(f)		5.00	%		09/01/2033		1,000		1,070,030
									6,780,393
TOTAL INVESTMENTS(j)–108.80% (Cost $439,202,860)									467,720,268
FLOATING RATE NOTE OBLIGATIONS–(9.97)%
Notes with interest and fee rates ranging from 1.19% to 1.21% at 02/28/2017 and contractual maturities of collateral ranging from 07/01/2022 to 04/01/2056 (See Note 1J)(k)									(42,860,000	)
OTHER ASSETS LESS LIABILITIES–1.17%									5,025,761
NET ASSETS–100.00%								$	429,886,029

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CAB	– Capital Appreciation Bonds
Conv.	– Convertible
COP	– Certificates of Participation
GO	– General Obligation
INS	– Insurer
Jr.	– Junior
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
Sub.	– Subordinated

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

12                         Invesco California Tax-Free Income Fund

Notes to Schedule of Investments:

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

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

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

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

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

^(f)  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 28, 2017 was $14,318,426, which represented 3.33% of the Fund’s Net Assets.

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

^(h)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

⁽ⁱ⁾  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.

^(j)  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.		6.3	%

^(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2017. At February 28, 2017, the Fund’s investments with a value of $68,648,566 are held by TOB Trusts and serve as collateral for the $42,860,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of February 28, 2017

Revenue Bonds	71.6	%
Pre-Refunded Bonds	16.0
General Obligation Bonds	12.4

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

13                         Invesco California Tax-Free Income Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $439,202,860)	$	467,720,268
Receivable for:
Investments sold		2,367,998
Fund shares sold		794,077
Interest		5,449,846
Investment for trustee deferred compensation and retirement plans		61,196
Other assets		24,567
Total assets		476,417,952
Liabilities:
Floating rate note obligations		42,860,000
Payable for:
Investments purchased		1,890,648
Fund shares reacquired		663,922
Amount due custodian		332,360
Dividends		468,831
Accrued fees to affiliates		121,628
Accrued trustees’ and officers’ fees and benefits		3,449
Accrued other operating expenses		68,967
Trustee deferred compensation and retirement plans		122,118
Total liabilities		46,531,923
Net assets applicable to shares outstanding	$	429,886,029
Net assets consist of:
Shares of beneficial interest	$	430,529,758
Undistributed net investment income		1,428,792
Undistributed net realized gain (loss)		(30,589,929	)
Net unrealized appreciation		28,517,408
	$	429,886,029

Net Assets:
Class A	$	330,142,473
Class B	$	9,608,798
Class C	$	51,590,007
Class Y	$	38,544,751
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		27,731,568
Class B		799,584
Class C		4,305,344
Class Y		3,225,487
Class A:
Net asset value per share	$	11.90
Maximum offering price per share
(Net asset value of $11.90 ¸ 95.75%)	$	12.43
Class B:
Net asset value and offering price per share	$	12.02
Class C:
Net asset value and offering price per share	$	11.98
Class Y:
Net asset value and offering price per share	$	11.95

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

14                         Invesco California Tax-Free Income Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	9,962,609
Other income		36,688
Total investment income		9,999,297
Expenses:
Advisory fees		1,032,761
Administrative services fees		57,978
Distribution fees:
Class A		410,180
Class B		13,862
Class C		201,416
Interest, facilities and maintenance fees		330,190
Transfer agent fees		136,195
Trustees’ and officers’ fees and benefits		18,581
Registration and filing fees		28,662
Reports to shareholders		38,729
Professional services fees		30,145
Other		13,113
Total expenses		2,311,812
Less: Expense offset arrangement(s)		(218	)
Net expenses		2,311,594
Net investment income		7,687,703
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(2,470,682	)
Change in net unrealized appreciation (depreciation) of investment securities		(24,632,480	)
Net realized and unrealized gain (loss)		(27,103,162	)
Net increase (decrease) in net assets resulting from operations	$	(19,415,459	)

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

15                         Invesco California Tax-Free Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	7,687,703		$	15,194,150
Net realized gain (loss)		(2,470,682	)		219,635
Change in net unrealized appreciation (depreciation)		(24,632,480	)		17,473,921
Net increase (decrease) in net assets resulting from operations		(19,415,459	)		32,887,706
Distributions to shareholders from net investment income:
Class A		(5,873,684	)		(12,088,642	)
Class B		(195,155	)		(527,646	)
Class C		(806,674	)		(1,242,629	)
Class Y		(758,188	)		(1,115,568	)
Total distributions from net investment income		(7,633,701	)		(14,974,485	)
Share transactions–net:
Class A		(2,596,812	)		38,109,178
Class B		(2,366,561	)		(3,093,170	)
Class C		(2,166,951	)		27,128,597
Class Y		1,776,555			14,173,625
Net increase (decrease) in net assets resulting from share transactions		(5,353,769	)		76,318,230
Net increase (decrease) in net assets		(32,402,929	)		94,231,451
Net assets:
Beginning of period		462,288,958			368,057,507
End of period (includes undistributed net investment income of $1,428,792 and $1,374,790, respectively)	$	429,886,029		$	462,288,958

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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

16                         Invesco California Tax-Free Income Fund

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 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.

17                         Invesco California 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.

Further, the SEC and various banking agencies recently adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

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.

18                         Invesco California Tax-Free Income Fund

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.

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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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%, 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, 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, 2017. 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 this expense limit.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $19,452 in front-end sales commissions from the sale of Class A shares and $37,763 and $2,933 from Class A 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.

19                         Invesco California Tax-Free Income 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 28, 2017, 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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $218.

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 28, 2017, the Fund engaged in securities purchases of $35,122,541 and securities sales of $39,629,674, which did not result in any realized gains (losses).

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 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 28, 2017 were $38,742,143 and 1.59%, respectively.

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

20                         Invesco California Tax-Free Income Fund

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 February 28, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
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		1,867,115		7,939,256		9,806,371
	$	19,913,618	$	7,939,256	$	27,852,874

* 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 28, 2017 was $49,564,104 and $50,318,729, 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	$	34,923,045
Aggregate unrealized (depreciation) of investment securities		(6,041,000	)
Net unrealized appreciation of investment securities	$	28,882,045

Cost of investments for tax purposes is $438,838,223.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,642,696		$	32,027,419			5,657,336		$	70,012,558
Class B		277			3,333			2,917			36,479
Class C		839,541			10,281,419			2,721,783			34,105,068
Class Y		1,837,769			22,092,930			1,522,465			19,073,009
Issued as reinvestment of dividends:
Class A		304,708			3,665,887			577,072			7,152,874
Class B		8,062			97,937			20,332			254,037
Class C		46,256			560,199			65,425			818,321
Class Y		31,744			382,407			40,279			505,225
Automatic conversion of Class B shares to Class A shares:
Class A		126,247			1,511,391			156,325			1,943,962
Class B		(125,019	)		(1,511,391	)		(154,843	)		(1,943,962	)
Reacquired:
Class A		(3,324,038	)		(39,801,509	)		(3,303,947	)		(41,000,216	)
Class B		(79,085	)		(956,440	)		(114,862	)		(1,439,724	)
Class C		(1,075,554	)		(13,008,569	)		(621,459	)		(7,794,792	)
Class Y		(1,727,370	)		(20,698,782	)		(432,587	)		(5,401,609	)
Net increase (decrease) in share activity		(493,766	)	$	(5,353,769	)		6,136,236		$	76,318,230

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% 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 California Tax-Free 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			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)			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/28/17	$	12.63	$	0.21	$	(0.69	)	$	(0.48	)	$	(0.25	)	$	11.90		(4.11	)%	$	330,142		1.02	%(d)		1.02	%(d)		0.87	%(d)		3.53	%(d)		11	%
Year ended 08/31/16		12.09		0.46		0.54			1.00			(0.46	)		12.63		8.37			353,372		0.94			0.94			0.87			3.71			7
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
Class B
Six months ended 02/28/17		12.75		0.21		(0.69	)		(0.48	)		(0.25	)		12.02		(4.06	)(e)		9,609		1.02	(d)(e)		1.02	(d)(e)		0.87	(d)(e)		3.53	(d)(e)		11
Year ended 08/31/16		12.20		0.46		0.55			1.01			(0.46	)		12.75		8.41	(e)		12,689		0.94	(e)		0.94	(e)		0.87	(e)		3.71	(e)		7
Year ended 08/31/15		12.26		0.49		(0.06	)		0.43			(0.49	)		12.20		3.51	(e)		15,150		0.88	(e)		0.88	(e)		0.83	(e)		3.97	(e)		12
Year ended 08/31/14		11.28		0.50		0.98			1.48			(0.50	)		12.26		13.35	(e)		16,419		0.93	(e)		0.93	(e)		0.87	(e)		4.25	(e)		12
Year ended 08/31/13		12.37		0.49		(1.09	)		(0.60	)		(0.49	)		11.28		(5.11	)(e)		155,900		0.93	(e)		0.93	(e)		0.88	(e)		3.98	(e)		12
Year ended 08/31/12		11.42		0.50		0.95			1.45			(0.50	)		12.37		12.93	(e)		217,489		0.88	(e)		0.88	(e)		0.83	(e)		4.20	(e)		18
Class C
Six months ended 02/28/17		12.71		0.18		(0.70	)		(0.52	)		(0.21	)		11.98		(4.32	)		51,590		1.52	(d)		1.52	(d)		1.37	(d)		3.03	(d)		11
Year ended 08/31/16		12.16		0.40		0.54			0.94			(0.39	)		12.71		7.88			57,137		1.44			1.44			1.37			3.21			7
Year ended 08/31/15		12.23		0.42		(0.07	)		0.35			(0.42	)		12.16		2.87			28,335		1.41			1.41			1.36			3.44			12
Year ended 08/31/14		11.27		0.44		0.96			1.40			(0.44	)		12.23		12.62	(f)		20,485		1.43	(f)		1.43	(f)		1.37	(f)		3.75	(f)		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
Class Y
Six months ended 02/28/17		12.68		0.23		(0.69	)		(0.46	)		(0.27	)		11.95		(3.97	)		38,545		0.77	(d)		0.77	(d)		0.62	(d)		3.78	(d)		11
Year ended 08/31/16		12.13		0.49		0.55			1.04			(0.49	)		12.68		8.70			39,091		0.69			0.69			0.62			3.96			7
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

^(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 $336,948, $11,207, $54,156 and $40,803 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 0.25%, 0.25%, 0.22%, 0.24%, 0.27%, and 0.25% for the six months ended February 28, 2017 and the years ended August 31, 2016, 2015, 2014, 2013, and 2012, 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 0.74%.

NOTE 12—Subsequent Event

Effective April 4, 2017, the Fund began offering Class R6 shares.

22                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	958.90	$	4.95	$	1,019.74	$	5.11		1.02	%
B		1,000.00		959.40		4.96		1,019.74		5.11		1.02
C		1,000.00		956.80		7.37		1,017.26		7.60		1.52
Y		1,000.00		960.30		3.74		1,020.98		3.86		0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco California Tax-Free Income Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             MS-CTFI-SAR-1             04132017      1048

	Semiannual Report to Shareholders	February 28, 2017
	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
28	Financial Statements
30	Notes to Financial Statements
43	Financial Highlights
44	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, 8/31/16 to 2/28/17, 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	-0.79	%
Class B Shares	-1.17
Class C Shares	-1.16
Class R Shares	-0.92
Class Y Shares	-0.66
Class R5 Shares	-0.63
Class R6 Shares	-0.61
Bloomberg Barclays U.S. Aggregate Index▼ (Broad Market/Style-Specific Index)	-2.19
Lipper Core Plus Bond Funds Index∎ (Peer Group Index)	-0.93
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

The Bloomberg 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Core Plus Bond Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	4.47	%
5 Year	2.77
1 Year	1.02
Class B Shares
Inception (6/3/09)	4.27	%
5 Year	2.54
1 Year	-0.27
Class C Shares
Inception (6/3/09)	4.27	%
5 Year	2.90
1 Year	3.73
Class R Shares
Inception (6/3/09)	4.79	%
5 Year	3.41
1 Year	5.26
Class Y Shares
Inception (6/3/09)	5.33	%
5 Year	3.95
1 Year	5.78
Class R5 Shares
Inception (6/3/09)	5.32	%
5 Year	3.94
1 Year	5.92
Class R6 Shares
Inception	5.25	%
5 Year	3.97
1 Year	6.00

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.

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	4.39	%
5 Year	3.01
1 Year	0.53
Class B Shares
Inception (6/3/09)	4.19	%
5 Year	2.78
1 Year	-0.75
Class C Shares
Inception (6/3/09)	4.19	%
5 Year	3.14
1 Year	3.24
Class R Shares
Inception (6/3/09)	4.71	%
5 Year	3.65
1 Year	4.76
Class Y Shares
Inception (6/3/09)	5.24	%
5 Year	4.17
1 Year	5.28
Class R5 Shares
Inception (6/3/09)	5.24	%
5 Year	4.18
1 Year	5.31
Class R6 Shares
Inception	5.16	%
5 Year	4.18
1 Year	5.40

    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 0.75%, 1.50%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, 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 0.95%, 1.70%, 1.70%, 1.20%, 0.70%, 0.63% and 0.53%, 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, 2017. 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, 2018. 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Core Plus Bond Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–52.88%
Aerospace & Defense–0.04%
Bombardier Inc. (Canada), Sr. Unsec. Notes,
6.00%, 10/15/2022(b)	$	80,000	$	80,300
7.50%, 03/15/2025(b)		155,000		161,587
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(b)		141,000		149,108
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(b)		97,000		99,910
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes,
6.50%, 07/15/2024		55,000		56,650
6.50%, 05/15/2025		480,000		492,600
				1,040,155
Agricultural & Farm Machinery–0.01%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		316,000		323,900
Air Freight & Logistics–0.43%
FedEx Corp., Sr. Unsec. Gtd. Notes,
3.30%, 03/15/2027		10,077,000		10,027,900
4.40%, 01/15/2047		1,185,000		1,185,700
				11,213,600
Airlines–1.94%
American Airlines Pass Through Trust,
Series 2015-2, Class B, Sec. Third Lien Pass Through Ctfs., 4.40%, 03/22/2025		8,638,614		8,665,609
Series 2016-3, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.00%, 04/15/2030		7,614,000		7,352,269
Series 2017-1, Class A, Sec. Second Lien Pass Through Ctfs., 4.00%, 08/15/2030		5,479,000		5,578,307
Series 2017-1, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.65%, 08/15/2030		6,849,000		6,964,577
Series 2017-1, Class B, Sec. Third Lien Pass Through Ctfs., 4.95%, 08/15/2026		5,830,000		5,983,037
LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, Sec. Global Pass Through Ctfs., 4.20%, 08/15/2029		6,141,881		6,161,074
Norwegian Air Shuttle ASA Pass Through Trust (Norway),
Series 2016-1, Class A, Sec. Pass Through Ctfs., 4.88%, 11/10/2029(b)		2,575,000		2,632,976
Series 2016-1, Class B, Sec. Pass Through Ctfs., 7.50%, 05/10/2025(b)		2,000,000		2,140,000

	Principal Amount		Value
Airlines–(continued)
US Airways Pass Through Trust, Series 2012-1, Class B, Sec. Second Lien Pass Through Ctfs., 8.00%, 04/01/2021	$	7,553	$	8,370
WestJet Airlines Ltd. (Canada), Sr. Unsec. Gtd. Notes, 3.50%, 06/16/2021(b)		4,986,000		5,007,582
				50,493,801
Alternative Carriers–0.01%
Level 3 Financing, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2025		176,000		182,600
Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2026(b)		97,000		98,455
				281,055
Aluminum–0.02%
Alcoa Nederland Holding B.V., Sr. Unsec. Gtd. Notes, 6.75%, 09/30/2024(b)		400,000		436,797
Apparel Retail–0.28%
Gap, Inc. (The), Sr. Unsec. Global Bonds, 5.95%, 04/12/2021		144,000		153,693
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		122,000		124,745
L Brands, Inc., Sr. Unsec. Gtd. Global Notes,
5.63%, 02/15/2022		6,438,000		6,816,232
6.75%, 07/01/2036		22,000		21,175
6.88%, 11/01/2035		88,000		85,030
				7,200,875
Apparel, Accessories & Luxury Goods–0.24%
Hanesbrands Inc., Sr. Unsec. Gtd. Notes,
4.63%, 05/15/2024(b)		682,000		679,016
4.88%, 05/15/2026(b)		5,580,000		5,534,663
				6,213,679
Asset Management & Custody Banks–0.91%
Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/2024		2,865,000		2,985,480
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(b)		5,598,000		5,667,387
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(b)		6,934,000		7,158,176
Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025		785,000		780,446
Carlyle Holdings II Finance LLC, Sr. Unsec. Gtd. Notes, 5.63%, 03/30/2043(b)		5,747,000		5,789,232

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–(continued)
First Data Corp.,
Sec. Gtd. Second Lien Notes, 5.75%, 01/15/2024(b)	$	125,000	$	130,156
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(b)		80,000		82,200
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(b)		444,000		476,745
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(b)		429,000		471,364
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(b)		160,000		159,600
				23,700,786
Auto Parts & Equipment–0.01%
Dana Inc., Sr. Unsec. Notes,
5.38%, 09/15/2021		128,000		132,960
5.50%, 12/15/2024		164,000		172,200
				305,160
Automobile Manufacturers–2.06%
Daimler Finance North America LLC (Germany), Sr. Unsec. Gtd. Notes,
2.85%, 01/06/2022(b)		7,883,000		7,908,876
3.88%, 09/15/2021(b)		3,274,000		3,435,436
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes,
2.68%, 01/09/2020		8,674,000		8,756,477
3.10%, 05/04/2023		1,753,000		1,720,009
3.81%, 01/09/2024		6,545,000		6,593,341
General Motors Co., Sr. Unsec. Global Notes, 3.50%, 10/02/2018		5,076,000		5,191,966
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Notes, 3.15%, 01/15/2020		4,304,000		4,389,996
Kia Motors Corp. (South Korea), Sr. Unsec. Notes, 3.25%, 04/21/2026(b)		300,000		298,184
Nissan Motor Acceptance Corp. (Japan), Sr. Unsec. Notes, 2.80%, 01/13/2022(b)		15,419,000		15,435,013
				53,729,298
Biotechnology–0.36%
AbbVie Inc., Sr. Unsec. Global Notes, 3.60%, 05/14/2025		2,120,000		2,115,979
Shire Acquisitions Investments Ireland DAC, Sr. Unsec. Gtd. Global Notes, 2.88%, 09/23/2023		7,500,000		7,257,788
				9,373,767
Brewers–0.88%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes,
3.30%, 02/01/2023		4,023,000		4,105,435
3.65%, 02/01/2026		7,519,000		7,658,590
4.90%, 02/01/2046		5,000,000		5,514,698

	Principal Amount		Value
Brewers–(continued)
Anheuser-Busch InBev Worldwide Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 3.75%, 01/15/2022	$	5,456,000	$	5,753,816
				23,032,539
Broadcasting–0.11%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		105,000		106,510
CBS Corp., Sr. Unsec. Gtd. Notes, 3.50%, 01/15/2025		1,420,000		1,414,503
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		309,000		321,360
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		242,000		245,025
iHeartCommunications, Inc., Sr. Sec. Gtd. First Lien Global Notes, 9.00%, 12/15/2019		252,000		221,445
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		351,000		377,325
Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(b)		112,000		115,080
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		123,000		126,075
				2,927,323
Building Products–0.11%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2023		100,000		107,719
Builders FirstSource, Inc., Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023(b)		102,000		118,447
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		146,000		151,475
St. Marys Cement Inc. (Brazil), Sr. Unsec. Gtd. Notes, 5.75%, 01/28/2027(b)		200,000		203,500
Standard Industries Inc., Sr. Unsec. Notes,
5.00%, 02/15/2027(b)		179,000		182,804
6.00%, 10/15/2025(b)		2,021,000		2,158,681
				2,922,626
Cable & Satellite–1.12%
Altice Financing S.A. (Luxembourg), Sr. Sec. Gtd. First Lien Notes, 6.63%, 02/15/2023(b)		1,000,000		1,060,000
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022(b)		500,000		533,750
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Notes, 5.75%, 02/15/2026(b)		1,135,000		1,222,395

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)
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sr. Sec. Gtd. First Lien Global Notes,
4.46%, 07/23/2022	$	2,000,000	$	2,102,935
4.91%, 07/23/2025		2,187,000		2,311,849
6.83%, 10/23/2055		6,341,000		7,485,208
Comcast Corp., Sr. Unsec. Gtd. Global Notes, 3.40%, 07/15/2046		2,095,000		1,818,070
Cox Communications, Inc., Sr. Unsec. Notes,
3.35%, 09/15/2026(b)		5,845,000		5,651,516
8.38%, 03/01/2039(b)		1,220,000		1,536,918
9.38%, 01/15/2019(b)		25,000		28,030
CSC Holdings LLC,
Sr. Unsec. Global Notes, 6.75%, 11/15/2021		305,000		336,262
Sr. Unsec. Notes, 10.13%, 01/15/2023(b)		500,000		581,250
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		2,367,000		2,532,690
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes,
7.25%, 04/01/2019		50,000		48,125
7.25%, 10/15/2020		120,000		111,600
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes,
5.38%, 04/15/2025(b)		315,000		322,875
5.38%, 07/15/2026(b)		162,000		165,443
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025(b)		400,000		413,000
Virgin Media Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		200,000		211,250
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 5.50%, 08/15/2026(b)		200,000		205,250
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024(b)		250,000		266,875
Ziggo Bond Finance B.V. (Netherlands), REGS, Sr. Unsec. Euro Notes, 5.88%, 01/15/2025(b)		250,000		255,312
				29,200,603
Casinos & Gaming–0.07%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes,
6.38%, 04/01/2026		226,000		244,645
6.88%, 05/15/2023		173,000		187,056
Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec. Gtd. First Lien Notes, 7.63%, 11/01/2021(b)		200,000		191,500

	Principal Amount		Value
Casinos & Gaming–(continued)
MGM Resorts International, Sr. Unsec. Gtd. Notes,
4.63%, 09/01/2026	$	784,000	$	769,300
6.00%, 03/15/2023		85,000		92,544
7.75%, 03/15/2022		110,000		128,700
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/2025(b)		106,000		107,855
				1,721,600
Commercial Printing–0.01%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2022(b)		226,000		237,300
Commodity Chemicals–0.03%
Braskem Finance Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 6.45%, 02/03/2024		200,000		217,000
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		159,000		166,155
Tronox Finance LLC, Sr. Unsec. Gtd. Global Notes, 6.38%, 08/15/2020		195,000		198,900
Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024(b)		123,000		130,073
				712,128
Communications Equipment–0.04%
CommScope Technologies Finance LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(b)		446,000		479,450
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 08/01/2026(b)		191,000		195,059
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		249,000		277,635
				952,144
Construction & Engineering–0.29%
AECOM, Sr. Unsec. Gtd. Notes, 5.13%, 03/15/2027(b)		3,450,000		3,523,313
Delhi International Airport (Pvt.) Ltd. (India), Sr. Sec. First Lien Bonds, 6.13%, 10/31/2026(b)		200,000		208,280
Hacienda Investments Ltd. via DME Airport Ltd. (Russia), REGS, Sr. Unsec. Euro Bonds, 5.88%, 11/11/2021(b)		1,200,000		1,256,430
Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 10/01/2054		2,916,000		2,620,259
				7,608,282
Construction Machinery & Heavy Trucks–0.03%
Commercial Vehicle Group Inc., Sec. Gtd. Second Lien Global Notes, 7.88%, 04/15/2019		192,000		194,400
Meritor Inc., Sr. Unsec. Gtd. Notes,
6.25%, 02/15/2024		159,000		164,963
6.75%, 06/15/2021		94,000		98,230

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

7                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Construction Machinery & Heavy Trucks–(continued)
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025	$	60,000	$	62,400
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(b)		158,000		162,345
				682,338
Consumer Finance–0.88%
Ally Financial Inc., Sr. Unsec. Global Notes, 4.13%, 03/30/2020		4,449,000		4,604,715
4.63%, 03/30/2025		1,863,000		1,902,589
5.13%, 09/30/2024		924,000		977,130
Discover Bank, Sr. Unsec. Global Bonds, 3.45%, 07/27/2026		5,000,000		4,906,692
Synchrony Financial, Sr. Unsec. Global Notes, 4.50%, 07/23/2025		9,795,000		10,275,107
Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R. (Mexico), Sr. Unsec. Gtd. Bonds, 7.25%, 09/27/2023(b)		200,000		200,602
				22,866,835
Copper–0.12%
First Quantum Minerals Ltd. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021(b)		295,000		308,275
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		355,000		311,956
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022(b)		2,193,000		2,395,853
Southern Copper Corp. (Peru), Sr. Unsec. Global Notes, 7.50%, 07/27/2035		200,000		243,750
				3,259,834
Data Processing & Outsourced Services–0.18%
Fidelity National Information Services, Inc., Sr. Unsec. Global Notes, 4.50%, 08/15/2046		4,764,000		4,652,856
Diversified Banks–6.89%
ANZ New Zealand (Int’l) Ltd. (New Zealand), Sr. Unsec. Gtd. Notes, 2.13%, 07/28/2021(b)		4,415,000		4,301,309
Australia and New Zealand Banking Group Ltd. (Australia), Jr. Unsec. Sub. Notes, 6.75%(b)(c)		11,549,000		12,573,974
Banco do Brasil S.A. (Brazil),
REGS, Jr. Unsec. Sub. Euro Notes, 9.00%(b)(c)		400,000		409,000
Unsec. Sub. Euro Notes, 5.88%, 01/19/2023(b)		200,000		207,700
Banco Nacional de Comercio Exterior, S.N.C. (Mexico), Unsec. Sub. Notes, 3.80%, 08/11/2026(b)		2,665,000		2,530,936

	Principal Amount		Value
Diversified Banks–(continued)
Bank of America Corp.,
Unsec. Sub. Medium-Term Notes, 4.20%, 08/26/2024	$	5,435,000	$	5,625,029
Series L, Sr. Unsec. Global Notes, 2.60%, 01/15/2019		5,386,000		5,454,863
Series X, Jr. Unsec. Sub. Notes, 6.25%(c)		8,843,000		9,506,225
Series Z, Jr. Unsec. Sub. Notes, 6.50%(c)		3,360,000		3,679,200
Series DD, Jr. Unsec. Sub. Notes, 6.30%(c)		2,080,000		2,277,600
Barclays PLC (United Kingdom), Sr. Unsec. Global Notes, 4.95%, 01/10/2047		3,525,000		3,602,502
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(b)		1,385,000		1,412,802
BNP Paribas S.A. (France), Jr. Unsec. Sub. Notes, 6.75%(b)(c)		5,990,000		6,017,874
Citigroup Inc.,
Unsec. Sub. Global Notes, 5.50%, 09/13/2025		7,130,000		7,846,847
Unsec. Sub. Notes, 4.45%, 09/29/2027		10,555,000		10,849,622
Series Q, Jr. Unsec. Sub. Global Notes, 5.95%(c)		2,300,000		2,415,000
Series R, Jr. Unsec. Sub. Global Notes, 6.13%(c)		4,110,000		4,387,425
Series T, Jr. Unsec. Sub. Global Notes, 6.25%(c)		6,904,000		7,490,840
Crédit Agricole S.A. (France), Unsec. Sub. Notes, 4.38%, 03/17/2025(b)		1,160,000		1,146,716
Development Bank of Kazakhstan JSC (Kazakhstan), REGS, Sr. Unsec. Euro Notes, 4.13%, 12/10/2022(b)		300,000		298,268
Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes, 8.15%, 06/30/2031(b)		135,000		159,072
Global Bank Corp. (Panama), Sr. Unsec. Notes, 4.50%, 10/20/2021(b)		7,342,000		7,350,851
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/2018(b)		1,360,000		1,429,557
HSBC Holdings PLC (United Kingdom),
Sr. Unsec. Global Notes, 4.00%, 03/30/2022		1,050,000		1,099,338
Unsec. Sub. Global Notes, 4.38%, 11/23/2026		2,169,000		2,199,546
Industrial Senior Trust (Guatemala), REGS, Sr. Unsec. Gtd. Euro Notes, 5.50%, 11/01/2022(b)		500,000		498,750
ING Bank N.V. (Netherlands), Sr. Unsec. Notes, 3.75%, 03/07/2017(b)		1,077,000		1,077,282
ING Groep N.V. (Netherlands), Jr. Unsec. Sub. Global Notes, 6.50%(c)		2,710,000		2,676,125

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

8                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
Intesa Sanpaolo S.p.A. (Italy), Sr. Unsec. Gtd. Medium-Term Notes, 3.88%, 01/15/2019	$	2,840,000	$	2,896,468
JPMorgan Chase & Co.,
Sr. Unsec. Medium-Term Global Bonds, 2.30%, 08/15/2021		8,950,000		8,852,047
Unsec. Sub. Global Notes, 3.63%, 12/01/2027		5,610,000		5,477,051
Series 1, Jr. Unsec. Sub. Global Notes, 7.90%(c)		4,500,000		4,702,500
Nordea Bank AB (Sweden), Jr. Unsec. Sub. Notes, 5.50%(b)(c)		3,909,000		4,001,839
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds, 5.13%, 05/28/2024		600,000		612,076
Société Générale S.A. (France), Jr. Unsec. Sub. Notes, 7.38%(b)(c)		5,975,000		6,094,500
Standard Chartered PLC (United Kingdom),
Jr. Unsec. Sub. Notes, 7.75%(b)(c)		5,720,000		5,898,750
Unsec. Sub. Notes, 4.30%, 02/19/2027(b)		3,242,000		3,186,165
VTB Bank OJSC Via VTB Capital S.A. (Russia), REGS, Unsec. Sub. Euro Bonds, 6.95%, 10/17/2022(b)		200,000		219,250
Wells Fargo & Co.,
Unsec. Sub. Global Notes, 5.38%, 11/02/2043		8,500,000		9,704,123
Unsec. Sub. Medium-Term Notes, 4.75%, 12/07/2046		4,215,000		4,400,215
Series U, Jr. Unsec. Sub. Global Notes, 5.88% (c)		5,356,000		5,824,650
Yapi ve Kredi Bankasi A.S. (Turkey), Sr. Unsec. Notes, 5.75%, 02/24/2022(b)		9,258,000		9,240,160
				179,634,047
Diversified Capital Markets–0.14%
BTG Investments L.P. (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 04/17/2018(b)		250,000		248,915
Credit Suisse Group AG (Switzerland), Jr. Unsec. Sub. Notes, 7.50%(b)(c)		305,000		331,687
Credit Suisse Group Funding (Guernsey) Ltd. (Switzerland), Sr. Unsec. Gtd. Global Notes, 3.75%, 03/26/2025		3,055,000		3,015,919
				3,596,521
Diversified Chemicals–0.19%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes,
6.63%, 05/15/2023		2,381,000		2,556,599
7.00%, 05/15/2025		75,000		81,844
OCP S.A. (Morocco),
Sr. Unsec. Notes, 4.50%, 10/22/2025(b)		1,940,000		1,902,412
REGS, Sr. Unsec. Euro Notes, 4.50%, 10/22/2025(b)		500,000		490,880
				5,031,735

	Principal Amount		Value
Diversified Metals & Mining–0.52%
Codelco Inc. (Chile), REGS, Sr. Unsec. Euro Notes, 4.50%, 09/16/2025(b)	$	500,000	$	530,339
Glencore Finance Canada Ltd. (Switzerland), Sr. Unsec. Gtd. Notes, 2.70%, 10/25/2017(b)		8,220,000		8,271,375
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(b)		328,000		359,160
MMC Norilsk Nickel OJSC via MMC Finance Ltd. (Russia), Sr. Unsec. Notes, 6.63%, 10/14/2022(b)		295,000		331,506
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		109,000		113,360
Sr. Unsec. Gtd. Notes, 4.50%, 01/15/2021		3,200,000		3,332,000
Sr. Unsec. Notes, 6.13%, 10/01/2035		350,000		364,000
Vedanta Resources PLC (India), Sr. Unsec. Notes, 6.38%, 07/30/2022(b)		300,000		302,250
				13,603,990
Diversified REIT’s–0.43%
Select Income REIT, Sr. Unsec. Global Notes, 4.50%, 02/01/2025		1,570,000		1,537,579
Trust F/1401 (Mexico), Sr. Unsec. Notes, 5.25%, 12/15/2024(b)		1,300,000		1,303,250
Sr. Unsec. Notes, 5.25%, 01/30/2026(b)		8,353,000		8,301,930
				11,142,759
Electric Utilities–0.63%
Adani Transmission Ltd. (India), Sr. Sec. Notes, 4.00%, 08/03/2026(b)		200,000		196,354
CLP Power Hong Kong Financing Ltd. (Hong Kong), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.13%, 05/06/2025(b)		200,000		197,458
Eskom Holdings SOC Ltd. (South Africa), REGS, Sr. Unsec. Euro Notes, 7.13%, 02/11/2025(b)		400,000		415,670
Georgia Power Co., Sr. Unsec. Notes, 2.85%, 05/15/2022		4,085,000		4,134,335
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		10,539,000		11,065,950
State Grid Overseas Investment (2014) Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 4.85%, 05/07/2044(b)		200,000		229,249
Transelec S.A. (Chile), Sr. Unsec. Notes, 3.88%, 01/12/2029(b)		230,000		222,097
				16,461,113

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

9                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Electrical Components & Equipment–0.02%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)	$	185,000	$	188,700
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes,
4.88%, 10/15/2023(b)		100,000		102,625
5.00%, 10/01/2025(b)		260,000		264,875
				556,200
Environmental & Facilities Services–0.00%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024(b)		84,000		86,100
Fertilizers & Agricultural Chemicals–0.01%
Israel Chemicals Ltd. (Israel), REGS, Sr. Unsec. Euro Bonds, 4.50%, 12/02/2024(b)		300,000		301,922
Financial Exchanges & Data–0.29%
Moody’s Corp., Sr. Unsec. Global Notes,
2.75%, 07/15/2019		1,470,000		1,491,136
4.88%, 02/15/2024		3,099,000		3,380,496
5.25%, 07/15/2044		1,140,000		1,294,018
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(b)		175,000		185,281
Nasdaq, Inc., Sr. Unsec. Notes, 3.85%, 06/30/2026		1,205,000		1,215,647
				7,566,578
Food Distributors–0.01%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(b)		365,000		383,250
Gas Utilities–0.05%
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes, 5.63%, 05/20/2024		124,000		128,960
5.88%, 08/20/2026		298,000		309,920
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes,
6.50%, 05/01/2021		195,000		191,587
6.75%, 01/15/2022		115,000		111,838
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		465,000		471,975
				1,214,280
General Merchandise Stores–0.01%
Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		134,000		142,878
Health Care Equipment–0.13%
Abbott Laboratories, Sr. Unsec. Global Notes, 3.75%, 11/30/2026		3,270,000		3,273,438

	Principal Amount		Value
Health Care Equipment–(continued)
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(b)	$	120,000	$	121,050
				3,394,488
Health Care Facilities–0.16%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		105,000		111,825
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		264,000		261,360
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		132,737		117,472
HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/2021		130,000		141,375
HCA, Inc., Sr. Sec. Gtd. First Lien Global Notes,
5.88%, 03/15/2022		136,000		150,620
6.50%, 02/15/2020		675,000		741,656
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		690,000		739,162
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		130,000		136,500
5.88%, 02/15/2026		160,000		172,000
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		90,000		91,575
LifePoint Health, Inc., Sr. Unsec. Gtd. Notes,
5.38%, 05/01/2024(b)		194,000		194,970
5.88%, 12/01/2023		23,000		23,748
Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022(b)		23,000		24,984
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		117,000		116,415
8.00%, 08/01/2020		842,000		865,155
8.13%, 04/01/2022		215,000		226,825
Universal Health Services, Inc, Sr. Sec. Gtd. First Lien Notes, 5.00%, 06/01/2026(b)		36,000		37,125
				4,152,767
Health Care REIT’s–0.78%
HCP, Inc., Sr. Unsec. Global Notes,
4.00%, 12/01/2022		9,288,000		9,620,520
4.25%, 11/15/2023		5,830,000		6,053,653
Senior Housing Properties Trust, Sr. Unsec. Notes, 6.75%, 12/15/2021		2,550,000		2,852,381
Welltower Inc., Sr. Unsec. Notes, 5.25%, 01/15/2022		1,626,000		1,793,575
				20,320,129
Health Care Services–0.05%
AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(b)		88,000		89,760

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

10                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025	$	430,000	$	434,300
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(b)		287,000		297,045
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(b)		359,000		387,271
				1,208,376
Home Entertainment Software–0.11%
Electronic Arts Inc., Sr. Unsec. Global Notes, 3.70%, 03/01/2021		2,790,000		2,893,930
Home Improvement Retail–0.01%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(b)		197,000		190,598
Homebuilding–0.53%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/2021(b)		263,000		264,315
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/2021		301,000		311,911
CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/2022		157,000		165,635
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		20,000		21,950
Lennar Corp.,
Sr. Unsec. Gtd. Global Bonds, 4.13%, 01/15/2022		3,625,000		3,688,438
Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/2022		310,000		320,075
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		9,960,000		8,839,500
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 06/01/2025		80,000		83,600
7.15%, 04/15/2020		55,000		60,706
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(b)		46,000		48,645
				13,804,775
Hotel and Resort REIT’s–0.47%
Hospitality Properties Trust,
Sr. Unsec. Global Notes, 4.25%, 02/15/2021		5,995,000		6,244,901
Sr. Unsec. Notes, 4.95%, 02/15/2027		3,460,000		3,539,767
Host Hotels & Resorts L.P., Series F, Sr. Unsec. Global Notes, 4.50%, 02/01/2026		2,280,000		2,377,467
				12,162,135

	Principal Amount		Value
Hotels, Resorts & Cruise Lines–0.01%
Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/2022	$	290,000	$	315,194
Household Products–0.47%
Reynolds Group Issuer Inc./LLC (New Zealand),
Sr. Sec. Gtd. First Lien Global Notes, 5.75%, 10/15/2020		11,417,000		11,773,781
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(b)		42,000		43,522
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		13,000		14,008
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		305,000		326,350
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		97,000		100,759
				12,258,420
Housewares & Specialties–0.20%
Newell Brands Inc., Sr. Unsec. Global Notes, 3.85%, 04/01/2023		4,952,000		5,161,863
Independent Power Producers & Energy Traders–0.09%
AES Corp. (The), Sr. Unsec. Notes,
5.50%, 03/15/2024		85,000		86,700
5.50%, 04/15/2025		742,000		754,985
Calpine Corp., Sr. Unsec. Global Notes,
5.38%, 01/15/2023		143,000		144,966
5.50%, 02/01/2024		134,000		133,665
5.75%, 01/15/2025		766,000		760,255
NRG Energy, Inc.,
Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024		240,000		241,800
Sr. Unsec. Gtd. Notes, 6.63%, 01/15/2027(b)		147,000		145,530
				2,267,901
Industrial REIT’s–0.23%
PLA Administradora Industrial, S. de R.L. de C.V. (Mexico), Sr. Unsec. Notes, 5.25%, 11/10/2022(b)		6,148,000		6,117,260
Integrated Oil & Gas–1.39%
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(b)		104,000		88,920
Ecopetrol S.A. (Colombia), Sr. Unsec. Global Notes,
4.13%, 01/16/2025		6,024,000		5,850,810
5.38%, 06/26/2026		300,000		309,937
5.88%, 09/18/2023		600,000		653,250

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

11                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes,
4.38%, 05/20/2023	$	300,000	$	278,625
5.38%, 01/27/2021		300,000		304,500
6.13%, 01/17/2022		78,000		81,315
8.75%, 05/23/2026		400,000		452,750
Petróleos Mexicanos (Mexico),
Sr. Unsec. Gtd. Global Bonds, 6.63%, 06/15/2035		800,000		808,782
Sr. Unsec. Gtd. Global Notes, 6.50%, 06/02/2041		250,000		242,793
6.75%, 09/21/2047		13,130,000		13,045,121
6.88%, 08/04/2026		300,000		329,151
Sr. Unsec. Gtd. Notes, 5.38%, 03/13/2022(b)		3,901,000		4,081,683
6.50%, 03/13/2027(b)		8,927,000		9,483,353
PTT PCL (Thailand), REGS, Sr. Unsec. Euro Notes, 3.38%, 10/25/2022(b)		300,000		305,340
				36,316,330
Integrated Telecommunication Services–1.99%
AT&T Inc.,
Sr. Unsec. Global Notes, 3.40%, 05/15/2025		4,505,000		4,358,371
4.75%, 05/15/2046		5,080,000		4,770,051
5.25%, 03/01/2037		5,465,000		5,646,203
5.70%, 03/01/2057		5,620,000		5,842,083
Sr. Unsec. Notes, 3.95%, 01/15/2025		1,021,000		1,028,774
4.45%, 04/01/2024		3,183,000		3,341,221
CenturyLink, Inc., Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		122,000		131,302
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		92,000		97,520
Frontier Communications Corp.,
Sr. Unsec. Global Notes, 8.88%, 09/15/2020		23,000		24,524
10.50%, 09/15/2022		120,000		125,550
11.00%, 09/15/2025		410,000		413,075
GCI, Inc., Sr. Unsec. Global Notes, 6.88%, 04/15/2025		92,000		95,910
Ooredoo International Finance Ltd. (Qatar), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 5.00%, 10/19/2025(b)		200,000		217,750
SBA Communications Corp., Sr. Unsec. Notes, 4.88%, 09/01/2024(b)		316,000		316,000
SFR Group S.A. (France),
Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022(b)		1,356,000		1,406,850
Sr. Sec. Gtd. First Lien Notes, 7.38%, 05/01/2026(b)		200,000		208,000

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026	$	405,000	$	444,994
Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2021		922,000		953,117
6.38%, 03/01/2025		1,108,000		1,192,485
Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/2024(b)		540,000		551,475
Verizon Communications Inc.,
Sr. Unsec. Global Notes, 1.75%, 08/15/2021		1,397,000		1,338,869
2.63%, 08/15/2026		4,916,000		4,528,762
4.13%, 08/15/2046		1,701,000		1,504,790
4.52%, 09/15/2048		12,527,000		11,645,168
5.01%, 08/21/2054		1,698,000		1,652,086
				51,834,930
Internet & Direct Marketing Retail–0.17%
Expedia, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 02/15/2026		3,855,000		4,066,414
JD.com, Inc. (China), Sr. Unsec. Global Notes, 3.13%, 04/29/2021		300,000		298,238
				4,364,652
Internet Software & Services–0.24%
Alibaba Group Holding Ltd. (China), Sr. Unsec. Global Notes, 3.60%, 11/28/2024		200,000		203,538
Baidu, Inc. (China), Sr. Unsec. Global Notes, 3.50%, 11/28/2022		200,000		204,006
Tencent Holdings Ltd. (China), Sr. Unsec. Notes, 3.38%, 05/02/2019(b)		5,779,000		5,916,838
				6,324,382
Investment Banking & Brokerage–0.95%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022(b)		1,896,000		2,067,294
Goldman Sachs Group, Inc. (The), Sr. Unsec. Medium-Term Global Notes, 7.50%, 02/15/2019		1,921,000		2,124,231
Sr. Unsec. Global Notes, 3.75%, 05/22/2025		5,776,000		5,865,196
Jefferies Group LLC, Sr. Unsec. Global Notes, 4.85%, 01/15/2027		3,780,000		3,876,295
Morgan Stanley, Sr. Unsec. Medium-Term Global Notes, 5.50%, 07/28/2021		4,875,000		5,421,517
Unsec. Sub. Medium-Term Global Notes, 4.35%, 09/08/2026		5,000,000		5,164,800
Murray Street Investment Trust I, Sr. Unsec. Gtd. Notes, 4.65%, 03/09/2017(d)		183,000		183,118
				24,702,451

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

12                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Leisure Facilities–0.00%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024	$	115,000	$	119,600
Life & Health Insurance–0.83%
Dai-ichi Life Insurance Co., Ltd. (The) (Japan), Jr. Unsec. Sub. Notes, 4.00%(b)(c)		3,335,000		3,247,456
Forethought Financial Group, Inc., Sr. Unsec. Notes, 8.63%, 04/15/2021(b)		50,000		55,436
MetLife, Inc.,
Sr. Unsec. Global Notes, 4.13%, 08/13/2042		2,200,000		2,194,500
Series C, Jr. Unsec. Sub. Global Notes, 5.25%(c)		8,176,000		8,503,040
Prudential Financial, Inc., Jr. Unsec. Sub. Global Notes,
5.63%, 06/15/2043		5,479,000		5,903,623
8.88%, 06/15/2068		1,640,000		1,782,680
				21,686,735
Managed Health Care–0.46%
Aetna, Inc., Sr. Unsec. Global Notes,
3.20%, 06/15/2026		5,471,000		5,528,035
4.25%, 06/15/2036		4,147,000		4,193,965
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		65,000		67,194
UnitedHealth Group Inc., Sr. Unsec. Global Notes, 3.75%, 07/15/2025		2,086,000		2,185,760
				11,974,954
Marine–0.01%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021(b)		248,000		223,200
Marine Ports & Services–0.03%
Adani Ports & Special Economic Zone Ltd. (India), Sr. Unsec. Notes, 3.95%, 01/19/2022(b)		207,000		206,177
PT Pelabuhan Indonesia II (Indonesia),
Sr. Unsec. Notes, 4.25%, 05/05/2025(b)		200,000		199,625
REGS, Sr. Unsec. Euro Notes, 4.25%, 05/05/2025(b)		300,000		300,114
				705,916
Metal & Glass Containers–0.03%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. (Ireland), Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		200,000		205,250
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		455,000		482,869

	Principal Amount		Value
Metal & Glass Containers–(continued)
Berry Plastics Corp.,
Sec. Gtd. Second Lien Global Notes, 6.00%, 10/15/2022	$	60,000	$	63,675
Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		87,000		90,915
				842,709
Movies & Entertainment–0.69%
21st Century Fox America, Inc.,
Sr. Unsec. Gtd. Global Notes, 6.55%, 03/15/2033		180,000		220,747
Sr. Unsec. Gtd. Notes, 4.75%, 11/15/2046(b)		2,840,000		2,900,989
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		310,000		322,400
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024(b)		183,000		188,719
Pinnacle Entertainment, Inc., Sr. Unsec. Notes, 5.63%, 05/01/2024(b)		345,000		352,331
Time Warner, Inc., Sr. Unsec. Gtd. Global Deb., 5.35%, 12/15/2043		2,100,000		2,208,928
Viacom Inc., Jr. Unsec. Sub. Global Notes,
5.88%, 02/28/2057		4,620,000		4,671,975
6.25%, 02/28/2057		5,295,000		5,334,713
Sr. Unsec. Global Notes, 3.45%, 10/04/2026		2,032,000		1,945,792
				18,146,594
Multi-Line Insurance–0.85%
AIG Global Funding, Sr. Sec. First Lien Notes, 2.70%, 12/15/2021(b)		6,594,000		6,582,180
American Financial Group, Inc., Sr. Unsec. Notes, 3.50%, 08/15/2026		2,690,000		2,629,234
American International Group, Inc., Sr. Unsec. Global Notes, 3.90%, 04/01/2026		5,670,000		5,736,362
Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/2044(b)		2,185,000		2,269,504
XLIT Ltd. (Ireland), Unsec. Gtd. Sub. Bonds, 5.50%, 03/31/2045		5,097,000		5,067,850
				22,285,130
Multi-Utilities–0.01%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), REGS, Sr. Unsec. Global Notes, 3.88%, 05/06/2024(b)		200,000		203,135
Office REIT’s–0.16%
Alexandria Real Estate Equities, Inc., Sr. Unsec. Gtd. Global Notes, 3.95%, 01/15/2027		2,805,000		2,833,168

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

13                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Office REIT’s–(continued)
Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/2024	$	1,290,000	$	1,307,374
				4,140,542
Office Services & Supplies–0.35%
Pitney Bowes Inc., Sr. Unsec. Global Notes,
3.38%, 10/01/2021		8,285,000		8,131,396
4.63%, 03/15/2024		1,070,000		1,053,501
				9,184,897
Oil & Gas Drilling–0.01%
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		220,000		190,025
Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		128,000		127,360
Sr. Unsec. Gtd. Notes, 7.75%, 12/15/2023(b)		19,000		20,710
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		70,000		63,350
Vantage Drilling International, Sr. Sec. Second Lien Notes, 10.00%, 12/31/2020 (Acquired 07/28/2016; Cost $8,370)(b)		9,000		8,393
				409,838
Oil & Gas Equipment & Services–0.11%
Petrofac Ltd. (United Kingdom), Sr. Unsec. Gtd. Notes, 3.40%, 10/10/2018(b)		2,570,000		2,611,349
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		223,000		229,690
Weatherford International Ltd., Sr. Unsec. Gtd. Notes,
6.50%, 08/01/2036		77,000		71,417
8.25%, 06/15/2023		62,000		67,270
				2,979,726
Oil & Gas Exploration & Production–0.73%
Anadarko Petroleum Corp., Sr. Unsec. Notes, 5.55%, 03/15/2026		3,378,000		3,794,406
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		404,000		410,060
Callon Petroleum Co., Sr. Unsec. Gtd. Notes, 6.13%, 10/01/2024(b)		300,000		314,250
CNOOC Curtis Funding No.1 Pty Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 10/03/2023(b)		200,000		213,947
CNOOC Finance (2015) U.S.A. LLC (China), Sr. Unsec. Gtd. Global Notes, 3.50%, 05/05/2025		400,000		399,696
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		270,000		252,450

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022	$	80,000	$	66,800
Dolphin Energy Ltd. (United Arab Emirates), REGS, Sr. Sec. Euro Bonds, 5.50%, 12/15/2021(b)		200,000		221,727
Gulfport Energy Corp.,
Sr. Unsec. Gtd. Global Notes, 6.63%, 05/01/2023		35,000		35,875
Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		294,000		293,265
Hess Corp., Sr. Unsec. Global Notes, 5.80%, 04/01/2047		2,071,000		2,217,262
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec. Notes, 7.00%, 05/05/2020(b)		210,000		232,838
REGS, Sr. Unsec. Medium-Term Euro Notes, 4.40%, 04/30/2023(b)		600,000		607,519
6.38%, 04/09/2021(b)		400,000		440,200
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		570,000		612,037
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		254,000		259,080
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(b)		296,000		313,020
Pertamina Persero PT (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.30%, 05/20/2023(b)		200,000		206,341
Pioneer Natural Resources Co., Sr. Unsec. Notes, 6.65%, 03/15/2017		1,956,000		1,959,578
QEP Resources, Inc., Sr. Unsec. Notes, 6.88%, 03/01/2021		434,000		462,210
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		324,000		308,610
Rice Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 05/01/2023		175,000		185,063
RSP Permian, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025(b)		251,000		257,903
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		342,000		306,945
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), Sr. Sec. Bonds, 4.00%, 08/15/2026(b)		4,000,000		3,836,504
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		406,000		408,537
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Notes, 6.88%, 02/01/2025(b)		207,000		204,930

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

14                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024	$	174,000	$	170,520
				18,991,573
Oil & Gas Refining & Marketing–0.24%
Cosan Luxembourg S.A. (Brazil), Sr. Unsec. Gtd. Notes, 7.00%, 01/20/2027(b)		5,240,000		5,515,100
Reliance Industries Ltd. (India), REGS, Sr. Unsec. Euro Notes, 4.13%, 01/28/2025(b)		250,000		256,060
Tesoro Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 04/01/2024		375,000		391,875
				6,163,035
Oil & Gas Storage & Transportation–6.65%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Notes, 5.38%, 09/15/2024(b)		307,000		313,907
Enbridge Inc. (Canada), Sr. Unsec. Notes, 5.60%, 04/01/2017		4,679,000		4,690,728
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		596,000		642,935
Energy Transfer Partners, L.P., Sr. Unsec. Notes,
4.20%, 04/15/2027		3,519,000		3,539,565
4.75%, 01/15/2026		9,668,000		10,156,118
5.30%, 04/15/2047		7,439,000		7,452,241
Enterprise Products Operating LLC, Sr. Unsec. Gtd. Notes, 3.75%, 02/15/2025		1,594,000		1,627,020
EQT Midstream Partners L.P., Sr. Unsec. Notes, 4.00%, 08/01/2024		2,255,000		2,296,038
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(b)		303,000		319,665
Kinder Morgan Energy Partners, L.P.,
Sr. Unsec. Gtd. Global Notes, 3.95%, 09/01/2022		1,203,000		1,240,795
Sr. Unsec. Gtd. Notes,
2.65%, 02/01/2019		6,243,000		6,312,407
5.95%, 02/15/2018		3,000,000		3,119,229
Kinder Morgan, Inc., Sr. Unsec. Gtd. Medium-Term Global Notes, 7.75%, 01/15/2032		16,441,000		20,901,723
MPLX LP,
Sr. Unsec. Global Bonds, 4.50%, 07/15/2023		22,197,000		23,355,406
Sr. Unsec. Global Notes,
4.13%, 03/01/2027		3,463,000		3,506,287
4.88%, 06/01/2025		125,000		133,516
5.20%, 03/01/2047		3,475,000		3,566,219
5.50%, 02/15/2023		12,314,000		12,845,041

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.13%, 03/01/2025(b)	$	229,000	$	229,572
ONEOK, Inc., Sr. Unsec. Global Notes, 4.25%, 02/01/2022		5,040,000		5,207,996
Plains All American Pipeline L.P./ PAA Finance Corp.,
Sr. Unsec. Global Notes, 3.60%, 11/01/2024		2,268,000		2,218,226
Sr. Unsec. Bonds, 4.50%, 12/15/2026		1,657,000		1,706,272
Sabine Pass Liquefaction, LLC,
Sr. Sec. First Lien Global Notes,
5.63%, 03/01/2025		822,000		906,769
6.25%, 03/15/2022		17,073,000		19,335,172
Sr. Sec. First Lien Notes,
4.20%, 03/15/2028(b)		14,628,000		14,613,811
5.00%, 03/15/2027(b)		4,086,000		4,346,482
Southern Natural Gas Co., L.L.C., Sr. Unsec. Notes, 5.90%, 04/01/2017(b)		1,208,000		1,212,326
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds, 5.25%, 05/01/2023		145,000		150,619
Sr. Unsec. Gtd. Notes, 5.13%, 02/01/2025(b)		326,000		339,040
Tesoro Logistics L.P./Tesoro Logistics Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		561,000		612,892
Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025		32,000		33,760
TransCanada Trust (Canada), Jr. Unsec. Sub. Gtd. Global Notes, 5.30%, 03/15/2077		6,225,000		6,311,826
Willams Cos. Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		469,000		477,104
Williams Partners L.P.,
Sr. Unsec. Global Notes, 3.60%, 03/15/2022		5,671,000		5,773,064
Sr. Unsec. Notes, 4.13%, 11/15/2020		3,708,000		3,896,276
				173,390,047
Other Diversified Financial Services–0.17%
Equate Petrochemical B.V. (Kuwait), Sr. Unsec. Gtd. Notes, 4.25%, 11/03/2026(b)		203,000		202,888
Fondo MIVIVIENDA S.A. (Peru), REGS, Sr. Unsec. Euro Notes, 3.50%, 01/31/2023(b)		300,000		300,750
Kazakhstan Temir Zholy Finance B.V. (Kazakhstan), REGS, Sr. Unsec. Gtd. Euro Notes, 6.38%, 10/06/2020(b)		300,000		325,877
Majapahit Holding B.V. (Indonesia), REGS, Sr. Unsec. Gtd. Euro Notes, 7.75%, 01/20/2020(b)		200,000		227,400

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

15                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Other Diversified Financial Services–(continued)
Mexico City Airport Trust (Mexico), Sr. Sec. Notes, 4.25%, 10/31/2026(b)	$	785,000	$	782,088
Minmetals Bounteous Finance (BVI) Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Bonds, 3.13%, 07/27/2021(b)		300,000		298,402
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., Sr. Unsec. Notes, 4.88%, 04/15/2045(b)		2,125,000		1,758,437
Peru Enhanced Pass-Through Finance Ltd. (Peru), REGS, Sr. Sec. First Lien Pass Through Ctfs., 0.00%, 06/02/2025(b)(e)		300,000		245,064
Power Sector Assets & Liabilities Management Corp. (Philippines), REGS, Sr. Unsec. Gtd. Euro Bond, 7.39%, 12/02/2024(b)		250,000		321,911
				4,462,817
Packaged Foods & Meats–0.56%
BRF GmbH (Brazil), Sr. Unsec. Gtd. Notes, 4.35%, 09/29/2026(b)		2,061,000		1,970,831
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/2024(b)		250,000		269,375
JBS USA Lux S.A./JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 5.75%, 06/15/2025(b)		310,000		320,850
Kraft Heinz Foods Co. (The), Sr. Unsec. Gtd. Global Notes, 4.38%, 06/01/2046		4,780,000		4,529,722
Lamb Weston Holdings, Inc.,
Sr. Unsec. Gtd. Notes,
4.63%, 11/01/2024(b)		1,333,000		1,359,660
4.88%, 11/01/2026(b)		1,152,000		1,173,600
Marfrig Holdings Europe B.V. (Brazil), Sr. Unsec. Gtd. Notes, 8.00%, 06/08/2023(b)		200,000		211,000
Minerva Luxembourg S.A. (Brazil), Sr. Unsec. Gtd. Notes, 6.50%, 09/20/2026(b)		4,549,000		4,506,226
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(b)		350,000		370,562
				14,711,826
Paper Packaging–0.01%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2022		240,000		249,300
Paper Products–0.48%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		5,664,000		5,579,040
Fibria Overseas Finance Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 5.50%, 01/17/2027		6,652,000		6,726,835

	Principal Amount		Value
Paper Products–(continued)
Mercer International Inc. (Canada), Sr. Unsec. Notes, 6.50%, 02/01/2024(b)	$	72,000	$	73,440
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020		114,000		117,277
				12,496,592
Pharmaceuticals–0.60%
Bristol-Myers Squibb Co., Sr. Unsec. Deb., 6.88%, 08/01/2097		2,492,000		3,485,380
Endo Ltd./Endo Finance LLC/Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 07/15/2023(b)		200,000		185,000
Mylan N.V.,
Sr. Unsec. Gtd. Global Notes,
3.95%, 06/15/2026		3,844,000		3,754,258
5.25%, 06/15/2046		4,127,000		4,157,451
Teva Pharmaceutical Finance Netherlands III B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 2.20%, 07/21/2021		3,874,000		3,734,135
Valeant Pharmaceuticals International, Inc.,
Sr. Unsec. Gtd. Notes,
5.50%, 03/01/2023(b)		55,000		44,550
5.63%, 12/01/2021(b)		280,000		235,900
5.88%, 05/15/2023(b)		33,000		26,895
6.13%, 04/15/2025(b)		175,000		141,312
REGS, Sr. Unsec. Gtd. Euro Notes, 6.13%, 04/15/2025(b)		30,000		24,000
				15,788,881
Property & Casualty Insurance–0.32%
Allstate Corp. (The), Sr. Unsec. Notes, 4.20%, 12/15/2046		3,105,000		3,192,577
Arch Capital Finance LLC, Sr. Unsec. Gtd. Notes, 5.03%, 12/15/2046		3,499,000		3,756,180
Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/07/2087(b)		1,320,000		1,529,550
				8,478,307
Railroads–0.02%
Autoridad del Canal de Panamá (Panama), REGS, Sr. Unsec. Euro Bonds, 4.95%, 07/29/2035(b)		300,000		321,000
Lima Metro Line 2 Finance Ltd. (Peru), Sr. Sec. First Lien Bonds, 5.88%, 07/05/2034(b)		300,000		319,875
				640,875
Regional Banks–0.92%
CIT Group Inc.,
Sr. Unsec. Global Notes,
5.00%, 08/15/2022		722,000		767,125
5.00%, 08/01/2023		320,000		339,800
5.25%, 03/15/2018		3,051,000		3,157,785

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

16                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Regional Banks–(continued)
Huntington Bancshares, Inc., Sr. Unsec. Global Notes, 2.30%, 01/14/2022	$	15,345,000	$	14,973,114
M&T Bank Corp., Series F, Jr. Unsec. Sub. Global Notes, 5.13%(c)		4,668,000		4,714,680
				23,952,504
Reinsurance–0.07%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		1,650,000		1,770,550
Renewable Electricity–0.05%
Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/2044		1,194,000		1,207,745
Research & Consulting Services–0.01%
IHS Markit Ltd., Sr. Unsec. Gtd. Notes, 5.00%, 11/01/2022(b)		174,000		183,570
Residential REIT’s–0.08%
Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/2022		2,135,000		2,196,215
Restaurants–0.68%
1011778 BC ULC/ New Red Finance, Inc. (Canada),
Sec. Gtd. Second Lien Notes, 6.00%, 04/01/2022(b)		7,755,000		8,113,669
Sr. Sec. Gtd. First Lien Notes, 4.63%, 01/15/2022(b)		7,259,000		7,513,065
Brinker International Inc., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2024(b)		2,114,000		2,088,166
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		95,000		102,600
				17,817,500
Retail REIT’s–0.20%
Brixmor Operating Partnership LP, Sr. Unsec. Global Notes, 3.25%, 09/15/2023		5,360,000		5,257,790
Semiconductors–2.13%
Analog Devices, Inc.,
Sr. Unsec. Global Notes,
3.13%, 12/05/2023		4,975,000		4,955,416
4.50%, 12/05/2036		1,230,000		1,240,200
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Sr. Unsec. Gtd. Notes,
3.00%, 01/15/2022(b)		18,410,000		18,444,519
3.88%, 01/15/2027(b)		12,452,000		12,592,085
Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%, 02/01/2025		372,000		385,950

	Principal Amount		Value
Semiconductors–(continued)
NXP B.V./NXP Funding LLC (Netherlands),
Sr. Unsec. Gtd. Notes, 5.75%, 03/15/2023(b)	$	2,120,000	$	2,241,238
Sr. Unsec. Notes, 3.88%, 09/01/2022(b)		13,736,000		14,040,403
QUALCOMM Inc., Sr. Unsec. Global Notes, 3.00%, 05/20/2022		1,652,000		1,674,325
				55,574,136
Sovereign Debt–1.61%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec. Notes,
5.63%, 01/26/2022(b)		6,148,000		6,226,310
6.25%, 04/22/2019(b)		9,010,000		9,541,590
6.88%, 01/26/2027(b)		11,666,000		11,665,843
Black Sea Trade and Development Bank (The) (Supranational), Sr. Unsec. Notes, 4.88%, 05/06/2021(b)		200,000		210,668
Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds, 7.13%, 01/20/2037		50,000		56,000
Colombia Government International Bond (Colombia), Sr. Unsec. Global Notes, 3.88%, 04/25/2027		300,000		298,875
Dominican Republic International Bond (Dominican Repubic), Sr. Unsec. Bonds, 5.50%, 01/27/2025(b)		241,000		247,025
Egypt Government International Bond (Egypt), Sr. Unsec. Notes, 6.13%, 01/31/2022(b)		249,000		258,763
El Salvador Government International Bond (El Salvador), Sr. Unsec. Notes, 8.63%, 02/28/2029(b)		1,886,000		1,919,410
Guatemala Government Bond (Guatemala), Sr. Unsec. Notes, 4.50%, 05/03/2026(b)		200,000		198,240
Honduras Government International Bond (Honduras), Sr. Unsec. Notes, 6.25%, 01/19/2027(b)		5,006,000		5,074,064
Hungary Government International Bond (Hungary), Sr. Unsec. Global Notes, 5.38%, 02/21/2023		300,000		330,718
Indonesia Government International Bond (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.13%, 01/15/2025(b)		300,000		308,488
Israel Government International Bond (Israel), Sr. Unsec. Global Bonds, 2.88%, 03/16/2026		200,000		196,766
Jamaica Government International Bond (Jamaica), Sr. Unsec. Global Notes, 8.00%, 03/15/2039		200,000		232,000
Jordan Government International Bond (Jordan), Sr. Unsec. Notes, 5.75%, 01/31/2027(b)		200,000		194,312

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

17                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Oman Government International Bond (Oman), REGS, Sr. Unsec. Euro Notes, 4.75%, 06/15/2026(b)	$	200,000	$	196,420
Panama Government International Bond (Panama), Sr. Unsec. Global Bonds, 3.88%, 03/17/2028		200,000		203,300
Provincia de Buenos Aires (Argentina), Sr. Unsec. Notes, 7.88%, 06/15/2027(b)		2,140,000		2,144,708
Republic of Poland Government International Bond (Poland),
Sr. Unsec. Global Notes,
3.25%, 04/06/2026		85,000		84,315
4.00%, 01/22/2024		150,000		157,576
Republic of South Africa Government International Bond (South Africa), Sr. Unsec. Global Notes, 4.88%, 04/14/2026		400,000		411,754
Saudi Government International Bond (Saudi Arabia), REGS, Sr. Unsec. Medium-Term Euro Notes, 3.25%, 10/26/2026(b)		700,000		678,125
Slovenia Government International Bond (Slovenia), REGS, Sr. Unsec. Euro Notes, 5.25%, 02/18/2024(b)		300,000		335,321
Trinidad & Tobago Government International Bond (Trinidad), Sr. Unsec. Notes, 4.50%, 08/04/2026(b)		200,000		202,436
Turkey Government International Bond (Turkey),
Sr. Unsec. Global Notes,
6.00%, 03/25/2027		282,000		290,108
6.88%, 03/17/2036		50,000		53,347
Uruguay Government International Bond (Uruguay), Sr. Unsec. Global Bonds, 4.13%, 11/20/2045		200,000		174,200
				41,890,682
Specialized Consumer Services–0.09%
ServiceMaster Co., LLC (The),
Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024(b)		2,151,000		2,194,020
Sr. Unsec. Notes, 7.45%, 08/15/2027		191,000		196,730
				2,390,750
Specialized Finance–2.36%
AerCap Global Aviation Trust (Netherlands), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		41,843,000		44,144,365
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.95%, 02/01/2022		1,340,000		1,391,925

	Principal Amount		Value
Specialized Finance–(continued)
Air Lease Corp., Sr. Unsec. Global Notes,
3.00%, 09/15/2023	$	8,891,000	$	8,754,856
3.38%, 06/01/2021		3,965,000		4,041,822
3.88%, 04/01/2021		2,425,000		2,523,516
Aircastle Ltd., Sr. Unsec. Notes,
5.00%, 04/01/2023		505,000		532,144
5.50%, 02/15/2022		75,000		80,906
				61,469,534
Specialized REIT’s–0.62%
American Tower Corp., Sr. Unsec. Notes, 5.05%, 09/01/2020		718,000		772,325
Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes, 4.88%, 08/15/2020(b)		4,419,000		4,713,965
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022		259,000		272,921
EPR Properties,
Sr. Unsec. Gtd. Global Notes,
4.50%, 04/01/2025		2,244,000		2,239,954
7.75%, 07/15/2020		4,692,000		5,343,264
Sr. Unsec. Gtd. Notes, 5.75%, 08/15/2022		1,345,000		1,470,237
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		506,000		542,685
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		205,000		214,737
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026		445,000		480,600
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(b)		201,000		194,468
				16,245,156
Specialty Chemicals–0.12%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		180,000		187,650
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024(b)		310,000		317,362
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(b)		120,000		136,800
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(b)		134,000		152,090
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		276,000		285,660
PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(b)		93,000		100,789
RPM International Inc., Sr. Unsec. Global Notes, 3.75%, 03/15/2027		1,998,000		2,008,973
				3,189,324

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

18                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Steel–0.32%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 7.75%, 10/15/2039	$	168,000	$	195,300
FMG Resources (August 2006) Pty. Ltd. (Australia),
Sr. Sec. Gtd. Notes, 9.75%, 03/01/2022(b)		65,000		75,400
Sr. Unsec. Gtd. Notes, 6.88%, 04/01/2022(b)		170,000		176,162
Gerdau Trade Inc. (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 4.75%, 04/15/2023(b)		300,000		294,267
Severstal OAO via Steel Capital S.A. (Russia), REGS, Sr. Unsec. Euro Notes, 5.90%, 10/17/2022(b)		200,000		219,489
Steel Dynamics, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 12/15/2026(b)		464,000		480,240
United States Steel Corp.,
Sr. Unsec. Global Notes, 7.50%, 03/15/2022		96,000		100,320
Sr. Unsec. Notes, 6.88%, 04/01/2021		75,000		77,438
Vale Canada Ltd. (Brazil), Sr. Unsec. Global Bonds, 7.20%, 09/15/2032		200,000		213,023
Vale Overseas Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 6.25%, 08/10/2026		5,960,000		6,600,700
				8,432,339
Systems Software–0.38%
Microsoft Corp., Sr. Unsec. Global Notes, 4.25%, 02/06/2047		3,841,000		3,982,877
Oracle Corp., Sr. Unsec. Global Notes, 4.00%, 07/15/2046		2,080,000		2,030,311
Symantec Corp., Sr. Unsec. Notes, 5.00%, 04/15/2025(b)		3,724,000		3,835,703
				9,848,891
Technology Distributors–0.44%
Avnet, Inc., Sr. Unsec. Global Notes, 4.63%, 04/15/2026		5,031,000		5,112,615
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		63,000		64,103
Tech Data Corp., Sr. Unsec. Notes, 4.95%, 02/15/2027		6,175,000		6,248,924
				11,425,642
Technology Hardware, Storage & Peripherals–0.77%
Apple Inc., Sr. Unsec. Global Notes, 4.25%, 02/09/2047		2,965,000		3,045,820
Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
Sr. Sec. Gtd. First Lien Notes,
6.02%, 06/15/2026(b)		7,684,000		8,484,127
8.35%, 07/15/2046(b)		4,166,000		5,448,743
Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(b)		1,063,000		1,178,601

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–(continued)
Seagate HDD Cayman, Sr. Unsec. Gtd. Global Bonds, 5.75%, 12/01/2034	$	1,540,000	$	1,386,000
Western Digital Corp.,
Sr. Sec. Gtd. First Lien Notes, 7.38%, 04/01/2023(b)		315,000		345,220
Sr. Unsec. Gtd. Global Notes, 10.50%, 04/01/2024		81,000		95,175
				19,983,686
Tobacco–0.00%
Alliance One International, Inc., Sr. Sec. Gtd. First Lien Notes, 8.50%, 04/15/2021(b)		73,000		75,008
Trading Companies & Distributors–0.05%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(b)		111,000		114,885
Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.75%, 12/15/2020		200,000		210,750
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(b)		113,000		124,865
Hertz Corp. (The), Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/2020		340,000		334,050
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		130,000		137,475
Sr. Unsec. Gtd. Notes,
5.50%, 05/15/2027		222,000		227,550
6.13%, 06/15/2023		60,000		63,525
				1,213,100
Trucking–0.02%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025(b)		250,000		240,625
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(b)		202,000		210,585
				451,210
Wireless Telecommunication Services–1.29%
América Móvil, S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Global Notes, 6.13%, 03/30/2040		1,115,000		1,319,699
Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Notes, 5.35%, 05/20/2024(b)		500,000		531,875
Empresa Nacional de Telecomunicaciones S.A. (Chile), REGS, Sr. Unsec. Euro Notes, 4.88%, 10/30/2024(b)		1,000,000		1,037,222
MTN (Mauritius) Investments Ltd. (South Africa), REGS, Sr. Unsec. Gtd. Euro Notes, 6.50%, 10/13/2026(b)		600,000		616,125

