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: 2/28/18

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	February 28, 2018
	Invesco American Franchise Fund
	Nasdaq:
	A: VAFAX  ∎  C: VAFCX  ∎  R: VAFRX  ∎  Y: VAFIX  ∎  R5: VAFNX  ∎  R6: VAFFX

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	9.95	%
Class C Shares	9.58
Class R Shares	9.82
Class Y Shares	10.11
Class R5 Shares	10.15
Class R6 Shares	10.15
S&P 500 Index▼ (Broad Market Index)	10.84
Russell 1000 Growth Index▼ (Style-Specific Index)	13.94
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	13.57
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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	9.11	%
10 Years	10.40
5 Years	14.99
1 Year	17.62
Class C Shares
Inception (6/23/05)	8.80	%
10 Years	10.25
5 Years	15.42
1 Year	22.51
Class R Shares
10 Years	10.75	%
5 Years	16.00
1 Year	24.16
Class Y Shares
Inception (6/23/05)	9.85	%
10 Years	11.30
5 Years	16.58
1 Year	24.75
Class R5 Shares
10 Years	11.32	%
5 Years	16.70
1 Year	24.89
Class R6 Shares
10 Years	11.29	%
5 Years	16.80
1 Year	24.96

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 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

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	8.62	%
10 Years	8.91
5 Years	14.23
1 Year	20.12
Class B Shares*
Inception (6/23/05)	8.71	%
10 Years	9.23
5 Years	15.30
1 Year	22.03
Class C Shares
Inception (6/23/05)	8.32	%
10 Years	8.75
5 Years	14.67
1 Year	25.13
Class R Shares
10 Years	9.25	%
5 Years	15.24
1 Year	26.70
Class Y Shares
Inception (6/23/05)	9.37	%
10 Years	9.79
5 Years	15.83
1 Year	27.37
Class R5 Shares
10 Years	9.80	%
5 Years	15.94
1 Year	27.45
Class R6 Shares
10 Years	9.78	%
5 Years	16.05
1 Year	27.60
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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 1.06%, 1.06%, 1.81%, 1.31%, 0.81%, 0.72% and 0.64%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.85%
Aerospace & Defense–3.74%
Airbus S.E. (France)		317,818	$	37,861,219
BAE Systems PLC (United Kingdom)		11,821,673		93,637,702
Boeing Co. (The)		353,768		128,138,307
Raytheon Co.		673,629		146,521,044
				406,158,272
Airlines–0.35%
Southwest Airlines Co.		654,014		37,828,170
Application Software–3.10%
Adobe Systems Inc.(b)		367,832		76,924,706
salesforce.com, inc.(b)		2,231,838		259,451,168
				336,375,874
Biotechnology–2.82%
Alexion Pharmaceuticals, Inc.(b)		926,721		108,843,381
Amgen Inc.		58,652		10,778,478
BioMarin Pharmaceutical Inc.(b)		930,845		75,556,689
Celgene Corp.(b)		1,274,272		111,014,577
				306,193,125
Cable & Satellite–1.79%
Altice USA, Inc.–Class A(b)(c)		1,281,736		23,327,595
Charter Communications, Inc.–Class A(b)		365,763		125,065,343
Comcast Corp.–Class A		842,390		30,502,942
DISH Network Corp.–Class A(b)		355,037		14,801,492
				193,697,372
Casinos & Gaming–0.38%
MGM Resorts International		1,189,760		40,725,485
Commodity Chemicals–0.50%
LyondellBasell Industries N.V.–Class A		498,899		53,990,850
Communications Equipment–1.16%
Palo Alto Networks, Inc.(b)		726,545		125,961,107
Consumer Electronics–3.18%
Sony Corp. (Japan)		6,859,800		345,549,101
Data Processing & Outsourced Services–6.62%
First Data Corp.–Class A(b)		4,362,118		68,136,283
Mastercard Inc.–Class A		2,066,267		363,167,088
PayPal Holdings, Inc.(b)		1,076,739		85,503,844
Visa Inc.–Class A		1,640,189		201,644,836
				718,452,051
Diversified Banks–0.78%
Wells Fargo & Co.		1,439,942		84,107,012
Diversified Support Services–0.76%
Cintas Corp.		485,087		82,784,947

	Shares		Value
Environmental & Facilities Services–1.18%
Republic Services, Inc.		1,901,299	$	127,729,267
Financial Exchanges & Data–1.83%
London Stock Exchange Group PLC (United Kingdom)		2,168,423		119,981,752
S&P Global Inc.		409,552		78,552,073
				198,533,825
General Merchandise Stores–0.65%
Dollar Tree, Inc.(b)		686,818		70,494,999
Health Care Equipment–2.03%
Intuitive Surgical, Inc.(b)		225,915		96,341,452
Stryker Corp.		760,750		123,363,220
				219,704,672
Home Entertainment Software–8.27%
Activision Blizzard, Inc.		3,807,004		278,406,203
Electronic Arts Inc.(b)		2,537,362		313,871,679
Nintendo Co., Ltd. (Japan)		665,800		304,516,353
				896,794,235
Home Improvement Retail–3.36%
Home Depot, Inc. (The)(c)		81,422		14,840,788
Lowe’s Cos., Inc.		3,900,014		349,402,254
				364,243,042
Hotels, Resorts & Cruise Lines–2.62%
Norwegian Cruise Line Holdings Ltd.(b)		1,429,905		81,361,595
Royal Caribbean Cruises Ltd.		1,605,277		203,228,068
				284,589,663
Industrial Gases–0.56%
Air Products and Chemicals, Inc.		377,143		60,640,823
Industrial Machinery–0.68%
Stanley Black & Decker Inc.		466,913		74,327,880
Internet & Direct Marketing Retail–11.53%
Amazon.com, Inc.(b)		649,374		982,145,706
Booking Holdings Inc.(b)		62,171		126,458,301
Netflix Inc.(b)		489,739		142,700,150
				1,251,304,157
Internet Software & Services–16.68%
Alibaba Group Holding Ltd.–ADR (China)(b)		2,311,034		430,175,869
Alphabet Inc.–Class A(b)		690,237		761,966,429
Facebook, Inc.–Class A(b)		3,463,486		617,608,823
				1,809,751,121
Investment Banking & Brokerage–0.85%
Charles Schwab Corp. (The)		818,907		43,418,449
Morgan Stanley		877,252		49,143,657
				92,562,106

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

5                         Invesco American Franchise Fund

	Shares		Value
Life Sciences Tools & Services–1.60%
IQVIA Holdings Inc.(b)		773,923	$	76,099,849
Thermo Fisher Scientific, Inc.		469,694		97,968,774
				174,068,623
Managed Health Care–3.34%
UnitedHealth Group Inc.		1,601,929		362,292,263
Movies & Entertainment–0.57%
Vivendi S.A. (France)		2,410,209		62,214,297
Oil & Gas Equipment & Services–0.59%
Halliburton Co.		1,376,118		63,879,397
Oil & Gas Exploration & Production–0.91%
Parsley Energy, Inc.–Class A(b)		3,886,520		98,251,226
Packaged Foods & Meats–1.28%
Mondelez International, Inc.–Class A		1,009,921		44,335,532
Tyson Foods, Inc.–Class A		1,276,353		94,935,136
				139,270,668
Pharmaceuticals–1.64%
Allergan PLC		517,934		79,875,781
Zoetis Inc.		1,211,147		97,933,346
				177,809,127
Railroads–0.46%
Canadian Pacific Railway Ltd. (Canada)		276,587		49,406,736
Research & Consulting Services–0.14%
Equifax Inc.		135,797		15,345,061
Semiconductor Equipment–2.86%
Applied Materials, Inc.		2,229,892		128,419,480
ASML Holding N.V.–New York Shares (Netherlands)(c)		930,851		181,878,977
				310,298,457
Semiconductors–1.24%
Broadcom Ltd.		376,900		92,890,774
NVIDIA Corp.		172,161		41,662,962
				134,553,736
Specialized REITs–0.25%
American Tower Corp.–Class A(c)		192,553		26,828,409

	Shares		Value
Specialty Chemicals–1.03%
Sherwin-Williams Co. (The)		278,736	$	111,934,803
Systems Software–3.51%
Microsoft Corp.		3,447,702		323,291,017
ServiceNow, Inc.(b)		354,534		57,083,519
				380,374,536
Technology Hardware, Storage & Peripherals–3.00%
Apple Inc.		1,827,781		325,564,352
Tobacco–2.01%
Philip Morris International Inc.		2,102,829		217,747,943
Total Common Stocks & Other Equity Interests (Cost $6,034,348,219)				10,832,338,790
Money Market Funds–0.01%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(d)		475,384		475,384
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(d)		339,399		339,433
Invesco Treasury Portfolio–Institutional Class, 1.29%(d)		543,296		543,296
Total Money Market Funds (Cost $1,358,113)				1,358,113
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.86% (Cost $6,035,706,332)				10,833,696,903
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–0.40%
Invesco Government & Agency Portfolio–Institutional Class, 1.30% (Cost $43,507,576)(d)(e)		43,507,576		43,507,576
TOTAL INVESTMENTS IN SECURITIES–100.26% (Cost $6,079,213,908)				10,877,204,479
OTHER ASSETS LESS LIABILITIES–(0.26)%				(28,610,543	)
NET ASSETS–100.00%			$	10,848,593,936

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, 2018.

^(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, 2018.

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

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

6                         Invesco American Franchise Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2018

Information Technology	46.4	%
Consumer Discretionary	24.1
Health Care	11.4
Industrials	7.3
Financials	3.5
Consumer Staples	3.3
Materials	2.1
Energy	1.5
Real Estate	0.2
Money Market Funds Plus Other Assets Less Liabilities	0.2

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

7                         Invesco American Franchise Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $6,034,348,219)*	$	10,832,338,790
Investments in affiliated money market funds, at value and cost		44,865,689
Receivable for:
Investments sold		34,307,664
Fund shares sold		2,319,619
Dividends		4,580,054
Fund expenses absorbed		6,005
Investment for trustee deferred compensation and retirement plans		2,636,520
Other assets		161,034
Total assets		10,921,215,375
Liabilities:
Payable for:
Investments purchased		11,938,492
Collateral upon return of securities loaned		43,507,576
Fund shares reacquired		8,025,531
Amount due custodian		67,027
Accrued fees to affiliates		5,188,427
Accrued trustees’ and officers’ fees and benefits		24,747
Accrued other operating expenses		939,176
Trustee deferred compensation and retirement plans		2,930,463
Total liabilities		72,621,439
Net assets applicable to shares outstanding	$	10,848,593,936
Net assets consist of:
Shares of beneficial interest	$	5,738,184,452
Undistributed net investment income (loss)		(19,538,856	)
Undistributed net realized gain		331,947,690
Net unrealized appreciation		4,798,000,650
	$	10,848,593,936

Net Assets:
Class A	$	9,911,202,931
Class C	$	387,106,811
Class R	$	37,063,523
Class Y	$	300,433,711
Class R5	$	76,264,949
Class R6	$	136,522,011
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		469,081,253
Class C		19,875,646
Class R		1,787,934
Class Y		13,927,913
Class R5		3,528,160
Class R6		6,284,895
Class A:
Net asset value per share	$	21.13
Maximum offering price per share
(Net asset value of $21.13 ¸ 94.50%)	$	22.36
Class C:
Net asset value and offering price per share	$	19.48
Class R:
Net asset value and offering price per share	$	20.73
Class Y:
Net asset value and offering price per share	$	21.57
Class R5:
Net asset value and offering price per share	$	21.62
Class R6:
Net asset value and offering price per share	$	21.72

* At February 28, 2018, securities with an aggregate value of $41,973,426 were on loan to brokers.

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

8                         Invesco American Franchise Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $200,031)	$	36,677,719
Dividends from affiliated money market funds (includes securities lending income of $42,919)		170,706
Total investment income		36,848,425
Expenses:
Advisory fees		30,235,782
Administrative services fees		392,888
Custodian fees		262,660
Distribution fees:
Class A		11,779,584
Class B		51,888
Class C		1,856,272
Class R		89,524
Transfer agent fees — A, B, C, R and Y		8,071,428
Transfer agent fees — R5		33,767
Transfer agent fees — R6		4,577
Trustees’ and officers’ fees and benefits		81,619
Registration and filing fees		92,194
Reports to shareholders		602,249
Professional services fees		124,668
Other		103,541
Total expenses		53,782,641
Less: Fees waived and expense offset arrangement(s)		(142,368	)
Net expenses		53,640,273
Net investment income (loss)		(16,791,848	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		511,156,933
Foreign currencies		(34,334	)
		511,122,599
Change in net unrealized appreciation of:
Investment securities		502,010,428
Foreign currencies		10,338
		502,020,766
Net realized and unrealized gain		1,013,143,365
Net increase in net assets resulting from operations	$	996,351,517

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

9                         Invesco American Franchise Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income (loss)	$	(16,791,848	)	$	(15,730,028	)
Net realized gain		511,122,599			545,065,063
Change in net unrealized appreciation		502,020,766			1,535,122,437
Net increase in net assets resulting from operations		996,351,517			2,064,457,472
Distributions to shareholders from net realized gains:
Class A		(478,514,243	)		(315,582,028	)
Class B		(2,479,794	)		(3,787,985	)
Class C		(20,261,294	)		(14,719,337	)
Class R		(1,865,721	)		(1,131,439	)
Class Y		(13,953,873	)		(5,919,585	)
Class R5		(3,494,510	)		(2,009,822	)
Class R6		(6,684,184	)		(4,503,505	)
Total distributions from net realized gains		(527,253,619	)		(347,653,701	)
Share transactions-net:
Class A		151,594,580			(483,952,097	)
Class B		(62,310,040	)		(66,076,907	)
Class C		2,156,588			(58,433,043	)
Class R		1,054,879			440,489
Class Y		22,644,114			77,763,045
Class R5		5,094,588			2,940,200
Class R6		(978,485	)		(12,016,209	)
Net increase (decrease) in net assets resulting from share transactions		119,256,224			(539,334,522	)
Net increase in net assets		588,354,122			1,177,469,249
Net assets:
Beginning of period		10,260,239,814			9,082,770,565
End of period (includes undistributed net investment income (loss) of $(19,538,856) and $(2,747,008), respectively)	$	10,848,593,936		$	10,260,239,814

Notes to Financial Statements

February 28, 2018

(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 six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

10                         Invesco American Franchise Fund

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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

11                         Invesco American Franchise 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 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 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

12                         Invesco American Franchise Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2018, the effective advisory fees incurred by the Fund was 0.58%.

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, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $15,378.

13                         Invesco American Franchise 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, 2018, 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 services 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, 2018, 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 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% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

With respect to 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 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $349,879 in front-end sales commissions from the sale of Class A shares and $1,141, $161 and $4,595 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2018, the Fund incurred $56,722 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were transfers from Level 1 to Level 2 of $119,981,752, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	9,868,578,366	$	963,760,424	$	—	$	10,832,338,790
Money Market Funds		44,865,689		—		—		44,865,689
Total Investments	$	9,913,444,055	$	963,760,424	$	—	$	10,877,204,479

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $126,990.

14                         Invesco American Franchise Fund

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of August 31, 2017.

NOTE 8—Investment Transactions

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, 2018 was $2,592,258,998 and $3,013,770,506, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	4,803,612,018
Aggregate unrealized (depreciation) of investments		(55,615,673	)
Net unrealized appreciation of investments	$	4,747,996,345

Cost of investments for tax purposes is $6,129,208,134.