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

19                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2044	$	2,955,000	$	3,228,664
Sprint Communications Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/01/2020(b)		105,000		114,975
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021		179,000		195,558
7.63%, 02/15/2025		90,000		100,575
7.88%, 09/15/2023		805,000		897,575
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Class A-1, Sr. Sec. Gtd. First Lien Asset-Backed Notes, 3.36%, 03/20/2023(b)		24,498,000		24,588,788
Turkcell Iletisim Hizmetleri A.S. (Turkey), Sr. Unsec. Notes, 5.75%, 10/15/2025(b)		330,000		335,362
VimpelCom Holdings B.V. (Netherlands), REGS, Sr. Unsec. Gtd. Euro Notes, 5.95%, 02/13/2023(b)		300,000		316,053
Wind Acquisition Finance S.A. (Italy),
Sec. Gtd. Second Lien Notes, 7.38%, 04/23/2021(b)		200,000		208,750
Sr. Sec. Gtd. First Lien Notes, 4.75%, 07/15/2020(b)		300,000		306,375
				33,797,596
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,360,912,138)				1,379,250,392
U.S. Government Sponsored Agency Mortgage-Backed Securities–18.74%
Collateralized Mortgage Obligations–0.20%
Fannie Mae REMICs, IO, 7.00%, 05/25/2033		13,600		3,269
6.00%, 07/25/2033		10,040		2,254
Freddie Mac Multifamily Securitization, Series K038, Class X1, Variable Rate Pass Through Ctfs., 1.19%, 03/25/2024(f)		25,709,891		1,718,804
Ginnie Mae REMICs, IO, 1.55%, 09/20/2064(f)		11,820,669		1,193,849
1.59%, 11/20/2064(f)		7,432,972		576,055
1.65%, 12/20/2064(f)		19,844,343		1,769,481
				5,263,712
Federal Home Loan Mortgage Corp. (FHLMC)–7.16%
Pass Through Ctfs.,
6.00%, 04/01/2017 to 02/01/2034		371,962		416,762
7.50%, 04/01/2017 to 05/01/2035		917,633		1,074,440
6.50%, 10/01/2017 to 09/01/2036		598,485		673,208

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
7.00%, 07/01/2019 to 10/01/2034	$	1,786,571	$	2,031,609
3.50%, 08/01/2026		1,056,309		1,109,988
8.50%, 08/01/2031		56,998		68,691
3.00%, 02/01/2032		3,057,000		3,149,601
8.00%, 08/01/2032		48,957		57,915
5.50%, 01/01/2034 to 07/01/2040		3,653,054		4,073,940
5.00%, 07/01/2034 to 06/01/2040		3,735,307		4,118,989
4.50%, 02/01/2040 to 10/01/2046		41,229,467		44,718,824
Pass Through Ctfs., ARM,
3.53%, 12/01/2036(f)		118,941		125,293
3.46%, 02/01/2037(f)		36,111		38,488
3.07%, 05/01/2037(f)		350,694		373,623
Pass Through Ctfs., TBA,
3.50%, 04/01/2047(g)		87,000,000		88,977,893
4.00%, 04/01/2047(g)		34,000,000		35,657,500
				186,666,764
Federal National Mortgage Association (FNMA)–9.96%
Pass Through Ctfs.,
6.00%, 05/01/2017 to 10/01/2039		60,326		66,112
6.50%, 05/01/2017 to 01/01/2037		202,000		228,608
7.00%, 05/01/2017 to 02/01/2034		615,916		686,912
5.00%, 03/01/2018 to 12/01/2039		1,004,533		1,106,040
5.50%, 11/01/2018 to 06/01/2040		2,023,893		2,271,626
7.50%, 03/01/2021 to 08/01/2037		913,644		1,077,900
8.00%, 08/01/2021 to 04/01/2033		96,759		116,865
9.50%, 04/01/2030		17,758		20,656
3.50%, 12/01/2030 to 11/01/2046		43,309,281		44,799,956
8.50%, 10/01/2032		90,961		112,973
3.00%, 08/01/2043		4,933,022		4,918,560
Pass Through Ctfs., ARM,
2.80%, 05/01/2035(f)		380,680		403,281
3.27%, 01/01/2037(f)		269,257		282,840
3.05%, 03/01/2038(f)		136,054		144,011
Pass Through Ctfs., TBA
2.50%, 04/01/2032(g)		40,620,000		40,651,684
3.00%, 04/01/2032 to 04/01/2047(g)		98,660,000		99,001,434
3.50%, 04/01/2047(g)		18,500,000		18,924,875
4.00%, 04/01/2047(g)		43,000,000		45,105,340
				259,919,673

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

20                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Government National Mortgage Association (GNMA)–1.42%
Pass Through Ctfs.,
7.50%, 06/15/2023 to 05/15/2032	$	21,547	$	23,064
9.00%, 09/15/2024 to 10/15/2024		15,037		15,114
8.50%, 02/15/2025		5,948		5,977
8.00%, 08/15/2025 to 09/15/2026		37,698		39,603
6.56%, 01/15/2027		137,875		157,386
7.00%, 10/15/2028 to 09/15/2032		322,343		363,389
6.00%, 11/15/2028 to 02/15/2033		82,039		94,199
6.50%, 01/15/2029 to 09/15/2034		200,663		229,098
5.50%, 06/15/2035		107,953		121,984
5.00%, 07/15/2035 to 08/15/2035		60,592		66,645
Pass Through Ctfs., ARM,
2.00%, 01/20/2025(f)		41,639		42,849
2.13%, 05/20/2025(f)		12,327		12,692
3.00%, 06/20/2025(f)		7,495		7,767
Pass Through Ctfs., TBA,
4.00%, 04/01/2047(g)		33,930,000		35,841,277
				37,021,044
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $490,169,395)				488,871,193
U.S. Treasury Securities–17.28%
U.S. Treasury Bills–0.76%(h)(i)
0.49%, 05/11/2017		2,200,000		2,197,765
0.51%, 05/11/2017		3,020,000		3,016,932
0.52%, 05/11/2017		4,570,000		4,565,358
0.53%, 05/11/2017		635,000		634,355
0.54%, 05/11/2017		50,000		49,949
0.56%, 05/11/2017		20,000		19,980
0.57%, 05/11/2017		105,000		104,893
0.59%, 05/11/2017		8,250,000		8,241,620
0.60%, 05/11/2017		975,000		974,009
				19,804,861
U.S. Treasury Notes–11.30%
1.38%, 02/15/2020		70,508,400		70,282,561
1.88%, 02/28/2022		133,972,700		133,847,034
2.13%, 02/29/2024		57,075,100		56,840,978
2.25%, 02/15/2027		34,115,300		33,786,804
				294,757,377
U.S. Treasury Bonds–5.22%
2.88%, 11/15/2046		138,697,700		136,132,347
Total U.S. Treasury Securities (Cost $448,692,405)				450,694,585

	Principal Amount		Value
Asset-Backed Securities–12.45%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, Variable Rate Pass Through Ctfs., 3.14%, 02/25/2035(f)	$	3,023,401	$	3,012,614
Series 2005-1, Class 4A1, Variable Rate Pass Through Ctfs., 3.41%, 05/25/2035(f)		1,853,702		1,834,562
Banc of America Commercial Mortgage Trust, Series 2006-1, Class B, Variable Rate Pass Through Ctfs., 5.49%, 09/10/2045(f)		1,096,524		1,096,525
Series 2007-4, Class A1A, Variable Rate Pass Through Ctfs., 5.77%, 02/10/2051(f)		1,425,537		1,439,070
Series 2015-UBS7, Class AS, Variable Rate Pass Through Ctfs., 3.99%, 09/15/2048(f)		4,394,000		4,555,160
Banc of America Mortgage Trust, Series 2005-12, Class A2, Floating Rate Pass Through Ctfs., 1.68%, 01/25/2036(f)		1,689,198		1,523,268
Barclays Bank Commercial Mortgage Securities Trust, Series 2015-RRI, Class D, Floating Rate Pass Through Ctfs., 3.67%, 05/15/2032(b)(f)		3,730,000		3,730,963
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, Variable Rate Pass Through Ctfs., 2.92%, 08/25/2033(f)		308,834		306,922
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 3.26%, 03/25/2035(f)		4,212,540		4,265,274
Series 2004-10, Class 21A1, Variable Rate Pass Through Ctfs., 3.48%, 01/25/2035(f)		1,209,633		1,223,366
Series 2005-2, Class A2, Floating Rate Pass Through Ctfs., 3.64%, 03/25/2035(f)		1,930,700		1,954,765
Series 2005-5, Class A1, Floating Rate Pass Through Ctfs., 2.58%, 08/25/2035(f)		3,093,576		3,142,944
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 2.91%, 02/25/2036(f)		1,188,647		1,186,009
Bear Stearns ALT-A Trust, Series 2004-11, Class 2A3, Variable Rate Pass Through Ctfs., 3.16%, 11/25/2034(f)		3,462,856		3,415,105
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW13, Class AJ, Variable Rate Pass Through Ctfs., 5.61%, 09/11/2041(f)		94,406		94,366
BlueMountain CLO Ltd. (Cayman Islands), Series 2014-4A, Class A1R, Floating Rate Pass Through Ctfs., 2.40%, 11/30/2026(b)(f)		7,083,333		7,111,937

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

21                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Callidus Debt Partners CLO Fund VI Ltd, Series 6A, Class A2, Floating Rate Pass Through Ctfs., 1.64%, 10/23/2021(b)(f)	$	4,500,000	$	4,439,468
Carlyle Global Market Strategies CLO Ltd, Series 2014-1A, Class AR, Floating Rate Pass Through Ctfs., 2.32%, 04/17/2025(b)(f)		10,000,000		10,003,235
CDGJ Commercial Mortgage Trust, Series 2014-BXCH, Class A, Floating Rate Pass Through Ctfs., 2.17%, 12/15/2027(b)(f)		758,990		761,385
Cent CLO Ltd. (Cayman Islands), Series 2014-22A, Class A1R, Floating Rate Pass Through Ctfs., 2.44%, 11/07/2026(b)(f)		11,785,000		11,811,732
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class C, Variable Rate Pass Through Ctfs., 5.75%, 12/15/2047(b)(f)		5,000,000		5,531,874
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, Pass Through Ctfs., 3.37%, 03/13/2035(b)		1,647,256		1,697,037
Chase Mortgage Trust, Series 2016-1, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 04/25/2045(b)(f)		3,503,956		3,446,247
Series 2016-2, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 12/25/2045(b)(f)		5,912,662		5,800,877
Cifc Funding Ltd. (Cayman Islands), Series 2007-2A, Class B, Floating Rate Pass Through Ctfs., 1.77%, 04/15/2021(b)(f)		2,371,000		2,353,318
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class B, Pass Through Ctfs., 4.29%, 09/10/2045(b)		1,300,000		1,366,253
Series 2013-GC11, Class D, Variable Rate Pass Through Ctfs., 4.46%, 04/10/2046(b)(f)		752,554		692,984
Series 2015-GC27, Class A5, Pass Through Ctfs., 3.14%, 02/10/2048		1,233,335		1,236,015
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB3, Class 2A, Variable Rate Pass Through Ctfs., 2.95%, 09/25/2034(f)		2,204,655		2,137,103
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 2.86%, 08/25/2034(f)		899,702		872,920
COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class A4, Variable Rate Pass Through Ctfs., 5.88%, 05/15/2046(f)		1,033,647		1,039,350
Commercial Mortgage Loan Trust , Series 2008-LS1, Class A1A, Variable Rate Pass Through Ctfs., 6.10%, 12/10/2049(f)		2,255,184		2,294,403

	Principal Amount		Value
Commercial Mortgage Trust, Series 2007-GG9, Class AM, Pass Through Ctfs., 5.48%, 03/10/2039	$	36,302	$	36,299
Series 2013-SFS, Class A1, Pass Through Ctfs., 1.87%, 04/12/2035(b)		554,503		544,487
Series 2013-THL, Class A2, Floating Rate Pass Through Ctfs., 1.83%, 06/08/2030(b)(f)		2,875,000		2,882,012
Series 2015-CR25, Class B, Variable Rate Pass Through Ctfs., 4.55%, 08/10/2048(f)		5,267,000		5,628,739
Series 2016-GCT, Class B, Pass Through Ctfs., 3.09%, 08/10/2029(b)		4,595,000		4,634,900
Series 2016-GCT, Class C, Variable Rate Pass Through Ctfs., 3.46%, 08/10/2029(b)(f)		2,115,000		2,144,658
Countrywide Asset-Backed Ctfs., Series 2003-1, Class 3A, Floating Rate Pass Through Ctfs., 1.46%, 06/25/2033(f)		162,481		150,551
Countrywide Home Loans Mortgage Pass Through Trust, Series 2007-13, Class A10, Pass Through Ctfs., 6.00%, 08/25/2037		511,950		444,297
Credit Suisse Commercial Mortgage Trust, Series 2007-C3, Class AM, Variable Rate Pass Through Ctfs., 5.72%, 06/15/2039(f)		791,860		799,779
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 3A1, Variable Rate Pass Through Ctfs., 3.05%, 06/25/2034(f)		2,738,750		2,723,127
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, Pass Through Ctfs., 3.72%, 08/15/2048		1,125,283		1,172,531
DBUBS Mortgage Trust, Series 2011-LC1A, Class E, Variable Rate Pass Through Ctfs., 5.69%, 11/10/2046(b)(f)		638,333		667,733
Deutsche Mortgage Securities Inc Re-REMIC Trust Certificates, Series 2007-WM1, Class A1, Variable Rate Pass Through Ctfs., 4.04%, 06/27/2037(b)(f)		10,309,022		10,449,868
First Horizon Alternative Mortgage Securities Trust,
Series 2005-FA8, Class 2A1, Pass Through Ctfs., 5.00%, 11/25/2020		128,000		129,064
Series 2006-FA5, Class A3, Pass Through Ctfs., 6.25%, 08/25/2036		271,114		218,198
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, Variable Rate Pass Through Ctfs., 3.76%, 04/19/2036(f)		1,260,489		1,138,015

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

22                         Invesco Core Plus Bond Fund

	Principal Amount		Value
GP Portfolio Trust, Series 2014-GPP, Class B, Floating Rate Pass Through Ctfs., 2.07%, 02/15/2027(b)(f)	$	5,000,000	$	5,009,755
GS Mortgage Securities Corp II, Series 2013-KING, Class A, Pass Through Ctfs., 2.71%, 12/10/2027(b)		1,504,576		1,526,732
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, Variable Rate Pass Through Ctfs., 5.95%, 08/10/2045(f)		530,192		531,076
Series 2013-G1, Class A1, Pass Through Ctfs., 2.06%, 04/10/2031(b)		1,038,113		1,009,068
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, Variable Rate Pass Through Ctfs., 3.12%, 09/25/2035(f)		551,435		530,453
H/2 Asset Funding Ltd. (Cayman Islands), Series 2015-1A, Class AFL, Floating Rate Pass Through Ctfs., 2.43%, 06/24/2049(b)(f)		1,169,142		1,165,613
Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1C, Floating Rate Pass Through Ctfs., 1.23%, 06/20/2035(f)		32,891		31,423
Hyatt Hotel Portfolio Trust, Series 2015-HYT, Class B, Floating Rate Pass Through Ctfs., 2.47%, 11/15/2029(b)(f)		3,998,000		4,015,955
JFIN CLO Ltd., Series 2007-1A, Class C, Floating Rate Pass Through Ctfs., 2.28%, 07/20/2021(b)(f)		3,500,000		3,496,352
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB19, Class AM, Variable Rate Pass Through Ctfs., 5.83%, 02/12/2049(f)		585,320		588,102
Series 2007-LD12, Class AM, Variable Rate Pass Through Ctfs., 6.07%, 02/15/2051(f)		500,220		508,650
Series 2007-LDPX, Class A1A, Pass Through Ctfs., 5.44%, 01/15/2049		578,493		578,082
Series 2011-C5, Class D, Variable Rate Pass Through Ctfs., 5.41%, 08/15/2046(b)(f)		452,400		464,166
Series 2012-CBX, Class E, Variable Rate Pass Through Ctfs., 5.22%, 06/15/2045(b)(f)		613,211		610,695
Series 2012-LC9, Class B, Variable Rate Pass Through Ctfs., 3.81%, 12/15/2047(b)(f)		5,000,000		5,143,063
Series 2013-LC11, Class C, Variable Rate Pass Through Ctfs., 3.96%, 04/15/2046(f)		2,864,000		2,857,188
Series 2014-INN, Class A, Floating Rate Pass Through Ctfs., 1.69%, 06/15/2029(b)(f)		1,661,000		1,663,497

	Principal Amount		Value
JP Morgan Mortgage Trust, Series 2005-A3, Class 1A1, Variable Rate Pass Through Ctfs., 2.80%, 06/25/2035(f)	$	1,108,366	$	1,090,290
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 3.06%, 06/25/2035(f)		1,287,651		1,261,595
Series 2005-A5, Class 1A2, Variable Rate Pass Through Ctfs., 3.24%, 08/25/2035(f)		1,725,408		1,721,391
Series 2005-A6, Class 7A1, Variable Rate Pass Through Ctfs., 3.17%, 08/25/2035(f)		1,010,885		973,967
Series 2007-A4, Class 3A1, Variable Rate Pass Through Ctfs., 4.67%, 06/25/2037(f)		1,614,142		1,437,537
Series 2015-3, Class B2, Variable Rate Pass Through Ctfs., 3.70%, 05/25/2045(b)(f)		9,547,676		9,297,565
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C17, Class C Variable Rate Pass Through Ctfs., 4.89%, 01/15/2047(f)		12,750,000		13,184,843
Series 2015-C31, Class A3, Pass Through Ctfs., 3.80%, 08/15/2048		1,064,445		1,116,504
Series 2016-C1, Class B, Variable Rate Pass Through Ctfs., 4.75%, 03/15/2049(f)		5,083,000		5,521,260
Katonah Ltd. (Cayman Islands), Series 2007-IA, Class A2L, Floating Rate Pass Through Ctfs., 2.54%, 04/23/2022(b)(f)		2,630,000		2,627,620
Lehman Mortgage Trust, Series 2006-1, Class 3A5, Pass Through Ctfs., 5.50%, 02/25/2036		378,820		354,572
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/2041(b)		607,553		606,999
Luminent Mortgage Trust, Series 2005-1, Class A1, Floating Rate Pass Through Ctfs., 1.04%, 11/25/2035(f)		1,249,355		1,139,515
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, Floating Rate Pass Through Ctfs., 2.99%, 11/25/2035(f)		1,693,991		1,701,079
Series 2005-A5, Class A9, Variable Rate Pass Through Ctfs., 2.84%, 06/25/2035(f)		2,411,051		2,355,492
Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AJ, Variable Rate Pass Through Ctfs., 5.39%, 11/12/2041(f)		2,401,224		2,399,728
Series 2014-150E, Class C, Variable Rate Pass Through Ctfs., 4.30%, 09/09/2032(b)(f)		1,700,000		1,774,140
Series 2015-XLF2, Class AFSA, Floating Rate Pass Through Ctfs., 2.64%, 08/15/2026(b)(f)		453,170		454,015

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

23                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Northwoods Capital XII Ltd. (Cayman Islands),
Series 2014-12A, Class A, Floating Rate Pass Through Ctfs., 2.46%, 09/15/2025(b)(f)	$	6,648,000	$	6,652,155
Series 2014-12A, Class AR, Floating Rate Pass Through Ctfs., 1.23%, 09/15/2025(b)(f)		4,250,000		4,250,000
OCP CLO Ltd. (Cayman Islands), Series 2012-2A, Class A1R, Floating Rate Pass Through Ctfs., 2.45%, 11/22/2025(b)(f)		4,901,622		4,902,942
PPM Grayhawk CLO, Ltd. (Cayman Islands), Series 2007-1A, Class A2B, Floating Rate Pass Through Ctfs., 1.32%, 04/18/2021(b)(f)		17,560		17,587
Provident Home Equity Loan Trust, Series 2000-2, Class A1, Floating Rate Pass Through Ctfs., 1.32%, 08/25/2031(f)		209,557		165,180
RBSSP Resecuritization Trust, Series 2009-12, Class 17A1, Variable Rate Pass Through Ctfs., 2.65%, 10/25/2035(b)(f)		4,519,667		4,574,037
Residential Funding Mortgage Sec I Trust, Series 2005-S9, Class A10, Pass Through Ctfs., 6.25%, 12/25/2035		1,400,934		1,335,023
Sequoia Mortgage Trust, Series 2013-3, Class A1, Pass Through Ctfs., 2.00%, 03/25/2043		1,914,128		1,800,794
Series 2013-4, Class A3, Pass Through Ctfs., 1.55%, 04/25/2043		1,602,786		1,571,039
Series 2013-7, Class A2, Pass Through Ctfs., 3.00%, 06/25/2043		1,583,388		1,562,203
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Variable Rate Pass Through Ctfs., 3.75%, 07/25/2043(b)(f)		2,640,275		2,682,537
Silverado CLO Ltd. (Cayman Islands), Series 2006-2A, Class A1, Floating Rate Pass Through Ctfs., 1.26%, 10/16/2020(b)(f)		411,792		412,488
Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, Floating Rate Pass Through Ctfs., 1.32%, 05/25/2035(f)		41,645		37,397
Stoney Lane Funding I Corp., Series 2007-1A, Class A2, Floating Rate Pass Through Ctfs., 1.40%, 04/18/2022(b)(f)		2,013,000		1,966,884

	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-8, Class 3A, Variable Rate Pass Through Ctfs., 3.23%, 07/25/2034(f)	$	2,520,491	$	2,515,950
Series 2004-12, Class 3A2, Variable Rate Pass Through Ctfs., 3.31%, 09/25/2034(f)		2,032,509		2,015,025
Series 2004-16, Class 2A, Variable Rate Pass Through Ctfs., 3.21%, 11/25/2034(f)		5,629,039		5,630,496
Series 2004-16, Class 5A3, Variable Rate Pass Through Ctfs., 3.17%, 11/25/2034(f)		742,599		745,579
Series 2007-3, Class 4A2, Variable Rate Pass Through Ctfs., 4.20%, 04/25/2047(f)		958,686		701,988
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, Pass Through Ctfs., 6.00%, 12/25/2035		374,101		364,564
Symphony CLO II Ltd. (Cayman Islands),
Series 2006-2A, Class A2B, Floating Rate Pass Through Ctfs., 1.38%, 10/25/2020(b)(f)		5,545,000		5,534,096
Series 2006-2A, Class A3, Floating Rate Pass Through Ctfs., 1.47%, 10/25/2020(b)(f)		2,882,000		2,861,090
Thornburg Mortgage Securities Trust, Series 2003-6, Class A2, Floating Rate Pass Through Ctfs., 1.78%, 12/25/2033(f)		1,161,446		1,069,529
Series 2005-1, Class A3, Variable Rate Pass Through Ctfs., 2.96%, 04/25/2045(f)		2,301,409		2,310,539
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 2.67%, 07/25/2045(f)		2,746,111		2,667,382
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class A4, Pass Through Ctfs., 3.09%, 08/10/2049		264,769		272,114
Series 2012-C4, Class A5, Pass Through Ctfs., 2.85%, 12/10/2045		532,433		539,431
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class C, Variable Rate Pass Through Ctfs., 6.06%, 01/10/2045(b)(f)		4,500,000		5,039,959
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class AJ, Variable Rate Pass Through Ctfs., 5.29%, 10/15/2044(f)		50,709		50,672
Series 2006-C25, Class D, Variable Rate Pass Through Ctfs., 5.88%, 05/15/2043(f)		3,376,558		3,372,352
Series 2006-C27, Class AJ, Variable Rate Pass Through Ctfs., 5.83%, 07/15/2045(f)		6,320,000		6,387,308

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

24                         Invesco Core Plus Bond Fund

	Principal Amount		Value
WaMu Mortgage Pass Through Trust, Series 2003-AR8, Class A, Variable Rate Pass Through Ctfs., 2.68%, 08/25/2033(f)	$	895,333	$	908,351
Series 2005-AR10, Class 1A3, Variable Rate Pass Through Ctfs., 2.77%, 09/25/2035(f)		383,407		374,663
Series 2005-AR12, Class 1A8, Variable Rate Pass Through Ctfs., 2.76%, 10/25/2035(f)		1,547,689		1,530,719
Series 2007-HY2, Class 2A2, Variable Rate Pass Through Ctfs., 2.98%, 11/25/2036(f)		1,028,993		965,543
Wells Fargo Commercial Mortgage Trust,
Series 2014-TISH, Class B, Floating Rate Pass Through Ctfs., 2.12%, 02/15/2027(b)(f)		9,500,000		9,551,646
Wells Fargo Mortgage Backed Securities Trust,
Series 2003-J, Class 2A1, Variable Rate Pass Through Ctfs., 2.97%, 10/25/2033(f)		840,276		848,514
Series 2004-K, Class 1A2, Variable Rate Pass Through Ctfs., 3.11%, 07/25/2034(f)		655,241		658,280
Series 2004-Z, Class 2A1, Variable Rate Pass Through Ctfs., 3.00%, 12/25/2034(f)		728,801		739,296
Series 2005-AR2, Class 2A2, Variable Rate Pass Through Ctfs., 3.16%, 03/25/2035(f)		1,624,773		1,647,578
Series 2005-AR14, Class A1, Variable Rate Pass Through Ctfs., 3.01%, 08/25/2035(f)		803,379		809,618
Series 2006-AR8, Class 1A3, Variable Rate Pass Through Ctfs., 3.13%, 04/25/2036(f)		1,586,894		1,574,265
Series 2007-7, Class A1, Pass Through Ctfs., 6.00%, 06/25/2037		1,002,382		985,653
WFRBS Commercial Mortgage Trust, Series 2011-C5, Class B, Variable Rate Pass Through Ctfs., 5.67%, 11/15/2044(b)(f)		5,000,000		5,579,730
Series 2012-C6, Class B, Pass Through Ctfs., 4.70%, 04/15/2045		5,739,000		6,153,001
Series 2012-C9, Class D, Variable Rate Pass Through Ctfs., 4.80%, 11/15/2045(b)(f)		568,832		541,696
Series 2013-C14, Class A5, Pass Through Ctfs., 3.34%, 06/15/2046		1,485,143		1,528,891
Series 2013-C15, Class B, Variable Rate Pass Through Ctfs., 4.48%, 08/15/2046(f)		3,800,000		4,041,175
Series 2013-C16, Class B, Variable Rate Pass Through Ctfs., 4.98%, 09/15/2046(f)		3,127,000		3,410,923
Series 2014-C20, Class A2, Pass Through Ctfs., 3.04%, 05/15/2047		1,018,550		1,041,919
Total Asset-Backed Securities (Cost $324,434,978)				324,789,092

	Shares		Value
Preferred Stocks–0.76%
Investment Banking & Brokerage–0.73%
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		446,324	$	11,894,535
Morgan Stanley, Series F, 6.88% Pfd.		249,737		7,224,891
				19,119,426
Regional Banks–0.03%
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		27,000		769,230
Total Preferred Stocks (Cost $19,520,685)				19,888,656
	Principal Amount
Municipal Obligations–0.05%
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		612,035
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		550,000		665,362
Total Municipal Obligations (Cost $1,050,000)				1,277,397
Non-U.S. Dollar Denominated Bonds & Notes– 0.02%(j)
Automobile Manufacturers–0.00%
Jaguar Land Rover Automotive PLC (United Kingdom), Sr. Unsec. Bonds, 2.20%, 01/15/2024(b)	EUR	100,000		106,067
Health Care Services–0.01%
Synlab Unsecured Bondco PLC (United Kingdom), REGS, Sr. Unsec. Gtd. Euro Bonds, 8.25%, 07/01/2023(b)	EUR	150,000		176,031
Internet & Direct Marketing Retail–0.01%
eDreams ODIGEO S.A. (Spain), REGS, Sr. Sec. Gtd. First Lien Euro Bonds, 8.50%, 08/01/2021(b)	EUR	175,000		199,453
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $479,112)				481,551
	Shares
Common Stocks & Other Equity Interests–0.00%
Auto Parts & Equipment–0.00%
Exide Technologies (Acquired 11/29/2016; Cost $10,916)(b)(k)		14,555		10,916

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

25                         Invesco Core Plus Bond Fund

	Shares		Value
Other Diversified Financial Services–0.00%
iPayment Holdings, Inc.(k)		32,952	$	32,952
iPayment Holdings, Inc.–Wts., expiring 12/29/2022(k)		172,245		43,062
				76,014
Total Common Stocks & Other Equity Interests (Cost $52,481)				86,930

	Shares		Value
Money Market Funds–10.64%
Government & Agency Portfolio–Institutional Class, 0.47%(l)		166,490,765	$	166,490,765
Treasury Portfolio–Institutional Class, 0.41%(l)		110,990,838		110,990,838
Total Money Market Funds (Cost $277,481,603)				277,481,603
Options Purchased–0.19%
(Cost $7,376,878)(m)				4,956,345
TOTAL INVESTMENTS–113.01% (Cost $2,930,169,675)				2,947,777,744
OTHER ASSETS LESS LIABILITIES–(13.01)%				(339,466,501	)
NET ASSETS–100.00%			$	2,608,311,243

Investment Abbreviations:

ARM	– Adjustable Rate Mortgage
CLO	– Collateralized Loan Obligation
Ctfs.	– Certificates
Deb.	– Debentures
EUR	– Euro
Gtd.	– Guaranteed
IO	– Interest Only

Jr.	– Junior
Pfd.	– Preferred
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
Wts.	– Warrants

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 28, 2017 was $666,208,197, which represented 25.54% of the Fund’s Net Assets.

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

^(d)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

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

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.

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

^(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 1L, Note 1P and Note 4.

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

^(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 28, 2017.

^(m)  The table below details Options Purchased: See Note 1N, Note 1O and Note 4:

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Strike Price

Notional Value

Value

USD versus CAD

Call

Royal Bank of Canada

06/13/2017

CAD

1.368

USD

45,000,000

$

351,002

EUR versus USD

Call

BNP Paribas S.A.

11/02/2017

USD

1.097

EUR

75,000,000

1,718,744

EUR versus GBP

Put

Barclays Bank PLC

07/17/2017

GBP

0.827

EUR

50,000,000

670,649

USD versus INR

Put

Bank of America Merrill Lynch

03/30/2017

INR

67.35

USD

50,000,000

533,818

Subtotal Foreign Currency Options Purchased — Currency Risk

$

3,274,213

Open Over-The-Counter Interest Rate Swaptions Purchased

Description

Type of Contract

Counterparty

Exercise Rate

Pay/ Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Value

Value

30 Year Interest Rate Swap

Call

Barclays Bank PLC

2.45

%

Receive

3 Month USD LIBOR

04/24/2017

USD

72,000,000

$

867,654

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.67

Receive

3 Month USD LIBOR

05/16/2017

USD

7,000,000

1,911

10 Year Interest Rate Swap

Put

Barclays Bank PLC

0.50

Pay

6 Month Japanese Yen LIBOR

02/09/2018

JPY

15,612,000,000

644,132

30 Year Interest Rate Swap

Put

Goldman Sachs International

2.67

Pay

3 Month USD LIBOR

05/16/2017

USD

7,000,000

168,435

Subtotal Interest Rate Swaptions Purchased — Interest Rate Risk

$

1,682,132

Total Options Purchased (Cost $7,376,878)

$

4,956,345

Abbreviations:

CAD	– Canadian Dollar
EUR	– Euro

GBP	– British Pound Sterling
JPY	– Japanese Yen

INR	– Indian Rupee
LIBOR	– London Interbank Offered Rate

USD – U.S. Dollar

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

26                         Invesco Core Plus Bond Fund

Portfolio Composition

By security type, based on Total Investments

as of February 28, 2017

U.S. Dollar Denominated Bonds & Notes	46.8	%
U.S. Government Sponsored Agency Mortgage-Backed Securities	16.6
U.S. Treasury Securities	15.3
Asset-Backed Securities	11.0
Security types each less than 1% of portfolio	0.9
Money Market Funds	9.4

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

27                         Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $2,652,688,072)	$	2,670,296,141
Investments in affiliated money market funds, at value and cost		277,481,603
Total investments, at value (Cost $2,930,169,675)		2,947,777,744
Foreign currencies, at value (Cost $191,256)		190,383
Receivable for:
Investments sold		569,525,784
Variation margin — centrally cleared swap agreements		339,871
Fund shares sold		17,341,783
Dividends and interest		17,782,587
Fund expenses absorbed		97,223
Investments matured, at value (Cost $234,485)		276,985
Principal paydowns		217,610
Swaps receivable — OTC		82,050
Premiums paid on swap agreements — OTC		27,823
Investment for trustee deferred compensation and retirement plans		117,565
Unrealized appreciation on forward foreign currency contracts outstanding		2,020,247
Unrealized appreciation on swap agreements — OTC		239,073
Other assets		97,638
Total assets		3,556,134,366
Liabilities:
Payable for:
Investments purchased		940,677,940
Fund shares reacquired		3,454,230
Options written, at value (premiums received $896,535)		530,620
Amount due custodian		194,064
Dividends		523,360
Swaps payable — OTC		67,887
Variation margin — futures		25,860
Variation margin — centrally cleared swap agreements		86,265
Accrued fees to affiliates		579,825
Accrued trustees’ and officers’ fees and benefits		4,840
Accrued other operating expenses		84,955
Trustee deferred compensation and retirement plans		133,656
Unrealized depreciation on forward foreign currency contracts outstanding		1,417,611
Unrealized depreciation on swap agreements — OTC		42,010
Total liabilities		947,823,123
Net assets applicable to shares outstanding	$	2,608,311,243
Net assets consist of:
Shares of beneficial interest	$	2,622,842,314
Undistributed net investment income		(98,788	)
Undistributed net realized gain (loss)		(33,939,690	)
Net unrealized appreciation		19,507,407
	$	2,608,311,243

Net Assets:
Class A	$	717,797,740
Class B	$	4,638,815
Class C	$	113,576,385
Class R	$	8,753,376
Class Y	$	655,437,345
Class R5	$	4,318,733
Class R6	$	1,103,788,849
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		66,493,875
Class B		429,803
Class C		10,525,978
Class R		811,210
Class Y		60,677,812
Class R5		400,237
Class R6		102,296,259
Class A:
Net asset value per share	$	10.79
Maximum offering price per share
(Net asset value of $10.79 ¸ 95.75%)	$	11.27
Class B:
Net asset value and offering price per share	$	10.79
Class C:
Net asset value and offering price per share	$	10.79
Class R:
Net asset value and offering price per share	$	10.79
Class Y:
Net asset value and offering price per share	$	10.80
Class R5:
Net asset value and offering price per share	$	10.79
Class R6:
Net asset value and offering price per share	$	10.79

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

28                         Invesco Core Plus Bond Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	37,927,299
Dividends		542,294
Dividends from affiliated money market funds		452,310
Total investment income		38,921,903
Expenses:
Advisory fees		4,932,666
Administrative services fees		243,528
Custodian fees		14,482
Distribution fees:
Class A		858,165
Class B		27,559
Class C		551,745
Class R		20,037
Transfer agent fees — A, B, C, R and Y		1,040,760
Transfer agent fees — R5		469
Transfer agent fees — R6		204
Trustees’ and officers’ fees and benefits		26,692
Registration and filing fees		119,120
Reports to shareholders		57,225
Professional services fees		9,789
Other		16,628
Total expenses		7,919,069
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(554,215	)
Net expenses		7,364,854
Net investment income		31,557,049
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(6,538))		(53,532,107	)
Foreign currencies		(261,141	)
Forward foreign currency contracts		(351,394	)
Futures contracts		24,179,155
Option contracts written		1,628,209
Swap agreements		529,025
		(27,808,253	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(19,047,390	)
Foreign currencies		(5,774	)
Forward foreign currency contracts		1,564,862
Futures contracts		985,107
Option contracts written		(441,808	)
Swap agreements		(104,142	)
		(17,049,145	)
Net realized and unrealized gain (loss)		(44,857,398	)
Net increase (decrease) in net assets resulting from operations	$	(13,300,349	)

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

29                         Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and for the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	31,557,049		$	28,208,862
Net realized gain (loss)		(27,808,253	)		12,204,022
Change in net unrealized appreciation (depreciation)		(17,049,145	)		41,212,715
Net increase (decrease) in net assets resulting from operations		(13,300,349	)		81,625,599
Distributions to shareholders from net investment income:
Class A		(10,009,994	)		(18,207,241	)
Class B		(58,997	)		(182,004	)
Class C		(1,186,529	)		(1,976,312	)
Class R		(106,921	)		(188,532	)
Class Y		(7,442,335	)		(4,551,318	)
Class R5		(36,730	)		(6,224	)
Class R6		(17,848,398	)		(11,809,582	)
Total distributions from net investment income		(36,689,904	)		(36,921,213	)
Distributions to shareholders from net realized gains:
Class A		(971,424	)		—
Class B		(7,548	)		—
Class C		(154,780	)		—
Class R		(11,703	)		—
Class Y		(722,824	)		—
Class R5		(6,211	)		—
Class R6		(1,507,463	)		—
Total distributions from net realized gains		(3,381,953	)		—
Share transactions–net:
Class A		49,462,316			165,278,190
Class B		(1,633,026	)		(2,332,379	)
Class C		7,676,512			39,727,034
Class R		1,386,994			1,422,632
Class Y		381,246,291			173,818,144
Class R5		4,174,806			(579,270	)
Class R6		(17,545,965	)		862,088,662
Net increase in net assets resulting from share transactions		424,767,928			1,239,423,013
Net increase in net assets		371,395,722			1,284,127,399
Net assets:
Beginning of period		2,236,915,521			952,788,122
End of period (includes undistributed net investment income of $(98,788) and $5,034,067, respectively)	$	2,608,311,243		$	2,236,915,521

Notes to Financial Statements

February 28, 2017

(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

30                         Invesco Core Plus Bond Fund

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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

31                         Invesco Core Plus Bond Fund

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 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. 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,

32                         Invesco Core Plus Bond Fund

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 the 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 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.

M. 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 may be considered borrowings under the 1940 Act.

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.

N. Call Options Purchased and Written — 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 call options written are included in the Statement of

33                         Invesco Core Plus Bond Fund

Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. 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 call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Put Options Purchased and Written — 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 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 put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. 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

34                         Invesco Core Plus Bond Fund

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.

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 cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. 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 28, 2017 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 28, 2017, the effective advisory fees incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective December 16, 2016, the Adviser has contractually agreed, through at least December 31, 2017, 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 0.75%, 1.50%, 1.50%, 1.00%, 0.50%, 0.50% and 0.50%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to December 16, 2016, the Adviser had contractually agreed 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

35                         Invesco Core Plus Bond Fund

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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed 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, 2018, 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 28, 2017, the Adviser waived fund level advisory fees of $146,136 and reimbursed class level expenses of $216,682, $1,740, $34,828, $2,530 and $149,745 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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $168,777 in front-end sales commissions from the sale of Class A shares and $28,811, $251 and $5,295 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.

36                         Invesco Core Plus Bond Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2017. 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
U.S. Dollar Denominated Bonds & Notes	$	—	$	1,379,250,392		$	—	$	1,379,250,392
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		488,871,193			—		488,871,193
U.S. Treasury Securities		—		450,694,585			—		450,694,585
Asset-Backed Securities		—		324,789,092			—		324,789,092
Preferred Stocks		19,888,656		—			—		19,888,656
Municipal Obligations		—		1,277,397			—		1,277,397
Non-U.S. Dollar Denominated Bonds & Notes		—		481,551			—		481,551
Common Stocks & Other Equity Interests		—		53,978			32,952		86,930
Money Market Funds		277,481,603		—			—		277,481,603
Put Options Purchased		—		4,956,345			—		4,956,345
Total Investments		297,370,259		2,650,374,533			32,952		2,947,777,744
Forward Foreign Currency Contracts*		—		602,636			—		602,636
Futures Contracts*		650,360		—			—		650,360
Options Written*		—		(530,620	)		—		(530,620	)
Swap Agreements*		42,464		197,063			—		239,527
Total Investments	$	298,063,083	$	2,650,643,612		$	32,952	$	2,948,739,647

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

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver			Receive
03/03/17	JPMorgan Chase Bank, N.A.		CNY	66,895,000		USD	9,900,836	$	9,739,688	$	161,148
03/03/17	JPMorgan Chase Bank, N.A.		USD	10,115,681		CNY	66,895,000		9,739,688		(375,993	)
04/28/17	Deutsche Bank Securities Inc.		CNY	69,935,250		USD	10,500,000		10,138,672		361,328
04/28/17	Deutsche Bank Securities Inc.		USD	10,252,471		CNY	69,935,250		10,138,672		(113,799	)
05/31/17	Barclays Bank PLC		NZD	34,700,000		USD	25,098,510		24,930,672		167,838
05/31/17	Barclays Bank PLC		USD	24,841,105		NZD	34,700,000		24,930,672		89,567
05/31/17	BNP Paribas S.A.		CHF	24,057,120		USD	23,966,765		24,087,289		(120,524	)
05/31/17	Citigroup Global Markets Inc.		AUD	67,800,000		USD	51,875,475		51,873,399		2,076
05/31/17	Citigroup Global Markets Inc.		USD	52,154,811		AUD	67,800,000		51,873,399		(281,412	)
05/31/17	Goldman Sachs International		EUR	459,410		USD	487,306		488,835		(1,529	)
05/31/17	Goldman Sachs International		GBP	68,227		USD	85,150		84,854		296
05/31/17	Goldman Sachs International		JPY	5,565,675,000		USD	50,000,000		49,751,768		248,232
05/31/17	JPMorgan Chase Bank, N.A.		KRW	59,355,750,000		USD	52,180,879		52,359,225		(178,346	)
05/31/17	JPMorgan Chase Bank, N.A.		USD	52,550,465		KRW	59,355,750,000		52,359,225		(191,240	)
06/14/17	RBC Capital Markets Corp.		CAD	14,719,838		USD	11,129,134		11,095,232		33,902
06/14/17	RBC Capital Markets Corp.		USD	11,250,000		CAD	14,719,838		11,095,232		(154,768	)
11/06/17	BNP Paribas S.A.		EUR	41,500,000		USD	45,514,710		44,558,850		955,860
Total Forward Foreign Currency Contracts — Currency Risk										$	602,636

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc

CNY	– Chinese Yuan
EUR	– Euro
GBP	– British Pound Sterling

JPY	– Japanese Yen
KRW	– South Korean Won
NZD	– New Zealand Dollar

USD – U.S. Dollar

37                         Invesco Core Plus Bond Fund

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes		Long		279		June-2017	$	60,377,344		$	24,227
U.S. Treasury 5 Year Notes		Long		1,332		June-2017		156,780,562			290,573
U.S. Treasury 10 Year Notes		Long		1		June-2017		124,578			326
U.S. Treasury 10 Year Notes		Short		41		June-2017		(5,107,703	)		(4,267	)
U.S. Treasury 10 Year Ultra Bonds		Long		74		June-2017		9,911,375			33,355
U.S. Treasury Long Bonds		Short		291		June-2017		(44,131,969	)		30,450
U.S. Treasury Ultra Bonds		Long		350		June-2017		56,623,438			381,823
U.S. Treasury Ultra Bonds		Short		275		June-2017		(44,489,844	)		(106,127	)
Total — Futures Contracts — Interest Rate Risk										$	650,360

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Strike Price			Premiums Received			Notional Value			Value			Unrealized Appreciation
USD versus INR		Call	Bank of America Merrill Lynch		05/30/17		INR	68.80	$	(211,600	)		USD	50,000,000	$	(210,309	)	$	1,291
USD versus INR		Put	Bank of America Merrill Lynch		05/30/17		INR	66.20		(190,700	)		USD	50,000,000		(188,603	)		2,097
Subtotal Foreign Currency Options Written — Currency Risk									$	(402,300	)				$	(398,912	)	$	3,388

Open Over-The-Counter Interest Rate Swaptions Written — Interest Rate Risk
Description	Type of Contract		Counterparty		Exercise Rate			Pay/ Receive Exercise Rate		Floating Rate Index		Expiration Date		Premiums Received			Notional Value		Value			Unrealized Appreciation
30 Year Interest Rate Swap		Call		Barclays Bank PLC		2.15	%		Pay		3 Month USD LIBOR		04/24/17	$	(494,235	)	$	72,000,000	$	(131,708	)	$	362,527
Total Options Written														$	(896,535	)			$	(530,620	)	$	365,915

Options Written Transactions
	Call Options								Put Options
			Notional Value			Premiums Received					Notional Value				Notional Value			Premiums Received
Beginning of period		USD		34,500,000		$	249,292			EUR		80,000,000		USD		260,500,000		$	1,035,346
Written		USD		202,000,000			1,393,435			EUR		160,000,000		USD		97,000,000			1,104,522
Closed		USD		(23,000,000	)		(193,390	)		EUR		(80,000,000	)	USD		(202,000,000	)		(1,153,310	)
Expired		USD		(91,500,000	)		(743,502	)		EUR		(160,000,000	)	USD		(105,500,000	)		(795,858	)
End of period		USD		122,000,000			705,835			EUR		—		USD		50,000,000			190,700

Open Over-The-Counter Interest Rate Swap Agreements — Interest Rate Risk

Counterparty

Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate

Termination Date

Notional Value

Unrealized Appreciation

Morgan Stanley & Co. LLC

Pay

CFETS China 7-Day Fixing Repo Rates

3.87

%

02/15/22

CNY

376,500,000

$

239,073

Open Centrally Cleared Interest Rate Swap Agreements
Counterparty/ Clearinghouse	Pay/Receive Floating Rate		Floating Rate Index		Fixed Rate			Termination Date			Notional Value			Unrealized Appreciation (Depreciation)
Credit Suisse Securities (USA) LLC/CME		Pay		3 Month USD LIBOR		2.50	%		12/19/26	USD		54,200,000		$	732,960
Credit Suisse Securities (USA) LLC/CME		Pay		3 Month USD LIBOR		2.35			02/13/27	USD		27,000,000			(10,963	)
Credit Suisse Securities (USA) LLC/CME		Receive		6 Month EURIIBOR		0.85			01/30/27	EUR		(68,600,000	)		(1,385,093	)
Credit Suisse Securities (USA) LLC/CME		Receive		3 Month USD LIBOR		1.92			01/12/22	USD		(104,230,000	)		369,843
Credit Suisse Securities (USA) LLC/CME		Receive		3 Month USD LIBOR		1.93			01/12/22	USD		(104,410,000	)		335,717
Total Interest Rate Swap Agreements — Interest Rate Risk														$	42,464

Abbreviations:

CFETS	– China Foreign Exchange Trade System
CME	– Chicago Mercantile Exchange
CNY	– Chinese Yuan
EUR	– Euro

EURIBOR	– Euro Interbank Offered Rate
INR	– Indian Rupee
LIBOR	– London Interbank Offered Rate
USD	– U.S. Dollar

38                         Invesco Core Plus Bond Fund

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 Paid (Received)		Unrealized Appreciation (Depreciation)
Bank of America Merrill Lynch	Citigroup Inc.		Buy		(1.00	)%		06/20/17		0.17	%	$	(5,500,000	)	$	27,823	$	(42,010	)

^(a)  Implied credit spreads represent the current level as of February 28, 2017 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.

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 28, 2017:

Derivative Assets	Value
	Credit Risk		Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—	$	—	$	760,754		$	760,754
Unrealized appreciation on swap agreements — Centrally Cleared(a)		—		—		1,438,520			1,438,520
Unrealized appreciation on swap agreements — OTC		—		—		239,073			239,073
Options purchased, at value — OTC(b)		—		3,274,213		1,682,132			4,956,345
Unrealized appreciation on forward foreign currency contracts outstanding		—		2,020,247		—			2,020,247
Total Derivative Assets		—		5,294,460		4,120,479			9,414,939
Derivatives not subject to master netting agreements		—		—		(2,199,274	)		(2,199,274	)
Total Derivative Assets subject to master netting agreements	$	—	$	5,294,460	$	1,921,205		$	7,215,665

Derivative Liabilities	Value
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	—		$	(110,394	)	$	(110,394	)
Unrealized depreciation on swap agreements — Centrally Cleared(a)		—			—			(1,396,056	)		(1,396,056	)
Unrealized depreciation on swap agreements — OTC		(42,010	)		—			—			(42,010	)
Options written, at value — OTC		—			(398,912	)		(131,708	)		(530,620	)
Unrealized depreciation on forward foreign currency contracts outstanding		—			(1,417,611	)		—			(1,417,611	)
Total Derivative Liabilities		(42,010	)		(1,816,523	)		(1,638,158	)		(3,496,691	)
Derivatives not subject to master netting agreements		—			—			1,506,450			1,506,450
Total Derivative Liabilities subject to master netting agreements	$	(42,010	)	$	(1,816,523	)	$	(131,708	)	$	(1,990,241	)

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

^(b)  Options purchased, at value as reported in the Schedule of Investments.

39                         Invesco Core Plus Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2017.

	Financial Derivative Assets								Financial Derivative Liabilities															Collateral (Received)/ Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Swap Agreements		Total Assets		Forward Foreign Currency Contracts			Options Written			Swap Agreements			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Barclays Bank PLC	$	257,405	$	2,182,435	$	—	$	2,439,840	$	—		$	(131,708	)	$	—		$	(131,708	)	$	2,308,132		$	—	$	(2,308,132	)	$	—
Bank of America Merrill Lynch		—		533,818		27,823		561,641		—			(398,912	)		(52,857	)		(451,769	)		109,872			—		—			109,872
BNP Paribas S.A.		955,860		1,718,744		—		2,674,604		(120,524	)		—			—			(120,524	)		2,554,080			—		(1,920,000	)		634,080
Citigroup Global Markets Inc.		2,076		—		—		2,076		(281,412	)		—			—			(281,412	)		(279,336	)		—		—			(279,336	)
Deutsche Bank Securities Inc.		361,328		—		—		361,328		(113,799	)		—			—			(113,799	)		247,529			—		—			247,529
Goldman Sachs International		248,528		170,346		—		418,874		(1,529	)		—			—			(1,529	)		417,345			—		(342,636	)		74,709
JPMorgan Chase Bank, N.A.		161,148		—		—		161,148		(745,579	)		—			—			(745,579	)		(584,431	)		—		19,880			(564,551	)
Morgan Stanley & Co. LLC		—		—		321,123		321,123		—			—			(57,040	)		(57,040	)		264,083			—		—			264,083
RBC Capital Markets Corp.		33,902		—		—		33,902		(154,768	)		—			—			(154,768	)		(120,866	)		—		—			(120,866	)
Royal Bank of Canada		—		351,002		—		351,002		—			—			—			—			351,002			—		—			351,002
Total	$	2,020,247	$	4,956,345	$	348,946	$	7,325,538	$	(1,417,611	)	$	(530,620	)	$	(109,897	)	$	(2,058,128	)	$	5,267,410		$	—	$	(4,550,888	)	$	716,522

Effect of Derivative Investments for the six months ended February 28, 2017

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
	Credit Risk			Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	(351,394	)	$	—		$	(351,394	)
Futures contracts		—			—			24,179,155			24,179,155
Options purchased(a)		(1,111,350	)		(2,460,806	)		—			(3,572,156	)
Options written		38,750			1,589,459			—			1,628,209
Swap agreements		(81,734	)		—			610,759			529,025
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			1,564,862			—			1,564,862
Futures contracts		—			—			985,107			985,107
Options purchased(a)		59,366			463,833			(1,294,561	)		(771,362	)
Options written		(66,633	)		(737,702	)		362,527			(441,808	)
Swap agreements		62,266			—			(166,408	)		(104,142	)
Total	$	(1,099,335	)	$	68,252		$	24,676,579		$	23,645,496

^(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	$	617,658,502	$	389,681,253	$	2,873,830,792	$	148,478,667	$	255,509,745

40                         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 28, 2017, the Fund engaged in securities sales of $157,786, which resulted in net realized gains (losses) of $(6,538).

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,554.

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	2,872,993	$	2,872,993

* 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.

41                         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 28, 2017 was $5,541,905,712 and $5,022,247,680, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $2,959,409,697 and $3,006,976,929, 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	$	37,273,775
Aggregate unrealized (depreciation) of investment securities		(20,926,657	)
Net unrealized appreciation of investment securities	$	16,347,118

Cost of investments for tax purposes is $2,931,430,626.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		16,059,953		$	173,723,659			26,698,308		$	286,930,530
Class B		24,965			270,711			86,209			925,677
Class C		3,102,442			33,613,629			6,359,817			68,330,896
Class R		207,661			2,241,643			277,672			2,979,551
Class Y		45,267,598			490,236,855			21,485,228			233,677,834
Class R5		422,213			4,497,839			6,891			74,320
Class R6(b)		4,160,158			44,591,626			84,538,568			932,038,810
Issued as reinvestment of dividends:
Class A		907,774			9,788,428			1,492,493			16,042,790
Class B		5,140			55,423			14,107			151,169
Class C		106,883			1,151,369			159,425			1,714,237
Class R		10,637			114,650			17,498			187,876
Class Y		587,121			6,322,478			249,081			2,691,271
Class R5		3,982			42,687			471			5,021
Class R6		1,794,204			19,355,860			1,094,486			11,809,582
Automatic conversion of Class B shares to Class A shares:
Class A		85,814			927,166			189,382			2,031,185
Class B		(85,865	)		(927,166	)		(189,423	)		(2,031,185	)
Reacquired:
Class A		(12,489,816	)		(134,976,937	)		(13,017,269	)		(139,726,315	)
Class B		(95,361	)		(1,031,994	)		(128,873	)		(1,378,040	)
Class C		(2,510,036	)		(27,088,486	)		(2,822,220	)		(30,318,099	)
Class R		(89,911	)		(969,299	)		(162,547	)		(1,744,795	)
Class Y		(10,691,968	)		(115,313,042	)		(5,839,784	)		(62,550,961	)
Class R5		(34,105	)		(365,720	)		(62,030	)		(658,611	)
Class R6		(7,485,083	)		(81,493,451	)		(7,683,716	)		(81,759,730	)
Net increase in share activity		39,264,400		$	424,767,928			112,763,774		$	1,239,423,013

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% 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, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b) During the year ended August 31, 2016, Class R6 shares valued at $892,241,733 were issued to investors in the CollegeBound 529 program.

42                         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 02/28/17	$	11.05	$	0.13	$	(0.22	)	$	(0.09	)	$	(0.15	)	$	(0.02	)	$	(0.17	)	$	10.79		(0.79	)%	$	717,798		0.79	%(d)		0.87	%(d)		2.49	%(d)		321	%
Year ended 08/31/16		10.63		0.25		0.51			0.76			(0.34	)		—			(0.34	)		11.05		7.33			684,628		0.83			0.92			2.40			518
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
Class B
Six months ended 02/28/17		11.05		0.09		(0.22	)		(0.13	)		(0.11	)		(0.02	)		(0.13	)		10.79		(1.17	)		4,639		1.54	(d)		1.62	(d)		1.74	(d)		321
Year ended 08/31/16		10.63		0.17		0.51			0.68			(0.26	)		—			(0.26	)		11.05		6.53			6,420		1.58			1.67			1.65			518
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
Class C
Six months ended 02/28/17		11.05		0.09		(0.22	)		(0.13	)		(0.11	)		(0.02	)		(0.13	)		10.79		(1.16	)		113,576		1.54	(d)		1.62	(d)		1.74	(d)		321
Year ended 08/31/16		10.63		0.17		0.51			0.68			(0.26	)		—			(0.26	)		11.05		6.53			108,579		1.58			1.67			1.65			518
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
Class R
Six months ended 02/28/17		11.05		0.12		(0.22	)		(0.10	)		(0.14	)		(0.02	)		(0.16	)		10.79		(0.92	)		8,753		1.04	(d)		1.12	(d)		2.24	(d)		321
Year ended 08/31/16		10.63		0.23		0.51			0.74			(0.32	)		—			(0.32	)		11.05		7.06			7,545		1.08			1.17			2.15			518
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
Class Y
Six months ended 02/28/17		11.06		0.15		(0.22	)		(0.07	)		(0.17	)		(0.02	)		(0.19	)		10.80		(0.66	)		655,437		0.54	(d)		0.62	(d)		2.74	(d)		321
Year ended 08/31/16		10.64		0.28		0.51			0.79			(0.37	)		—			(0.37	)		11.06		7.59			282,260		0.58			0.67			2.65			518
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
Class R5
Six months ended 02/28/17		11.05		0.15		(0.22	)		(0.07	)		(0.17	)		(0.02	)		(0.19	)		10.79		(0.63	)		4,319		0.49	(d)		0.50	(d)		2.79	(d)		321
Year ended 08/31/16		10.63		0.28		0.51			0.79			(0.37	)		—			(0.37	)		11.05		7.60			90		0.58			0.60			2.65			518
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
Class R6
Six months ended 02/28/17		11.05		0.15		(0.22	)		(0.07	)		(0.17	)		(0.02	)		(0.19	)		10.79		(0.61	)		1,103,789		0.45	(d)		0.46	(d)		2.83	(d)		321
Year ended 08/31/16		10.63		0.30		0.50			0.80			(0.38	)		—			(0.38	)		11.05		7.71			1,147,393		0.48			0.50			2.75			518
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.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $692,221, $5,557, $111,264, $8,081, $478,384, $2,188 and $1,095,326 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(f) Annualized.

43                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	992.10	$	3.90	$	1,020.88	$	3.96		0.79	%
B		1,000.00		988.30		7.59		1,017.16		7.70		1.54
C		1,000.00		988.40		7.59		1,017.16		7.70		1.54
R		1,000.00		990.80		5.13		1,019.64		5.21		1.04
Y		1,000.00		993.40		2.67		1,022.12		2.71		0.54
R5		1,000.00		993.70		2.42		1,022.36		2.46		0.49
R6		1,000.00		993.90		2.22		1,022.56		2.26		0.45

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

44                         Invesco Core Plus Bond Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                     CPB-SAR-1          04272017    1114

	Semiannual Report to Shareholders	February 28, 2017
	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
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, 8/31/16 to 2/28/17, 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	9.21	%
Class B Shares	8.79
Class C Shares	8.80
Class R Shares	9.09
Class Y Shares	9.33
Class R6 Shares	9.42
S&P 500 Indexq(Broad Market Index)	10.01
S&P 500 Equal Weight Indexq(Style-Specific Index)	9.53
Lipper Multi-Cap Core Funds Index∎ (Peer Group Index)	9.62
Source(s): qFactSet 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Equally-Weighted S&P 500 Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.40	%
10 Years	7.44
5 Years	12.59
1 Year	19.07
Class B Shares
Inception (12/1/87)	11.13	%
10 Years	7.40
5 Years	12.77
1 Year	20.05
Class C Shares
Inception (7/28/97)	7.91	%
10 Years	7.26
5 Years	13.04
1 Year	24.12
Class R Shares
Inception (3/31/08)	10.05	%
5 Years	13.59
1 Year	25.69
Class Y Shares
Inception (7/28/97)	8.97	%
10 Years	8.32
5 Years	14.15
1 Year	26.31
Class R6 Shares
10 Years	8.22	%
5 Years	14.22
1 Year	26.47

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, prior to June 1, 2010, 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.

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.18	%
10 Years	7.09
5 Years	13.56
1 Year	7.84
Class B Shares
Inception (12/1/87)	10.97	%
10 Years	6.99
5 Years	13.76
1 Year	8.27
Class C Shares
Inception (7/28/97)	7.70	%
10 Years	6.91
5 Years	14.01
1 Year	12.37
Class R Shares
Inception (3/31/08)	9.60	%
5 Years	14.56
1 Year	13.82
Class Y Shares
Inception (7/28/97)	8.76	%
10 Years	7.97
5 Years	15.14
1 Year	14.40
Class R6 Shares
10 Years	7.86	%
5 Years	15.19
1 Year	14.53

    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%,

1.23%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4 Invesco Equally-Weighted S&P 500 Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.39%
Advertising–0.38%
Interpublic Group of Cos., Inc. (The)		574,918	$	13,855,524
Omnicom Group Inc.		158,240		13,466,224
				27,321,748
Aerospace & Defense–2.25%
Arconic Inc.		630,565		18,153,966
Boeing Co. (The)		87,840		15,831,403
General Dynamics Corp.		78,375		14,876,359
L3 Technologies, Inc.		86,754		14,602,433
Lockheed Martin Corp.		52,965		14,119,410
Northrop Grumman Corp.		57,653		14,245,480
Raytheon Co.		93,959		14,483,780
Rockwell Collins, Inc.		145,663		13,923,926
Textron Inc.		284,072		13,436,606
TransDigm Group, Inc.		55,103		14,007,182
United Technologies Corp.		125,204		14,091,710
				161,772,255
Agricultural & Farm Machinery–0.20%
Deere & Co.		132,660		14,524,943
Agricultural Products–0.19%
Archer-Daniels-Midland Co.		295,237		13,867,282
Air Freight & Logistics–0.75%
C.H. Robinson Worldwide, Inc.		178,430		14,340,419
Expeditors International of Washington, Inc.		248,846		14,029,937
FedEx Corp.		69,919		13,492,969
United Parcel Service, Inc.–Class B		114,935		12,155,526
				54,018,851
Airlines–0.98%
Alaska Air Group, Inc.		153,127		14,978,883
American Airlines Group Inc.		276,919		12,837,965
Delta Air Lines, Inc.		265,474		13,255,117
Southwest Airlines Co.		276,085		15,957,713
United Continental Holdings Inc.(b)		182,869		13,548,764
				70,578,442
Alternative Carriers–0.19%
Level 3 Communications, Inc.(b)		244,421		13,993,102
Apparel Retail–1.03%
Foot Locker, Inc.		176,009		13,318,601
Gap, Inc. (The)		529,927		13,152,788
L Brands, Inc.		184,861		9,727,386
Ross Stores, Inc.		203,287		13,941,422
TJX Cos., Inc. (The)		176,167		13,820,301
Urban Outfitters, Inc.(b)		402,056		10,465,518
				74,426,016
Apparel, Accessories & Luxury Goods–1.10%
Coach, Inc.		356,306		13,571,696

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
Hanesbrands, Inc.		600,275	$	12,011,503
Michael Kors Holdings Ltd.(b)		278,490		10,164,885
PVH Corp.		129,072		11,822,995
Ralph Lauren Corp.		126,112		10,004,465
Under Armour, Inc.–Class A(b)		221,894		4,575,454
Under Armour, Inc.–Class C(b)		223,047		4,139,752
VF Corp.		243,082		12,749,651
				79,040,401
Application Software–1.06%
Adobe Systems Inc.(b)		131,782		15,595,082
Autodesk, Inc.(b)		169,477		14,625,865
Citrix Systems, Inc.(b)		193,462		15,273,825
Intuit Inc.		117,509		14,740,329
salesforce.com, inc.(b)		193,147		15,712,508
				75,947,609
Asset Management & Custody Banks–1.73%
Affiliated Managers Group, Inc.		85,322		14,328,123
Ameriprise Financial, Inc.		115,933		15,245,190
Bank of New York Mellon Corp. (The)		282,728		13,327,798
BlackRock, Inc.		35,379		13,707,947
Franklin Resources, Inc.		335,194		14,426,750
Invesco Ltd.(c)		419,222		13,494,756
Northern Trust Corp.		153,812		13,435,478
State Street Corp.		170,698		13,606,338
T. Rowe Price Group Inc.		179,455		12,778,991
				124,351,371
Auto Parts & Equipment–0.40%
BorgWarner, Inc.		328,387		13,854,648
Delphi Automotive PLC		192,202		14,632,338
				28,486,986
Automobile Manufacturers–0.37%
Ford Motor Co.		1,043,759		13,078,300
General Motors Co.		365,010		13,446,969
				26,525,269
Automotive Retail–0.91%
Advance Auto Parts, Inc.		78,290		12,260,997
AutoNation, Inc.(b)		280,708		12,884,497
AutoZone, Inc.(b)		17,116		12,606,790
CarMax, Inc.(b)		218,890		14,127,161
O’Reilly Automotive, Inc.(b)		49,812		13,534,418
				65,413,863
Biotechnology–1.83%
AbbVie Inc.		223,371		13,813,263
Alexion Pharmaceuticals, Inc.(b)		104,082		13,660,763
Amgen Inc.		95,825		16,915,987
Biogen Inc.(b)		51,833		14,959,004
Celgene Corp.(b)		121,144		14,962,495

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–(continued)
Gilead Sciences, Inc.		189,082	$	13,326,499
Incyte Corp.(b)		104,253		13,876,074
Regeneron Pharmaceuticals, Inc.(b)		36,869		13,770,572
Vertex Pharmaceuticals Inc.(b)		179,291		16,247,350
				131,532,007
Brewers–0.19%
Molson Coors Brewing Co.–Class B		138,794		13,933,530
Broadcasting–0.82%
CBS Corp.–Class B		219,729		14,484,536
Discovery Communications, Inc.–Class A(b)		193,432		5,563,104
Discovery Communications, Inc.–Class C(b)		287,443		8,068,525
Scripps Networks Interactive Inc.–Class A		191,666		15,480,863
TEGNA Inc.		594,306		15,232,063
				58,829,091
Building Products–0.79%
Allegion PLC		209,292		15,192,506
Fortune Brands Home & Security, Inc.		243,858		14,102,308
Johnson Controls International PLC		314,345		13,183,630
Masco Corp.		421,536		14,239,486
				56,717,930
Cable & Satellite–0.43%
Charter Communications, Inc.–Class A(b)		49,303		15,927,827
Comcast Corp.–Class A		395,860		14,813,081
				30,740,908
Casinos & Gaming–0.20%
Wynn Resorts Ltd.		149,610		14,385,002
Commodity Chemicals–0.20%
LyondellBasell Industries N.V.–Class A		155,465		14,184,627
Communications Equipment–0.98%
Cisco Systems, Inc.		457,295		15,630,343
F5 Networks, Inc.(b)		96,437		13,816,529
Harris Corp.		130,283		14,318,102
Juniper Networks, Inc.		483,004		13,524,112
Motorola Solutions, Inc.		166,038		13,112,021
				70,401,107
Computer & Electronics Retail–0.17%
Best Buy Co., Inc.		280,536		12,380,054
Construction & Engineering–0.56%
Fluor Corp.		240,572		13,325,283
Jacobs Engineering Group, Inc.		223,262		12,594,209
Quanta Services, Inc.(b)		386,349		14,418,545
				40,338,037
Construction Machinery & Heavy Trucks–0.58%
Caterpillar Inc.		143,894		13,908,794
Cummins Inc.		96,634		14,349,182
PACCAR Inc.		203,107		13,569,579
				41,827,555

	Shares		Value
Construction Materials–0.36%
Martin Marietta Materials, Inc.		59,466	$	12,841,683
Vulcan Materials Co.		106,966		12,901,169
				25,742,852
Consumer Electronics–0.39%
Garmin Ltd.		274,815		14,183,202
Harman International Industries, Inc.		125,261		13,981,633
				28,164,835
Consumer Finance–0.95%
American Express Co.		183,847		14,718,791
Capital One Financial Corp.		151,976		14,264,468
Discover Financial Services		188,771		13,429,169
Navient Corp.		794,125		12,237,466
Synchrony Financial		376,301		13,637,148
				68,287,042
Copper–0.16%
Freeport-McMoRan Inc.(b)		872,781		11,695,265
Data Processing & Outsourced Services–2.22%
Alliance Data Systems Corp.		59,199		14,384,173
Automatic Data Processing, Inc.		139,953		14,361,977
Fidelity National Information Services, Inc.		181,925		14,966,970
Fiserv, Inc.(b)		131,178		15,137,941
Global Payments Inc.		190,418		15,174,410
Mastercard Inc.–Class A		131,656		14,542,722
Paychex, Inc.		228,495		14,034,163
PayPal Holdings, Inc.(b)		346,691		14,561,022
Total System Services, Inc.		276,863		15,083,496
Visa Inc.–Class A		173,696		15,274,826
Western Union Co. (The)		624,547		12,266,103
				159,787,803
Department Stores–0.44%
Kohl’s Corp.		239,065		10,188,950
Macy’s, Inc.		323,900		10,759,958
Nordstrom, Inc.		226,276		10,558,038
				31,506,946
Distillers & Vintners–0.40%
Brown-Forman Corp.–Class B		299,679		14,612,348
Constellation Brands, Inc.–Class A		89,950		14,284,960
				28,897,308
Distributors–0.36%
Genuine Parts Co.		139,371		13,339,199
LKQ Corp.(b)		400,883		12,659,885
				25,999,084
Diversified Banks–1.19%
Bank of America Corp.		595,335		14,692,868
Citigroup Inc.		228,952		13,693,619
Comerica Inc.		196,291		13,991,623
JPMorgan Chase & Co.		160,794		14,571,152
U.S. Bancorp		264,148		14,528,140
Wells Fargo & Co.		240,572		13,924,307
				85,401,709

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
Diversified Chemicals–0.61%
Dow Chemical Co. (The)		238,196	$	14,830,083
E. I. du Pont de Nemours and Co.		183,651		14,423,950
Eastman Chemical Co.		178,061		14,289,395
				43,543,428
Diversified Support Services–0.19%
Cintas Corp.		113,878		13,438,743
Drug Retail–0.38%
CVS Health Corp.		171,550		13,823,499
Walgreens Boots Alliance, Inc.		159,119		13,744,699
				27,568,198
Electric Utilities–2.92%
Alliant Energy Corp.		373,236		14,735,357
American Electric Power Co., Inc.		225,386		15,094,100
Duke Energy Corp.		181,301		14,966,398
Edison International		196,459		15,665,641
Entergy Corp.		194,266		14,892,432
Eversource Energy		255,697		14,999,186
Exelon Corp.		393,876		14,459,188
FirstEnergy Corp.		447,324		14,506,717
NextEra Energy, Inc.		118,003		15,458,393
PG&E Corp.		231,692		15,465,441
Pinnacle West Capital Corp.		180,421		14,828,802
PPL Corp.		410,214		15,128,692
Southern Co. (The)		286,739		14,572,076
Xcel Energy, Inc.		344,951		15,077,808
				209,850,231
Electrical Components & Equipment–0.97%
Acuity Brands, Inc.		55,243		11,672,846
AMETEK, Inc.		270,223		14,583,935
Eaton Corp. PLC		197,703		14,230,662
Emerson Electric Co.		239,107		14,370,331
Rockwell Automation, Inc.		98,496		14,882,745
				69,740,519
Electronic Components–0.41%
Amphenol Corp.–Class A		200,646		13,886,710
Corning Inc.		559,703		15,453,400
				29,340,110
Electronic Equipment & Instruments–0.19%
FLIR Systems, Inc.		373,845		13,723,850
Electronic Manufacturing Services–0.20%
TE Connectivity Ltd.		194,294		14,469,074
Environmental & Facilities Services–0.62%
Republic Services, Inc.		243,211		15,066,921
Stericycle, Inc.(b)		184,836		15,319,208
Waste Management, Inc.		196,319		14,394,109
				44,780,238
Fertilizers & Agricultural Chemicals–0.78%
CF Industries Holdings, Inc.		444,145		13,955,036
FMC Corp.		233,740		13,468,099

	Shares		Value
Fertilizers & Agricultural Chemicals–(continued)
Monsanto Co.		131,429	$	14,960,563
Mosaic Co. (The)		437,501		13,645,656
				56,029,354
Financial Exchanges & Data–1.16%
CBOE Holdings Inc.		153,432		11,975,368
CME Group Inc.–Class A		111,994		13,602,791
Intercontinental Exchange, Inc.		230,410		13,163,323
Moody’s Corp.		137,779		15,344,447
Nasdaq, Inc.		200,325		14,245,111
S&P Global Inc.		119,532		15,475,808
				83,806,848
Food Distributors–0.18%
Sysco Corp.		249,252		13,140,565
Food Retail–0.36%
Kroger Co. (The)		395,235		12,568,473
Whole Foods Market, Inc.		429,035		13,158,503
				25,726,976
Footwear–0.21%
NIKE, Inc.–Class B		265,782		15,192,099
General Merchandise Stores–0.49%
Dollar General Corp.		178,061		13,002,014
Dollar Tree, Inc.(b)		156,635		12,010,772
Target Corp.		177,623		10,438,904
				35,451,690
Gold–0.20%
Newmont Mining Corp.		419,222		14,354,161
Health Care Distributors–1.06%
AmerisourceBergen Corp.		174,224		15,943,238
Cardinal Health, Inc.		188,202		15,313,997
Henry Schein, Inc.(b)		90,322		15,495,642
McKesson Corp.		93,991		14,110,869
Patterson Cos. Inc.		340,255		15,464,590
				76,328,336
Health Care Equipment–3.00%
Abbott Laboratories		350,671		15,808,249
Baxter International Inc.		306,562		15,610,137
Becton, Dickinson and Co.		82,555		15,111,693
Boston Scientific Corp.(b)		660,563		16,216,822
C.R. Bard, Inc.		63,451		15,560,723
Danaher Corp.		176,009		15,057,570
Edwards Lifesciences Corp.(b)		152,110		14,304,425
Hologic, Inc.(b)		352,288		14,295,847
IDEXX Laboratories, Inc.(b)		119,320		17,294,241
Intuitive Surgical, Inc.(b)		21,986		16,203,682
Medtronic PLC		187,407		15,163,100
Stryker Corp.		117,993		15,169,180
Varian Medical Systems, Inc.(b)		171,817		14,413,728
Zimmer Biomet Holdings, Inc.		130,642		15,295,565
				215,504,962