15                         Invesco American Franchise Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		7,209,645		$	147,565,269			12,475,916		$	227,584,879
Class B(b)		11,213			222,193			97,701			1,676,775
Class C		800,387			15,243,611			1,821,997			30,987,010
Class R		197,198			3,972,427			343,868			6,246,367
Class Y		2,412,989			50,460,694			8,406,129			155,276,463
Class R5		381,030			7,989,271			815,945			15,226,131
Class R6		591,680			12,378,038			970,854			19,198,323
Issued as reinvestment of dividends:
Class A		23,081,929			454,944,821			18,007,120			299,278,337
Class B(b)		127,537			2,441,051			230,785			3,731,794
Class C		1,060,406			19,299,392			891,166			13,830,890
Class R		96,420			1,865,721			69,117			1,131,439
Class Y		576,480			11,593,017			289,922			4,899,683
Class R5		173,387			3,493,738			118,755			2,009,336
Class R6		327,912			6,636,942			265,224			4,503,505
Conversion of Class B shares to Class A shares:(c)
Class A		2,428,444			52,988,647			3,220,644			58,132,539
Class B		(2,523,779	)		(52,988,647	)		(3,309,936	)		(58,132,539	)
Reacquired:
Class A		(24,581,497	)		(503,904,157	)		(59,557,846	)		(1,068,947,852	)
Class B(b)		(603,399	)		(11,984,637	)		(772,453	)		(13,352,937	)
Class C		(1,703,145	)		(32,386,415	)		(6,068,697	)		(103,250,943	)
Class R		(237,580	)		(4,783,269	)		(396,535	)		(6,937,317	)
Class Y		(1,876,702	)		(39,409,597	)		(4,433,503	)		(82,413,101	)
Class R5		(305,137	)		(6,388,421	)		(777,694	)		(14,295,267	)
Class R6		(939,425	)		(19,993,465	)		(1,917,346	)		(35,718,037	)
Net increase (decrease) in share activity		6,705,993		$	119,256,224			(29,208,867	)	$	(539,334,522	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

16                         Invesco American Franchise Fund

NOTE 10—Financial Highlights

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover(c)
Class A
Six��months ended 02/28/18	$	20.25	$	(0.03	)	$	1.97	$	1.94		$	—		$	(1.06	)	$	(1.06	)	$	21.13		9.95	%	$	9,911,203		1.02	%(d)		1.02	%(d)		(0.31	)%(d)		25	%
Year ended 08/31/17		16.96		(0.03	)		3.99		3.96			—			(0.67	)		(0.67	)		20.25		24.19			9,333,084		1.06			1.06			(0.15	)		48
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
Class B
Six months ended 02/28/18(e)		19.70		(0.02	)		2.58		2.56			—			(1.06	)		(1.06	)		21.20		13.56	(f)		—		1.02	(d)(f)(g)		1.02	(d)(f)(g)		(0.31	)(d)(f)(g)		25
Year ended 08/31/17		16.51		(0.03	)		3.89		3.86			—			(0.67	)		(0.67	)		19.70		24.24	(f)		58,860		1.06	(f)		1.06	(f)		(0.15	)(f)		48
Year ended 08/31/16		16.08		(0.01	)		1.26		1.25			—			(0.82	)		(0.82	)		16.51		7.94	(f)		111,323		1.08	(f)		1.08	(f)		(0.04	)(f)		59
Year ended 08/31/15		17.66		(0.05	)		0.08		0.03			—			(1.61	)		(1.61	)		16.08		0.27	(f)		165,265		1.05	(f)		1.05	(f)		(0.28	)(f)		74
Year ended 08/31/14		14.50		(0.04	)		3.90		3.86			(0.02	)		(0.68	)		(0.70	)		17.66		27.20	(f)		247,220		1.08	(f)		1.08	(f)		(0.27	)(f)		77
Year ended 08/31/13		12.20		0.02			2.28		2.30			(0.00	)		—			(0.00	)		14.50		18.90	(f)		226,796		1.06	(f)		1.14	(f)		0.17	(f)		80
Class C
Six months ended 02/28/18		18.81		(0.10	)		1.83		1.73			—			(1.06	)		(1.06	)		19.48		9.58			387,107		1.77	(d)		1.77	(d)		(1.06	)(d)		25
Year ended 08/31/17		15.92		(0.15	)		3.71		3.56			—			(0.67	)		(0.67	)		18.81		23.23			370,960		1.81			1.81			(0.90	)		48
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
Class R
Six months ended 02/28/18		19.91		(0.05	)		1.93		1.88			—			(1.06	)		(1.06	)		20.73		9.82			37,064		1.27	(d)		1.27	(d)		(0.56	)(d)		25
Year ended 08/31/17		16.72		(0.07	)		3.93		3.86			—			(0.67	)		(0.67	)		19.91		23.93			34,479		1.31			1.31			(0.40	)		48
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
Class Y
Six months ended 02/28/18		20.62		(0.01	)		2.02		2.01			—			(1.06	)		(1.06	)		21.57		10.11			300,434		0.77	(d)		0.77	(d)		(0.06	)(d)		25
Year ended 08/31/17		17.22		0.02			4.05		4.07			—			(0.67	)		(0.67	)		20.62		24.47			264,309		0.81			0.81			0.10			48
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
Class R5
Six months ended 02/28/18		20.66		(0.00	)		2.02		2.02			—			(1.06	)		(1.06	)		21.62		10.15			76,265		0.71	(d)		0.71	(d)		(0.00	)(d)		25
Year ended 08/31/17		17.23		0.03			4.07		4.10			—			(0.67	)		(0.67	)		20.66		24.63			67,740		0.72			0.72			0.19			48
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
Class R6
Six months ended 02/28/18		20.75		0.01			2.02		2.03			—			(1.06	)		(1.06	)		21.72		10.15			136,522		0.62	(d)		0.62	(d)		0.09	(d)		25
Year ended 08/31/17		17.29		0.05			4.08		4.13			—			(0.67	)		(0.67	)		20.75		24.72			130,807		0.64			0.64			0.27			48
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(h)		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 $9,502,274, $51,280, $374,331, $36,106, $280,354, $70,921 and $134,028 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(f) The total return ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.25%,0.25% and 0.25% for the six months ended February 28, 2018 and the years ended August 31, 2017, 2016, 2015, 2014 and 2013 respectively.

^(g)  Annualized.

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

17                         Invesco American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,099.50	$	5.31	$	1,019.74	$	5.11		1.02	%
C		1,000.00		1,095.80		9.20		1,016.02		8.85		1.77
R		1,000.00		1,098.20		6.61		1,018.50		6.36		1.27
Y		1,000.00		1,101.10		4.01		1,020.98		3.86		0.77
R5		1,000.00		1,101.50		3.70		1,021.27		3.56		0.71
R6		1,000.00		1,101.50		3.23		1,021.72		3.11		0.62

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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 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             04162018      0911

	Semiannual Report to Shareholders	February 28, 2018
	Invesco California Tax-Free Income Fund Nasdaq: A: CLFAX  ∎  C: CLFCX  ∎  Y: CLFDX  ∎  R6: CLFSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
14	Financial Statements
16	Notes to Financial Statements
23	Financial Highlights
24	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	-1.11%
Class C Shares	-1.36
Class Y Shares	-0.98
Class R6 Shares*	-1.07
S&P Municipal Bond Indexq (Broad Market Index)	-1.15
S&P Municipal Bond California 5+ Year Investment Grade Indexq (Style-Specific Index)	-1.38
Lipper California Municipal Debt Funds Index∎ (Peer Group Index)	-0.95
Source(s): q FactSet Research Systems Inc.; ∎ Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information.
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 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.12%
10 Years	4.29
5 Years	2.00
1 Year	-1.67
Class C Shares
Inception (7/28/97)	3.84%
10 Years	4.23
5 Years	2.40
1 Year	1.21
Class Y Shares
Inception (7/28/97)	4.60%
10 Years	5.01
5 Years	3.14
1 Year	2.88
Class R6 Shares
10 Years	4.76%
5 Years	2.91
1 Year	2.84

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.

Class R6 shares incepted on April 4, 2017. 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.

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	4.24%
10 Years	4.01
5 Years	2.58
1 Year	1.10
Class B Shares*
Inception (7/11/84)	6.02%
10 Years	4.49
5 Years	3.17
1 Year	0.62
Class C Shares
Inception (7/28/97)	3.95%
10 Years	3.95
5 Years	2.96
1 Year	4.09
Class Y Shares
Inception (7/28/97)	4.72%
10 Years	4.73
5 Years	3.71
1 Year	5.88
Class R6 Shares
10 Years	4.48%
5 Years	3.49
1 Year	5.72
*  Effective January 26, 2018, Class B shares were converted to Class A shares.

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 and Class R6 shares was 1.02%,1.02%, 1.52%, 0.77% and 0.80%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. The CDSC on Class C shares is 1% for the first year after purchase. 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 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a

simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” 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, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–109.01%
California–106.40%
ABAG Finance Authority For Non-profit Corps. (Sharp Healthcare); Series 2014 A, RB		5.00	%		08/01/2043	$	500	$	548,830
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB(a)(b)		7.63	%		01/01/2020		1,575		1,746,376
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		1,840,762
Anaheim (City of) Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB(a)(b)		5.38	%		04/01/2021		2,500		2,782,550
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		1,253,950
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.13	%		04/01/2019		1,500		1,561,185
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.25	%		04/01/2019		4,685		4,882,379
Series 2009 F-1, Toll Bridge RB(a)(b)(e)		5.25	%		04/01/2019		5,205		5,424,287
Series 2017, Ref. Sub. Toll Bridge RB		4.00	%		04/01/2037		1,720		1,815,150
Series 2017, Ref. Sub. Toll Bridge RB		4.00	%		04/01/2049		630		652,819
Series 2017 F-1, Toll Bridge RB(e)		5.00	%		04/01/2056		3,465		3,886,275
Bay Area Water Supply & Conservation Agency; Series 2013 A, RB		5.00	%		10/01/2034		1,950		2,205,060
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2026		1,465		1,163,254
Series 2009, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2032		3,045		1,878,339
Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS–AGM)(c)		5.50	%		08/01/2018		1,090		1,093,717
California (County of) Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, Tobacco Settlement Sub. CAB RB(d)		0.00	%		06/01/2055		12,000		530,760
California (County of) Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, Tobacco Settlement Asset-Backed CAB RB(d)		0.00	%		06/01/2033		1,580		619,123
California (County of) Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Asset-Backed RB		5.70	%		06/01/2046		1,030		1,033,780
California (State of) (Green Bonds); Series 2014, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2037		3,245		3,698,456
California (State of) Educational Facilities Authority (Chapman University); Series 2017 B, RB		4.00	%		04/01/2047		2,000		2,038,140
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB		5.00	%		04/01/2042		1,715		1,920,680
California (State of) Educational Facilities Authority (Pepperdine University); Series 2016, Ref. RB		5.00	%		10/01/2049		1,000		1,133,340
California (State of) Educational Facilities Authority (Pitzer College); Series 2009, RB(a)(b)		6.00	%		04/01/2020		2,000		2,184,080
California (State of) Educational Facilities Authority (Stanford University); Series 2007 T-1, RB(e)		5.00	%		03/15/2039		3,190		4,018,985
California (State of) Educational Facilities Authority (University of Southern California); Series 2009 B, RB(a)(b)(e)		5.25	%		10/01/2018		1,800		1,842,570
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 A, RB(a)(b)		5.75	%		09/01/2019		500		530,730
California (State of) Health Facilities Financing Authority (Catholic Healthcare West);
Series 2009 A, RB(a)(b)		6.00	%		07/01/2019		500		529,790
Series 2011 A, RB		5.25	%		03/01/2041		2,500		2,672,725
California (State of) Health Facilities Financing Authority (Cedars Sinai Medical Center);
Series 2015, Ref. RB		5.00	%		11/15/2031		1,300		1,525,394
Series 2015, Ref. RB		5.00	%		11/15/2032		1,250		1,461,950
Series 2015, Ref. RB		5.00	%		11/15/2033		1,000		1,167,280
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2009, RB(a)(b)		5.00	%		08/15/2019		1,050		1,104,632
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles);
Series 2010, RB(a)(b)		5.25	%		07/01/2020		2,950		3,198,832
Series 2017 A, Ref. RB		5.00	%		08/15/2047		1,715		1,907,354
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB		4.00	%		11/01/2044		3,270		3,357,015

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 (Lucile Salter Packard Children’s Hospital at Stanford);
Series 2016 B, RB		5.00	%		08/15/2055	$	1,750	$	1,958,267
Series 2017, RB		4.00	%		11/15/2047		560		572,650
California (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2008, RB(a)(b)		6.50	%		10/01/2018		20		20,605
Series 2008, RB(a)(b)		6.50	%		10/01/2018		980		1,009,655
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB		5.00	%		11/15/2036		4,000		4,213,680
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00	%		07/01/2037		1,000		1,113,970
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB(a)(b)		5.25	%		11/15/2021		2,000		2,258,300
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2011 B, RB		5.50	%		08/15/2026		1,000		1,090,400
California (State of) Municipal Finance Authority (American Heritage Education Foundation);
Series 2016 A, Ref. RB		5.00	%		06/01/2036		1,000		1,087,910
Series 2016 A, Ref. RB		5.00	%		06/01/2046		1,140		1,228,475
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(f)		5.00	%		11/01/2046		1,000		1,068,750
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		1,305,012
Series 2014 A, Sr. Mobile Home Park RB		5.25	%		08/15/2049		1,420		1,534,097
California (State of) Municipal Finance Authority (Caritas Projects);
Series 2012 A, Sr. Mobile Home Park RB		5.50	%		08/15/2047		1,500		1,624,005
Series 2017 A, Ref. Sr. Mobile Home Park RB		4.00	%		08/15/2037		1,055		1,069,928
California (State of) Municipal Finance Authority (Community Medical Centers); Series 2017 A, Ref. RB		5.00	%		02/01/2047		1,380		1,500,474
California (State of) Municipal Finance Authority (Eisenhower Medical Center);
Series 2010 A, RB(a)(b)		5.50	%		07/01/2020		1,000		1,088,840
Series 2010 A, RB(a)(b)		5.75	%		07/01/2020		1,500		1,641,810
Series 2017 A, Ref. RB		5.00	%		07/01/2047		1,000		1,112,590
California (State of) Municipal Finance Authority (Emerson College);
Series 2011, RB(a)(b)		5.75	%		01/01/2022		1,315		1,507,450
Series 2017 B, Ref. RB		5.00	%		01/01/2042		1,000		1,138,980
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB		5.25	%		01/01/2034		620		686,669
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB		5.00	%		06/01/2043		600		674,076
California (State of) Municipal Finance Authority (University of La Verne); Series 2010 A, RB(a)(b)		6.13	%		06/01/2020		1,000		1,103,200
California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB(f)(g)		5.00	%		07/01/2037		3,000		3,205,350
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		1,558,365
California (State of) Public Works Board (Various Capital); Series 2011 A, Lease RB		5.13	%		10/01/2031		2,000		2,201,780
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, Lease RB		5.00	%		09/01/2039		3,000		3,357,450
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, School Facility RB		6.30	%		07/01/2043		840		942,144
Series 2015, School Facility RB(f)		5.00	%		07/01/2045		1,265		1,362,101
California (State of) School Finance Authority (Aspire Public Schools);
Series 2015 A, Ref. Charter School RB(f)		5.00	%		08/01/2045		1,000		1,078,880
Series 2016, Ref. Charter School RB(f)		5.00	%		08/01/2046		750		808,658
California (State of) School Finance Authority (Green Dot Public Schools); Series 2015 A, School Facility RB(f)		5.00	%		08/01/2045		1,500		1,590,420
California (State of) School Finance Authority (KIPP LA);
Series 2015 A, Facilities RB(f)		5.00	%		07/01/2045		500		541,040
Series 2017 A, RB(f)		5.00	%		07/01/2037		590		654,682
Series 2017 A, RB(f)		5.00	%		07/01/2047		370		406,567

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 (Adventist Health System);
Series 2015, Ref. RB		5.00	%		03/01/2033	$	775	$	875,820
Series 2015, Ref. RB		5.00	%		03/01/2045		2,315		2,537,194
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012, School Facility RB		6.10	%		07/01/2032		820		895,940
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB		6.25	%		10/01/2039		2,000		2,114,200
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2014 A, RB		5.13	%		11/01/2023		715		776,719
Series 2017 A, Ref. RB(f)		5.00	%		11/01/2041		875		945,245
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB		5.25	%		11/01/2030		1,675		1,796,605
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017, Ref. RB		5.00	%		04/01/2047		2,015		2,230,162
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		664,980
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB		5.00	%		07/01/2044		750		824,970
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB		5.00	%		08/15/2051		3,000		3,319,830
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(f)		5.00	%		06/01/2046		1,000		1,052,360
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB		5.50	%		12/01/2054		1,500		1,623,510
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB(a)(b)		6.75	%		08/01/2019		445		477,427
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB(f)		6.25	%		11/15/2019		880		929,746
Series 2009, Senior Living RB(f)		7.25	%		11/15/2041		500		540,635
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB		5.63	%		10/01/2032		1,000		1,079,080
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		2,138,880
Series 2017, Student Housing RB		5.00	%		05/15/2047		1,500		1,675,650
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		1,243,440
California (State of);
Series 2009, Various Purpose Unlimited Tax GO Bonds		5.75	%		04/01/2031		5,000		5,228,500
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		11/01/2035		1,750		1,880,690
Series 2009, Various Purpose Unlimited Tax GO Bonds		6.00	%		04/01/2038		1,250		1,309,637
Series 2010, Unlimited Tax GO Bonds		5.25	%		11/01/2040		3,000		3,257,340
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		09/01/2032		2,450		2,702,301
Series 2011, Various Purpose Unlimited Tax GO Bonds		5.00	%		10/01/2041		2,500		2,755,125
Series 2012, Ref. Unlimited Tax GO Bonds		5.25	%		02/01/2030		1,000		1,128,190
Series 2015, Unlimited Tax GO Bonds		5.00	%		08/01/2045		1,000		1,134,880
Series 2017, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2035		1,370		1,571,280
Series 2017, Various Purpose Unlimited Tax GO Bonds(e)		5.00	%		11/01/2047		3,400		3,908,198
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts and Sciences Obligated Group);
Series 2015, Ref. RB		5.00	%		11/01/2035		1,000		1,127,850
Series 2015, Ref. RB		5.00	%		11/01/2041		4,265		4,757,863
California Infrastructure & Economic Development Bank (Broad Museum); Series 2011 A, RB		5.00	%		06/01/2021		2,000		2,216,300

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)
California Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00	%		10/15/2037	$	1,000	$	1,095,160
Series 2017, Ref. RB		5.00	%		10/15/2047		1,000		1,082,110
California Public Finance Authority (Sharp Healthcare); Series 2017 A, Ref. RB		4.00	%		08/01/2047		1,000		1,021,350
California State University;
Series 2009 A, Systemwide RB(a)(b)		5.25	%		05/01/2019		1,000		1,045,220
Series 2012 A, Systemwide RB(e)		5.00	%		11/01/2037		6,750		7,538,738
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		503,040
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB(a)(b)		5.00	%		06/01/2020		2,000		2,156,840
Eastern Municipal Water District; Series 2016 A, Ref. Sub. Water and Wastewater RB		5.00	%		07/01/2045		1,775		2,015,282
Eden (Township of) Healthcare District; Series 2010, COP(a)(b)		6.13	%		06/01/2020		1,000		1,100,860
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		1,050,750
El Segundo Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(d)		0.00	%		08/01/2033		4,430		2,532,852
Emeryville (City of) Public Financing Authority (Alameda County);
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2032		445		507,612
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2033		385		437,938
Series 2014 A, Ref. Tax Allocation RB (INS–AGM)(c)		5.00	%		09/01/2034		500		567,155
Fairfield (City of) Community Facilities District No. 3 (North Cordelia General Improvements); Series 2008, Special Tax RB		6.00	%		09/01/2032		1,800		1,838,880
Fontana (City of) Successor Agency to the Redevelopment Agency;
Series 2017 A, Ref. Tax Allocation RB		5.00	%		10/01/2032		1,000		1,180,040
Series 2017 A, Ref. Tax Allocation RB		5.00	%		10/01/2033		1,785		2,094,930
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. CAB Toll Road RB (INS–AGM)(c)(d)		0.00	%		01/15/2035		2,745		1,370,551
Fremont Community Facilities District No. 1 (Pacific Commons);
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2035		815		900,657
Series 2015, Ref. Special Tax RB		5.00	%		09/01/2045		905		988,224
Fullerton (City of) Community Facilities District No. 1 (Amerige Heights);
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2026		1,960		2,164,565
Series 2012, Ref. Special Tax RB		5.00	%		09/01/2032		1,090		1,198,411
Gilroy Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2029		615		452,314
Series 2009 A, Unlimited Tax CAB GO Bonds(b)(d)		0.00	%		08/01/2031		2,235		1,535,132
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2029		4,735		3,218,948
Series 2009 A, Unlimited Tax CAB GO Bonds (INS–AGC)(c)(d)		0.00	%		08/01/2031		1,415		884,927
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		2,432,517
Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2033		3,375		3,379,185
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2047		4,740		4,728,150
Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2030		2,000		2,226,680
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2040		695		779,609
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2045		1,165		1,302,819
Series 2017 A-1, Ref. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2028		1,000		1,150,830
Hollister Joint Powers Financing Authority; Series 2016, Ref. Wastewater RB (INS–AGM)(c)		5.00	%		06/01/2036		1,270		1,444,358
Inglewood (City of) Redevelopment Agency (Merged Redevelopment); Series 1998 A, Ref. Tax Allocation RB (INS–AMBAC)(c)		5.25	%		05/01/2023		1,000		1,069,770
Inland Empire Tobacco Securitization Authority;
Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		1,555		1,555,622
Series 2007 C-1, Asset-Backed Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2036		5,000		1,515,500
Series 2007 C-2, Asset-Backed Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2047		10,000		1,426,600

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)
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	$	480,538
Series 2014, Special Tax RB		5.00	%		09/01/2049		445		476,284
Irvine Ranch Water District; Series 2016, Special Assessment RB(e)		5.25	%		02/01/2046		4,305		5,065,952
Irvine Unified School District (Community Facilities District No. 06-1- Portola Springs); Series 2010, Special Tax RB		6.70	%		09/01/2035		515		557,611
Irvine Unified School District (Community Facilities District No. 09-1); Series 2017 B, Special Tax RB		5.00	%		09/01/2047		500		553,340
Irvine Unified School District; Series 2015, Ref. Special Tax RB (INS–BAM)(c)		5.00	%		09/01/2038		3,500		3,869,075
Kern (County of) (Capital Improvments); Series 2009 A, COP(a)(b)		5.75	%		02/01/2019		1,000		1,040,190
Long Beach (City of) Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB		5.00	%		11/01/2029		2,000		2,210,900
Long Beach (City of) Bond Finance Authority (Natural Gas Purchase); Series 2007 A, RB		5.50	%		11/15/2032		2,665		3,297,698
Long Beach (City of);
Series 2010 A, Sr. Airport RB		5.00	%		06/01/2040		2,500		2,667,350
Series 2015, Marina System RB		5.00	%		05/15/2045		1,615		1,765,825
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		672,618
Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB		5.00	%		05/15/2035		2,500		2,675,876
Series 2010 B, Sub. RB		5.00	%		05/15/2040		1,000		1,062,970
Series 2013, RB(g)		5.00	%		05/15/2043		3,000		3,276,330
Los Angeles (City of) Department of Airports; Series 2015 C, Ref. Sub. RB		5.00	%		05/15/2038		1,000		1,126,580
Los Angeles (City of) Department of Water & Power;
Series 2011 A, Power System RB(e)		5.00	%		07/01/2022		1,800		1,996,452
Series 2011 A, Water System RB		5.25	%		07/01/2039		1,500		1,651,770
Subseries 2008 A-1, Power System RB		5.25	%		07/01/2038		2,000		2,025,460
Los Angeles (City of) Harbor Department; Series 2014 A, Ref. RB(g)		5.00	%		08/01/2036		1,000		1,123,320
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		2,031,680
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		1,054,365
Los Angeles Unified School District (Election of 2004); Series 2009 I, Unlimited Tax GO Bonds (INS–AGC)(c)		5.00	%		01/01/2034		3,000		3,133,290
Marin (County of) Water District Financing Authority; Series 2017, Sub. RB(e)		5.00	%		07/01/2047		3,120		3,596,986
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		485,529
Montclair (City of) Redevelopment Agency (Montclair Redevelopment Project No. V); Series 2001, Ref. Tax Allocation RB (INS–NATL)(c)		5.00	%		10/01/2020		700		700,140
Montebello Unified School District (Election of 2004); Series 2009 A-1, Unlimited Tax GO Bonds(a)(b)		5.25	%		08/01/2019		1,000		1,053,410
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		523,253
Napa Valley Unified School District; Series 2016 C, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2041		2,000		2,281,080
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB(a)(b)		7.00	%		08/01/2021		1,500		1,761,675
Norco (City of) Financing Authority; Series 2009, Ref. Enterprise RB (INS–AGM)(c)		5.63	%		10/01/2034		1,000		1,060,450
Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB		5.00	%		05/01/2038		1,250		1,421,062
Oakland Unified School District (County of Alameda); Series 2015 A, Unlimited Tax GO Bonds		5.00	%		08/01/2040		1,070		1,202,198
Orange (County of) Community Facilities District No. 2015-1 (Esencia Village);
Series 2015 A, Special Tax RB		5.00	%		08/15/2035		125		138,501
Series 2015 A, Special Tax RB		5.25	%		08/15/2045		1,015		1,139,815
Orange (County of) Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, Special Tax RB		5.00	%		08/15/2046		2,000		2,184,180
Palomar Pomerado Health; Series 2009, COP(a)(b)		6.75	%		11/01/2019		2,000		2,171,500
Pittsburg Unified School District (Election of 2006); Series 2009 B, Unlimited Tax GO Bonds(a)(b)		5.50	%		08/01/2018		1,000		1,017,900

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)
Pomona (City of) Public Financing Authority (Merged Redevelopment); Series 2007 AW, Sub. RB		5.13	%		02/01/2033	$	1,075	$	1,075,118
Port Hueneme (City of) (Capital Improvement Program); Series 1992, Ref. COP (INS–NATL)(c)		6.00	%		04/01/2019		445		455,600
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		1,100,350
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		1,404,158
Regents of the University of California;
Series 2009 O, General RB(a)(b)(e)		5.75	%		05/15/2019		1,050		1,104,653
Series 2009 O, General RB(a)(b)(e)		5.75	%		05/15/2019		705		741,695
Series 2016 L, Ref. Medical Center Pooled RB(e)		5.00	%		05/15/2041		3,420		3,839,908
Riverside (City of);
Series 2008 B, Water RB (INS–AGM)(c)		5.00	%		10/01/2033		1,000		1,021,440
Series 2008 D, Electric RB (INS–AGM)(c)		5.00	%		10/01/2038		1,800		1,834,884
Riverside (County of) Community Facilities District No. 07-2 (Clinton Keith); Series 2015, Special Tax Bonds		5.00	%		09/01/2044		1,000		1,103,710
Riverside (County of) Public Financing Authority (Desert Communities and Interstate 215 Corridor);
Series 2017 A, Ref. Tax Allocation RB (INS–BAM)(c)		5.00	%		10/01/2034		1,000		1,143,940
Series 2017 A, Ref. Tax Allocation RB (INS–BAM)(c)		4.00	%		10/01/2040		500		513,215
Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB(a)(b)		5.00	%		06/01/2020		1,500		1,617,630
RNR School Financing Authority (Community Facilities District No. 92-1); Series 2017 A, Special Tax RB (INS–BAM)(c)		5.00	%		09/01/2041		2,460		2,752,223
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. Special Tax Bonds		5.00	%		09/01/2038		1,000		1,095,400
Sacramento (County of);
Series 2008 A, Sr. Airport System RB(a)(b)		5.00	%		07/01/2018		1,015		1,027,322
Series 2008 A, Sr. Airport System RB (INS–AGM)(c)		5.00	%		07/01/2032		1,000		1,012,010
Series 2010, Sr. Airport System RB		5.00	%		07/01/2040		2,200		2,347,422
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/2041		2,000		2,239,680
San Diego (City of) Association of Governments South Bay Expressway; Series 2017 A, Sr. Lien Toll RB		5.00	%		07/01/2042		3,000		3,432,480
San Diego (City of) Public Facilities Financing Authority;
Series 2016 A, Ref. Sr. Sewer RB		5.00	%		05/15/2039		1,565		1,800,861
Series 2016 B, Ref. Sub. Water RB		5.00	%		08/01/2036		1,500		1,734,855
Subseries 2012 A, Ref. Water RB		5.00	%		08/01/2032		2,215		2,476,459
San Diego (City of) Regional Building Authority (County Operations Center); Series 2016 A, Ref. RB		5.00	%		10/15/2034		1,500		1,734,990
San Diego (County of) Regional Airport Authority;
Series 2017 B, Sub. Airport RB(g)		5.00	%		07/01/2037		1,000		1,130,380
Series 2017 B, Sub. Airport RB(g)		5.00	%		07/01/2047		1,500		1,671,405
San Diego (County of) Regional Transportation Commission; Series 2014 A, Sales & Use Tax RB(e)		5.00	%		04/01/2048		2,980		3,369,039
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(a)(b)(e)		5.25	%		08/01/2019		1,500		1,581,195
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds(a)(b)		5.00	%		08/01/2021		2,500		2,779,500
San Diego Unified School District; Series 2012 R-2, Ref. Unlimited Tax Conv. CAB GO Bonds(h)		6.63	%		07/01/2041		1,250		1,014,088
San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2009 E, Second Series RB		6.00	%		05/01/2039		1,000		1,050,990
Series 2011 C, Ref. Second Series RB(g)		5.00	%		05/01/2023		5,000		5,470,400
Series 2011 G, Ref. Second Series Government Loan Program RB(a)(b)		5.25	%		05/03/2021		1,450		1,605,773
Series 2011 G, Ref. Second Series Government Loan Program RB		5.25	%		05/01/2028		550		610,060
Series 2017 A, RB(g)		5.25	%		05/01/2042		1,000		1,148,820
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB		5.00	%		11/01/2036		4,000		4,439,760
San Francisco (City & County of) Public Utilities Commission; Series 2013 B, Wastewater RB		4.00	%		10/01/2042		2,000		2,048,760
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		1,144,800
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		575,940

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) Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment);
Series 2014 A, Tax Allocation RB		5.00	%		08/01/2043	$	1,060	$	1,180,215
Series 2016 B, Tax Allocation RB (INS–NATL)(c)		5.00	%		08/01/2043		2,100		2,345,637
Series 2016 C, Ref. Tax Allocation RB (INS–NATL)(c)		5.00	%		08/01/2041		590		661,307
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		548,850
San Francisco (City of) Bay Area Rapid Transit District (Election of 2016 Green Bond); Series 2017 A-1, Unlimited Tax GO Bonds(e)		5.00	%		08/01/2047		3,425		3,980,021
San Francisco (City of) Bay Area Rapid Transit District;
Series 2012 A, Sales Tax RB		5.00	%		07/01/2036		730		814,607
Series 2015 A, Ref. RB		5.00	%		07/01/2032		1,500		1,748,610
San Joaquin Hills Transportation Corridor Agency;
Series 2014 A, Ref. Sr. Lien Toll Road RB		5.00	%		01/15/2044		1,730		1,884,956
Series 2014 B, Ref. Jr. Lien Toll Road RB		5.25	%		01/15/2044		2,000		2,183,900
San Jose (City of) Norman Y Minesta International Airport; Series 2017 A, Ref. Airport RB(g)		5.00	%		03/01/2047		1,000		1,119,010
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		1,983,527
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		1,633,245
San Mateo (City of) Foster School District (Election 2008); Series 2010, Unlimited Tax Conv. CAB GO Bonds(h)		6.63	%		08/01/2042		510		433,398
Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB(a)(b)		5.25	%		05/15/2018		3,000		3,025,140
Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, Special Tax RB		5.63	%		09/01/2036		1,000		1,093,140
Series 2013, Special Tax RB		5.63	%		09/01/2043		1,000		1,091,850
Santaluz Community Facilities District No. 2 (Improvement Area No. 1);
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2028		825		895,389
Series 2011 A, Ref. Special Tax RB		5.00	%		09/01/2029		715		775,503
Series 2011 A, Ref. Special Tax RB		5.10	%		09/01/2030		465		505,409
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, Tobacco Settlement CAB Turbo RB(d)		0.00	%		06/01/2036		4,000		1,421,720
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		2,482,458
Series 2007 C, Unlimited Tax CAB GO Bonds (INS–AGM)(c)(d)		0.00	%		08/01/2030		2,765		1,812,762
South Orange (County of) Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. Sr. Lien Special Tax RB		5.00	%		08/15/2034		895		970,055
Southern California Metropolitan Water District; Series 2009 B, Ref. RB(e)		5.00	%		07/01/2027		8,585		8,987,379
Southern California Public Power Authority (Milford Wind Corridor Phase II);
Series 2011 1, RB(e)		5.25	%		07/01/2031		2,100		2,340,345
Series 2011-1, RB(e)		5.25	%		07/01/2029		2,100		2,331,693
Southern California Public Power Authority (Natural Gas No. 1); Series 2007 A, Floating Rate RB (3 mo. USD LIBOR + 1.47%)(i)		2.66	%		11/01/2038		5,375		5,002,082
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		862,477
Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2046		3,840		3,846,605
Tustin (City of) Public Financing Authority; Series 2011 A, Water RB(a)(b)		5.00	%		04/01/2021		1,000		1,101,790
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		3,332,070
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–AGC)(c)		5.13	%		03/01/2036		1,475		1,520,577
Walnut (City of) Energy Center Authority; Series 2010 A, Ref. RB		5.00	%		01/01/2035		3,000		3,176,490
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS–NATL)(c)(d)		0.00	%		08/01/2025		2,500		2,001,825