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 Facilities–0.44%
HCA Holdings, Inc.(b)		187,662	$	16,371,633
Universal Health Services, Inc.–Class B		122,657		15,405,719
				31,777,352
Health Care REIT’s–0.61%
HCP, Inc.		457,599		15,004,671
Ventas, Inc.		220,081		14,316,269
Welltower Inc.		209,323		14,732,153
				44,053,093
Health Care Services–0.99%
DaVita Inc.(b)		206,742		14,349,962
Envision Healthcare Corp.(b)		191,773		13,424,110
Express Scripts Holding Co.(b)		189,656		13,399,196
Laboratory Corp. of America Holdings(b)		107,568		15,302,624
Quest Diagnostics Inc.		150,825		14,696,388
				71,172,280
Health Care Supplies–0.43%
Cooper Cos., Inc. (The)		80,566		16,043,913
DENTSPLY SIRONA Inc.		232,909		14,794,380
				30,838,293
Health Care Technology–0.22%
Cerner Corp.(b)		284,014		15,632,131
Home Entertainment Software–0.44%
Activision Blizzard, Inc.		373,642		16,862,463
Electronic Arts Inc.(b)		174,556		15,099,094
				31,961,557
Home Furnishings–0.41%
Leggett & Platt, Inc.		275,918		13,569,647
Mohawk Industries, Inc.(b)		68,779		15,568,815
				29,138,462
Home Improvement Retail–0.40%
Home Depot, Inc. (The)		103,052		14,933,266
Lowe’s Cos., Inc.		184,044		13,687,352
				28,620,618
Homebuilding–0.63%
D.R. Horton, Inc.		476,310		15,241,920
Lennar Corp.–Class A		306,631		14,960,527
PulteGroup Inc.		701,342		15,464,591
				45,667,038
Homefurnishing Retail–0.16%
Bed Bath & Beyond Inc.		285,904		11,550,522
Hotel and Resort REIT’s–0.18%
Host Hotels & Resorts Inc.		716,700		12,893,433
Hotels, Resorts & Cruise Lines–0.82%
Carnival Corp.		257,710		14,418,874
Marriott International Inc.–Class A		164,528		14,312,291
Royal Caribbean Cruises Ltd.		159,488		15,326,797
Wyndham Worldwide Corp.		176,528		14,694,191
				58,752,153

	Shares		Value
Household Appliances–0.20%
Whirlpool Corp.		79,124	$	14,130,755
Household Products–1.08%
Church & Dwight Co., Inc.		310,159		15,458,325
Clorox Co. (The)		119,231		16,311,993
Colgate-Palmolive Co.		207,366		15,133,571
Kimberly-Clark Corp.		119,939		15,897,914
Procter & Gamble Co. (The)		162,928		14,837,853
				77,639,656
Housewares & Specialties–0.21%
Newell Brands, Inc.		301,916		14,802,941
Human Resource & Employment Services–0.19%
Robert Half International, Inc.		283,603		13,681,009
Hypermarkets & Super Centers–0.41%
Costco Wholesale Corp.		86,075		15,250,769
Wal-Mart Stores, Inc.		196,151		13,912,990
				29,163,759
Independent Power Producers & Energy Traders–0.43%
AES Corp. (The)		1,153,214		13,285,025
NRG Energy, Inc.		1,068,920		17,701,315
				30,986,340
Industrial Conglomerates–0.80%
3M Co.		77,014		14,351,559
General Electric Co.		432,545		12,894,166
Honeywell International Inc.		118,267		14,724,242
Roper Technologies, Inc.		73,984		15,477,453
				57,447,420
Industrial Gases–0.36%
Air Products and Chemicals, Inc.		91,917		12,911,581
Praxair, Inc.		110,928		13,168,263
				26,079,844
Industrial Machinery–1.92%
Dover Corp.		178,941		14,333,174
Flowserve Corp.		265,782		12,345,574
Fortive Corp.		254,560		14,675,384
Illinois Tool Works Inc.		108,221		14,286,254
Ingersoll-Rand PLC		175,223		13,905,697
Parker-Hannifin Corp.		96,458		14,935,557
Pentair PLC (United Kingdom)		228,192		13,248,828
Snap-on Inc.		78,014		13,236,635
Stanley Black & Decker Inc.		114,076		14,504,763
Xylem, Inc.		267,021		12,849,051
				138,320,917
Industrial REIT’s–0.19%
Prologis, Inc.		262,383		13,394,652
Insurance Brokers–0.81%
Aon PLC		121,615		14,064,775
Arthur J. Gallagher & Co.		270,809		15,422,572
Marsh & McLennan Cos., Inc.		197,873		14,539,708

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
Insurance Brokers–(continued)
Willis Towers Watson PLC		111,949	$	14,377,610
				58,404,665
Integrated Oil & Gas–0.54%
Chevron Corp.		118,696		13,353,300
Exxon Mobil Corp.		154,452		12,560,037
Occidental Petroleum Corp.		194,762		12,766,649
				38,679,986
Integrated Telecommunication Services–0.73%
AT&T Inc.		340,423		14,226,277
CenturyLink Inc.		569,913		13,826,089
Frontier Communications Corp.		3,745,590		10,974,579
Verizon Communications Inc.		266,970		13,249,721
				52,276,666
Internet & Direct Marketing Retail–0.99%
Amazon.com, Inc.(b)(d)		17,883		15,111,850
Expedia, Inc.		110,803		13,189,989
Netflix Inc.(b)		111,867		15,899,657
Priceline Group Inc. (The)(b)		8,823		15,211,999
TripAdvisor Inc.(b)		279,225		11,579,461
				70,992,956
Internet Software & Services–1.22%
Akamai Technologies, Inc.(b)		211,676		13,250,918
Alphabet Inc.–Class A(b)		8,588		7,256,259
Alphabet Inc.–Class C(b)(d)		8,607		7,085,368
eBay Inc.(b)		458,668		15,548,845
Facebook, Inc.–Class A(b)		114,858		15,567,853
VeriSign, Inc.(b)		167,372		13,803,169
Yahoo! Inc.(b)		329,174		15,030,085
				87,542,497
Investment Banking & Brokerage–0.78%
Charles Schwab Corp. (The)		349,601		14,127,377
E*TRADE Financial Corp.(b)		385,698		13,310,438
Goldman Sachs Group, Inc. (The)		56,837		14,098,986
Morgan Stanley		314,345		14,356,136
				55,892,937
IT Consulting & Other Services–0.98%
Accenture PLC–Class A		111,477		13,655,933
Cognizant Technology Solutions Corp.–Class A(b)		246,172		14,590,614
CSRA Inc.		420,376		12,535,612
International Business Machines Corp.		82,550		14,844,141
Teradata Corp.(b)		480,640		14,947,904
				70,574,204
Leisure Products–0.38%
Hasbro, Inc.		159,822		15,481,957
Mattel, Inc.		466,134		11,993,628
				27,475,585
Life & Health Insurance–1.38%
Aflac, Inc.		199,048		14,401,123
Lincoln National Corp.		201,765		14,155,832
MetLife, Inc.		239,524		12,560,639

	Shares		Value
Life & Health Insurance–(continued)
Principal Financial Group, Inc.		227,965	$	14,256,931
Prudential Financial, Inc.		129,656		14,332,174
Torchmark Corp.		186,542		14,462,601
Unum Group		315,572		15,409,381
				99,578,681
Life Sciences Tools & Services–1.30%
Agilent Technologies, Inc.		296,895		15,230,713
Illumina, Inc.(b)		111,576		18,677,822
Mettler-Toledo International Inc.(b)		32,594		15,521,915
PerkinElmer, Inc.		256,652		13,925,938
Thermo Fisher Scientific, Inc.		94,534		14,906,121
Waters Corp.(b)		98,532		15,271,475
				93,533,984
Managed Health Care–1.25%
Aetna Inc.		106,634		13,730,194
Anthem, Inc.		94,229		15,530,824
Centene Corp.(b)		242,012		17,061,846
Cigna Corp.		101,975		15,184,077
Humana Inc.		67,618		14,284,302
UnitedHealth Group Inc.		85,849		14,197,708
				89,988,951
Metal & Glass Containers–0.18%
Ball Corp.		178,895		13,154,149
Motorcycle Manufacturers–0.18%
Harley-Davidson, Inc.		226,053		12,744,868
Movies & Entertainment–0.81%
Time Warner Inc.		144,347		14,176,319
Twenty-First Century Fox, Inc.–Class A		335,344		10,033,493
Twenty-First Century Fox, Inc.–Class B		153,518		4,505,753
Viacom Inc.–Class B		355,937		15,465,463
Walt Disney Co. (The)		131,091		14,431,808
				58,612,836
Multi-Line Insurance–0.77%
American International Group, Inc.		208,815		13,347,455
Assurant, Inc.		149,156		14,766,444
Hartford Financial Services Group, Inc. (The)		283,194		13,845,355
Loews Corp.		290,189		13,633,079
				55,592,333
Multi-Sector Holdings–0.41%
Berkshire Hathaway Inc.–Class B(b)		83,381		14,293,171
Leucadia National Corp.		572,762		15,246,924
				29,540,095
Multi-Utilities–2.24%
Ameren Corp.		270,969		14,819,295
CenterPoint Energy, Inc.		562,681		15,372,445
CMS Energy Corp.		334,297		14,882,902
Consolidated Edison, Inc.		192,417		14,823,806
Dominion Resources, Inc.		184,439		14,319,844
DTE Energy Co.		141,059		14,300,561

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-Utilities–(continued)
NiSource Inc.		631,144	$	15,090,653
Public Service Enterprise Group Inc.		321,927		14,802,203
SCANA Corp.		188,926		13,102,018
Sempra Energy		136,493		15,053,813
WEC Energy Group, Inc.		240,487		14,494,152
				161,061,692
Office REIT’s–0.60%
Boston Properties, Inc.		106,775		14,844,928
SL Green Realty Corp.		124,310		14,007,251
Vornado Realty Trust		133,174		14,631,827
				43,484,006
Oil & Gas Drilling–0.33%
Helmerich & Payne, Inc.		168,150		11,496,416
Transocean Ltd.(b)		891,459		12,319,963
				23,816,379
Oil & Gas Equipment & Services–0.91%
Baker Hughes Inc.		207,272		12,494,356
Halliburton Co.		253,621		13,558,579
National Oilwell Varco Inc.		345,558		13,967,454
Schlumberger Ltd.		162,141		13,029,651
TechnipFMC PLC (United Kingdom)(b)		388,752		12,564,465
				65,614,505
Oil & Gas Exploration & Production–2.91%
Anadarko Petroleum Corp.		195,066		12,611,017
Apache Corp.		206,524		10,861,097
Cabot Oil & Gas Corp.		574,918		12,590,704
Chesapeake Energy Corp.(b)		1,780,611		9,704,330
Cimarex Energy Co.		97,084		12,205,400
Concho Resources Inc.(b)		96,559		12,789,239
ConocoPhillips		270,756		12,879,863
Devon Energy Corp.		285,963		12,399,356
EOG Resources, Inc.		129,133		12,524,610
EQT Corp.		184,020		11,020,958
Hess Corp.		219,029		11,266,852
Marathon Oil Corp.		753,222		12,051,552
Murphy Oil Corp.		416,807		11,791,470
Newfield Exploration Co.(b)		287,458		10,480,719
Noble Energy, Inc.		349,778		12,735,417
Pioneer Natural Resources Co.		73,485		13,666,005
Range Resources Corp.		354,469		9,790,434
Southwestern Energy Co.(b)		1,090,111		8,186,734
				209,555,757
Oil & Gas Refining & Marketing–0.73%
Marathon Petroleum Corp.		278,039		13,790,734
Phillips 66		157,713		12,331,580
Tesoro Corp.		152,431		12,985,597
Valero Energy Corp.		202,151		13,736,160
				52,844,071
Oil & Gas Storage & Transportation–0.55%
Kinder Morgan, Inc.		651,794		13,889,744
ONEOK, Inc.		241,120		13,032,536

	Shares		Value
Oil & Gas Storage & Transportation–(continued)
Williams Cos., Inc. (The)		455,175	$	12,899,659
				39,821,939
Packaged Foods & Meats–2.42%
Campbell Soup Co.		232,554		13,802,080
Conagra Brands, Inc.		357,604		14,736,861
General Mills, Inc.		217,504		13,130,716
Hershey Co. (The)		137,051		14,849,476
Hormel Foods Corp.		399,718		14,090,060
JM Smucker Co. (The)		105,343		14,930,263
Kellogg Co.		188,022		13,926,790
Kraft Heinz Co. (The)		164,076		15,014,595
McCormick & Co., Inc.		148,720		14,637,022
Mead Johnson Nutrition Co.		186,517		16,374,327
Mondelez International, Inc.–Class A		327,683		14,391,837
Tyson Foods, Inc.–Class A		222,000		13,888,320
				173,772,347
Paper Packaging–0.78%
Avery Dennison Corp.		189,290		15,277,596
International Paper Co.		255,364		13,457,683
Sealed Air Corp.		285,310		13,261,209
WestRock Co.		262,083		14,079,098
				56,075,586
Personal Products–0.39%
Coty, Inc.–Class A		717,448		13,473,673
Estee Lauder Cos. Inc. (The)–Class A		172,454		14,287,814
				27,761,487
Pharmaceuticals–2.23%
Allergan PLC		71,501		17,504,875
Bristol-Myers Squibb Co.		240,993		13,666,713
Eli Lilly and Co.		202,598		16,777,140
Endo International PLC(b)		878,920		11,997,258
Johnson & Johnson		122,449		14,964,492
Mallinckrodt PLC(b)		261,336		13,699,233
Merck & Co., Inc.		224,502		14,787,947
Mylan N.V.(b)		376,508		15,756,860
Perrigo Co. PLC		166,622		12,458,327
Pfizer Inc.		433,637		14,795,694
Zoetis Inc.		264,912		14,122,459
				160,530,998
Property & Casualty Insurance–1.22%
Allstate Corp. (The)		189,682		15,584,273
Chubb Ltd.		103,760		14,336,519
Cincinnati Financial Corp.		175,761		12,823,523
Progressive Corp. (The)		401,117		15,715,764
Travelers Cos., Inc. (The)		115,330		14,097,939
XL Group Ltd. (Bermuda)		371,020		15,022,600
				87,580,618
Publishing–0.20%
News Corp.–Class A		861,674		11,046,660
News Corp.–Class B		271,219		3,580,091
				14,626,751

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
Railroads–0.85%
CSX Corp.		368,830	$	17,910,385
Kansas City Southern		159,803		14,163,340
Norfolk Southern Corp.		124,287		15,042,456
Union Pacific Corp.		130,928		14,132,368
				61,248,549
Real Estate Services–0.21%
CBRE Group, Inc.–Class A(b)		419,222		14,932,688
Regional Banks–2.19%
BB&T Corp.		290,926		14,028,452
Citizens Financial Group, Inc.		387,110		14,466,301
Fifth Third Bancorp		511,205		14,027,465
Huntington Bancshares Inc.		1,017,491		14,387,323
KeyCorp		744,653		13,977,137
M&T Bank Corp.		89,162		14,887,379
People’s United Financial Inc.		689,729		13,242,797
PNC Financial Services Group, Inc. (The)		119,511		15,205,384
Regions Financial Corp.		941,528		14,377,132
SunTrust Banks, Inc.		250,661		14,911,823
Zions Bancorp.		317,981		14,277,347
				157,788,540
Research & Consulting Services–0.77%
Dun & Bradstreet Corp. (The)		111,431		11,760,428
Equifax Inc.		117,328		15,382,874
Nielsen Holdings PLC		321,777		14,274,028
Verisk Analytics, Inc.–Class A(b)		165,758		13,744,653
				55,161,983
Residential REIT’s–1.23%
Apartment Investment & Management Co.–Class A		324,895		15,117,364
AvalonBay Communities, Inc.		81,314		14,943,887
Equity Residential		218,646		13,790,003
Essex Property Trust, Inc.		62,839		14,748,313
Mid-America Apartment Communities, Inc.		147,444		15,146,922
UDR, Inc.		401,469		14,653,619
				88,400,108
Restaurants–0.98%
Chipotle Mexican Grill, Inc.(b)		37,151		15,556,610
Darden Restaurants, Inc.		174,889		13,060,710
McDonald’s Corp.		113,361		14,470,532
Starbucks Corp.		233,979		13,306,386
Yum! Brands, Inc.		213,153		13,923,154
				70,317,392
Retail REIT’s–1.13%
Federal Realty Investment Trust		97,153		13,672,342
GGP Inc.		524,668		13,043,246
Kimco Realty Corp.		529,111		12,830,942
Macerich Co. (The)		193,228		13,019,703
Realty Income Corp.		247,190		15,147,803
Simon Property Group, Inc.		74,939		13,818,751
				81,532,787

	Shares		Value
Semiconductor Equipment–0.65%
Applied Materials, Inc.		424,924	$	15,390,747
KLA-Tencor Corp.		178,037		16,044,695
Lam Research Corp.		132,061		15,654,511
				47,089,953
Semiconductors–2.70%
Analog Devices, Inc.		187,945		15,398,334
Broadcom Ltd.		76,756		16,190,143
First Solar, Inc.(b)		409,847		14,832,363
Intel Corp.		384,404		13,915,425
Linear Technology Corp.		220,116		14,215,091
Microchip Technology Inc.		213,021		15,448,283
Micron Technology, Inc.(b)		670,551		15,717,715
NVIDIA Corp.		149,708		15,192,368
Qorvo, Inc.(b)		243,383		16,087,616
QUALCOMM, Inc.		200,617		11,330,848
Skyworks Solutions, Inc.		178,685		16,941,125
Texas Instruments Inc.		190,947		14,630,359
Xilinx, Inc.		245,864		14,461,721
				194,361,391
Soft Drinks–0.77%
Coca-Cola Co. (The)		327,293		13,733,214
Dr Pepper Snapple Group, Inc.		153,007		14,296,974
Monster Beverage Corp.(b)		312,131		12,934,709
PepsiCo, Inc.		132,724		14,650,075
				55,614,972
Specialized Consumer Services–0.17%
H&R Block, Inc.		598,967		12,314,762
Specialized REIT’s–1.65%
American Tower Corp.–Class A		133,575		15,333,074
Crown Castle International Corp.		160,644		15,025,033
Digital Realty Trust, Inc.		146,220		15,791,760
Equinix, Inc.		39,725		14,939,381
Extra Space Storage Inc.		183,259		14,512,280
Iron Mountain Inc.		396,718		14,420,699
Public Storage		62,730		14,268,566
Weyerhaeuser Co.		420,119		14,166,413
				118,457,206
Specialty Chemicals–1.02%
Albemarle Corp.		151,573		15,386,175
Ecolab Inc.		114,076		14,142,002
International Flavors & Fragrances Inc.		109,706		13,790,044
PPG Industries, Inc.		138,431		14,179,488
Sherwin-Williams Co. (The)		50,739		15,655,011
				73,152,720
Specialty Stores–0.89%
Signet Jewelers Ltd.		139,244		8,854,526
Staples, Inc.		1,373,258		12,345,590
Tiffany & Co.		161,683		14,853,817
Tractor Supply Co.		177,509		12,587,163
Ulta Beauty, Inc.(b)		54,735		14,966,191
				63,607,287

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
Steel–0.18%
Nucor Corp.		210,284	$	13,157,470
Systems Software–1.01%
CA, Inc.		433,910		14,002,276
Microsoft Corp.		221,821		14,192,107
Oracle Corp.		339,247		14,448,530
Red Hat, Inc.(b)		174,778		14,473,366
Symantec Corp.		553,840		15,823,209
				72,939,488
Technology Hardware, Storage & Peripherals–1.50%
Apple Inc.		120,633		16,525,515
Hewlett Packard Enterprise Co.		560,844		12,798,460
HP Inc.		871,122		15,131,389
NetApp, Inc.		377,542		15,792,582
Seagate Technology PLC		349,068		16,821,587
Western Digital Corp.		203,017		15,607,947
Xerox Corp.		2,031,808		15,116,651
				107,794,131
Tires & Rubber–0.21%
Goodyear Tire & Rubber Co. (The)		427,169		14,972,273
Tobacco–0.66%
Altria Group, Inc.		207,428		15,540,506
Philip Morris International Inc.		152,329		16,657,176
Reynolds American Inc.		249,207		15,343,675
				47,541,357

	Shares		Value
Trading Companies & Distributors–0.62%
Fastenal Co.		280,479	$	14,032,364
United Rentals, Inc.(b)		127,279		16,295,531
W.W. Grainger, Inc.		57,366		14,224,473
				44,552,368
Trucking–0.37%
J.B. Hunt Transport Services, Inc.		138,445		13,591,146
Ryder System, Inc.		167,148		12,728,320
				26,319,466
Water Utilities–0.20%
American Water Works Co., Inc.		188,254		14,683,812
Total Common Stocks & Other Equity Interests (Cost $5,191,403,585)				7,077,786,669
Money Market Funds–1.15%
Government & Agency Portfolio– Institutional Class, 0.47%(e)		49,666,659		49,666,659
Treasury Portfolio–Institutional Class, 0.41%(e)		33,111,106		33,111,106
Total Money Market Funds (Cost $82,777,765)				82,777,765
TOTAL INVESTMENTS–99.54% (Cost $5,274,181,350)				7,160,564,434
OTHER ASSETS LESS LIABILITIES–0.46%				33,367,513
NET ASSETS–100.00%			$	7,193,931,947

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 28, 2017.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2017

Consumer Discretionary	15.4	%
Information Technology	13.6
Industrials	13.4
Health Care	12.7
Financials	12.6
Consumer Staples	7.4
Energy	6.0
Real Estate	5.8
Utilities	5.8
Materials	4.8
Telecommunication Services	0.9
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 Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $5,178,966,259)	$	7,064,291,913
Investments in affiliates, at value (Cost $95,215,091)		96,272,521
Total investments, at value (Cost $5,274,181,350)		7,160,564,434
Receivable for:
Investments sold		25,600,439
Fund shares sold		36,678,557
Dividends		11,658,049
Investment for trustee deferred compensation and retirement plans		140,231
Other assets		123,251
Total assets		7,234,764,961
Liabilities:
Payable for:
Investments purchased		25,944,748
Fund shares reacquired		10,231,040
Variation margin — futures		205,031
Accrued fees to affiliates		3,035,071
Accrued trustees’ and officers’ fees and benefits		12,708
Accrued other operating expenses		1,175,804
Trustee deferred compensation and retirement plans		228,612
Total liabilities		40,833,014
Net assets applicable to shares outstanding	$	7,193,931,947
Net assets consist of:
Shares of beneficial interest	$	5,361,501,941
Undistributed net investment income		22,092,442
Undistributed net realized gain (loss)		(76,544,825	)
Net unrealized appreciation		1,886,882,389
	$	7,193,931,947

Net Assets:
Class A	$	2,256,668,191
Class B	$	4,256,305
Class C	$	1,097,526,580
Class R	$	132,054,714
Class Y	$	2,966,380,578
Class R6	$	737,045,579
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,121,747
Class B		77,996
Class C		20,822,932
Class R		2,417,531
Class Y		53,582,974
Class R6		13,300,129
Class A:
Net asset value per share	$	54.88
Maximum offering price per share
(Net asset value of $54.88 ¸ 94.50%)	$	58.07
Class B:
Net asset value and offering price per share	$	54.57
Class C:
Net asset value and offering price per share	$	52.71
Class R:
Net asset value and offering price per share	$	54.62
Class Y:
Net asset value and offering price per share	$	55.36
Class R6:
Net asset value and offering price per share	$	55.42

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 Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Dividends	$	57,809,248
Dividends from affiliates		397,870
Total investment income		58,207,118
Expenses:
Advisory fees		3,322,037
Administrative services fees		329,258
Custodian fees		87,456
Distribution fees:
Class A		2,532,808
Class B		24,296
Class C		4,897,289
Class R		295,857
Transfer agent fees — A, B, C, R & Y		3,421,875
Transfer agent fees — R6		3,481
Trustees’ and officers’ fees and benefits		61,440
Registration and filing fees		115,903
Licensing Fees		627,862
Reports to shareholders		501,025
Professional services fees		39,873
Other		39,599
Total expenses		16,300,059
Less: Fees waived and expense offset arrangement(s)		(59,261	)
Net expenses		16,240,798
Net investment income		41,966,320
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		5,410,953
Futures contracts		7,239,033
		12,649,986
Change in net unrealized appreciation (depreciation) of:
Investment securities		520,255,127
Futures contracts		(129,899	)
		520,125,228
Net realized and unrealized gain		532,775,214
Net increase in net assets resulting from operations	$	574,741,534

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 Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	41,966,320		$	78,041,885
Net realized gain		12,649,986			80,929,232
Change in net unrealized appreciation		520,125,228			400,607,065
Net increase in net assets resulting from operations		574,741,534			559,578,182
Distributions to shareholders from net investment income:
Class A		(20,999,789	)		(25,882,056	)
Class B		(17,426	)		(68,005	)
Class C		(4,661,267	)		(7,024,603	)
Class R		(982,859	)		(1,158,685	)
Class Y		(30,728,607	)		(32,793,334	)
Class R6		(9,489,450	)		(607,413	)
Total distributions from net investment income		(66,879,398	)		(67,534,096	)
Distributions to shareholders from net realized gains:
Class A		(6,137,511	)		(23,879,186	)
Class B		(14,620	)		(107,081	)
Class C		(3,083,934	)		(11,061,008	)
Class R		(362,361	)		(1,242,285	)
Class Y		(7,372,985	)		(26,041,641	)
Class R6		(2,093,339	)		(449,730	)
Total distributions from net realized gains		(19,064,750	)		(62,780,931	)
Share transactions–net:
Class A		141,550,206			10,681,087
Class B		(1,627,415	)		(3,860,004	)
Class C		78,157,121			118,995,185
Class R		11,479,101			13,093,576
Class Y		658,259,873			21,075,608
Class R6		3,767,749			460,763,193
Net increase in net assets resulting from share transactions		891,586,635			620,748,645
Net increase in net assets		1,380,384,021			1,050,011,800
Net assets:
Beginning of period		5,813,547,926			4,763,536,126
End of period (includes undistributed net investment income of $22,092,442 and $47,005,520, respectively)	$	7,193,931,947		$	5,813,547,926

Notes to Financial Statements

February 28, 2017

(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

15                         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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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

16                         Invesco Equally-Weighted S&P 500 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 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.

17                         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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $54,773.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $335,755 in front-end sales commissions from the sale of Class A shares and $12,921, $31 and $57,257 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.

18                         Invesco Equally-Weighted S&P 500 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.

The following is a summary of the tiered valuation input levels, as of February 28, 2017. 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
Common Stock & Other Equity Interest	$	7,077,786,669	$	—	$	—	$	7,077,786,669
Money Market Funds		82,777,765		—		—		82,777,765
		7,160,564,434		—		—		7,160,564,434
Futures Contracts*		499,305		—		—		499,305
Total Investments	$	7,161,063,739	$	—	$	—	$	7,161,063,739

* Unrealized appreciation.

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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		782		March-2017	$	92,385,480	$	499,305

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 28, 2017:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	499,305
Derivatives not subject to master netting agreements		499,305
Total Derivative Assets subject to master netting agreements	$	—

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

19                         Invesco Equally-Weighted S&P 500 Fund

Effect of Derivative Investments for the six months ended February 28, 2017

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
	Equity Risk
Realized Gain:
Futures contracts	$	7,239,033
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(129,899	)
Total	$	7,109,134

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

	Futures Contracts
Average notional value	$	68,750,039

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 28, 2017.

	Value 08/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 02/28/17		Dividend Income
Invesco Ltd.	$	12,022,123	$	1,798,582	$	(714,080	)	$	628,024	$	(239,893	)	$	13,494,756	$	220,510

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,488.

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, 2016.

20                         Invesco Equally-Weighted S&P 500 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 28, 2017 was $1,517,276,689 and $654,197,651, 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	$	1,879,021,906
Aggregate unrealized (depreciation) of investment securities		(80,749,054	)
Net unrealized appreciation of investment securities	$	1,798,272,852

Cost of investments for tax purposes is $5,362,291,582.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016(b)
	Shares			Amount			Shares			Amount
Sold:
Class A		7,808,355		$	409,051,251			10,197,085		$	480,374,178
Class B		5,662			296,644			14,964			710,438
Class C		3,743,449			188,086,884			6,525,395			295,986,771
Class R		562,388			29,060,661			968,737			45,385,789
Class Y		18,009,314			951,391,934			20,703,234			986,688,097
Class R6		1,033,417			54,536,279			13,179,412			641,949,654
Issued as reinvestment of dividends:
Class A		462,800			24,593,176			970,969			44,120,853
Class B		557			29,469			3,471			157,254
Class C		137,723			7,041,797			379,367			16,608,691
Class R		25,394			1,343,848			52,982			2,399,007
Class Y		574,240			30,767,792			1,087,004			49,784,798
Class R6		216,012			11,582,541			23,058			1,056,728
Automatic conversion of Class B shares to Class A shares:
Class A		24,300			1,274,254			61,680			2,910,819
Class B		(24,467	)		(1,274,254	)		(62,060	)		(2,910,819	)
Reacquired:
Class A		(5,623,420	)		(293,368,475	)		(10,956,351	)		(516,724,763	)
Class B		(13,127	)		(679,274	)		(39,223	)		(1,816,877	)
Class C		(2,350,013	)		(116,971,560	)		(4,289,496	)		(193,600,277	)
Class R		(364,739	)		(18,925,408	)		(747,680	)		(34,691,220	)
Class Y		(6,181,499	)		(323,899,853	)		(21,746,471	)		(1,015,397,287	)
Class R6		(1,179,999	)		(62,351,071	)		(3,745,034	)		(182,243,189	)
Net increase in share activity		16,866,347		$	891,586,635			12,581,043		$	620,748,645

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% 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.

^(b) On October 16, 2015, a total of 3,109,979 Class R6 shares of the Fund valued at $150,896,191 were redeemed by a significant shareholder and settled through a redemption-in-kind transaction.

21                         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 02/28/17	$	50.91	$	0.34	$	4.32		$	4.66		$	(0.53	)	$	(0.16	)	$	(0.69	)	$	54.88		9.21	%	$	2,256,668		0.54	%(d)		0.54	%(d)		1.32	%(d)		10	%
Year ended 08/31/16		46.87		0.75		4.57			5.32			(0.66	)		(0.62	)		(1.28	)		50.91		11.69			1,957,456		0.54			0.54			1.58			29
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
Class B
Six months ended 02/28/17		50.49		0.15		4.28			4.43			(0.19	)		(0.16	)		(0.35	)		54.57		8.79			4,256		1.29	(d)		1.29	(d)		0.57	(d)		10
Year ended 08/31/16		46.56		0.39		4.55			4.94			(0.39	)		(0.62	)		(1.01	)		50.49		10.85			5,522		1.29			1.29			0.83			29
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
Class C
Six months ended 02/28/17		48.82		0.14		4.14			4.28			(0.23	)		(0.16	)		(0.39	)		52.71		8.80			1,097,527		1.29	(d)		1.29	(d)		0.57	(d)		10
Year ended 08/31/16		45.03		0.41		4.39			4.80			(0.39	)		(0.62	)		(1.01	)		48.82		10.90	(e)		941,775		1.23	(e)		1.23	(e)		0.89	(e)		29
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
Class R
Six months ended 02/28/17		50.63		0.28		4.30			4.58			(0.43	)		(0.16	)		(0.59	)		54.62		9.07			132,055		0.79	(d)		0.79	(d)		1.07	(d)		10
Year ended 08/31/16		46.65		0.63		4.54			5.17			(0.57	)		(0.62	)		(1.19	)		50.63		11.38			111,116		0.79			0.79			1.33			29
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
Class Y
Six months ended 02/28/17		51.40		0.41		4.36			4.77			(0.65	)		(0.16	)		(0.81	)		55.36		9.33			2,966,381		0.29	(d)		0.29	(d)		1.57	(d)		10
Year ended 08/31/16		47.30		0.88		4.61			5.49			(0.77	)		(0.62	)		(1.39	)		51.40		11.97			2,116,654		0.29			0.29			1.83			29
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
Class R6
Six months ended 02/28/17		51.47		0.44		4.38			4.82			(0.71	)		(0.16	)		(0.87	)		55.42		9.42			737,046		0.17	(d)		0.17	(d)		1.69	(d)		10
Year ended 08/31/16		47.37		0.97		4.58			5.55			(0.83	)		(0.62	)		(1.45	)		51.47		12.08			681,025		0.16			0.16			1.96			29
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 $2,043,039, $4,899, $987,403, $119,324, $2,441,934, and $702,537 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 ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.94% for the year ended August 31, 2016.

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

^(g)  Annualized.

22                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,092.10	$	2.80	$	1,022.12	$	2.71		0.54	%
B		1,000.00		1,087.90		6.68		1,018.40		6.46		1.29
C		1,000.00		1,088.00		6.68		1,018.40		6.46		1.29
R		1,000.00		1,090.90		4.10		1,020.88		3.96		0.79
Y		1,000.00		1,093.30		1.51		1,023.36		1.45		0.29
R6		1,000.00		1,094.20		0.88		1,023.95		0.85		0.17

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco Equally-Weighted S&P 500 Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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 Invesco Distributors, Inc. MS-EWSP-SAR-1 04112017 0851

	Semiannual Report to Shareholders	February 28, 2017
	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
16	Financial Statements
18	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, 8/31/16 to 2/28/17, 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	10.53	%
Class B Shares	10.14
Class C Shares	10.10
Class R Shares	10.34
Class Y Shares	10.67
Class R5 Shares	10.70
Class R6 Shares	10.76
Russell 1000 Value Index▼ (Broad Market Index)	11.07
Bloomberg Barclays U.S. Government/Credit Index▼ (Style-Specific Index)	-2.56
Lipper Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	5.92
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

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 Bloomberg Barclays U.S. Government/Credit Index is a broad-based benchmark that includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

    The 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Equity and Income Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	10.18	%
10 Years	6.03
5 Years	9.72
1 Year	18.55
Class B Shares
Inception (5/1/92)	9.57	%
10 Years	6.36
5 Years	9.89
1 Year	19.51
Class C Shares
Inception (7/6/93)	8.82	%
10 Years	5.85
5 Years	10.13
1 Year	23.52
Class R Shares
Inception (10/1/02)	8.28	%
10 Years	6.37
5 Years	10.66
1 Year	25.16
Class Y Shares
Inception (12/22/04)	7.37	%
10 Years	6.90
5 Years	11.21
1 Year	25.78
Class R5 Shares
10 Years	6.88	%
5 Years	11.31
1 Year	25.99
Class R6 Shares
10 Years	6.82	%
5 Years	11.36
1 Year	26.00

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, prior to June 1, 2010, 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

Average Annual Total Returns
As of 12/31/16, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	10.15	%
10 Years	5.67
5 Years	10.28
1 Year	8.52
Class B Shares
Inception (5/1/92)	9.50	%
10 Years	5.99
5 Years	10.51
1 Year	8.95
Class C Shares
Inception (7/6/93)	8.75	%
10 Years	5.48
5 Years	10.71
1 Year	13.01
Class R Shares
Inception (10/1/02)	8.15	%
10 Years	6.01
5 Years	11.27
1 Year	14.59
Class Y Shares
Inception (12/22/04)	7.20	%
10 Years	6.54
5 Years	11.80
1 Year	15.13
Class R5 Shares
10 Years	6.51	%
5 Years	11.88
1 Year	15.21
Class R6 Shares
10 Years	6.46	%
5 Years	11.92
1 Year	15.32

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%, 1.53%, 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%, 1.54%, 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, 2018. 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Equity and Income Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–65.21%
Aerospace & Defense–1.11%
General Dynamics Corp.		853,320	$	161,968,669
Apparel, Accessories & Luxury Goods–0.45%
Michael Kors Holdings Ltd.(b)		1,817,022		66,321,303
Asset Management & Custody Banks–1.76%
Northern Trust Corp.		1,194,634		104,351,280
State Street Corp.		1,910,455		152,282,368
				256,633,648
Automobile Manufacturers–0.83%
General Motors Co.		3,303,605		121,704,808
Biotechnology–0.60%
Amgen Inc.		498,890		88,069,052
Broadcasting–0.22%
CBS Corp.–Class B		491,704		32,413,128
Building Products–0.86%
Johnson Controls International PLC		2,983,936		125,146,276
Cable & Satellite–1.69%
Charter Communications, Inc.–Class A(b)		301,764		97,487,878
Comcast Corp.–Class A		3,982,512		149,025,599
				246,513,477
Communications Equipment–2.04%
Cisco Systems, Inc.		5,048,321		172,551,612
Juniper Networks, Inc.		4,491,488		125,761,664
				298,313,276
Construction Machinery & Heavy Trucks–0.89%
Caterpillar Inc.		1,351,341		130,620,621
Data Processing & Outsourced Services–0.57%
PayPal Holdings, Inc.(b)		1,985,434		83,388,228
Diversified Banks–9.92%
Bank of America Corp.		17,380,703		428,955,750
Citigroup Inc.		8,195,839		490,193,131
Comerica Inc.		1,688,549		120,359,773
JPMorgan Chase & Co.		4,521,399		409,729,177
				1,449,237,831
Diversified Metals & Mining–0.52%
BHP Billiton Ltd. (Australia)		3,982,536		75,792,534
Drug Retail–1.37%
Walgreens Boots Alliance, Inc.		2,320,861		200,475,973
Electric Utilities–0.89%
FirstEnergy Corp.		1,447,808		46,952,414
PG&E Corp.		1,237,931		82,631,894
				129,584,308

	Shares		Value
Fertilizers & Agricultural Chemicals–1.41%
Agrium Inc. (Canada)		676,370	$	65,337,342
Mosaic Co. (The)		4,510,790		140,691,540
				206,028,882
Health Care Distributors–0.52%
Cardinal Health, Inc.		936,129		76,172,817
Health Care Equipment–1.55%
Baxter International Inc.		2,050,620		104,417,570
Medtronic PLC		1,512,878		122,406,959
				226,824,529
Health Care Services–0.42%
Express Scripts Holding Co.(b)		861,517		60,866,176
Home Improvement Retail–0.46%
Kingfisher PLC (United Kingdom)		16,327,168		66,699,868
Hotels, Resorts & Cruise Lines–1.19%
Carnival Corp.		3,092,671		173,034,942
Industrial Conglomerates–0.98%
General Electric Co.		4,817,285		143,603,266
Industrial Machinery–0.73%
Ingersoll-Rand PLC		1,342,035		106,503,898
Insurance Brokers–1.98%
Aon PLC		1,116,539		129,127,735
Marsh & McLennan Cos., Inc.		1,047,938		77,002,484
Willis Towers Watson PLC		650,869		83,591,106
				289,721,325
Integrated Oil & Gas–3.12%
Exxon Mobil Corp.		940,549		76,485,445
Occidental Petroleum Corp.		1,424,301		93,362,930
Royal Dutch Shell PLC–Class A (United Kingdom)		7,084,750		182,825,908
TOTAL S.A. (France)		2,070,409		103,403,424
				456,077,707
Integrated Telecommunication Services–0.65%
Orange S.A. (France)		1,397,177		21,115,612
Verizon Communications Inc.		1,489,273		73,912,619
				95,028,231
Internet Software & Services–0.92%
eBay Inc.(b)		3,960,866		134,273,357
Investment Banking & Brokerage–3.85%
Charles Schwab Corp. (The)		2,785,917		112,578,906
Goldman Sachs Group, Inc. (The)		552,830		137,135,010
Morgan Stanley		6,853,984		313,021,449
				562,735,365

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

5                         Invesco Equity and Income Fund

	Shares		Value
IT Consulting & Other Services–0.80%
Cognizant Technology Solutions Corp.–Class A(b)		1,961,137	$	116,236,590
Managed Health Care–0.56%
Anthem, Inc.		497,224		81,952,460
Movies & Entertainment–0.56%
Time Warner Inc.		829,864		81,500,943
Oil & Gas Equipment & Services–1.20%
Baker Hughes Inc.		2,911,808		175,523,786
Oil & Gas Exploration & Production–3.72%
Apache Corp.		3,925,322		206,432,684
Canadian Natural Resources Ltd. (Canada)		4,758,055		136,466,485
Devon Energy Corp.		4,628,668		200,699,044
				543,598,213
Other Diversified Financial Services–0.51%
Voya Financial, Inc.		1,810,413		74,643,328
Packaged Foods & Meats–0.73%
Mondelez International, Inc.–Class A		2,441,114		107,213,727
Pharmaceuticals–4.31%
Eli Lilly and Co.		500,658		41,459,489
Merck & Co., Inc.		3,253,594		214,314,237
Novartis AG (Switzerland)		1,288,278		100,573,557
Pfizer Inc.		5,042,452		172,048,462
Sanofi (France)		1,165,023		100,384,287
				628,780,032
Railroads–0.75%
CSX Corp.		2,264,109		109,945,133
Regional Banks–5.18%
BB&T Corp.		942,288		45,437,127
Citizens Financial Group, Inc.		6,700,357		250,392,341
Fifth Third Bancorp		6,296,507		172,776,152
First Horizon National Corp.		4,379,227		87,321,787
PNC Financial Services Group, Inc. (The)		1,573,287		200,169,305
				756,096,712
Semiconductor Equipment–0.45%
Applied Materials, Inc.		1,815,662		65,763,278
Semiconductors–1.62%
Intel Corp.		2,957,619		107,065,808
QUALCOMM, Inc.		2,301,806		130,006,003
				237,071,811
Systems Software–2.08%
Microsoft Corp.		1,534,503		98,177,502
Oracle Corp.		4,823,916		205,450,582
				303,628,084

	Shares		Value
Tobacco–0.80%
Philip Morris International Inc.		1,069,197	$	116,916,692
Wireless Telecommunication Services–0.44%
Vodafone Group PLC–ADR (United Kingdom)		2,504,784		63,646,561
Total Common Stocks & Other Equity Interests (Cost $6,858,081,831)				9,526,270,845
	Principal Amount
Bonds & Notes–19.93%
Advertising–0.03%
Interpublic Group of Cos., Inc. (The), Sr. Unsec. Global Notes, 2.25%, 11/15/2017	$	4,145,000		4,171,087
Aerospace & Defense–0.11%
BAE Systems Holdings Inc. (United Kingdom), Sr. Unsec. Gtd. Notes, 2.85%, 12/15/2020(c)		3,091,000		3,126,842
Northrop Grumman Corp., Sr. Unsec. Global Notes, 3.85%, 04/15/2045		1,938,000		1,861,879
Precision Castparts Corp., Sr. Unsec. Global Notes,
1.25%, 01/15/2018		6,465,000		6,464,515
2.50%, 01/15/2023		4,150,000		4,103,012
				15,556,248
Agricultural & Farm Machinery–0.10%
Deere & Co., Sr. Unsec. Notes, 2.60%, 06/08/2022		14,645,000		14,702,321
Agricultural Products–0.03%
Ingredion Inc., Sr. Unsec. Notes, 6.63%, 04/15/2037		3,940,000		4,963,750
Air Freight & Logistics–0.15%
FedEx Corp.,
Sr. Unsec. Gtd. Bonds, 4.90%, 01/15/2034		4,310,000		4,673,926
Sr. Unsec. Gtd. Notes, 4.40%, 01/15/2047		5,140,000		5,143,035
5.10%, 01/15/2044		8,875,000		9,676,381
United Parcel Service, Inc., Sr. Unsec. Notes, 3.40%, 11/15/2046		2,608,000		2,420,433
				21,913,775
Airlines–0.16%
American Airlines Pass Through Trust, Series 2014-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.70%, 04/01/2028		4,001,979		4,049,502
Continental Airlines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.75%, 01/12/2021		3,152,582		3,331,885
Series 2012-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.15%, 04/11/2024		4,759,473		4,940,928

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

6                         Invesco Equity and Income Fund

	Principal Amount		Value
Airlines–(continued)
Delta Air Lines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 6.20%, 01/02/2020	$	1,438,327	$	1,519,233
United Airlines Pass Through Trust, Series 2014-2, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.75%, 09/03/2026		5,140,369		5,233,539
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs., 5.00%, 04/23/2025(c)		3,908,048		4,061,927
				23,137,014
Apparel Retail–0.03%
Ross Stores, Inc., Sr. Unsec. Notes, 3.38%, 09/15/2024		3,638,000		3,666,587
Application Software–0.27%
Citrix Systems, Inc., Sr. Unsec. Conv. Bonds, 0.50%, 04/15/2019		21,913,000		26,459,948
Nuance Communications, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/15/2022(d)		12,775,000		12,311,906
				38,771,854
Asset Management & Custody Banks–0.17%
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(c)		4,260,000		4,312,803
4.40%, 05/27/2026(c)		8,854,000		9,103,351
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(c)		3,975,000		4,103,512
Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025		4,515,000		4,488,804
KKR Group Finance Co. III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/2044(c)		3,217,000		3,197,543
				25,206,013
Automobile Manufacturers–0.31%
Daimler Finance North America LLC (Germany), Sr. Unsec. Gtd. Notes, 1.88%, 01/11/2018(c)		5,220,000		5,231,489
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 1.72%, 12/06/2017		14,510,000		14,520,766
3.10%, 05/04/2023		2,847,000		2,793,421
3.81%, 01/09/2024		4,473,000		4,506,038
4.13%, 08/04/2025		7,006,000		7,094,230
General Motors Co., Sr. Unsec. Global Notes, 6.60%, 04/01/2036		4,317,000		5,073,783
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/01/2026		5,467,000		5,920,387
				45,140,114

	Principal Amount		Value
Automotive Retail–0.10%
Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 4.50%, 12/01/2023	$	6,415,000	$	6,769,592
5.75%, 05/01/2020		7,393,000		8,061,298
				14,830,890
Biotechnology–0.42%
AbbVie Inc., Sr. Unsec. Global Notes, 4.50%, 05/14/2035		7,233,000		7,245,014
BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/2020		23,901,000		29,921,064
Celgene Corp., Sr. Unsec. Global Notes, 4.00%, 08/15/2023		4,735,000		4,959,823
4.63%, 05/15/2044		13,875,000		13,893,239
Gilead Sciences, Inc., Sr. Unsec. Global Notes, 4.40%, 12/01/2021		4,988,000		5,370,031
				61,389,171
Brewers–0.31%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes,
2.65%, 02/01/2021		6,754,000		6,831,809
3.30%, 02/01/2023		6,427,000		6,558,696
4.70%, 02/01/2036		10,870,000		11,727,860
4.90%, 02/01/2046		12,141,000		13,390,789
Molson Coors Brewing Co., Sr. Unsec. Gtd. Global Notes, 1.45%, 07/15/2019		3,501,000		3,457,220
4.20%, 07/15/2046		4,057,000		3,874,802
				45,841,176
Cable & Satellite–0.52%
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sr. Sec. Gtd. First Lien Global Notes, 4.46%, 07/23/2022		10,845,000		11,403,165
Comcast Corp.,
Sr. Unsec. Gtd. Global Notes,
5.70%, 05/15/2018		4,735,000		4,975,564
Sr. Unsec. Gtd. Notes,
6.45%, 03/15/2037		2,465,000		3,165,610
Cox Communications, Inc.,
Sr. Unsec. Notes,
6.25%, 06/01/2018(c)		3,700,000		3,882,649
8.38%, 03/01/2039(c)		655,000		825,148
Dish Network Corp., Sr. Unsec. Conv. Notes, 3.38%, 08/15/2026(c)		36,577,000		44,212,449
NBCUniversal Media LLC, Sr. Unsec. Gtd. Global Notes, 5.15%, 04/30/2020		3,320,000		3,631,658
5.95%, 04/01/2041		3,365,000		4,125,384
				76,221,627

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

7                         Invesco Equity and Income Fund

	Principal Amount		Value
Commodity Chemicals–0.07%
Basell Finance Co. B.V. (Netherlands), Sr. Unsec. Gtd. Deb., 8.10%, 03/15/2027(c)	$	7,384,000	$	9,967,130
Communications Equipment–0.60%
Ciena Corp., Sr. Unsec. Conv. Bonds, 4.00%, 12/15/2020(c)		14,876,000		21,653,877
Finisar Corp., Sr. Unsec. Conv. Notes, 0.50%, 12/15/2021(c)(d)		10,562,000		11,169,315
Viavi Solutions Inc.,
Sr. Unsec. Conv. Deb.,
0.63%, 08/15/2018(d)		34,079,000		37,550,799
Sr. Unsec. Conv. Notes,
1.00%, 03/01/2024(c)		17,104,000		17,104,000
				87,477,991
Construction & Engineering–0.11%
Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes,
5.00%, 10/01/2044		4,195,000		3,980,862
5.25%, 10/01/2054		13,347,000		11,993,347
				15,974,209
Construction Machinery & Heavy Trucks–0.13%
Caterpillar Financial Services Corp., Sr. Unsec. Notes, 1.75%, 03/24/2017		19,085,000		19,097,377
Consumer Finance–0.02%
American Express Co., Unsec. Sub. Global Notes, 3.63%, 12/05/2024		3,423,000		3,491,080
Data Processing & Outsourced Services–0.28%
Blackhawk Network Holdings, Inc., Sr. Unsec. Conv. Notes, 1.50%, 01/15/2022(c)		32,533,000		33,183,660
Visa Inc., Sr. Unsec. Global Notes, 4.15%, 12/14/2035		7,245,000		7,717,620
				40,901,280
Diversified Banks–1.40%
ANZ New Zealand (Int’l) Ltd. (New Zealand), Sr. Unsec. Gtd. Notes, 2.88%, 01/25/2022(c)		3,545,000		3,544,178
Australia and New Zealand Banking Group Ltd. (Australia), Sr. Unsec. Medium-Term Global Notes, 2.30%, 06/01/2021		7,448,000		7,370,526
Bank of America Corp.,
Sr. Unsec. Global Notes,
5.75%, 12/01/2017		2,825,000		2,913,393
Sr. Unsec. Medium-Term Global Notes,
3.50%, 04/19/2026		6,710,000		6,680,526
5.65%, 05/01/2018		8,680,000		9,060,622
Sr. Unsec. Medium-Term Notes,
3.25%, 10/21/2027		5,705,000		5,481,595
Barclays PLC (United Kingdom), Sr. Unsec. Global Notes, 4.34%, 01/10/2028		3,870,000		3,920,239

	Principal Amount		Value
Diversified Banks–(continued)
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(c)	$	6,875,000	$	7,013,009
Citigroup Inc.,
Unsec. Sub. Global Notes,
5.30%, 05/06/2044		2,765,000		3,040,098
6.68%, 09/13/2043		8,000,000		10,380,012
Unsec. Sub. Notes,
4.75%, 05/18/2046		4,145,000		4,203,378
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Notes, 6.75%, 05/21/2018(c)		8,535,000		8,971,523
JPMorgan Chase & Co.,
Sr. Unsec. Global Notes,
3.20%, 06/15/2026		4,365,000		4,263,053
4.26%, 02/22/2048		5,355,000		5,419,118
Unsec. Sub. Global Notes,
4.25%, 10/01/2027		3,640,000		3,753,803
Series V, Jr. Unsec. Sub. Global Notes, 5.00%(e)		6,410,000		6,506,150
Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/2024(c)		545,000		577,455
National Australia Bank Ltd. (Australia), Sr. Unsec. Medium-Term Global Notes, 2.00%, 01/14/2019		10,015,000		10,037,138
Sr. Unsec. Notes,
1.88%, 07/12/2021		9,725,000		9,440,145
2.80%, 01/10/2022		6,340,000		6,382,995
3.50%, 01/10/2027(c)		10,625,000		10,791,956
Nordea Bank AB (Sweden), Sr. Unsec. Notes, 2.25%, 05/27/2021(c)		10,240,000		10,093,071
SMBC Aviation Capital Finance DAC (Ireland), Sr. Unsec. Gtd. Notes, 2.65%, 07/15/2021(c)		3,225,000		3,135,245
Société Générale S.A. (France), Sr. Unsec. Notes, 2.63%, 09/16/2020(c)		8,565,000		8,571,107
Unsec. Sub. Notes,
5.00%, 01/17/2024(c)		7,365,000		7,555,529
Standard Chartered PLC (United Kingdom), Sr. Unsec. Notes, 3.05%, 01/15/2021(c)		7,250,000		7,265,682
Sumitomo Mitsui Banking Corp. (Japan), Sr. Unsec. Gtd. Medium-Term Global Notes, 2.65%, 07/23/2020		7,235,000		7,250,385
U.S. Bancorp, Series W, Unsec. Sub. Medium-Term Notes, 3.10%, 04/27/2026		3,245,000		3,197,449
Wells Fargo & Co., Sr. Unsec. Medium-Term Global Notes, 1.50%, 01/16/2018		2,070,000		2,070,363
Sr. Unsec. Medium-Term Notes,
3.55%, 09/29/2025		6,840,000		6,907,285
Unsec. Sub. Medium-Term Notes,
4.10%, 06/03/2026		4,515,000		4,629,767
4.65%, 11/04/2044		14,430,000		14,814,076
				205,240,871

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 Capital Markets–0.05%
Credit Suisse AG (Switzerland), Unsec. Sub. Notes, 6.50%, 08/08/2023(c)	$	6,536,000	$	7,121,737
Diversified Chemicals–0.06%
Eastman Chemical Co., Sr. Unsec. Global Notes, 2.70%, 01/15/2020		8,092,000		8,209,646
Diversified Metals & Mining–0.06%
Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/2028		2,175,000		2,869,004
9.00%, 05/01/2019		5,240,000		6,007,731
				8,876,735
Diversified Support Services–0.04%
Cintas Corp. No. 2, Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2017		6,115,000		6,332,440
Drug Retail–0.19%
CVS Health Corp., Sr. Unsec. Global Bonds, 3.38%, 08/12/2024		3,740,000		3,781,402
CVS Pass Through Trust, Sr. Sec. First Lien Global Pass Through Ctfs., 6.04%, 12/10/2028		8,251,949		9,333,470
Walgreens Boots Alliance Inc., Sr. Unsec. Global Notes, 3.10%, 06/01/2023		3,078,000		3,083,169
3.30%, 11/18/2021		6,129,000		6,271,374
4.50%, 11/18/2034		4,519,000		4,604,038
				27,073,453
Electric Utilities–0.13%
Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%(c)(e)		6,390,000		6,246,225
Sr. Unsec. Notes,
4.60%, 01/27/2020(c)		2,150,000		2,279,850
4.88%, 01/22/2044(c)		9,110,000		9,405,255
Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/2021		1,050,000		1,174,017
PPL Electric Utilities Corp., Sr. Sec. First Mortgage Bonds, 6.25%, 05/15/2039		355,000		465,765
				19,571,112
Electrical Components & Equipment–0.18%
Eaton Corp., Sr. Unsec. Gtd. Global Notes, 1.50%, 11/02/2017		25,825,000		25,851,238
Environmental & Facilities Services–0.03%
Waste Management, Inc., Sr. Unsec. Gtd. Global Notes, 3.90%, 03/01/2035		4,786,000		4,850,422
Fertilizers & Agricultural Chemicals–0.02%
Monsanto Co., Sr. Unsec. Global Notes, 2.13%, 07/15/2019		3,055,000		3,055,793

	Principal Amount		Value
Financial Exchanges & Data–0.07%
Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/2022	$	9,185,000	$	9,863,799
General Merchandise Stores–0.02%
Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/2023		3,650,000		3,651,982
Health Care Distributors–0.08%
McKesson Corp., Sr. Unsec. Global Notes, 2.28%, 03/15/2019		11,085,000		11,148,866
Health Care Equipment–0.73%
Becton, Dickinson and Co., Sr. Unsec. Global Notes, 4.88%, 05/15/2044		7,465,000		7,918,111
Sr. Unsec. Notes,
2.68%, 12/15/2019		2,786,000		2,831,068
Edwards Lifesciences Corp., Sr. Unsec. Global Notes, 2.88%, 10/15/2018		7,055,000		7,155,654
Medtronic, Inc., Sr. Unsec. Gtd. Global Notes, 3.15%, 03/15/2022		10,944,000		11,273,321
4.38%, 03/15/2035		3,635,000		3,873,581
4.63%, 03/15/2044		5,490,000		5,952,530
NuVasive, Inc., Sr. Unsec. Conv. Notes, 2.25%, 03/15/2021(c)		20,477,000		28,130,279
Wright Medical Group N.V., Sr. Unsec. Conv. Notes, 2.25%, 11/15/2021(c)		9,978,000		14,399,501
Wright Medical Group, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 02/15/2020		22,224,000		25,390,920
				106,924,965
Health Care Facilities–0.47%
Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/2018		26,567,000		26,102,078
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/2020(d)		35,879,000		43,301,468
				69,403,546
Health Care REIT’s–0.08%
HCP, Inc., Sr. Unsec. Global Notes, 3.88%, 08/15/2024		5,085,000		5,163,479
4.20%, 03/01/2024		4,690,000		4,846,088
Ventas Realty L.P., Sr. Unsec. Gtd. Notes, 5.70%, 09/30/2043		2,080,000		2,398,549
				12,408,116
Health Care Services–0.10%
Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 2.25%, 06/15/2019		5,685,000		5,713,545

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 Services–(continued)
Laboratory Corp. of America Holdings, Sr. Unsec. Notes,
3.20%, 02/01/2022	$	6,132,000	$	6,165,266
4.70%, 02/01/2045		2,694,000		2,642,116
				14,520,927
Home Improvement Retail–0.05%
Home Depot, Inc. (The), Sr. Unsec. Global Notes, 2.00%, 04/01/2021		6,883,000		6,856,260
Homebuilding–0.06%
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		10,130,000		8,990,375
Hotel and Resort REIT’s–0.03%
Hospitality Properties Trust,
Sr. Unsec. Notes,
4.50%, 06/15/2023		2,765,000		2,853,448
5.00%, 08/15/2022		1,310,000		1,401,358
				4,254,806
Hotels, Resorts & Cruise Lines–0.01%
Wyndham Worldwide Corp., Sr. Unsec. Notes, 2.95%, 03/01/2017		1,225,000		1,225,269
Housewares & Specialties–0.04%
Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/2021		5,638,000		6,058,558
Hypermarkets & Super Centers–0.21%
Wal-Mart Stores, Inc., Sr. Unsec. Notes, 5.52%, 06/01/2017(f)		30,615,000		30,902,016
Integrated Oil & Gas–0.34%
Chevron Corp., Sr. Unsec. Global Notes,
1.37%, 03/02/2018		14,553,000		14,625,299
1.72%, 06/24/2018		5,275,000		5,321,077
Husky Energy Inc. (Canada), Sr. Unsec. Global Notes, 3.95%, 04/15/2022		3,630,000		3,776,650
Occidental Petroleum Corp., Sr. Unsec. Global Notes, 3.40%, 04/15/2026		4,005,000		4,024,781
Petróleos Mexicanos (Mexico),
Sr. Unsec. Gtd. Global Notes,
4.88%, 01/24/2022		7,430,000		7,622,355
Sr. Unsec. Gtd. Notes,
6.50%, 03/13/2027(c)		1,078,000		1,145,184
Shell International Finance B.V. (Netherlands), Sr. Unsec. Gtd. Global Notes, 4.00%, 05/10/2046		9,844,000		9,635,563
Suncor Energy Inc. (Canada), Sr. Unsec. Notes, 3.60%, 12/01/2024		3,379,000		3,450,811
				49,601,720

	Principal Amount		Value
Integrated Telecommunication Services–0.49%
AT&T Inc., Sr. Unsec. Global Notes,
3.00%, 06/30/2022	$	5,334,000	$	5,302,748
3.40%, 05/15/2025		2,967,000		2,870,430
3.80%, 03/15/2022		3,340,000		3,443,478
4.50%, 05/15/2035		4,755,000		4,524,021
4.80%, 06/15/2044		10,275,000		9,727,225
5.15%, 03/15/2042		1,370,000		1,368,812
5.35%, 09/01/2040		2,077,000		2,125,780
6.15%, 09/15/2034		3,675,000		4,115,864
Telefonica Emisiones S.A.U. (Spain), Sr. Unsec. Gtd. Global Notes, 7.05%, 06/20/2036		3,600,000		4,314,697
Verizon Communications Inc.,
Sr. Unsec. Global Notes,
4.13%, 08/15/2046		857,000		758,145
4.40%, 11/01/2034		3,285,000		3,176,608
4.52%, 09/15/2048		19,069,000		17,726,647
5.01%, 08/21/2054		6,727,000		6,545,102
Sr. Unsec. Notes,
4.81%, 03/15/2039(c)		5,062,000		5,038,158
				71,037,715
Internet & Direct Marketing Retail–0.45%
Ctrip.com International, Ltd. (China), Sr. Unsec. Conv. Notes, 1.25%, 09/15/2019(c)(d)		30,912,000		31,916,640
Liberty Interactive LLC, Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023(c)(d)		22,928,000		25,708,020
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.45%, 08/15/2034		8,810,000		8,239,288
				65,863,948
Investment Banking & Brokerage–1.71%
Goldman Sachs Group, Inc. (The),
Sr. Unsec. Global Notes,
5.25%, 07/27/2021		5,510,000		6,064,672
Unsec. Sub. Notes,
4.25%, 10/21/2025		5,807,000		5,956,086
Series 0000, Sr. Unsec. Exchangeable Basket-Linked Conv. Medium-Term Notes,
1.00%, 03/15/2017(c)(g)		61,461,000		116,030,378
1.00%, 09/28/2020(c)(h)		59,890,000		80,392,743
Jefferies Group LLC, Sr. Unsec. Conv. Deb., 3.88%, 11/01/2017(d)		33,155,000		33,569,437
Morgan Stanley, Sr. Unsec. Medium-Term Global Notes, 4.00%, 07/23/2025		6,870,000		7,104,312
				249,117,628
IT Consulting & Other Services–0.04%
Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/2022		4,954,000		5,193,984

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

10                         Invesco Equity and Income Fund

	Principal Amount		Value
Life & Health Insurance–0.45%
Athene Global Funding, Sec. Notes,
2.88%, 10/23/2018(c)	$	6,568,000	$	6,610,456
4.00%, 01/25/2022(c)		9,035,000		9,184,791
Jackson National Life Global Funding, Sr. Sec. Notes,
2.10%, 10/25/2021(c)		5,295,000		5,180,572
3.25%, 01/30/2024(c)		4,885,000		4,910,070
Nationwide Financial Services Inc., Sr. Unsec. Notes, 5.30%, 11/18/2044(c)		9,220,000		10,123,012
Prudential Financial, Inc.,
Sr. Unsec. Medium-Term Notes,
5.10%, 08/15/2043		4,010,000		4,533,824
Series D, Sr. Unsec. Medium-Term Notes,
6.00%, 12/01/2017		15,764,000		16,290,801
6.63%, 12/01/2037		3,475,000		4,538,675
Reliance Standard Life Global Funding II, Sr. Sec. First Lien Notes, 3.05%, 01/20/2021(c)		4,985,000		5,041,146
				66,413,347
Managed Health Care–0.10%
Aetna Inc., Sr. Unsec. Global Notes,
3.95%, 09/01/2020		9,990,000		10,679,310
4.38%, 06/15/2046		3,759,000		3,797,436
				14,476,746
Movies & Entertainment–0.71%
Liberty Media Corp.,
Sr. Unsec. Conv. Deb.,
2.25%, 10/05/2021(c)(d)		14,987,000		16,101,657
Sr. Unsec. Conv. Notes,
1.00%, 01/30/2023(c)		5,397,000		5,646,611
REGS, Sr. Unsec. Conv. Notes,
1.38%, 10/15/2023(c)		61,171,000		69,276,158
Live Nation Entertainment, Inc., Sr. Unsec. Conv. Bonds, 2.50%, 05/15/2019		12,111,000		12,996,618
				104,021,044
Multi-Line Insurance–0.39%
American International Group, Inc.,
Sr. Unsec. Global Notes,
2.30%, 07/16/2019		3,855,000		3,876,785
4.38%, 01/15/2055		7,405,000		6,868,974
CNA Financial Corp.,
Sr. Unsec. Global Bonds,
5.88%, 08/15/2020		4,915,000		5,480,908
Sr. Unsec. Notes,
7.35%, 11/15/2019		425,000		483,145
Farmers Exchange Capital III, Unsec. Sub. Notes, 5.45%, 10/15/2054(c)		9,460,000		9,467,719
New York Life Global Funding, Sec. Notes, 1.65%, 05/15/2017(c)		31,095,000		31,140,523
				57,318,054

	Principal Amount		Value
Multi-Utilities–0.03%
Enable Midstream Partners, LP, Sr. Unsec. Global Notes, 2.40%, 05/15/2019	$	4,395,000	$	4,362,921
Office REIT’s–0.05%
Highwoods Realty L.P., Sr. Unsec. Notes, 3.20%, 06/15/2021		1,650,000		1,666,454
Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/2024		6,115,000		6,197,360
				7,863,814
Office Services & Supplies–0.03%
Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/2024		5,065,000		4,986,900
Oil & Gas Drilling–0.22%
Ensco Jersey Finance Ltd., Sr. Unsec. Gtd. Conv. Notes, 3.00%, 01/31/2024(c)		19,995,000		20,431,091
Nabors Industries, Inc., Sr. Unsec. Gtd. Conv. Notes, 0.75%, 01/15/2024(c)		10,882,000		10,555,540
Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.50%, 03/15/2017		1,150,000		1,154,448
				32,141,079
Oil & Gas Equipment & Services–0.32%
Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 4.25%, 05/01/2022		10,666,000		11,125,971
Weatherford International Ltd., Sr. Unsec. Gtd. Conv. Notes, 5.88%, 07/01/2021		30,170,000		35,845,731
				46,971,702
Oil & Gas Exploration & Production–0.32%
Anadarko Petroleum Corp., Sr. Unsec. Notes,
4.85%, 03/15/2021		3,136,000		3,372,142
6.60%, 03/15/2046		4,830,000		6,062,821
Chesapeake Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 5.50%, 09/15/2026(c)		10,145,000		10,030,869
ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes,
2.88%, 11/15/2021		8,738,000		8,869,865
4.15%, 11/15/2034		9,367,000		9,400,403
Noble Energy, Inc., Sr. Unsec. Global Notes, 5.25%, 11/15/2043		7,940,000		8,438,100
				46,174,200
Oil & Gas Storage & Transportation–0.63%
Enbridge Inc. (Canada), Sr. Unsec. Global Notes, 5.50%, 12/01/2046		4,308,000		4,695,767

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

11                         Invesco Equity and Income Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Energy Transfer Partners, L.P., Sr. Unsec. Notes, 4.90%, 03/15/2035	$	3,640,000	$	3,555,760
Enterprise Products Operating LLC,
Sr. Unsec. Gtd. Global Bonds,
6.45%, 09/01/2040		555,000		683,163
Sr. Unsec. Gtd. Global Notes,
5.25%, 01/31/2020		2,889,000		3,140,034
Sr. Unsec. Gtd. Notes,
2.55%, 10/15/2019		3,770,000		3,832,910
Series N, Sr. Unsec. Gtd. Notes,
6.50%, 01/31/2019		4,420,000		4,817,698
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/2034		4,203,000		4,346,806
MPLX LP,
Sr. Unsec. Global Bonds,
4.50%, 07/15/2023		18,525,000		19,491,773
Sr. Unsec. Global Notes,
5.50%, 02/15/2023		7,610,000		7,938,181
Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/2022		4,275,000		4,358,508
Spectra Energy Partners, L.P., Sr. Unsec. Global Notes, 4.50%, 03/15/2045		5,468,000		5,301,770
Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes,
5.30%, 04/01/2044		8,165,000		8,286,414
5.50%, 02/15/2020		5,405,000		5,876,111
Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/2032		3,835,000		4,774,797
Western Gas Partners, LP, Sr. Unsec. Notes, 5.45%, 04/01/2044		9,710,000		10,323,905
				91,423,597
Other Diversified Financial Services–0.30%
ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.35%, 10/15/2019(c)		9,335,000		9,328,059
MassMutual Global Funding II,
Sr. Sec. Notes,
2.10%, 08/02/2018(c)		25,000,000		25,200,538
Sec. Notes,
2.00%, 04/15/2021(c)		10,205,000		9,980,357
				44,508,954
Packaged Foods & Meats–0.28%
General Mills, Inc., Sr. Unsec. Global Notes, 2.20%, 10/21/2019		8,595,000		8,671,169
Kellogg Co., Sr. Unsec. Global Notes, 1.75%, 05/17/2017		12,165,000		12,181,575
Kraft Heinz Foods Co. (The),
Sr. Unsec. Gtd. Global Notes,
1.60%, 06/30/2017		10,860,000		10,880,601
2.25%, 06/05/2017		8,220,000		8,244,504

	Principal Amount		Value
Packaged Foods & Meats–(continued)
Mead Johnson Nutrition Co., Sr. Unsec. Global Notes, 4.13%, 11/15/2025	$	648,000	$	684,279
				40,662,128
Paper Packaging–0.10%
International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/2041		2,855,000		3,317,156
Packaging Corp. of America, Sr. Unsec. Global Notes, 4.50%, 11/01/2023		11,003,000		11,725,517
				15,042,673
Pharmaceuticals–0.92%
Actavis Funding SCS, Sr. Unsec. Gtd. Global Notes,
1.85%, 03/01/2017		9,281,000		9,281,005
4.85%, 06/15/2044		9,265,000		9,531,702
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 3.00%, 10/08/2021(c)		6,079,000		6,139,756
GlaxoSmithKline Capital PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 1.50%, 05/08/2017		29,720,000		29,751,355
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		14,556,000		15,120,045
Medicines Co. (The), Sr. Unsec. Conv. Notes, 2.75%, 07/15/2023(c)		9,593,000		12,087,180
Mylan N.V., Sr. Unsec. Gtd. Global Notes,
3.15%, 06/15/2021		4,535,000		4,536,714
5.25%, 06/15/2046		6,205,000		6,250,784
Perrigo Co. PLC, Sr. Unsec. Global Notes, 2.30%, 11/08/2018		3,945,000		3,949,886
Perrigo Finance Unlimited Co., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/2021		1,234,000		1,255,278
Roche Holdings, Inc. (Switzerland), Sr. Unsec. Gtd. Notes, 1.35%, 09/29/2017(c)		28,640,000		28,680,669
Teva Pharmaceutical Finance Netherlands III B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 2.80%, 07/21/2023		3,755,000		3,565,031
Zoetis Inc., Sr. Unsec. Global Notes, 4.70%, 02/01/2043		4,101,000		4,190,090
				134,339,495
Property & Casualty Insurance–0.29%
Allstate Corp. (The), Sr. Unsec. Bonds, 3.28%, 12/15/2026		3,260,000		3,285,356
Liberty Mutual Group Inc., Sr. Unsec. Gtd. Bonds, 4.85%, 08/01/2044(c)		9,030,000		9,292,453

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

12                         Invesco Equity and Income Fund

	Principal Amount		Value
Property & Casualty Insurance–(continued)
Markel Corp., Sr. Unsec. Notes, 5.00%, 03/30/2043	$	4,185,000	$	4,295,446
Old Republic International Corp., Sr. Unsec. Conv. Notes, 3.75%, 03/15/2018		9,510,000		12,832,556
Travelers Cos., Inc. (The), Sr. Unsec. Global Notes, 4.60%, 08/01/2043		6,455,000		7,160,593
WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/2022		5,040,000		5,441,560
				42,307,964
Railroads–0.23%
Burlington Northern Santa Fe, LLC, Sr. Unsec. Deb., 5.15%, 09/01/2043		17,380,000		20,324,546
CSX Corp., Sr. Unsec. Notes, 5.50%, 04/15/2041		1,660,000		1,944,395
Union Pacific Corp., Sr. Unsec. Notes,
4.15%, 01/15/2045		4,410,000		4,545,898
4.85%, 06/15/2044		5,560,000		6,244,539
				33,059,378
Regional Banks–0.06%
Citizens Financial Group, Inc., Sr. Unsec. Global Notes, 2.38%, 07/28/2021		4,700,000		4,643,365
SunTrust Banks, Inc., Unsec. Sub. Global Notes, 3.30%, 05/15/2026		4,670,000		4,530,119
				9,173,484
Reinsurance–0.06%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		7,510,000		8,058,684
Renewable Electricity–0.04%
Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/2044		5,806,000		5,872,839
Retail REIT’s–0.00%
Brixmor Operating Partnership LP, Sr. Unsec. Notes, 3.88%, 08/15/2022		435,000		446,945
Semiconductor Equipment–0.21%
Lam Research Corp., Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/2018		15,414,000		30,018,765
Semiconductors–0.88%
Broadcom Corp./Broadcom Cayman Finance Ltd., Sr. Unsec. Gtd. Notes, 3.63%, 01/15/2024(c)		14,575,000		14,752,633
Intel Corp., Sr. Unsec. Global Notes, 1.35%, 12/15/2017		8,126,000		8,136,324

	Principal Amount		Value
Semiconductors–(continued)
Microchip Technology Inc.,
Sr. Unsec. Sub. Conv. Bonds,
1.63%, 02/15/2025	$	19,521,000	$	27,951,632
Sr. Unsec. Sub. Conv. Notes,
1.63%, 02/15/2027(c)		25,162,000		25,523,703
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(d)		25,456,000		25,662,830
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Bonds, 1.00%, 12/01/2020		24,412,000		26,731,140
				128,758,262
Specialized Finance–0.52%
AerCap Ireland Capital DAC./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.95%, 02/01/2022		4,189,000		4,351,324
Air Lease Corp., Sr. Unsec. Global Notes,
2.63%, 09/04/2018		11,615,000		11,752,928
3.00%, 09/15/2023		6,731,000		6,627,932
4.25%, 09/15/2024		4,355,000		4,501,981
Aviation Capital Group Corp., Sr. Unsec. Notes,
2.88%, 09/17/2018(c)		7,805,000		7,884,369
2.88%, 01/20/2022(c)		13,901,000		13,830,765
4.88%, 10/01/2025(c)		7,745,000		8,410,571
National Rural Utilities Cooperative Finance Corp. (The), Sr. Unsec. Medium-Term Notes, 0.95%, 04/24/2017		18,075,000		18,074,557
				75,434,427
Specialized REIT’s–0.27%
Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes,
4.88%, 08/15/2020(c)		5,425,000		5,787,114
6.11%, 01/15/2020(c)		6,300,000		6,859,906
EPR Properties, Sr. Unsec. Gtd. Global Notes, 4.75%, 12/15/2026		21,780,000		21,937,241
Life Storage LP, Sr. Unsec. Gtd. Global Notes, 3.50%, 07/01/2026		4,667,000		4,494,956
				39,079,217
Systems Software–0.31%
FireEye, Inc.,
Series A, Sr. Unsec. Conv. Bonds,
1.00%, 06/01/2020(d)		11,739,000		10,975,965
Series B, Sr. Unsec. Conv. Bonds,
1.63%, 06/01/2022(d)		11,739,000		10,440,373
Microsoft Corp., Sr. Unsec. Global Notes, 3.50%, 02/12/2035		4,259,000		4,095,910

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

13                         Invesco Equity and Income Fund

	Principal Amount		Value
Systems Software–(continued)
Oracle Corp., Sr. Unsec. Global Notes,
1.90%, 09/15/2021	$	13,245,000	$	13,001,385
4.30%, 07/08/2034		6,045,000		6,393,663
				44,907,296
Technology Distributors–0.05%
Avnet, Inc., Sr. Unsec. Global Notes, 4.63%, 04/15/2026		7,645,000		7,769,021
Technology Hardware, Storage & Peripherals–0.34%
Apple Inc., Sr. Unsec. Global Notes,
2.15%, 02/09/2022		7,303,000		7,221,929
3.35%, 02/09/2027		3,495,000		3,553,749
Diamond 1 Finance Corp./ Diamond 2 Finance Corp., Sr. Sec. Gtd. First Lien Notes,
5.45%, 06/15/2023(c)		7,237,000		7,847,293
8.35%, 07/15/2046(c)		278,000		363,598
SanDisk Corp., Sr. Unsec. Gtd. Conv. Bonds, 0.50%, 10/15/2020		24,327,000		22,796,394
Seagate HDD Cayman,
Sr. Unsec. Gtd. Global Bonds,
4.75%, 01/01/2025		890,000		856,625
5.75%, 12/01/2034		7,094,000		6,384,600
				49,024,188
Thrifts & Mortgage Finance–0.30%
MGIC Investment Corp., Sr. Unsec. Conv. Notes, 5.00%, 05/01/2017		26,864,000		26,998,320
Radian Group Inc., Sr. Unsec. Conv. Notes, 3.00%, 11/15/2017		10,874,000		17,350,826
				44,349,146
Tobacco–0.23%
Philip Morris International Inc.,
Sr. Unsec. Global Bonds,
1.25%, 08/11/2017		2,167,000		2,168,094
Sr. Unsec. Global Notes,
1.63%, 03/20/2017		14,525,000		14,530,621
3.60%, 11/15/2023		3,940,000		4,084,888
4.88%, 11/15/2043		11,740,000		12,891,999
				33,675,602
Wireless Telecommunication Services–0.23%
América Móvil, S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 07/16/2042		6,610,000		6,314,321
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 4.50%, 03/15/2043		6,080,000		6,098,383
Vodafone Group PLC (United Kingdom), Sr. Unsec. Global Notes, 1.63%, 03/20/2017		20,708,000		20,715,828
				33,128,532
Total Bonds & Notes (Cost $2,694,408,209)				2,911,399,025

	Principal Amount		Value
U.S. Treasury Securities–9.22%
U.S. Treasury Bills–0.01%
0.59%, 05/11/2017(i)(j)	$	1,600,000	$	1,598,375
U.S. Treasury Notes–8.62%
0.50%, 04/30/2017		281,000,000		281,013,488
0.88%, 04/30/2017		2,000,000		2,001,336
1.25%, 01/31/2019		23,000,000		23,015,272
1.13%, 02/28/2019		194,861,000		194,468,940
3.63%, 08/15/2019		58,350,000		61,541,045
3.38%, 11/15/2019		10,000,000		10,521,290
1.38%, 02/15/2020		107,550,000		107,205,517
1.88%, 02/28/2022		401,096,600		400,720,371
2.13%, 02/29/2024		34,148,200		34,008,124
2.25%, 02/15/2027		146,185,600		144,777,979
				1,259,273,362
U.S. Treasury Bonds–0.59%
2.88%, 11/15/2046		87,311,500		85,696,586
Total U.S. Treasury Securities (Cost $1,340,958,816)				1,346,568,323
	Shares
Preferred Stocks–0.93%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd.		483,000		28,527,188
Diversified Banks–0.03%
Wells Fargo & Co., 5.85% Pfd.		142,800		3,839,892
Oil & Gas Storage & Transportation–0.30%
El Paso Energy Capital Trust I, $2.38 Jr. Unsec. Gtd. Sub. Conv. Pfd.		875,900		43,882,590
Regional Banks–0.40%
KeyCorp., Series A, $7.75 Conv. Pfd.		437,790		59,101,650
Total Preferred Stocks (Cost $106,190,013)				135,351,320
	Principal Amount
U.S. Government Sponsored Agency Securities–0.37%
Federal Home Loan Mortgage Corp. (FHLMC)–0.31%
Unsec. Global Notes,
4.88%, 06/13/2018	$	33,680,000		35,310,179
6.75%, 03/15/2031		7,000,000		10,012,982
				45,323,161
Federal National Mortgage Association (FNMA)–0.06%
Unsec. Global Notes, 6.63%, 11/15/2030		6,315,000		8,929,991
Total U.S. Government Sponsored Agency Securities (Cost $55,447,058)				54,253,152

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

14                         Invesco Equity and Income Fund

	Principal Amount		Value
Municipal Obligations–0.06%
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	$	3,182,582
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		6,024,555
Total Municipal Obligations (Cost $7,640,528)				9,207,137
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		1		2
5.50%, 02/01/2037		29		32
				34
Federal National Mortgage Association (FNMA)–0.00%
Pass Through Ctfs.,
7.00%, 07/01/2018 to 07/01/2032		22,405		23,462
5.50%, 03/01/2021		53		56
8.00%, 08/01/2021		728		735
				24,253

	Principal Amount		Value
Government National Mortgage Association (GNMA)–0.00%
Pass Through Ctfs.,
8.00%, 04/15/2026 to 01/20/2031	$	26,427	$	28,502
7.50%, 12/20/2030		1,619		1,938
				30,440
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $52,456)				54,727
	Shares
Money Market Funds–4.19%
Government & Agency Portfolio–Institutional Class, 0.47%(k)		367,102,274		367,102,274
Treasury Portfolio–Institutional Class, 0.41%(k)		244,734,850		244,734,850
Total Money Market Funds (Cost $611,837,124)				611,837,124
TOTAL INVESTMENTS–99.91% (Cost $11,674,616,035)				14,594,941,653
OTHER ASSETS LESS LIABILITIES–0.09%				13,548,051
NET ASSETS–100.00%			$	14,608,489,704

Investment Abbreviations:

ADR	– American Depositary Receipt
Conv.	– Convertible
Ctfs.	– Certificates
Deb.	– Debentures
Gtd.	– Guaranteed

Jr.	– Junior
Pfd.	– Preferred
RB	– Revenue Bonds
REGS	– Regulation S
REIT	– Real Estate Investment Trust

Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

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 28, 2017 was $976,137,599, which represented 6.68% 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)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)  Exchangeable for a basket of four common stocks and one ordinary share.