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)
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	$	1,057,320
Whittier (City of) (Presbyterian Intercommunity Hospital, Inc.); Series 2014, Health Facility RB		5.00	%		06/01/2044		1,500		1,627,215
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		3,982,250
									451,307,345
Guam–1.25%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB(a)(b)		5.38	%		12/01/2019		1,000		1,066,730
Series 2009 A, Limited Obligation RB(a)(b)		5.63	%		12/01/2019		660		706,880
Guam (Territory of) International Airport Authority; Series 2013 C, General RB(g)		6.25	%		10/01/2034		1,000		1,125,330
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2035		765		820,631
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		1,500		1,564,500
									5,284,071
Virgin Islands–1.36%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. Marine RB(g)		5.00	%		09/01/2029		1,645		1,630,376
Series 2014 A, Ref. RB(g)		5.00	%		09/01/2033		1,500		1,440,000
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		1,310		808,926
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010 A, Sr. Lien RB		5.00	%		10/01/2029		1,200		837,000
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(f)		5.00	%		09/01/2033		1,000		1,050,340
									5,766,642
TOTAL INVESTMENTS IN SECURITIES(j)–109.01% (Cost $439,475,258)									462,358,058
FLOATING RATE NOTE OBLIGATIONS–(11.23)%
Notes with interest and fee rates ranging from 1.62% to 1.66% at 02/28/2018 and contractual maturities of collateral ranging from 07/01/2022 to 04/01/2056 (See Note 1J)(k)									(47,625,000	)
OTHER ASSETS LESS LIABILITIES–2.22%									9,415,752
NET ASSETS–100.00%								$	424,148,810

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
LIBOR	– London Interbank Offered Rate
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior
Sub.	– Subordinated
USD	– U.S. Dollar

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, 2018 was $15,234,774, which represented 3.59% 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⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(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.		5.4	%

^(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2018. At February 28, 2018, the Fund’s investments with a value of $75,283,565 are held by TOB Trusts and serve as collateral for the $47,625,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

as of February 28, 2018

Revenue Bonds	70.5	%
Pre-Refunded Bonds	15.3
General Obligation Bonds	14.2

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $439,475,258)	$	462,358,058
Cash		3,540,754
Receivable for:
Investments sold		2,748,893
Fund shares sold		520,756
Interest		5,425,096
Investment for trustee deferred compensation and retirement plans		67,871
Other assets		54,475
Total assets		474,715,903
Liabilities:
Floating rate note obligations		47,625,000
Payable for:
Investments purchased		1,737,133
Dividends		431,009
Fund shares reacquired		502,309
Accrued fees to affiliates		141,111
Accrued trustees’ and officers’ fees and benefits		4,410
Trustee deferred compensation and retirement plans		126,121
Total liabilities		50,567,093
Net assets applicable to shares outstanding	$	424,148,810
Net assets consist of:
Shares of beneficial interest	$	420,394,869
Undistributed net investment income		1,146,380
Undistributed net realized gain (loss)		(20,275,239	)
Net unrealized appreciation		22,882,800
	$	424,148,810

Net Assets:
Class A	$	318,563,787
Class C	$	54,608,237
Class Y	$	41,524,856
Class R6	$	9,451,930
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		27,047,022
Class C		4,605,211
Class Y		3,512,048
Class R6		799,712
Class A:
Net asset value per share	$	11.78
Maximum offering price per share
(Net asset value of $11.78 ¸ 95.75%)	$	12.30
Class C:
Net asset value and offering price per share	$	11.86
Class Y:
Net asset value and offering price per share	$	11.82
Class R6:
Net asset value and offering price per share	$	11.82

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, 2018

(Unaudited)

Investment income:
Interest	$	10,011,511
Expenses:
Advisory fees		1,024,711
Administrative services fees		59,611
Custodian fees		(147	)
Distribution fees:
Class A		406,053
Class B		5,228
Class C		183,681
Interest, facilities and maintenance fees		429,303
Transfer agent fees — A, B, C and Y		165,090
Transfer agent fees — R6		822
Trustees’ and officers’ fees and benefits		13,379
Registration and filing fees		38,638
Reports to shareholders		(378	)
Professional services fees		(1,023	)
Taxes		135,160
Other		(689	)
Total expenses		2,459,439
Less: Expense offset arrangement(s)		(384	)
Net expenses		2,459,055
Net investment income		7,552,456
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		264,930
Change in net unrealized appreciation (depreciation) of investment securities		(12,776,848	)
Net realized and unrealized gain (loss)		(12,511,918	)
Net increase (decrease) in net assets resulting from operations	$	(4,959,462	)

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, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	7,552,456		$	16,073,552
Net realized gain (loss)		264,930			(1,881,826	)
Change in net unrealized appreciation (depreciation)		(12,776,848	)		(17,490,240	)
Net increase (decrease) in net assets resulting from operations		(4,959,462	)		(3,298,514	)
Distributions to shareholders from net investment income:
Class A		(5,750,011	)		(12,411,601	)
Class B		(74,772	)		(348,286	)
Class C		(787,946	)		(1,688,648	)
Class Y		(856,229	)		(1,609,659	)
Class R6		(32,711	)		(171	)
Total distributions from net investment income		(7,501,669	)		(16,058,365	)
Share transactions–net:
Class A		(10,891,936	)		222,451
Class B		(6,256,180	)		(5,768,586	)
Class C		3,708,291			(2,219,476	)
Class Y		(2,498,126	)		7,794,247
Class R6		9,577,177			10,000
Net increase (decrease) in net assets resulting from share transactions		(6,360,774	)		38,636
Net increase (decrease) in net assets		(18,821,905	)		(19,318,243	)
Net assets:
Beginning of period		442,970,715			462,288,958
End of period (includes undistributed net investment income of $1,146,380 and $1,095,593, respectively)	$	424,148,810		$	442,970,715

Notes to Financial Statements

February 28, 2018

(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 C, 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 Y 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

16                         Invesco California Tax-Free Income 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.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received.

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.

17                         Invesco California Tax-Free Income Fund

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

H. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the 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 carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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.

18                         Invesco California Tax-Free Income Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0	.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, 2018, 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, 2018, 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 C, Class Y and Class R6 shares to 1.50%, 2.00%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.25% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2018, 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 services 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, 2018, 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 and (2) Class C — up to 0.75% of the average daily net assets of Class C shares. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 0.75% of Class B average net assets. The fees are accrued daily and paid monthly.

19                         Invesco California Tax-Free Income Fund

In the case of Class B shares, prior to their conversion to Class A shares, any cumulative expenses incurred by IDI, but not yet reimbursed to IDI, were 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $22,021 in front-end sales commissions from the sale of Class A shares and $7,147 and $7,271 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.

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, 2018, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $384.

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, 2018, the Fund engaged in securities purchases of $11,803,828 and securities sales of $10,789,241, 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

20                         Invesco California Tax-Free Income Fund

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, 2018 were $47,386,429 and 1.82%, respectively. The carrying amount of the Fund’s Payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value.

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2018	$	6,678,872	$	—	$	6,678,872
August 31, 2019		1,906,728		—		1,906,728
Not subject to expiration		5,453,993		6,367,846		11,821,839
	$	14,039,593	$	6,367,846	$	20,407,439

* 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 Transactions

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, 2018 was $35,146,843 and $40,715,477, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	28,480,620
Aggregate unrealized (depreciation) of investments		(5,040,455	)
Net unrealized appreciation of investments	$	23,440,165

Cost of investments for tax purposes is $438,917,893.

21                         Invesco California Tax-Free Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		1,485,704		$	17,810,153			4,359,014		$	52,644,916
Class B(b)		2			23			480			5,784
Class C		994,455			12,010,410			1,537,870			18,738,611
Class Y		973,388			11,730,096			2,756,250			33,163,059
Class R6(c)		830,534			9,953,438			836			10,000
Issued as reinvestment of dividends:
Class A		306,460			3,662,103			651,664			7,839,857
Class B(b)		2,711			32,853			14,586			177,106
Class C		44,500			535,112			95,400			1,155,290
Class Y		37,055			444,719			68,844			830,380
Class R6		2,090			24,739			—			—
Conversion of Class B shares to Class A shares:(d)
Class A		352,428			4,215,042			371,094			4,451,315
Class B		(350,359	)		(4,215,042	)		(367,571	)		(4,451,315	)
Reacquired:
Class A		(3,062,242	)		(36,579,234	)		(5,399,055	)		(64,713,637	)
Class B(b)		(171,258	)		(2,074,014	)		(123,940	)		(1,500,161	)
Class C		(732,789	)		(8,837,231	)		(1,829,326	)		(22,113,377	)
Class Y		(1,220,965	)		(14,672,941	)		(2,185,868	)		(26,199,192	)
Class R6		(33,748	)		(401,000	)		—			—
Net increase (decrease) in share activity		(542,034	)	$	(6,360,774	)		(49,722	)	$	38,636

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c) Commencement date of April 4, 2017.

^(d)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

22                         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 02/28/18	$	12.12	$	0.21	$	(0.34	)	$	(0.13	)	$	(0.21	)	$	11.78		(1.11	)%	$	318,564		1.10	%(d)		1.10	%(d)		0.90	%(d)		3.49	%(d)		7	%
Year ended 08/31/17		12.63		0.45		(0.51	)		(0.06	)		(0.45	)		12.12		(0.41	)		338,904		1.02			1.02			0.88			3.70			18
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
Class B
Six months ended 02/28/18(e)		12.23		0.17		(0.20	)		(0.03	)		(0.17	)		12.03		(0.21	)(f)		—		1.10	(d)(f)		1.10	(d)(f)		0.90	(d)(f)		3.49	(d)(f)		7
Year ended 08/31/17		12.75		0.45		(0.52	)		(0.07	)		(0.45	)		12.23		(0.46	)(f)		6,348		1.02	(f)		1.02	(f)		0.88	(f)		3.70	(f)		18
Year ended 08/31/16		12.20		0.46		0.55			1.01			(0.46	)		12.75		8.41	(f)		12,689		0.94	(f)		0.94	(f)		0.87	(f)		3.71	(f)		7
Year ended 08/31/15		12.26		0.49		(0.06	)		0.43			(0.49	)		12.20		3.51	(f)		15,150		0.88	(f)		0.88	(f)		0.83	(f)		3.97	(f)		12
Year ended 08/31/14		11.28		0.50		0.98			1.48			(0.50	)		12.26		13.35	(f)		16,419		0.93	(f)		0.93	(f)		0.87	(f)		4.25	(f)		12
Year ended 08/31/13		12.37		0.49		(1.09	)		(0.60	)		(0.49	)		11.28		(5.11	)(f)		155,900		0.93	(f)		0.93	(f)		0.88	(f)		3.98	(f)		12
Class C
Six months ended 02/28/18		12.19		0.19		(0.34	)		(0.15	)		(0.18	)		11.86		(1.28	)(g)		54,608		1.54	(d)(g)		1.54	(d)(g)		1.34	(d)(g)		3.05	(d)(g)		7
Year ended 08/31/17		12.71		0.39		(0.52	)		(0.13	)		(0.39	)		12.19		(0.94	)		52,424		1.52			1.52			1.38			3.20			18
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	(g)		20,485		1.43	(g)		1.43	(g)		1.37	(g)		3.75	(g)		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
Class Y
Six months ended 02/28/18		12.16		0.23		(0.35	)		(0.12	)		(0.22	)		11.82		(0.98	)		41,525		0.85	(d)		0.85	(d)		0.65	(d)		3.74	(d)		7
Year ended 08/31/17		12.68		0.48		(0.52	)		(0.04	)		(0.48	)		12.16		(0.24	)		45,285		0.77			0.77			0.63			3.95			18
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
Class R6
Six months ended 02/28/18		12.17		0.22		(0.35	)		(0.13	)		(0.22	)		11.82		(1.07	)		9,452		0.87	(d)		0.87	(d)		0.67	(d)		3.72	(d)		7
Period ended 08/31/17(h)		11.97		0.19		0.21			0.40			(0.20	)		12.17		3.40			10		0.81	(i)		0.81	(i)		0.67	(i)		3.91	(i)		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 $332,861, $5,207, $54,267, $46,418, and $1,812 for Class A, Class B, Class C, Class Y and Class R6 shares, respectively.

^(e)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(f) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets, for Class B shares, reflect actual 12b-1 fees of 0.25%, 0.25%, 0.25%, 0.22%, 0.24%, and 0.27% for the six months ended February 28, 2018 and the years ended August 31, 2017, 2016, 2015, 2014, and 2013, respectively.

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets, for Class C shares, reflect actual 12b-1 fees of 0.68% and 0.74% for the six months ended February 28, 2018 and the year ended August 31, 2014.

^(h) Commencement date of April 4, 2017.

⁽ⁱ⁾ Annualized.

23                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	988.90	$	4.44	$	1,020.33	$	4.51		0.90	%
C		1,000.00		986.40		6.60		1,018.15		6.71		1.34
Y		1,000.00		990.20		3.26		1,021.52		3.31		0.66
R6		1,000.00		989.30		3.30		1,021.47		3.36		0.67

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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.

24                         Invesco California Tax-Free Income Fund

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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             04202018 0914

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Core Plus Bond Fund
	Nasdaq:
	A: ACPSX  ◾  C: CPCFX  ◾  R: CPBRX  ◾  Y: CPBYX  ◾  R5: CPIIX  ◾  R6: CPBFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
33	Financial Statements
35	Notes to Financial Statements
46	Financial Highlights
47	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, 8/31/17 to 2/28/18, 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	-1.77	%
Class C Shares	-2.14
Class R Shares	-1.80
Class Y Shares	-1.55
Class R5 Shares	-1.65
Class R6 Shares	-1.62
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market/Style-Specific Index)	-2.18
Lipper Core Plus Bond Funds Index⬛ (Peer Group Index)	-1.65
Source(s): ▼FactSet Research Systems Inc.; ⬛Lipper Inc.