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

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

^(j)  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.

^(k)  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 28, 2017.

Portfolio Composition

By security type, based on Net Assets as of February 28, 2017

Common Stocks & Other Equity Interests	65.2	%
Bonds & Notes	19.9
U.S. Treasury Securities	9.2
Security types each less than 1% of portfolio	1.4
Money Market Funds Plus Other Assets Less Liabilities	4.3

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

15                         Invesco Equity and Income Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $11,062,778,911)	$	13,983,104,529
Investments in affiliated money market funds, at value and cost		611,837,124
Total investments, at value (Cost $11,674,616,035)		14,594,941,653
Foreign currencies, at value (Cost $196,385)		196,596
Receivable for:
Investments sold		9,969,131
Variation margin — futures		47,000
Fund shares sold		28,706,207
Dividends and interest		44,934,156
Investment for trustee deferred compensation and retirement plans		1,281,676
Unrealized appreciation on forward foreign currency contracts outstanding		1,205,278
Other assets		181,734
Total assets		14,681,463,431
Liabilities:
Payable for:
Investments purchased		35,455,362
Fund shares reacquired		25,787,229
Accrued fees to affiliates		8,033,254
Accrued trustees’ and officers’ fees and benefits		26,450
Accrued other operating expenses		609,770
Trustee deferred compensation and retirement plans		1,485,347
Unrealized depreciation on forward foreign currency contracts outstanding		1,576,315
Total liabilities		72,973,727
Net assets applicable to shares outstanding	$	14,608,489,704
Net assets consist of:
Shares of beneficial interest	$	11,510,802,289
Undistributed net investment income		(37,435,364	)
Undistributed net realized gain		215,613,309
Net unrealized appreciation		2,919,509,470
	$	14,608,489,704

Net Assets:
Class A	$	10,557,428,924
Class B	$	141,734,252
Class C	$	1,697,018,358
Class R	$	225,929,756
Class Y	$	1,111,330,178
Class R5	$	488,840,265
Class R6	$	386,207,971
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		969,529,575
Class B		13,332,251
Class C		158,736,068
Class R		20,646,741
Class Y		102,027,402
Class R5		44,867,720
Class R6		35,459,009
Class A:
Net asset value per share	$	10.89
Maximum offering price per share
(Net asset value of $10.89 ¸ 94.50%)	$	11.52
Class B:
Net asset value and offering price per share	$	10.63
Class C:
Net asset value and offering price per share	$	10.69
Class R:
Net asset value and offering price per share	$	10.94
Class Y:
Net asset value and offering price per share	$	10.89
Class R5:
Net asset value and offering price per share	$	10.90
Class R6:
Net asset value and offering price per share	$	10.89

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

16                         Invesco Equity and Income Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,832,748)	$	108,666,085
Dividends from affiliated money market funds		1,040,805
Interest		50,303,902
Total investment income		160,010,792
Expenses:
Advisory fees		24,436,203
Administrative services fees		445,887
Custodian fees		66,963
Distribution fees:
Class A		12,658,822
Class B		793,404
Class C		8,170,817
Class R		546,221
Transfer agent fees — A, B, C, R and Y		10,298,256
Transfer agent fees — R5		227,310
Transfer agent fees — R6		6,118
Trustees’ and officers’ fees and benefits		141,478
Registration and filing fees		178,630
Reports to shareholders		644,952
Professional services fees		27,228
Other		69,622
Total expenses		58,711,911
Less: Fees waived and expense offset arrangement(s)		(349,516	)
Net expenses		58,362,395
Net investment income		101,648,397
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		389,000,298
Foreign currencies		(125,571	)
Forward foreign currency contracts		26,561,685
Futures contracts		5,637,532
		421,073,944
Change in net unrealized appreciation (depreciation) of:
Investment securities		872,510,527
Foreign currencies		(37,194	)
Forward foreign currency contracts		(1,178,931	)
Futures contracts		(241,992	)
		871,052,410
Net realized and unrealized gain		1,292,126,354
Net increase in net assets resulting from operations	$	1,393,774,751

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

17                         Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	101,648,397		$	197,072,644
Net realized gain		421,073,944			252,814,425
Change in net unrealized appreciation		871,052,410			494,926,481
Net increase in net assets resulting from operations		1,393,774,751			944,813,550
Distributions to shareholders from net investment income:
Class A		(95,906,999	)		(222,853,216	)
Class B		(924,796	)		(3,554,960	)
Class C		(9,641,477	)		(25,203,954	)
Class R		(1,794,749	)		(4,452,755	)
Class Y		(9,741,342	)		(19,670,021	)
Class R5		(4,979,793	)		(10,976,207	)
Class R6		(3,457,076	)		(5,588,890	)
Total distributions from net investment income		(126,446,232	)		(292,300,003	)
Distributions to shareholders from net realized gains:
Class A		(281,349,390	)		(266,959,798	)
Class B		(4,439,637	)		(6,706,307	)
Class C		(45,908,574	)		(45,979,734	)
Class R		(6,061,572	)		(5,987,733	)
Class Y		(26,547,489	)		(21,242,026	)
Class R5		(12,633,277	)		(11,414,804	)
Class R6		(8,532,886	)		(5,223,400	)
Total distributions from net realized gains		(385,472,825	)		(363,513,802	)
Share transactions–net:
Class A		(142,626,946	)		(40,076,603	)
Class B		(41,811,759	)		(97,900,446	)
Class C		(42,385,944	)		(63,183,954	)
Class R		(4,356,172	)		(9,951,615	)
Class Y		229,757,658			19,381,690
Class R5		21,470,208			17,236,654
Class R6		83,186,942			81,852,496
Net increase (decrease) in net assets resulting from share transactions		103,233,987			(92,641,778	)
Net increase in net assets		985,089,681			196,357,967
Net assets:
Beginning of period		13,623,400,023			13,427,042,056
End of period (includes undistributed net investment income of $(37,435,364) and $(12,637,529), respectively)	$	14,608,489,704		$	13,623,400,023

Notes to Financial Statements

February 28, 2017

(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.

18                         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 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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.

19                         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.

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.

20                         Invesco Equity and Income 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 the 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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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%, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $325,323.

21                         Invesco Equity and Income Fund

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $1,362,313 in front-end sales commissions from the sale of Class A shares and $51,463, $4,136 and $26,249 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2017, the Fund incurred $21,513 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 28, 2017. 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
Common Stocks & Other Equity Interests	$	8,875,475,655		$	650,795,190		$	—	$	9,526,270,845
Bonds & Notes		—			2,911,399,025			—		2,911,399,025
Preferred Stocks		106,824,132			28,527,188			—		135,351,320
Municipal Obligations		—			9,207,137			—		9,207,137
U.S. Government Sponsored Agency Securities		—			54,253,152			—		54,253,152
U.S. Government Sponsored Agency Mortgage-Backed Securities		—			54,727			—		54,727
U.S. Treasury Securities		—			1,346,568,323			—		1,346,568,323
Money Market Funds		611,837,124			—			—		611,837,124
		9,594,136,911			5,000,804,742			—		14,594,941,653
Forward Foreign Currency Contracts*		—			(371,037	)		—		(371,037	)
Futures Contracts*		(343,074	)		—			—		(343,074	)
Total Investments	$	9,593,793,837		$	5,000,433,705		$	—	$	14,594,227,542

* Unrealized appreciation (depreciation).

22                         Invesco Equity and Income Fund

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Notional Value		Unrealized Appreciation (Depreciation)
		Deliver				Receive
03/24/17	Bank of New York Mellon (The)		AUD	39,531,790	USD		30,239,843	$	30,289,179	$	(49,336	)
03/24/17	Bank of New York Mellon (The)		CAD	70,255,742	USD		53,458,332		52,911,309		547,023
03/24/17	Bank of New York Mellon (The)		CHF	37,054,115	USD		36,736,710		36,953,734		(217,024	)
03/24/17	Bank of New York Mellon (The)		EUR	84,621,634	USD		89,233,513		89,759,623		(526,110	)
03/24/17	Bank of New York Mellon (The)		GBP	94,211,164	USD		117,011,678		116,989,576		22,102
03/24/17	State Street Bank and Trust Co.		AUD	39,531,507	USD		30,243,580		30,288,962		(45,382	)
03/24/17	State Street Bank and Trust Co.		CAD	70,255,571	USD		53,458,812		52,911,180		547,632
03/24/17	State Street Bank and Trust Co.		CHF	37,054,077	USD		36,740,497		36,953,696		(213,199	)
03/24/17	State Street Bank and Trust Co.		EUR	84,621,854	USD		89,234,592		89,759,856		(525,264	)
03/24/17	State Street Bank and Trust Co.		GBP	94,211,248	USD		117,078,202		116,989,681		88,521
Total Forward Foreign Currency Contracts — Currency Risk										$	(371,037	)

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc
EUR	– Euro
GBP	– British Pound Sterling
USD	– U.S. Dollar

Open Futures Contracts
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 5 Year Notes		Short		408		June-2017	$	(48,022,875	)	$	(55,158	)
U.S. Treasury 10 Year Notes		Short		764		June-2017		(95,177,688	)		(287,916	)
Total — Interest Rate Risk										$	(343,074	)

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 28, 2017:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,205,278		$	—		$	1,205,278
Derivatives not subject to master netting agreements		—			—			—
Total Derivative Assets subject to master netting agreements	$	1,205,278		$	—		$	1,205,278
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	(343,074	)	$	(343,074	)
Unrealized depreciation on forward foreign currency contracts outstanding		(1,576,315	)		—			(1,576,315	)
Total Derivative Liabilities		(1,576,315	)		(343,074	)		(1,919,389	)
Derivatives not subject to master netting agreements		—			343,074			343,074
Total Derivative Liabilities subject to master netting agreements	$	(1,576,315	)	$	—		$	(1,576,315	)

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

23                         Invesco Equity and Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2017.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)	$	569,125	$	(792,470	)	$	(223,345	)	$	—	$	—	$	(223,345	)
State Street Bank and Trust Co.		636,153		(783,845	)		(147,692	)		—		—		(147,692	)
Total	$	1,205,278	$	(1,576,315	)	$	(371,037	)	$	—	$	—	$	(371,037	)

Effect of Derivative Investments for the six months ended February 28, 2017

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	26,561,685		$	—		$	26,561,685
Futures contracts		—			5,637,532			5,637,532
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,178,931	)		—			(1,178,931	)
Futures contracts		—			(241,992	)		(241,992	)
Total	$	25,382,754		$	5,395,540		$	30,778,294

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	$	649,689,946	$	151,846,576

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 28, 2017, the Fund engaged in securities purchases of $49,366,460.

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $24,193.

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.

24                         Invesco Equity and Income 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, 2016.

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 28, 2017 was $1,214,570,010 and $1,722,717,390, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $5,018,695,456 and $4,926,676,084, 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	$	3,115,183,910
Aggregate unrealized (depreciation) of investment securities		(271,608,754	)
Net unrealized appreciation of investment securities	$	2,843,575,156

Cost of investments for tax purposes is $11,751,366,497.

25                         Invesco Equity and Income Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		55,241,318		$	583,129,709			111,224,375		$	1,077,574,671
Class B		105,040			1,078,903			266,906			2,512,112
Class C		10,171,652			105,953,480			20,339,360			193,944,860
Class R		2,017,618			21,346,331			5,254,094			51,048,813
Class Y		41,404,154			435,731,071			27,221,545			265,627,927
Class R5		4,821,015			50,818,543			10,878,710			107,029,434
Class R6		9,998,270			107,095,774			14,951,823			143,651,914
Issued as reinvestment of dividends:
Class A		33,739,344			357,238,820			47,677,788			456,569,037
Class B		503,088			5,218,321			1,061,005			9,926,321
Class C		4,901,786			51,148,189			6,872,075			64,680,416
Class R		731,604			7,793,028			1,084,319			10,434,409
Class Y		3,152,331			33,351,271			3,921,859			37,571,227
Class R5		1,637,878			17,343,448			2,335,066			22,371,350
Class R6		1,114,110			11,788,316			1,129,212			10,812,290
Automatic conversion of Class B shares to Class A shares:
Class A		3,056,295			32,284,082			7,891,731			76,446,956
Class B		(3,127,908	)		(32,284,082	)		(8,072,253	)		(76,446,956	)
Reacquired:
Class A		(106,281,392	)		(1,115,279,557	)		(170,100,243	)		(1,650,667,267	)
Class B		(1,543,229	)		(15,824,901	)		(3,578,084	)		(33,891,923	)
Class C		(19,335,421	)		(199,487,613	)		(33,805,022	)		(321,809,230	)
Class R		(3,164,499	)		(33,495,531	)		(7,355,599	)		(71,434,837	)
Class Y		(22,702,477	)		(239,324,684	)		(29,300,405	)		(283,817,464	)
Class R5		(4,471,111	)		(46,691,783	)		(11,427,947	)		(112,164,130	)
Class R6		(3,393,942	)		(35,697,148	)		(7,448,665	)		(72,611,708	)
Net increase (decrease) in share activity		8,575,524		$	103,233,987			(8,978,350	)	$	(92,641,778	)

^(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.

26                         Invesco Equity and Income 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 02/28/17	$	10.22	$	0.08		$	0.98		$	1.06		$	(0.10	)	$	(0.29	)	$	(0.39	)	$	10.89		10.53	%	$	10,557,429		0.78	%(d)		0.78	%(d)		1.52	%(d)		47	%
Year ended 08/31/16		10.01		0.15			0.55			0.70			(0.22	)		(0.27	)		(0.49	)		10.22		7.43			10,054,983		0.79			0.80			1.57			93
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
Class B
Six months ended 02/28/17		9.98		0.04			0.96			1.00			(0.06	)		(0.29	)		(0.35	)		10.63		10.14			141,734		1.53	(d)		1.53	(d)		0.77	(d)		47
Year ended 08/31/16		9.78		0.08			0.54			0.62			(0.15	)		(0.27	)		(0.42	)		9.98		6.63			173,664		1.54			1.55			0.82			93
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
Class C
Six months ended 02/28/17		10.04		0.04			0.96			1.00			(0.06	)		(0.29	)		(0.35	)		10.69		10.10			1,697,018		1.53	(d)		1.53	(d)		0.77	(d)		47
Year ended 08/31/16		9.83		0.08			0.55			0.63			(0.15	)		(0.27	)		(0.42	)		10.04		6.71	(f)		1,636,583		1.52	(f)		1.53	(f)		0.84	(f)		93
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	(f)		1,157,325		1.54	(f)		1.54	(f)		1.31	(f)		21
Class R
Six months ended 02/28/17		10.27		0.07			0.98			1.05			(0.09	)		(0.29	)		(0.38	)		10.94		10.34			225,930		1.03	(d)		1.03	(d)		1.27	(d)		47
Year ended 08/31/16		10.05		0.13			0.56			0.69			(0.20	)		(0.27	)		(0.47	)		10.27		7.24			216,293		1.04			1.05			1.32			93
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
Class Y
Six months ended 02/28/17		10.22		0.09			0.98			1.07			(0.11	)		(0.29	)		(0.40	)		10.89		10.67			1,111,330		0.53	(d)		0.53	(d)		1.77	(d)		47
Year ended 08/31/16		10.01		0.18			0.55			0.73			(0.25	)		(0.27	)		(0.52	)		10.22		7.70			819,708		0.54			0.55			1.82			93
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
Class R5
Six months ended 02/28/17		10.23		0.10			0.98			1.08			(0.12	)		(0.29	)		(0.41	)		10.90		10.70			488,840		0.48	(d)		0.48	(d)		1.82	(d)		47
Year ended 08/31/16		10.02		0.18			0.56			0.74			(0.26	)		(0.27	)		(0.53	)		10.23		7.78			438,538		0.47			0.48			1.89			93
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
Class R6
Six months ended 02/28/17		10.22		0.10			0.98			1.08			(0.12	)		(0.29	)		(0.41	)		10.89		10.76			386,208		0.38	(d)		0.38	(d)		1.92	(d)		47
Year ended 08/31/16		10.01		0.19			0.56			0.75			(0.27	)		(0.27	)		(0.54	)		10.22		7.89			283,631		0.37			0.38			1.99			93
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(g)		9.27		0.21			1.14			1.35			(0.19	)		—			(0.19	)		10.43		14.81			37,884		0.37	(h)		0.38	(h)		2.15	(h)		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 $10,219,159, $159,996, $1,647,706, $220,299, $957,582, $458,602 and $308,778 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 and1.72%, $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 0.98% and 0.99% for the years ended August 31, 2016 and August 31, 2012.

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

^(h)  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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,105.30	$	4.07	$	1,020.93	$	3.91		0.78	%
B		1,000.00		1,101.40		7.97		1,017.21		7.65		1.53
C		1,000.00		1,101.00		7.97		1,017.21		7.65		1.53
R		1,000.00		1,103.40		5.37		1,019.69		5.16		1.03
Y		1,000.00		1,106.70		2.77		1,022.17		2.66		0.53
R5		1,000.00		1,107.00		2.51		1,022.41		2.41		0.48
R6		1,000.00		1,107.60		1.99		1,022.91		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, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

28                         Invesco Equity and Income Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             VK-EQI-SAR-1             04182017      1030

	Semiannual Report to Shareholders	February 28, 2017
	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
25	Financial Statements
28	Notes to Financial Statements
38	Financial Highlights
39	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, 8/31/16 to 2/28/17, 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	4.97	%
Class C Shares	4.72
Class R Shares	4.70
Class Y Shares	5.10
Class R5 Shares	5.10
Class R6 Shares	5.16
Bloomberg Barclays U.S. Aggregate Index▼ (Broad Market Index)	-2.19
Credit Suisse Leveraged Loan Index∎ (Style-Specific Index)	4.30
Lipper Loan Participation Funds Classification Average◆ (Peer Group)	3.76
Source(s): ▼Factset Research Systems Inc.; ∎Bloomberg L.P.; ◆Lipper Inc.

The Bloomberg 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.

 For more information about your Fund

 Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Floating Rate Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	4.06	%
10 Years	3.17
5 Years	4.01
1 Year	12.03
Class C Shares
Inception (3/31/00)	3.44	%
10 Years	2.90
5 Years	4.02
1 Year	13.42
Class R Shares
Inception (4/13/06)	3.46	%
10 Years	3.19
5 Years	4.26
1 Year	14.64
Class Y Shares
10 Years	3.62	%
5 Years	4.80
1 Year	15.24
Class R5 Shares
Inception (4/13/06)	4.04	%
10 Years	3.75
5 Years	4.82
1 Year	15.39
Class R6 Shares
10 Years	3.57	%
5 Years	4.84
1 Year	15.20

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 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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	4.03	%
10 Years	3.19
5 Years	4.37
1 Year	8.39
Class C Shares
Inception (3/31/00)	3.40	%
10 Years	2.92
5 Years	4.34
1 Year	9.45
Class R Shares
Inception (4/13/06)	3.40	%
10 Years	3.22
5 Years	4.60
1 Year	10.83
Class Y Shares
10 Years	3.64	%
5 Years	5.15
1 Year	11.41
Class R5 Shares
Inception (4/13/06)	3.96	%
10 Years	3.77
5 Years	5.18
1 Year	11.25
Class R6 Shares
10 Years	3.59	%
5 Years	5.17
1 Year	11.36

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 1.11%, 1.61%, 1.36%, 0.86%, 0.85% and 0.76%, 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 R, Class Y, Class R5 and Class R6 shares was 1.12%, 1.62%, 1.37%, 0.87%, 0.86% and 0.77%, 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 June 30, 2018. 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Floating Rate Fund

Schedule of Investments

February 28, 2017

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Variable Rate Senior Loan Interests–88.95%(a)(b)
Aerospace & Defense–2.00%
Abacus Innovations Corp., Term Loan B		3.06	%		08/16/2023	$	7,262	$	7,356,833
BE Aerospace, Inc., Term Loan		3.99	%		12/16/2021		2,488		2,504,495
Booz Allen Hamilton Inc., Term Loan B		3.03	%		06/30/2023		1,395		1,402,212
Cadence Aerospace, LLC, Term Loan		7.00	%		05/09/2018		2,426		2,303,981
Consolidated Aerospace Manufacturing, LLC, Term Loan		4.75	%		08/11/2022		3,157		3,061,941
IAP Worldwide Services,
Revolver Loan (Acquired 07/22/2014; Cost $789,017)(c)		0.00	%		07/18/2018		789		773,237
Revolver Loan (Acquired 07/22/2014; Cost $87,669)		7.00	%		07/18/2018		88		85,915
Second Lien Term Loan (Acquired 08/18/2014; Cost $961,362)		8.00	%		07/18/2019		1,010		959,758
TransDigm Inc.,
Term Loan D		3.98	%		06/04/2021		6,903		6,941,351
Term Loan E		3.85	%		05/16/2022		9,393		9,449,723
Term Loan F		3.78	%		06/09/2023		18,979		19,104,210
									53,943,656
Air Transport–1.42%
American Airlines, Inc.,
Term Loan		3.28	%		06/27/2020		1,001		1,007,447
Term Loan		3.27	%		10/10/2021		4,201		4,226,945
Term Loan B		3.27	%		12/14/2023		5,881		5,918,955
Avolon TLB Borrower 1 (US) LLC,
Term Loan B-1(d)		—			07/20/2020		2,214		2,240,488
Term Loan B-2(d)		—			01/20/2022		15,914		16,213,167
Delta Air Lines, Inc., Revolver Loan(c)		0.00	%		10/18/2017		2,274		2,257,176
Gol LuxCo S.A. (Luxembourg), Term Loan		6.50	%		08/31/2020		5,842		6,009,601
United Airlines, Inc., Term Loan B-1		3.52	%		09/15/2021		371		373,801
									38,247,580
Automotive–1.67%
Allison Transmission, Inc., Term Loan		3.28	%		09/23/2022		4,110		4,163,764
Britax Group Ltd., Term Loan		4.50	%		10/15/2020		1,744		1,472,786
CH Hold Corp.,
Delayed Draw Term Loan(c)		0.00	%		02/01/2024		192		192,360
Second Lien Term Loan(d)		—			02/01/2025		264		269,238
Term Loan(d)		—			02/01/2024		1,901		1,923,601
Dealer Tire, LLC, Term Loan		4.75	%		12/22/2021		53		53,784
FCA US LLC, Term Loan		3.28	%		12/31/2018		3,481		3,487,848
Federal-Mogul Holdings Corp., Term Loan C		4.75	%		04/15/2021		9,918		9,834,941
Goodyear Tire & Rubber Co., Second Lien Term Loan		3.78	%		04/30/2019		585		586,857
Key Safety Systems, Inc., Term Loan		5.54	%		08/29/2021		2,829		2,865,175
Midas Intermediate Holdco II, LLC, Term Loan		3.75	%		08/18/2021		4,149		4,183,861
MPG Holdco I Inc., Term Loan B-1		3.75	%		10/20/2021		703		704,842
Tower Automotive Holdings USA, LLC, Term Loan		4.06	%		04/23/2020		5,117		5,136,167
Transtar Holding Co.,
DIP Term Loan (Acquired 12/09/2016; Cost $660,349)(c)		0.00	%		03/23/2017		660		660,349
DIP Term Loan (Acquired 12/09/2016; Cost $499,005)		8.25	%		03/23/2017		499		499,005
First Lien Term Loan(e)		0.00	%		10/09/2018		4,621		3,263,929
Second Lien Term Loan(e)		0.00	%		10/09/2019		1,654		26,871

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
Automotive–(continued)
Wand Intermediate I L.P.,
First Lien Term Loan		4.75	%		09/17/2021	$	4,258	$	4,307,246
Second Lien Term Loan		8.50	%		09/17/2022		1,406		1,416,597
									45,049,221
Beverage & Tobacco–0.24%
Constellation Brands Canada, Inc. (Canada), Term Loan B-1		4.75	%		12/16/2023		1,105		1,121,695
Culligan Holding, Inc., Term Loan B-1		5.00	%		12/13/2023		3,836		3,905,516
Winebow Holdings, Inc., Second Lien Term Loan		8.50	%		12/31/2021		1,508		1,432,770
									6,459,981
Building & Development–2.06%
American Builders & Contractors Supply Co., Inc., Term Loan		3.53	%		10/31/2023		6,585		6,650,852
Beacon Roofing Supply, Inc., Term Loan		3.71	%		10/01/2022		1,810		1,823,361
Beazer Homes USA, Inc., Second Lien Term Loan B (Acquired 03/10/2016-07/06/2016; Cost $1,455,757)		6.75	%		03/11/2018		1,467		1,460,009
Capital Automotive L.P.,
Second Lien Term Loan		6.00	%		04/30/2020		3,330		3,371,598
Term Loan B-1		4.00	%		04/10/2019		2,516		2,545,392
Forterra Finance, LLC, Term Loan		4.50	%		10/25/2023		2,302		2,330,557
HD Supply, Inc.,
Term Loan B-1		3.75	%		08/13/2021		711		716,948
Term Loan B-2		3.75	%		10/17/2023		3,416		3,448,466
Mueller Water Products, Inc., Term Loan B		3.28	%		11/25/2021		554		560,402
Quikrete Holdings, Inc., First Lien Term Loan		4.02	%		11/15/2023		14,419		14,614,643
Re/Max LLC, Term Loan		3.71	%		12/15/2023		4,892		4,928,326
Realogy Group LLC, Term Loan		3.03	%		07/20/2022		11,828		11,944,649
WireCo WorldGroup, Inc., Term Loan		6.50	%		09/30/2023		1,177		1,188,254
									55,583,457
Business Equipment & Services–9.15%
Acosta, Inc., Term Loan B-1		4.29	%		09/26/2021		4,126		4,039,078
Allied Universal Holdco, LLC,
Delayed Draw Term Loan		5.50	%		07/28/2022		611		615,802
First Lien Incremental Term Loan		5.50	%		07/28/2022		5,027		5,069,155
Alorica Inc., Term Loan B (Acquired 06/22/2016; Cost $2,525,265)		5.53	%		06/30/2022		2,542		2,580,437
Asurion LLC,
Incremental Term Loan B-5		4.75	%		11/03/2023		3,745		3,800,022
Second Lien Term Loan		8.50	%		03/03/2021		12,922		13,131,665
Term Loan B-2		4.03	%		07/08/2020		15,147		15,338,352
Term Loan B-4		4.25	%		08/04/2022		35		35,042
Brickman Group Ltd. LLC,
First Lien Term Loan		4.00	%		12/18/2020		5,129		5,161,249
Revolver Loan(c)		0.00	%		12/18/2018		992		989,336
Second Lien Term Loan		7.50	%		12/17/2021		1,110		1,118,976
Caraustar Industries, Inc.,
Incremental Term Loan		8.00	%		05/01/2019		247		248,511
Term Loan		8.00	%		05/01/2019		2,683		2,695,949
Change Healthcare Holdings, Inc., Term Loan(d)		—			03/01/2024		9,279		9,334,028
Checkout Holding Corp.,
Second Lien Term Loan		7.75	%		04/11/2022		1,394		973,390
Term Loan B		4.50	%		04/09/2021		5,982		5,428,755
Cotiviti Corp.,
Term Loan A (Acquired 09/27/2016; Cost $1,606,244)		3.25	%		09/28/2021		1,612		1,605,768
Term Loan B		3.75	%		09/28/2023		2,664		2,688,807

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)
CRCI Holdings Inc., Term Loan		6.50	%		08/31/2023	$	2,340	$	2,344,336
Crossmark Holdings, Inc.,
First Lien Term Loan		4.50	%		12/20/2019		4,519		3,683,230
Second Lien Term Loan		8.75	%		12/21/2020		576		378,043
DigitalGlobe, Inc., Term Loan		3.53	%		01/15/2024		6,174		6,210,058
Equinix, Inc., Term Loan B-1		3.28	%		01/08/2023		705		715,349
First Data Corp.,
Term Loan C		3.78	%		03/24/2021		30,005		30,321,442
Term Loan C		3.78	%		07/10/2022		7,866		7,936,913
Genesys Telecom Holdings, U.S., Inc.,
Term Loan B-1		4.00	%		12/01/2023	EUR	938		1,011,059
Term Loan B-1		5.02	%		12/01/2023		7,903		8,014,130
Global Payments Inc., Term Loan B		3.28	%		04/22/2023		1,061		1,074,712
Hillman Group, Inc., Term Loan		4.50	%		06/30/2021		3,823		3,858,229
Information Resources, Inc., Term Loan		5.25	%		12/01/2023		6,320		6,412,270
Inmar, Inc., Second Lien Term Loan (Acquired 01/29/2014; Cost $39,480)		8.00	%		01/27/2022		40		37,540
KAR Auction Services, Inc.,
Term Loan B-2		4.19	%		03/11/2021		727		734,934
Term Loan B-3		4.50	%		03/09/2023		7,968		8,080,204
Karman Buyer Corp.,
Second Lien Term Loan		7.50	%		07/25/2022		2,649		2,596,800
Term Loan		4.25	%		07/25/2021		10,377		10,349,182
Kronos Inc., Term Loan		5.03	%		11/01/2023		5,716		5,792,371
Learning Care Group (US) No. 2 Inc., Term Loan(d)		—			05/05/2021		3,080		3,110,800
Lonestar Intermediate Super Holdings, LLC, Term Loan		10.00	%		08/31/2021		5,676		5,945,622
Peak 10, Inc., Second Lien Term Loan		8.28	%		06/17/2022		788		749,559
Prime Security Services Borrower, LLC,
Revolver Loan(c)		0.00	%		05/02/2022		3,829		3,826,665
Term Loan B-1		4.25	%		05/02/2022		8,963		9,062,134
ServiceMaster Company, Term Loan C		3.28	%		11/08/2023		2,782		2,815,494
Spin Holdco Inc., First Lien Term Loan		4.29	%		11/14/2019		14,200		14,170,545
Synchronoss Technologies, Inc., Term Loan		4.08	%		01/19/2024		2,826		2,840,434
TaxAct, Inc., Term Loan		7.00	%		12/31/2022		2,075		2,100,998
TNS Inc., Second Lien Term Loan		9.04	%		08/14/2020		231		229,477
Trans Union, LLC, Term Loan B-2		3.28	%		04/09/2023		5,992		6,065,805
U.S. Security Associates Holdings, Inc., Term Loan		6.00	%		07/14/2023		2,185		2,217,606
Ventia Deco LLC, Term Loan B		5.00	%		05/21/2022		1,926		1,954,829
Wash MultiFamily Acquisition Inc.,
Canadian First Lien Term Loan		4.25	%		05/13/2022		893		898,552
Canadian Second Lien Term Loan (Acquired 05/04/2015; Cost $38,727)		8.00	%		05/14/2023		39		38,959
First Lien Term Loan		4.25	%		05/13/2022		5,099		5,130,784
Second Lien Term Loan (Acquired 05/04/2015; Cost $221,118)		8.00	%		05/12/2023		222		222,436
West Corp., Term Loan B-14(d)		—			06/17/2021		3,870		3,890,956
WEX Inc., Term Loan B		4.28	%		07/01/2023		6,950		7,070,938
									246,747,717
Cable & Satellite Television–4.76%
Altice US Finance I Corp., Term Loan		3.78	%		01/15/2025		5,995		6,071,037
Atlantic Broadband Finance, LLC, Term Loan B		3.28	%		11/30/2019		2,107		2,122,371
Charter Communications Operating, LLC, Term Loan I-1		3.03	%		01/15/2024		18,090		18,228,804
CSC Holdings, LLC, Term Loan		3.77	%		10/09/2024		13,477		13,640,246
ION Media Networks, Inc., Term Loan B-2		4.50	%		12/18/2020		9,025		9,172,101

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
Cable & Satellite Television–(continued)
MCC Iowa LLC, Term Loan H		3.25	%		01/29/2021	$	3,194	$	3,221,032
Mediacom Illinois, LLC, Term Loan K		3.00	%		02/15/2024		4,607		4,636,130
Numericable-SFR S.A. (France), Term Loan B-10		4.29	%		01/14/2025		8,634		8,711,285
Quebecor Media Inc. (Canada), Term Loan B-1		3.54	%		08/17/2020		5,091		5,119,707
Telenet Finance USD LLC,
Term Loan AE		3.25	%		01/31/2025	EUR	610		654,884
Term Loan AF		3.77	%		01/31/2025		5,583		5,641,281
UPC Financing Partnership, Term Loan AP		3.52	%		04/15/2025		18,504		18,586,867
Virgin Media Investment Holdings Ltd. (United Kingdom), Term Loan I		3.52	%		01/31/2025		17,607		17,704,047
WaveDivision Holdings, LLC, Term Loan		3.60	%		10/14/2019		686		690,182
WideOpenWest Finance LLC, Term Loan B		4.55	%		08/19/2023		7,772		7,839,602
Ziggo Secured Finance Partnership, Term Loan E(d)		—			04/15/2025		6,244		6,272,694
									128,312,270
Chemicals & Plastics–1.69%
Alpha US Bidco, Inc., Term Loan B-1(d)		—			01/31/2024		2,007		2,030,910
Axalta Coating Systems US Holdings Inc., Term Loan B-1		3.50	%		02/01/2023		2,135		2,165,275
Charter NEX US Holdings, Inc., First Lien Term Loan		5.25	%		02/05/2022		1,513		1,520,833
Chemours Co. (The), Term Loan B		3.79	%		05/12/2022		735		742,094
Colouroz Investment LLC (Germany),
First Lien Term Loan B-2		4.50	%		09/07/2021		4,084		4,114,924
Second Lien Term Loan B-2		8.25	%		09/05/2022		4,949		4,964,445
Term Loan C		4.50	%		09/07/2021		675		680,245
Constantinople Acquisition GmbH (Austria), Term Loan B-2-A		4.00	%		04/30/2022		470		473,401
Gemini HDPE LLC, Term Loan		4.04	%		08/06/2021		3,404		3,454,594
HII Holding Corp., First Lien Term Loan		4.25	%		12/20/2019		1,994		2,006,262
Ineos Holdings Ltd., Term Loan(d)		—			02/28/2024	EUR	1,282		1,365,533
Inovyn Finance PLC (United Kingdom), Term Loan B		4.50	%		05/15/2021	EUR	144		155,042
MacDermid, Inc.,
Term Loan B-4		5.00	%		06/07/2023		2,044		2,070,458
Term Loan B-5		4.50	%		06/07/2020		142		144,322
Otter Products, LLC, Term Loan B		5.75	%		06/03/2020		3,968		3,950,674
Oxea Finance LLC, First Lien Term Loan B-2		4.25	%		01/15/2020		9,230		9,149,573
Prolampac IPG Borrower LLC, Term Loan		5.06	%		11/18/2023		1,597		1,626,849
Royal Holdings, Inc.,
Second Lien Term Loan		8.50	%		06/19/2023		364		366,082
Term Loan		4.25	%		06/17/2022		746		752,741
Tata Chemicals North America Inc., Term Loan		3.75	%		08/07/2020		1,968		1,975,182
Versum Materials, Term Loan		3.50	%		09/30/2023		1,920		1,946,916
									45,656,355
Clothing & Textiles–0.73%
ABG Intermediate Holdings 2 LLC,
First Lien Term Loan B-1		5.00	%		05/27/2021		3,057		3,095,116
Second Lien Term Loan (Acquired 05/27/2014-07/12/2016; Cost $2,691,842)		9.50	%		05/27/2022		2,712		2,752,194
Ascena Retail Group, Inc., Term Loan B		5.31	%		08/21/2022		4,144		3,780,082
Oak Parent, Inc., Term Loan		5.50	%		10/26/2023		2,948		2,973,833
Samsonite IP Holdings, S.a.r.l. (Luxembourg), Term Loan B		3.03	%		08/01/2023		1,752		1,772,476
Varsity Brands Holding Co., Inc., Term Loan		5.00	%		12/10/2021		5,197		5,287,783
									19,661,484
Conglomerates–0.04%
Penn Engineering & Manufacturing Corp., Incremental Term Loan B		4.04	%		08/29/2021		958		963,266

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
Conglomerates–(continued)
Spectrum Brands, Inc., Term Loan B		3.40	%		06/23/2022	$	24	$	23,884
									987,150
Containers & Glass Products–2.99%
Berlin Packaging, LLC,
Second Lien Term Loan		7.75	%		09/30/2022		760		770,939
Term Loan		4.50	%		10/01/2021		6,433		6,499,267
Berry Plastics Group, Inc.,
Term Loan I(d)		—			10/01/2022		2,630		2,651,960
Term Loan J(d)		—			01/19/2024		1,396		1,407,215
Term Loan L		3.02	%		01/06/2021		1,916		1,927,615
Consolidated Container Co. LLC, Term Loan		5.00	%		07/03/2019		370		370,183
Coveris Holdings S.A., Term Loan B-1		4.50	%		05/08/2019		3,621		3,636,527
Duran Group (Germany),
Term Loan C (Acquired 07/15/2015; Cost $2370,064)		8.25	%		11/28/2019		2,370		2,358,214
Term Loan D-2 (Acquired 09/20/2016; Cost $22,899,970)		8.51	%		11/28/2019		22,999		22,884,221
Flex Acquisition Co., Inc., Term Loan		4.25	%		12/29/2023		3,252		3,279,625
Fort Dearborn Holding Co., Inc.,
First Lien Term Loan		5.00	%		10/19/2023		5,146		5,213,688
Second Lien Term Loan		9.50	%		10/19/2024		393		402,243
Hoffmaster Group, Inc., First Lien Term Loan		5.50	%		11/21/2023		3,864		3,925,515
Libbey Glass, Inc., Term Loan		3.77	%		04/09/2021		617		622,916
Multi Packaging Solutions, Inc.,
Term Loan C		4.25	%		09/30/2020		1,955		1,959,636
Term Loan D		4.25	%		10/14/2023		1,009		1,011,034
Ranpak Corp.,
Second Lien Term Loan		8.25	%		10/03/2022		415		400,282
Term Loan B-1		4.25	%		10/01/2021		563		566,836
Reynolds Group Holdings Inc., Incremental Term Loan		3.78	%		02/05/2023		15,859		16,010,763
SIG Combibloc PurchaseCo S.a.r.l., Term Loan		3.75	%		03/13/2022	EUR	204		219,880
Tekni-Plex, Inc.,
Second Lien Term Loan		8.75	%		06/01/2023		463		463,361
Term Loan B-1		4.54	%		06/01/2022		546		548,834
TricorBraun, Inc.,
Delayed Draw Term Loan(c)		0.00	%		11/30/2023		312		311,753
Term Loan		4.75	%		11/30/2023		3,080		3,117,529
									80,560,036
Cosmetics & Toiletries–1.00%
Coty Inc.,
Incremental Term Loan B		3.28	%		10/27/2022		4,699		4,759,892
Term Loan A		2.28	%		10/27/2020		3,633		3,623,739
Galleria Co., Term Loan B		3.81	%		09/29/2023		6,278		6,319,623
Prestige Brands, Inc., Term Loan B-4		3.53	%		01/26/2024		8,504		8,623,509
Revlon Consumer Products Corp., Term Loan B		4.28	%		09/07/2023		3,495		3,522,454
									26,849,217
Drugs–1.58%
Alpha BidCo S.A.S.,(France)
Term Loan B-1(d)		—			01/29/2023	EUR	544		586,046
Term Loan B-2(d)		—			01/29/2023	EUR	233		251,313
BPA Laboratories,
First Lien Term Loan		3.54	%		04/29/2020		1,202		1,017,837
Second Lien Term Loan		3.54	%		04/29/2020		1,045		616,716

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
Drugs–(continued)
Catalent Pharma Solutions Inc., Term Loan		3.75	%		05/20/2021	$	6,764	$	6,855,342
Endo Pharmaceuticals Holdings Inc., Incremental Term Loan B		3.81	%		09/25/2022		4,797		4,822,758
Grifols Worldwide Operations USA, Inc., Term Loan B(d)		—			01/31/2025		18,204		18,290,962
Valeant Pharmaceuticals International, Inc. (Canada),
Series C-2, Term Loan B		5.28	%		12/11/2019		6,342		6,380,987
Series E-1, Term Loan B		5.27	%		08/05/2020		3,756		3,783,625
									42,605,586
Ecological Services & Equipment–0.89%
Advanced Disposal Services Inc., Term Loan B-3		3.50	%		11/10/2023		10,330		10,448,614
Casella Waste Systems, Inc., Term Loan		4.00	%		10/17/2023		1,106		1,114,634
PHM France Holdco 19 S.A.S. (France), Term Loan B-2		3.75	%		10/30/2020	EUR	161		173,443
PSSI Holdings LLC, Term Loan		4.75	%		12/02/2021		2,596		2,640,966
Waste Industries USA, Inc., Term Loan B		3.53	%		02/27/2020		6,987		7,039,759
WCA Waste Corp., Term Loan		3.52	%		08/11/2023		2,590		2,603,763
									24,021,179
Electronics & Electrical–11.24%
4L Technologies Inc., Term Loan		5.51	%		05/08/2020		11,535		11,134,987
Blackboard, Inc., Term Loan B-4		6.02	%		06/30/2021		7,146		7,205,834
Cavium, Inc., Term Loan B		3.78	%		08/16/2022		4,447		4,493,527
CommScope, Inc., Term Loan 5		3.28	%		12/29/2022		4,586		4,637,536
Compuware Corp., Term Loan B-3		5.25	%		12/15/2021		2,978		2,985,802
Dell International LLC,
Term Loan A-2		3.04	%		09/07/2021		10,479		10,514,027
Term Loan B		4.04	%		09/07/2023		18,879		19,028,368
Diamond US Holding LLC, Term Loan		4.75	%		12/17/2021		2,434		2,448,841
Diebold, Inc., Term Loan B		5.31	%		11/06/2023		4,839		4,925,776
Go Daddy Operating Co., LLC,
Delayed Draw Term Loan(c)		0.00	%		02/15/2024		12,282		12,282,165
Term Loan(d)		—			02/08/2018	EUR	19,050		20,080,707
Term Loan		3.27	%		02/15/2024		2,629		2,638,762
Hyland Software, Inc., Term Loan		4.03	%		07/01/2022		460		467,105
Interoute Finco PLC (Luxembourg), Term Loan		3.75	%		11/14/2023	EUR	748		803,695
LanDesk Group, Inc., Term Loan		5.25	%		01/20/2024		541		545,169
Lattice Semiconductor Corp., Term Loan		5.51	%		03/10/2021		4,162		4,161,598
Lully Finance LLC,
First Lien Term Loan B-3		4.50	%		10/14/2022		1,489		1,494,312
First Lien Term Loan B-4(d)		—			10/16/2022	EUR	1,193		1,286,290
Second Lien Term Loan B-1		9.50	%		10/16/2023		1,281		1,285,798
Second Lien Term Loan B-4 (Acquired 11/30/2016; Cost $587,965)		7.25	%		10/16/2023	EUR	555		593,593
MA Finance Co., LLC,
Term Loan B-2		4.79	%		11/19/2021		991		1,002,997
Term Loan C		4.79	%		11/20/2019		6,292		6,354,568
MACOM Technology Solutions Holdings, Inc., Term Loan		4.52	%		05/07/2021		3,055		3,076,213
Mediaocean LLC, Term Loan		5.25	%		08/15/2022		3,854		3,911,502
Meter Reading Holding, LLC, Term Loan (Acquired 08/19/2016; Cost $4,009,650)		6.80	%		08/29/2023		4,067		4,168,472
Micron Technology, Inc, Term Loan		4.54	%		04/26/2022		3,339		3,388,779
Microsemi Corp., Term Loan B		3.03	%		01/15/2023		6,830		6,891,798
Mirion Technologies, Inc., Term Loan		5.75	%		03/31/2022		2,592		2,588,149
MKS Instruments, Inc., Term Loan B-2		3.53	%		05/01/2023		4,752		4,812,415

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
Electronics & Electrical–(continued)
MSC Software Corp.,
First Lien Term Loan (Acquired 05/28/2014; Cost $310,777)		5.00	%		05/29/2020	$	312	$	313,255
Second Lien Term Loan		8.50	%		06/01/2021		803		804,623
MTS Systems, Term Loan B		5.03	%		07/05/2023		1,982		2,010,263
NeuStar, Inc., Term Loan A		4.03	%		01/22/2019		4,873		4,869,804
Oberthur Technologies of America Corp.,
Term Loan B-1		3.75	%		12/15/2023	EUR	4,168		4,471,455
Term Loan B-2(c)		0.00	%		12/15/2023	EUR	4,744		5,025,585
Term Loan B-1		4.70	%		12/14/2023		1,727		1,747,061
Term Loan B-2(c)		0.00	%		12/15/2023		2,831		2,831,444
Omnitracs, Inc.,
Second Lien Term Loan		8.75	%		05/25/2021		311		313,285
Term Loan		4.75	%		11/25/2020		5,472		5,537,691
ON Semiconductor Corp., Term Loan		4.03	%		03/31/2023		16,859		17,052,694
Optiv Inc.,
Second Lien Term Loan		8.25	%		01/31/2025		654		664,527
Term Loan		4.25	%		02/01/2024		4,996		5,036,787
Quest Software US Holdings Inc., Term Loan		7.00	%		10/31/2022		9,236		9,409,804
Ramundsen Holdings, LLC,
Second Lien Term Loan		9.50	%		02/01/2025		261		265,077
Term Loan		5.25	%		02/01/2024		643		651,433
Riverbed Technology, Inc., First Lien Term Loan		4.25	%		04/25/2022		825		833,367
Rocket Software, Inc.,
Second Lien Term Loan		10.50	%		10/14/2024		978		993,528
Term Loan		5.25	%		10/14/2023		6,965		7,075,735
RP Crown Parent, LLC, Term Loan		4.50	%		10/12/2023		1,522		1,538,886
SS&C Technologies Inc.,
Term Loan B-1		4.03	%		07/08/2022		5,918		5,957,907
Term Loan B-2		4.03	%		07/08/2022		568		571,761
Sybil Software LLC, Term Loan		5.00	%		09/30/2022		10,299		10,471,245
Tempe Holdco Corp., Term Loan B		4.03	%		12/01/2023		4,542		4,604,216
TTM Technologies, Inc., Term Loan B		5.25	%		05/31/2021		4,498		4,579,032
Vantiv, LLC, Term Loan B		3.27	%		10/14/2023		1,083		1,097,657
Verifone, Inc., Term Loan B		3.54	%		07/08/2021		3,609		3,629,328
Veritas US Inc.,
Term Loan B-1		6.63	%		01/27/2023	EUR	11,404		12,161,863
Term Loan B-1		6.63	%		01/27/2023		4,033		4,034,197
VF Holding Corp, Term Loan B-1		4.25	%		06/30/2023		2,515		2,540,436
Western Digital Corp., Term Loan B-1		4.53	%		04/29/2023		23,229		23,403,424
Zebra Technologies Corp., Term Loan		3.45	%		10/27/2021		9,125		9,252,392
									302,958,547
Equipment Leasing–0.08%
Delos Finance S.a.r.l., Term Loan		3.50	%		10/06/2023		433		437,746
Flying Fortress Inc., Term Loan		3.25	%		10/30/2022		694		700,698
IBC Capital US LLC, Term Loan		4.98	%		09/09/2021		1,026		1,012,169
									2,150,613
Financial Intermediaries–1.02%
Bankruptcy Management Solutions, Inc., Term Loan B (Acquired 06/27/2013; Cost $20,790)		7.00	%		06/27/2018		21		19,277
Black Knight InfoServ, LLC, Term Loan B		3.06	%		05/27/2022		1,213		1,219,542
iPayment Inc., Term Loan		6.75	%		05/08/2017		5,977		5,932,545

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
Financial Intermediaries–(continued)
LPL Holdings, Inc., Term Loan B (Acquired 11/20/2015; Cost $16,309)		4.78	%		11/20/2022	$	16	$	16,705
MoneyGram International, Inc., Term Loan		4.25	%		03/27/2020		9,146		9,157,599
RJO Holdings Corp., Term Loan		9.54	%		12/10/2017		1,423		1,394,142
RPI Finance Trust, Term Loan B-5		3.50	%		10/14/2022		3,736		3,782,760
SAM Finance Lux S.a r.l. (Luxembourg), Term Loan(d)		—			12/17/2020		507		512,763
Stiphout Finance LLC,
Second Lien Term Loan (Acquired 07/21/2015; Cost $90,800)		9.00	%		10/26/2023		91		90,285
Term Loan		4.75	%		10/26/2022		2,959		2,976,663
TMF Group Holdco B.V. (Netherlands), Term Loan B		4.00	%		09/30/2023	EUR	2,094		2,261,234
									27,363,515
Food & Drug Retailers–1.37%
Adria Group Holding B.V. (Netherlands), PIK Term Loan(f)		10.50	%		06/04/2018	EUR	7,621		2,307,726
Albertsons, LLC,
Term Loan B-4		3.78	%		08/25/2021		12,877		13,050,260
Term Loan B-5		4.25	%		12/21/2022		6,687		6,787,745
Term Loan B-6		4.30	%		06/22/2023		6,467		6,568,222
Pret A Manger (United Kingdom), Term Loan B-2		5.36	%		06/20/2022	GBP	1,750		2,201,346
Rite Aid Corp.,
Second Lien Term Loan 1		5.75	%		08/21/2020		2,637		2,652,162
Second Lien Term Loan 2		4.88	%		06/21/2021		2,911		2,927,969
Supervalu Inc., Term Loan		5.50	%		03/21/2019		405		408,697
									36,904,127
Food Products–2.75%
AdvancePierre Foods, Inc., Term Loan B		4.00	%		06/02/2023		4,342		4,407,536
Candy intermediate Holdings, Inc., Term Loan		5.50	%		06/15/2023		4,018		4,053,069
Chefs’ Warehouse Parent, LLC, Term Loan		6.75	%		06/22/2022		1,684		1,702,358
CSM Bakery Supplies LLC,
First Lien Term Loan		5.00	%		07/03/2020		15		14,356
Second Lien Term Loan		8.76	%		07/03/2021		2,515		2,133,981
Dole Food Co., Inc., Term Loan B		4.55	%		11/01/2018		8,371		8,410,843
Hearthside Group Holdings, LLC,
Revolver Loan(c)		0.00	%		06/02/2019		2,701		2,696,756
Term Loan		4.00	%		06/21/2021		1,112		1,120,683
Hostess Brands, LLC, Term Loan B		4.00	%		08/03/2022		157		159,711
Jacobs Douwe Egberts International B.V., Term Loan B-1		3.50	%		07/02/2022		6,563		6,633,909
JBS USA Lux S.A., Term Loan		3.28	%		10/30/2022		21,878		22,033,082
Keurig Green Mountain, Inc., Term Loan B		5.27	%		03/03/2023		6,570		6,659,153
NBTY, Inc., Term Loan B-1(d)		—			05/05/2023		2,785		2,807,384
Pinnacle Foods Finance LLC, Term Loan(d)		—			02/02/2024		6,593		6,635,783
Post Holdings, Inc., Revolver Loan(c)		0.00	%		01/29/2019		3,566		3,559,205
QCE LLC, PIK Term Loan(f)		10.00	%		06/30/2019		6		505
Shearer’s Foods, LLC,
First Lien Term Loan		4.94	%		06/30/2021		502		504,432
Second Lien Term Loan		7.75	%		06/30/2022		457		449,875
									73,982,621
Food Service–1.89%
Aramark Services, Inc., Term Loan E		3.36	%		09/07/2019		937		947,871
Focus Brands, Inc., Term Loan		5.00	%		10/05/2023		776		788,372
Landry’s, Inc., Term Loan B		4.03	%		10/04/2023		3,043		3,080,772
New Red Finance, Inc., Term Loan B-3		3.25	%		02/16/2024		5,580		5,585,672

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
Food Service–(continued)
Pizza Hut Holdings, LLC, Term Loan B		3.53	%		06/16/2023	$	2,207	$	2,239,577
Red Lobster Management, LLC, Term Loan		6.25	%		07/28/2021		3,482		3,534,421
Restaurant Holding Co., LLC, First Lien Term Loan		8.75	%		02/28/2019		1,730		1,675,700
Steak ‘n Shake, Inc., Term Loan		4.75	%		03/19/2021		2,583		2,608,938
TKC Holdings, Inc., Term Loan		4.75	%		02/01/2024		4,166		4,207,120
TMK Hawk Parent, Corp.,
First Lien Term Loan		5.25	%		10/01/2021		2,316		2,339,509
Second Lien Term Loan (Acquired 10/01/2014; Cost $1,075,664)		8.50	%		10/01/2022		1,083		1,077,828
Term Loan B-1(d)		—			10/01/2021		1,589		1,604,408
US Foods, Inc., Incremental Term Loan		3.53	%		06/27/2023		20,975		21,265,751
									50,955,939
Health Care–4.38%
Acadia Healthcare Co., Inc.,
Incremental Term Loan B		3.78	%		02/11/2022		1,622		1,636,856
Term Loan B-2		3.78	%		02/16/2023		7,659		7,736,843
BSN Medical Luxembourg Holding S.a.r.l. (Luxembourg), Second Lien Term Loan (Acquired 05/10/2016; Cost $2,313,896)		8.00	%		07/23/2024	EUR	2,000		2,139,987
CareCore National, LLC, Term Loan		5.50	%		03/05/2021		8,617		8,670,900
Community Health Systems, Inc.,
Incremental Term Loan F		4.27	%		12/31/2018		3,038		3,035,443
Incremental Term Loan G		3.80	%		12/31/2019		3,516		3,492,810
Revolver Loan(c)		0.00	%		01/27/2019		1,733		1,725,477
Revolver Loan		5.25	%		01/27/2019		241		239,759
Convatec Inc., Term Loan B		3.25	%		10/31/2023		637		643,234
DJO Finance LLC, Term Loan		4.25	%		06/07/2020		8,019		7,901,369
Elsan Groupe S.A.S. (France), Term Loan B-2(d)		—			07/21/2022	EUR	1,347		1,451,644
Envision Healthcare Corp., Term Loan		4.00	%		12/01/2023		4,385		4,450,268
Explorer Holdings, Inc., Term Loan		6.03	%		05/02/2023		1,753		1,780,707
Greatbatch Ltd., Term Loan B		5.25	%		10/27/2022		3,432		3,466,714
HC Group Holdings III, Inc., Term Loan		6.00	%		04/07/2022		5,018		4,879,807
HCA, Inc.,
Revolver Loan(d)		—			02/26/2019		5,789		5,702,104
Term Loan B-6		4.03	%		03/18/2023		5,405		5,454,473
inVentiv Group Holdings, Inc., Term Loan		4.80	%		11/09/2023		4,374		4,411,004
Kindred Healthcare, Inc., Term Loan		4.31	%		04/09/2021		1,140		1,136,428
Kinetic Concepts, Inc., Term Loan(d)		—			02/03/2024		9,471		9,482,495
MPH Acquisition Holdings LLC, Term Loan B		5.00	%		06/07/2023		15,743		16,010,184
National Surgical Hospitals, Inc., Term Loan (Acquired 05/15/2015; Cost $1,749,092)		4.50	%		06/01/2022		1,756		1,766,737
Surgery Center Holdings, Inc., Term Loan(d)		—			11/03/2020		1,720		1,733,304
Surgical Care Affiliates, Inc., Term Loan		3.75	%		03/17/2022		6,022		6,044,756
Team Health Holdings, Inc., Term Loan		3.75	%		02/06/2024		7,617		7,605,064
Unilabs Diagnostics AB (Sweden), Revolver Loan(c)		0.00	%		03/31/2021	EUR	1,850		1,783,488
Western Dental Services, Inc., Term Loan		7.50	%		11/01/2018		3,709		3,699,434
									118,081,289
Home Furnishings–0.55%
Comfort Holding, LLC,
Second Lien Term Loan(d)		—			02/03/2025		947		916,786
Term Loan(d)		—			02/03/2024		3,392		3,407,696
Serta Simmons Bedding, LLC, Term Loan		4.54	%		11/08/2023		10,131		10,190,520
Zodiac Pool Solutions LLC, Term Loan		5.50	%		12/20/2023		311		314,342
									14,829,344

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
Industrial Equipment–2.10%
Accudyne Industries LLC,
Revolver Loan(c)		0.00	%		09/13/2019	$	4,465	$	4,040,800
Term Loan		4.00	%		12/13/2019		7,798		7,466,723
Columbus McKinnon Corp., Term Loan		4.00	%		01/31/2024		1,003		1,011,019
Crosby US Acquisition Corp.,
First Lien Term Loan		4.05	%		11/23/2020		7,104		6,558,217
Second Lien Term Loan		7.05	%		11/22/2021		1,620		1,293,152
Doosan Infracore International, Inc., Term Loan B		4.50	%		05/28/2021		4,498		4,565,818
Filtration Group Corp.,
First Lien Term Loan		4.30	%		11/20/2020		2,660		2,687,030
Incremental Term Loan B(c)		0.00	%		11/21/2020		2,825		2,824,899
Generac Power System, Inc., Term Loan		3.75	%		05/31/2023		1,802		1,825,883
Milacron LLC, Term Loan B(d)		—			09/28/2023		7,239		7,286,243
MX Holdings US, Inc., Term Loan B-1-B		3.53	%		08/16/2023		2,800		2,832,288
North American Lifting Holdings, Inc., First Lien Term Loan		5.50	%		11/27/2020		3,469		3,235,007
Rexnord LLC, Term Loan B		3.77	%		08/21/2023		8,400		8,459,986
Tank Holding Corp., Term Loan		5.26	%		03/16/2022		1,161		1,162,461
Terex Corp., Term Loan		3.54	%		01/31/2024		1,375		1,383,570
									56,633,096
Insurance–0.21%
AmWINS Group, Inc.,
Second Lien Term Loan		7.75	%		01/25/2025		374		381,271
Term Loan		3.75	%		01/25/2024		5,176		5,213,821
York Risk Services Holding Corp., Term Loan		4.75	%		10/01/2021		37		36,513
									5,631,605
Leisure Goods, Activities & Movies–3.03%
Alpha Topco Ltd.(United Kingdom),
Second Lien Term Loan		8.07	%		07/29/2022		7,388		7,430,538
Term Loan B-3		5.07	%		07/30/2021		13,774		13,834,949
AMC Entertainment, Inc.,
Incremental Term Loan B		3.53	%		12/15/2023		4,397		4,451,747
Term Loan B		3.52	%		12/15/2022		3,634		3,680,313
Ancestry.com Operations Inc., Term Loan B		4.25	%		10/19/2023		515		522,104
Bright Horizons Family Solutions, Inc., Incremental Term Loan		3.52	%		11/07/2023		4,436		4,495,278
Cinemark USA, Inc., Term Loan		3.09	%		05/08/2022		1,736		1,762,927
CWGS Group, LLC, Term Loan		4.52	%		11/08/2023		6,330		6,395,475
Dorna Sports, S.L. (Spain), Term Loan B		3.50	%		04/30/2021	EUR	2,082		2,224,742
Equinox Holdings Inc.,
First Lien Term Loan		6.50	%		01/31/2020		503		504,324
Revolver Loan (Acquired 04/14/2014-11/05/2014; Cost $1,857,303)(c)		0.00	%		02/01/2018		1,866		1,679,639
Fitness International, LLC, Term Loan B		6.00	%		07/01/2020		5,714		5,778,687
Lions Gate Entertainment Corp. (Canada), Term Loan B		3.77	%		12/08/2023		3,094		3,124,182
Live Nation Entertainment, Inc., Term Loan B-2		3.31	%		10/31/2023		1,404		1,423,434
Regal Cinemas Corp., Term Loan		3.28	%		04/01/2022		5,257		5,316,168
Richmond UK Bidco Ltd. (United Kingdom), Term Loan B(d)		—			03/31/2024	GBP	589		744,937
Sabre GLBL Inc., Term Loan B-3		3.53	%		02/22/2024		1,230		1,242,295
Seaworld Parks & Entertainment, Inc., Term Loan B-2		3.25	%		05/14/2020		5,910		5,903,981
Six Flags Theme Parks, Inc., Term Loan B		3.25	%		06/30/2022		1,129		1,141,467
Travel Leaders Group, LLC, Term Loan		6.03	%		01/25/2024		536		544,536

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
Leisure Goods, Activities & Movies–(continued)
UFC Holdings, LLC,
First Lien Term Loan		4.25	%		08/18/2023	$	6,887	$	6,945,605
Second Lien Term Loan		8.50	%		08/18/2024		2,441		2,513,740
									81,661,068
Lodging & Casinos–3.52%
B&B Hotels S.A.S. (France), Term Loan B		6.00	%		03/14/2023	EUR	4,500		4,844,766
Belmond Interfin Ltd. (Bermuda), Term Loan		4.00	%		03/21/2021		3,380		3,409,725
Boyd Gaming Corp., Term Loan B-2		3.71	%		09/15/2023		2,711		2,745,709
Caesars Entertainment Resort Properties, LLC, Term Loan B(d)		—			10/11/2020		860		869,314
Caesars Growth Properties Holdings, LLC, Term Loan B		6.25	%		05/08/2021		6,906		6,963,070
ESH Hospitality, Inc., Term Loan		3.78	%		08/30/2023		5,669		5,717,519
Four Seasons Holdings Ltd. (Canada), First Lien Term Loan		4.00	%		11/30/2023		7,720		7,840,699
Harrah’s Operating Co., Inc., Term Loan B-6(g)		1.50	%		03/01/2017		10,785		12,348,448
Hilton Worldwide Finance, LLC,
Term Loan		3.50	%		10/26/2020		604		608,650
Term Loan B-2		3.28	%		10/25/2023		8,206		8,260,287
La Quinta Intermediate Holdings LLC, Term Loan		3.77	%		04/14/2021		12,665		12,763,614
Penn National Gaming, Inc., Term Loan B(d)		—			01/19/2024		215		217,035
Scientific Games International, Inc.,
Revolver Loan(c)		0.00	%		10/18/2018		4,575		4,453,334
Term Loan B-3		4.85	%		10/01/2021		10,778		10,962,148
Station Casinos LLC, Term Loan B		3.28	%		06/08/2023		5,535		5,570,172
Tackle Group S.a.r.l. (Germany), Term Loan B		6.50	%		08/08/2022	EUR	1,023		1,105,758
Twin River Management Group, Inc., Term Loan		4.50	%		07/10/2020		6,222		6,319,604
									94,999,852
Nonferrous Metals & Minerals–0.24%
American Rock Salt Co. LLC,
First Lien Term Loan		4.75	%		05/20/2021		2,523		2,532,737
First Lien Term Loan		4.75	%		05/20/2021		343		344,692
Arch Coal Inc., Exit Term Loan		10.00	%		10/05/2021		1,644		1,664,612
Corialis Group, Ltd. (United Kingdom), Term Loan B-1(d)		—			02/02/2024	EUR	390		420,148
Dynacast International LLC,
First Lien Term Loan B-1		4.50	%		01/28/2022		333		336,701
Second Lien Term Loan (Acquired 01/30/2015; Cost $24,980)		9.50	%		01/30/2023		25		25,167
EP Minerals, LLC, Term Loan		5.55	%		08/20/2020		1,145		1,142,061
									6,466,118
Oil & Gas–4.47%
Ameriforge Group Inc., First Lien Term Loan		5.00	%		12/19/2019		67		44,365
Ascent Resources — Marcellus, LLC, First Lien Term Loan		5.28	%		08/04/2020		5,501		3,947,017
Bronco Midstream Funding, LLC, Term Loan		5.06	%		08/17/2020		5,227		5,275,911
California Resources Corp., Term Loan		11.38	%		12/31/2021		2,139		2,419,209
Citgo Holdings Inc., Term Loan		9.50	%		05/12/2018		8,806		8,977,713
Citgo Petroleum Corp., Term Loan B		4.50	%		07/29/2021		1,151		1,160,687
Crestwood Holdings LLC, Term Loan B-1		9.00	%		06/19/2019		4,733		4,730,501
Drillships Financing Holding Inc., Term Loan B-1		6.06	%		03/31/2021		8,929		7,370,704
Energy Transfer Equity, L.P., Term Loan		3.53	%		02/02/2024		727		730,511
Fieldwood Energy LLC,
Term Loan		3.88	%		09/28/2018		4,426		4,234,751
Term Loan		8.00	%		08/31/2020		4,305		4,132,788
Floatel International Ltd., Term Loan		6.00	%		06/27/2020		7,504		6,628,762

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
Oil & Gas–(continued)
Gulf Finance, LLC, Term Loan B		6.25	%		08/25/2023	$	9,048	$	9,213,945
HGIM Corp., Term Loan B		5.50	%		06/18/2020		8,504		7,079,844
Jonah Energy LLC, Second Lien Term Loan		7.50	%		05/12/2021		3,533		3,453,036
Osum Production Corp. (Canada), Term Loan		6.50	%		07/31/2020		4,254		3,647,379
Pacific Drilling S.A. (Luxembourg), Term Loan		4.50	%		06/03/2018		2,493		1,147,717
Paragon Offshore Finance Co. (Cayman Islands), Term Loan(g)		5.50	%		07/16/2021		2,525		991,244
Petroleum GEO-Services ASA, Term Loan		3.50	%		03/19/2021		10,417		8,919,583
Samchully Midstream 3 LLC, Term Loan		5.75	%		10/20/2021		3,555		3,519,527
Samson Investment Co., Second Lien Term Loan 1(e)(g)		0.00	%		09/25/2018		10,513		3,180,140
Seadrill Operating L.P., Term Loan		4.00	%		02/21/2021		21,849		16,471,739
Seventy Seven Operating LLC, Term Loan		3.78	%		06/25/2020		2,397		2,388,011
Southcross Energy Partners, L.P., Term Loan		5.25	%		08/04/2021		1,855		1,585,695
Targa Resources Corp., Term Loan		5.75	%		02/25/2022		970		981,139
Veresen Midstream US LLC, Term Loan B-1		5.25	%		03/31/2022		2,695		2,728,967
Weatherford International Ltd. (Bermuda), Term Loan		3.09	%		07/13/2020		5,527		5,451,140
									120,412,025
Publishing–1.22%
Getty Images, Inc., Revolver Loan(c)		0.00	%		10/18/2017		6,893		6,634,789
Harland Clarke Holdings Corp., Term Loan B-6(d)		—			02/09/2022		464		468,005
Merrill Communications LLC, Term Loan		6.29	%		06/01/2022		82		81,839
Nielsen Finance LLC, Term Loan B-3		3.27	%		10/04/2023		11,222		11,369,278
ProQuest LLC, Term Loan		5.25	%		10/24/2021		3,161		3,198,217
Tribune Media Co., Term Loan C		3.78	%		01/27/2024		11,053		11,177,654
									32,929,782
Radio & Television–1.95%
E.W. Scripps Co. (The), Term Loan B		3.29	%		11/26/2020		3,208		3,233,874
iHeartCommunications, Inc.,
Term Loan D		7.53	%		01/30/2019		15,666		13,679,899
Term Loan E		8.28	%		07/31/2019		29,570		25,725,935
Sinclair Television Group Inc., Term Loan B		3.04	%		01/03/2024		9,770		9,800,335
									52,440,043
Retailers (except Food & Drug)–3.88%
Action Holding B.V. (Netherlands), Term Loan B		4.25	%		02/25/2022	EUR	795		860,707
Bass Pro Group, LLC, Term Loan		5.97	%		12/16/2023		12,651		12,179,458
BJ’s Wholesale Club, Inc., Term Loan B(d)		—			02/03/2024		2,810		2,793,596
Burlington Coat Factory Warehouse Corp., Term Loan B-4(d)		—			08/13/2021		1,950		1,944,150
CDW LLC, Term Loan		3.25	%		08/17/2023		3,483		3,503,778
Cortefiel, S.A.(Spain),
PIK Term Loan B-1(f)		1.00	%		03/21/2018	EUR	1,003		757,687
PIK Term Loan B-2(f)		1.00	%		03/21/2018	EUR	1,094		826,453
PIK Term Loan B-3(f)		1.00	%		03/21/2018	EUR	508		383,514
PIK Term Loan B-3(f)		1.00	%		03/21/2018	EUR	1,396		1,054,653
David’s Bridal, Inc., Term Loan		5.25	%		10/11/2019		2,374		2,127,707
Fullbeauty Brands Holdings Corp., Term Loan		5.75	%		10/14/2022		5,528		4,740,514
J. Crew Group, Inc., Term Loan		4.00	%		03/05/2021		793		457,861
Jill Acquisition LLC, Term Loan		6.04	%		05/08/2022		1,367		1,351,157
Lands’ End, Inc., Term Loan B		4.25	%		04/02/2021		5,286		3,995,851
Michaels Stores, Inc., Term Loan B-1(d)		—			01/28/2023		1,543		1,541,189
Moran Foods LLC, Term Loan		7.00	%		12/05/2023		4,270		4,248,884

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
Retailers (except Food & Drug)–(continued)
National Vision, Inc.,
First Lien Revolver Loan(c)		0.00	%		03/13/2019	$	3,004	$	2,553,693
First Lien Term Loan(d)		—			03/13/2021		1,866		1,870,230
Second Lien Term Loan		6.75	%		03/13/2022		145		141,515
Payless, Inc.,
Second Lien Term Loan		8.54	%		03/11/2022		2,178		325,557
Term Loan		5.04	%		03/11/2021		7,368		3,768,700
Petco Animal Supplies, Inc., Second Lien Term Loan		4.29	%		01/26/2023		5,345		5,162,324
Pier 1 Imports (U.S.), Inc., Term Loan		4.50	%		04/30/2021		1,521		1,429,403
Savers Inc., Term Loan		5.00	%		07/09/2019		5,026		4,495,759
Sears Roebuck Acceptance Corp., Term Loan		5.50	%		06/30/2018		24,215		24,003,196
Toys ‘R’ Us Property Co. I, LLC, Term Loan		6.00	%		08/21/2019		13,125		12,780,723
Toys ‘R’ Us-Delaware, Inc.,
Canadian Term Loan A-1		8.29	%		10/24/2019		1,745		1,747,025
Term Loan A-1		8.29	%		10/24/2019		2,164		2,166,311
Term Loan B-2		5.25	%		05/25/2018		90		85,245
Term Loan B-3		5.25	%		05/25/2018		26		24,505
Vivarte (France), Term Loan		4.00	%		10/29/2019	EUR	1,488		1,252,466
									104,573,811
Steel–0.04%
Atkore International, Inc., Incremental Term Loan		4.00	%		12/23/2023		1,098		1,109,982
Surface Transport–0.94%
Avis Budget Car Rental, LLC, Term Loan B		3.50	%		03/15/2022		2,144		2,150,901
Kenan Advantage Group, Inc.,
Canadian Term Loan		3.78	%		07/29/2022		1,943		1,949,777
Term Loan		3.78	%		07/31/2022		6,391		6,412,825
PODS, LLC, Term Loan B-2		4.25	%		02/02/2022		6,236		6,276,693
Stena International S.A. (Luxembourg), Term Loan		4.00	%		03/03/2021		4,569		4,302,392
U.S. Shipping Corp., Term Loan B-2		5.25	%		06/26/2021		3,588		3,475,501
XPO Logistics, Inc., Term Loan B-2		4.30	%		10/30/2021		748		756,246
									25,324,335
Telecommunications–6.79%
Avaya Inc.,
DIP Term Loan(c)		0.00	%		01/23/2018		855		854,677
DIP Term Loan		8.50	%		01/23/2018		1,169		1,210,793
Communications Sales & Leasing, Inc., Term Loan B		4.00	%		10/24/2022		11,656		11,732,036
Consolidated Communications, Inc.,
Incremental Term Loan(d)		—			10/05/2023		13,122		13,225,876
Term Loan		4.00	%		10/05/2023		4,766		4,803,531
Coral-US Co-Borrower, LLC, Term Loan B-1		5.53	%		01/03/2023		1,058		1,076,466
Fairpoint Communications, Inc., Term Loan		7.50	%		02/14/2019		6,273		6,359,046
Frontier Communications Corp., Term Loan		3.29	%		03/31/2021		5,502		5,373,144
GTT Communications, Inc., Term Loan		5.00	%		12/13/2023		4,169		4,239,893
Hargray Communications Group, Inc., Term Loan B-1		4.75	%		06/26/2019		932		942,228
Intelsat Jackson Holdings S.A., Term Loan B-2		3.75	%		06/30/2019		5,021		5,001,093
Level 3 Financing Inc., Term Loan B(d)		—			02/17/2024		23,645		23,784,635
LTS Buyer LLC, First Lien Term Loan B		4.25	%		04/13/2020		2,704		2,733,527
Onvoy, LLC, Term Loan		5.50	%		02/10/2024		573		572,871
Rackspace Hosting, Inc., Term Loan B		4.50	%		11/03/2023		2,155		2,182,170
Radiate Holdco, LLC, Term Loan		3.78	%		02/01/2024		5,734		5,787,897

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
Telecommunications–(continued)
SBA Senior Finance II LLC,
Incremental Term Loan B-1-A		3.04	%		03/24/2021	$	1,218	$	1,225,222
Incremental Term Loan B-2		3.04	%		06/10/2022		3,598		3,612,636
Sprint Communications, Inc., Term Loan		3.31	%		02/03/2024		16,018		16,069,040
Syniverse Holdings, Inc.,
Term Loan		4.00	%		04/23/2019		6,375		5,792,312
Term Loan		4.04	%		04/23/2019		6,293		5,770,742
Telesat LLC, Term Loan B-4		3.85	%		11/17/2023		16,072		16,273,156
U.S. Telepacific Corp., Term Loan		6.04	%		11/25/2020		6,914		6,958,779
Windstream Services, LLC,
Term Loan B-6		4.78	%		03/29/2021		13,418		13,559,337
Term Loan B-7		4.03	%		02/17/2024		1,485		1,486,587
Zayo Group, LLC,
Incremental Term Loan B-1		2.78	%		01/19/2021		1,786		1,804,352
Incremental Term Loan B-2		3.50	%		01/19/2024		20,296		20,519,206
									182,951,252
Utilities–7.06%
APLP Holdings L.P. (Canada), Term Loan		6.00	%		04/13/2023		5,910		6,000,417
Aria Energy Operating LLC, Term Loan		5.55	%		05/27/2022		1,422		1,423,927
Calpine Construction Finance Co., L.P.,
Term Loan B-1(d)		—			05/03/2020		780		781,256
Term Loan B-2		3.28	%		01/31/2022		12,079		12,124,402
Calpine Corp.,
Term Loan		2.60	%		12/31/2019		3,145		3,148,454
Term Loan		3.07	%		11/30/2017		12,614		12,636,468
Term Loan B-5		3.75	%		05/27/2022		6,141		6,180,764
Term Loan B-6		3.75	%		01/15/2023		8,444		8,499,159
Term Loan B-7		3.75	%		05/31/2023		3,389		3,415,667
Dynegy Inc., Term Loan C-1		4.25	%		06/27/2023		19,448		19,680,539
Eastern Power, LLC, Term Loan		5.00	%		10/02/2021		6,636		6,710,402
Energy Future Intermediate Holding Co. LLC, Term Loan		4.30	%		06/30/2017		5,016		5,037,239
Granite Acquisition, Inc.,
First Lien Term Loan B		5.00	%		12/17/2021		5,462		5,527,174
First Lien Term Loan C		5.00	%		12/17/2021		243		245,993
Second Lien Term Loan B (Acquired 10/15/2014; Cost $1,090,217)		8.25	%		12/17/2022		1,098		1,067,790
Lightstone Holdco LLC,
Term Loan B		6.54	%		01/30/2024		8,818		8,958,097
Term Loan C		6.54	%		01/30/2024		840		853,152
NRG Energy Inc.,
Revolver Loan A(c)		0.00	%		07/01/2018		41,372		41,213,493
Term Loan		3.03	%		06/30/2023		12,764		12,825,980
Southeast PowerGen LLC, Term Loan B		4.50	%		12/02/2021		1,467		1,454,638
USIC Holdings, Inc., Term Loan		4.75	%		12/09/2023		5,733		5,783,297
Vistra Operations Co. LLC,
Exit Term Loan B		3.53	%		08/04/2023		17,478		17,582,485
Exit Term Loan C		3.53	%		08/04/2023		3,986		4,010,040
Incremental Term Loan		4.02	%		12/13/2023		5,137		5,178,062
									190,338,895
Total Variable Rate Senior Loan Interests									2,397,382,748
Bonds & Notes–5.36%
Aerospace & Defense–0.18%
LMI Aerospace, Inc.		7.38	%		07/15/2019		4,875		5,021,250

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
Air Transport–0.22%
Mesa Airlines, Inc.(h)		5.75	%		07/15/2025	$	5,982		$	6,011,837
Automotive–0.19%
Cooper-Standard Automotive Inc.(h)		5.63	%		11/15/2026		920			931,500
Schaeffler AG (Germany)(h)		4.13	%		09/15/2021		1,066			1,087,320
Schaeffler AG (Germany)(h)		4.50	%		09/15/2023		1,066			1,062,002
Schaeffler AG (Germany)(h)		4.75	%		09/15/2026		1,965			1,945,350
										5,026,172
Business Equipment & Services–0.34%
Dream Secured Bondco AB (Sweden)(h)(i)		7.25	%		10/21/2023	EUR	2,775			2,961,632
Dream Secured Bondco AB (Sweden)(h)(i)		8.25	%		10/21/2023	SEK	2,112			235,715
ICBPI (United Kingdom)(h)		7.13	%		05/30/2021	EUR	1,000			1,051,454
ICBPI (United Kingdom)(h)(i)		8.00	%		05/30/2021	EUR	2,250			2,433,110
ICBPI (United Kingdom)(h)		8.25	%		05/30/2021	EUR	250			271,438
West Corp.(h)		4.75	%		07/15/2021		2,140			2,190,825
										9,144,174
Cable & Satellite Television–1.01%
Altice Financing S.A. (Luxembourg)(h)		6.63	%		02/15/2023		851			902,060
Altice Financing S.A. (Luxembourg)(h)		7.50	%		05/15/2026		10,469	��		11,241,089
Altice US Finance I Corp.(h)		5.50	%		05/15/2026		10,933			11,397,652
Numericable-SFR Group S.A. (France)(h)		6.00	%		05/15/2022		555			575,812
Numericable-SFR Group S.A. (France)(h)		7.38	%		05/01/2026		1,889			1,964,560
Virgin Media Investment Holdings Ltd. (United Kingdom)(h)		5.50	%		08/15/2026		1,027			1,053,959
										27,135,132
Chemicals & Plastics–0.14%
Hexion Specialty Chemicals, Inc.		6.63	%		04/15/2020		3,966			3,703,253
Containers & Glass Products–0.42%
Ardagh Glass Finance PLC(h)(i)		4.29	%		05/15/2021		1,653			1,696,391
Ardagh Glass Finance PLC(h)		4.63	%		05/15/2023		1,643			1,673,806
Ardagh Glass Finance PLC(h)		6.63	%		09/15/2023	EUR	993			1,091,880
Horizon Holdings III (France)(h)		8.25	%		02/15/2022	EUR	2,252			2,475,117
LA Holding B.V. (Netherlands)(h)		8.00	%		10/01/2021	EUR	957			1,096,514
Reynolds Group Holdings, Inc.(h)(i)		4.52	%		07/15/2021		1,868			1,921,705
Reynolds Group Holdings, Inc.		5.75	%		10/15/2020		634			653,813
Silgan Holdings, Inc.(h)		3.25	%		03/15/2025	EUR	684			736,586
										11,345,812
Electronics & Electrical–0.29%
Blackboard Inc.(h)		9.75	%		10/15/2021		4,356			4,454,010
Dell International LLC(h)		5.45	%		06/15/2023		1,385			1,501,796
Micron Technology, Inc.(h)		7.50	%		09/15/2023		1,723			1,924,914
										7,880,720
Financial Intermediaries–0.65%
Cabot Financial S.A. (Luxembourg)(h)(i)		5.88	%		11/15/2021	EUR	1,250			1,368,930
Cabot Financial S.A. (Luxembourg)(h)		6.50	%		04/01/2021	GBP	3,000			3,853,399
Garfunkelux Holdco 3 S.A. (Luxembourg)(h)		7.50	%		08/01/2022	EUR	3,220			3,615,942
Garfunkelux Holdco 3 S.A. (Luxembourg)(h)		11.00	%		11/01/2023	GBP	2,000			2,573,524
Lindorff Group AB (Norway)(h)(i)		5.50	%		08/15/2020	EUR	2,304			2,456,824

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
Financial Intermediaries–(continued)
Nemean Bondco PLC (United Kingdom)(h)(i)		6.86	%		02/01/2023	GBP	1,410	$	1,723,350
Nemean Bondco PLC (United Kingdom)(h)		7.38	%		02/01/2024	GBP	939		1,153,567
Promontoria MCS (France)(h)(i)		5.75	%		09/30/2021	EUR	707		762,373
									17,507,909
Health Care–0.53%
Care UK Health & Social Care PLC (United Kingdom)(h)(i)		5.36	%		07/15/2019	GBP	2,954		3,587,581
DJO Finance LLC(h)		8.13	%		06/15/2021	$	2,968		2,634,100
DJO Finance LLC		10.75	%		04/15/2020		5,087		4,387,538
IDH Finance PLC (United Kingdom)(h)		6.25	%		08/15/2022	GBP	1,500		1,798,457
IDH Finance PLC (United Kingdom)(h)(i)		6.36	%		08/15/2022	GBP	1,500		1,780,626
									14,188,302
Insurance–0.11%
Domestic & General Group Ltd. (United Kingdom)(h)(i)		5.36	%		11/15/2019	GBP	2,450		3,057,655
Lodging & Casinos–0.18%
ESH Hospitality, Inc.(h)		5.25	%		05/01/2025		1,390		1,405,638
Schumann S.p.A. (Italy)(h)(i)		6.63	%		07/31/2022	EUR	766		829,932
Travelodge Hotels Ltd. (United Kingdom)(h)(i)		7.86	%		05/15/2023	GBP	1,250		1,564,594
Travelodge Hotels Ltd. (United Kingdom)(h)		8.50	%		05/15/2023	GBP	700		957,518
									4,757,682
Nonferrous Metals & Minerals–0.13%
TiZir Ltd. (United Kingdom)		9.00	%		09/28/2017		3,600		3,447,000
Oil & Gas–0.23%
Drill Rigs Holdings Inc.(h)		6.50	%		10/01/2017		7,256		3,573,580
FTS International, Inc.(h)(i)		8.46	%		06/15/2020		1,280		1,324,800
Pacific Drilling S.A. (Luxembourg)(h)		5.38	%		06/01/2020		2,798		1,308,065
									6,206,445
Radio & Television–0.18%
Clear Channel International B.V.(h)		8.75	%		12/15/2020		4,561		4,857,465
Retailers (except Food & Drug)–0.19%
Claire’s Stores Inc.(h)		6.13	%		03/15/2020		1,210		514,250
New Look PLC (United Kingdom)(h)		6.50	%		07/01/2022	GBP	250		273,375
New Look PLC (United Kingdom)(h)		8.00	%		07/01/2023	GBP	3,225		3,100,390
TWIN SET—Simona Barbieri S.p.A. (Italy)(h)(i)		5.55	%		07/15/2019	EUR	1,092		1,173,714
									5,061,729
Steel–0.00%
ERP Iron Ore, LLC(h)(i)		9.03	%		12/31/2019		85		5,898
Surface Transport–0.03%
Avis Budget Car Rental, LLC(h)		4.13	%		11/15/2024	EUR	296		313,065
Hertz Corp.(h)		5.50	%		10/15/2024		480		434,400
									747,465
Telecommunications–0.34%
Communications Sales & Leasing, Inc.(h)		6.00	%		04/15/2023		1,200		1,261,500
Communications Sales & Leasing, Inc.(h)		7.13	%		12/15/2024		371		383,521
Goodman Networks Inc.(e)		0.00	%		07/01/2018		7,708		3,179,550
Wind Telecomunicazioni S.p.A. (Italy)(h)		6.50	%		04/30/2020		256		266,880

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

20                         Invesco  Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)*		Value
Telecommunications–(continued)
Wind Telecomunicazioni S.p.A. (Italy)(h)		7.38	%		04/23/2021	$	1,422	$	1,484,213
Windstream Services, LLC		6.38	%		08/01/2023		17		15,555
Windstream Services, LLC		7.50	%		06/01/2022		1,484		1,476,580
Zayo Group, LLC(h)		5.75	%		01/15/2027		1,087		1,156,296
									9,224,095
Utilities–0.00%
Calpine Corp.(h)		7.88	%		01/15/2023		1		268
Total Bonds & Notes									144,330,263
Structured Products–2.59%
Apidos CLO IX — R(h)(i)		7.12	%		07/15/2023		1,517		1,528,690
Apidos CLO X(h)(i)		6.89	%		10/30/2022		918		920,951
Apidos CLO X(h)(i)		7.00	%		10/30/2022		2,190		2,197,040
Apidos CLO XV(h)(i)		5.78	%		10/20/2025		4,179		3,991,594
Atrium X LLC(h)(i)		5.52	%		07/16/2025		600		573,963
Babson CLO Ltd. 2013-II(h)(i)		5.52	%		01/18/2025		6,540		6,315,118
Carlyle Global Market Strategies 2012-2(h)(i)		7.13	%		07/20/2023		3,541		3,549,227
Carlyle Global Market Strategies CLO 2013-1(h)(i)		6.54	%		02/14/2025		3,200		3,229,021
Carlyle High Yield Partners 2007-10(h)(i)		4.22	%		04/19/2022		1,000		996,104
Duane Street CLO 2007-4(h)(i)		5.29	%		11/14/2021		2,428		2,425,052
Four Corners CLO II, Ltd.(h)(i)		2.88	%		01/26/2020		103		103,160
Four Corners CLO II, Ltd.(h)(i)		2.88	%		01/26/2020		310		310,481
Gallatin Funding CLO VII 2014-1, Ltd.(h)(i)		6.69	%		07/15/2023		3,068		2,870,159
Highbridge Loan Management 6-2015, Ltd.(h)(i)		6.48	%		05/05/2027		500		488,613
ING Investment Management CLO 2013-1, Ltd.(h)(i)		6.02	%		04/15/2024		4,808		4,612,531
ING Investment Management CLO 2013-3, Ltd.(h)(i)		5.52	%		01/18/2026		2,501		2,384,997
ING Investment Management CLO III, Ltd.(h)(i)		4.52	%		12/13/2020		1,188		1,192,739
ING Investment Management CLO IV, Ltd.(h)(i)		5.29	%		06/14/2022		293		295,179
KKR Financial CLO 2012-1, Ltd.(h)(i)		6.46	%		12/15/2024		1,359		1,359,958
KKR Financial CLO 2013-1, Ltd.(h)(i)		5.77	%		07/15/2025		2,461		2,336,881
Madison Park Funding XIV, Ltd.(h)(i)		5.78	%		07/20/2026		1,350		1,296,529
Madison Park Funding XIV, Ltd.(h)(i)		6.43	%		07/20/2026		1,915		1,726,101
NewStar Berkeley Fund CLO LLC 2016-1(h)(i)		5.98	%		10/25/2028		2,899		2,788,882
NewStar Commercial Loan Funding 2015-1(h)(i)		6.53	%		01/20/2027		1,000		1,005,102
Northwoods Capital Ltd. 2013-10A(h)(i)		4.63	%		11/04/2025		1,130		1,124,379
Octagon Investment Partners XIX Ltd.(h)(i)		5.87	%		04/15/2026		2,920		2,626,218
Octagon Investment Partners XVII Ltd.(h)(i)		5.54	%		10/25/2025		1,975		1,877,984
Octagon Investment Partners XVIII, Ltd.(h)(i)		6.29	%		12/16/2024		4,442		4,435,004
Regatta IV Funding Ltd. 2014-1(h)(i)		5.99	%		07/25/2026		3,250		2,998,216
Silverado CLO 2006-II , Ltd.(h)(i)		4.77	%		10/16/2020		886		889,188
Stone Tower CLO, 2007-6 Ltd.(h)(i)		4.62	%		04/17/2021		1,750		1,752,937
Symphony CLO VIII, Ltd. 2012(h)(i)		7.01	%		01/09/2023		1,156		1,162,066
Symphony CLO XI, Ltd. 2013(h)(i)		6.27	%		01/17/2025		2,640		2,656,143
Voya CLO 2014-2(h)(i)		5.77	%		07/17/2026		1,875		1,766,009
Total Structured Products									69,786,216
						Shares
Common Stocks & Other Equity Interests–0.84%(j)
Aerospace & Defense–0.01%
IAP Worldwide Services(h)(k)							134		167,388

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

21                         Invesco  Floating Rate Fund

	Shares		Value
Automotive–0.01%
Dayco Products, LLC(h)(k)		3,266	$	96,755
Dayco Products, LLC(h)(k)		3,261		96,607
				193,362
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)		518		0
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 06/30/2010; Cost $3,408,940)(h)(k)		4		0
Masonite International Corp. (Canada)(k)		27,093		2,115,963
United Subcontractors, Inc.(h)(k)		4,840		726,072
				2,842,035
Business Equipment & Services–0.01%
EmployBridge Holding Co.(h)(k)		43,971		168,585
Cable & Satellite Television–0.09%
ION Media Networks, Inc.		4,471		2,323,713
Chemicals & Plastics–0.00%
LyondellBasell Industries N.V., Class A		218		19,890
Drugs–0.00%
BPA Laboratories Class A, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(h)(k)		3,490		0
BPA Laboratories Class B, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(h)(k)		5,595		0
				0
Financial Intermediaries–0.00%
Bankruptcy Management Solutions, Inc.(h)(k)		335		12,646
Bankruptcy Management Solutions, Inc. Class A, Wts. expiring 06/27/18 (Acquired 06/27/2013; Cost $0)(h)(k)		19		0
Bankruptcy Management Solutions, Inc. Class B, Wts. expiring 06/27/18 (Acquired 06/27/2013; Cost $0)(h)(k)		21		0
Bankruptcy Management Solutions, Inc. Class C, Wts. expiring 06/27/18 (Acquired 06/27/2013; Cost $0)(h)(k)		31		0
				12,646
Food Products–0.00%
QCE LLC(h)(k)		17		0
Forest Products–0.03%
Verso Corp., Class A(k)		113,805		891,093
Xerium Technologies, Inc.(k)		1,766		9,077
				900,170
Health Care–0.01%
New Millennium Holdco(h)(k)		259,087		275,410
Leisure Goods, Activities & Movies–0.00%
AMF Bowling Centers, Inc.(k)		1,665		83,666
Lodging & Casinos–0.06%
Twin River Management Group, Inc.(h)(k)		18,663		1,493,040
Nonferrous Metals & Minerals–0.12%
Arch Coal, Inc.(k)		46,749		3,359,383
Oil & Gas–0.07%
CJ Holding Co.(k)		47,780		1,911,200
Publishing–0.03%
F&W Publications, Inc.(h)(k)		288		14,400
Merrill Communications LLC, Class A(h)(k)		133,776		769,212

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

22                         Invesco  Floating Rate Fund

	Shares		Value
Publishing–(continued)
Tronc, Inc.(k)		2,262	$	33,025
				816,637
Surface Transport–0.00%
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–0.03%
FairPoint Communications, Inc.(k)		44,928		712,109
Utilities–0.27%
Bicent Power, LLC, Series A, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(h)(k)		101		0
Bicent Power, LLC, Series B, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(h)(k)		164		0
Vistra Operations Co. LLC(h)(k)		410,978		447,144
Vistra Operations Co. LLC		410,978		6,641,405
Vistra Operations Co. LLC(h)(k)		672,945		168,236
				7,256,785
Total Common Stocks & Other Equity Interests				22,610,715
Preferred Stocks–0.00%(j)
Building & Development–0.00%
United Subcontractors, Inc.(h)(k)		4,840		121,012
Retailers (except Food & Drug)–0.00%
Vivarte (France) (Acquired 01/06/2016; Cost $0)(h)(k)		934		0
Total Preferred Stocks				121,012
Money Market Funds–13.65%
Government & Agency Portfolio–Institutional Class, 0.47%(l)		220,818,906		220,818,906
Treasury Portfolio–Institutional Class, 0.41%(l)		147,212,604		147,212,604
Total Money Market Funds				368,031,510
TOTAL INVESTMENTS(m)–111.39% (Cost $3,035,047,598)				3,002,262,464
OTHER ASSETS LESS LIABILITIES–(11.39)%				(306,931,005	)
NET ASSETS–100.00%			$	2,695,331,459

Investment Abbreviations:

CLO	– Collateralized Loan Obligation
DIP	– Debtor-in-possession
EUR	– Euro
GBP	– British Pound Sterling
PIK	– Payment-in-Kind
SEK	– Swedish Krona
Wts.	– Warrants

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

23                         Invesco  Floating Rate Fund

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. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank 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 variable rate interest will settle after February 28, 2017, at which time the interest rate will be determined.

^(e)  Defaulted security. Currently, the issuer is partially or fully in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2017 was $9,650,490, which represented less than 1% of the Fund’s Net Assets.

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

Issuer	Cash Rate			PIK Rate
Adria Group Holding B.V., PIK Term Loan		—			10.50	%
Cortefiel, S.A., PIK Term Loan B-1		4.25	%		1.00
Cortefiel, S.A., PIK Term Loan B-2		4.25			1.00
Cortefiel, S.A., PIK Term Loan B-3		4.25			1.00
Cortefiel, S.A., PIK Term Loan B-3		5.65			1.00
QCE LLC, PIK Term Loan		—			10.00

^(g)  The borrower has filed for protection in federal bankruptcy court.

^(h)  Security purchased or received in a transaction exempt from registration under 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 28, 2017 was $196,863,143, which represented 7.30% of the Fund’s Net Assets.

⁽ⁱ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.

^(j)  Securities 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 28, 2017.

^(m)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

Portfolio Composition*

By credit quality rating based on Total Investments^† as of February 28, 2017

BBB+	0.1	%
BBB	0.1
BBB-	9.2
BB+	8.4
BB	17.5
BB-	16.6
B+	11.7
B	18.5
B-	5.7
CCC+	4.0
CCC	2.2
CCC-	0.6
CC	0.2
Not-Rated	4.3
Equity	0.9

^†  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.

24                         Invesco  Floating Rate Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $2,667,016,088)	$	2,634,230,954
Investments in affiliated money market funds, at value and cost		368,031,510
Total investments, at value (Cost $3,035,047,598)		3,002,262,464
Cash		14,536,840
Foreign currencies, at value (Cost $21,744,374)		21,686,178
Receivable for:
Investments sold		79,434,923
Interest and fees		12,447,280
Fund shares sold		10,297,707
Investments matured (Cost $329,968)		75,145
Unrealized appreciation on forward foreign currency contracts outstanding		849,752
Investment for trustee deferred compensation and retirement plans		168,689
Other assets		102,975
Total assets		3,141,861,953
Liabilities:
Payable for:
Investments purchased		332,636,454
Fund shares repurchased		6,182,078
Income distributions		2,019,547
Accrued fees to affiliates		912,111
Accrued trustees’ and officers’ fees and benefits		8,693
Accrued other operating expenses		546,465
Trustee deferred compensation and retirement plans		193,564
Unrealized depreciation on forward foreign currency contracts outstanding		861,262
Unfunded loan commitments		103,170,320
Total liabilities		446,530,494
Net assets applicable to common shares	$	2,695,331,459
Net assets consist of:
Shares of beneficial interest	$	2,819,840,402
Undistributed net investment income		(131,992	)
Undistributed net realized gain (loss)		(91,222,565	)
Net unrealized appreciation (depreciation)		(33,154,386	)
	$	2,695,331,459

Net Assets:
Class A	$	730,750,453
Class C	$	474,054,626
Class R	$	6,417,876
Class Y	$	913,312,429
Class R5	$	2,242,122
Class R6	$	568,553,953
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		95,871,135
Class C		62,473,003
Class R		840,738
Class Y		119,982,189
Class R5		293,905
Class R6		74,695,439
Class A:
Net asset value per share	$	7.62
Maximum offering price per share
(Net asset value of $7.62 ¸ 97.50%	$	7.82
Class C:
Net asset value and offering price per share	$	7.59
Class R:
Net asset value and offering price per share	$	7.63
Class Y:
Net asset value and offering price per share	$	7.61
Class R5:
Net asset value and offering price per share	$	7.63
Class R6:
Net asset value and offering price per share	$	7.61

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

25                         Invesco  Floating Rate Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	63,077,089
Dividends		2,188,807
Dividends from affiliated money market funds		426,969
Other income		2,227,171
Total investment income		67,920,036
Expenses:
Advisory fees		7,484,732
Administrative services fees		246,264
Custodian fees		344,346
Distribution fees:
Class A		854,331
Class C		1,723,403
Class R		15,405
Interest, facilities and maintenance fees		622,222
Transfer agent fees — A, C, R & Y		989,234
Transfer agent fees — R5		998
Transfer agent fees — R6		2,758
Trustees’ and officers’ fees and benefits		29,745
Registration and filing fees		72,168
Reports to shareholders		200,329
Professional services fees		53,515
Other		55,704
Total expenses		12,695,154
Less: Fees waived and expense offset arrangement(s)		(155,168	)
Net expenses		12,539,986
Net investment income		55,380,050
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		(14,029,669	)
Foreign currencies		(328,788	)
Forward foreign currency contracts		5,505,248
		(8,853,209	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		73,088,400
Foreign currencies		(79,728	)
Forward foreign currency contracts		327,220
		73,335,892
Net realized and unrealized gain		64,482,683
Net increase in net assets resulting from operations	$	119,862,733

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

26                         Invesco  Floating Rate Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	55,380,050		$	100,423,191
Net realized gain (loss)		(8,853,209	)		(58,736,860	)
Change in net unrealized appreciation		73,335,892			7,086,275
Net increase in net assets resulting from operations		119,862,733			48,772,606
Distributions to shareholders from net investment income:
Class A		(15,137,655	)		(35,012,324	)
Class C		(9,042,384	)		(21,796,463	)
Class R		(128,963	)		(450,487	)
Class Y		(17,474,709	)		(33,862,982	)
Class R5		(46,820	)		(151,599	)
Class R6		(13,219,055	)		(9,532,850	)
Total distributions to shareholders from net investment income		(55,049,586	)		(100,806,705	)
Share transactions-net:
Class A		51,221,669			(169,750,741	)
Class C		3,531,504			(98,187,058	)
Class R		62,634			(5,472,147	)
Class Y		245,059,078			(135,895,729	)
Class R5		332,667			(1,498,437	)
Class R6		(1,264,359	)		454,477,973
Net change in net assets resulting from share transactions		298,943,193			43,673,861
Net increase (decrease) in net assets		363,756,340			(8,360,238	)
Net assets applicable to common shares:
Beginning of period		2,331,575,119			2,339,935,357
End of period (includes undistributed net investment income of $(131,992) and $(462,456), respectively)	$	2,695,331,459		$	2,331,575,119

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

27                         Invesco  Floating Rate Fund

Statement of Cash Flows

For the six months ended February 28, 2017

(Unaudited)

Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	119,862,733
Adjustments to reconcile net increase in net assets to net cash provided by (used in) operating activities:
Purchases of investments		(1,141,578,309	)
Proceeds from sales of investments		871,769,318
Net change in unfunded loan commitments		74,906,767
Net change in transactions in foreign currency contracts		(327,220	)
Amortization of premium and accretion of discount on investment securities		(6,088,843	)
Decrease in interest receivables and other assets		1,092,761
Increase in accrued expenses and other payables		255,773
Net realized loss from investment securities		14,029,669
Net change in unrealized appreciation on investment securities		(73,088,400	)
Net cash provided by (used in) operating activities		(139,165,751	)
Cash provided by (used by) financing activities:
Dividends paid to common shareholders from net investment income		(12,568,706	)
Proceeds from shares of beneficial interest sold		650,260,659
Disbursements from shares of beneficial interest reacquired		(393,315,397	)
Net cash provided by financing activities		244,376,556
Net increase in cash and cash equivalents		105,210,805
Cash and cash equivalents at beginning of period		299,043,723
Cash and cash equivalents at end of period	$	404,254,528
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	42,351,769
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	497,222

Notes to Financial Statements

February 28, 2017

(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 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. 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

28                         Invesco  Floating Rate Fund

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.

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. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

29                         Invesco  Floating Rate Fund

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. 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.

30                         Invesco  Floating Rate Fund

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 the 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 seeks to manage 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 all 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 28, 2017, the effective advisory fees incurred by the Fund was 0.61%.

31                         Invesco  Floating Rate Fund

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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 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, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $153,663.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $68,019 in front-end sales commissions from the sale of Class A shares and $31,328 and $9,171 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.

32                         Invesco  Floating Rate Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2017. 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 28, 2017, there were transfers from Level 3 to Level 2 of $50,186,998, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $19,004,860, due to third party vendor quotations utilizing single market quotes.

	Level 1		Level 2			Level 3		Total
Variable Rate Senior Loan Interests	$	—	$	2,203,188,244		$	194,194,504	$	2,397,382,748
Bonds & Notes		—		144,324,365			5,898		144,330,263
Structured Products		—		69,786,216			—		69,786,216
Common Stocks & Other Equity Interests		15,693,145		3,443,065			3,474,505		22,610,715
Preferred Stocks		—		—			121,012		121,012
Money Market Funds		368,031,510		—			—		368,031,510
		383,724,655		2,420,741,890			197,795,919		3,002,262,464
Forward Foreign Currency Contracts*		—		(11,510	)		—		(11,510	)
Total Investments	$	383,724,655	$	2,420,730,380		$	197,795,919	$	3,002,250,954

* Unrealized appreciation (depreciation).

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 28, 2017:

	Value 08/31/16		Purchases		Sales			Accrued Discounts/ Premiums		Net Realized Gains		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Value 02/28/17
Variable Rate Senior Loan Interests	$	117,101,789	$	130,508,929	$	(27,936,124	)	$	736,519	$	440,207	$	3,756,110		$	19,004,860	$	(49,417,786	)	$	194,194,504
Bonds & Notes		—		5,898		—			—		—		—			—		—			5,898
Common Stocks & Other Equity Interests		4,676,287		316,284		—			—		—		(748,854	)		—		(769,212	)		3,474,505
Preferred Stocks		121,012		—		—			—		—		—			—		—			121,012
Total	$	121,899,088	$	130,831,111	$	(27,936,124	)	$	736,519	$	440,207	$	3,007,256		$	19,004,860	$	(50,186,998	)	$	197,795,919

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

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

33                         Invesco  Floating Rate Fund

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
03/15/17	Bank of America, N.A.		EUR	19,793,538		USD	21,088,926	$	20,980,722	$	108,204
03/15/17	Barclays Bank PLC		EUR	19,793,539		USD	21,085,445		20,980,723		104,722
03/15/17	Barclays Bank PLC		USD	21,480,235		EUR	20,230,176		21,443,549		(36,686	)
03/15/17	Barclays Bank PLC		USD	6,660,938		GBP	5,317,935		6,600,614		(60,324	)
04/18/17	Barclays Bank PLC		EUR	20,261,729		USD	21,541,222		21,511,830		29,392
04/18/17	Barclays Bank PLC		GBP	6,327,029		USD	7,925,864		7,859,995		65,869
03/15/17	Citibank, N.A.		SEK	4,190,078		USD	470,389		464,481		5,908
03/15/17	Citibank, N.A.		USD	20,665,651		EUR	19,465,597		20,633,112		(32,539	)
03/15/17	Citibank, N.A.		USD	6,671,948		GBP	5,326,246		6,610,928		(61,020	)
03/15/17	Citibank, N.A.		USD	471,002		SEK	4,205,109		466,148		(4,854	)
04/18/17	Citibank, N.A.		EUR	19,452,985		USD	20,690,019		20,653,188		36,831
04/18/17	Citibank, N.A.		GBP	5,312,876		USD	6,661,682		6,600,124		61,558
04/18/17	Citibank, N.A.		SEK	4,163,880		USD	467,254		462,391		4,863
03/15/17	Goldman Sachs International		EUR	20,986,084		USD	22,358,848		22,244,795		114,053
03/15/17	Goldman Sachs International		GBP	21,280,051		USD	25,958,184		26,412,769		(454,585	)
03/15/17	Goldman Sachs International		USD	22,533,942		EUR	21,207,407		22,479,392		(54,550	)
03/15/17	Goldman Sachs International		USD	6,661,102		GBP	5,317,935		6,600,614		(60,488	)
04/18/17	Goldman Sachs International		EUR	20,513,266		USD	21,808,488		21,778,886		29,602
04/18/17	Goldman Sachs International		GBP	5,500,746		USD	6,895,765		6,833,513		62,252
03/15/17	J.P. Morgan Chase Bank, N.A.		SEK	4,191,483		USD	470,578		464,637		5,941
03/15/17	J.P. Morgan Chase Bank, N.A.		USD	467,825		SEK	4,176,452		462,971		(4,854	)
04/18/17	J.P. Morgan Chase Bank, N.A.		SEK	4,164,315		USD	467,324		462,439		4,885
03/15/17	RBC Capital Markets Corp.		EUR	19,793,538		USD	21,091,103		20,980,722		110,381
03/15/17	RBC Capital Markets Corp.		USD	20,660,389		EUR	19,463,519		20,630,909		(29,480	)
03/15/17	RBC Capital Markets Corp.		USD	6,662,496		GBP	5,317,935		6,600,614		(61,882	)
04/18/17	RBC Capital Markets Corp.		EUR	22,455,483		USD	23,882,610		23,840,933		41,677
04/18/17	RBC Capital Markets Corp.		GBP	5,522,511		USD	6,924,166		6,860,552		63,614
Total Forward Foreign Currency Contracts — Currency Risk										$	(11,510	)

Currency Abbreviations:

EUR	– Euro
GBP	– British Pound Sterling
SEK	– Swedish Krona
USD	– U.S. Dollar

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 28, 2017:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding(a)	$	849,752
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	849,752
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding(a)	$	(861,262	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(861,262	)

^(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.

34                         Invesco  Floating Rate Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2017.

	Financial Derivative Assets		Financial Derivative Liabilities			Net Value of Derivatives			Collateral (Received)/Pledged				Net Amount
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts						Non-Cash		Cash
Bank of America, N.A.	$	108,204	$	—		$	108,204		$	—	$	—	$	108,204
Barclays Bank PLC		199,983		(97,010	)		102,973			—		—		102,973
Citibank, N.A.		109,160		(98,413	)		10,747			—		—		10,747
Goldman Sachs International		205,907		(569,623	)		(363,716	)		—		—		(363,716	)
J.P. Morgan Chase Bank, N.A.		10,826		(4,854	)		5,972			—		—		5,972
RBC Capital Markets Corp.		215,672		(91,362	)		124,310			—		—		124,310
Total	$	849,752	$	(861,262	)	$	(11,510)		$	—	$	—	$	(11,510)

Effect of Derivative Investments for the six months ended February 28, 2017

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
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	5,505,248
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		327,220
Total	$	5,832,468

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

	Forward Foreign Currency Contracts
Average notional value	$	279,287,836

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,505.

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—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 19, 2017.

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.

35                         Invesco  Floating Rate Fund

NOTE 8—Unfunded Loan Commitments

As of February 28, 2017, 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(a)		Value
Accudyne Industries LLC	Revolver Loan	$	4,464,973	$	4,040,800
Avaya Inc.	DIP Term Loan		854,677		854,677
Brickman Group Ltd. LLC	Revolver Loan		992,343		989,336
CH Hold Corp.	Delayed Draw Term Loan		192,360		192,360
Community Health Systems, Inc.	Revolver Loan		1,733,146		1,725,477
Delta Air Lines, Inc.	Revolver Loan		2,274,233		2,257,176
Equinox Holdings Inc.	Revolver Loan		1,866,265		1,679,639
Filtration Group Corp.	Incremental Term Loan B		2,824,899		2,824,899
Getty Images, Inc.	Revolver Loan		6,893,288		6,634,789
Go Daddy Operating Co., LLC	Delayed Draw Term Loan		12,282,165		12,282,165
Hearthside Group Holdings, LLC	Revolver Loan		2,701,077		2,696,756
IAP Worldwide Services	Revolver Loan		789,017		773,237
National Vision, Inc.	First Lien Revolver Loan		3,004,345		2,553,693
NRG Energy Inc.	Revolver Loan A		41,372,155		41,213,493
Oberthur Technologies of America Corp.	Term Loan B-2		2,831,444		2,831,444
Oberthur Technologies of America Corp.	Term Loan B-2	EUR	4,743,579		5,025,585
Post Holdings, Inc.	Revolver Loan		3,559,205		3,559,205
Prime Security Services Borrower, LLC	Revolver Loan		3,829,058		3,826,665
Scientific Games International, Inc.	Revolver Loan		4,575,335		4,453,334
Transtar Holding Co.	DIP Term Loan		660,349		660,349
TricorBraun, Inc.	Delayed Draw Term Loan		311,753		311,753
Unilabs Diagnostics AB	Revolver Loan	EUR	1,849,988		1,783,488
		$	104,605,654	$	103,170,320

^(a)  Principal amounts are denominated in U.S. Dollars unless otherwise noted.

Abbreviations:

EUR – Euro

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, 2016, 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		6,743,901		71,526,558		78,270,459
	$	9,483,186	$	71,526,558	$	81,009,744

* 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.

36                         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 28, 2017 was $1,279,199,037 and $920,147,836, 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	$	38,700,317
Aggregate unrealized (depreciation) of investment securities		(74,550,086	)
Net unrealized appreciation (depreciation) of investment securities	$	(35,849,769	)

Cost of investments for tax purposes is $3,038,112,233.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		23,100,088		$	174,101,611			18,305,635		$	133,356,343
Class C		8,386,492			62,915,672			10,247,500			74,451,098
Class R		232,969			1,756,997			148,449			1,082,447
Class Y		51,029,986			384,323,290			46,131,160			334,570,973
Class R5		61,884			467,374			90,521			660,421
Class R6(b)		3,819,761			28,762,184			71,831,902			525,955,676
Issued as reinvestment of dividends:
Class A		1,416,415			10,690,681			3,330,762			24,151,169
Class C		888,221			6,671,420			2,222,042			16,036,285
Class R		15,185			114,752			58,306			422,486
Class Y		1,539,939			11,616,586			3,024,878			21,914,259
Class R5		5,199			39,274			17,233			124,645
Class R6		1,754,011			13,219,056			1,241,226			9,044,426
Reacquired:
Class A		(17,734,650	)		(133,570,623	)		(45,162,725	)		(327,258,253	)
Class C		(8,815,295	)		(66,055,588	)		(26,245,612	)		(188,674,441	)
Class R		(240,001	)		(1,809,115	)		(955,433	)		(6,977,080	)
Class Y		(20,071,735	)		(150,880,798	)		(68,461,342	)		(492,380,961	)
Class R5		(23,216	)		(173,981	)		(316,058	)		(2,283,503	)
Class R6		(5,761,556	)		(43,245,599	)		(11,146,079	)		(80,522,129	)
Net increase in share activity		39,603,697		$	298,943,193			4,362,365		$	43,673,861

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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.

^(b)  During the year ended August 31, 2016, Class R6 Shares valued at $428,616,988 were issued to investors in the CollegeBound 529 Program.

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.

37                         Invesco  Floating Rate Fund

At the six months ended February 28, 2017, 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	$	6,634,789
Citibank N.A.		4,464,973		4,040,800
Goldman Sachs International		6,570,432		6,112,898
Mizuho Corporate Bank		41,372,155		41,213,493
Total	$	59,300,848	$	58,001,980

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 02/28/17	$	7.42	$	0.17	$	0.20		$	0.37		$	(0.17	)	$	7.62		4.97	%	$	730,750		1.09	%(e)(f)		1.10	%(e)(f)		4.45	%(f)		38	%
Year ended 08/31/16		7.56		0.36		(0.14	)		0.22			(0.36	)		7.42		3.12			661,412		1.10	(e)		1.11	(e)		4.93			70
Year ended 08/31/15		7.95		0.35		(0.38	)		(0.03	)		(0.36	)		7.56		(0.42	)		850,891		1.06	(e)		1.06	(e)		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	(e)		1.04	(e)		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	(e)		1.09	(e)		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	(e)		1.11	(e)		4.80			82
Class C
Six months ended 02/28/17		7.39		0.15		0.20			0.35			(0.15	)		7.59		4.72			474,055		1.59	(e)(f)		1.60	(e)(f)		3.95	(f)		38
Year ended 08/31/16		7.52		0.32		(0.13	)		0.19			(0.32	)		7.39		2.74			458,340		1.60	(e)		1.61	(e)		4.43			70
Year ended 08/31/15		7.92		0.31		(0.39	)		(0.08	)		(0.32	)		7.52		(1.07	)		570,097		1.56	(e)		1.56	(e)		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	(e)		1.54	(e)		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	(e)		1.59	(e)		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	(e)		1.61	(e)		4.30			82
Class R
Six months ended 02/28/17		7.44		0.16		0.19			0.35			(0.16	)		7.63		4.70			6,418		1.34	(e)(f)		1.35	(e)(f)		4.20	(f)		38
Year ended 08/31/16		7.57		0.34		(0.13	)		0.21			(0.34	)		7.44		3.00			6,191		1.35	(e)		1.36	(e)		4.68			70
Year ended 08/31/15		7.97		0.33		(0.39	)		(0.06	)		(0.34	)		7.57		(0.79	)		11,969		1.31	(e)		1.31	(e)		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	(e)		1.29	(e)		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	(e)		1.34	(e)		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	(e)		1.36	(e)		4.55			82
Class Y
Six months ended 02/28/17		7.41		0.18		0.19			0.37			(0.17	)		7.61		5.10			913,312		0.84	(e)(f)		0.85	(e)(f)		4.70	(f)		38
Year ended 08/31/16		7.54		0.38		(0.13	)		0.25			(0.38	)		7.41		3.51			648,603		0.85	(e)		0.86	(e)		5.18			70
Year ended 08/31/15		7.94		0.37		(0.39	)		(0.02	)		(0.38	)		7.54		(0.31	)		805,611		0.81	(e)		0.81	(e)		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	(e)		0.79	(e)		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	(e)		0.84	(e)		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	(e)		0.86	(e)		5.05			82
Class R5
Six months ended 02/28/17		7.43		0.18		0.20			0.38			(0.18	)		7.63		5.10			2,242		0.83	(e)(f)		0.84	(e)(f)		4.71	(f)		38
Year ended 08/31/16		7.56		0.38		(0.13	)		0.25			(0.38	)		7.43		3.52			1,858		0.84	(e)		0.85	(e)		5.19			70
Year ended 08/31/15		7.96		0.37		(0.39	)		(0.02	)		(0.38	)		7.56		(0.29	)		3,466		0.80	(e)		0.80	(e)		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	(e)		0.77	(e)		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	(e)		0.82	(e)		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	(e)		0.77	(e)		5.14			82
Class R6
Six months ended 02/28/17		7.41		0.18		0.20			0.38			(0.18	)		7.61		5.16			568,554		0.73	(e)(f)		0.74	(e)(f)		4.81	(f)		38
Year ended 08/31/16		7.56		0.39		(0.16	)		0.23			(0.38	)		7.41		3.34			555,172		0.75	(e)		0.76	(e)		5.28			70
Year ended 08/31/15		7.95		0.38		(0.38	)		0.00			(0.39	)		7.56		(0.06	)		97,902		0.70	(e)		0.70	(e)		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	(e)		0.70	(e)		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	(e)(h)		0.77	(e)(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 year ended August 31, 2012.

^(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)  Ratio includes line of credit expense of 0.05%, 0.05%, 0.03%, 0.02%, 0.02% and 0.03% for the six months ended February 28, 2017 and the years ended August 31, 2016, August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012, respectively.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $689,129, $463,383, $6,213, $756,733, $2,013 and $556,449 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(h)  Annualized.

38                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,049.70	$	5.54	$	1,019.39	$	5.46		1.09	%
C		1,000.00		1,047.20		8.07		1,016.91		7.95		1.59
R		1,000.00		1,047.00		6.80		1,018.15		6.71		1.34
Y		1,000.00		1,051.00		4.27		1,020.63		4.21		0.84
R5		1,000.00		1,051.00		4.22		1,020.68		4.16		0.83
R6		1,000.00		1,051.60		3.71		1,021.17		3.66		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

39                         Invesco  Floating Rate Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             FLR-SAR-1             04172017      0805

	Semiannual Report to Shareholders	February 28, 2017
	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, 8/31/16 to 2/28/17, 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	-1.38	%
Class B Shares	-1.76
Class C Shares	-1.76
Class Y Shares	-1.37
Class R5 Shares	-1.22
Class R6 Shares	-1.17
MSCI World Indexq(Broad Market Index)	7.78
Custom Invesco Global Real Estate Income Index∎(Style-Specific Index)	-3.11
Lipper Global Real Estate Funds Classification Average◆ (Peer Group)	-2.88
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.
The MSCI World IndexSM 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2 Invesco Global Real Estate Income Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	8.22	%
10 Years	2.86
5 Years	5.06
1 Year	2.86
Class B Shares
10 Years	2.82	%
5 Years	5.13
1 Year	2.95
Class C Shares
10 Years	2.66	%
5 Years	5.46
1 Year	6.95
Class Y Shares
10 Years	3.63	%
5 Years	6.51
1 Year	9.04
Class R5 Shares
10 Years	3.84	%
5 Years	6.62
1 Year	9.23
Class R6 Shares
10 Years	3.65	%
5 Years	6.67
1 Year	9.33

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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	8.11	%
10 Years	2.80
5 Years	5.68
1 Year	-0.79
Class B Shares
10 Years	2.73	%
5 Years	5.75
1 Year	-0.82
Class C Shares
10 Years	2.59	%
5 Years	6.07
1 Year	3.18
Class Y Shares
10 Years	3.56	%
5 Years	7.15
1 Year	5.23
Class R5 Shares
10 Years	3.76	%
5 Years	7.25
1 Year	5.30
Class R6 Shares
10 Years	3.57	%
5 Years	7.27
1 Year	5.40

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 1.24%, 1.99%, 1.99%, 0.99%, 0.90% and 0.82%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4 Invesco Global Real Estate Income Fund

Schedule of Investments

February 28, 2017

(Unaudited)

	Shares		Value
Real Estate Investment Trusts, Common Stocks & Other Equity Interests–61.09%
Australia–5.67%
DEXUS Property Group		1,094,564	$	7,906,422
Goodman Group		1,764,146		10,190,341
GPT Group (The)		1,801,747		6,793,470
Mirvac Group		2,080,198		3,417,388
Stockland		2,574,606		9,303,293
Vicinity Centres		933,845		2,065,403
Westfield Corp.		2,213,564		14,913,215
				54,589,532
Canada–2.70%
H&R REIT		656,500		11,666,278
Pembina Pipeline Corp.		161,214		5,210,124
RioCan REIT		253,800		5,098,742
Smart REIT		160,900		4,050,214
				26,025,358
China–0.10%
Guangzhou R&F Properties Co. Ltd.–Class H		669,200		924,111
France–2.35%
ICADE		35,369		2,521,844
Klepierre		127,200		4,725,431
Mercialys S.A.		174,319		3,148,833
Unibail-Rodamco S.E.		53,785		12,271,185
				22,667,293
Hong Kong–4.65%
Cheung Kong Property Holdings Ltd.		554,000		3,777,981
Hang Lung Properties Ltd.		993,000		2,507,140
Hongkong Land Holdings Ltd.		306,700		2,093,121
Link REIT		1,218,500		8,418,459
New World Development Co. Ltd.		3,487,000		4,563,719
Sun Hung Kai Properties Ltd.		1,164,000		17,053,708
Swire Properties Ltd.		1,310,600		3,942,124
Wharf (Holdings) Ltd. (The)		307,000		2,429,297
				44,785,549
Japan–6.42%
Activia Properties, Inc.		483		2,386,725
GLP J-REIT		4,133		4,724,900
Hulic Reit, Inc.		2,092		3,462,608
Japan Excellent, Inc.		1,541		1,999,053
Japan Logistics Fund Inc.		912		1,968,293
Japan Real Estate Investment Corp.		348		1,917,927
Japan Retail Fund Investment Corp.		1,120		2,253,662
Kenedix Office Investment Corp.		1,044		6,209,251
Kenedix Retail REIT Corp.		838		1,983,922
Mitsubishi Estate Co., Ltd.		424,000		8,286,337

	Shares		Value
Japan–(continued)
Mitsui Fudosan Co., Ltd.		590,000	$	13,358,590
Nippon Prologis REIT Inc.		1,836		3,947,772
ORIX JREIT Inc.		1,492		2,349,951
Tokyo Tatemono Co., Ltd.		117,600		1,659,582
United Urban Investment Corp.		3,455		5,370,992
				61,879,565
Netherlands–0.67%
Wereldhave N.V.		147,958		6,462,972
Singapore–2.16%
Ascendas REIT		4,516,900		8,071,616
CapitaLand Mall Trust		796,700		1,120,071
Mapletree Commercial Trust		2,264,400		2,423,979
Mapletree Industrial Trust		7,775,400		9,238,923
				20,854,589
South Africa–0.24%
SA Corporate Real Estate Fund Nominees Proprietary Ltd.		5,423,479		2,319,528
Spain–0.54%
Ferrovial, S.A.		272,167		5,162,859
Sweden–0.47%
Wihlborgs Fastigheter AB		228,127		4,532,163
Switzerland–0.20%
Swiss Prime Site AG		22,564		1,959,254
United Kingdom–3.61%
British Land Co. PLC (The)		196,174		1,505,041
Hammerson PLC		563,817		4,117,550
Hansteen Holdings PLC		2,202,318		3,205,770
Kennedy Wilson Europe Real Estate PLC		491,178		5,912,415
Land Securities Group PLC		1,299,283		17,156,009
Segro PLC		464,832		2,848,403
				34,745,188
United States–31.31%
American Campus Communities, Inc.		99,076		5,062,784
Apple Hospitality REIT, Inc.		531,927		10,447,046
AvalonBay Communities, Inc.		76,156		13,995,950
Boston Properties, Inc.		55,013		7,648,457
Brandywine Realty Trust		383,177		6,383,729
Brixmor Property Group, Inc.		472,344		11,024,509
Care Capital Properties, Inc.		157,994		4,153,662
Cohen & Steers Quality Income Realty Fund, Inc.		357,173		4,703,968
Crown Castle International Corp.		54,517		5,098,975
CyrusOne Inc.		172,311		8,770,630
DCT Industrial Trust Inc.		55,345		2,647,705
DiamondRock Hospitality Co.		683,560		7,430,297

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)
DuPont Fabros Technology Inc.		68,590	$	3,531,699
EastGroup Properties, Inc.		70,040		5,206,774
EnLink Midstream LLC		270,607		5,195,654
EPR Properties		96,865		7,454,730
Equity Residential		85,725		5,406,676
Essex Property Trust, Inc.		35,103		8,238,674
Extra Space Storage Inc.		28,823		2,282,493
Federal Realty Investment Trust		56,423		7,940,409
HCP, Inc.		499,691		16,384,868
Host Hotels & Resorts Inc.		427,464		7,690,077
Hudson Pacific Properties Inc.		438,303		16,033,124
InfraREIT, Inc.		601,243		10,010,696
Lamar Advertising Co.–Class A		78,864		5,952,655
LaSalle Hotel Properties		158,379		4,577,153
Liberty Property Trust		268,846		10,603,286
Life Storage, Inc.		61,595		5,459,165
Macquarie Infrastructure Corp.		58,714		4,517,455
Mid-America Apartment Communities, Inc.		30,723		3,156,174
National Health Investors, Inc.		25,761		1,950,623
National Retail Properties, Inc.		238,611		10,794,762
Pattern Energy Group Inc.		251,408		5,226,772
Public Storage		11,727		2,667,423
QTS Realty Trust, Inc.–Class A		39,238		2,063,919
Realty Income Corp.		71,624		4,389,119
Retail Opportunity Investments Corp.		463,159		10,189,498
Rexford Industrial Realty, Inc.		88,142		2,025,503
RLJ Lodging Trust		249,974		5,689,408
Simon Property Group, Inc.		94,647		17,452,907
Terreno Realty Corp.		79,376		2,198,715
Ventas, Inc.		152,714		9,934,046
Washington REIT		95,013		3,107,875
Weingarten Realty Investors		137,748		4,885,921
Welltower Inc.		29,369		2,066,990
				301,652,955
Total Real Estate Investment Trusts, Common Stocks & Other Equity Interests (Cost $562,645,895)				588,560,916
	Principal Amount
Mortgage-Backed Securities–18.19%
Ireland–0.25%
Taurus Ltd., REGS, Series 2015-DE2, Class E, Floating Rate Pass Through Ctfs., 3.40%, 02/01/2026(a)(b)(c)		EUR 2,300,000		2,437,622
United Kingdom–0.96%
Logistics UK PLC, Series 2015-1A, Class E, Floating Rate Pass Through Ctfs., 3.76%, 08/20/2025(a)(b)(c)	GBP	7,500,000		9,244,721

	Principal Amount		Value
United States–16.98%
Banc of America Merrill Lynch Commercial Mortgage Inc., Series 2005-5, Class F, Variable Rate Pass Through Ctfs., 5.39%, 10/10/2045(a)(b)	$	5,800,000	$	5,794,607
Banc of America Merrill Lynch Large Loan Inc., Series 2013-FRR1, Class A1, Pass Through Ctfs., 0.00%, 12/26/2020(b)(d)		6,650,000		5,418,240
Series 2014-FRR7, Class B, Floating Rate Pass Through Ctfs., 3.03%, 10/26/2044(a)(b)		4,900,000		4,849,370
Series 2014-ICTS, Class E, Floating Rate Pass Through Ctfs., 3.72%, 06/15/2028(a)(b)		11,750,000		11,631,537
Series 2015-ASHF, Class E, Floating Rate Pass Through Ctfs., 4.77%, 01/15/2028(a)(b)		1,400,000		1,400,686
Series 2016-FR13, Class A, Variable Rate Pass Through Ctfs., 1.73%, 08/27/2045(a)(b)		5,000,000		4,123,336
Series 2016-FR13, Class B, Variable Rate Pass Through Ctfs., 1.99%, 08/27/2045(a)(b)		10,308,000		7,771,480
Bear Stearns Commercial Mortgage Securities Trust, Series 2004-PWR6, Class B, Variable Rate Pass Through Ctfs., 4.95%, 11/11/2041(a)(b)		12,531		12,614
CGBAM Commercial Mortgage Trust, Series 2015-SMRT, Class E, Variable Rate Pass Through Ctfs., 3.79%, 04/10/2028(a)(b)		9,800,000		9,771,347
FREMF Mortgage Trust, Series 2015-K718, Class C, Variable Rate Pass Through Ctfs., 3.55%, 02/25/2022(a)(b)		4,900,000		4,557,327
GS Mortgage Securities Trust, Series 2011-GC3, Class E, Variable Rate Pass Through Ctfs., 5.00%, 03/10/2044(a)(b)		8,605,000		7,696,178
Series 2011-GC3, Class F, Variable Rate Pass Through Ctfs., 5.00%, 03/10/2044(a)(b)		4,900,000		4,446,054
Series 2011-GC5, Class E, Variable Rate Pass Through Ctfs., 5.40%, 08/10/2044(a)(b)		11,025,000		9,578,078
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class TAC1, Pass Through Ctfs., 7.99%, 07/15/2046(b)		1,786,243		1,817,968
Series 2012-C8, Class E, Variable Rate Pass Through Ctfs., 4.66%, 10/15/2045(a)(b)		7,805,000		7,213,856
Series 2013-LC11, Class D, Variable Rate Pass Through Ctfs., 4.26%, 04/15/2046(a)		12,749,000		11,698,019
Series 2015-FRR2, Class AK36, Variable Rate Pass Through Ctfs., 2.33%, 12/27/2046(a)(b)		9,890,000		7,895,600

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)
JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class RIM, Pass Through Ctfs., 4.30%, 09/15/2047(b)	$	10,000,000	$	9,309,753
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class E, Variable Rate Pass Through Ctfs., 6.04%, 09/12/2042(a)(b)		235,000		247,122
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class D, Variable Rate Pass Through Ctfs., 4.76%, 10/15/2046(a)(b)		13,510,000		12,805,079
Series 2013-C9, Class D, Variable Rate Pass Through Ctfs., 4.15%, 05/15/2046(a)(b)		13,590,000		12,593,410
Morgan Stanley Capital I Trust, Series 2003-TOP11, Class G, Variable Rate Pass Through Ctfs., 5.76%, 06/13/2041(a)(b)		515,873		517,325
Series 2006-IQ11, Class B, Variable Rate Pass Through Ctfs., 6.27%, 10/15/2042(a)		270,000		268,569
Starwood Retail Property Trust, Series 2014-STAR, Class E, Floating Rate Pass Through Ctfs., 4.92%, 11/15/2027(a)(b)		12,200,000		11,620,417
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class H, Variable Rate Pass Through Ctfs., 5.22%, 10/15/2041(a)(b)		170,798		171,127
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class D, Variable Rate Pass Through Ctfs., 4.35%, 03/15/2048(a)(b)		11,279,000		10,406,573
				163,615,672
Total Mortgage-Backed Securities (Cost $177,350,816)				175,298,015
	Shares
Preferred Stocks–15.91%
Australia–0.49%
Goodman PLUS Trust, REGS, Unsec. Sub. Gtd. Floating Rate 5.64% Pfd.(a)(b)		60,179		4,696,668
United States–15.43%
Alexandria Real Estate Equities Inc., Series E, 6.45% Pfd.		195,684		4,944,935
American Tower Corp., Series A, $5.25 Conv. Pfd.		87,840		9,562,262
American Tower Corp., Series B, $5.50 Conv. Pfd.		90,100		9,738,909
Brandywine Realty Trust, Series E, 6.90% Pfd.		228,708		5,804,609
Chesapeake Lodging Trust, Series A, 7.75% Pfd.		68,500		1,754,970
CoreSite Realty Corp., Series A, 7.25% Pfd.		408,585		10,476,119
DDR Corp., Series J, 6.50% Pfd.		25,000		633,250

	Shares		Value
United States–(continued)
DDR Corp., Series K, 6.25% Pfd.		92,654	$	2,327,469
Digital Realty Trust, Inc., Series F, 6.63% Pfd.		61,500		1,566,405
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		72,477		1,996,017
Digital Realty Trust, Inc., Series I, 6.35% Pfd.		97,000		2,560,800
Dominion Resources, Inc., Series A, Conv. Investment Units, 6.75%, 08/15/2019		71,900		3,658,991
Eagle Hospitality Properties Trust Inc., Series A, 8.25% Pfd.		195,800		12,257
EPR Properties, Series F, 6.63% Pfd.		30,000		777,300
GGP Inc., Series A, 6.38% Pfd.		146,796		3,785,869
Hersha Hospitality Trust, Series E, 6.50% Pfd.		100,000		2,400,000
Kilroy Realty Corp., Series G, 6.88% Pfd.		222,502		5,611,501
Kilroy Realty Corp., Series H, 6.38% Pfd.		292,827		7,452,447
Kinder Morgan, Inc., Series A, 4.88% Conv. Pfd.		191,700		9,335,790
LaSalle Hotel Properties, Series H, 7.50% Pfd.		249,210		6,337,410
LaSalle Hotel Properties, Series I, 6.38% Pfd.		127,800		3,226,950
NextEra Energy, Inc., Series H, Conv. Investment Units, 6.37%, 09/1/2018		61,800		3,772,272
NuStar Logistics L.P., 7.63% Jr. Unsec. Gtd. Sub. Pfd.		137,374		3,623,926
Pebblebrook Hotel Trust, Series C, 6.50% Pfd.		177,670		4,523,478
Public Storage, Series T, 5.75% Pfd.		50,000		1,255,500
Public Storage, Series Y, 6.38% Pfd.		374,114		10,243,241
Public Storage, Series Z, 6.00% Pfd.		70,540		1,883,418
Regency Centers Corp., Series 7, 6.00% Pfd.		30,162		764,607
Saul Centers, Inc., Series C, 6.88% Pfd.		121,236		3,080,607
Summit Hotel Properties, Inc., Series B, 7.88% Pfd.		161,156		4,112,701
Sun Communities, Inc., Series A, 7.13% Pfd.		7,729		198,249
Sunstone Hotel Investors, Inc., Series E, 6.95% Pfd.		72,500		1,870,500
Targa Resources Partners LP, Series A, 9.00% Pfd.		112,807		3,096,552
Terreno Realty Corp., Series A, 7.75% Pfd.		217,651		5,571,866
Welltower Inc., Series J, 6.50% Pfd.		423,031		10,673,072
				148,634,249
Total Preferred Stocks (Cost $155,520,910)				153,330,917

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

7                         Invesco Global Real Estate Income Fund

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–2.44 %
United States–2.19%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022	$	12,605,000	$	13,282,519
Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/1/2022		4,975,000		5,279,718
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 4.25%, 11/15/2023		2,500,000		2,493,750
Total U.S. Dollar Denominated Bonds & Notes (Cost $20,731,521)				21,055,987
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 $3,191,508)	AUD	2,980,000		2,452,009

	Shares		Value
Money Market Funds–2.04%
Government & Agency Portfolio–Institutional Class, 0.47%(e)		11,778,560	$	11,778,560
Treasury Portfolio–Institutional Class, 0.41%(e)		7,852,374		7,852,374
Total Money Market Funds (Cost $19,630,934)				19,630,934
TOTAL INVESTMENTS–99.67% (Cost $939,071,584)				960,328,778
OTHER ASSETS LESS LIABILITIES–0.33%				3,214,940
NET ASSETS–100.00%			$	963,543,718

Investment Abbreviations:

AUD	– Australian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
EUR	– Euro
GBP	– British Pound
Gtd.	– Guaranteed

Pfd.	– Preferred
REGS	– Regulation S
REIT	– Real Estate Investment Trust
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

Notes to Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.

^(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 28, 2017 was $168,028,095, which represented 17.44% of the Fund’s Net Assets.

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

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

^(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 28, 2017.