The Bloomberg Barclays U.S. Aggregate Bond 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	4.17	%
5 Year	2.07
1 Year	-2.47
Class C Shares
Inception (6/3/09)	3.89	%
5 Year	2.19
1 Year	0.02
Class R Shares
Inception (6/3/09)	4.42	%
5 Year	2.72
1 Year	1.61
Class Y Shares
Inception (6/3/09)	4.96	%
5 Year	3.25
1 Year	2.12
Class R5 Shares
Inception (6/3/09)	4.94	%
5 Year	3.24
1 Year	2.02
Class R6 Shares
Inception	4.88	%
5 Year	3.29
1 Year	2.07

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 0.75%, 1.50%, 1.50%,

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	4.46	%
5 Year	2.44
1 Year	0.59
Class B Shares*
Inception (6/3/09)	4.24	%
5 Year	2.21
1 Year	-0.68
Class C Shares
Inception (6/3/09)	4.19	%
5 Year	2.55
1 Year	3.23
Class R Shares
Inception (6/3/09)	4.71	%
5 Year	3.06
1 Year	4.75
Class Y Shares
Inception (6/3/09)	5.26	%
5 Year	3.60
1 Year	5.37
Class R5 Shares
Inception (6/3/09)	5.24	%
5 Year	3.59
1 Year	5.28
Class R6 Shares
Inception	5.18	%
5 Year	3.64
1 Year	5.33
*  Effective January 26, 2018, Class B shares were converted to Class A shares.

1.00%, 0.50%, 0.50% and 0.49%, 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 0.89%, 1.64%, 1.64%, 1.14%, 0.64%, 0.53% and 0.50%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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, 2018. 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, 2019. See current prospectus for more information.

3                         Invesco Core Plus Bond Fund

Letters to Shareholders

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

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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about

your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–59.88%
Advertising–0.02%
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026	$	945,000	$	981,619
Aerospace & Defense–0.76%
Bombardier Inc. (Canada), Sr. Unsec. Notes,
6.13%, 01/15/2023(b)		414,000		417,105
7.50%, 03/15/2025(b)		242,000		249,562
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(b)		141,000		145,759
L3 Technologies, Inc., Sr. Unsec. Gtd. Global Notes, 3.85%, 12/15/2026		600,000		596,391
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(b)		97,000		100,152
Northrop Grumman Corp., Sr. Unsec. Global Notes,
3.25%, 01/15/2028		8,118,000		7,790,211
4.03%, 10/15/2047		8,658,000		8,349,069
Spirit AeroSystems, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2022		11,785,000		12,101,186
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes,
6.50%, 07/15/2024		55,000		56,856
6.50%, 05/15/2025		926,000		951,465
				30,757,756
Agricultural & Farm Machinery–0.01%
Titan International, Inc., Sr. Sec. Gtd. First Lien Notes, 6.50%, 11/30/2023(b)		341,000		348,673
Air Freight & Logistics–0.59%
Adani Abbot Point Terminal Pty Ltd. (Australia), Sr. Sec. Gtd. Notes, 4.45%, 12/15/2022(b)		13,216,000		12,627,465
FedEx Corp., Sr. Unsec. Gtd. Notes,
3.40%, 02/15/2028		4,368,000		4,263,198
4.05%, 02/15/2048		7,179,000		6,793,468
XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%, 06/15/2022(b)		90,000		93,870
				23,778,001
Airlines–3.95%
Air Canada Pass Through Trust (Canada),
Series 2017-1, Class A, Sec. Pass Through Ctfs., 3.55%, 07/15/2031(b)		6,993,000		6,862,900
Series 2017-1, Class B, Sec. Pass Through Ctfs., 3.70%, 07/15/2027(b)		7,443,000		7,335,076
Series 2017-1, Class AA, Sec. Pass Through Ctfs., 3.30%, 07/15/2031(b)		7,297,000		7,105,509

	Principal Amount		Value
Airlines–(continued)
American Airlines Pass Through Trust,
Series 2015-2, Class B, Sec. Third Lien Pass Through Ctfs., 4.40%, 03/22/2025	$	7,689,522	$	7,795,637
Series 2016-3, Class B, Sec. Third Lien Pass Through Ctfs., 3.75%, 04/15/2027		5,223,000		5,126,965
Series 2016-3, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.00%, 04/15/2030		7,403,750		7,093,163
Series 2017-1, Class A, Sec. Second Lien Pass Through Ctfs., 4.00%, 08/15/2030		5,265,319		5,306,915
Series 2017-1, Class B, Sec. Third Lien Pass Through Ctfs., 4.95%, 08/15/2026		5,443,763		5,636,472
Series 2017-1, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.65%, 08/15/2030		6,581,889		6,544,866
Series 2017-2, Class A, Sec. Second Lien Pass Through Ctfs., 3.60%, 04/15/2031		9,181,000		9,117,837
Series 2017-2, Class B, Sec. Third Lien Pass Through Ctfs., 3.70%, 04/15/2027		6,525,000		6,388,040
Delta Air Lines, Inc., Sr. Unsec. Global Notes,
2.60%, 12/04/2020		8,050,000		7,951,453
2.88%, 03/13/2020		4,744,000		4,734,864
3.63%, 03/15/2022		7,899,000		7,923,794
LATAM Airlines Group S.A. Pass Through Trust (Chile), Series 2015-1, Class A, Sec. Global Pass Through Ctfs., 4.20%, 08/15/2029		5,776,779		5,776,779
Norwegian Air Shuttle ASA Pass Through Trust (Norway),
Series 2016-1, Class A, Sec. Pass Through Ctfs., 4.88%, 11/10/2029(b)		2,452,843		2,419,730
Series 2016-1, Class B, Sec. Pass Through Ctfs., 7.50%, 05/10/2025(b)		17,150,659		18,351,205
United Airlines Pass Through Trust,
Series 2016-1, Class B, Sec. Third Lien Pass Through Ctfs., 3.65%, 07/07/2027		6,674,000		6,558,744
Series 2016-2, Class B, Sec. Third Lien Pass Through Ctfs., 3.65%, 04/07/2027		7,700,000		7,500,347
Series 2018-1, Class A, Sec. Second Lien Pass Through Ctfs., 3.70%, 09/01/2031		12,520,000		12,433,155
Series 2018-1, Class AA, Sr. Sec. First Lien Pass Through Ctfs., 3.50%, 09/01/2031		11,797,000		11,688,494

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

5                         Invesco Core Plus Bond Fund

	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	$	6,794	$	7,235
				159,659,180
Alternative Carriers–0.03%
CenturyLink, Inc.,
Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		468,000		480,870
Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		122,000		122,915
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes,
5.25%, 03/15/2026		97,000		93,604
5.38%, 05/01/2025		637,000		633,815
				1,331,204
Aluminum–0.02%
Alcoa Nederland Holding B.V., Sr. Unsec. Gtd. Notes, 6.75%, 09/30/2024(b)		450,000		484,875
Novelis Corp., Sr. Unsec. Gtd. Notes, 6.25%, 08/15/2024(b)		154,000		157,850
				642,725
Apparel Retail–0.18%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(b)		308,000		306,460
L Brands, Inc., Sr. Unsec. Gtd. Global Notes,
5.63%, 02/15/2022		6,438,000		6,727,710
6.75%, 07/01/2036		22,000		21,670
6.88%, 11/01/2035		281,000		281,969
				7,337,809
Apparel, Accessories & Luxury Goods–0.01%
Hanesbrands Inc., Sr. Unsec. Gtd. Notes,
4.63%, 05/15/2024(b)		31,000		30,845
4.88%, 05/15/2026(b)		547,000		540,163
				571,008
Asset Management & Custody Banks–0.56%
Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/2024		2,865,000		2,954,095
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(b)		5,598,000		5,622,372
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(b)		6,934,000		7,524,614
Carlyle Holdings II Finance LLC, Sr. Unsec. Gtd. Notes, 5.63%, 03/30/2043(b)		5,747,000		6,168,754
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(b)		348,000		379,755
				22,649,590

	Principal Amount		Value
Auto Parts & Equipment–0.03%
Dana Inc., Sr. Unsec. Notes, 5.50%, 12/15/2024	$	414,000	$	424,350
Delphi Technologies PLC, Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(b)		166,000		165,012
Flexi-Van Leasing, Inc., Sec. Second Lien Notes, 10.00%, 02/15/2023(b)		40,000		39,900
Hertz Corp. (The),
Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022(b)		66,000		68,145
Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/2020		340,000		338,300
				1,035,707
Automobile Manufacturers–0.24%
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 2.68%, 01/09/2020		5,468,000		5,431,612
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Notes, 3.15%, 01/15/2020		4,304,000		4,312,482
				9,744,094
Automotive Retail–0.03%
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025(b)		85,000		86,700
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		472,000		483,210
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		450,000		450,000
				1,019,910
Biotechnology–0.18%
Shire Acquisitions Investments Ireland DAC, Sr. Unsec. Gtd. Global Notes, 2.88%, 09/23/2023		7,500,000		7,180,721
Brewers–0.32%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes,
3.65%, 02/01/2026		7,519,000		7,463,896
4.90%, 02/01/2046		5,000,000		5,351,545
				12,815,441
Broadcasting–0.08%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes,
4.75%, 08/01/2025		44,000		42,735
5.00%, 04/01/2024		155,000		155,775
CBS Corp., Sr. Unsec. Gtd. Notes, 3.50%, 01/15/2025		1,420,000		1,395,051
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		809,000		835,293
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		242,000		242,605

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

6                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Broadcasting–(continued)
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024	$	184,000	$	193,890
Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(b)		112,000		112,840
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		123,000		126,075
				3,104,264
Building Products–0.74%
Builders FirstSource, Inc., Sr. Sec. Gtd. First Lien Notes, 5.63%, 09/01/2024(b)		250,000		255,312
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		146,000		148,081
James Hardie International Finance DAC (Ireland), Sr. Unsec. Notes, 5.00%, 01/15/2028(b)		10,209,000		10,157,955
Standard Industries Inc., Sr. Unsec. Notes,
4.75%, 01/15/2028(b)		7,903,000		7,626,395
5.00%, 02/15/2027(b)		429,000		426,319
6.00%, 10/15/2025(b)		2,137,000		2,267,891
Toll Brothers Finance Corp., Sr. Unsec. Gtd. Notes, 4.35%, 02/15/2028		9,647,000		9,164,650
				30,046,603
Cable & Satellite–1.20%
Altice Financing S.A. (Luxembourg),
Sr. Sec. Gtd. First Lien Bonds, 7.50%, 05/15/2026(b)		400,000		404,000
Sr. Sec. Gtd. First Lien Notes, 6.63%, 02/15/2023(b)		200,000		200,250
Altice Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/2022(b)		440,000		411,950
Altice US Finance I Corp., Sr. Sec. Notes, 5.50%, 05/15/2026(b)		200,000		198,500
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Global Notes, 5.75%, 09/01/2023		245,000		250,513
Sr. Unsec. Notes, 5.75%, 02/15/2026(b)		1,285,000		1,305,881
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sr. Sec. Gtd. First Lien Global Notes,
4.46%, 07/23/2022		2,000,000		2,049,544
4.91%, 07/23/2025		2,187,000		2,255,559
5.38%, 05/01/2047		4,585,000		4,554,975
6.83%, 10/23/2055		6,341,000		7,436,242
Comcast Corp., Sr. Unsec. Gtd. Global Notes, 3.40%, 07/15/2046		2,095,000		1,801,206
Cox Communications, Inc., Sr. Unsec. Notes, 3.35%, 09/15/2026(b)		5,845,000		5,572,805

	Principal Amount		Value
Cable & Satellite–(continued)
CSC Holdings LLC,
Sr. Unsec. Global Notes, 6.75%, 11/15/2021	$	396,000	$	417,533
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2028(b)		9,593,000		9,401,140
Sr. Unsec. Notes, 10.13%, 01/15/2023(b)		1,250,000		1,397,000
Discovery Communications LLC, Sr. Unsec. Gtd. Global Notes, 5.20%, 09/20/2047		2,525,000		2,515,570
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes,
5.88%, 11/15/2024		2,742,000		2,574,052
7.88%, 09/01/2019		387,000		409,253
Intelsat Jackson Holdings S.A. (Luxembourg),
Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		205,000		170,150
Sr. Unsec. Gtd. Global Notes,
7.25%, 10/15/2020		1,053,000		985,871
7.50%, 04/01/2021		171,000		156,144
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes,
3.88%, 08/01/2022(b)		1,736,000		1,709,960
5.38%, 04/15/2025(b)		165,000		168,094
5.38%, 07/15/2026(b)		662,000		671,930
6.00%, 07/15/2024(b)		159,000		166,950
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. First Lien Bonds, 5.00%, 01/15/2025(b)		200,000		204,500
UPC Holding B.V. (Netherlands), Sr. Sec. First Lien Notes, 5.50%, 01/15/2028(b)		200,000		188,500
Virgin Media Finance PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 6.00%, 10/15/2024(b)		200,000		202,850
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 5.50%, 08/15/2026(b)		200,000		198,480
VTR Finance B.V. (Chile), Sr. Sec. First Lien Notes, 6.88%, 01/15/2024(b)		250,000		261,250
Ziggo Secured Finance B.V. (Netherlands), Sr. Sec. Gtd. First Lien Notes, 5.50%, 01/15/2027(b)		250,000		240,313
				48,480,965
Casinos & Gaming–0.08%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes,
6.38%, 04/01/2026		163,000		171,761
6.88%, 05/15/2023		173,000		183,164
Codere Finance 2 (Luxembourg) S.A. (Spain), Sr. Sec. Gtd. First Lien Notes, 7.63%, 11/01/2021(b)		200,000		201,744

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

7                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Casinos & Gaming–(continued)
Melco Resorts Finance Ltd. (Hong Kong), Sr. Unsec. Notes, 4.88%, 06/06/2025(b)	$	200,000	$	196,165
MGM Resorts International, Sr. Unsec. Gtd. Notes,
4.63%, 09/01/2026		784,000		770,272
6.00%, 03/15/2023		85,000		90,631
7.75%, 03/15/2022		110,000		122,925
Pinnacle Entertainment, Inc., Sr. Unsec. Global Notes, 5.63%, 05/01/2024		345,000		365,876
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		547,000		595,273
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes,
5.25%, 05/15/2027(b)		86,000		84,602
5.50%, 03/01/2025(b)		436,000		443,085
				3,225,498
Coal & Consumable Fuels–0.00%
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025(b)		161,000		168,648
Commodity Chemicals–0.01%
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		159,000		164,963
Valvoline Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2024		243,000		251,201
				416,164
Communications Equipment–0.15%
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(b)		446,000		462,859
Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		691,000		676,316
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		249,000		268,920
Motorola Solutions, Inc., Sr. Unsec. Global Notes, 4.60%, 02/23/2028		4,490,000		4,495,718
				5,903,813
Construction & Engineering–0.00%
AECOM, Sr. Unsec. Gtd. Global Notes, 5.13%, 03/15/2027		97,000		94,182
Construction Machinery & Heavy Trucks–0.03%
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		509,000		531,905
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		250,000		261,950
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(b)		408,000		412,590
				1,206,445

	Principal Amount		Value
Construction Materials–0.11%
Martin Marietta Materials, Inc., Sr. Unsec. Global Notes, 4.25%, 12/15/2047	$	4,746,000	$	4,425,050
Consumer Finance–1.36%
Ally Financial Inc., Sr. Unsec. Global Notes,
4.13%, 03/30/2020		4,449,000		4,499,051
5.13%, 09/30/2024		1,219,000		1,267,760
Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		145,000		157,325
Capital One Financial Corp., Sr. Unsec. Global Notes,
3.05%, 03/09/2022		5,345,000		5,253,123
3.75%, 03/09/2027		14,465,000		14,087,348
Discover Bank, Sr. Unsec. Global Bonds, 3.45%, 07/27/2026		5,000,000		4,745,142
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%(c)		10,386,000		10,437,930
Navient Corp., Sr. Unsec. Medium-Term Notes,
7.25%, 01/25/2022		470,000		505,212
8.00%, 03/25/2020		235,000		252,331
Synchrony Financial, Sr. Unsec. Global Notes, 4.50%, 07/23/2025		9,795,000		9,967,835
UNIFIN Financiera, S.A.B. de C.V. SOFOM, E.N.R. (Mexico), Sr. Unsec. Gtd. Notes, 7.00%, 01/15/2025(b)		283,000		280,878
Sr. Unsec. Notes, 7.38%, 02/12/2026(b)		3,413,000		3,370,338
				54,824,273
Copper–0.70%
First Quantum Minerals Ltd. (Zambia), Sr. Unsec. Gtd. Notes, 7.50%, 04/01/2025(b)		200,000		206,750
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes,
3.10%, 03/15/2020		24,790,000		24,635,062
5.40%, 11/14/2034		986,000		963,815
Lundin Mining Corp. (Canada), Sr. Sec. Gtd. First Lien Notes, 7.88%, 11/01/2022(b)		2,193,000		2,330,063
Southern Copper Corp. (Peru), Sr. Unsec. Global Notes, 7.50%, 07/27/2035		200,000		262,735
				28,398,425
Data Processing & Outsourced Services–0.15%
Fidelity National Information Services, Inc., Sr. Unsec. Global Notes, 4.50%, 08/15/2046		4,764,000		4,699,196
First Data Corp.,
Sec. Gtd. Second Lien Notes, 5.75%, 01/15/2024(b)		125,000		127,656
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(b)		80,000		80,800
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(b)		1,194,000		1,258,178
				6,165,830