Portfolio Composition

By country, based on Net Assets

as of February 28, 2017

United States	65.9	%
Australia	6.4
Japan	6.4
Hong Kong	4.6
United Kingdom	4.6
Canada	2.7
France	2.3
Singapore	2.2
Countries each less than 2.0% of the portfolio	2.5
Money Market Funds Plus Other Assets Less Liabilities	2.4

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 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $919,440,650)	$	940,697,844
Investments in affiliated money market funds, at value and cost		19,630,934
Total investments, at value (Cost $939,071,584)		960,328,778
Foreign currencies, at value (Cost $446,995)		2,224,369
Receivable for:
Investments sold		872,332
Fund shares sold		1,091,761
Dividends and interest		1,367,062
Investment for trustee deferred compensation and retirement plans		132,157
Other assets		58,193
Total assets		966,074,652
Liabilities:
Payable for:
Investments purchased		271,881
Fund shares reacquired		1,564,922
Accrued fees to affiliates		399,258
Accrued trustees’ and officers’ fees and benefits		4,246
Accrued other operating expenses		141,760
Trustee deferred compensation and retirement plans		148,867
Total liabilities		2,530,934
Net assets applicable to shares outstanding	$	963,543,718
Net assets consist of:
Shares of beneficial interest	$	949,670,342
Undistributed net investment income		(5,262,289	)
Undistributed net realized gain (loss)		(2,159,310	)
Net unrealized appreciation		21,294,975
	$	963,543,718

Net Assets:
Class A	$	328,240,603
Class B	$	599,464
Class C	$	79,550,637
Class Y	$	395,701,722
Class R5	$	7,185,896
Class R6	$	152,265,396
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		36,840,959
Class B		67,416
Class C		8,946,460
Class Y		44,546,475
Class R5		806,874
Class R6		17,096,586
Class A:
Net asset value per share	$	8.91
Maximum offering price per share
(Net asset value of $8.91 ¸ 94.50%)	$	9.43
Class B:
Net asset value and offering price per share	$	8.89
Class C:
Net asset value and offering price per share	$	8.89
Class Y:
Net asset value and offering price per share	$	8.88
Class R5:
Net asset value and offering price per share	$	8.91
Class R6:
Net asset value and offering price per share	$	8.91

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 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $512,473)	$	18,645,226
Dividends from affiliated money market funds		50,150
Interest (net of foreign withholding taxes of $508)		4,812,140
Total investment income		23,507,516
Expenses:
Advisory fees		3,595,894
Administrative services fees		124,521
Custodian fees		50,013
Distribution fees:
Class A		430,956
Class B		3,214
Class C		423,197
Transfer agent Fees — A, B, C and Y		670,706
Transfer agent fees — R5		5,371
Transfer agent fees — R6		4,417
Trustees’ and officers’ fees and benefits		19,383
Registration and filing fees		50,508
Reports to shareholders		101,813
Professional services fees		20,873
Other		13,459
Total expenses		5,514,325
Less: Fees waived and expense offset arrangement(s)		(19,283	)
Net expenses		5,495,042
Net investment income		18,012,474
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		3,456,800
Foreign currencies		(57,120	)
		3,399,680
Change in net unrealized appreciation (depreciation) of:
Investment securities		(37,388,302	)
Foreign currencies		66,550
		(37,321,752	)
Net realized and unrealized gain (loss)		(33,922,072	)
Net increase (decrease) in net assets resulting from operations	$	(15,909,598	)

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 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	18,012,474		$	33,035,008
Net realized gain		3,399,680			2,312,376
Change in net unrealized appreciation (depreciation)		(37,321,752	)		72,373,878
Net increase (decrease) in net assets resulting from operations		(15,909,598	)		107,721,262
Distributions to shareholders from net investment income:
Class A		(10,199,347	)		(13,587,464	)
Class B		(16,422	)		(22,340	)
Class C		(2,177,448	)		(2,395,083	)
Class Y		(11,804,710	)		(13,000,393	)
Class R5		(371,018	)		(452,823	)
Class R6		(4,606,613	)		(1,554,186	)
Total distributions from net investment income		(29,175,558	)		(31,012,289	)
Distributions to shareholders from net realized gains:
Class A		—			(9,628,157	)
Class B		—			(21,631	)
Class C		—			(2,248,413	)
Class Y		—			(8,688,128	)
Class R5		—			(291,961	)
Class R6		—			(36,308	)
Total distributions from net realized gains		—			(20,914,598	)
Share transactions–net:
Class A		(40,700,417	)		(135,211,872	)
Class B		(80,352	)		(393,474	)
Class C		(11,498,909	)		(14,025,104	)
Class Y		15,724,001			(21,498,414	)
Class R5		(5,048,771	)		(1,989,813	)
Class R6		2,673,848			146,096,174
Net increase (decrease) in net assets resulting from share transactions		(38,930,600	)		(27,022,503	)
Net increase (decrease) in net assets		(84,015,756	)		28,771,872
Net assets:
Beginning of period		1,047,559,474			1,018,787,602
End of period (includes undistributed net investment income of $(5,262,289) and $5,900,795, respectively)	$	963,543,718		$	1,047,559,474

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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.

12                         Invesco Global Real Estate Income 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 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.

13                         Invesco Global Real Estate Income Fund

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 the 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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $18,434.

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 28, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

14                         Invesco Global Real Estate Income 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $17,147 in front-end sales commissions from the sale of Class A shares and $1,515, $1 and $1,646 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 28, 2017. 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 28, 2017, there were transfers from Level 1 to Level 2 of $ 16,368,010 and from Level 2 to Level 1 of $35,072,946, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Australia	$	4,696,668	$	57,041,541	$	—	$	61,738,209
Canada		26,025,358		—		—		26,025,358
China		924,111		—		—		924,111
France		22,667,293		—		—		22,667,293
Hong Kong		11,012,983		33,772,566		—		44,785,549
Ireland		—		2,437,622		—		2,437,622
Japan		61,879,565		—		—		61,879,565
Netherlands		6,462,972		—		—		6,462,972
Singapore		12,782,973		8,071,616		—		20,854,589
South Africa		2,319,528		—		—		2,319,528
Spain		5,162,859		—		—		5,162,859
Sweden		—		4,532,163		—		4,532,163
Switzerland		1,959,254		—		—		1,959,254
United Kingdom		16,084,138		27,905,771		—		43,989,909
United States		446,615,957		188,342,906		—		634,958,863
Money Market Funds		19,630,934		—		—		19,630,934
Total Investments	$	638,224,593	$	322,104,185	$	—	$	960,328,778

15                         Invesco Global Real Estate Income 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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $849.

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 had a capital loss carryforward as of August 31, 2016, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	156,511	$	—	$	156,511

* 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 28, 2017 was $186,736,276 and $229,358,511, 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	$	43,971,605
Aggregate unrealized (depreciation) of investment securities		(39,969,774	)
Net unrealized appreciation of investment securities	$	4,001,831

Cost of investments for tax purposes is $956,326,947.

16                         Invesco Global Real Estate Income Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,518,391		$	22,203,432			6,003,077		$	52,782,040
Class B		161			1,377			1,493			13,353
Class C		268,466			2,374,817			631,655			5,603,735
Class Y		9,563,905			83,761,994			13,141,894			116,381,172
Class R5		111,691			989,036			176,484			1,575,410
Class R6		914,895			7,967,686			16,972,317			149,555,587
Issued as reinvestment of dividends:
Class A		925,353			8,147,915			2,100,834			18,121,821
Class B		1,695			14,907			4,587			39,475
Class C		188,440			1,656,530			437,021			3,759,986
Class Y		974,313			8,537,711			2,012,635			17,313,889
Class R5		38,004			333,883			81,337			701,839
Class R6		524,496			4,606,328			178,842			1,589,958
Automatic conversion of Class B shares to Class A shares:
Class A		562			5,020			26,714			237,281
Class B		(563	)		(5,020	)		(26,744	)		(237,281	)
Reacquired:
Class A		(8,079,789	)		(71,056,784	)		(23,377,769	)		(206,353,014	)
Class B		(10,462	)		(91,616	)		(23,712	)		(209,021	)
Class C		(1,769,359	)		(15,530,256	)		(2,636,088	)		(23,388,825	)
Class Y		(8,777,935	)		(76,575,704	)		(17,697,872	)		(155,193,475	)
Class R5		(730,156	)		(6,371,690	)		(483,594	)		(4,267,062	)
Class R6		(1,105,639	)		(9,900,166	)		(552,776	)		(5,049,371	)
Net increase (decrease) in share activity		(4,443,531	)	$	(38,930,600	)		(3,029,665	)	$	(27,022,503	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

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 02/28/17	$	9.30	$	0.16	$	(0.29	)	$	(0.13	)	$	(0.26	)	$	—		$	(0.26	)	$	8.91			(1.38	)%	$	328,241		1.23	%(d)		1.23	%(d)		3.60	%(d)		19	%
Year ended 08/31/16		8.81		0.30		0.67			0.97			(0.28	)		(0.20	)		(0.48	)		9.30			11.54			385,887		1.24			1.24			3.37			60
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
Class B
Six months ended 02/28/17		9.28		0.12		(0.29	)		(0.17	)		(0.22	)		—			(0.22	)		8.89			(1.76	)		599		1.98	(d)		1.98	(d)		2.85	(d)		19
Year ended 08/31/16		8.79		0.23		0.67			0.90			(0.21	)		(0.20	)		(0.41	)		9.28			10.72			711		1.99			1.99			2.62			60
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
Class C
Six months ended 02/28/17		9.28		0.12		(0.29	)		(0.17	)		(0.22	)		—			(0.22	)		8.89			(1.76	)		79,551		1.98	(d)		1.98	(d)		2.85	(d)		19
Year ended 08/31/16		8.79		0.23		0.67			0.90			(0.21	)		(0.20	)		(0.41	)		9.28			10.72			95,245		1.99			1.99			2.62			60
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
Class Y
Six months ended 02/28/17		9.28		0.17		(0.30	)		(0.13	)		(0.27	)		—			(0.27	)		8.88			(1.37	)		395,702		0.98	(d)		0.98	(d)		3.85	(d)		19
Year ended 08/31/16		8.79		0.32		0.67			0.99			(0.30	)		(0.20	)		(0.50	)		9.28			11.84			396,910		0.99			0.99			3.62			60
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
Class R5
Six months ended 02/28/17		9.30		0.17		(0.29	)		(0.12	)		(0.27	)		—			(0.27	)		8.91			(1.22	)		7,186		0.92	(d)		0.92	(d)		3.91	(d)		19
Year ended 08/31/16		8.81		0.33		0.67			1.00			(0.31	)		(0.20	)		(0.51	)		9.30			11.91			12,898		0.90			0.90			3.71			60
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
Class R6
Six months ended 02/28/17		9.30		0.17		(0.28	)		(0.11	)		(0.28	)		—			(0.28	)		8.91			(1.17	)		152,265		0.82	(d)		0.82	(d)		4.01	(d)		19
Year ended 08/31/16		8.81		0.34		0.67			1.01			(0.32	)		(0.20	)		(0.52	)		9.30			12.00			155,908		0.82			0.82			3.79			60
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 $347,621, $648, $85,341, $390,029, $10,903, and $148,525 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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	986.20	$	6.06	$	1,018.70	$	6.16		1.23	%
B		1,000.00		982.40		9.73		1,014.98		9.89		1.98
C		1,000.00		982.40		9.73		1,014.98		9.89		1.98
Y		1,000.00		986.30		4.83		1,019.93		4.91		0.98
R5		1,000.00		987.80		4.53		1,020.23		4.61		0.92
R6		1,000.00		988.30		4.04		1,020.73		4.11		0.82

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

19                         Invesco Global Real Estate Income Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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 Invesco Distributors, Inc. GREI-SAR-1 04112017 0849

	Semiannual Report to Shareholders	February 28, 2017
	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
7	Financial Statements
9	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, 8/31/16 to 2/28/17, 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	15.63	%
Class B Shares	15.63
Class C Shares	15.20
Class R Shares	15.47
Class Y Shares	15.75
Class R5 Shares	15.83
Class R6 Shares	15.84
S&P 500 Index▼ (Broad Market Index)	10.01
Russell 1000 Value Index▼ (Style-Specific Index)	11.07
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	11.51
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Growth and Income Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.53	%
10 Years	6.37
5 Years	12.44
1 Year	27.88
Class B Shares
Inception (8/2/93)	9.78	%
10 Years	6.97
5 Years	13.48
1 Year	30.32
Class C Shares
Inception (8/2/93)	9.25	%
10 Years	6.19
5 Years	12.88
1 Year	33.34
Class R Shares
Inception (10/1/02)	9.36	%
10 Years	6.72
5 Years	13.45
1 Year	34.96
Class Y Shares
Inception (10/19/04)	8.77	%
10 Years	7.25
5 Years	14.01
1 Year	35.69
Class R5 Shares
10 Years	7.25	%
5 Years	14.12
1 Year	35.77
Class R6 Shares
10 Years	7.19	%
5 Years	14.16
1 Year	35.90

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, prior to June 1, 2010, 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.

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.49	%
10 Years	5.85
5 Years	13.12
1 Year	13.23
Class B Shares
Inception (8/2/93)	9.68	%
10 Years	6.43
5 Years	14.19
1 Year	14.83
Class C Shares
Inception (8/2/93)	9.16	%
10 Years	5.67
5 Years	13.56
1 Year	17.96
Class R Shares
Inception (10/1/02)	9.20	%
10 Years	6.18
5 Years	14.13
1 Year	19.54
Class Y Shares
Inception (10/19/04)	8.57	%
10 Years	6.71
5 Years	14.70
1 Year	20.10
Class R5 Shares
10 Years	6.71	%
5 Years	14.82
1 Year	20.25
Class R6 Shares
10 Years	6.65	%
5 Years	14.84
1 Year	20.31

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 0.83%, 0.83%, 1.55%, 1.08%, 0.58%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Growth and Income Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.14%
Aerospace & Defense–1.64%
General Dynamics Corp.		711,740	$	135,095,369
Apparel, Accessories & Luxury Goods–0.69%
Michael Kors Holdings Ltd.(b)		1,552,336		56,660,264
Asset Management & Custody Banks–2.57%
Northern Trust Corp.		998,807		87,245,791
State Street Corp.		1,563,159		124,599,404
				211,845,195
Automobile Manufacturers–1.24%
General Motors Co.		2,777,075		102,307,443
Biotechnology–0.95%
Amgen Inc.		442,253		78,070,922
Broadcasting–0.32%
CBS Corp.–Class B		407,004		26,829,704
Building Products–1.29%
Johnson Controls International PLC		2,546,187		106,787,083
Cable & Satellite–2.49%
Charter Communications, Inc.–Class A(b)		253,995		82,055,625
Comcast Corp.–Class A		3,296,782		123,365,582
				205,421,207
Communications Equipment–3.11%
Cisco Systems, Inc.		4,235,226		144,760,025
Juniper Networks, Inc.		3,990,868		111,744,304
				256,504,329
Construction Machinery & Heavy Trucks–1.32%
Caterpillar Inc.		1,128,604		109,090,863
Data Processing & Outsourced Services–0.88%
PayPal Holdings, Inc.(b)		1,728,163		72,582,846
Diversified Banks–14.62%
Bank of America Corp.		14,414,232		355,743,246
Citigroup Inc.		6,805,856		407,058,247
Comerica Inc.		1,411,756		100,629,968
JPMorgan Chase & Co.		3,780,371		342,577,220
				1,206,008,681
Diversified Metals & Mining–0.77%
BHP Billiton Ltd. (Australia)		3,357,174		63,891,130
Drug Retail–2.05%
Walgreens Boots Alliance, Inc.		1,955,063		168,878,342
Electric Utilities–1.39%
FirstEnergy Corp.		1,204,657		39,067,026
PG&E Corp.		1,132,989		75,627,016
				114,694,042
Fertilizers & Agricultural Chemicals–2.17%
Agrium Inc. (Canada)		573,258		55,376,723
Mosaic Co. (The)		3,968,387		123,773,990
				179,150,713

	Shares		Value
Health Care Distributors–0.76%
Cardinal Health, Inc.		771,678	$	62,791,439
Health Care Equipment–2.36%
Baxter International Inc.		1,728,149		87,997,347
Medtronic PLC		1,314,984		106,395,356
				194,392,703
Health Care Services–0.63%
Express Scripts Holding Co.(b)		740,619		52,324,732
Home Improvement Retail–0.68%
Kingfisher PLC (United Kingdom)		13,684,773		55,905,136
Hotels, Resorts & Cruise Lines–1.75%
Carnival Corp.		2,585,161		144,639,758
Industrial Conglomerates–1.45%
General Electric Co.		4,002,222		119,306,238
Industrial Machinery–1.07%
Ingersoll-Rand PLC		1,111,194		88,184,356
Insurance Brokers–2.93%
Aon PLC		917,772		106,140,332
Marsh & McLennan Cos., Inc.		887,459		65,210,487
Willis Towers Watson PLC		550,197		70,661,801
				242,012,620
Integrated Oil & Gas–5.05%
Exxon Mobil Corp.		834,087		67,827,955
Occidental Petroleum Corp.		1,352,941		88,685,282
Royal Dutch Shell PLC–Class A (United Kingdom)		6,412,515		165,478,510
TOTAL S.A. (France)		1,888,560		94,321,253
				416,313,000
Integrated Telecommunication Services–0.98%
Orange S.A. (France)		1,205,310		18,215,915
Verizon Communications Inc.		1,254,098		62,240,884
				80,456,799
Internet Software & Services–1.33%
eBay Inc.(b)		3,244,424		109,985,974
Investment Banking & Brokerage–5.65%
Charles Schwab Corp. (The)		2,290,731		92,568,440
Goldman Sachs Group, Inc. (The)		459,187		113,905,927
Morgan Stanley		5,691,577		259,934,322
				466,408,689
IT Consulting & Other Services–1.18%
Cognizant Technology Solutions Corp.– Class A(b)		1,642,893		97,374,268
Managed Health Care–0.85%
Anthem, Inc.		427,730		70,498,459
Movies & Entertainment–0.82%
Time Warner Inc.		692,417		68,002,274

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

5                         Invesco Growth and Income Fund

	Shares		Value
Oil & Gas Equipment & Services–1.99%
Baker Hughes Inc.		2,725,455	$	164,290,427
Oil & Gas Exploration & Production–5.90%
Apache Corp.		3,565,537		187,511,591
Canadian Natural Resources Ltd. (Canada)		4,685,720		134,391,833
Devon Energy Corp.		3,798,583		164,706,559
				486,609,983
Other Diversified Financial Services–0.76%
Voya Financial, Inc.		1,515,237		62,473,221
Packaged Foods & Meats–1.10%
Mondelez International, Inc.–Class A		2,066,899		90,778,204
Pharmaceuticals–6.67%
Eli Lilly and Co.		419,918		34,773,410
Merck & Co., Inc.		2,728,896		179,752,380
Novartis AG (Switzerland)		1,238,954		96,722,921
Pfizer Inc.		4,535,562		154,753,375
Sanofi (France)		973,368		83,870,320
				549,872,406
Railroads–1.10%
CSX Corp.		1,874,737		91,037,229
Regional Banks–7.60%
BB&T Corp.		787,824		37,988,873
Citizens Financial Group, Inc.		5,560,053		207,779,180
Fifth Third Bancorp		5,232,256		143,573,105
First Horizon National Corp.		3,661,372		73,007,758
PNC Financial Services Group, Inc. (The)		1,293,643		164,590,199
				626,939,115

	Shares		Value
Semiconductor Equipment–0.66%
Applied Materials, Inc.		1,506,427	$	54,562,786
Semiconductors–2.46%
Intel Corp.		2,546,813		92,194,631
QUALCOMM, Inc.		1,957,053		110,534,353
				202,728,984
Systems Software–3.08%
Microsoft Corp.		1,273,152		81,456,265
Oracle Corp.		4,060,909		172,954,114
				254,410,379
Tobacco–1.18%
Philip Morris International Inc.		887,643		97,063,762
Wireless Telecommunication Services–0.65%
Vodafone Group PLC–ADR (United Kingdom)		2,098,796		53,330,406
Total Common Stocks & Other Equity Interests (Cost $5,546,165,795)				8,096,511,480
Money Market Funds–1.59%
Government & Agency Portfolio–Institutional Class, 0.47%(c)		78,496,805		78,496,805
Treasury Portfolio–Institutional Class, 0.41%(c)		52,331,203		52,331,203
Total Money Market Funds (Cost $130,828,008)				130,828,008
TOTAL INVESTMENTS–99.73% (Cost $5,676,993,803)				8,227,339,488
OTHER ASSETS LESS LIABILITIES–0.27%				22,337,304
NET ASSETS–100.00%			$	8,249,676,792

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 28, 2017.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2017

Financials	34.1	%
Energy	12.9
Information Technology	12.7
Health Care	12.2
Consumer Discretionary	8.0
Industrials	7.9
Consumer Staples	4.3
Materials	3.0
Telecommunication Services	1.6
Utilities	1.4
Money Market Funds Plus Other Assets Less Liabilities	1.9

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

6                         Invesco Growth and Income Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $5,546,165,795)	$	8,096,511,480
Investments in affiliated money market funds, at value and cost		130,828,008
Total investments, at value (Cost $5,676,993,803)		8,227,339,488
Foreign currencies, at value (Cost $1,888)		1,008
Receivable for:
Investments sold		30,666,273
Fund shares sold		8,187,819
Dividends		16,824,606
Investment for trustee deferred compensation and retirement plans		664,545
Unrealized appreciation on forward foreign currency contracts outstanding		1,179,188
Other assets		95,131
Total assets		8,284,958,058
Liabilities:
Payable for:
Investments purchased		16,739,399
Fund shares reacquired		11,967,929
Accrued fees to affiliates		3,956,840
Accrued trustees’ and officers’ fees and benefits		16,900
Accrued other operating expenses		467,831
Trustee deferred compensation and retirement plans		774,269
Unrealized depreciation on forward foreign currency contracts outstanding		1,358,098
Total liabilities		35,281,266
Net assets applicable to shares outstanding	$	8,249,676,792
Net assets consist of:
Shares of beneficial interest	$	5,424,311,396
Undistributed net investment income		21,070,259
Undistributed net realized gain		254,267,897
Net unrealized appreciation		2,550,027,240
	$	8,249,676,792

Net Assets:
Class A	$	4,288,231,270
Class B	$	27,687,361
Class C	$	302,357,976
Class R	$	126,167,621
Class Y	$	1,852,303,794
Class R5	$	857,959,004
Class R6	$	794,969,766
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		157,129,470
Class B		1,023,577
Class C		11,212,153
Class R		4,620,420
Class Y		67,810,794
Class R5		31,374,256
Class R6		29,065,596
Class A:
Net asset value per share	$	27.29
Maximum offering price per share
(Net asset value of $27.29 ¸ 94.50%)	$	28.88
Class B:
Net asset value and offering price per share	$	27.05
Class C:
Net asset value and offering price per share	$	26.97
Class R:
Net asset value and offering price per share	$	27.31
Class Y:
Net asset value and offering price per share	$	27.32
Class R5:
Net asset value and offering price per share	$	27.35
Class R6:
Net asset value and offering price per share	$	27.35

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

7                         Invesco Growth and Income Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,713,608)	$	91,687,462
Dividends from affiliated money market funds		309,270
Total investment income		91,996,732
Expenses:
Advisory fees		14,046,144
Administrative services fees		356,829
Distribution fees:
Class A		5,144,105
Class B		39,023
Class C		1,472,584
Class R		301,219
Transfer agent fees — A, B, C, R and Y		6,177,203
Transfer agent fees — R5		390,795
Transfer agent fees — R6		10,688
Trustees’ and officers’ fees and benefits		82,086
Registration and filing fees		96,816
Reports to shareholders		513,491
Other		(68,095	)
Total expenses		28,562,888
Less: Fees waived and expense offset arrangement(s)		(114,675	)
Net expenses		28,448,213
Net investment income		63,548,519
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		415,664,472
Foreign currencies		(153,240	)
Forward foreign currency contracts		23,607,204
		439,118,436
Change in net unrealized appreciation (depreciation) of:
Investment securities		660,552,298
Foreign currencies		(52,299	)
Forward foreign currency contracts		(926,496	)
		659,573,503
Net realized and unrealized gain		1,098,691,939
Net increase in net assets resulting from operations	$	1,162,240,458

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

8                         Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	63,548,519		$	131,918,611
Net realized gain		439,118,436			326,833,543
Change in net unrealized appreciation		659,573,503			121,096,427
Net increase in net assets resulting from operations		1,162,240,458			579,848,581
Distributions to shareholders from net investment income:
Class A		(39,841,283	)		(73,319,037	)
Class B		(310,984	)		(755,848	)
Class C		(1,778,966	)		(3,001,913	)
Class R		(1,015,611	)		(1,911,040	)
Class Y		(20,611,872	)		(36,070,365	)
Class R5		(8,865,253	)		(15,839,561	)
Class R6		(8,251,801	)		(15,063,080	)
Total distributions from net investment income		(80,675,770	)		(145,960,844	)
Distributions to shareholders from net realized gains:
Class A		(221,941,562	)		(293,157,703	)
Class B		(1,690,437	)		(3,128,396	)
Class C		(16,166,259	)		(20,896,404	)
Class R		(6,551,730	)		(9,082,838	)
Class Y		(101,587,392	)		(123,300,010	)
Class R5		(41,958,702	)		(50,003,257	)
Class R6		(37,894,451	)		(46,577,661	)
Total distributions from net realized gains		(427,790,533	)		(546,146,269	)
Share transactions–net:
Class A		(109,948,116	)		(323,407,907	)
Class B		(8,634,251	)		(15,683,027	)
Class C		(12,190,491	)		(14,357,608	)
Class R		(625,554	)		(19,270,295	)
Class Y		(150,076,645	)		(16,021,938	)
Class R5		25,014,835			29,843,461
Class R6		55,163,154			(27,669,107	)
Net increase (decrease) in net assets resulting from share transactions		(201,297,068	)		(386,566,421	)
Net increase (decrease) in net assets		452,477,087			(498,824,953	)
Net assets:
Beginning of period		7,797,199,705			8,296,024,658
End of period (includes undistributed net investment income of $21,070,259 and $38,197,510, respectively)	$	8,249,676,792		$	7,797,199,705

Notes to Financial Statements

February 28, 2017

(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.

9                         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, 2 010, 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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.

10                         Invesco Growth and Income 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 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

11                         Invesco Growth and Income Fund

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 the 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 $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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $106,943.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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

12                         Invesco Growth and Income Fund

proceeds prior to remittance to the shareholder. During the six months ended February 28, 2017, IDI advised the Fund that IDI retained $243,247 in front-end sales commissions from the sale of Class A shares and $5,450, $628 and $4,141 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2017, the Fund incurred $18,265 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 28, 2017. 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
Common Stocks & Other Equity Interests	$	7,938,299,097	$	158,212,383		$	—	$	8,096,511,480
Money Market Funds		130,828,008		—			—		130,828,008
	$	8,069,127,105	$	158,212,383		$	—	$	8,227,339,488
Forward Foreign Currency Contracts*		—		(178,910	)		—		(178,910	)
Total Investments	$	8,069,127,105	$	158,033,473		$	—	$	8,227,160,578

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Notional Value		Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
3/24/17	Bank of New York Mellon (The)		AUD	33,324,269		USD	25,491,399	$	25,532,988	$	(41,589	)
3/24/17	State Street Bank and Trust Co.		AUD	33,324,030		USD	25,494,549		25,532,805		(38,256	)
3/24/17	Bank of New York Mellon (The)		CAD	69,405,286		USD	52,811,211		52,270,810		540,401
3/24/17	State Street Bank and Trust Co.		CAD	69,405,116		USD	52,811,685		52,270,682		541,003
3/24/17	Bank of New York Mellon (The)		CHF	35,635,434		USD	35,330,181		35,538,896		(208,715	)
3/24/17	State Street Bank and Trust Co.		CHF	35,635,397		USD	35,333,823		35,538,859		(205,036	)
3/24/17	Bank of New York Mellon (The)		EUR	69,580,873		USD	73,373,030		73,805,628		(432,598	)
3/24/17	State Street Bank and Trust Co.		EUR	69,581,054		USD	73,373,917		73,805,820		(431,904	)
3/24/17	Bank of New York Mellon (The)		GBP	82,709,362		USD	102,726,269		102,706,865		19,404
3/24/17	State Street Bank and Trust Co.		GBP	82,709,436		USD	102,784,671		102,706,957		77,714
3/24/17	State Street Bank and Trust Co.		USD	316,268		CAD	420,826		316,934		666
Total Open Forward Foreign Currency Contracts — Currency Risk										$	(178,910	)

Currency Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar

CHF	– Swiss Franc
EUR	– Euro

GBP – British Pound Sterling

USD – U.S. Dollar

13                         Invesco Growth and Income Fund

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 28, 2017:

Derivative Assets	Value
	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,179,188
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	1,179,188
Derivative Liabilities
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,358,098	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(1,358,098	)

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2017.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Bank of New York Mellon (The)	$	559,805	$	(682,902	)	$	(123,097	)	$	—	$	—	$	(123,097	)
State Street Bank and Trust Co.		619,383		(675,196	)		(55,813	)		—		—		(55,813	)
Total	$	1,179,188	$	(1,358,098	)	$	(178,910	)	$	—	$	—	$	(178,910	)

Effect of Derivative Investments for the six months ended February 28, 2017

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain:
Forward foreign currency contracts	$	23,607,204
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(926,496	)
Total	$	22,680,708

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

	Forward Foreign Currency Contracts
Average notional value	$	585,168,150

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 28, 2017, the Fund engaged in securities purchases of $154,154.

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,732.

14                         Invesco Growth and Income Fund

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, 2016.

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 28, 2017 was $607,549,175 and $1,209,907,484, 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	$	2,708,539,624
Aggregate unrealized (depreciation) of investment securities		(195,899,193	)
Net unrealized appreciation of investment securities	$	2,512,640,431

Cost of investments for tax purposes is $5,714,699,057.

15                         Invesco Growth and Income Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		8,512,916		$	224,573,127			13,888,230		$	329,831,528
Class B		13,100			342,345			9,827			231,250
Class C		697,550			18,426,048			929,006			22,009,870
Class R		444,872			11,727,545			871,827			20,756,781
Class Y		9,282,130			244,904,402			14,844,058			350,033,999
Class R5		6,101,124			159,135,296			8,561,339			202,505,618
Class R6		3,756,281			99,505,219			11,253,391			264,749,098
Issued as reinvestment of dividends:
Class A		9,360,783			248,891,947			14,929,358			347,452,762
Class B		71,867			1,893,672			160,484			3,704,088
Class C		625,564			16,497,076			950,040			21,853,303
Class R		284,082			7,566,750			472,027			10,989,746
Class Y		4,379,240			116,403,966			6,543,982			152,451,677
Class R5		1,910,322			50,823,580			2,823,837			65,842,337
Class R6		1,690,144			44,962,872			2,570,990			59,975,763
Automatic conversion of Class B shares to Class A shares:
Class A		276,212			7,293,415			594,113			14,111,242
Class B		(278,575	)		(7,293,415	)		(599,113	)		(14,111,242	)
Reacquired:
Class A		(22,556,834	)		(590,706,605	)		(42,824,400	)		(1,014,803,439	)
Class B		(137,947	)		(3,576,853	)		(234,188	)		(5,507,123	)
Class C		(1,807,941	)		(47,113,615	)		(2,481,910	)		(58,220,781	)
Class R		(756,512	)		(19,919,849	)		(2,161,064	)		(51,016,822	)
Class Y		(19,475,833	)		(511,385,013	)		(21,869,196	)		(518,507,614	)
Class R5		(7,048,138	)		(184,944,041	)		(9,959,665	)		(238,504,494	)
Class R6		(3,404,888	)		(89,304,937	)		(15,047,543	)		(352,393,968	)
Net increase (decrease) in share activity		(8,060,481	)	$	(201,297,068	)		(15,774,570	)	$	(386,566,421	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% 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 Growth and Income 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 02/28/17	$	25.12	$	0.19		$	3.69		$	3.88		$	(0.26	)	$	(1.45	)	$	(1.71	)	$	27.29		15.63	%	$	4,288,231		0.82	%(d)		0.82	%(d)		1.50	%(d)		8	%
Year ended 08/31/16		25.44		0.38			1.44			1.82			(0.42	)		(1.72	)		(2.14	)		25.12		7.93			4,058,588		0.83			0.83			1.59			18
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
Class B
Six months ended 02/28/17		24.91		0.19			3.65			3.84			(0.25	)		(1.45	)		(1.70	)		27.05		15.63	(f)		27,687		0.82	(d)(f)		0.82	(d)(f)		1.50	(d)(f)		8
Year ended 08/31/16		25.24		0.38			1.43			1.81			(0.42	)		(1.72	)		(2.14	)		24.91		7.94	(f)		33,762		0.83	(f)		0.83	(f)		1.59	(f)		18
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
Class C
Six months ended 02/28/17		24.84		0.10			3.64			3.74			(0.16	)		(1.45	)		(1.61	)		26.97		15.20			302,358		1.57	(d)		1.57	(d)		0.75	(d)		8
Year ended 08/31/16		25.17		0.20			1.43			1.63			(0.24	)		(1.72	)		(1.96	)		24.84		7.14	(g)		290,579		1.55	(g)		1.55	(g)		0.87	(g)		18
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
Class R
Six months ended 02/28/17		25.14		0.16			3.68			3.84			(0.22	)		(1.45	)		(1.67	)		27.31		15.47			126,168		1.07	(d)		1.07	(d)		1.25	(d)		8
Year ended 08/31/16		25.45		0.32			1.45			1.77			(0.36	)		(1.72	)		(2.08	)		25.14		7.69			116,837		1.08			1.08			1.34			18
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
Class Y
Six months ended 02/28/17		25.15		0.23			3.68			3.91			(0.29	)		(1.45	)		(1.74	)		27.32		15.75			1,852,304		0.57	(d)		0.57	(d)		1.75	(d)		8
Year ended 08/31/16		25.46		0.44			1.46			1.90			(0.49	)		(1.72	)		(2.21	)		25.15		8.24			1,851,513		0.58			0.58			1.84			18
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
Class R5
Six months ended 02/28/17		25.17		0.24			3.69			3.93			(0.30	)		(1.45	)		(1.75	)		27.35		15.83			857,959		0.48	(d)		0.48	(d)		1.84	(d)		8
Year ended 08/31/16		25.49		0.46			1.45			1.91			(0.51	)		(1.72	)		(2.23	)		25.17		8.31			765,516		0.48			0.48			1.94			18
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
Class R6
Six months ended 02/28/17		25.18		0.25			3.68			3.93			(0.31	)		(1.45	)		(1.76	)		27.35		15.84			794,970		0.38	(d)		0.38	(d)		1.94	(d)		8
Year ended 08/31/16		25.49		0.49			1.46			1.95			(0.54	)		(1.72	)		(2.26	)		25.18		8.46			680,404		0.38			0.38			2.04			18
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.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,152,711, $31,477, $296,958, $121,486, $1,856,804, $807,102 and $719,204 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%, 0.25% and 0.23% for the six months ended February 28, 2017 and the years ended August 31, 2016, 2015, 2014, 2013 and 2012, 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 0.98% and 0.97% for the years ended August 31, 2016 and August 31, 2012, respectively.

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

⁽ⁱ⁾  Annualized.

17                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,156.30	$	4.38	$	1,020.73	$	4.11		0.82	%
B		1,000.00		1,156.30		4.38		1,020.73		4.11		0.82
C		1,000.00		1,152.00		8.38		1,017.01		7.85		1.57
R		1,000.00		1,154.70		5.72		1,019.49		5.36		1.07
Y		1,000.00		1,157.50		3.05		1,021.97		2.86		0.57
R5		1,000.00		1,158.30		2.57		1,022.41		2.41		0.48
R6		1,000.00		1,158.40		2.03		1,022.91		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, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

18                         Invesco Growth and Income Fund

Explore High-Conviction Investing with Invesco

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             VK-GRI-SAR-1             04042017      1119

	Semiannual Report to Shareholders	February 28, 2017
	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
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, 8/31/16 to 2/28/17, 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	7.17	%
Class B Shares	6.85
Class C Shares	6.76
Class R Shares	7.06
Class Y Shares	7.27
Investor Class Shares	7.25
Class R5 Shares	7.47
S&P 500 Index▼ (Broad Market Index)	10.01
Russell 1000 Index▼ (Style-Specific Index)	10.10
Lipper Equity Income Funds Index∎ (Peer Group Index)	9.20
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.

 For more information about your Fund

 Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Low Volatility Equity Yield Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.50	%
10 Years	3.90
5 Years	8.34
1 Year	11.06
Class B Shares
Inception (3/31/06)	4.48	%
10 Years	3.88
5 Years	8.47
1 Year	11.68
Class C Shares
Inception (3/31/06)	4.25	%
10 Years	3.71
5 Years	8.75
1 Year	15.73
Class R Shares
Inception (3/31/06)	4.79	%
10 Years	4.24
5 Years	9.32
1 Year	17.23
Class Y Shares
10 Years	4.72
5 Years	9.84
1 Year	17.90
Investor Class Shares
10 Years	4.50
5 Years	9.58
1 Year	17.63
Class R5 Shares
Inception (3/31/06)	5.39	%
10 Years	4.84
5 Years	10.01
1 Year	18.08

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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.00	%
10 Years	3.22
5 Years	9.14
1 Year	3.58
Class B Shares
Inception (3/31/06)	3.98	%
10 Years	3.22
5 Years	9.30
1 Year	3.74
Class C Shares
Inception (3/31/06)	3.76	%
10 Years	3.04
5 Years	9.55
1 Year	7.64
Class R Shares
Inception (3/31/06)	4.29	%
10 Years	3.57
5 Years	10.11
1 Year	9.22
Class Y Shares
10 Years	4.04
5 Years	10.66
1 Year	9.81
Investor Class Shares
10 Years	3.82
5 Years	10.39
1 Year	9.55
Class R5 Shares
Inception (3/31/06)	4.88	%
10 Years	4.16
5 Years	10.81
1 Year	10.00

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 1.20%, 1.95%, 1.95%, 1.45%, 0.95%, 1.20% and 0.77%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Low Volatility Equity Yield Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.63%
Aerospace & Defense–2.52%
Boeing Co. (The)		31,100	$	5,605,153
United Technologies Corp.		12,700		1,429,385
				7,034,538
Agricultural Products–0.28%
Ingredion Inc.		6,400		773,696
Airlines–1.03%
Copa Holdings, S.A.–Class A (Panama)		26,900		2,864,581
Airport Services–0.17%
Macquarie Infrastructure Corp.		6,000		461,640
Apparel Retail–1.09%
Abercrombie & Fitch Co.–Class A(b)		101,700		1,216,332
Chico’s FAS, Inc.		21,600		312,768
Gap, Inc. (The)(b)		60,400		1,499,128
				3,028,228
Asset Management & Custody Banks–0.31%
Waddell & Reed Financial, Inc.–Class A		44,900		863,876
Auto Parts & Equipment–0.17%
Adient PLC(c)		6,900		463,197
Biotechnology–4.24%
Biogen Inc.(c)		11,750		3,391,050
Bioverativ Inc.(c)		4,525		235,662
Gilead Sciences, Inc.		54,300		3,827,064
PDL BioPharma Inc.		264,000		564,960
United Therapeutics Corp.(c)		25,700		3,796,404
				11,815,140
Casinos & Gaming–1.45%
Las Vegas Sands Corp.		76,500		4,050,675
Coal & Consumable Fuels–0.04%
CONSOL Energy Inc.(c)		7,500		116,775
Commodity Chemicals–0.50%
AdvanSix Inc.(c)		24,100		657,448
Cabot Corp.		12,600		730,548
				1,387,996
Communications Equipment–1.94%
Cisco Systems, Inc.		145,400		4,969,772
InterDigital, Inc.		5,100		428,655
				5,398,427
Computer & Electronics Retail–1.95%
Best Buy Co., Inc.		109,300		4,823,409
Rent-A-Center, Inc.(b)		69,600		603,432
				5,426,841
Construction Machinery & Heavy Trucks–0.08%
Allison Transmission Holdings, Inc.		6,300		226,674

	Shares		Value
Consumer Finance–1.43%
Navient Corp.		259,200	$	3,994,272
Data Processing & Outsourced Services–0.06%
Western Union Co. (The)		8,200		161,048
Department Stores–2.43%
Kohl’s Corp.		101,500		4,325,930
Macy’s, Inc.		73,600		2,444,992
				6,770,922
Diversified Banks–4.85%
Bank of Montreal (Canada)		50,800		3,842,004
Bank of Nova Scotia (The) (Canada)		67,300		3,916,187
Canadian Imperial Bank of Commerce (Canada)(b)		47,200		4,153,600
Toronto-Dominion Bank (The) (Canada)		31,200		1,609,920
				13,521,711
Diversified Metals & Mining–1.33%
Teck Resources Ltd.–Class B (Canada)(b)		185,700		3,715,857
Diversified REIT’s–0.56%
Lexington Realty Trust		111,800		1,247,688
PS Business Parks, Inc.		2,800		325,388
				1,573,076
Drug Retail–1.50%
CVS Health Corp.		52,000		4,190,160
Electric Utilities–4.99%
Entergy Corp.		66,500		5,097,890
Exelon Corp.		123,200		4,522,672
FirstEnergy Corp.		132,500		4,296,975
				13,917,537
Financial Exchanges & Data–0.14%
Donnelley Financial Solutions, Inc.(c)		17,162		396,614
Gas Utilities–0.49%
National Fuel Gas Co.		20,000		1,206,000
Southwest Gas Holdings, Inc.		1,700		145,401
				1,351,401
Gold–2.86%
Barrick Gold Corp. (Canada)(b)		268,400		4,986,872
Kinross Gold Corp. (Canada)(c)		707,400		2,504,196
Yamana Gold Inc. (Brazil)		175,300		487,334
				7,978,402
Health Care Equipment–0.71%
Baxter International Inc.		39,000		1,985,880
Health Care REIT’s–1.32%
Care Capital Properties, Inc.		45,300		1,190,937
Quality Care Properties, Inc.(c)		25,100		476,398
Senior Housing Properties Trust		98,600		2,021,300
				3,688,635

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

5                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Homefurnishing Retail–0.09%
Aaron’s, Inc.		8,900	$	242,792
Hotel and Resort REIT’s–1.26%
Hospitality Properties Trust		40,200		1,277,556
Host Hotels & Resorts Inc.		124,000		2,230,760
				3,508,316
Household Products–1.53%
Procter & Gamble Co. (The)		46,900		4,271,183
Housewares & Specialties–0.14%
Tupperware Brands Corp.		6,400		386,496
Hypermarkets & Super Centers–1.48%
Wal-Mart Stores, Inc.		58,100		4,121,033
Industrial REIT’s–0.16%
EastGroup Properties, Inc.		6,100		453,474
Integrated Oil & Gas–1.38%
Occidental Petroleum Corp.		58,500		3,834,675
Integrated Telecommunication Services–2.60%
BCE Inc. (Canada)		75,400		3,290,456
Verizon Communications Inc.		79,400		3,940,622
				7,231,078
Internet Software & Services–0.16%
CommerceHub, Inc.–Series C(c)		26,700		436,545
IT Consulting & Other Services–1.69%
International Business Machines Corp.		26,250		4,720,275
Life & Health Insurance–2.73%
Aflac, Inc.		16,700		1,208,245
Principal Financial Group, Inc.		19,400		1,213,276
Prudential Financial, Inc.		37,300		4,123,142
Sun Life Financial Inc. (Canada)		28,800		1,048,320
				7,592,983
Managed Health Care–1.55%
WellCare Health Plans Inc.(c)		30,500		4,306,600
Metal & Glass Containers–0.24%
Greif Inc.–Class A		11,700		667,251
Mortgage REIT’s–10.93%
AGNC Investment Corp.		218,700		4,293,081
Annaly Capital Management, Inc.		481,100		5,340,210
Chimera Investment Corp.		214,900		4,134,676
CYS Investments, Inc.		208,600		1,672,972
MFA Financial, Inc.		364,800		2,925,696
New Residential Investment Corp.		250,400		4,224,248
Starwood Property Trust, Inc.		177,400		4,055,364
Two Harbors Investment Corp.		409,900		3,812,070
				30,458,317
Multi-Utilities–2.02%
Ameren Corp.		4,300		235,167
CenterPoint Energy, Inc.		187,100		5,111,572

	Shares		Value
Multi-Utilities–(continued)
MDU Resources Group, Inc.		10,400	$	281,944
				5,628,683
Office REIT’s–0.69%
Piedmont Office Realty Trust Inc.–Class A		84,300		1,933,842
Office Services & Supplies–0.11%
West Corp.		13,000		310,830
Oil & Gas Drilling–1.24%
Atwood Oceanics, Inc.(b)(c)		91,500		961,665
Ensco PLC–Class A		255,500		2,488,570
				3,450,235
Oil & Gas Exploration & Production–0.61%
Enerplus Corp. (Canada)		170,800		1,504,748
Vermilion Energy, Inc. (Canada)		5,400		205,362
				1,710,110
Oil & Gas Refining & Marketing–1.71%
Valero Energy Corp.		70,300		4,776,885
Packaged Foods & Meats–0.07%
Lancaster Colony Corp.		1,400		184,520
Personal Products–1.30%
Nu Skin Enterprises, Inc.–Class A		73,200		3,626,328
Pharmaceuticals–4.89%
Johnson & Johnson		35,500		4,338,455
Merck & Co., Inc.		78,000		5,137,860
Pfizer Inc.		121,800		4,155,816
				13,632,131
Property & Casualty Insurance–1.27%
Assured Guaranty Ltd.		85,900		3,531,349
Regional Banks–0.90%
Fifth Third Bancorp		91,700		2,516,248
Reinsurance–0.37%
Validus Holdings, Ltd.		17,900		1,032,114
Residential REIT’s–1.27%
Camden Property Trust		38,500		3,259,025
Equity Lifestyle Properties, Inc.		3,500		278,670
				3,537,695
Restaurants–1.85%
Darden Restaurants, Inc.		68,900		5,145,452
Retail REIT’s–0.23%
Retail Properties of America, Inc.–Class A		17,800		274,298
Urban Edge Properties		13,500		374,355
				648,653
Semiconductor Equipment–3.07%
Applied Materials, Inc.		134,200		4,860,724
KLA-Tencor Corp.		35,400		3,190,248
Versum Materials, Inc.(c)		16,300		494,053
				8,545,025

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

6                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Semiconductors–1.39%
Intel Corp.		107,100	$	3,877,020
Specialized REIT’s–2.95%
CoreCivic, Inc.		112,700		3,797,990
Lamar Advertising Co.–Class A		42,800		3,230,544
OUTFRONT Media Inc.		9,800		254,310
Uniti Group Inc.		32,400		938,628
				8,221,472
Specialty Stores–1.67%
Staples, Inc.		519,000		4,665,810
Technology Hardware, Storage & Peripherals–5.34%
Apple Inc.		34,400		4,712,456
HP Inc.		318,700		5,535,819
NetApp, Inc.		111,000		4,643,130
				14,891,405
Trading Companies & Distributors–0.23%
Herc Holdings, Inc.(c)		12,600		651,294
Wireless Telecommunication Services–0.07%
Rogers Communications, Inc.–Class B (Canada)		4,400		184,976
Total Common Stocks & Other Equity Interests (Cost $247,197,585)				272,090,894

	Principal Amount		Value
U.S. Treasury Bills–0.20%
0.51%, 03/16/2017(d)(e) (Cost $539,887)	$	540,000	$	539,911
	Shares
Money Market Funds–2.30%
Government & Agency Portfolio–Institutional Class, 0.47%(f)		3,845,726		3,845,726
Treasury Portfolio–Institutional Class, 0.41%(f)		2,563,817		2,563,817
Total Money Market Funds (Cost $6,409,543)				6,409,543
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.13% (Cost $254,147,015)				279,040,348
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.13%
Government & Agency Portfolio–Institutional Class, 0.47% (Cost $11,517,354)(f)(g)		11,517,354		11,517,354
TOTAL INVESTMENTS–104.26% (Cost $265,664,369)				290,557,702
OTHER ASSETS LESS LIABILITIES–(4.26)%				(11,864,462	)
NET ASSETS–100.00%			$	278,693,240

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 28, 2017.

^(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 28, 2017.

^(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.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2017

Financials	22.9	%
Information Technology	13.6
Health Care	11.4
Consumer Discretionary	10.8
Real Estate	8.5
Utilities	7.5
Consumer Staples	6.2
Energy	5.0
Materials	4.9
Industrials	4.1
Telecommunication Services	2.7
U.S. Treasury Bills, Plus Money Market Funds, Plus Other Assets Less Liabilities	2.4

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

7                         Invesco Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $247,737,472)*	$	272,630,805
Investments in affiliated money market funds, at value and cost		17,926,897
Total investments, at value (Cost $265,664,369)		290,557,702
Foreign currencies, at value (Cost $8)		8
Receivable for:
Fund shares sold		171,586
Dividends		609,943
Investment for trustee deferred compensation and retirement plans		208,727
Other assets		56,961
Total assets		291,604,927
Liabilities:
Payable for:
Fund shares reacquired		925,209
Amount due to custodian		8,429
Collateral upon return of securities loaned		11,517,354
Variation margin — futures		15,400
Accrued fees to affiliates		155,782
Accrued trustees’ and officers’ fees and benefits		3,250
Accrued other operating expenses		60,897
Trustee deferred compensation and retirement plans		225,366
Total liabilities		12,911,687
Net assets applicable to shares outstanding	$	278,693,240
Net assets consist of:
Shares of beneficial interest	$	282,214,199
Undistributed net investment income		1,464,262
Undistributed net realized gain (loss)		(30,138,755	)
Net unrealized appreciation		25,153,534
	$	278,693,240

Net Assets:
Class A	$	176,911,638
Class B	$	1,921,654
Class C	$	27,900,752
Class R	$	259,030
Class Y	$	8,841,624
Investor Class	$	49,407,168
Class R5	$	13,451,374
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,766,917
Class B		184,808
Class C		2,690,040
Class R		24,670
Class Y		834,076
Investor Class		4,666,797
Class R5		1,266,945
Class A:
Net asset value per share	$	10.55
Maximum offering price per share
(Net asset value of $10.55 ¸ 94.50%)	$	11.16
Class B:
Net asset value and offering price per share	$	10.40
Class C:
Net asset value and offering price per share	$	10.37
Class R:
Net asset value and offering price per share	$	10.50
Class Y:
Net asset value and offering price per share	$	10.60
Investor Class:
Net asset value and offering price per share	$	10.59
Class R5:
Net asset value and offering price per share	$	10.62

* At February 28, 2017, securities with an aggregate value of $11,058,581 were on loan to brokers.

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

8                         Invesco Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $42,546)	$	5,197,146
Dividends from affiliated money market funds (includes securities lending income of $16,214)		28,288
Interest		11,308
Total investment income		5,236,742
Expenses:
Advisory fees		808,456
Administrative services fees		45,975
Custodian fees		622
Distribution fees:
Class A		212,658
Class B		11,629
Class C		136,213
Class R		627
Investor Class		61,983
Transfer agent fees — A, B, C, R, Y and Investor		295,543
Transfer agent fees — R5		2,278
Trustees’ and officers’ fees and benefits		14,586
Registration and filing fees		49,476
Reports to shareholders		51,986
Professional services fees		2,531
Other		8,570
Total expenses		1,703,133
Less: Fees waived and expense offset arrangement(s)		(7,300	)
Net expenses		1,695,833
Net investment income		3,540,909
Realized and unrealized gain from:
Net realized gain from:
Investment securities		5,719,724
Futures contracts		301,966
		6,021,690
Change in net unrealized appreciation of:
Investment securities		8,980,633
Futures contracts		133,390
		9,114,023
Net realized and unrealized gain		15,135,713
Net increase in net assets resulting from operations	$	18,676,622

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

9                         Invesco Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	3,540,909		$	7,020,109
Net realized gain (loss)		6,021,690			(10,325,307	)
Change in net unrealized appreciation		9,114,023			27,581,174
Net increase in net assets resulting from operations		18,676,622			24,275,976
Distributions to shareholders from net investment income:
Class A		(2,189,822	)		(5,380,077	)
Class B		(22,430	)		(96,347	)
Class C		(249,165	)		(680,503	)
Class R		(2,874	)		(5,308	)
Class Y		(109,757	)		(191,530	)
Investor Class		(649,968	)		(1,580,332	)
Class R5		(193,228	)		(485,092	)
Total distributions from net investment income		(3,417,244	)		(8,419,189	)
Share transactions–net:
Class A		(6,866,651	)		(13,847,486	)
Class B		(862,881	)		(2,772,731	)
Class C		(2,076,824	)		(3,095,697	)
Class R		(22,458	)		87,098
Class Y		213,737			2,883,079
Investor Class		(6,752,970	)		(2,122,095	)
Class R5		(484,531	)		(1,444,211	)
Net increase (decrease) in net assets resulting from share transactions		(16,852,578	)		(20,312,043	)
Net increase (decrease) in net assets		(1,593,200	)		(4,455,256	)
Net assets:
Beginning of period		280,286,440			284,741,696
End of period (includes undistributed net investment income of $1,464,262 and $1,340,597, respectively)	$	278,693,240		$	280,286,440

Notes to Financial Statements

February 28, 2017

(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.

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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

10                         Invesco Low Volatility Equity Yield 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. 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.

11                         Invesco Low Volatility Equity Yield 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 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.

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

12                         Invesco Low Volatility Equity Yield Fund

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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $3,945.

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 28, 2017, 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 28, 2017, 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, 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 28, 2017, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

13                         Invesco Low Volatility Equity Yield Fund

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 28, 2017, IDI advised the Fund that IDI retained $5,083 in front-end sales commissions from the sale of Class A shares and $8, $8 and $1,182 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 28, 2017. 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
Common Stocks & Other Equity Interests	$	290,017,791	$	—	$	—	$	290,017,791
U.S. Treasury Securities		—		539,911		—		539,911
		290,017,791		539,911		—		290,557,702
Futures Contracts*		260,201		—		—		260,201
Total Investments	$	290,277,992	$	539,911	$	—	$	290,817,903

* Unrealized appreciation.

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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		56		March-2017	$	6,615,840	$	260,201

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 28, 2017:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	260,201
Derivatives not subject to master netting agreements		(260,201	)
Total Derivative Assets subject to master netting agreements	$	—

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

14                         Invesco Low Volatility Equity Yield Fund

Effect of Derivative Investments for the six months ended February 28, 2017

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
	Equity Risk
Realized Gain:
Futures contracts	$	301,966
Change in Net Unrealized Appreciation:
Futures contracts		133,390
Total	$	435,356

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

	Futures Contracts
Average notional value	$	6,825,264

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,355.

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2018	$	20,929,161	$	—	$	20,929,161
Not subject to expiration		14,891,252		—		14,891,252
	$	35,820,413	$	—	$	35,820,413

* 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.

15                         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 28, 2017 was $121,283,835 and $135,063,151, 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	$	33,099,879
Aggregate unrealized (depreciation) of investment securities		(8,419,767	)
Net unrealized appreciation of investment securities	$	24,680,112

Cost of investments for tax purposes is $265,877,590.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		321,544		$	3,206,426			666,467		$	6,392,002
Class B		6,956			68,503			12,621			115,778
Class C		86,080			847,085			187,858			1,790,677
Class R		3,558			35,661			10,763			105,189
Class Y		340,045			3,423,023			415,400			4,021,398
Investor Class		78,271			783,424			583,771			5,850,110
Class R5		59,522			595,685			288,796			2,820,348
Issued as reinvestment of dividends:
Class A		200,808			2,000,188			516,429			4,910,181
Class B		2,243			22,040			9,828			91,978
Class C		20,784			203,874			59,945			560,852
Class R		273			2,704			517			4,903
Class Y		8,473			84,863			15,170			145,128
Investor Class		62,963			629,215			160,202			1,528,502
Class R5		19,261			192,973			46,483			444,681
Automatic conversion of Class B shares to Class A shares:
Class A		70,392			707,644			229,981			2,186,988
Class B		(71,360	)		(707,644	)		(233,221	)		(2,186,988	)
Reacquired:
Class A		(1,276,937	)		(12,780,909	)		(2,867,915	)		(27,336,657	)
Class B		(24,746	)		(245,780	)		(84,469	)		(793,499	)
Class C		(319,045	)		(3,127,783	)		(587,380	)		(5,447,226	)
Class R		(6,205	)		(60,823	)		(2,458	)		(22,994	)
Class Y		(328,349	)		(3,294,149	)		(131,252	)		(1,283,447	)
Investor Class		(835,535	)		(8,165,609	)		(988,430	)		(9,500,707	)
Class R5		(127,248	)		(1,273,189	)		(487,185	)		(4,709,240	)
Net increase (decrease) in share activity		(1,708,252	)	$	(16,852,578	)		(2,178,079	)	$	(20,312,043	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% 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 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 02/28/17	$	9.97	$	0.13	$	0.58		$	0.71		$	(0.13	)	$	—		$	(0.13	)	$	10.55		7.17	%	$	176,912		1.20	%(d)		1.20	%(d)		2.67	%(d)		46	%
Year ended 08/31/16		9.40		0.25		0.62			0.87			(0.30	)		—			(0.30	)		9.97		9.40			173,949		1.20			1.20			2.59			107
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
Class B
Six months ended 02/28/17		9.82		0.09		0.58			0.67			(0.09	)		—			(0.09	)		10.40		6.85			1,922		1.95	(d)		1.95	(d)		1.92	(d)		46
Year ended 08/31/16		9.26		0.17		0.61			0.78			(0.22	)		—			(0.22	)		9.82		8.57			2,669		1.95			1.95			1.84			107
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
Class C
Six months ended 02/28/17		9.80		0.09		0.57			0.66			(0.09	)		—			(0.09	)		10.37		6.76			27,901		1.95	(d)		1.95	(d)		1.92	(d)		46
Year ended 08/31/16		9.24		0.17		0.61			0.78			(0.22	)		—			(0.22	)		9.80		8.59			28,435		1.95			1.95			1.84			107
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
Class R
Six months ended 02/28/17		9.92		0.12		0.57			0.69			(0.11	)		—			(0.11	)		10.50		7.06			259		1.45	(d)		1.45	(d)		2.42	(d)		46
Year ended 08/31/16		9.35		0.22		0.62			0.84			(0.27	)		—			(0.27	)		9.92		9.16			268		1.45			1.45			2.34			107
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
Class Y
Six months ended 02/28/17		10.02		0.15		0.57			0.72			(0.14	)		—			(0.14	)		10.60		7.27			8,842		0.95	(d)		0.95	(d)		2.92	(d)		46
Year ended 08/31/16		9.45		0.27		0.62			0.89			(0.32	)		—			(0.32	)		10.02		9.64			8,152		0.95			0.95			2.84			107
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
Investor Class
Six months ended 02/28/17		10.01		0.13		0.58			0.71			(0.13	)		—			(0.13	)		10.59		7.25			49,407		1.20	(d)		1.20	(d)		2.67	(d)		46
Year ended 08/31/16		9.43		0.25		0.62			0.87			(0.30	)		—			(0.30	)		10.00		9.38			53,620		1.20			1.20			2.59			107
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
Class R5
Six months ended 02/28/17		10.03		0.16		0.58			0.74			(0.15	)		—			(0.15	)		10.62		7.47			13,451		0.76	(d)		0.76	(d)		3.11	(d)		46
Year ended 08/31/16		9.46		0.29		0.62			0.91			(0.34	)		—			(0.34	)		10.03		9.82			13,194		0.77			0.77			3.02			107
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

^(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 $171,537, $2,345, $27,468, $253, $8,298, $49,997 and $12,764 for Class A, Class B, Class C, Class R, Class Y, Investor Class and Class R5 shares, respectively.

NOTE 12—Subsequent Event

Effective April 4, 2017, the Fund began offering Class R6 shares.

17                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,071.70	$	6.16	$	1,018.84	$	6.01		1.20	%
B		1,000.00		1,068.50		10.00		1,015.12		9.74		1.95
C		1,000.00		1,067.60		10.00		1,015.12		9.74		1.95
R		1,000.00		1,070.60		7.44		1,017.60		7.25		1.45
Y		1,000.00		1,072.70		4.88		1,020.08		4.76		0.95
Investor		1,000.00		1,072.50		6.17		1,018.84		6.01		1.20
R5		1,000.00		1,074.70		3.91		1,021.03		3.81		0.76

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

18                         Invesco Low Volatility Equity Yield Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             LVEY-SAR-1             04122017      1554

	Semiannual Report to Shareholders	February 28, 2017
	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
11	Financial Statements
13	Notes to Financial Statements
19	Financial Highlights
20	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, 8/31/16 to 2/28/17, 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	-3.28	%
Class B Shares	-3.27
Class C Shares	-3.64
Class Y Shares	-3.15
S&P Municipal Bond Index▼ (Broad Market Index)	-2.51
S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index▼ (Style-Specific Index)	-3.54
Lipper Pennsylvania Municipal Debt Funds Index∎ (Peer Group Index)	-2.68
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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

2                      Invesco Pennsylvania Tax Free Income Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (5/1/87)	5.49	%
10 Years	2.97
5 Years	2.24
1 Year	-3.65
Class B Shares
Inception (5/3/93)	4.09	%
10 Years	3.25
5 Years	2.78
1 Year	-4.22
Class C Shares
Inception (8/13/93)	3.48	%
10 Years	2.65
5 Years	2.37
1 Year	-1.08
Class Y Shares
10 Years	3.59	%
5 Years	3.40
1 Year	0.83

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, prior to June 1, 2010, 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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/1/87)	5.49	%
10 Years	2.98
5 Years	2.73
1 Year	-3.67
Class B Shares
Inception (5/3/93)	4.08	%
10 Years	3.26
5 Years	3.32
1 Year	-4.16
Class C Shares
Inception (8/13/93)	3.47	%
10 Years	2.66
5 Years	2.87
1 Year	-1.08
Class Y Shares
10 Years	3.61	%
5 Years	3.92
1 Year	0.95

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 1.08%, 1.08%, 1.83% and 0.83%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Pennsylvania Tax Free Income Fund

Schedule of Investments

February 28, 2017

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–105.70%
Pennsylvania–100.58%
Allegheny (County of) Higher Education Building Authority (Chatham University); Series 2012 A, University RB		5.00	%		09/01/2035	$	1,000	$	1,053,040
Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 1998, Ref. University RB (INS–AMBAC)(a)		5.50	%		03/01/2020		1,420		1,517,355
Series 2011 A, University RB(b)(c)		5.50	%		03/01/2021		550		638,775
Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB(b)(c)		6.00	%		10/15/2018		1,000		1,082,320
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB		5.63	%		08/15/2039		1,250		1,354,937
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB		5.10	%		09/01/2026		980		980,715
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB		5.60	%		07/01/2023		1,020		985,371
Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB(d)		5.00	%		12/01/2045		2,120		2,337,788
Allegheny (County of); Series 2008 C-61, Unlimited Tax GO Bonds(b)(c)		5.00	%		12/01/2018		500		535,615
Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.); Series 2008 A, Ref. PCR		2.15	%		03/01/2017		700		560,000
Beaver (County of) Industrial Development Authority (FirstEnergy Generation); Series 2008 B, Ref. PCR(b)		4.25	%		04/01/2021		545		495,525
Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR(b)		2.70	%		04/02/2018		230		80,500
Beaver (County of);
Series 2009, Unlimited Tax GO Notes(b)(c)		5.55	%		11/15/2017		65		67,245
Series 2009, Unlimited Tax GO Notes(b)(c)		5.55	%		11/15/2017		1,325		1,370,765
Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB(e)		6.13	%		11/01/2034		415		433,841
Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00	%		11/01/2040		1,000		1,075,290
Bethlehem (City of);
Series 2014, Gtd. Ref. Water RB (INS-BAM)(a)		5.00	%		11/15/2030		425		477,199
Series 2014, Gtd. Ref. Water RB (INS-BAM)(a)		5.00	%		11/15/2031		425		475,941
Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds(b)(c)		5.25	%		01/15/2020		1,000		1,115,990
Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB		5.75	%		01/01/2037		2,000		2,000,860
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB		5.38	%		12/01/2041		1,100		1,214,994
Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB(b)(c)		6.25	%		11/15/2021		500		608,450
Series 2016 A, Ref. RB		5.00	%		11/15/2046		500		545,675
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center); Series 2006, Ref. First Mortgage RB		5.75	%		12/01/2022		900		901,638
Chester (County of) Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB		5.00	%		10/01/2044		1,000		1,020,670
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		775,380
Crawford (County of) Hospital Authority (Meadville Medical Center); Series 2016 A, Ref. Hospital RB		6.00	%		06/01/2051		660		661,459
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.00	%		01/01/2040		870		904,617
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		796,200
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB		5.00	%		01/01/2038		1,270		1,344,181
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		5.63	%		07/01/2028		1,000		1,033,420
Dauphin (County of) General Authority (Pinnacle Health System);
Series 2009, Health System RB		6.00	%		06/01/2036		340		372,008
Series 2009, Ref. Health System RB(b)(c)		6.00	%		06/01/2019		1,875		2,081,700
Series 2016 A, Ref. Health System RB		5.00	%		06/01/2036		510		565,769

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 (County of) Authority (Cabrini College); Series 1999, College RB (INS–AGC)(a)		5.75	%		07/01/2023	$	220	$	220,605
Delaware (County of) Authority (Haverford College); Series 2017 A, Ref. RB		5.00	%		10/01/2042		655		743,274
Delaware (County of) Authority (Neumann College); Series 2008, College RB(b)(c)		6.25	%		10/01/2018		110		119,287
Delaware (County of) Authority (Villanova University); Series 2015, RB		5.00	%		08/01/2045		215		238,515
Delaware (County of) Industrial Development Authority (Covanta); Series 2015, Ref. RB		5.00	%		07/01/2043		425		425,217
Delaware River Port Authority (Port District);
Series 2012, Ref. RB		5.00	%		01/01/2025		540		594,869
Series 2012, Ref. RB		5.00	%		01/01/2027		535		586,365
Delaware River Port Authority; Series 2010 D, RB		5.00	%		01/01/2040		1,000		1,087,370
Delaware Valley Regional Financial Authority;
Series 2002, RB		5.75	%		07/01/2017		1,160		1,180,022
Series 2002, RB		5.75	%		07/01/2032		1,000		1,222,440
Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS–AGM)(a)		5.00	%		07/01/2024		1,000		1,128,540
East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB		5.00	%		07/01/2035		500		522,070
Series 2014, RB		5.00	%		07/01/2039		250		259,915
East Hempfield (Township of) Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB		5.00	%		12/01/2030		210		235,960
Series 2016, Ref. RB		5.00	%		12/01/2039		370		398,505
Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB(b)(c)		5.50	%		09/15/2018		500		534,890
Fayette (County of) Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f)(g)		0.64	%		06/01/2037		150		150,000
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB		5.38	%		07/01/2042		1,000		1,084,890
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. Hospital RB		5.00	%		07/01/2040		1,515		1,521,636
Geisinger Authority (Geisinger Health System); Series 2011 A-1, Health System RB		5.13	%		06/01/2041		500		540,075
Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB		6.50	%		07/01/2040		350		352,188
Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB		5.00	%		07/01/2045		625		657,150
Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB		5.00	%		11/01/2035		210		230,028
Lancaster (County of) Hospital Authority (University of Pennsylvania); Series 2016 A, Ref. Health System RB		5.00	%		08/15/2042		535		593,706
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB		5.25	%		07/01/2042		825		843,422
Lehigh (County of) General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50	%		02/01/2044		668		677,327
Series 2014 B, Conv. CAB RB(h)		7.50	%		02/01/2044		172		59,702
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		821,655
Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB		5.75	%		07/01/2039		1,250		1,364,200
Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB		5.00	%		06/01/2031		1,400		1,533,070
Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB		5.00	%		10/01/2027		390		430,607
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2009 A-1, RB(b)(c)		6.25	%		11/15/2019		1,000		1,136,370
Series 2012, Ref. RB		5.00	%		11/15/2028		900		982,494
Series 2016, Ref. RB		5.00	%		11/15/2036		1,000		1,067,320
Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB		5.25	%		01/15/2045		850		898,212
Montgomery (County of) Industrial Development Authority (Foulkeways at Gwynedd); Series 2016, Ref. RB		5.00	%		12/01/2046		385		403,280
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB		6.63	%		12/01/2030		1,500		1,680,450

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)
Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB(b)(c)		7.00	%		02/01/2018	$	500	$	528,315
Northampton (County of) General Purpose Authority (Lehigh University); Series 2009, Higher Education RB(b)(c)		5.50	%		05/15/2019		1,000		1,097,830
Northampton (County of) General Purpose Authority (St. Luke’s Hospital); Series 2008 A, Hospital RB(b)(c)		5.50	%		08/15/2018		1,000		1,066,790
Northampton (County of) General Purpose Authority (St. Luke’s University Health Network);
Series 2016, Ref. Hospital RB		5.00	%		08/15/2036		330		360,403
Series 2016 A, Ref. Hospital RB		5.00	%		08/15/2046		650		700,251
Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB		5.00	%		07/01/2032		920		934,150
Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds(d)		5.00	%		06/15/2034		3,000		3,326,160
Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB		5.00	%		03/01/2034		500		547,640
Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB(e)		5.00	%		11/01/2041		1,200		1,267,812
Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB(e)		5.50	%		11/01/2044		635		673,036
Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(e)		5.00	%		12/31/2034		1,235		1,335,393
Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB		6.25	%		01/01/2032		1,000		1,065,340
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste Disposal RB(b)		1.50	%		05/01/2018		1,500		1,504,770
Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB		5.00	%		11/01/2042		535		514,033
Pennsylvania (State of) Higher Educational Facilities Authority (Drexel University); Series 2016, Ref. RB		5.00	%		05/01/2035		1,000		1,119,300
Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);
Series 2008, RB(b)(c)		5.88	%		07/01/2018		750		799,950
Series 2010, RB(b)(c)		6.00	%		07/01/2020		500		577,305
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB		5.00	%		05/01/2042		1,180		1,238,705
Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services); Series 2012, RB		5.00	%		10/01/2035		1,300		1,355,458
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB		5.00	%		11/01/2034		500		548,155
Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB		5.00	%		04/01/2042		570		625,700
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB		5.25	%		09/01/2050		845		931,984
Pennsylvania (State of) Turnpike Commission;
Series 2008 B-1, Sub. RB(b)(c)		5.50	%		06/01/2018		1,000		1,058,710
Series 2009 C, Sub. RB (INS–AGM)(a)		6.25	%		06/01/2033		2,000		2,483,520
Series 2009 E, Sub. Conv. CAB RB(h)		6.38	%		12/01/2038		1,435		1,736,967
Series 2010 A-1, Motor License Fund Special RB		5.00	%		12/01/2038		500		539,970
Subseries 2010 A-2, Motor License Fund Special RB		5.50	%		12/01/2034		820		916,539
Subseries 2010 A-2, Sub. Motor License Fund Special RB(b)(c)		5.50	%		12/01/2020		180		207,947
Subseries 2010 B-2, Motor License Fund Special RB(b)(c)		5.00	%		12/01/2020		235		267,188
Subseries 2010 B-2, Sub. Motor License Fund Special RB		5.00	%		12/01/2030		390		425,092
Subseries 2010 B-2, Sub. RB		5.13	%		12/01/2035		500		547,405
Pennsylvania State University;
Series 2015 A, RB		5.00	%		09/01/2040		1,000		1,133,940
Series 2016 A, RB(d)		5.00	%		09/01/2041		2,195		2,522,516
Series 2016 A, RB		5.00	%		09/01/2041		970		1,114,734

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) (1998 General Ordinance); Fourteenth Series 2016, Ref. Gas Works RB		5.00	%		10/01/2034	$	440	��	$	487,318
Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB(d)		5.00	%		07/01/2042		1,500			1,710,090
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB(b)(c)		5.00	%		05/15/2020		1,500			1,676,910
Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB		6.13	%		03/15/2043		585			612,811
Philadelphia (City of) Industrial Development Authority (Discovery Charter School); Series 2012, RB		6.25	%		04/01/2042		1,000			1,009,660
Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.00	%		06/15/2033		875			992,827
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB		5.50	%		09/15/2037		1,235			1,242,805
Philadelphia (City of) Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB		5.00	%		04/01/2046		640			630,438
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB(b)(c)		6.00	%		08/01/2020		700			811,041
Philadelphia (City of) Industrial Development Authority (Mast I Charter School); Series 2016 A, Ref. RB		5.25	%		08/01/2046		1,500			1,506,900
Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB		6.63	%		12/15/2041		750			818,190
Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(j)		6.50	%		06/15/2033		945			990,436
Philadelphia (City of);
Ninth Series 2010, Gas Works RB(b)(c)		5.25	%		08/01/2020		390			442,369
Ninth Series 2010, Gas Works RB		5.25	%		08/01/2040		610			669,072
Series 2009 A, Ref. Unlimited Tax GO Bonds(b)(c)		5.50	%		08/01/2019		110			121,684
Series 2009 A, Ref. Unlimited Tax GO Bonds (INS–AGC)(a)		5.50	%		08/01/2024		890			976,437
Series 2010 C, Water & Wastewater RB (INS–AGM)(a)		5.00	%		08/01/2035		1,250			1,366,862
Series 2011, Unlimited Tax GO Bonds		6.00	%		08/01/2036		500			569,380
Series 2017, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2041		880			974,169
Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. City Agreement RB		5.00	%		12/01/2031		840			941,758
Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB		5.00	%		04/01/2045		530			589,137
Philadelphia School District;
Series 2007 A, Ref. Unlimited Tax GO Bonds (INS–NATL)(a)		5.00	%		06/01/2025		535			594,471
Series 2008 E, Limited Tax GO Bonds(b)(c)		5.13	%		09/01/2018		1,230			1,307,539
Series 2008 E, Limited Tax GO Bonds (INS–BHAC)(a)		5.13	%		09/01/2023		270			285,458
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			1,096,260
Pittsburgh (City of) Water & Sewer Authority; Series 2013 A, Ref. First Lien RB		5.00	%		09/01/2031		500			562,500
Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(f)(g)		0.64	%		11/01/2029		285			285,000
Southcentral (Region of) General Authority (Wellspan Health Obligated Group); Series 2014, Ref. RB(d)		5.00	%		06/01/2044		3,180			3,476,853
State Public School Building Authority (Harrisburg School District);
Series 2009, RB(b)(c)		5.00	%		05/15/2019		165			179,340
Series 2009, RB(b)(c)		5.00	%		05/15/2019		165			179,264
Series 2009, RB(b)(c)		5.00	%		05/15/2019		670			727,921
Series 2016 A, Ref. RB (INS–AGM)(a)		5.00	%		12/01/2030		1,055			1,202,753
Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB(e)		5.00	%		01/01/2027		1,185			1,264,561
Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB		7.00	%		08/01/2041		1,000			1,139,650
Washington (County of) Hospital Authority (The Washington Hospital); Series 2007 B, VRD Hospital RB (LOC–PNC Bank, N.A.)(f)(g)		0.57	%		07/01/2037		1,950			1,950,000
Washington (County of) Industrial Development Authority (Washington Jefferson College); Series 2010, College RB		5.25	%		11/01/2030		500			546,615

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

8                         Invesco Pennsylvania Tax Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB		5.45	%		07/01/2035	$	1,320	$	1,320,145
Westmoreland (County of) Municipal Authority; Series 2013, RB		5.00	%		08/15/2031		750		842,685
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB		5.00	%		11/01/2040		850		930,291
									130,095,472
Guam–3.94%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB(b)(c)		5.75	%		12/01/2019		1,250		1,403,400
Series 2016 A, Ref. Limited Obligation RB		5.00	%		12/01/2046		500		533,375
Guam (Territory of) Power Authority;
Series 2010 A, RB		5.50	%		10/01/2040		410		430,369
Series 2012 A, Ref. RB		5.00	%		10/01/2034		520		542,100
Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB		5.63	%		07/01/2040		1,000		1,060,260
Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2029		285		313,232
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		785		812,122
									5,094,858
Virgin Islands–1.18%
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. Marine RB(e)		5.00	%		09/01/2029		575		615,825
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		640		500,033
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/2029		500		408,270
									1,524,128
TOTAL INVESTMENTS(k)–105.70% (Cost $130,738,430)									136,714,458
FLOATING RATE NOTE OBLIGATIONS–(6.28)%
Notes with interest and fee rates ranging from 1.16% to 1.19% at 02/28/2017 and maturities of collateral ranging from 06/15/2034 to 12/01/2045 (See Note 1J)(l)									(8,120,000	)
OTHER ASSETS LESS LIABILITIES–0.58%									743,423
NET ASSETS–100.00%								$	129,337,881

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
BHAC	– Berkshire Hathaway Assurance Corp.
CAB	– Capital Appreciation Bonds
Conv.	– Convertible
GO	– General Obligation
Gtd.	– Guaranteed
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand

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

9                         Invesco Pennsylvania Tax Free Income Fund

Notes to Schedule of Investments:

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

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

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

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

^(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 28, 2017.

^(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 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 value of this security at February 28, 2017 represented less than 1% 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.		5.3	%

^(l)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2017. At February 28, 2017, the Fund’s investments with a value of $13,373,407 are held by TOB Trusts and serve as collateral for the $8,120,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of February 28, 2017

Revenue Bonds	77.4	%
Pre-refunded Bonds	15.9
General Obligation Bonds	4.9
Other	1.8

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

10                         Invesco Pennsylvania Tax Free Income Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $130,738,430)	$	136,714,458
Receivable for:
Investments sold		330,000
Fund shares sold		335,514
Interest		1,595,741
Investment for trustee deferred compensation and retirement plans		36,271
Other assets		23,934
Total assets		139,035,918
Liabilities:
Floating rate note obligations		8,120,000
Payable for:
Investments purchased		504,306
Fund shares reacquired		99,403
Amount due custodian		703,167
Dividends		117,978
Accrued fees to affiliates		45,851
Accrued trustees’ and officers’ fees and benefits		2,886
Accrued other operating expenses		64,752
Trustee deferred compensation and retirement plans		39,694
Total liabilities		9,698,037
Net assets applicable to shares outstanding	$	129,337,881
Net assets consist of:
Shares of beneficial interest	$	133,687,051
Undistributed net investment income		146,727
Undistributed net realized gain (loss)		(10,471,925	)
Net unrealized appreciation		5,976,028
	$	129,337,881

Net Assets:
Class A	$	112,181,437
Class B	$	524,406
Class C	$	10,875,062
Class Y	$	5,756,976
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,935,803
Class B		32,358
Class C		671,561
Class Y		355,567
Class A:
Net asset value per share	$	16.17
Maximum offering price per share
(Net asset value of $16.17 ¸ 95.75%)	$	16.89
Class B:
Net asset value and offering price per share	$	16.21
Class C:
Net asset value and offering price per share	$	16.19
Class Y:
Net asset value and offering price per share	$	16.19

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

11                         Invesco Pennsylvania Tax Free Income Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	2,722,552
Expenses:
Advisory fees		325,710
Administrative services fees		24,795
Custodian fees		3,373
Distribution fees:
Class A		141,773
Class B		961
Class C		55,248
Interest, facilities and maintenance fees		66,111
Transfer agent fees		53,595
Trustees’ and officers’ fees and benefits		11,158
Registration and filing fees		27,114
Reports to shareholders		21,578
Professional services fees		34,782
Other		19,887
Total expenses		786,085
Net investment income		1,936,467
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(108,286	)
Change in net unrealized appreciation (depreciation) of investment securities		(6,358,463	)
Net realized and unrealized gain (loss)		(6,466,749	)
Net increase (decrease) in net assets resulting from operations	$	(4,530,282	)

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

12                         Invesco Pennsylvania Tax Free Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	1,936,467		$	4,348,697
Net realized gain (loss)		(108,286	)		(50,928	)
Change in net unrealized appreciation (depreciation)		(6,358,463	)		4,641,602
Net increase (decrease) in net assets resulting from operations		(4,530,282	)		8,939,371
Distributions to shareholders from net investment income:
Class A		(1,908,303	)		(4,085,069	)
Class B		(12,881	)		(42,461	)
Class C		(143,090	)		(286,482	)
Class Y		(89,008	)		(139,754	)
Total distributions from net investment income		(2,153,282	)		(4,553,766	)
Share transactions–net:
Class A		(888,053	)		2,612,797
Class B		(521,630	)		(193,642	)
Class C		35,728			1,576,180
Class Y		1,638,082			908,445
Net increase in net assets resulting from share transactions		264,127			4,903,780
Net increase (decrease) in net assets		(6,419,437	)		9,289,385
Net assets:
Beginning of period		135,757,318			126,467,933
End of period (includes undistributed net investment income of $146,727 and $363,542, respectively)	$	129,337,881		$	135,757,318

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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

13                         Invesco Pennsylvania Tax Free Income Fund

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 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

14                         Invesco Pennsylvania Tax Free Income 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. 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.

Further, the SEC and various banking agencies recently adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

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.

15                         Invesco Pennsylvania Tax Free Income Fund

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.

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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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, 2017. 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 this expense limit.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $6,303 in front-end sales commissions from the sale of Class A shares and $102 and $97 from Class A 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.

16                         Invesco Pennsylvania Tax Free Income 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 28, 2017, 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 28, 2017, the Fund engaged in securities purchases of $5,486,472 and securities sales of $8,081,694, which did not result in any realized gains (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 28, 2017 were $ 8,312,143 and 1.54%, 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.

17                         Invesco Pennsylvania Tax Free Income Fund

The Fund had a capital loss carryforward as of August 31, 2016, 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		427,854		3,132,787		3,560,641
	$	7,077,886	$	3,132,787	$	10,210,673

* 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 28, 2017 was $16,170,699 and $16,378,543, 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	$	8,970,701
Aggregate unrealized (depreciation) of investment securities		(2,804,247	)
Net unrealized appreciation of investment securities	$	6,166,454

Cost of investments for tax purposes is $130,548,004.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		334,346		$	5,482,519			568,174		$	9,498,579
Class B		—			—			—			—
Class C		76,844			1,269,549			143,899			2,419,177
Class Y		187,365			3,050,187			101,703			1,719,284
Issued as reinvestment of dividends:
Class A		79,057			1,291,048			160,623			2,687,967
Class B		302			4,931			879			14,720
Class C		5,257			85,906			10,289			172,481
Class Y		2,498			40,711			3,589			60,058
Automatic conversion of Class B shares to Class A shares:
Class A		32,190			526,455			7,910			132,347
Class B		(32,129	)		(526,455	)		(7,893	)		(132,347	)
Reacquired:
Class A		(501,267	)		(8,188,075	)		(582,021	)		(9,706,096	)
Class B		(7	)		(106	)		(4,507	)		(76,015	)
Class C		(80,464	)		(1,319,727	)		(60,654	)		(1,015,478	)
Class Y		(89,892	)		(1,452,816	)		(51,633	)		(870,897	)
Net increase in share activity		14,100		$	264,127			290,358		$	4,903,780

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% 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.

18                         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 02/28/17	$	17.01	$	0.24	$	(0.81	)	$	(0.57	)	$	(0.27	)	$	16.17		(3.33	)%	$	112,181		1.15	%(d)		1.05	%(d)		3.03	%(d)		12	%
Year ended 08/31/16		16.44		0.57		0.60			1.17			(0.60	)		17.01		7.21			118,906		1.08			1.02			3.41			12
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
Class B
Six months ended 02/28/17		17.04		0.24		(0.80	)		(0.56	)		(0.27	)		16.21		(3.27	)(e)		524		1.15	(d)(e)		1.05	(d)(e)		3.03	(d)(e)		12
Year ended 08/31/16		16.48		0.57		0.59			1.16			(0.60	)		17.04		7.15	(e)		1,094		1.08	(e)		1.02	(e)		3.41	(e)		12
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
Class C
Six months ended 02/28/17		17.03		0.18		(0.81	)		(0.63	)		(0.21	)		16.19		(3.70	)		10,875		1.90	(d)		1.80	(d)		2.28	(d)		12
Year ended 08/31/16		16.46		0.44		0.60			1.04			(0.47	)		17.03		6.42			11,406		1.83			1.77			2.66			12
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
Class Y
Six months ended 02/28/17		17.02		0.27		(0.81	)		(0.54	)		(0.29	)		16.19		(3.15	)		5,757		0.90	(d)		0.80	(d)		3.28	(d)		12
Year ended 08/31/16		16.46		0.61		0.59			1.20			(0.64	)		17.02		7.41			4,351		0.83			0.77			3.66			12
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

^(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 $114,469, $774,209, $11,134 and $4,986 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 0.25%, 0.25%, 0.25%, 0.25% and 0.25% for the six months ended February 28, 2017 and the years ended August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013, 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.

NOTE 11–Subsequent Event

Effective April 4, 2017, the Fund began offering Class R6 shares.

19                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	967.20	$	5.61	$	1,019.09	$	5.76		1.15	%
B		1,000.00		967.30		5.61		1,019.09		5.76		1.15
C		1,000.00		963.60		9.25		1,015.37		9.49		1.90
Y		1,000.00		968.50		4.39		1,020.33		4.51		0.90

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

20                         Invesco Pennsylvania Tax Free Income Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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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                      Invesco Distributors, Inc.                                                                              VK-PTFI-SAR-1             04122017      1551

	Semiannual Report to Shareholders	February 28, 2017
	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, 8/31/16 to 2/28/17, 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	9.67%
Class B Shares	9.33
Class C Shares	9.32
Class Y Shares	9.84
S&P 500 Index ▼(Broad Market/Style-Specific Index)	10.01
Lipper S&P 500 Objective Funds Index⬛ (Peer Group Index)	9.86
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 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	5.89	%
10 Years	6.48
5 Years	12.08
1 Year	17.23
Class B Shares
Inception (9/28/97)	5.87	%
10 Years	6.44
5 Years	12.28
1 Year	18.37
Class C Shares
Inception (9/26/97)	5.41	%
10 Years	6.30
5 Years	12.53
1 Year	22.35
Class Y Shares
Inception (9/26/97)	6.46	%
10 Years	7.36
5 Years	13.64
1 Year	24.55

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	5.63	%
10 Years	5.82
5 Years	12.71
1 Year	5.18
Class B Shares
Inception (9/26/97)	5.60	%
10 Years	5.78
5 Years	12.91
1 Year	5.49
Class C Shares
Inception (9/26/97)	5.15	%
10 Years	5.63
5 Years	13.16
1 Year	9.53
Class Y Shares
Inception (9/26/97)	6.20	%
10 Years	6.69
5 Years	14.29
1 Year	11.57

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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

Returns shown above, prior to June 1, 2010, 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 0.59%, 1.34%, 1.32% and 0.34%, 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

3 Invesco S&P 500 Index Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.34%
Advertising–0.15%
Interpublic Group of Cos., Inc. (The)		19,510	$	470,191
Omnicom Group Inc.		11,579		985,373
				1,455,564
Aerospace & Defense–2.26%
Arconic Inc.		21,566		620,885
Boeing Co. (The)		28,206		5,083,567
General Dynamics Corp.		14,048		2,666,451
L3 Technologies, Inc.		3,781		636,418
Lockheed Martin Corp.		12,358		3,294,396
Northrop Grumman Corp.		8,661		2,140,046
Raytheon Co.		14,446		2,226,851
Rockwell Collins, Inc.		6,360		607,952
Textron Inc.		13,292		628,712
TransDigm Group, Inc.		2,451		623,044
United Technologies Corp.		37,632		4,235,482
				22,763,804
Agricultural & Farm Machinery–0.16%
Deere & Co.		14,262		1,561,546
Agricultural Products–0.13%
Archer-Daniels-Midland Co.		28,277		1,328,171
Air Freight & Logistics–0.69%
C.H. Robinson Worldwide, Inc.		6,986		561,465
Expeditors International of Washington, Inc.		8,863		499,696
FedEx Corp.		12,015		2,318,655
United Parcel Service, Inc.–Class B		33,841		3,579,024
				6,958,840
Airlines–0.63%
Alaska Air Group, Inc.		6,025		589,365
American Airlines Group Inc.		25,462		1,180,418
Delta Air Lines, Inc.		36,188		1,806,867
Southwest Airlines Co.		30,252		1,748,566
United Continental Holdings Inc.(b)		14,188		1,051,189
				6,376,405
Alternative Carriers–0.08%
Level 3 Communications, Inc.(b)		14,357		821,938
Apparel Retail–0.53%
Foot Locker, Inc.		6,624		501,238
Gap, Inc. (The)		10,830		268,801
L Brands, Inc.		11,759		618,759
Ross Stores, Inc.		19,516		1,338,407
TJX Cos., Inc. (The)		32,036		2,513,224
Urban Outfitters, Inc.(b)		4,358		113,439
				5,353,868

	Shares		Value
Apparel, Accessories & Luxury Goods–0.30%
Coach, Inc.		13,777	$	524,766
Hanesbrands, Inc.		18,597		372,126
Michael Kors Holdings Ltd.(b)		8,070		294,555
PVH Corp.		3,927		359,713
Ralph Lauren Corp.		2,737		217,126
Under Armour, Inc.–Class A(b)		9,077		187,168
Under Armour, Inc.–Class C(b)		9,124		169,341
VF Corp.		16,242		851,893
				2,976,688
Application Software–0.83%
Adobe Systems Inc.(b)		24,394		2,886,786
Autodesk, Inc.(b)		9,660		833,658
Citrix Systems, Inc.(b)		7,623		601,836
Intuit Inc.		11,996		1,504,778
salesforce.com, inc.(b)		31,370		2,551,950
				8,379,008
Asset Management & Custody Banks–1.07%
Affiliated Managers Group, Inc.		2,693		452,235
Ameriprise Financial, Inc.		7,766		1,021,229
Bank of New York Mellon Corp. (The)		51,961		2,449,442
BlackRock, Inc.		5,972		2,313,911
Franklin Resources, Inc.		17,050		733,832
Invesco Ltd.(c)		20,067		645,957
Northern Trust Corp.		10,427		910,798
State Street Corp.		17,818		1,420,273
T. Rowe Price Group Inc.		11,963		851,885
				10,799,562
Auto Parts & Equipment–0.14%
BorgWarner, Inc.		9,860		415,993
Delphi Automotive PLC		13,353		1,016,564
				1,432,557
Automobile Manufacturers–0.49%
Ford Motor Co.		191,802		2,403,279
General Motors Co.		68,170		2,511,383
				4,914,662
Automotive Retail–0.36%
Advance Auto Parts, Inc.		3,605		564,579
AutoNation, Inc.(b)		3,262		149,726
AutoZone, Inc.(b)		1,418		1,044,428
CarMax, Inc.(b)		9,373		604,934
O’Reilly Automotive, Inc.(b)		4,647		1,262,636
				3,626,303
Biotechnology–2.87%
AbbVie Inc.		79,863		4,938,728
Alexion Pharmaceuticals, Inc.(b)		10,978		1,440,862

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)
Amgen Inc.		36,558	$	6,453,584
Biogen Inc.(b)		10,677		3,081,382
Celgene Corp.(b)		38,096		4,705,237
Gilead Sciences, Inc.		64,745		4,563,228
Incyte Corp.(b)		8,610		1,145,991
Regeneron Pharmaceuticals, Inc.(b)		3,714		1,387,179
Vertex Pharmaceuticals Inc.(b)		12,231		1,108,373
				28,824,564
Brewers–0.09%
Molson Coors Brewing Co.–Class B		9,017		905,217
Broadcasting–0.24%
CBS Corp.–Class B		19,263		1,269,817
Discovery Communications, Inc.–Class A(b)		7,486		215,297
Discovery Communications, Inc.–Class C(b)		10,840		304,279
Scripps Networks Interactive Inc.–Class A		4,672		377,358
TEGNA Inc.		10,492		268,910
				2,435,661
Building Products–0.32%
Allegion PLC		4,694		340,737
Fortune Brands Home & Security, Inc.		7,534		435,691
Johnson Controls International PLC		46,034		1,930,666
Masco Corp.		16,165		546,054
				3,253,148
Cable & Satellite–1.21%
Charter Communications, Inc.–Class A(b)		10,661		3,444,143
Comcast Corp.–Class A		234,256		8,765,859
				12,210,002
Casinos & Gaming–0.04%
Wynn Resorts Ltd.		3,886		373,639
Commodity Chemicals–0.15%
LyondellBasell Industries N.V.–Class A		16,421		1,498,252
Communications Equipment–1.07%
Cisco Systems, Inc.		246,691		8,431,898
F5 Networks, Inc.(b)		3,170		454,166
Harris Corp.		6,081		668,302
Juniper Networks, Inc.		18,648		522,144
Motorola Solutions, Inc.		8,162		644,553
				10,721,063
Computer & Electronics Retail–0.06%
Best Buy Co., Inc.		13,413		591,916
Construction & Engineering–0.10%
Fluor Corp.		6,816		377,538
Jacobs Engineering Group, Inc.		5,944		335,301
Quanta Services, Inc.(b)		7,395		275,982
				988,821

	Shares		Value
Construction Machinery & Heavy Trucks–0.50%
Caterpillar Inc.		28,752	$	2,779,168
Cummins Inc.		7,595		1,127,782
PACCAR Inc.		17,261		1,153,207
				5,060,157
Construction Materials–0.15%
Martin Marietta Materials, Inc.		3,105		670,525
Vulcan Materials Co.		6,514		785,653
				1,456,178
Consumer Electronics–0.07%
Garmin Ltd.		5,640		291,080
Harman International Industries, Inc.		3,416		381,294
				672,374
Consumer Finance–0.82%
American Express Co.		37,782		3,024,827
Capital One Financial Corp.		23,701		2,224,576
Discover Financial Services		19,382		1,378,835
Navient Corp.		14,894		229,517
Synchrony Financial		38,538		1,396,617
				8,254,372
Copper–0.08%
Freeport-McMoRan Inc.(b)		61,564		824,958
Data Processing & Outsourced Services–2.34%
Alliance Data Systems Corp.		2,815		683,989
Automatic Data Processing, Inc.		22,172		2,275,291
Fidelity National Information Services, Inc.		16,149		1,328,578
Fiserv, Inc.(b)		10,661		1,230,279
Global Payments Inc.		7,521		599,349
Mastercard Inc.–Class A		46,777		5,166,987
Paychex, Inc.		15,817		971,480
PayPal Holdings, Inc.(b)		55,148		2,316,216
Total System Services, Inc.		8,099		441,234
Visa Inc.–Class A		91,780		8,071,133
Western Union Co. (The)		23,777		466,980
				23,551,516
Department Stores–0.11%
Kohl’s Corp.		8,671		369,558
Macy’s, Inc.		15,001		498,333
Nordstrom, Inc.		5,688		265,402
				1,133,293
Distillers & Vintners–0.18%
Brown-Forman Corp.–Class B		8,929		435,378
Constellation Brands, Inc.–Class A		8,732		1,386,729
				1,822,107
Distributors–0.12%
Genuine Parts Co.		7,290		697,726
LKQ Corp.(b)		15,135		477,963
				1,175,689

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

5                         Invesco S&P 500 Index Fund

	Shares		Value
Diversified Banks–5.40%
Bank of America Corp.		496,604	$	12,256,187
Citigroup Inc.		140,047		8,376,211
Comerica Inc.		8,513		606,806
JPMorgan Chase & Co.		175,850		15,935,527
U.S. Bancorp		78,516		4,318,380
Wells Fargo & Co.		222,135		12,857,174
				54,350,285
Diversified Chemicals–0.73%
Dow Chemical Co. (The)		55,065		3,428,347
E. I. du Pont de Nemours and Co.		42,703		3,353,893
Eastman Chemical Co.		7,231		580,288
				7,362,528
Diversified Support Services–0.05%
Cintas Corp.		4,183		493,636
Drug Retail–0.78%
CVS Health Corp.		52,408		4,223,037
Walgreens Boots Alliance, Inc.		42,056		3,632,797
				7,855,834
Electric Utilities–1.98%
Alliant Energy Corp.		11,230		443,360
American Electric Power Co., Inc.		24,173		1,618,866
Duke Energy Corp.		33,856		2,794,813
Edison International		16,051		1,279,907
Entergy Corp.		8,762		671,695
Eversource Energy		15,630		916,856
Exelon Corp.		45,372		1,665,606
FirstEnergy Corp.		20,922		678,500
NextEra Energy, Inc.		22,967		3,008,677
PG&E Corp.		24,849		1,658,671
Pinnacle West Capital Corp.		5,442		447,278
PPL Corp.		33,399		1,231,755
Southern Co. (The)		48,160		2,447,491
Xcel Energy, Inc.		24,969		1,091,395
				19,954,870
Electrical Components & Equipment–0.55%
Acuity Brands, Inc.		2,148		453,872
AMETEK, Inc.		11,378		614,071
Eaton Corp. PLC		22,160		1,595,077
Emerson Electric Co.		31,607		1,899,581
Rockwell Automation, Inc.		6,334		957,067
				5,519,668
Electronic Components–0.23%
Amphenol Corp.–Class A		15,113		1,045,971
Corning Inc.		46,747		1,290,684
				2,336,655
Electronic Equipment & Instruments–0.02%
FLIR Systems, Inc.		6,720		246,691

	Shares		Value
Electronic Manufacturing Services–0.13%
TE Connectivity Ltd.		17,507	$	1,303,746
Environmental & Facilities Services–0.25%
Republic Services, Inc.		11,313		700,840
Stericycle, Inc.(b)		4,163		345,030
Waste Management, Inc.		20,022		1,468,013
				2,513,883
Fertilizers & Agricultural Chemicals–0.37%
CF Industries Holdings, Inc.		11,412		358,565
FMC Corp.		6,550		377,411
Monsanto Co.		21,523		2,449,963
Mosaic Co. (The)		17,244		537,841
				3,723,780
Financial Exchanges & Data–0.70%
CBOE Holdings Inc.		4,485		350,054
CME Group Inc.–Class A		16,689		2,027,046
Intercontinental Exchange, Inc.		29,273		1,672,367
Moody’s Corp.		8,190		912,120
Nasdaq, Inc.		5,591		397,576
S&P Global Inc.		12,732		1,648,412
				7,007,575
Food Distributors–0.13%
Sysco Corp.		24,727		1,303,607
Food Retail–0.19%
Kroger Co. (The)		46,359		1,474,216
Whole Foods Market, Inc.		15,607		478,667
				1,952,883
Footwear–0.37%
NIKE, Inc.–Class B		65,665		3,753,411
General Merchandise Stores–0.34%
Dollar General Corp.		12,490		912,020
Dollar Tree, Inc.(b)		11,643		892,785
Target Corp.		27,604		1,622,287
				3,427,092
Gold–0.09%
Newmont Mining Corp.		26,082		893,048
Health Care Distributors–0.45%
AmerisourceBergen Corp.		8,189		749,376
Cardinal Health, Inc.		15,728		1,279,787
Henry Schein, Inc.(b)		3,954		678,348
McKesson Corp.		11,110		1,667,944
Patterson Cos. Inc.		4,089		185,845
				4,561,300
Health Care Equipment–2.44%
Abbott Laboratories		84,587		3,813,182
Baxter International Inc.		24,065		1,225,390
Becton, Dickinson and Co.		10,423		1,907,930

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)
Boston Scientific Corp.(b)		66,918	$	1,642,837
C.R. Bard, Inc.		3,596		881,883
Danaher Corp.		29,913		2,559,057
Edwards Lifesciences Corp.(b)		10,522		989,489
Hologic, Inc.(b)		13,682		555,216
IDEXX Laboratories, Inc.(b)		4,405		638,461
Intuitive Surgical, Inc.(b)		1,904		1,403,248
Medtronic PLC		67,476		5,459,483
Stryker Corp.		15,310		1,968,254
Varian Medical Systems, Inc.(b)		4,586		384,719
Zimmer Biomet Holdings, Inc.		9,892		1,158,155
				24,587,304
Health Care Facilities–0.18%
HCA Holdings, Inc.(b)		14,358		1,252,592
Universal Health Services, Inc.–Class B		4,410		553,896
				1,806,488
Health Care REIT’s–0.31%
HCP, Inc.		22,992		753,907
Ventas, Inc.		17,401		1,131,935
Welltower Inc.		17,815		1,253,820
				3,139,662
Health Care Services–0.44%
DaVita Inc.(b)		7,760		538,622
Envision Healthcare Corp.(b)		5,744		402,080
Express Scripts Holding Co.(b)		30,303		2,140,907
Laboratory Corp. of America Holdings(b)		5,108		726,664
Quest Diagnostics Inc.		6,805		663,079
				4,471,352
Health Care Supplies–0.12%
Cooper Cos., Inc. (The)		2,386		475,148
DENTSPLY SIRONA Inc.		11,307		718,221
				1,193,369
Health Care Technology–0.08%
Cerner Corp.(b)		14,848		817,234
Home Entertainment Software–0.28%
Activision Blizzard, Inc.		33,601		1,516,413
Electronic Arts Inc.(b)		14,829		1,282,709
				2,799,122
Home Furnishings–0.10%
Leggett & Platt, Inc.		6,543		321,785
Mohawk Industries, Inc.(b)		3,085		698,320
				1,020,105
Home Improvement Retail–1.18%
Home Depot, Inc. (The)		59,864		8,674,892
Lowe’s Cos., Inc.		42,719		3,177,012
				11,851,904

	Shares		Value
Homebuilding–0.13%
D.R. Horton, Inc.		16,686	$	533,952
Lennar Corp.–Class A		9,656		471,116
PulteGroup Inc.		14,627		322,526
				1,327,594
Homefurnishing Retail–0.03%
Bed Bath & Beyond Inc.		7,457		301,263
Hotel and Resort REIT’s–0.07%
Host Hotels & Resorts Inc.		36,348		653,901
Hotels, Resorts & Cruise Lines–0.37%
Carnival Corp.		20,607		1,152,962
Marriott International Inc.–Class A		15,758		1,370,788
Royal Caribbean Cruises Ltd.		8,219		789,846
Wyndham Worldwide Corp.		5,278		439,341
				3,752,937
Household Appliances–0.07%
Whirlpool Corp.		3,693		659,533
Household Products–1.89%
Church & Dwight Co., Inc.		12,711		633,516
Clorox Co. (The)		6,338		867,102
Colgate-Palmolive Co.		43,643		3,185,066
Kimberly-Clark Corp.		17,606		2,333,675
Procter & Gamble Co. (The)		131,509		11,976,525
				18,995,884
Housewares & Specialties–0.12%
Newell Brands, Inc.		23,708		1,162,403
Human Resource & Employment Services–0.03%
Robert Half International, Inc.		6,371		307,337
Hypermarkets & Super Centers–0.90%
Costco Wholesale Corp.		21,497		3,808,838
Wal-Mart Stores, Inc.		74,004		5,249,104
				9,057,942
Independent Power Producers & Energy Traders–0.06%
AES Corp. (The)		32,394		373,179
NRG Energy, Inc.		15,535		257,260
				630,439
Industrial Conglomerates–2.40%
3M Co.		29,538		5,504,406
General Electric Co.(d)		434,748		12,959,838
Honeywell International Inc.		37,453		4,662,899
Roper Technologies, Inc.		4,961		1,037,841
				24,164,984
Industrial Gases–0.32%
Air Products and Chemicals, Inc.		10,682		1,500,501
Praxair, Inc.		14,064		1,669,537
				3,170,038

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–0.81%
Dover Corp.		7,598	$	608,600
Flowserve Corp.		6,382		296,444
Fortive Corp.		14,819		854,315
Illinois Tool Works Inc.		15,524		2,049,323
Ingersoll-Rand PLC		12,731		1,010,332
Parker-Hannifin Corp.		6,555		1,014,976
Pentair PLC (United Kingdom)		8,256		479,343
Snap-on Inc.		2,843		482,372
Stanley Black & Decker Inc.		7,364		936,333
Xylem, Inc.		8,771		422,061
				8,154,099
Industrial REIT’s–0.13%
Prologis, Inc.		25,977		1,326,126
Insurance Brokers–0.46%
Aon PLC		12,902		1,492,116
Arthur J. Gallagher & Co.		8,766		499,224
Marsh & McLennan Cos., Inc.		25,370		1,864,188
Willis Towers Watson PLC		6,352		815,787
				4,671,315
Integrated Oil & Gas–2.93%
Chevron Corp.		92,772		10,436,850
Exxon Mobil Corp.		203,785		16,571,796
Occidental Petroleum Corp.		37,555		2,461,730
				29,470,376
Integrated Telecommunication Services–2.32%
AT&T Inc.(d)		301,793		12,611,929
CenturyLink Inc.		26,865		651,745
Frontier Communications Corp.		57,647		168,906
Verizon Communications Inc.		200,341		9,942,924
				23,375,504
Internet & Direct Marketing Retail–2.43%
Amazon.com, Inc.(b)		19,381		16,377,720
Expedia, Inc.		5,898		702,098
Netflix Inc.(b)		21,090		2,997,522
Priceline Group Inc. (The)(b)		2,424		4,179,291
TripAdvisor Inc.(b)		5,593		231,942
				24,488,573
Internet Software & Services–4.42%
Akamai Technologies, Inc.(b)		8,553		535,418
Alphabet Inc.–Class A(b)		14,550		12,293,731
Alphabet Inc.–Class C(b)		14,584		12,005,695
eBay Inc.(b)		51,093		1,732,053
Facebook, Inc.–Class A(b)		115,037		15,592,115
VeriSign, Inc.(b)		4,447		366,744
Yahoo! Inc.(b)		43,137		1,969,635
				44,495,391
Investment Banking & Brokerage–1.05%
Charles Schwab Corp. (The)		59,285		2,395,707

	Shares		Value
Investment Banking & Brokerage–(continued)
E*TRADE Financial Corp.(b)		13,499	$	465,850
Goldman Sachs Group, Inc. (The)		18,173		4,507,994
Morgan Stanley		70,868		3,236,542
				10,606,093
IT Consulting & Other Services–1.35%
Accenture PLC–Class A		30,476		3,733,310
Cognizant Technology Solutions Corp.–Class A(b)		29,816		1,767,194
CSRA Inc.		7,129		212,587
International Business Machines Corp.		42,522		7,646,306
Teradata Corp.(b)		6,383		198,511
				13,557,908
Leisure Products–0.10%
Hasbro, Inc.		5,525		535,207
Mattel, Inc.		16,808		432,470
				967,677
Life & Health Insurance–0.92%
Aflac, Inc.		20,050		1,450,617
Lincoln National Corp.		11,232		788,037
MetLife, Inc.		54,015		2,832,547
Principal Financial Group, Inc.		13,194		825,153
Prudential Financial, Inc.		21,131		2,335,821
Torchmark Corp.		5,452		422,694
Unum Group		11,387		556,027
				9,210,896
Life Sciences Tools & Services–0.66%
Agilent Technologies, Inc.		15,936		817,517
Illumina, Inc.(b)		7,226		1,209,632
Mettler-Toledo International Inc.(b)		1,296		617,181
PerkinElmer, Inc.		5,355		290,562
Thermo Fisher Scientific, Inc.		19,413		3,061,042
Waters Corp.(b)		3,944		611,281
				6,607,215
Managed Health Care–1.60%
Aetna Inc.		17,274		2,224,200
Anthem, Inc.		12,984		2,140,023
Centene Corp.(b)		8,358		589,239
Cigna Corp.		12,661		1,885,223
Humana Inc.		7,347		1,552,054
UnitedHealth Group Inc.		46,776		7,735,815
				16,126,554
Metal & Glass Containers–0.06%
Ball Corp.		8,629		634,490
Motorcycle Manufacturers–0.05%
Harley-Davidson, Inc.		8,653		487,856
Movies & Entertainment–1.46%
Time Warner Inc.		37,896		3,721,766
Twenty-First Century Fox, Inc.–Class A		51,990		1,555,541

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

8                         Invesco S&P 500 Index Fund

	Shares		Value
Movies & Entertainment–(continued)
Twenty-First Century Fox, Inc.–Class B		23,948	$	702,874
Viacom Inc.–Class B		17,099		742,951
Walt Disney Co. (The)		71,953		7,921,306
				14,644,438
Multi-Line Insurance–0.49%
American International Group, Inc.		47,953		3,065,156
Assurant, Inc.		2,840		281,160
Hartford Financial Services Group, Inc. (The)		18,563		907,545
Loews Corp.		13,532		635,733
				4,889,594
Multi-Sector Holdings–1.63%
Berkshire Hathaway Inc.–Class B(b)		93,317		15,996,400
Leucadia National Corp.		15,878		422,673
				16,419,073
Multi-Utilities–1.05%
Ameren Corp.		11,878		649,608
CenterPoint Energy, Inc.		21,186		578,801
CMS Energy Corp.		13,760		612,595
Consolidated Edison, Inc.		15,003		1,155,831
Dominion Resources, Inc.		30,800		2,391,312
DTE Energy Co.		8,784		890,522
NiSource Inc.		15,873		379,523
Public Service Enterprise Group Inc.		24,869		1,143,477
SCANA Corp.		6,996		485,173
Sempra Energy		12,330		1,359,876
WEC Energy Group, Inc.		15,552		937,319
				10,584,037
Office REIT’s–0.25%
Boston Properties, Inc.		7,524		1,046,062
SL Green Realty Corp.		4,929		555,400
Vornado Realty Trust		8,412		924,226
				2,525,688
Oil & Gas Drilling–0.06%
Helmerich & Payne, Inc.		5,290		361,677
Transocean Ltd.(b)		19,131		264,391
				626,068
Oil & Gas Equipment & Services–1.05%
Baker Hughes Inc.		20,777		1,252,438
Halliburton Co.		42,482		2,271,088
National Oilwell Varco Inc.		18,589		751,367
Schlumberger Ltd.		68,374		5,494,535
TechnipFMC PLC (United Kingdom)(b)		23,004		743,489
				10,512,917
Oil & Gas Exploration & Production–1.68%
Anadarko Petroleum Corp.		27,465		1,775,612
Apache Corp.		18,676		982,171
Cabot Oil & Gas Corp.		22,873		500,919

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Chesapeake Energy Corp.(b)		36,631	$	199,639
Cimarex Energy Co.		4,650		584,598
Concho Resources Inc.(b)		7,176		950,461
ConocoPhillips		60,890		2,896,537
Devon Energy Corp.		25,735		1,115,870
EOG Resources, Inc.		28,329		2,747,630
EQT Corp.		8,456		506,430
Hess Corp.		13,077		672,681
Marathon Oil Corp.		41,634		666,144
Murphy Oil Corp.		7,924		224,170
Newfield Exploration Co.(b)		9,722		354,464
Noble Energy, Inc.		21,034		765,848
Pioneer Natural Resources Co.		8,353		1,553,407
Range Resources Corp.		9,203		254,187
Southwestern Energy Co.(b)		24,157		181,419
				16,932,187
Oil & Gas Refining & Marketing–0.50%
Marathon Petroleum Corp.		25,987		1,288,955
Phillips 66		21,756		1,701,101
Tesoro Corp.		5,715		486,861
Valero Energy Corp.		22,245		1,511,548
				4,988,465
Oil & Gas Storage & Transportation–0.37%
Kinder Morgan, Inc.		94,348		2,010,574
ONEOK, Inc.		10,301		556,769
Williams Cos., Inc. (The)		40,092		1,136,207
				3,703,550
Packaged Foods & Meats–1.43%
Campbell Soup Co.		9,519		564,953
Conagra Brands, Inc.		20,403		840,808
General Mills, Inc.(d)		29,062		1,754,473
Hershey Co. (The)		6,871		744,473
Hormel Foods Corp.		13,229		466,322
JM Smucker Co. (The)		5,699		807,719
Kellogg Co.		12,446		921,875
Kraft Heinz Co. (The)		29,312		2,682,341
McCormick & Co., Inc.		5,631		554,203
Mead Johnson Nutrition Co.		9,040		793,621
Mondelez International, Inc.–Class A		75,898		3,333,440
Tyson Foods, Inc.–Class A		14,278		893,232
				14,357,460
Paper Packaging–0.25%
Avery Dennison Corp.		4,350		351,088
International Paper Co.		20,232		1,066,226
Sealed Air Corp.		9,499		441,514
WestRock Co.		12,312		661,401
				2,520,229
Personal Products–0.13%
Coty, Inc.–Class A		23,094		433,705

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

9                         Invesco S&P 500 Index Fund

	Shares		Value
Personal Products–(continued)
Estee Lauder Cos. Inc. (The)–Class A		10,923	$	904,971
				1,338,676
Pharmaceuticals–5.14%
Allergan PLC		18,432		4,512,522
Bristol-Myers Squibb Co.		82,130		4,657,592
Eli Lilly and Co.		47,742		3,953,515
Endo International PLC(b)		9,706		132,487
Johnson & Johnson		133,697		16,339,110
Mallinckrodt PLC(b)		5,173		271,169
Merck & Co., Inc.		135,496		8,925,121
Mylan N.V.(b)		22,622		946,731
Perrigo Co. PLC		7,014		524,437
Pfizer Inc.		298,223		10,175,369
Zoetis Inc.		24,235		1,291,968
				51,730,021
Property & Casualty Insurance–0.85%
Allstate Corp. (The)		18,085		1,485,863
Chubb Ltd.		22,870		3,159,948
Cincinnati Financial Corp.		7,331		534,870
Progressive Corp. (The)		28,487		1,116,121
Travelers Cos., Inc. (The)		13,959		1,706,348
XL Group Ltd. (Bermuda)		13,222		535,359
				8,538,509
Publishing–0.03%
News Corp.–Class A		18,769		240,618
News Corp.–Class B		5,863		77,392
				318,010
Railroads–0.88%
CSX Corp.		46,031		2,235,266
Kansas City Southern		5,286		468,498
Norfolk Southern Corp.		14,370		1,739,201
Union Pacific Corp.		40,499		4,371,462
				8,814,427
Real Estate Services–0.05%
CBRE Group, Inc.–Class A(b)		14,751		525,431
Regional Banks–1.30%
BB&T Corp.		39,874		1,922,724
Citizens Financial Group, Inc.		25,155		940,042
Fifth Third Bancorp		37,133		1,018,930
Huntington Bancshares Inc.		53,309		753,789
KeyCorp		53,109		996,856
M&T Bank Corp.		7,618		1,271,978
People’s United Financial Inc.		15,324		294,221
PNC Financial Services Group, Inc. (The)		23,908		3,041,815
Regions Financial Corp.		60,494		923,743
SunTrust Banks, Inc.		24,119		1,434,839
Zions Bancorp.		10,041		450,841
				13,049,778

	Shares		Value
Research & Consulting Services–0.23%
Dun & Bradstreet Corp. (The)		1,833	$	193,455
Equifax Inc.		5,842		765,944
Nielsen Holdings PLC		16,545		733,936
Verisk Analytics, Inc.–Class A(b)		7,692		637,821
				2,331,156
Residential REIT’s–0.45%
Apartment Investment & Management Co.–Class A		7,667		356,745
AvalonBay Communities, Inc.		6,772		1,244,558
Equity Residential		17,996		1,135,008
Essex Property Trust, Inc.		3,206		752,448
Mid-America Apartment Communities, Inc.		5,557		570,871
UDR, Inc.		13,174		480,851
				4,540,481
Restaurants–1.14%
Chipotle Mexican Grill, Inc.(b)		1,425		596,704
Darden Restaurants, Inc.		6,048		451,665
McDonald’s Corp.		40,811		5,209,524
Starbucks Corp.		71,523		4,067,513
Yum! Brands, Inc.		17,169		1,121,479
				11,446,885
Retail REIT’s–0.57%
Federal Realty Investment Trust		3,527		496,355
GGP Inc.		28,696		713,383
Kimco Realty Corp.		20,887		506,510
Macerich Co. (The)		5,906		397,946
Realty Income Corp.		12,658		775,682
Simon Property Group, Inc.		15,441		2,847,320
				5,737,196
Semiconductor Equipment–0.35%
Applied Materials, Inc.		53,118		1,923,934
KLA-Tencor Corp.		7,636		688,156
Lam Research Corp.		8,001		948,439
				3,560,529
Semiconductors–2.91%
Analog Devices, Inc.		15,153		1,241,485
Broadcom Ltd.		19,526		4,118,619
First Solar, Inc.(b)		3,792		137,233
Intel Corp.		232,893		8,430,727
Linear Technology Corp.		11,836		764,369
Microchip Technology Inc.		10,640		771,613
Micron Technology, Inc.(b)		51,185		1,199,776
NVIDIA Corp.		26,487		2,687,901
Qorvo, Inc.(b)		6,261		413,852
QUALCOMM, Inc.		72,579		4,099,262
Skyworks Solutions, Inc.		9,178		870,166
Texas Instruments Inc.		49,113		3,763,038
Xilinx, Inc.		12,409		729,897
				29,227,938

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

10                         Invesco S&P 500 Index Fund

	Shares		Value
Soft Drinks–1.74%
Coca-Cola Co. (The)		190,760	$	8,004,290
Dr Pepper Snapple Group, Inc.		9,076		848,061
Monster Beverage Corp.(b)		19,951		826,769
PepsiCo, Inc.		70,455		7,776,823
				17,455,943
Specialized Consumer Services–0.02%
H&R Block, Inc.		10,725		220,506
Specialized REIT’s–1.00%
American Tower Corp.–Class A		20,932		2,402,784
Crown Castle International Corp.		17,754		1,660,532
Digital Realty Trust, Inc.		7,780		840,240
Equinix, Inc.		3,507		1,318,877
Extra Space Storage Inc.		6,158		487,652
Iron Mountain Inc.		12,086		439,326
Public Storage		7,350		1,671,831
Weyerhaeuser Co.		36,762		1,239,615
				10,060,857
Specialty Chemicals–0.52%
Albemarle Corp.		5,502		558,508
Ecolab Inc.		12,847		1,592,643
International Flavors & Fragrances Inc.		3,925		493,373
PPG Industries, Inc.		12,935		1,324,932
Sherwin-Williams Co. (The)		3,971		1,225,212
				5,194,668
Specialty Stores–0.22%
Signet Jewelers Ltd.		3,419		217,414
Staples, Inc.		31,970		287,410
Tiffany & Co.		5,258		483,053
Tractor Supply Co.		6,443		456,873
Ulta Beauty, Inc.(b)		2,870		784,744
				2,229,494
Steel–0.10%
Nucor Corp.		15,686		981,473
Systems Software–3.26%
CA, Inc.		15,382		496,377
Microsoft Corp.		382,112		24,447,526
Oracle Corp.		147,239		6,270,909
Red Hat, Inc.(b)		8,865		734,111
Symantec Corp.		30,637		875,299
				32,824,222

	Shares		Value
Technology Hardware, Storage & Peripherals–4.16%
Apple Inc.		262,051	$	35,898,366
Hewlett Packard Enterprise Co.		81,873		1,868,342
HP Inc.		84,079		1,460,452
NetApp, Inc.		13,532		566,043
Seagate Technology PLC		14,473		697,454
Western Digital Corp.		14,028		1,078,473
Xerox Corp.		41,849		311,357
				41,880,487
Tires & Rubber–0.05%
Goodyear Tire & Rubber Co. (The)		12,848		450,322
Tobacco–1.79%
Altria Group, Inc.		95,844		7,180,632
Philip Morris International Inc.		76,239		8,336,735
Reynolds American Inc.		40,639		2,502,143
				18,019,510
Trading Companies & Distributors–0.19%
Fastenal Co.		14,247		712,777
United Rentals, Inc.(b)		4,118		527,228
W.W. Grainger, Inc.		2,671		662,301
				1,902,306
Trucking–0.06%
J.B. Hunt Transport Services, Inc.		4,302		422,327
Ryder System, Inc.		2,633		200,503
				622,830
Water Utilities–0.07%
American Water Works Co., Inc.		8,709		679,302
Total Common Stocks & Other Equity Interests (Cost $499,849,198)				999,497,866
Money Market Funds–0.97%
Government & Agency Portfolio–Institutional Class, 0.47%(e)		5,872,941		5,872,941
Treasury Portfolio–Institutional Class, 0.41%(e)		3,915,294		3,915,294
Total Money Market Funds (Cost $9,788,235)				9,788,235
TOTAL INVESTMENTS–100.31% (Cost $509,637,433)				1,009,286,101
OTHER ASSETS LESS LIABILITIES–(0.31)%				(3,139,193	)
NET ASSETS–100.00%			$	1,006,146,908

Investment Abbreviations:

REIT — Real Estate Investment Trust

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

11                         Invesco S&P 500 Index 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)  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 28, 2017.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2017

Information Technology	21.3	%
Financials	14.7
Health Care	14.0
Consumer Discretionary	12.0
Industrials	10.1
Consumer Staples	9.4
Energy	6.6
Utilities	3.2
Materials	2.8
Real Estate	2.8
Telecommunication Services	2.4
Money Market Funds Plus Other Assets Less Liabilities	0.7

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 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $499,355,538)	$	998,851,909
Investments in affiliates, at value (Cost $10,281,895)		10,434,192
Total investments, at value (Cost $509,637,433)		1,009,286,101
Receivable for:
Investments sold		1,534,973
Fund shares sold		1,599,532
Dividends		2,090,073
Investment for trustee deferred compensation and retirement plans		71,367
Other assets		29,878
Total assets		1,014,611,924
Liabilities:
Payable for:
Investments purchased		1,503,751
Fund shares reacquired		6,098,765
Variation margin — futures		27,734
Accrued fees to affiliates		543,666
Accrued trustees’ and officers’ fees and benefits		4,005
Accrued other operating expenses		204,243
Trustee deferred compensation and retirement plans		82,852
Total liabilities		8,465,016
Net assets applicable to shares outstanding	$	1,006,146,908
Net assets consist of:
Shares of beneficial interest	$	548,661,076
Undistributed net investment income		3,808,021
Undistributed net realized gain (loss)		(46,350,887	)
Net unrealized appreciation		500,028,698
	$	1,006,146,908

Net Assets:
Class A	$	630,336,257
Class B	$	2,342,628
Class C	$	253,396,827
Class Y	$	120,071,196
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		24,658,132
Class B		93,641
Class C		10,248,523
Class Y		4,644,690
Class A:
Net asset value per share	$	25.56
Maximum offering price per share
(Net asset value of $25.56 ¸ 94.50%)	$	27.05
Class B:
Net asset value and offering price per share	$	25.02
Class C:
Net asset value and offering price per share	$	24.73
Class Y:
Net asset value and offering price per share	$	25.85

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 28, 2017

(Unaudited)

Investment income:
Dividends	$	10,040,172
Dividends from affiliates		46,744
Total investment income		10,086,916
Expenses:
Advisory fees		563,955
Administrative services fees		115,530
Custodian fees		18,563
Distribution fees:
Class A		740,866
Class B		14,408
Class C		1,127,357
Transfer agent fees		544,919
Trustees’ and officers’ fees and benefits		17,737
Registration and filing fees		44,290
Licensing Fees		94,810
Reports to shareholders		85,355
Professional services fees		22,868
Other		13,676
Total expenses		3,404,334
Less: Fees waived and expense offset arrangement(s)		(14,184	)
Net expenses		3,390,150
Net investment income		6,696,766
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		5,613,116
Futures contracts		2,021,179
		7,634,295
Change in net unrealized appreciation (depreciation) of:
Investment securities		75,201,859
Futures contracts		(193,116	)
		75,008,743
Net realized and unrealized gain		82,643,038
Net increase in net assets resulting from operations	$	89,339,804

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 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	6,696,766		$	12,446,382
Net realized gain		7,634,295			5,812,107
Change in net unrealized appreciation		75,008,743			74,110,002
Net increase in net assets resulting from operations		89,339,804			92,368,491
Distributions to shareholders from net investment income:
Class A		(7,927,644	)		(9,027,890	)
Class B		(18,198	)		(44,560	)
Class C		(1,530,039	)		(1,800,621	)
Class Y		(1,532,614	)		(1,298,508	)
Total distributions from net investment income		(11,008,495	)		(12,171,579	)
Share transactions-net:
Class A		(20,377,376	)		11,375,815
Class B		(1,321,035	)		(2,051,224	)
Class C		11,542,697			38,850,281
Class Y		23,749,240			33,154,392
Net increase in net assets resulting from share transactions		13,593,526			81,329,264
Net increase in net assets		91,924,835			161,526,176
Net assets:
Beginning of period		914,222,073			752,695,897
End of period (includes undistributed net investment income of $3,808,021 and $8,119,750, respectively)	$	1,006,146,908		$	914,222,073

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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

15                         Invesco S&P 500 Index Fund

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, 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.

16                         Invesco S&P 500 Index Fund

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 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 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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%, 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

17                         Invesco S&P 500 Index Fund

June 30, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $12,485.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $45,339 in front-end sales commissions from the sale of Class A shares and $0, $34 and $13,483 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 28, 2017. 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	$	999,497,866	$	—	$	—	$	999,497,866
Money Market Funds		9,788,235		—		—		9,788,235
		1,009,286,101		—		—		1,009,286,101
Futures Contracts*		380,030		—		—		380,030
Total Investments	$	1,009,666,131	$	—	$	—	$	1,009,666,131

* Unrealized appreciation.

18                         Invesco S&P 500 Index Fund

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Futures Contracts — Equity Risk
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value		Unrealized Appreciation
E-Mini S&P 500		Long		99		March—2017	$	11,695,860	$	380,030

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 28, 2017:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	380,030
Derivatives not subject to master netting agreements		(380,030	)
Total Derivative Assets subject to master netting agreements	$	—

^(a)  Includes cumulative appreciation on 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 28, 2017

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
	Equity Risk
Realized Gain:
Futures contracts	$	2,021,179
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(193,116	)
Total	$	1,828,063

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

	Futures Contracts
Average notional value	$	19,297,523

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 28, 2017.

	Value 08/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 02/28/17		Dividend Income
Invesco Ltd.	$	618,155	$	16,749	$	(8,421	)	$	21,792	$	(2,318	)	$	645,957	$	11,090

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,699.

19                         Invesco S&P 500 Index Fund

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 had a capital loss carryforward as of August 31, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2017	$	244,605	$	—	$	244,605
August 31, 2018		19,847,353		—		19,847,353
August 31,2019		10,267,726		—		10,267,726
	$	30,359,684	$	—	$	30,359,684

* 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 28, 2017 was $42,855,568 and $17,904,489, 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	$	486,485,424
Aggregate unrealized (depreciation) of investment securities		(9,372,829	)
Net unrealized appreciation of investment securities	$	477,112,595

Cost of investments for tax purposes is $532,173,506.

20                         Invesco S&P 500 Index Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,335,656		$	56,089,446			5,962,653		$	132,452,874
Class B		3,987			95,069			12,492			263,337
Class C		1,496,998			34,936,388			3,654,964			78,160,320
Class Y		1,511,816			36,892,629			3,644,398			80,582,204
Issued as reinvestment of dividends:
Class A		292,493			7,163,159			376,356			8,136,826
Class B		649			15,585			1,881			39,916
Class C		56,199			1,333,037			73,432			1,540,596
Class Y		52,281			1,294,456			53,253			1,163,579
Automatic conversion of Class B shares to Class A shares:
Class A		45,561			1,105,298			78,803			1,734,885
Class B		(46,626	)		(1,105,298	)		(80,520	)		(1,734,885	)
Reacquired:
Class A		(3,480,670	)		(84,735,279	)		(5,915,309	)		(130,948,770	)
Class B		(13,925	)		(326,391	)		(28,646	)		(619,592	)
Class C		(1,064,729	)		(24,726,728	)		(1,933,880	)		(40,850,635	)
Class Y		(590,978	)		(14,437,845	)		(2,243,336	)		(48,591,391	)
Net increase in share activity		598,712		$	13,593,526			3,656,541		$	81,329,264

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% 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 02/28/17	$	23.60	$	0.19	$	2.08		$	2.27		$	(0.31	)	$	25.56		9.67	%(e)	$	630,336		0.56	%(d)(e)		0.56	%(d)(e)		1.59	%(d)(e)		2	%
Year ended 08/31/16		21.42		0.36		2.16			2.52			(0.34	)		23.60		11.89			600,869		0.59			0.59			1.62			6
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	(f)		557,688		0.59	(f)		0.59	(f)		1.45	(f)		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
Class B
Six months ended 02/28/17		23.03		0.09		2.05			2.14			(0.15	)		25.02		9.33			2,343		1.32	(d)		1.32	(d)		0.83	(d)		2
Year ended 08/31/16		20.94		0.19		2.10			2.29			(0.20	)		23.03		11.02			3,445		1.34			1.34			0.87			6
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
Class C
Six months ended 02/28/17		22.77		0.09		2.02			2.11			(0.15	)		24.73		9.32	(e)		253,397		1.30	(d)(e)		1.30	(d)(e)		0.85	(d)(e)		2
Year ended 08/31/16		20.70		0.19		2.08			2.27			(0.20	)		22.77		11.05	(g)		222,221		1.32	(g)		1.32	(g)		0.89	(g)		6
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	(g)		91,761		1.36	(g)		1.36	(g)		0.90	(g)		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
Class Y
Six months ended 02/28/17		23.88		0.22		2.11			2.33			(0.36	)		25.85		9.84			120,071		0.32	(d)		0.32	(d)		1.83	(d)		2
Year ended 08/31/16		21.67		0.42		2.18			2.60			(0.39	)		23.88		12.15			87,687		0.34			0.34			1.87			6
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

^(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 $613,282, $2,905, $231,530 and $99,997 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% and 0.98% for the six months ended February 28, 2017.

^(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% for the year ended August 31, 2014.

^(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 0.98% and 0.99% for the years ended August 31, 2016 and August 31, 2013, respectively.

Note 13—Subsequent Event

Effective April 4, 2017, the Fund began offering Class R6 shares.

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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,096.70	$	2.91	$	1,022.02	$	2.81		0.56	%
B		1,000.00		1,093.30		6.85		1,018.25		6.61		1.32
C		1,000.00		1,093.20		6.75		1,018.35		6.51		1.30
Y		1,000.00		1,098.40		1.66		1,023.21		1.61		0.32

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco S&P 500 Index Fund

Explore High-Conviction Investing with Invesco

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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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 Invesco Distributors, Inc. MS-SPI-SAR-1 04122017 1005

	Semiannual Report to Shareholders	February 28, 2017
	Invesco Short Duration High Yield Municipal Fund
	Nasdaq:
	A: ISHAX  ∎  C: ISHCX  ∎  Y: ISHYX  ∎  R5: ISHFX

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, 8/31/16 to 2/28/17, 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	-2.37	%
Class C Shares	-2.65
Class Y Shares	-2.25
Class R5 Shares	-2.15
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	-0.74
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	-0.46
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	-3.49
Source(s): ▼FactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.

The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds 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.

 For more information about your Fund

 Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Short Duration High Yield Municipal Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	2.35	%
1 Year	0.35
Class C Shares
Inception (9/30/15)	3.47	%
1 Year	1.23
Class Y Shares
Inception (9/30/15)	4.53	%
1 Year	3.26
Class R5 Shares
Inception (9/30/15)	4.61	%
1 Year	3.36

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 Y and Class R5 shares was 0.79%, 1.54%, 0.54% and 0.54%, 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 1.47%, 2.22%, 1.22% and 1.20%, 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

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	1.49	%
1 Year	-0.07
Class C Shares
Inception (9/30/15)	2.76	%
1 Year	0.63
Class Y Shares
Inception (9/30/15)	3.90	%
1 Year	2.74
Class R5 Shares
Inception (9/30/15)	3.90	%
1 Year	2.74

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, 2017. See current prospectus for more information.

3                      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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Short Duration High Yield Municipal Fund

Schedule of Investments

February 28, 2017

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–101.71%
Alabama–0.69%
Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.25	%		06/01/2025	$	500	$	516,875
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB		5.50	%		01/01/2028		95		95,023
									611,898
Arizona–1.69%
Phoenix (City of) Industrial Development Authority (Basis Schools); Series 2016 A, Ref. Education RB(a)		5.00	%		07/01/2035		1,000		1,007,740
Pima (County of) Industrial Development Authority (American Leadership); Series 2015, Ref. Education Facility RB(a)		4.60	%		06/15/2025		500		498,400
									1,506,140
California–4.99%
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 D, Floating Rate Toll Bridge RB(a)(b)(c)		1.29	%		04/01/2021		1,000		1,000,200
California (State of) Pollution Control Financing Authority (Aemerge Redpack Services LLC); Series 2016, Solid Waste Disposal RB(a)(d)		7.00	%		12/01/2027		500		480,120
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		543,817
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2016, Ref. RB(a)		4.00	%		06/01/2021		500		508,205
Series 2016, Ref. RB(a)		4.00	%		06/01/2026		500		490,115
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2038		90		88,381
Golden State Tobacco Securitization Corp.; Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		4.50	%		06/01/2027		1,000		1,007,610
Inland Empire Tobacco Securitization Authority; Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		330		330,218
									4,448,666
Colorado–2.97%
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB(a)		5.00	%		12/01/2025		150		148,158
Copperleaf Metropolitan District No. 2; Series 2015, Ref. Unlimited Tax GO Bonds		5.25	%		12/01/2030		500		507,620
Solaris Metropolitan District No.3 Series 2016 A, Ref. Limited Tax GO Bonds		5.00	%		12/01/2036		1,000		1,002,650
Southglenn Metropolitan District; Series 2016, Ref. Special Limited Tax GO Bonds		3.00	%		12/01/2021		1,000		987,060
									2,645,488
Connecticut–2.09%
Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford Inc.);
Series 2016 B-1, TEMPS-80SM Healthcare Facilities RB(a)		3.25	%		09/01/2021		700		682,514
Series 2016 B-2, TEMPS-50SM Healthcare Facilities RB(a)		2.88	%		09/01/2020		700		685,923
Hamden (Town of) (Whitney Center); Series 2009 A, Facility RB		7.63	%		01/01/2030		480		495,638
									1,864,075
Florida–3.04%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.63	%		11/15/2022		150		151,386
Cape Coral (City of) Health Facilities Authority (Gulf Care Inc.); Series 2015, Ref. Senior Housing RB(a)		3.75	%		07/01/2019		495		495,158
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB		5.50	%		06/15/2022		1,240		1,335,889
Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB		4.75	%		10/01/2022		315		330,114
Seminole (County of) Industrial Development Authority (Legacy Pointe at UCF); Series 2016 A, RB(a)		10.00	%		12/28/2021		400		399,880
									2,712,427

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
Illinois–9.33%
Bartlett (Village of) (Quarry Redevelopment); Series 2016, Ref. Sr. Lien Tax Increment Allocation RB		4.00	%		01/01/2024	$	1,250	$	1,200,550
Chicago (City of);
Series 2008 A, Ref. Unlimited Tax GO Bonds		5.00	%		01/01/2019		75		77,582
Series 2008 A, Ref. Unlimited Tax GO Bonds		5.00	%		01/01/2019		75		75,583
Series 2008 C, Ref. Second Lien Wastewater Transmission RB		5.00	%		01/01/2020		200		216,258
Series 2009 D, Unlimited Tax GO Bonds		5.00	%		01/01/2020		100		101,292
Series 2010 A, Ref. Unlimited Tax GO Bonds		4.00	%		01/01/2022		110		107,159
Series 2017 A, Ref. Unlimited Tax GO Bonds		5.63	%		01/01/2029		1,000		1,024,600
Series 2017 A, Ref. Unlimited Tax GO Bonds		5.75	%		01/01/2034		1,500		1,521,255
Illinois (State of) Finance Authority (Intrinsic Schools—Belmont School); Series 2015, Charter School RB(a)		5.25	%		12/01/2025		400		400,072
Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB		5.00	%		05/15/2022		470		494,666
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2016 A, RB		6.20	%		05/15/2030		685		657,216
Series 2016 B, RB		5.63	%		05/15/2020		248		244,382
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB		2.75	%		05/15/2019		395		397,046
Series 2015, Ref. RB		5.00	%		05/15/2025		250		264,647
Illinois (State of); Series 2014, Unlimited Tax GO Bonds		5.00	%		02/01/2021		1,000		1,061,170
Manhattan (Village of) Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. Sr. Lien Special Tax RB		4.25	%		03/01/2024		487		480,094
									8,323,572
Indiana–0.57%
Allen (County of) Economic Development (StoryPoint Fort Wayne); Series 2017, RB(a)		6.63	%		01/15/2034		500		510,565
Iowa–2.25%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, Midwestern Disaster Area RB		5.00	%		12/01/2019		1,540		1,543,542
Series 2013, Midwestern Disaster Area RB(a)		5.88	%		12/01/2026		460		466,734
									2,010,276
Kansas–1.28%
Olathe (City of) (West Village Center); Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/2017		90		89,123
Wichita (City of) (Kansas Masonic Home);
Series 2016 II-A, Health Care Facilities RB		5.00	%		12/01/2031		550		549,104
Series 2016 II-A, Health Care Facilities RB		5.25	%		12/01/2036		500		501,285
									1,139,512
Kentucky–4.25%
Christian (County of) (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. Hospital RB		5.00	%		02/01/2026		1,000		1,042,360
Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); Series 2016 A, Ref. RB		5.00	%		05/15/2021		1,000		1,043,490
Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2015, Ref. Hospital RB		5.00	%		06/01/2019		1,040		1,095,494
Kentucky (State of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. Health Care Facilities RB		5.00	%		11/15/2025		600		607,992
									3,789,336
Louisiana–0.22%
East Baton Rouge Industrial Development Board Inc. (ExxonMobil Corp.); Series 2010 B, VRD RB(e)		0.56	%		12/01/2040		200		200,000
Maine–0.99%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB		5.00	%		07/01/2019		855		883,865

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

6                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Maryland–1.15%
Howard (County of) (Vantage House Facility);
Series 2016, Ref. Retirement Community RB		5.00	%		04/01/2021	$	400	$	412,752
Series 2017, Ref. Retirement Community RB		5.00	%		04/01/2021		600		615,354
									1,028,106
Massachusetts–0.65%
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB		5.00	%		01/01/2024		250		250,280
Massachusetts (State of) Port Authority (Delta Airlines Inc.);
Series 2001 A, Facilities RB (INS–AMBAC)(d)(f)		5.20	%		01/01/2020		195		195,737
Series 2001 A, Facilities RB (INS–AMBAC)(d)(f)		5.50	%		01/01/2019		135		135,343
									581,360
Michigan–3.83%
Summit Academy North; Series 2016, Ref. Public School Academy RB		4.00	%		11/01/2021		1,585		1,586,268
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. Limited Obligation RB(a)		5.00	%		07/01/2026		1,835		1,827,972
									3,414,240
Minnesota–2.29%
Brooklyn Park (City of) (Athlos Leadership Academy); Series 2015, Charter School Lease RB		4.00	%		07/01/2020		225		225,340
Rochester (City of) (Homestead at Rochester, Inc.); Series 2015, Health Care & Housing RB		5.00	%		12/01/2021		470		501,142
St. Paul (City of) Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, Charter School Lease RB		5.13	%		10/01/2023		300		299,493
St. Paul (City of) Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. Charter School Lease RB		5.00	%		09/01/2026		1,000		1,014,360
									2,040,335
Missouri–2.86%
Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. Sr. Sales Tax RB(a)		5.00	%		04/01/2036		1,000		928,140
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. Retirement Community RB		5.00	%		05/15/2024		1,500		1,622,070
									2,550,210
Multiple States–3.04%
Non-Profit Preferred Funding Trust I;
Series 2006 A-2A, RB(a)		4.38	%		09/15/2037		3,300		321,220
Series 2007 A-2-G, RB(a)		4.29	%		09/15/2037		11,050		1,074,322
Series 2007 A-2-T, RB (Acquired 02/08/2016; Cost $3,015,064)(a)		4.37	%		09/15/2037		13,470		1,315,779
									2,711,321
New Jersey–6.47%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB(d)		5.25	%		09/15/2029		800		844,872
Series 2012, Special Facility RB(d)		5.75	%		09/15/2027		200		214,632
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology Inc.); Series 2012 C, RB		5.00	%		07/01/2022		535		532,095
New Jersey (State of) Economic Development Authority (Paterson Charter School); Series 2012 C, RB		5.00	%		07/01/2032		870		793,249
New Jersey (State of) Economic Development Authority;
Series 2012, Ref. RB		5.00	%		06/15/2019		400		423,428
Series 2012, Ref. RB		5.00	%		06/15/2025		600		640,890
New Jersey (State of) Transportation Trust Fund Authority; Subseries 2016 A-2, Federal Highway Reimbursement RN		5.00	%		06/15/2031		750		767,085
Tobacco Settlement Financing Corp.;
Series 2007 1A, Asset-Backed RB		4.63	%		06/01/2026		600		600,024
Series 2007 1A, Asset-Backed RB		4.75	%		06/01/2034		1,000		958,300
									5,774,575

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

7                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York–4.08%
Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Waste Disposal RB(a)(d)		3.75	%		01/01/2020	$	415	$	422,972
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2014 B, Continuing Care Retirement Community RB		5.50	%		07/01/2020		698		693,427
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, Sr. Asset-Backed RB		5.25	%		06/01/2026		1,000		999,970
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB(d)		5.00	%		08/01/2026		500		526,670
Triborough Bridge & Tunnel Authority; Subseries 2016 B-4A, Ref. Floating Rate General RB(b)(c)		1.22	%		02/01/2021		1,000		993,070
									3,636,109
North Dakota–1.09%
Burleigh (County of) (University of Mary); Series 2016, Education Facilities RB		4.38	%		04/15/2026		1,000		970,270
Ohio–5.06%
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.13	%		06/01/2024		1,500		1,420,755
Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.38	%		06/01/2024		1,000		960,320
Cleveland (City of) (Continental Airlines, Inc.); Series 1998, Airport Special RB(d)		5.38	%		09/15/2027		200		200,550
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB		5.00	%		02/15/2021		365		394,620
Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB(d)		5.00	%		12/31/2025		340		388,477
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR		5.63	%		06/01/2018		1,000		928,520
Toledo-Lucas (County of) Port Authority (StoryPoint Waterville); Series 2016 A-1, RB(a)		6.13	%		01/15/2034		225		222,559
									4,515,801
Oklahoma–6.06%
Comanche (County of) Hospital Authority;
Series 2012 A, Ref. RB		5.00	%		07/01/2021		475		507,485
Series 2015, Ref. RB		5.00	%		07/01/2023		1,000		1,077,530
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center); Series 2007, Hospital RB		5.00	%		12/01/2027		1,000		931,230
Oklahoma (State of) Development Finance Authority (Inverness Village Community); Series 2012, Ref. Continuing Care Retirement Community RB		5.25	%		01/01/2022		375		396,105
Payne (County of) Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB		4.75	%		11/01/2023		2,150		2,139,551
Tulsa (City of) Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(c)(d)		5.00	%		06/01/2025		340		357,463
									5,409,364
Pennsylvania–3.06%
Beaver (County of) Industrial Development Authority (FirstEnergy Nuclear Generation); Series 2006 A, Ref. PCR(c)		4.38	%		07/01/2022		1,150		1,046,235
Crawford (County of) Hospital Authority (Meadville Medical Center); Series 2016 A, Ref. Hospital RB		6.00	%		06/01/2036		1,000		1,006,880
Fayette (County of) Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(e)(g)		0.64	%		06/01/2037		675		675,000
									2,728,115
Rhode Island–0.62%
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00	%		06/01/2026		500		554,245
Tennessee–1.76%
Bristol (City of) Industrial Development Board (Pinnacle);
Series 2016, Tax Increment Allocation RB(a)		4.25	%		06/01/2021		760		753,358
Series 2016 B, CAB Sales Tax RB(a)(h)		0.00	%		12/01/2020		750		622,185
Series 2016 B, CAB Sales Tax RB(a)(h)		0.00	%		12/01/2021		250		196,202
									1,571,745

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

8                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas–11.21%
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, Education RB		5.00	%		06/15/2036	$	700	$	690,571
Guadalupe (County of) & Seguin (City of) Hospital Board of Managers; Series 2015, Ref. Hospital Mortgage RB		5.00	%		12/01/2021		450		482,958
Houston (City of) (United Airlines, Inc. Terminal E); Series 2014, Ref. Airport System RB(d)		4.75	%		07/01/2024		200		212,512
Houston (City of), Texas (United Airlines, Inc. Terminal Improvement); Series 2015 B-2, Ref. Airport System Special Facilities RB(d)		5.00	%		07/15/2020		1,000		1,046,260
Mission Economic Development Corp. (Natgasoline);
Series 2016 A, Sr. Lien RB(a)(d)		5.75	%		10/01/2031		1,000		1,049,020
Series 2016 B, Sr. Lien RB(a)(d)		5.75	%		10/01/2031		1,000		1,049,020
New Hope Cultural Education Facilities Corp. (Wesleyan Homes Inc.); Series 2014, Retirement Facilities RB		4.00	%		01/01/2018		435		439,298
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. Retirement Facility RB		5.00	%		07/01/2036		500		490,250
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 B-1, TEMPS-80SM RB		3.25	%		11/15/2022		500		487,960
Series 2016 B-2, TEMPS-50SM RB		3.00	%		11/15/2021		500		486,765
Port Beaumont Navigation District (Jefferson Energy Companies); Series 2016, Dock and Wharf Facility RB(a)(c)(d)		7.25	%		02/13/2020		1,500		1,553,970
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, Retirement Facility RB		6.75	%		11/15/2024		200		222,980
Rowlett (City of) (Bayside Public Improvement District North Improvement Area); Series 2016, Special Assessment RB		4.90	%		09/15/2024		250		243,390
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017A, Retirement Facility RB		6.00	%		02/15/2031		1,000		1,030,590
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, Education RB		5.00	%		08/15/2027		500		514,685
									10,000,229
Utah–3.80%
Salt Lake City (City of); Series 2017 A, Airport RB(d)(i)		5.00	%		07/01/2036		3,000		3,384,720
Virgin Islands–0.35%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2012 A, RB(a)		4.00	%		10/01/2022		400		312,988
Washington–3.37%
Washington (State of) Housing Finance Commission (Bayview Manor Senior); Series 2016 A, Ref. RB(a)		5.00	%		07/01/2031		1,000		1,029,650
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 B-2, TEMPS-65SM RB(a)		4.88	%		01/01/2022		500		499,755
Series 2015 B-3, TEMPS-45SM RB(a)		4.38	%		01/01/2021		1,000		1,000,170
Washington (State of) Housing Finance Commission (Wesley Homes at Lea Hill); Series 2016, Ref. Non-Profit RB(a)		3.20	%		07/01/2021		500		478,695
									3,008,270
West Virginia–2.07%
Harrison (County of) Commission (Charles Pointe No. 2); Series 2008 A, Ref. Tax Increment Allocation RB		6.50	%		06/01/2023		915		886,141
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); Series 2016, Solid Waste Disposal Facilities RB(a)(d)		6.75	%		02/01/2026		1,000		963,110
									1,849,251
Wisconsin–4.53%
Wisconsin (State of) Public Finance Authority (Bancroft Neurohearlth);
Series 2016 A, RB(a)		5.00	%		06/01/2025		650		660,504
Series 2016 A, RB(a)		5.00	%		06/01/2026		1,005		1,011,593
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB		7.00	%		06/01/2020		80		86,893

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

9                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (North Carolina Charter Educational Foundation); Series 2016 A, Education RB(a)		4.10	%		06/15/2026	$	1,000	$	978,910
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, Higher Education Facility RB(a)		4.00	%		12/01/2021		1,320		1,303,051
									4,040,951
TOTAL INVESTMENTS(j)–101.71% (Cost $91,346,625)									90,728,025
FLOATING RATE NOTE OBLIGATIONS–(2.24)%
Note with an interest and fee rate of 1.43% at 02/28/2017 and contractual maturity of collateral of 07/01/2036 (See Note 1J)(k)									(2,000,000	)
OTHER ASSETS LESS LIABILITIES–0.53%									472,415
NET ASSETS–100.00%								$	89,200,440

Investment Abbreviations:

AMBAC	– American Municipal Bond Assurance Corp.
CAB	– Capital Appreciation Bonds
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
Sr.	– Senior
Sub.	– Subordinated
TEMPS	– Tax-Exempt Mandatory Paydown Securities
VRD	– Variable Rate Demand

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 28, 2017 was $27,892,746, which represented 31.27% of the Fund’s Net Assets.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.