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

8                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Department Stores–0.00%
SACI Falabella (Chile), Sr. Unsec. Notes, 3.75%, 10/30/2027(b)	$	200,000	$	191,000
Distillers & Vintners–0.57%
Constellation Brands, Inc., Sr. Unsec. Gtd. Global Notes,
3.20%, 02/15/2023		5,993,000		5,925,029
3.60%, 02/15/2028		10,937,000		10,590,999
4.10%, 02/15/2048		7,130,000		6,630,795
				23,146,823
Diversified Banks–8.40%
ABN AMRO Bank N.V. (Netherlands), Sr. Unsec. Notes, 2.45%, 06/04/2020(b)		8,200,000		8,099,230
Akbank T.A.S. (Turkey), Unsec. Sub. Notes, 6.80%, 04/27/2028(b)		200,000		202,457
ANZ New Zealand (Int'l) Ltd. (New Zealand), Sr. Unsec. Gtd. Notes, 2.13%, 07/28/2021(b)		4,415,000		4,258,006
Australia and New Zealand Banking Group Ltd. (Australia), Jr. Unsec. Sub. Notes, 6.75%(b)(c)		11,549,000		12,660,591
Banco de Bogotá S.A. (Colombia), Sr. Unsec. Notes, 4.38%, 08/03/2027(b)		400,000		390,500
Banco de Crédito e Inversiones (Chile), Sr. Unsec. Notes, 3.50%, 10/12/2027(b)		230,000		216,752
Banco del Estado de Chile (Chile), Sr. Unsec. Notes, 2.67%, 01/08/2021(b)		11,242,000		11,063,296
Banco do Brasil S.A. (Brazil), REGS, Unsec. Sub. Euro Notes, 5.88%, 01/19/2023(b)		200,000		207,386
Banco Nacional de Desenvolvimento Economico e Social (Brazil), Sr. Unsec. Notes, 4.75%, 05/09/2024(b)		205,000		204,426
Banco Safra S.A. (Brazil), Sr. Unsec. Notes, 4.13%, 02/08/2023(b)		19,304,000		19,101,308
Bank of America Corp.,
Sr. Unsec. Global Notes, 3.71%, 04/24/2028		4,712,000		4,630,070
Sr. Unsec. Medium-Term Global Notes, 3.59%, 07/21/2028		9,424,000		9,177,552
Sr. Unsec. Notes, 3.00%, 12/20/2023(b)		4,643,000		4,545,986
Unsec. Sub. Medium-Term Notes, 4.20%, 08/26/2024		5,120,000		5,226,786
Series L, Sr. Unsec. Global Notes, 2.60%, 01/15/2019		778,000		778,318
Series M, Jr. Unsec. Sub. Bonds, 8.13%(c)		27,530,000		27,977,362
Series X, Jr. Unsec. Sub. Notes, 6.25%(c)		4,333,000		4,664,258
Series Z, Jr. Unsec. Sub. Notes, 6.50%(c)		3,360,000		3,688,272
Series DD, Jr. Unsec. Sub. Notes, 6.30%(c)		2,080,000		2,288,000

	Principal Amount		Value
Diversified Banks–(continued)
Barclays PLC (United Kingdom), Unsec. Sub. Global Notes, 4.84%, 05/09/2028	$	2,065,000	$	2,036,213
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(b)		1,385,000		1,410,969
BNP Paribas S.A. (France),
Sr. Unsec. Notes, 2.38%, 05/21/2020		8,250,000		8,153,005
Unsec. Sub. Notes, 4.38%, 03/01/2033(b)		13,153,000		13,038,174
Citigroup Inc., Sr. Unsec. Global Notes,
2.88%, 07/24/2023		3,520,000		3,439,106
3.67%, 07/24/2028		14,137,000		13,845,354
Unsec. Sub. Global Notes, 5.50%, 09/13/2025		7,130,000		7,811,073
Unsec. Sub. Notes, 4.45%, 09/29/2027		10,555,000		10,783,741
Series Q, Jr. Unsec. Sub. Global Notes, 5.95%(c)		2,300,000		2,386,653
Series T, Jr. Unsec. Sub. Global Notes, 6.25%(c)		6,669,000		7,177,511
Commonwealth Bank of Australia (Australia), Unsec. Sub. Notes, 4.32%, 01/10/2048(b)		6,831,000		6,584,625
Development Bank of Kazakhstan JSC (Kazakhstan), REGS, Sr. Unsec. Euro Notes, 4.13%, 12/10/2022(b)		300,000		297,900
Dresdner Funding Trust I (Germany), REGS, Jr. Unsec. Sub. Euro Notes, 8.15%, 06/30/2031(b)		135,000		177,525
Export-Import Bank of India (India), REGS, Sr. Unsec. Euro Bonds, 3.38%, 08/05/2026(b)		200,000		189,405
Global Bank Corp. (Panama), Sr. Unsec. Notes, 4.50%, 10/20/2021(b)		7,642,000		7,748,988
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/2018(b)		1,360,000		1,372,082
HSBC Holdings PLC (United Kingdom),
Jr. Unsec. Sub. Global Bonds, 6.00%(c)		11,595,000		11,812,406
Sr. Unsec. Global Notes, 4.00%, 03/30/2022		1,050,000		1,076,613
Unsec. Sub. Global Notes, 4.38%, 11/23/2026		2,169,000		2,182,656
Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec. Notes, 3.54%, 11/08/2027		3,418,000		3,281,068
Industrial Senior Trust (Guatemala), REGS, Sr. Unsec. Gtd. Euro Notes, 5.50%, 11/01/2022(b)		500,000		496,875
ING Bank N.V. (Netherlands), Sr. Unsec. Notes, 2.75%, 03/22/2021(b)		10,670,000		10,548,272

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

9                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified Banks–(continued)
ING Groep N.V. (Netherlands), Jr. Unsec. Sub. Global Notes, 6.50%(c)	$	2,710,000	$	2,848,210
Intesa Sanpaolo S.p.A. (Italy), Sr. Unsec. Gtd. Medium-Term Notes, 3.88%, 01/15/2019		2,840,000		2,867,998
Sr. Unsec. Notes, 3.13%, 07/14/2022(b)		5,641,000		5,490,062
Itau Unibanco Holding S.A. (Brazil), Jr. Unsec. Sub. Notes, 6.13%(b)(c)		245,000		247,144
JPMorgan Chase & Co., Sr. Unsec. Global Notes,
3.54%, 05/01/2028		3,278,000		3,197,309
3.78%, 02/01/2028		6,597,000		6,577,898
Sr. Unsec. Medium-Term Global Bonds, 2.30%, 08/15/2021		8,950,000		8,730,398
Unsec. Sub. Global Notes, 3.63%, 12/01/2027		5,610,000		5,426,413
Series I, Jr. Unsec. Sub. Global Notes, 7.90%(c)		4,500,000		4,551,975
Series CC, Jr. Unsec. Sub. Global Notes, 4.63%(c)		8,402,000		8,145,739
Multibank, Inc. (Panama), Sr. Unsec. Notes, 4.38%, 11/09/2022(b)		200,000		199,250
Nordea Bank AB (Sweden), Jr. Unsec. Sub. Notes, 5.50%(b)(c)		3,909,000		3,987,180
Royal Bank of Scotland Group PLC (The) (United Kingdom),
Sr. Unsec. Notes, 3.50%, 05/15/2023		11,594,000		11,434,048
Unsec. Sub. Global Bonds, 5.13%, 05/28/2024		600,000		615,547
Société Générale S.A. (France), Jr. Unsec. Sub. Notes, 7.38%(b)(c)		2,988,000		3,227,040
Standard Chartered PLC (United Kingdom),
Jr. Unsec. Sub. Notes, 7.75%(b)(c)		5,720,000		6,227,650
Unsec. Sub. Notes, 4.30%, 02/19/2027(b)		3,242,000		3,187,081
Turkiye Garanti Bankasi A.S. (Turkey), Unsec. Sub. Notes, 6.13%, 05/24/2027(b)		200,000		198,663
Turkiye Is Bankasi A.S. (Turkey), Sr. Unsec. Notes, 6.13%, 04/25/2024(b)		200,000		199,135
Wells Fargo & Co.,
Unsec. Sub. Global Notes, 5.38%, 11/02/2043		8,225,000		9,223,193
Unsec. Sub. Medium-Term Notes, 4.75%, 12/07/2046		4,215,000		4,385,086
Series U, Jr. Unsec. Sub. Global Notes, 5.88%(c)		5,356,000		5,700,819
Westpac Banking Corp. (Australia), Jr. Unsec. Sub. Global Bonds, 5.00%(c)		7,615,000		7,288,578
Yapi ve Kredi Bankasi A.S. (Turkey), Sr. Unsec. Notes, 5.85%, 06/21/2024(b)		300,000		295,878
				339,483,064

	Principal Amount		Value
Diversified Capital Markets–0.31%
Credit Suisse Group AG (Switzerland),
Jr. Unsec. Sub. Notes, 7.50%(b)(c)	$	305,000	$	339,099
Sr. Unsec. Notes, 3.87%, 01/12/2029(b)		2,751,000		2,677,587
Credit Suisse Group Funding (Guernsey) Ltd. (Switzerland), Sr. Unsec. Gtd. Global Notes, 3.75%, 03/26/2025		3,055,000		3,020,474
Macquarie Bank Ltd. (Australia), Jr. Unsec. Sub. Notes, 6.13%(b)(c)		6,470,000		6,599,400
				12,636,560
Diversified Chemicals–0.10%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes,
6.63%, 05/15/2023		910,000		961,187
7.00%, 05/15/2025		75,000		81,187
OCP S.A. (Morocco),
Sr. Unsec. Notes, 4.50%, 10/22/2025(b)		1,940,000		1,912,388
REGS, Sr. Unsec. Euro Notes,
4.50%, 10/22/2025(b)		700,000		690,037
6.88%, 04/25/2044(b)		400,000		449,040
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025(b)		97,000		98,334
				4,192,173
Diversified Metals & Mining–0.04%
Corp. Nacional del Cobre de Chile (Chile), Sr. Unsec. Notes, 3.63%, 08/01/2027(b)		200,000		193,722
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(b)		448,000		489,440
MMC Norilsk Nickel OJSC via MMC Finance DAC (Russia), Sr. Unsec. Notes, 6.63%, 10/14/2022(b)		295,000		326,380
Petropavlovsk 2016 Ltd. (Russia), Sr. Unsec. Gtd. Notes, 8.13%, 11/14/2022(b)		200,000		196,037
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		105,000		107,100
Sr. Unsec. Notes, 6.13%, 10/01/2035		435,000		475,237
				1,787,916
Diversified REITs–0.29%
CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2024		117,000		118,170
Select Income REIT, Sr. Unsec. Global Notes, 4.50%, 02/01/2025		1,570,000		1,544,315

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

10                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified REITs–(continued)
Trust F/1401 (Mexico),
Sr. Unsec. Notes, 5.25%, 12/15/2024(b)	$	1,300,000	$	1,339,000
Sr. Unsec. Notes, 5.25%, 01/30/2026(b)		8,353,000		8,530,501
				11,531,986
Diversified Support Services–0.01%
Aeropuerto Internacional de Tocumen, S.A. (Panama), REGS, Sr. Sec. First Lien Euro Notes, 5.63%, 05/18/2036(b)		200,000		215,500
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023(b)		90,000		90,675
				306,175
Electric Utilities–0.63%
Adani Transmission Ltd. (India), Sr. Sec. First Lien Notes, 4.00%, 08/03/2026(b)		200,000		190,584
CLP Power Hong Kong Financing Ltd. (Hong Kong), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 3.13%, 05/06/2025(b)		200,000		193,760
Enel Finance International N.V. (Italy), Sr. Unsec. Gtd. Notes,
2.75%, 04/06/2023(b)		11,170,000		10,809,267
3.50%, 04/06/2028(b)		3,486,000		3,286,528
Israel Electric Corp. (The) (Israel), REGS, Sr. Sec. Medium-Term Global Notes, 4.25%, 08/14/2028(b)		4,817,000		4,750,814
Korea Hydro & Nuclear Power Co., Ltd. (South Korea), REGS, Sr. Unsec. Medium-Term Euro Notes, 3.00%, 09/19/2022(b)		200,000		196,182
Mazoon Assets Co. S.A.O.C. (Oman), Sr. Unsec. Bonds, 5.20%, 11/08/2027(b)		200,000		198,983
OmGrid Funding Ltd. (Oman), Sr. Unsec. Gtd. Bonds, 5.20%, 05/16/2027(b)		200,000		193,000
Perusahaan Listrik Negara PT (Indonesia), Sr. Unsec. Notes, 4.13%, 05/15/2027(b)		200,000		194,329
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		4,240,000		4,414,096
State Grid Overseas Investment (2014) Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 4.85%, 05/07/2044(b)		200,000		221,387
State Grid Overseas Investment (2016) Ltd. (China), Sr. Unsec. Gtd. Notes, 3.50%, 05/04/2027(b)		500,000		484,968
Trinidad Generation Unlimited (Trinidad), REGS, Sr. Unsec. Euro Notes, 5.25%, 11/04/2027(b)		400,000		403,080
				25,536,978

	Principal Amount		Value
Electrical Components & Equipment–0.01%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(b)	$	185,000	$	189,856
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes,
4.88%, 10/15/2023(b)		100,000		101,875
5.00%, 10/01/2025(b)		260,000		263,250
				554,981
Electronic Equipment & Instruments–0.01%
Itron, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 01/15/2026(b)		266,000		265,335
Electronic Manufacturing Services–0.06%
Jabil, Inc., Sr. Unsec. Global Notes, 3.95%, 01/12/2028		2,675,000		2,574,313
Environmental & Facilities Services–0.01%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024(b)		84,000		85,890
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025(b)		220,000		218,350
Waste Pro USA, Inc., Sr. Unsec. Notes, 5.50%, 02/15/2026(b)		212,000		213,590
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025(b)		59,000		60,033
				577,863
Fertilizers & Agricultural Chemicals–0.01%
Israel Chemicals Ltd. (Israel), REGS, Sr. Unsec. Euro Bonds, 4.50%, 12/02/2024(b)		300,000		301,560
Financial Exchanges & Data–0.18%
Moody's Corp., Sr. Unsec. Global Notes,
2.75%, 07/15/2019		1,470,000		1,470,272
4.88%, 02/15/2024		3,099,000		3,303,939
5.25%, 07/15/2044		1,140,000		1,312,675
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(b)		175,000		179,690
Nasdaq, Inc., Sr. Unsec. Notes, 3.85%, 06/30/2026		1,205,000		1,194,549
				7,461,125
Food Distributors–0.01%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(b)		365,000		380,513
Food Retail–0.03%
Albertsons Cos. LLC/ Safeway Inc./New Albertson's, Inc./Albertson's LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		513,000		475,166
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		574,000		571,130
				1,046,296
Forest Products–0.13%
Klabin Finance S.A. (Brazil), Sr. Unsec. Gtd. Notes, 4.88%, 09/19/2027(b)		5,436,000		5,289,228

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

11                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Gas Utilities–0.22%
AmeriGas Partners, L.P./AmeriGas Finance Corp., Sr. Unsec. Global Notes,
5.63%, 05/20/2024	$	124,000	$	125,550
5.88%, 08/20/2026		298,000		300,235
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		94,000		89,300
Infraestructura Energética Nova, S.A.B. de C.V. (Mexico), Sr. Unsec. Notes,
3.75%, 01/14/2028(b)		4,192,000		3,992,880
4.88%, 01/14/2048(b)		4,065,000		3,744,881
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		631,000		618,380
				8,871,226
General Merchandise Stores–0.44%
Dollar Tree, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 03/01/2023		17,022,000		17,734,796
Health Care Distributors–0.22%
AmerisourceBergen Corp., Sr. Unsec. Global Notes, 4.30%, 12/15/2047		9,528,000		8,969,034
Health Care Equipment–0.53%
Abbott Laboratories, Sr. Unsec. Global Notes, 2.90%, 11/30/2021		8,285,000		8,222,375
Becton, Dickinson and Co., Sr. Unsec. Notes,
3.36%, 06/06/2024		5,074,000		4,918,013
3.70%, 06/06/2027		4,718,000		4,520,598
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(b)		472,000		473,180
Teleflex Inc., Sr. Unsec. Gtd. Global Notes,
4.63%, 11/15/2027		3,130,000		3,063,488
4.88%, 06/01/2026		39,000		38,805
5.25%, 06/15/2024		15,000		15,450
				21,251,909
Health Care Facilities–0.43%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		143,000		148,363
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		1,014,000		940,485
Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		244,000		223,260
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		66,737		43,713
8.00%, 11/15/2019		160,000		149,900

	Principal Amount		Value
Health Care Facilities–(continued)
Encompass Health Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025	$	475,000	$	485,687
HCA Healthcare, Inc., Sr. Unsec. Notes, 6.25%, 02/15/2021		130,000		137,150
HCA, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.88%, 03/15/2022		136,000		144,500
6.50%, 02/15/2020		675,000		712,125
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		1,355,000		1,395,650
5.50%, 06/15/2047		11,065,000		10,954,350
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		130,000		132,479
5.88%, 02/15/2026		160,000		166,000
LifePoint Health, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		444,000		435,675
Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2023		23,000		23,144
Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022(b)		23,000		24,380
Sr. Sec. Gtd. First Lien Global Notes, 6.00%, 10/01/2020		180,000		187,875
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		117,000		117,439
8.13%, 04/01/2022		965,000		1,019,281
				17,441,456
Health Care REITs–0.59%
HCP, Inc., Sr. Unsec. Global Notes,
4.00%, 12/01/2022		9,288,000		9,568,942
4.25%, 11/15/2023		5,830,000		6,017,958
Physicians Realty L.P., Sr. Unsec. Gtd. Global Notes, 4.30%, 03/15/2027		3,666,000		3,650,142
Senior Housing Properties Trust, Sr. Unsec. Notes, 6.75%, 12/15/2021		2,550,000		2,783,761
Welltower Inc., Sr. Unsec. Notes, 5.25%, 01/15/2022		1,626,000		1,735,903
				23,756,706
Health Care Services–0.38%
AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(b)		138,000		139,725
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(b)(d)		184,000		184,462
Envision Healthcare Corp., Sr. Unsec. Gtd. Notes, 6.25%, 12/01/2024(b)		76,000		80,370
Laboratory Corp. of America Holdings, Sr. Unsec. Notes,
3.25%, 09/01/2024		9,714,000		9,476,450
3.60%, 09/01/2027		4,420,000		4,300,963

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

12                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Health Care Services–(continued)
MEDNAX, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2023(b)	$	253,000	$	259,641
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(b)		609,000		642,495
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes,
6.75%, 07/01/2025(b)		81,000		76,545
8.88%, 04/15/2021(b)		36,000		37,530
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(b)		160,000		147,200
				15,345,381
Health Care Supplies–0.01%
Yestar Healthcare Holdings Co. Ltd. (China), REGS, Sr. Unsec. Euro Bonds, 6.90%, 09/15/2021(b)		200,000		202,700
Home Entertainment Software–0.07%
Electronic Arts Inc., Sr. Unsec. Global Notes, 3.70%, 03/01/2021		2,790,000		2,853,731
Home Improvement Retail–0.01%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(b)		265,000		259,700
Homebuilding–0.52%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes,
6.75%, 08/01/2025(b)		376,000		376,940
6.88%, 02/15/2021(b)		157,000		159,747
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes,
5.88%, 10/15/2027		31,000		29,528
6.75%, 03/15/2025		566,000		574,490
8.75%, 03/15/2022		145,000		156,963
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		145,000		162,219
Lennar Corp.,
Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/2022		310,000		312,712
Sr. Unsec. Gtd. Notes, 5.25%, 06/01/2026(b)		107,000		109,675
5.38%, 10/01/2022(b)		157,000		164,457
8.38%, 01/15/2021(b)		40,000		44,820
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		19,236,000		18,418,470
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 06/01/2025		83,000		87,980
7.15%, 04/15/2020		55,000		58,988
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(b)		463,000		483,974
				21,140,963

	Principal Amount		Value
Hotel & Resort REITs–0.13%
Hospitality Properties Trust, Sr. Unsec. Notes, 4.95%, 02/15/2027	$	2,775,000	$	2,831,649
Host Hotels & Resorts L.P., Series F, Sr. Unsec. Global Notes, 4.50%, 02/01/2026		2,280,000		2,318,623
				5,150,272
Hotels, Resorts & Cruise Lines–0.26%
Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/2022		290,000		311,387
Royal Caribbean Cruises Ltd., Sr. Unsec. Global Notes, 3.70%, 03/15/2028		10,824,000		10,365,070
				10,676,457
Household Products–0.35%
Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. First Lien Global Notes, 5.75%, 10/15/2020		13,263,208		13,462,156
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(b)		42,000		42,886
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)		218,000		229,990
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		305,000		315,675
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		97,000		98,940
				14,149,647
Independent Power Producers & Energy Traders–0.07%
AES Corp. (The),
Sr. Unsec. Global Notes, 8.00%, 06/01/2020		15,000		16,500
Sr. Unsec. Notes,
5.50%, 03/15/2024		85,000		87,231
5.50%, 04/15/2025		1,192,000		1,227,760
Calpine Corp., Sr. Unsec. Global Notes, 5.38%, 01/15/2023		143,000		139,962
Colbun S.A. (Chile), Sr. Unsec. Notes, 3.95%, 10/11/2027(b)		200,000		194,375
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		100,000		105,625
Emirates SembCorp Water & Power Co. PJSC (United Arab Emirates), Sr. Sec. Notes, 4.45%, 08/01/2035(b)		200,000		200,299
Inkia Energy Ltd. (Peru), Sr. Unsec. Notes, 5.88%, 11/09/2027(b)		200,000		199,000
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes,
6.25%, 05/01/2024		590,000		613,600
6.63%, 01/15/2027		62,000		64,325
				2,848,677

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

13                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Industrial Conglomerates–0.25%
ALFA, S.A.B. de C.V. (Mexico),
Sr. Unsec. Notes, 6.88%, 03/25/2044(b)	$	9,073,000	$	9,537,991
REGS, Sr. Unsec. Euro Notes, 6.88%, 03/25/2044(b)		300,000		315,375
CITIC Ltd. (China), REGS, Sr. Unsec. Medium-Term Euro Notes, 3.13%, 02/28/2022(b)		200,000		195,400
Indika Energy Capital III Pte. Ltd. (Indonesia), Sr. Unsec. Gtd. Notes, 5.88%, 11/09/2024(b)		200,000		195,963
				10,244,729
Industrial Machinery–0.01%
Cleaver-Brooks, Inc., Sr. Sec. Notes, 7.88%, 03/01/2023(b)		284,000		300,330
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		148,000		149,110
				449,440
Integrated Oil & Gas–1.04%
Ecopetrol S.A. (Colombia), Sr. Unsec. Global Notes,
5.88%, 05/28/2045		100,000		100,625
7.63%, 07/23/2019		5,000,000		5,300,000
Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes,
5.75%, 02/01/2029		499,000		481,036
7.38%, 01/17/2027		200,000		216,800
Petróleos del Perú S.A. (Peru), Sr. Unsec. Notes,
4.75%, 06/19/2032(b)		375,000		369,375
5.63%, 06/19/2047(b)		400,000		403,800
Petróleos Mexicanos (Mexico),
Sr. Unsec. Gtd. Global Notes, 6.88%, 08/04/2026		200,000		219,980
Sr. Unsec. Gtd. Notes, 5.38%, 03/13/2022(b)		150,000		157,125
6.50%, 03/13/2027(b)		4,374,000		4,674,713
6.75%, 09/21/2047(b)		144,000		146,794
Sr. Unsec. Notes, 5.35%, 02/12/2028(b)		14,053,000		13,877,337
6.35%, 02/12/2048(b)		16,165,000		15,801,287
REGS, Sr. Unsec. Gtd. Euro Notes, 6.50%, 03/13/2027(b)		400,000		427,500
				42,176,372
Integrated Telecommunication Services–3.99%
AT&T Inc., Sr. Unsec. Global Notes,
3.40%, 05/15/2025		4,505,000		4,344,070
3.90%, 08/14/2027		21,299,000		21,172,910
4.75%, 05/15/2046		5,080,000		4,831,299
5.15%, 02/14/2050		42,811,000		42,894,143
5.25%, 03/01/2037		5,825,000		6,055,428
5.30%, 08/14/2058		36,803,000		37,005,983
5.70%, 03/01/2057		5,620,000		5,983,515
Sr. Unsec. Notes, 3.95%, 01/15/2025		1,021,000		1,022,115
4.45%, 04/01/2024		3,183,000		3,284,922

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(b)	$	92,000	$	87,538
Frontier Communications Corp., Sr. Unsec. Global Notes,
10.50%, 09/15/2022		120,000		102,750
11.00%, 09/15/2025		715,000		563,956
SFR Group S.A. (France), Sr. Sec. Gtd. First Lien Notes, 7.38%, 05/01/2026(b)		200,000		193,810
Sr. Sec. Gtd. First Lien Bonds, 6.00%, 05/15/2022(b)		1,416,000		1,380,600
T-Mobile USA, Inc.,
Sr. Unsec. Gtd. Global Bonds, 6.50%, 01/15/2026		405,000		435,375
Sr. Unsec. Gtd. Global Notes, 6.38%, 03/01/2025		1,858,000		1,964,835
Sr. Unsec. Gtd. Notes, 4.50%, 02/01/2026		3,241,000		3,184,283
4.75%, 02/01/2028		2,900,000		2,832,227
Telecom Italia Capital S.A. (Italy), Sr. Unsec. Gtd. Global Notes,
6.38%, 11/15/2033		34,000		37,400
7.20%, 07/18/2036		109,000		128,075
Verizon Communications Inc.,
Sr. Unsec. Global Bonds, 5.25%, 03/16/2037		4,110,000		4,369,066
Sr. Unsec. Global Notes, 1.75%, 08/15/2021		1,397,000		1,337,646
4.13%, 08/15/2046		1,701,000		1,521,588
4.50%, 08/10/2033		2,830,000		2,849,624
4.52%, 09/15/2048		12,527,000		11,883,160
5.01%, 08/21/2054		1,698,000		1,691,789
				161,158,107
Internet & Direct Marketing Retail–0.46%
Amazon.com, Inc., Sr. Unsec. Notes, 3.15%, 08/22/2027(b)		6,866,000		6,631,849
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.45%, 08/15/2034		12,403,000		11,878,543
				18,510,392
Internet Software & Services–0.99%
Alibaba Group Holding Ltd. (China), Sr. Unsec. Global Notes,
3.60%, 11/28/2024		200,000		199,825
4.20%, 12/06/2047		5,425,000		5,202,135
4.40%, 12/06/2057		5,440,000		5,189,525
Rackspace Hosting, Inc., Sr. Unsec. Gtd. Notes, 8.63%, 11/15/2024(b)		314,000		328,130
Tencent Holdings Ltd. (China), Sr. Unsec. Notes,
2.99%, 01/19/2023(b)		5,274,000		5,169,549
3.38%, 05/02/2019(b)		5,779,000		5,823,032
3.60%, 01/19/2028(b)		10,937,000		10,634,987
3.93%, 01/19/2038(b)		7,975,000		7,558,636
				40,105,819

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

14                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Investment Banking & Brokerage–2.03%
Cantor Fitzgerald, L.P., Unsec. Notes, 6.50%, 06/17/2022(b)	$	1,896,000	$	2,063,654
E*TRADE Financial Corp., Series B, Jr. Unsec. Sub. Global Notes, 5.30%(c)		9,580,000		9,484,200
Goldman Sachs Group, Inc. (The),
Sr. Unsec. Global Notes, 3.75%, 05/22/2025		5,776,000		5,759,198
Sr. Unsec. Medium-Term Global Notes, 7.50%, 02/15/2019		1,921,000		2,007,397
Sr. Unsec. Notes, 3.27%, 09/29/2025		9,905,000		9,566,150
Series P, Jr. Unsec. Sub. Notes, 5.00%(c)		7,805,000		7,610,812
Jefferies Group LLC/Jefferies Group Capital Finance Inc., Sr. Unsec. Global Notes, 4.15%, 01/23/2030		9,904,000		9,422,435
Morgan Stanley,
Sr. Unsec. Global Notes, 3.59%, 07/22/2028		14,137,000		13,688,986
Sr. Unsec. Medium-Term Global Notes, 5.50%, 07/28/2021		4,875,000		5,233,154
Series G, Unsec. Sub. Medium-Term Notes, 4.35%, 09/08/2026		5,000,000		5,084,599
Raymond James Financial, Inc., Sr. Unsec. Global Notes, 4.95%, 07/15/2046		10,915,000		11,882,861
				81,803,446
Leisure Facilities–0.01%
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		115,000		118,594
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024(b)		427,000		427,038
				545,632
Leisure Products–0.66%
Mattel, Inc.,
Sr. Unsec. Global Notes,
2.35%, 05/06/2019		26,216,000		25,986,610
5.45%, 11/01/2041		122,000		108,580
Sr. Unsec. Gtd. Notes, 6.75%, 12/31/2025(b)		501,000		511,020
Sr. Unsec. Notes, 6.20%, 10/01/2040		68,000		63,580
				26,669,790
Life & Health Insurance–1.28%
American Equity Investment Life Holding Co., Sr. Unsec. Global Notes, 5.00%, 06/15/2027		7,395,000		7,537,299
Athene Holding Ltd., Sr. Unsec. Notes, 4.13%, 01/12/2028		17,225,000		16,607,964

	Principal Amount		Value
Life & Health Insurance–(continued)
Dai-ichi Life Insurance Co., Ltd. (The) (Japan), Jr. Unsec. Sub. Notes, 4.00%(b)(c)	$	3,335,000	$	3,214,106
Global Atlantic Financial Group Ltd., Sr. Unsec. Notes, 8.63%, 04/15/2021(b)		50,000		56,891
MetLife, Inc.,
Sr. Unsec. Global Notes, 4.13%, 08/13/2042		2,200,000		2,186,774
Series C, Jr. Unsec. Sub. Global Notes, 5.25%(c)		8,176,000		8,407,381
Pacific Life Insurance Co., Unsec. Sub. Notes, 4.30%, 10/24/2067(b)		6,815,000		6,380,544
Prudential Financial, Inc., Jr. Unsec. Sub. Global Notes,
5.63%, 06/15/2043		5,479,000		5,787,194
8.88%, 06/15/2068		1,640,000		1,660,500
				51,838,653
Managed Health Care–0.06%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		65,000		64,797
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025(b)		120,000		115,500
UnitedHealth Group Inc., Sr. Unsec. Global Notes, 3.75%, 07/15/2025		2,086,000		2,116,668
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		265,000		268,874
				2,565,839
Marine–0.13%
Hidrovias International Finance S.a.r.l. (Brazil), Sr. Unsec. Gtd. Notes, 5.95%, 01/24/2025(b)		5,419,000		5,442,031
Marine Ports & Services–0.01%
DP World Ltd. (United Arab Emirates), REGS, Sr. Unsec. Medium-Term Euro Notes, 6.85%, 07/02/2037(b)		200,000		244,966
Metal & Glass Containers–0.02%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. (Ireland), Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(b)		200,000		205,500
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		455,000		479,457
Berry Global, Inc.,
Sec. Gtd. Second Lien Global Notes, 6.00%, 10/15/2022		60,000		62,700
Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		87,000		89,501
OI European Group B.V., Sr. Unsec. Gtd. Notes, 4.00%, 03/15/2023(b)		80,000		77,600
				914,758