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

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

^(e)  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 28, 2017.

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

^(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)  Zero coupon bond issued at a discount.

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

^(j)  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.

^(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2017. At February 28, 2017, the Fund’s investments with a value of $3,384,720 are held by TOB Trusts and serve as collateral for the $2,000,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of February 28, 2017

Revenue Bonds	92.9	%
General Obligation Bonds	7.1

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

10                         Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $91,346,625)	$	90,728,025
Cash		104,584
Receivable for:
Deposits with brokers		64,400
Investments sold		141,000
Variation margin — futures		2,844
Fund shares sold		1,538,705
Interest		1,017,934
Fund expenses absorbed		9,034
Investment matured, at value (Cost $100,000)		66,000
Investment for trustee deferred compensation and retirement plans		2,175
Other assets		36,824
Total assets		93,711,525
Liabilities:
Floating rate note obligations		2,000,000
Payable for:
Investments purchased		1,612,335
Fund shares reacquired		763,757
Dividends		6,833
Accrued fees to affiliates		43,100
Accrued trustees’ and officers’ fees and benefits		2,900
Accrued other operating expenses		79,985
Trustee deferred compensation and retirement plans		2,175
Total liabilities		4,511,085
Net assets applicable to shares outstanding	$	89,200,440
Net assets consist of:
Shares of beneficial interest	$	90,199,134
Undistributed net investment income		365,058
Undistributed net realized gain (loss)		(696,815	)
Net unrealized appreciation (depreciation)		(666,937	)
	$	89,200,440

Net Assets:
Class A	$	50,185,265
Class C	$	25,141,919
Class Y	$	13,845,916
Class R5	$	27,340
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,927,469
Class C		2,472,754
Class Y		1,358,497
Class R5		2,681
Class A:
Net asset value per share	$	10.18
Maximum offering price per share
(Net asset value of $10.18 ¸ 97.50%)	$	10.44
Class C:
Net asset value and offering price per share	$	10.17
Class Y:
Net asset value and offering price per share	$	10.19
Class R5:
Net asset value and offering price per share	$	10.20

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

11                         Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	1,823,260
Expenses:
Advisory fees		203,376
Administrative services fees		24,795
Custodian fees		2,303
Distribution fees:
Class A		54,961
Class C		122,802
Interest, facilities and maintenance fees		1,258
Transfer agent fees — A, C and Y		40,755
Transfer agent fees — R5		18
Trustees’ and officers’ fees and benefits		10,388
Registration and filing fees		43,775
Reports to shareholders		13,205
Professional services fees		25,912
Taxes		14,449
Other		6,012
Total expenses		564,009
Less: Fees waived and expenses reimbursed		(150,904	)
Net expenses		413,105
Net investment income		1,410,155
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(859,127	)
Futures contracts		198,191
		(660,936	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(2,667,576	)
Futures contracts		(12,060	)
		(2,679,636	)
Net realized and unrealized gain (loss)		(3,340,572	)
Net increase (decrease) in net assets resulting from operations	$	(1,930,417	)

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

12                         Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the period September 30, 2015 (commencement date) through August 31, 2016

(Unaudited)

	2017			2016
Operations:
Net investment income	$	1,410,155		$	1,300,229
Net realized gain (loss)		(660,936	)		(35,879	)
Change in net unrealized appreciation (depreciation)		(2,679,636	)		2,012,699
Net increase (decrease) in net assets resulting from operations		(1,930,417	)		3,277,049
Distributions to shareholders from net investment income:
Class A		(723,629	)		(580,606	)
Class C		(309,166	)		(166,494	)
Class Y		(224,694	)		(284,922	)
Class R5		(642	)		(11,795	)
Total distributions from net investment income		(1,258,131	)		(1,043,817	)
Share transactions–net:
Class A		10,301,848			40,363,621
Class C		5,523,845			20,222,207
Class Y		389,929			13,345,977
Class R5		(34,171	)		42,500
Net increase in net assets resulting from share transactions		16,181,451			73,974,305
Net increase in net assets		12,992,903			76,207,537
Net assets:
Beginning of period		76,207,537			—
End of period (includes undistributed net investment income of $365,058 and $213,034, respectively)	$	89,200,440		$	76,207,537

Notes to Financial Statements

February 28, 2017

(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’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 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 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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.

13                         Invesco Short Duration High Yield Municipal 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 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. 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

14                         Invesco Short Duration High Yield Municipal 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. 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.

Further, the SEC and various banking agencies recently adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

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.

15                         Invesco Short Duration High Yield Municipal Fund

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 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.

L. 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.

M. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 six months ended February 28, 2017, 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. and a separate sub-advisory agreement with Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, 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 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed 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 six months ended February 28, 2017, the Adviser waived advisory fees and reimbursed fund level expenses of $110,131 and reimbursed class level expenses of $22,037, $12,310, $6,408 and $18 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 six months ended February 28, 2017, 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,

16                         Invesco Short Duration High Yield Municipal Fund

subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 28, 2017, 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 six months ended February 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $18,830 in front-end sales commissions from the sale of Class A shares and $15,210 and $217 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 28, 2017. 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
Municipal Obligations	$	—		$	90,728,025	$	—	$	90,728,025
Futures Contracts*		(14,337	)		—		—		(14,337	)
Total Investments	$	(14,337	)	$	90,728,025	$	—	$	90,713,688

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Open Futures Contracts(a)
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 5 Year Notes		Short		28		June-2017	$	(3,295,688	)	$	(3,785	)
U.S. Treasury 10 Year Notes		Short		28		June-2017		(3,488,188	)		(10,552	)
Total Futures Contracts — Interest Rate Risk										$	(14,337	)

^(a)  Futures contracts collateralized by $64,400 cash held with Goldman Sachs & Co., the futures commission merchant.

17                         Invesco Short Duration High Yield Municipal Fund

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 28, 2017:

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(14,337	)
Derivatives not subject to master netting agreements		14,337
Total Derivative Liabilities subject to master netting agreements	$	—

^(a)  Includes cumulative appreciation (depreciation) on 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 28, 2017

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
	Interest Rate Risk
Realized Gain:
Futures contracts	$	198,191
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(12,060	)
Total	$	186,131

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

	Futures Contracts
Average notional value	$	4,616,701

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 28, 2017, the Fund engaged in securities purchases of $16,830,428 and securities sales of $17,052,638, which did not result in any net realized gains (losses).

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 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 28, 2017 were $2,000,000 and 0.13%, respectively.

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.

18                         Invesco Short Duration High Yield Municipal Fund

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	23,203	$	—	$	23,203

* 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 28, 2017 was $48,617,842 and $28,752,511, 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	$	3,932,284
Aggregate unrealized (depreciation) of investment securities		(4,513,425	)
Net unrealized appreciation (depreciation) of investment securities	$	(581,141	)

Cost of investments for tax purposes is $91,309,166.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28,  2017(a)						September 30, 2015 (commencement date) through August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,552,084		$	26,044,226			4,567,824		$	47,139,410
Class C		1,286,211			13,315,948			2,167,850			22,488,153
Class Y		1,312,982			13,446,873			1,531,074			15,636,823
Class R5		—			—			60,085			614,398
Issued as reinvestment of dividends:
Class A		57,542			588,660			32,976			345,424
Class C		27,497			280,840			14,597			152,748
Class Y		9,685			99,107			6,025			63,413
Class R5		—			—			968			10,069
Reacquired:
Class A		(1,602,346	)		(16,331,038	)		(680,611	)		(7,121,213	)
Class C		(791,330	)		(8,072,943	)		(232,071	)		(2,418,694	)
Class Y		(1,278,467	)		(13,156,051	)		(222,802	)		(2,354,259	)
Class R5		(3,260	)		(34,171	)		(55,112	)		(581,967	)
Net increase in share activity		1,570,598		$	16,181,451			7,190,803		$	73,974,305

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% 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.

19                         Invesco Short Duration High Yield Municipal 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			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 02/28/17	$	10.60	$	0.19	$	(0.44	)	$	(0.25	)	$	(0.17	)	$	10.18		(2.37	)%	$	50,185		0.83	%(d)		1.20	%(d)		3.65	%(d)		36	%
Year ended 08/31/16(e)		10.00		0.35		0.50			0.85			(0.25	)		10.60		8.61			41,561		0.79	(f)		1.47	(f)		3.64	(f)		69
Class C
Six months ended 02/28/17		10.58		0.15		(0.43	)		(0.28	)		(0.13	)		10.17		(2.65	)		25,142		1.58	(d)		1.95	(d)		2.90	(d)		36
Year ended 08/31/16(e)		10.00		0.28		0.49			0.77			(0.19	)		10.58		7.81			20,641		1.54	(f)		2.22	(f)		2.89	(f)		69
Class Y
Six months ended 02/28/17		10.61		0.20		(0.44	)		(0.24	)		(0.18	)		10.19		(2.25	)		13,846		0.58	(d)		0.95	(d)		3.90	(d)		36
Year ended 08/31/16(e)		10.00		0.37		0.51			0.88			(0.27	)		10.61		8.91			13,943		0.54	(f)		1.22	(f)		3.89	(f)		69
Class R5
Six months ended 02/28/17		10.61		0.20		(0.43	)		(0.23	)		(0.18	)		10.20		(2.15	)		27		0.58	(d)		0.95	(d)		3.90	(d)		36
Year ended 08/31/16(e)		10.00		0.37		0.51			0.88			(0.27	)		10.61		8.91			63		0.54	(f)		1.20	(f)		3.89	(f)		69

^(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 $44,334, $24,764, $12,891 and $36 for Class A, Class C, Class Y and Class R5 shares, respectively.

^(e)  Commencement date of September 30, 2015.

^(f) Annualized.

NOTE 12—Subsequent Event

Effective April 4, 2017, the Fund began offering Class R6 shares.

20                         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 at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	976.30	$	4.07	$	1,020.68	$	4.16		0.83	%
C		1,000.00		973.50		7.73		1,016.96		7.90		1.58
Y		1,000.00		977.50		2.84		1,021.92		2.91		0.58
R5		1,000.00		978.50		2.85		1,021.92		2.91		0.58

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

21                         Invesco Short Duration High Yield Municipal Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             SDHYM-SAR-1             04122017      1254

	Semiannual Report to Shareholders	February 28, 2017
	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, 8/31/16 to 2/28/17, 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	8.65	%
Class B Shares	8.62
Class C Shares	8.35
Class Y Shares	8.88
Class R5 Shares	8.80
Class R6 Shares	8.89
S&P 500 Index▼ (Broad Market Index)	10.01
Russell 2000 Growth Index▼ (Style-Specific Index)	9.39
Lipper Small-Cap Growth Funds Index∎ (Peer Group Index)	7.46
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.

 For more information about your Fund

 Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Small Cap Discovery Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (11/27/00)	4.21	%
10 Years	6.40
5 Years	8.85
1 Year	18.46
Class B Shares
Inception (11/27/00)	4.20	%
10 Years	6.83
5 Years	9.86
1 Year	20.40
Class C Shares
Inception (11/27/00)	3.80	%
10 Years	6.22
5 Years	9.28
1 Year	23.60
Class Y Shares
Inception (2/2/06)	7.06	%
10 Years	7.29
5 Years	10.40
1 Year	25.86
Class R5 Shares
10 Years	7.21	%
5 Years	10.51
1 Year	26.03
Class R6 Shares
10 Years	7.22	%
5 Years	10.54
1 Year	26.12

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, prior to June 1, 2010, 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 and includes the 12b-1 fees applicable to Class A shares.

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/27/00)	3.82	%
10 Years	5.81
5 Years	9.93
1 Year	-2.22
Class B Shares
Inception (11/27/00)	3.81	%
10 Years	6.22
5 Years	10.93
1 Year	-1.52
Class C Shares
Inception (11/27/00)	3.41	%
10 Years	5.62
5 Years	10.34
1 Year	1.68
Class Y Shares
Inception (2/2/06)	6.50	%
10 Years	6.68
5 Years	11.45
1 Year	3.66
Class R5 Shares
10 Years	6.60	%
5 Years	11.57
1 Year	3.96
Class R6 Shares
10 Years	6.62	%
5 Years	11.61
1 Year	4.06

    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 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 Y, Class R5 and Class R6 shares was 1.37%, 1.37%, 2.09%, 1.12%, 0.92% and 0.87%, 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 Y, Class R5 and Class R6 shares was 1.38%, 1.38%, 2.10%, 1.13%, 0.93% and 0.88%, 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.

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, 2018. 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the markets,

the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Small Cap Discovery Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.16%
Airlines–0.74%
Spirit Airlines Inc.(b)		85,380	$	4,457,690
Apparel Retail–1.14%
Burlington Stores, Inc.(b)		77,154		6,867,478
Application Software–9.15%
BroadSoft, Inc.(b)		133,468		5,712,431
Cadence Design Systems, Inc.(b)		195,976		6,055,659
Fair Isaac Corp.		24,588		3,198,161
Globant S.A.(b)(c)		103,098		3,742,457
Guidewire Software Inc.(b)		159,756		8,729,068
HubSpot, Inc.(b)		97,254		5,786,613
Manhattan Associates, Inc.(b)		28,300		1,419,245
Paycom Software, Inc.(b)		49,104		2,643,268
SS&C Technologies Holdings, Inc.		215,546		7,548,421
Tyler Technologies, Inc.(b)		41,802		6,339,273
Ultimate Software Group, Inc. (The)(b)		20,934		4,048,426
				55,223,022
Biotechnology–5.29%
Eagle Pharmaceuticals, Inc.(b)		82,172		6,301,771
Neurocrine Biosciences, Inc.(b)		157,873		6,971,672
Retrophin, Inc.(b)		222,811		4,739,190
Sage Therapeutics, Inc.(b)		79,616		5,366,118
TESARO, Inc.(b)(c)		45,272		8,527,886
				31,906,637
Building Products–4.22%
A.O. Smith Corp.		64,322		3,239,256
Allegion PLC		44,534		3,232,723
American Woodmark Corp.(b)		39,190		3,387,975
Lennox International Inc.		18,534		3,051,067
Masonite International Corp.(b)		98,334		7,679,885
Owens Corning		83,054		4,857,829
				25,448,735
Commodity Chemicals–1.09%
Methanex Corp. (Canada)		128,478		6,552,378
Communications Equipment–2.09%
ARRIS International PLC(b)		200,012		5,160,310
Ciena Corp.(b)		283,912		7,478,242
				12,638,552
Construction & Engineering–0.76%
Dycom Industries, Inc.(b)		56,118		4,611,777
Construction Materials–1.62%
Headwaters Inc.(b)		131,829		3,032,067
Summit Materials, Inc.–Class A(b)		283,181		6,765,194
				9,797,261

	Shares		Value
Data Processing & Outsourced Services–3.63%
DST Systems, Inc.		44,684	$	5,344,206
Euronet Worldwide, Inc.(b)		99,284		8,218,730
ExlService Holdings, Inc.(b)		68,749		3,070,330
WNS Holdings Ltd.–ADR (India)(b)		187,632		5,300,604
				21,933,870
Distributors–2.14%
Core-Mark Holding Co., Inc.		104,354		3,393,592
Pool Corp.		82,766		9,494,088
				12,887,680
Diversified Support Services–0.49%
Mobile Mini, Inc.		91,435		2,976,209
Education Services–0.93%
Bright Horizons Family Solutions Inc.(b)		81,601		5,639,445
Electronic Equipment & Instruments–0.61%
Cognex Corp.		9,333		716,868
Coherent, Inc.(b)		16,227		2,962,725
				3,679,593
Financial Exchanges & Data–3.22%
CBOE Holdings Inc.		97,538		7,612,841
MarketAxess Holdings, Inc.		60,640		11,838,747
				19,451,588
Health Care Equipment–5.79%
DexCom Inc.(b)		79,020		6,176,203
Inogen, Inc.(b)		115,407		7,919,228
Integra LifeSciences Holdings Corp.(b)		107,462		4,592,926
Penumbra, Inc.(b)		80,881		6,211,661
Wright Medical Group N.V.(b)		360,711		10,056,623
				34,956,641
Health Care Facilities–1.15%
Acadia Healthcare Co., Inc.(b)		155,740		6,964,693
Health Care REIT’s–0.50%
Physicians Realty Trust		151,928		3,026,406
Health Care Services–0.77%
Premier, Inc.–Class A(b)		148,020		4,652,269
Health Care Supplies–1.12%
Align Technology, Inc.(b)		65,714		6,752,771
Health Care Technology–0.42%
Evolent Health, Inc.–Class A(b)(c)		129,017		2,541,635
Home Entertainment Software–1.15%
Take-Two Interactive Software, Inc.(b)		121,510		6,923,640
Homebuilding–0.67%
TopBuild Corp.(b)		96,733		4,060,851

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

5                         Invesco  Small Cap Discovery Fund

	Shares		Value
Household Appliances–1.31%
Helen of Troy Ltd.(b)		81,060	$	7,919,562
Housewares & Specialties–0.43%
Newell Brands, Inc.		52,310		2,564,759
Human Resource & Employment Services–2.72%
Korn/Ferry International		66,399		2,052,393
On Assignment, Inc.(b)		138,395		6,530,860
Robert Half International, Inc.		96,136		4,637,601
TrueBlue, Inc.(b)		122,863		3,188,295
				16,409,149
Industrial Machinery–2.16%
EnPro Industries, Inc.		108,232		7,065,385
Woodward, Inc.		84,487		5,952,109
				13,017,494
Integrated Oil & Gas–1.05%
Centennial Resource Development, Inc.–Class A(b)(c)		335,719		6,314,874
Internet Software & Services–2.19%
CoStar Group Inc.(b)		40,810		8,291,776
Q2 Holdings Inc.(b)		137,309		4,936,258
				13,228,034
Investment Banking & Brokerage–1.55%
E*TRADE Financial Corp.(b)		271,069		9,354,591
IT Consulting & Other Services–2.38%
EPAM Systems, Inc.(b)		70,570		5,196,069
InterXion Holding N.V. (Netherlands)(b)		235,760		9,171,064
				14,367,133
Leisure Facilities–1.13%
Vail Resorts, Inc.		37,801		6,848,785
Leisure Products–1.00%
Brunswick Corp.		101,140		6,057,275
Life Sciences Tools & Services–4.24%
Bio-Techne Corp.		43,013		4,573,142
INC Research Holdings, Inc.–Class A(b)		190,736		8,325,626
Patheon N.V.(b)		198,435		6,250,703
VWR Corp.(b)		229,199		6,440,492
				25,589,963
Managed Health Care–1.46%
HealthEquity, Inc.(b)		202,320		8,841,384
Metal & Glass Containers–1.01%
Berry Plastics Group Inc.(b)		120,677		6,073,674
Movies & Entertainment–2.18%
Cinemark Holdings, Inc.		233,521		9,777,524
Lions Gate Entertainment Corp.–Class A		65,894		1,763,983
Lions Gate Entertainment Corp.–Class B(b)		65,894		1,646,032
				13,187,539

	Shares		Value
Office Services & Supplies–0.84%
Steelcase Inc.–Class A		318,194	$	5,091,104
Oil & Gas Exploration & Production–2.70%
Callon Petroleum Co.(b)		743,789		9,386,617
Diamondback Energy Inc.(b)		68,311		6,889,848
				16,276,465
Packaged Foods & Meats–2.31%
B&G Foods Inc.		89,525		3,804,812
Hostess Brands, Inc.(b)		202,969		3,091,218
Pinnacle Foods Inc.		123,204		7,038,645
				13,934,675
Pharmaceuticals–2.25%
Impax Laboratories, Inc.(b)		287,057		4,090,562
Pacira Pharmaceuticals, Inc.(b)		139,489		6,095,669
Teligent, Inc.(b)(c)		473,184		3,383,266
				13,569,497
Property & Casualty Insurance–0.92%
Selective Insurance Group, Inc.		124,684		5,523,501
Regional Banks–2.66%
East West Bancorp, Inc.		73,932		4,001,200
Sterling Bancorp		244,704		6,056,424
Western Alliance Bancorp(b)		116,637		6,023,135
				16,080,759
Restaurants–1.32%
Jack in the Box Inc.		32,321		3,028,801
Texas Roadhouse, Inc.		81,466		3,446,012
Wingstop Inc.		56,882		1,495,996
				7,970,809
Semiconductor Equipment–0.97%
MKS Instruments, Inc.		88,974		5,836,694
Semiconductors–5.06%
Cirrus Logic, Inc.(b)		76,920		4,159,834
MACOM Technology Solutions Holdings, Inc.(b)		185,081		8,530,383
Microsemi Corp.(b)		158,555		8,216,320
Qorvo, Inc.(b)		56,794		3,754,083
Silicon Laboratories Inc.(b)		87,500		5,906,250
				30,566,870
Specialized REIT’s–0.80%
CubeSmart		177,452		4,835,567
Specialty Chemicals–0.67%
PolyOne Corp.		120,391		4,054,769
Specialty Stores–0.98%
Five Below, Inc.(b)		153,982		5,936,006
Thrifts & Mortgage Finance–1.24%
MGIC Investment Corp.(b)		700,480		7,460,112

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

6                         Invesco  Small Cap Discovery Fund

	Shares		Value
Trading Companies & Distributors–0.94%
WESCO International, Inc.(b)		81,550	$	5,667,725
Total Common Stocks & Other Equity Interests (Cost $455,929,444)				586,529,590
Money Market Funds–1.95%
Government & Agency Portfolio–Institutional Class, 0.47%(d)		7,062,745		7,062,745
Treasury Portfolio–Institutional Class, 0.41%(d)		4,708,496		4,708,496
Total Money Market Funds (Cost $11,771,241)				11,771,241
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.11% (Cost $467,700,685)				598,300,831

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.43%
Government & Agency Portfolio–Institutional Class, 0.47% (Cost $8,618,415)(d)(e)		8,618,415	$	8,618,415
TOTAL INVESTMENTS–100.54% (Cost $476,319,100)				606,919,246
OTHER ASSETS LESS LIABILITIES–(0.54)%				(3,255,621	)
NET ASSETS–100.00%			$	603,663,625

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 28, 2017.

^(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 28, 2017.

^(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 28, 2017

Information Technology	27.2	%
Health Care	22.5
Consumer Discretionary	13.2
Industrials	12.9
Financials	9.6
Materials	4.4
Energy	3.7
Consumer Staples	2.3
Real Estate	1.3
Money Market Funds Plus Other Assets Less Liabilities	2.9

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 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $455,929,444)*	$	586,529,590
Investments in affiliated money market funds, at value and cost		20,389,656
Total investments, at value (Cost $476,319,100)		606,919,246
Receivable for:
Investments sold		10,072,356
Fund shares sold		1,183,051
Dividends		225,920
Investment for trustee deferred compensation and retirement plans		112,260
Other assets		48,647
Total assets		618,561,480
Liabilities:
Payable for:
Investments purchased		4,370,048
Fund shares reacquired		1,127,514
Collateral upon return of securities loaned		8,618,415
Accrued fees to affiliates		404,557
Accrued trustees’ and officers’ fees and benefits		3,806
Accrued other operating expenses		246,541
Trustee deferred compensation and retirement plans		126,974
Total liabilities		14,897,855
Net assets applicable to shares outstanding	$	603,663,625
Net assets consist of:
Shares of beneficial interest	$	450,611,351
Undistributed net investment income (loss)		(6,593,114	)
Undistributed net realized gain		29,045,242
Net unrealized appreciation		130,600,146
	$	603,663,625

Net Assets:
Class A	$	397,167,782
Class B	$	3,485,611
Class C	$	41,765,679
Class Y	$	80,282,756
Class R5	$	2,721,563
Class R6	$	78,240,234
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,157,205
Class B		413,979
Class C		5,474,746
Class Y		7,914,026
Class R5		265,730
Class R6		7,625,487
Class A:
Net asset value per share	$	9.65
Maximum offering price per share
(Net asset value of $9.65 ¸ 94.50%)	$	10.21
Class B:
Net asset value and offering price per share	$	8.42
Class C:
Net asset value and offering price per share	$	7.63
Class Y:
Net asset value and offering price per share	$	10.14
Class R5:
Net asset value and offering price per share	$	10.24
Class R6:
Net asset value and offering price per share	$	10.26

* At February 28, 2017, securities with an aggregate value of $8,205,784 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 28, 2017

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $8,590)	$	1,403,794
Dividends from affiliated money market funds (includes securities lending income of $31,285)		71,669
Total investment income		1,475,463
Expenses:
Advisory fees		2,402,717
Administrative services fees		82,279
Custodian fees		8,656
Distribution fees:
Class A		510,616
Class B		4,979
Class C		210,721
Transfer agent fees — A, B, C and Y		663,338
Transfer agent fees — R5		730
Transfer agent fees — R6		2,949
Trustees’ and officers’ fees and benefits		16,313
Registration and filing fees		50,356
Reports to shareholders		183,651
Professional services fees		23,012
Other		13,210
Total expenses		4,173,527
Less: Fees waived and expense offset arrangement(s)		(15,581	)
Net expenses		4,157,946
Net investment income (loss)		(2,682,483	)
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		57,078,235
Change in net unrealized appreciation (depreciation) of investment securities		(4,356,080	)
Net realized and unrealized gain		52,722,155
Net increase in net assets resulting from operations	$	50,039,672

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 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income (loss)	$	(2,682,483	)	$	(5,813,896	)
Net realized gain		57,078,235			1,370,559
Change in net unrealized appreciation (depreciation)		(4,356,080	)		(6,303,232	)
Net increase (decrease) in net assets resulting from operations		50,039,672			(10,746,569	)
Distributions to shareholders from net realized gains:
Class A		(7,685,697	)		(70,507,209	)
Class B		(83,899	)		(1,062,060	)
Class C		(1,025,592	)		(10,017,535	)
Class Y		(1,366,323	)		(9,673,736	)
Class R5		(30,682	)		(527,087	)
Class R6		(1,314,143	)		(9,777,574	)
Total distributions from net realized gains		(11,506,336	)		(101,565,201	)
Share transactions–net:
Class A		(67,517,156	)		4,087,521
Class B		(1,330,446	)		(1,845,248	)
Class C		(8,014,927	)		(3,880,321	)
Class Y		53,662			(10,803,399	)
Class R5		870,479			(4,296,810	)
Class R6		(260,532	)		6,160,310
Net increase (decrease) in net assets resulting from share transactions		(76,198,920	)		(10,577,947	)
Net increase (decrease) in net assets		(37,665,584	)		(122,889,717	)
Net assets:
Beginning of period		641,329,209			764,218,926
End of period (includes undistributed net investment income (loss) of $(6,593,114) and $(3,910,631), respectively)	$	603,663,625		$	641,329,209

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

10                         Invesco  Small Cap Discovery 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  Small Cap Discovery 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.

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%

12                 ��       Invesco  Small Cap Discovery Fund

For the six months ended February 28, 2017, 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, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2017, 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 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, 2017. 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 this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $13,682.

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 28, 2017, 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 28, 2017, 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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $26,159 in front-end sales commissions from the sale of Class A shares and $3,344, $5 and $1,862 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2017, the Fund incurred $5,742 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.

13                         Invesco  Small Cap Discovery Fund

As of February 28, 2017, 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.

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 28, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,899.

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, 2016.

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 28, 2017 was $155,367,428 and $229,814,147, 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	$	143,239,729
Aggregate unrealized (depreciation) of investment securities		(13,548,403	)
Net unrealized appreciation of investment securities	$	129,691,326

Cost of investments for tax purposes is $477,227,920.

14                         Invesco  Small Cap Discovery Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		3,425,880		$	31,590,667			10,510,102		$	96,144,486
Class B		3,225			26,081			15,713			129,314
Class C		249,563			1,827,239			1,047,514			7,716,524
Class Y		2,425,071			23,203,829			3,258,665			30,463,429
Class R5		108,734			1,068,547			355,206			3,351,740
Class R6		839,215			8,083,139			2,772,821			25,212,485
Issued as reinvestment of dividends:
Class A		813,772			7,470,426			7,611,829			67,364,684
Class B		10,310			82,579			132,016			1,021,804
Class C		135,217			983,029			1,347,333			9,552,594
Class Y		133,242			1,284,455			963,727			8,933,748
Class R5		3,138			30,531			18,773			175,147
Class R6		134,768			1,313,991			1,046,714			9,776,309
Automatic conversion of Class B shares to Class A shares:
Class A		91,942			849,699			195,627			1,727,054
Class B		(105,235	)		(849,699	)		(222,666	)		(1,727,054	)
Reacquired:
Class A		(11,710,181	)		(107,427,948	)		(18,163,522	)		(161,148,703	)
Class B		(73,861	)		(589,407	)		(161,000	)		(1,269,312	)
Class C		(1,490,076	)		(10,825,195	)		(2,941,568	)		(21,149,439	)
Class Y		(2,566,953	)		(24,434,622	)		(5,148,089	)		(50,200,576	)
Class R5		(23,536	)		(228,599	)		(809,051	)		(7,823,697	)
Class R6		(995,523	)		(9,657,662	)		(3,087,219	)		(28,828,484	)
Net increase (decrease) in share activity		(8,591,288	)	$	(76,198,920	)		(1,257,075	)	$	(10,577,947	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% 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 02/28/17	$	9.05	$	(0.04	)	$	0.81		$	0.77		$	(0.17	)	$	9.65		8.65	%	$	397,168		1.41	%(e)		1.41	%(e)		(0.92	)%(e)		26	%
Year ended 08/31/16		10.60		(0.08	)		(0.02	)		(0.10	)		(1.45	)		9.05		(0.61	)		439,098		1.36			1.37			(0.89	)		39
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
Class B
Six months ended 02/28/17		7.92		(0.04	)		0.71			0.67			(0.17	)		8.42		8.62	(f)		3,486		1.41	(e)(f)		1.41	(e)(f)		(0.92	)(e)(f)		26	%
Year ended 08/31/16		9.46		(0.07	)		(0.02	)		(0.09	)		(1.45	)		7.92		(0.57	)(f)		4,587		1.36	(f)		1.37	(f)		(0.89	)(f)		39
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
Class C
Six months ended 02/28/17		7.21		(0.06	)		0.65			0.59			(0.17	)		7.63		8.35	(g)		41,766		2.13	(e)(g)		2.13	(e)(g)		(1.64	)(e)(g)		26	%
Year ended 08/31/16		8.81		(0.12	)		(0.03	)		(0.15	)		(1.45	)		7.21		(1.39	)		47,459		2.08			2.09			(1.61	)		39
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
Class Y
Six months ended 02/28/17		9.49		(0.03	)		0.85			0.82			(0.17	)		10.14		8.77			80,283		1.16	(e)		1.16	(e)		(0.67	)(e)		26	%
Year ended 08/31/16		11.02		(0.06	)		(0.02	)		(0.08	)		(1.45	)		9.49		(0.39	)		75,188		1.11			1.12			(0.64	)		39
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
Class R5
Six months ended 02/28/17		9.57		(0.02	)		0.87			0.84			(0.17	)		10.24		8.91			2,722		0.99	(e)		0.99	(e)		(0.50	)(e)		26	%
Year ended 08/31/16		11.08		(0.04	)		(0.02	)		(0.06	)		(1.45	)		9.57		(0.18	)		1,698		0.91			0.92			(0.44	)		39
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 02/28/17		9.59		(0.02	)		0.86			0.84			(0.17	)		10.26		8.89			78,240		0.92	(e)		0.92	(e)		(0.43	)(e)		26	%
Year ended 08/31/16		11.09		(0.04	)		(0.01	)		(0.05	)		(1.45	)		9.59		(0.08	)		73,299		0.86			0.87			(0.39	)		39
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 the fiscal year ended August 31, 2012.

^(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 $411,878, $4,016, $43,797, $76,751, $1,895, and $74,364 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% for the six months ended February 28, 2017 and for each of the years ended August 31, 2016, 2015, 2014, 2013 and 2012, 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 0.97% for the six months ended February 28, 2017 and the year ended August 31, 2016, respectively.

^(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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,086.50	$	7.29	$	1,017.80	$	7.05		1.41	%
B		1,000.00		1,086.20		7.29		1,017.80		7.05		1.41
C		1,000.00		1,083.50		11.00		1,014.23		10.64		2.13
Y		1,000.00		1,088.80		6.01		1,019.04		5.81		1.16
R5		1,000.00		1,088.00		5.13		1,019.89		4.96		0.99
R6		1,000.00		1,088.90		4.76		1,020.23		4.61		0.92

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

17                         Invesco  Small Cap Discovery Fund

Explore High-Conviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             VK-SCD-SAR-1             04122017      0900

	Semiannual Report to Shareholders	February 28, 2017
	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
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, 8/31/16 to 2/28/17, 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	1.98	%
Class C Shares	1.50
Class R Shares	1.86
Class Y Shares	2.01
Class R5 Shares	2.01
Class R6 Shares	2.11
The BofA Merrill Lynch Current 10 Year Treasury Index▼ (Broad Market Index)	-6.17
Custom Invesco Strategic Real Return Index∎ (Style-Specific Index)	2.30
Lipper Inflation Protected Bond Funds Index◆(Peer Group Index)	0.06
Source(s): ▼Bloomberg L.P.; ∎Invesco, Bloomberg L.P., FactSet Research Systems Inc.,                   S&P Dow Jones Indices LLC; ◆Lipper Inc.

The BofA Merrill Lynch Current 10 Year Treasury Index is composed of the most recently issued 10-year US Treasury note.

    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 unmanaged index considered representative of inflation protected bond funds tracked 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 is a market value-weighted index designed to measure the performance of the US leveraged loan market based on market weightings, spreads and interest payments.

    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 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).

 For more information about your Fund

 Read the most recent quarterly commentary from your Fund’s portfolio managers by  visiting invesco.com/us. Use the “Product Finder” on the homepage to locate your  Fund; then click on its name to access its product detail page. There, you can learn  more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals  share their insights about market and economic news and trends.

2                      Invesco Strategic Real Return Fund

Average Annual Total Returns
As of 2/28/17, including maximum applicable sales charges
Class A Shares
Inception (4/30/14)	1.47	%
1 Year	6.44
Class C Shares
Inception (4/30/14)	1.61	%
1 Year	7.40
Class R Shares
Inception (4/30/14)	2.14	%
1 Year	8.94
Class Y Shares
Inception (4/30/14)	2.64	%
1 Year	9.48
Class R5 Shares
Inception (4/30/14)	2.64	%
1 Year	9.48
Class R6 Shares
Inception (4/30/14)	2.68	%
1 Year	9.60

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.^1,2,3 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 2.57%, 3.32%, 2.82%, 2.32%, 2.37% and 2.37%, 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.

Average Annual Total Returns
As of 12/31/16, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (4/30/14)	0.95	%
1 Year	5.04
Class C Shares
Inception (4/30/14)	1.15	%
1 Year	5.97
Class R Shares
Inception (4/30/14)	1.64	%
1 Year	7.39
Class Y Shares
Inception (4/30/14)	2.18	%
1 Year	8.04
Class R5 Shares
Inception (4/30/14)	2.18	%
1 Year	8.03
Class R6 Shares
Inception (4/30/14)	2.18	%
1 Year	8.03

    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 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.23%.

2 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least December 31, 2017. See current prospectus for more information.

3 Total annual Fund operating expenses after any contractual fee waivers by the adviser in effect through at least June 30, 2018. 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. (a subsidiary of Broadridge Financial Solutions, 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. This means that, no matter the asset class or the strategy, each investment team has a passion to exceed. We want to help investors achieve better outcomes, such as seeking higher returns, helping mitigate risk and generating income. Of course, investing with high conviction can’t guarantee a profit or ensure success; no investment strategy can. To learn more about how we invest with high conviction, visit invesco.com/HighConviction.     Our website, invesco.com/us, offers timely information about your Fund and allows you to access your account. Also, you can obtain updates to help you stay informed about the

markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. Additionally, 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.

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to considering environmental, social and governance issues in our robust investment process. I invite you to learn more at invesco.com/esg.

    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.

4                      Invesco Strategic Real Return Fund

Schedule of Investments^(a)

February 28, 2017

(Unaudited)

	Principal Amount		Value
U.S. Treasury Securities–44.66%
U.S. Treasury Bills–0.02%
0.61%, 05/11/2017(b)(c)	$	5,000	$	4,995
U.S. Treasury Inflation — Indexed Notes–30.52%(d)
0.13%, 04/15/2018		417,664		423,815
1.38%, 07/15/2018		137,486		142,950
2.13%, 01/15/2019		135,052		143,106
0.13%, 04/15/2019		422,233		430,552
1.88%, 07/15/2019		141,565		151,406
1.38%, 01/15/2020		169,032		179,006
0.13%, 04/15/2020		413,617		421,368
1.25%, 07/15/2020		293,366		312,028
1.13%, 01/15/2021		333,526		352,603
0.13%, 04/15/2021		375,987		381,301
0.63%, 07/15/2021		312,038		325,147
0.13%, 01/15/2022		357,021		361,292
0.13%, 07/15/2022		354,118		358,769
0.13%, 01/15/2023		344,850		346,534
0.38%, 07/15/2023		341,565		349,096
0.63%, 01/15/2024		349,939		360,845
0.13%, 07/15/2024		339,808		339,043
0.25%, 01/15/2025		342,186		341,428
0.38%, 07/15/2025		341,359		344,428
0.63%, 01/15/2026		350,673		359,490
0.13%, 07/15/2026		299,746		294,654
0.38%, 01/15/2027		106,999		107,366
				6,826,227
U.S. Treasury Inflation — Indexed Bonds–14.12%(d)
2.38%, 01/15/2025		291,256		338,625
2.00%, 01/15/2026		197,910		226,384
2.38%, 01/15/2027		159,584		190,299
1.75%, 01/15/2028		146,474		167,113
3.63%, 04/15/2028		205,993		276,370
2.50%, 01/15/2029		127,631		157,610
3.88%, 04/15/2029		230,572		322,313
3.38%, 04/15/2032		54,270		77,120
2.13%, 02/15/2040		136,610		174,279
2.13%, 02/15/2041		212,554		272,767
0.75%, 02/15/2042		203,648		198,342
0.63%, 02/15/2043		198,679		187,420
1.38%, 02/15/2044		193,819		217,319
0.75%, 02/15/2045		189,118		183,352
1.00%, 02/15/2046		164,497		169,993
				3,159,306
Total U.S. Treasury Securities (Cost $9,912,307)				9,990,528

	Shares		Value
Common Stocks–29.80%
Fixed-Income Funds–29.80%
Invesco Floating Rate Fund–Class R6 (Cost $6,840,483)(e)		876,046	$	6,666,706
	Principal Amount
Bonds and Notes–21.78%
Aerospace & Defense–0.41%
Bombardier Inc. (Canada), Sr. Unsec. Notes,
6.00%, 10/15/2022(f)	$	11,000		11,041
7.50%, 03/15/2025(f)		8,000		8,340
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(f)		17,000		17,978
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(f)		12,000		12,360
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes,
6.50%, 07/15/2024		4,000		4,120
6.50%, 05/15/2025		38,000		38,997
				92,836
Agricultural & Farm Machinery–0.10%
Titan International Inc., Sr. Sec. Gtd. First Lien Global Notes, 6.88%, 10/01/2020		23,000		23,575
Alternative Carriers–0.13%
Level 3 Financing, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2025		14,000		14,525
Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2026(f)		14,000		14,210
				28,735
Apparel Retail–0.33%
Gap, Inc. (The), Sr. Unsec. Global Bonds, 5.95%, 04/12/2021		10,000		10,673
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(f)		20,000		20,450
L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022		31,000		32,821
6.75%, 07/01/2036		2,000		1,925
6.88%, 11/01/2035		8,000		7,730
				73,599
Asset Management & Custody Banks–0.40%
First Data Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(f)		8,000		8,220
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(f)		33,000		35,434
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(f)		32,000		35,160

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)
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(f)	$	10,000	$	9,975
				88,789
Auto Parts & Equipment–0.07%
Dana Inc., Sr. Unsec. Notes, 5.38%, 09/15/2021		15,000		15,581
Broadcasting–0.60%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		13,000		13,187
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		14,000		14,560
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		23,000		23,288
iHeartCommunications, Inc., Sr. Sec. Gtd. First Lien Global Notes, 9.00%, 12/15/2019		31,000		27,241
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		22,000		23,650
Nexstar Escrow Corp., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(f)		16,000		16,440
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		16,000		16,400
				134,766
Building Products–0.23%
Allegion PLC, Sr. Unsec. Gtd. Notes, 5.88%, 09/15/2023		17,000		18,312
Builders FirstSource, Inc., Sr. Unsec. Gtd. Notes, 10.75%, 08/15/2023(f)		11,000		12,774
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		19,000		19,712
				50,798
Cable & Satellite–1.73%
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Notes, 5.75%, 02/15/2026(f)		75,000		80,775
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		50,000		55,125
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		70,000		74,900
Dish Network Corp., Sr. Unsec. Conv. Notes, 3.38%, 08/15/2026(f)		100,000		120,875
Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Notes,
7.25%, 04/01/2019		5,000		4,812
7.25%, 10/15/2020		15,000		13,950
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2025(f)		13,000		13,325
5.38%, 07/15/2026(f)		23,000		23,489
				387,251
Casinos & Gaming–0.44%
Boyd Gaming Corp, Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		6,000		6,495
6.88%, 05/15/2023		24,000		25,950

	Principal Amount		Value
Casinos & Gaming–(continued)
MGM Resorts International, Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026	$	7,000	$	6,869
7.75%, 03/15/2022		40,000		46,800
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/2025(f)		13,000		13,227
				99,341
Commercial Printing–0.09%
Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/2022(f)		20,000		21,000
Commodity Chemicals–0.17%
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(f)		12,000		12,540
Tronox Finance LLC, Sr. Unsec. Gtd. Global Notes, 6.38%, 08/15/2020		15,000		15,300
Valvoline Inc., Sr. Unsec. Gtd. Notes, 5.50%, 07/15/2024(f)		10,000		10,575
				38,415
Communications Equipment–0.27%
CommScope Technologies Finance LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(f)		33,000		35,475
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 08/01/2026(f)		6,000		6,128
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		17,000		18,955
				60,558
Construction & Engineering–0.04%
AECOM, Sr. Unsec. Gtd. Notes, 5.13%, 03/15/2027(f)		8,000		8,170
Construction Machinery & Heavy Trucks–0.67%
Commercial Vehicle Group Inc., Sec. Gtd. Second Lien Global Notes, 7.88%, 04/15/2019		25,000		25,312
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		50,000		51,875
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		58,000		60,320
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(f)		13,000		13,358
				150,865
Construction Materials–0.05%
Standard Industries Inc., Sr. Unsec. Notes, 5.00%, 02/15/2027(f)		12,000		12,255
Consumer Finance–0.35%
Ally Financial Inc., Sr. Unsec. Global Notes,
4.63%, 03/30/2025		25,000		25,531
5.13%, 09/30/2024		50,000		52,875
				78,406

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

6                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Copper–0.19%
First Quantum Minerals Ltd. (Canada), Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021(f)	$	20,000	$	20,900
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		25,000		21,969
				42,869
Diversified Banks–0.45%
Bank of America Corp., Series K, Jr. Unsec. Sub. Global Notes, 8.00%(g)		5,000		5,200
Citigroup Inc.,
Series R, Jr. Unsec. Sub. Global Notes, 6.13%(g)		10,000		10,675
Series T, Jr. Unsec. Sub. Global Notes, 6.25%(g)		17,000		18,445
JPMorgan Chase & Co., Series 1, Jr. Unsec. Sub. Global Notes, 7.90%(g)		10,000		10,450
Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Global Bonds, 6.13%, 12/15/2022		7,000		7,428
Unsec. Sub. Global Notes, 6.00%, 12/19/2023		45,000		47,976
				100,174
Diversified Chemicals–0.17%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes,
6.63%, 05/15/2023		30,000		32,212
7.00%, 05/15/2025		6,000		6,548
				38,760
Diversified Metals & Mining–0.27%
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(f)		23,000		25,185
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		9,000		9,360
Sr. Unsec. Notes, 6.13%, 10/01/2035		25,000		26,000
				60,545
Electric Utilities–0.39%
NextEra Energy, Inc., Series H, Conv. Investment Units, 6.37%, 09/01/2018		1,300		79,352
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		7,000		7,350
				86,702
Electrical Components & Equipment–0.20%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(f)		8,000		8,160
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(f)		35,000		35,656
				43,816
Environmental & Facilities Services–0.05%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024(f)		11,000		11,275

	Principal Amount		Value
Financial Exchanges & Data–0.09%
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(f)	$	20,000	$	21,175
Food Distributors–0.13%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(f)		27,000		28,350
Gas Utilities–0.43%
AmeriGas Partners, L.P./ AmeriGas Finance Corp., Sr. Unsec. Global Notes,
5.63%, 05/20/2024		15,000		15,600
5.88%, 08/20/2026		17,000		17,680
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		25,000		24,562
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		37,000		37,555
				95,397
General Merchandise Stores–0.07%
Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		14,000		14,928
Health Care Equipment–0.04%
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(f)		10,000		10,088
Health Care Facilities–1.01%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		15,000		15,975
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		5,000		4,950
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		8,000		7,080
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		60,000		64,275
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		10,000		10,500
5.88%, 02/15/2026		15,000		16,125
HealthSouth Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025		15,000		15,262
LifePoint Health, Inc., Sr. Unsec. Gtd. Notes,
5.38%, 05/01/2024(f)		14,000		14,070
5.88%, 12/01/2023		3,000		3,098
Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022(f)		3,000		3,259
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		14,000		13,930
8.00%, 08/01/2020		31,000		31,852
8.13%, 04/01/2022		10,000		10,550
Universal Health Services, Inc, Sr. Sec. Gtd. First Lien Notes, 5.00%, 06/01/2026(f)		15,000		15,469
				226,395

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

7                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Health Care Services–0.46%
AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(f)	$	10,000	$	10,200
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		34,000		34,340
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(f)		22,000		22,770
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(f)		33,000		35,599
				102,909
Home Improvement Retail–0.11%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(f)		25,000		24,188
Homebuilding–0.45%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/2021(f)		20,000		20,100
Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/2021		26,000		26,942
CalAtlantic Group Inc., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/2022		20,000		21,100
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 06/01/2025		13,000		13,585
7.15%, 04/15/2020		5,000		5,519
Taylor Morrison Communities Inc./ Monarch Communities Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(f)		12,000		12,690
				99,936
Household Products–0.20%
Reynolds Group Issuer Inc./LLC (New Zealand),
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(f)		13,000		13,471
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(f)		2,000		2,155
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		13,000		13,910
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		14,000		14,543
				44,079
Independent Power Producers & Energy Traders–0.49%
AES Corp. (The), Sr. Unsec. Notes, 5.50%, 04/15/2025		59,000		60,032
Calpine Corp., Sr. Unsec. Global Notes, 5.50%, 02/01/2024		19,000		18,953
NRG Energy, Inc.,
Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024		8,000		8,060
Sr. Unsec. Gtd. Notes, 6.63%, 01/15/2027(f)		22,000		21,780
				108,825
Integrated Oil & Gas–0.05%
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(f)		12,000		10,260

	Principal Amount		Value
Integrated Telecommunication Services–1.03%
CenturyLink, Inc., Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024	$	14,000	$	15,067
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(f)		11,000		11,660
Frontier Communications Corp., Sr. Unsec. Global Notes, 8.88%, 09/15/2020		5,000		5,331
10.50%, 09/15/2022		15,000		15,694
11.00%, 09/15/2025		13,000		13,098
GCI, Inc., Sr. Unsec. Global Notes, 6.88%, 04/15/2025		13,000		13,553
SBA Communications Corp., Sr. Unsec. Notes, 4.88%, 09/01/2024(f)		22,000		22,000
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.84%, 04/28/2023		125,000		133,437
				229,840
Leisure Facilities–0.07%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		15,000		15,600
Managed Health Care–0.03%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		7,000		7,236
Marine–0.07%
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. First Lien Mortgage Notes, 8.13%, 11/15/2021(f)		17,000		15,300
Metal & Glass Containers–0.15%
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		10,000		10,613
Berry Plastics Corp., Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		23,000		24,035
				34,648
Mortgage REIT’s–0.49%
Starwood Property Trust, Inc., Sr. Unsec. Conv. Notes, 4.55%, 03/01/2018		100,000		110,250
Movies & Entertainment–0.29%
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		25,000		26,000
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024(f)		14,000		14,438
Pinnacle Entertainment, Inc., Sr. Unsec. Notes, 5.63%, 05/01/2024(f)		25,000		25,531
				65,969
Oil & Gas Drilling–0.15%
Ensco PLC, Sr. Unsec. Global Notes, 4.50%, 10/01/2024		14,000		12,093

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

8                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Oil & Gas Drilling–(continued)
Precision Drilling Corp. (Canada),
Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024	$	10,000	$	9,950
Sr. Unsec. Gtd. Notes, 7.75%, 12/15/2023(f)		3,000		3,270
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		10,000		9,050
				34,363
Oil & Gas Equipment & Services–0.11%
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		13,000		13,390
Weatherford International Ltd., Sr. Unsec. Gtd. Notes,
6.50%, 08/01/2036		7,000		6,493
8.25%, 06/15/2023		5,000		5,425
				25,308
Oil & Gas Exploration & Production–1.62%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		29,000		29,435
Callon Petroleum Co., Sr. Unsec. Gtd. Notes, 6.13%, 10/01/2024(f)		17,000		17,807
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		20,000		18,700
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		15,000		12,525
Gulfport Energy Corp., Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(f)		23,000		22,942
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		44,000		47,245
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		19,000		19,380
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(f)		18,000		19,035
QEP Resources, Inc., Sr. Unsec. Notes, 6.88%, 03/01/2021		19,000		20,235
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		24,000		22,860
Rice Energy Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 05/01/2023		11,000		11,633
RSP Permian, Inc.,
Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/2022		21,000		22,260
Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025(f)		9,000		9,248
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		39,000		35,002
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		23,000		23,144
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Notes, 6.88%, 02/01/2025(f)		17,000		16,830
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		14,000		13,720
				362,001

	Principal Amount		Value
Oil & Gas Refining & Marketing–0.11%
Tesoro Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 04/01/2024	$	24,000	$	25,080
Oil & Gas Storage & Transportation–1.32%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Notes, 5.38%, 09/15/2024(f)		21,000		21,473
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		38,000		40,992
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(f)		25,000		26,375
MPLX LP, Sr. Unsec. Global Notes, 4.88%, 06/01/2025		22,000		23,499
NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.13%, 03/01/2025(f)		18,000		18,045
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes, 5.63%, 03/01/2025		43,000		47,434
Targa Resources Partners L.P./ Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds, 5.25%, 05/01/2023		17,000		17,659
Sr. Unsec. Gtd. Notes, 5.13%, 02/01/2025(f)		18,000		18,720
Tesoro Logistics L.P./Tesoro Logistics Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		50,000		54,625
Sr. Unsec. Gtd. Notes, 5.25%, 01/15/2025		4,000		4,220
Willams Cos. Inc. (The), Sr. Unsec. Global Notes, 4.55%, 06/24/2024		22,000		22,380
				295,422
Packaged Foods & Meats–0.38%
JBS USA Lux S.A./JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 5.75%, 06/15/2025(f)		38,000		39,330
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024(f)		13,000		13,260
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(f)		30,000		31,762
				84,352
Paper Packaging–0.06%
Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.88%, 11/15/2022		14,000		14,543
Paper Products–0.14%
Clearwater Paper Corp., Sr. Unsec. Gtd. Global Notes, 4.50%, 02/01/2023		11,000		10,835
Mercer International Inc. (Canada), Sr. Unsec. Notes, 6.50%, 02/01/2024(f)		4,000		4,080
PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/2020		15,000		15,431
				30,346

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

9                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Pharmaceuticals–0.23%
Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes,
5.50%, 03/01/2023(f)	$	25,000	$	20,250
5.88%, 05/15/2023(f)		5,000		4,075
REGS, Sr. Unsec. Gtd. Euro Notes,
6.13%, 04/15/2025(f)		35,000		28,000
				52,325
Regional Banks–0.36%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		75,000		79,687
Restaurants–0.20%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 6.00%, 04/01/2022(f)		20,000		20,925
Brinker International Inc., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2024(f)		10,000		9,878
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		12,000		12,960
				43,763
Semiconductors–0.11%
Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%, 02/01/2025		24,000		24,900
Specialized Consumer Services–0.10%
ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Notes,
5.13%, 11/15/2024(f)		8,000		8,160
Sr. Unsec. Notes, 7.45%, 08/15/2027		15,000		15,450
				23,610
Specialized Finance–0.21%
Aircastle Ltd., Sr. Unsec. Notes,
5.00%, 04/01/2023		8,000		8,430
5.50%, 02/15/2022		35,000		37,756
				46,186
Specialized REIT’s–0.91%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2022		75,000		79,031
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		43,000		46,117
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		25,000		26,188
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026		33,000		35,640
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(f)		17,000		16,448
				203,424
Specialty Chemicals–0.43%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		16,000		16,680
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(f)		15,000		17,100

	Principal Amount		Value
Specialty Chemicals–(continued)
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(f)	$	17,000	$	19,295
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		30,000		31,050
PQ Corp., Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(f)		11,000		11,921
				96,046
Steel–0.48%
ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 7.75%, 10/15/2039		13,000		15,113
FMG Resources (August 2006) Pty. Ltd. (Australia),
Sr. Sec. Gtd. Notes, 9.75%, 03/01/2022(f)		10,000		11,600
Sr. Unsec. Gtd. Notes, 6.88%, 04/01/2022(f)		30,000		31,087
Steel Dynamics, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 12/15/2026(f)		24,000		24,840
United States Steel Corp.,
Sr. Unsec. Global Notes, 7.50%, 03/15/2022		13,000		13,585
Sr. Unsec. Notes, 6.88%, 04/01/2021		10,000		10,325
				106,550
Systems Software–0.02%
Symantec Corp., Sr. Unsec. Notes, 5.00%, 04/15/2025(f)		4,000		4,120
Technology Distributors–0.02%
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		4,000		4,070
Technology Hardware, Storage & Peripherals–0.46%
Diamond 1 Finance Corp./Diamond 2 Finance Corp., Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(f)		57,000		63,199
Western Digital Corp.,
Sr. Sec. Gtd. First Lien Notes, 7.38%, 04/01/2023(f)		25,000		27,398
Sr. Unsec. Gtd. Global Notes, 10.50%, 04/01/2024		10,000		11,750
				102,347
Tobacco–0.05%
Alliance One International, Inc., Sr. Sec. Gtd. First Lien Notes, 8.50%, 04/15/2021(f)		10,000		10,275
Trading Companies & Distributors–0.25%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(f)		14,000		14,490
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(f)		8,000		8,840
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		18,000		19,035
Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027		13,000		13,325
				55,690

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

10                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Trucking–0.19%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025(f)	$	20,000	$	19,250
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(f)		23,000		23,978
				43,228
Wireless Telecommunication Services–0.41%
Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/2021		23,000		25,127
7.63%, 02/15/2025		10,000		11,175
7.88%, 09/15/2023		49,000		54,635
				90,937
Total Bonds and Notes (Cost $4,639,359)				4,873,027
	Shares
Preferred Stocks–2.14%
Agricultural Products–0.20%
Bunge Ltd., $4.88, Conv. Pfd.		400		43,800
Asset Management & Custody Banks–0.19%
AMG Capital Trust II, $2.58, Jr. Unsec. Gtd. Sub. Conv. Pfd.		700		41,344
Diversified Banks–0.60%
Bank of America Corp., Series L, $72.50, Conv. Pfd.		55		65,450
Wells Fargo & Co., Class A, Series L, $75.00, Conv. Pfd.		55		67,375
				132,825
Health Care REIT’s–0.11%
Welltower Inc., Series I, $3.25, Conv. Pfd.		390		24,742

	Shares		Value
Internet Software & Services–0.11%
Mandatory Exchangeable Trust (China), $5.75, Sr. Sec. Conv. Pfd.(f)		205	$	25,415
Managed Health Care–0.25%
Anthem Inc., $2.63, Conv. Pfd.		1,128		56,580
Oil & Gas Storage & Transportation–0.16%
Kinder Morgan, Inc., Series A, $4.88, Conv. Pfd.		750		36,525
Pharmaceuticals–0.28%
Teva Pharmaceutical Industries Ltd. (Israel), $70.00, Conv. Pfd.		100		62,405
Specialized REIT’s–0.24%
American Tower Corp., Series B, $5.50, Conv. Pfd.		500		54,045
Total Preferred Stocks (Cost $478,940)				477,681
Money Market Funds–0.70%
Government & Agency Portfolio–Institutional Class, 0.47%(h)		94,226		94,226
Treasury Portfolio–Institutional Class, 0.41%(h)		62,817		62,817
Total Money Market Funds (Cost $157,043)				157,043
TOTAL INVESTMENTS–99.08% (Cost $22,028,132)				22,164,985
OTHER ASSETS LESS LIABILITIES–0.92%				205,926
NET ASSETS–100.00%			$	22,370,911

Investment Abbreviations:

Conv.	– Convertible
Gtd.	– Guaranteed
Jr.	– Junior
Pfd.	– Preferred
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.

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

^(d)  Principal amount of security and interest payments are adjusted for inflation. See Note I.

^(e)  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 28, 2017 represented 29.80% of the Fund’s Net Assets. See Note 5.

^(f)  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 28, 2017 was $1,712,024, which represented 7.65% of the Fund’s Net Assets.

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

^(h)  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 28, 2017.

Portfolio Composition

By security type, based on Net Assets

as of February 28, 2017

U.S. Treasury Securities	44.7	%
Common Stocks	29.8
Bonds and Notes	21.8
Preferred Stocks	2.1
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 Strategic Real Return Fund

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

Assets:
Investments, at value (Cost $15,030,606)	$	15,341,235
Investments in affiliates, at value (Cost $6,997,526)		6,823,750
Total investments, at value (Cost $22,028,132)		22,164,985
Receivable for:
Investments sold		151,246
Variation margin — futures contracts		31
Fund shares sold		144,452
Dividends and interest		118,053
Investment for trustee deferred compensation and retirement plans		5,887
Other assets		14,214
Total assets		22,598,868
Liabilities:
Payable for:
Investments purchased		168,729
Accrued fees to affiliates		7,550
Accrued trustees’ and officers’ fees and benefits		3,000
Accrued other operating expenses		42,791
Trustee deferred compensation and retirement plans		5,887
Total liabilities		227,957
Net assets applicable to shares outstanding	$	22,370,911
Net assets consist of:
Shares of beneficial interest	$	22,762,942
Undistributed net investment income		(95,495	)
Undistributed net realized gain (loss)		(433,180	)
Net unrealized appreciation		136,644
	$	22,370,911

Net Assets:
Class A	$	11,907,776
Class C	$	898,523
Class R	$	122,726
Class Y	$	9,168,504
Class R5	$	9,741
Class R6	$	263,641
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,224,044
Class C		92,433
Class R		12,617
Class Y		942,236
Class R5		1,001
Class R6		27,080
Class A:
Net asset value per share	$	9.73
Maximum offering price per share
(Net asset value of $9.73 ¸ 97.50%)	$	9.98
Class C:
Net asset value and offering price per share	$	9.72
Class R:
Net asset value and offering price per share	$	9.73
Class Y:
Net asset value and offering price per share	$	9.73
Class R5:
Net asset value and offering price per share	$	9.73
Class R6:
Net asset value and offering price per share	$	9.74

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

13                         Invesco Strategic Real Return Fund

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

Investment income:
Interest	$	177,002
Dividends from affiliates		145,893
Dividends (net of foreign withholding taxes of $543)		8,288
Total investment income		331,183
Expenses:
Advisory fees		40,069
Administrative services fees		24,795
Custodian fees		4,590
Distribution fees:
Class A		13,485
Class C		3,863
Class R		255
Transfer agent fees A,C, R and Y		6,139
Transfer agent fees — R5		5
Transfer agent fees — R6		14
Trustees’ and officers’ fees and benefits		9,858
Registration and filing fees		35,212
Licensing Fees		1,808
Reports to shareholders		7,498
Professional services fees		26,430
Other		8,383
Total expenses		182,404
Less: Fees waived and expenses reimbursed		(131,177	)
Net expenses		51,227
Net investment income		279,956
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $224)		23,096
Futures contracts		(2,368	)
		20,728
Change in net unrealized appreciation (depreciation) of:
Investment securities		110,443
Futures contracts		(208	)
		110,235
Net realized and unrealized gain		130,963
Net increase in net assets resulting from operations	$	410,919

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

14                         Invesco Strategic Real Return Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

	February 28, 2017			August 31, 2016
Operations:
Net investment income	$	279,956		$	549,851
Net realized gain (loss)		20,728			(242,507	)
Change in net unrealized appreciation		110,235			516,603
Net increase in net assets resulting from operations		410,919			823,947
Distributions to shareholders from net investment income:
Class A		(260,239	)		(288,940	)
Class C		(16,986	)		(8,916	)
Class R		(2,283	)		(1,528	)
Class Y		(210,120	)		(235,320	)
Class R5		(242	)		(313	)
Class R6		(736	)		(313	)
Total distributions from net investment income		(490,606	)		(535,330	)
Share transactions–net:
Class A		1,818,507			1,035,979
Class C		353,221			82,103
Class R		47,131			39,543
Class Y		1,588,151			286,958
Class R5		—			—
Class R6		252,964			—
Net increase in net assets resulting from share transactions		4,059,974			1,444,583
Net increase in net assets		3,980,287			1,733,200
Net assets:
Beginning of period		18,390,624			16,657,424
End of period (includes undistributed net investment income of $(95,495) and $115,155, respectively)	$	22,370,911		$	18,390,624

Notes to Financial Statements

February 28, 2017

(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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations — Securities, including restricted securities, are valued according to the following policy.

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.

15                         Invesco Strategic Real Return Fund

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. 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.

16                         Invesco Strategic Real Return Fund

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 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 the 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.

17                         Invesco Strategic Real Return Fund

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 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.

M. Collateral — To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

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 28, 2017, 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. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017 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 (including prior fiscal year-ended Acquired Fund Fees and Expenses of 0.23% and excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.82%, 1.57%, 1.07%, 0.57%, 0.57% and 0.57%, 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, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

Further, the Adviser has contractually agreed, through at least June 30, 2018, 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 28, 2017, the Adviser waived advisory fees of $40,069, reimbursed fund level expense of $84,951 and reimbursed class level expenses of $3,311, $237, $31, $2,559, $5 and $14 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 28, 2017, 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 28, 2017, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

18                         Invesco Strategic Real Return Fund

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 28, 2017, 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 28, 2017, IDI advised the Fund that IDI retained $2,159 in front-end sales commissions from the sale of Class A shares.

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 28, 2017. 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	$	7,184,972		$	172,964	$	—	$	7,357,936
U.S. Treasury Securities		—			9,990,528		—		9,990,528
Corporate Debt Securities		—			4,816,521		—		4,816,521
		7,184,972			14,980,013				22,164,985
Futures Contracts*		(208	)		—		—		(208	)
Total Investments	$	7,184,764		$	14,980,013	$	—	$	22,164,777

* Unrealized appreciation (depreciation).

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 year ended February 28, 2017, the Fund engaged in securities sales of $18,372, which resulted in net realized gains of $224.

NOTE 5—Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

Open Futures Contracts — Interest Rate Risk
Futures Contracts	Type of Contract		Number of Contracts		Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 10 Year Notes		Short		2		June-2017	$	(249,159	)	$	(208	)

19                         Invesco Strategic Real Return Fund

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 28, 2017:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	(208	)
Derivatives not subject to master netting agreements		208
Total Derivative Assets subject to master netting agreements	$	—

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

Effect of Derivative Investments for the six months ended February 28, 2017

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
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts	$	(2,368	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(208	)
Total	$	(2,576	)

The table below summarizes the average notional value of futures contracts agreements outstanding 3-months during the period.

	Futures Contracts
Average notional value	$	62,221

NOTE 6—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 28, 2017.

	Value 08/31/16		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value 02/28/17		Dividend Income
Invesco Floating Rate Fund	$	5,558,524	$	947,790	$	—	$	160,392	$	—	$	6,666,706	$	145,339

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. Obligations under the deferred compensation plan 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. 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.

20                         Invesco Strategic Real Return Fund

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, 2016, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not Subject to Expiration	$	229,410	$	193,902	$	423,312

* 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 28, 2017 was $2,474,580 and $459,313, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $4,016,283 and $2,356,819, 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	$	283,768
Aggregate unrealized (depreciation) of investment securities		(249,305	)
Net unrealized appreciation of investment securities	$	34,463

Cost of investments for tax purposes is $22,130,522.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2017(a)						Year ended August 31, 2016
	Shares			Amount			Shares			Amount
Sold:
Class A		261,722		$	2,539,940			270,704		$	2,571,457
Class C		52,983			514,175			41,352			392,999
Class R		4,689			45,556			4,026			38,280
Class Y		200,233			1,947,094			31,509			303,454
Class R6		26,049			252,679			—			—
Issued as reinvestment of dividends:
Class A		8,152			78,431			7,271			68,375
Class C		1,584			15,205			909			8,553
Class R		215			2,065			134			1,263
Class Y		2,925			28,139			179			1,717
Class R6		51			494			—			—
Reacquired:
Class A		(82,193	)		(799,864	)		(170,511	)		(1,603,853	)
Class C		(18,368	)		(176,159	)		(33,763	)		(319,449	)
Class R		(51	)		(490	)		—			—
Class Y		(39,973	)		(387,082	)		(1,873	)		(18,213	)
Class R6		(21	)		(209	)		—			—
Net increase in share activity		417,997		$	4,059,974			149,937		$	1,444,583

^(a)  There this entity that is record owner of more than 5% of the outstanding shares of the Fund and in the aggregate owns 18% 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 Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity is also owned beneficially.

    65% of the outstanding shares of the fund are owned by the Adviser or an affiliate of the Adviser.

21                         Invesco Strategic Real Return 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(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 02/28/17	$	9.77	$	0.13	$	0.06		$	0.19		$	(0.23	)	$	9.73		1.98	%	$	11,908		0.59	%(e)		1.90	%(e)		2.72	%(e)		14	%
Year ended 08/31/16		9.62		0.30		0.14			0.44			(0.29	)		9.77		4.72			10,130		0.61			2.34			3.13			35
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 02/28/17		9.77		0.09		0.05			0.14			(0.19	)		9.72		1.50			899		1.34	(e)		2.65	(e)		1.97	(e)		14
Year ended 08/31/16		9.61		0.23		0.15			0.38			(0.22	)		9.77		4.04			549		1.36			3.09			2.38			35
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 02/28/17		9.77		0.12		0.06			0.18			(0.22	)		9.73		1.86			123		0.84	(e)		2.15	(e)		2.47	(e)		14
Year ended 08/31/16		9.62		0.28		0.14			0.42			(0.27	)		9.77		4.46			76		0.86			2.59			2.88			35
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 02/28/17		9.78		0.14		0.05			0.19			(0.24	)		9.73		2.01			9,169		0.34	(e)		1.65	(e)		2.97	(e)		14
Year ended 08/31/16		9.62		0.32		0.15			0.47			(0.31	)		9.78		5.09			7,616		0.36			2.09			3.38			35
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 02/28/17		9.78		0.14		0.05			0.19			(0.24	)		9.73		2.01			10		0.34	(e)		1.68	(e)		2.97	(e)		14
Year ended 08/31/16		9.62		0.32		0.15			0.47			(0.31	)		9.78		5.09			10		0.35			2.14			3.39			35
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 02/28/17		9.78		0.14		0.06			0.20			(0.24	)		9.74		2.11			264		0.34	(e)		1.68	(e)		2.97	(e)		14
Year ended 08/31/16		9.62		0.32		0.15			0.47			(0.31	)		9.78		5.09			10		0.35			2.14			3.39			35
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 your Fund bears indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.23%, 0.23%, 0.22% and 0.21%, for the six-month period ended February 28, 2017, the years ended August 31, 2016 and 2015, and for the period April 30, (commencement date) through August 31, 2014, respectively.

^(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 $10,877, $779, $103, $8,404, $10 and $28 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.

22                         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, 2016 through February 28, 2017.

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 (09/01/16)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/17)1		Expenses Paid During Period2		Ending Account Value (02/28/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,019.80	$	2.95	$	1,021.87	$	2.96		0.59	%
C		1,000.00		1,015.00		6.69		1,018.15		6.71		1.34
R		1,000.00		1,018.60		4.20		1,020.63		4.21		0.84
Y		1,000.00		1,020.10		1.70		1,023.11		1.71		0.34
R5		1,000.00		1,020.10		1.70		1,023.11		1.71		0.34
R6		1,000.00		1,021.10		1.70		1,023.11		1.71		0.34

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2016 through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

23                         Invesco Strategic Real Return Fund

Explore High-Conviction Investing with Invesco

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Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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                      Invesco Distributors, Inc.                                                                             SRR-SAR-1             04272017      1407

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 informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PricewaterhouseCoopers LLP informed the Trust it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-

action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able to rely on the letter unless its term is extended or made permanent by the SEC Staff.

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 13, 2017, 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 13, 2017 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 8, 2017

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 8, 2017
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	May 8, 2017

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.