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

15                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Movies & Entertainment–0.08%
21st Century Fox America, Inc., Sr. Unsec. Gtd. Global Notes, 6.55%, 03/15/2033	$	180,000	$	231,430
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		310,000		302,637
Globo Comunicação e Participações S.A. (Brazil), Sr. Sec. Notes, 5.13%, 03/31/2027(b)		267,000		267,467
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024(b)		183,000		192,077
Time Warner, Inc., Sr. Unsec. Gtd. Global Deb., 5.35%, 12/15/2043		2,100,000		2,243,699
				3,237,310
Multi-Line Insurance–0.61%
AIG Global Funding, Sr. Sec. First Lien Notes, 2.70%, 12/15/2021(b)		6,594,000		6,465,966
American Financial Group, Inc., Sr. Unsec. Notes, 3.50%, 08/15/2026		2,690,000		2,603,233
American International Group, Inc., Sr. Unsec. Global Notes, 3.90%, 04/01/2026		5,670,000		5,651,204
Massachusetts Mutual Life Insurance Co., Unsec. Sub. Notes, 4.90%, 04/01/2077(b)		1,975,000		2,042,921
Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/2044(b)		2,185,000		2,322,262
XLIT Ltd. (Bermuda), Unsec. Gtd. Sub. Bonds, 5.50%, 03/31/2045		5,097,000		5,391,605
				24,477,191
Multi-Utilities–0.29%
Sempra Energy, Sr. Unsec. Global Notes,
2.90%, 02/01/2023		4,803,000		4,723,032
3.80%, 02/01/2038		7,137,000		6,784,729
				11,507,761
Office REITs–0.18%
Alexandria Real Estate Equities, Inc., Sr. Unsec. Gtd. Global Notes, 3.95%, 01/15/2027		2,805,000		2,771,807
Hudson Pacific Properties, LP, Sr. Unsec. Gtd. Notes, 3.95%, 11/01/2027		4,677,000		4,482,438
				7,254,245
Office Services & Supplies–0.23%
Pitney Bowes Inc., Sr. Unsec. Global Notes,
3.63%, 10/01/2021		8,285,000		7,943,244
4.70%, 04/01/2023		1,205,000		1,134,206
				9,077,450

	Principal Amount		Value
Oil & Gas Drilling–0.03%
Ensco PLC, Sr. Unsec. Global Notes,
4.50%, 10/01/2024	$	20,000	$	16,400
7.75%, 02/01/2026		447,000		424,091
Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		156,000		142,740
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes,
5.25%, 11/15/2024		443,000		424,172
6.50%, 12/15/2021		55,000		56,238
7.75%, 12/15/2023		19,000		20,140
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		170,000		154,275
Vantage Drilling International,
Sr. Sec. Gtd. First Lien Global Notes, 7.50%, 11/01/2019(e)(f)		356,000		0
Sr. Sec. Second Lien Notes 10.00%, 12/31/2020(b)		9,000		8,865
				1,246,921
Oil & Gas Equipment & Services–0.02%
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		85,000		85,637
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		223,000		227,739
Weatherford International Ltd., Sr. Unsec. Gtd. Notes,
6.50%, 08/01/2036		222,000		169,830
8.25%, 06/15/2023		312,000		303,420
				786,626
Oil & Gas Exploration & Production–0.56%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		668,000		688,040
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(b)		104,000		82,680
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		550,000		563,750
CNOOC Curtis Funding No. 1 Pty Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Notes, 4.50%, 10/03/2023(b)		200,000		207,392
CNOOC Finance (2015) U.S.A. LLC (China), Sr. Unsec. Gtd. Global Notes, 3.50%, 05/05/2025		400,000		390,141
Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 4.38%, 01/15/2025		11,782,000		12,071,744
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		520,000		507,000

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

16                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022	$	80,000	$	62,000
Dolphin Energy Ltd. (United Arab Emirates), REGS, Sr. Sec. Euro Bonds, 5.50%, 12/15/2021(b)		200,000		214,275
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024(b)		152,000		157,320
GeoPark Ltd. (Chile), Sr. Sec. First Lien Notes, 6.50%, 09/21/2024(b)		200,000		201,420
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes,
6.00%, 10/15/2024		544,000		537,200
6.63%, 05/01/2023		35,000		36,138
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		609,000		644,017
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		504,000		516,915
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(b)		666,000		690,975
Pertamina Persero PT (Indonesia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.30%, 05/20/2023(b)		200,000		203,088
QEP Resources, Inc.,
Sr. Unsec. Global Notes,
5.25%, 05/01/2023		79,000		78,803
5.63%, 03/01/2026		77,000		76,038
Sr. Unsec. Notes, 6.88%, 03/01/2021		355,000		379,850
Range Resources Corp., Sr. Unsec. Gtd. Global Notes,
4.88%, 05/15/2025		531,000		511,419
5.88%, 07/01/2022		157,000		160,140
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 01/15/2025		501,000		507,262
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		374,000		379,610
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		592,000		557,960
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), REGS, Sr. Sec. Gtd. Euro Bonds, 4.00%, 08/15/2026(b)		200,000		194,342
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		756,000		766,395
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2025		561,000		576,427

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024	$	454,000	$	456,270
				22,418,611
Oil & Gas Refining & Marketing–0.08%
Phillips 66, Sr. Unsec. Gtd. Global Floating Rate Notes, 2.61% (3 mo. USD LIBOR + 0.60%), 02/26/2021(g)		2,489,000		2,491,488
Puma International Financing S.A. (Singapore), Sr. Unsec. Gtd. Notes, 5.00%, 01/24/2026(b)		200,000		196,487
Reliance Industries Ltd. (India), REGS, Sr. Unsec. Euro Notes, 4.13%, 01/28/2025(b)		250,000		250,800
Sunoco LP/Sunoco Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2023(b)		229,000		227,855
				3,166,630
Oil & Gas Storage & Transportation–7.69%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates),
Sr. Sec. Bonds, 4.60%, 11/02/2047(b)		325,000		317,894
Sr. Sec. Notes, 3.65%, 11/02/2029(b)		8,059,000		7,696,845
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 09/15/2024		557,000		572,318
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		1,012,000		1,075,250
Energy Transfer Partners, L.P.,
Series A, Jr. Unsec. Sub. Global Notes, 6.25%(c)		41,899,000		40,704,878
Series B, Jr. Unsec. Sub. Global Notes, 6.63%(c)		19,813,000		19,082,396
Energy Transfer, L.P., Sr. Unsec. Notes,
4.20%, 04/15/2027		3,519,000		3,427,648
4.75%, 01/15/2026		6,163,000		6,269,564
5.30%, 04/15/2047		7,439,000		7,185,158
Enterprise Products Operating LLC,
Sr. Unsec. Gtd. Global Notes, 4.25%, 02/15/2048		5,072,000		4,859,926
Sr. Unsec. Gtd. Notes, 2.85%, 04/15/2021		4,000,000		3,974,340
Series A, Jr. Unsec. Gtd. Sub. Variable Rate Notes, 5.48% (3 mo. USD LIBOR + 3.71%), 08/01/2066(g)		14,741,000		14,818,685
Series D, Jr. Unsec. Gtd. Sub. Deb., 4.88%, 08/16/2077		13,309,000		13,142,637
EQT Midstream Partners L.P., Sr. Unsec. Notes, 4.00%, 08/01/2024		2,255,000		2,205,798

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

17                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(b)	$	158,000	$	163,135
Kinder Morgan Energy Partners, L.P., Sr. Unsec. Gtd. Notes, 2.65%, 02/01/2019		6,243,000		6,233,310
Kinder Morgan, Inc., Sr. Unsec. Gtd. Medium-Term Global Notes,
7.75%, 01/15/2032		29,297,000		37,415,767
7.80%, 08/01/2031		2,350,000		2,987,104
MPLX LP,
Sr. Unsec. Global Bonds, 4.50%, 07/15/2023		10,896,000		11,267,710
Sr. Unsec. Global Notes, 4.00%, 03/15/2028		3,194,000		3,145,562
4.90%, 04/15/2058		3,943,000		3,809,402
5.50%, 02/15/2023		31,100,000		31,909,754
NGPL PipeCo. LLC,
Sr. Unsec. Bonds, 4.88%, 08/15/2027(b)		4,069,000		4,119,862
Sr. Unsec. Notes, 4.38%, 08/15/2022(b)		2,435,000		2,438,044
7.77%, 12/15/2037(b)		3,253,000		4,001,190
Plains All American Pipeline, L.P., Series B, Jr. Unsec. Sub. Notes, 6.13%(c)		32,643,000		32,153,355
Sabine Pass Liquefaction, LLC, Sr. Sec. First Lien Global Notes,
5.00%, 03/15/2027		4,086,000		4,247,076
5.63%, 04/15/2023		3,000,000		3,217,813
5.63%, 03/01/2025		322,000		346,871
SemGroup Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 03/15/2025		185,000		183,613
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., Sr. Unsec. Gtd. Global Bonds,
5.13%, 02/01/2025		592,000		592,000
5.25%, 05/01/2023		12,336,000		12,544,232
Western Gas Partners, LP, Sr. Unsec. Notes, 5.30%, 03/01/2048		8,656,000		8,685,788
Williams Cos., Inc. (The),
Sr. Unsec. Global Notes, 4.55%, 06/24/2024		428,000		433,350
Sr. Unsec. Notes, 7.88%, 09/01/2021		109,000		122,625
Williams Partners L.P., Sr. Unsec. Notes, 4.13%, 11/15/2020		14,899,000		15,255,217
				310,606,117
Other Diversified Financial Services–0.31%
Fondo MIVIVIENDA S.A. (Peru), REGS, Sr. Unsec. Euro Notes, 3.50%, 01/31/2023(b)		300,000		295,125
Huarong Finance II Co., Ltd. (China), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 2.88%(b)(c)		200,000		190,517

	Principal Amount		Value
Other Diversified Financial Services–(continued)
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025(b)	$	175,000	$	177,625
Majapahit Holding B.V. (Indonesia), REGS, Sr. Unsec. Gtd. Euro Notes, 7.75%, 01/20/2020(b)		200,000		216,640
Minmetals Bounteous Finance (BVI) Ltd. (China), REGS, Sr. Unsec. Gtd. Euro Bonds,
3.13%, 07/27/2021(b)		300,000		295,718
4.20%, 07/27/2026(b)		200,000		197,807
Peru Enhanced Pass-Through Finance Ltd. (Peru), REGS, Class A-2, Sr. Sec. First Lien Pass Through Euro Ctfs., 0.00% 06/02/2025(b)(h)		300,000		259,125
SMBC Aviation Capital Finance DAC (Ireland), Sr. Unsec. Gtd. Notes, 3.00%, 07/15/2022(b)		4,567,000		4,467,656
SPARC EM SPC Panama Metro Line 2 S.P. (Cayman Islands), Sr. Sec. Gtd. Notes, 0.00%, 12/05/2022(b)(h)		3,054,000		2,790,592
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022(b)		3,331,000		3,499,549
				12,390,354
Packaged Foods & Meats–0.32%
Adecoagro S.A. (Argentina), Sr. Unsec. Notes, 6.00%, 09/21/2027(b)		150,000		143,205
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		332,000		320,380
BRF GmbH (Brazil), REGS, Sr. Unsec. Gtd. Euro Notes, 4.35%, 09/29/2026(b)		200,000		186,620
JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/2024(b)		500,000		498,750
Kraft Heinz Foods Co. (The), Sr. Unsec. Gtd. Global Notes, 4.38%, 06/01/2046		4,780,000		4,359,202
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024(b)		498,000		502,980
Minerva Luxembourg S.A. (Brazil), Sr. Unsec. Gtd. Notes,
5.88%, 01/19/2028(b)		6,534,000		6,134,446
6.50%, 09/20/2026(b)		200,000		199,250
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(b)		390,000		398,775
				12,743,608
Paper Packaging–0.01%
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025(b)		449,000		459,103

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

18                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Paper Products–0.01%
Fibria Overseas Finance Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 4.00%, 01/14/2025	$	102,000	$	100,376
Mercer International Inc. (Canada),
Sr. Unsec. Global Notes,
6.50%, 02/01/2024		277,000		290,850
7.75%, 12/01/2022		26,000		27,527
Sr. Unsec. Notes, 5.50%, 01/15/2026(b)		98,000		97,755
				516,508
Personal Products–0.54%
Natura Cosmeticos S.A. (Brazil), Sr. Unsec. Notes, 5.38%, 02/01/2023(b)		21,372,000		21,612,435
Pharmaceuticals–0.13%
Catalent Pharma Solutions, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2026(b)		42,000		41,685
Endo DAC/Endo Finance LLC/Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 07/15/2023(b)		200,000		151,000
Teva Pharmaceutical Finance IV, B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 3.65%, 11/10/2021		265,000		253,977
Valeant Pharmaceuticals International, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025(b)		129,000		128,113
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021(b)		1,030,000		981,075
5.88%, 05/15/2023(b)		33,000		29,453
6.13%, 04/15/2025(b)		175,000		154,109
7.25%, 07/15/2022(b)		80,000		78,100
REGS, Sr. Sec. Gtd. First Lien Euro Notes, 7.00%, 03/15/2024(b)		150,000		158,437
Wyeth LLC, Sr. Unsec. Gtd. Global Notes, 6.00%, 02/15/2036		2,635,000		3,337,282
				5,313,231
Property & Casualty Insurance–0.21%
Allstate Corp. (The), Sr. Unsec. Notes, 4.20%, 12/15/2046		3,105,000		3,164,293
Arch Capital Finance LLC, Sr. Unsec. Gtd. Notes, 5.03%, 12/15/2046		3,499,000		3,843,481
Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/07/2087(b)		1,320,000		1,643,400
				8,651,174
Publishing–0.24%
Meredith Corp., Sr. Unsec. Notes, 6.88%, 02/01/2026(b)		9,171,000		9,480,521
Railroads–0.65%
Autopistas del Sol S.A. (Costa Rica), Sr. Sec. Notes, 7.38%, 12/30/2030(b)		198,000		212,615

	Principal Amount		Value
Railroads–(continued)
Autoridad del Canal de Panamá (Panama), REGS, Sr. Unsec. Euro Bonds, 4.95%, 07/29/2035(b)	$	300,000	$	323,625
CSX Corp., Sr. Unsec. Global Notes,
4.30%, 03/01/2048		12,760,000		12,655,596
4.65%, 03/01/2068		12,273,000		12,076,144
Kazakhstan Temir Zholy National Co. JSC (Kazakhstan), Sr. Unsec. Gtd. Notes, 4.85%, 11/17/2027(b)		250,000		250,549
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(b)		202,000		209,575
Lima Metro Line 2 Finance Ltd. (Peru), Sr. Sec. First Lien Bonds, 5.88%, 07/05/2034(b)		300,000		317,895
				26,045,999
Regional Banks–0.42%
CIT Group Inc., Sr. Unsec. Global Notes,
5.00%, 08/15/2022		199,000		205,716
5.00%, 08/01/2023		936,000		966,420
Huntington Bancshares, Inc., Series E, Jr. Sub. Global Notes, 5.70%(c)		8,560,000		8,640,250
M&T Bank Corp., Series F, Jr. Unsec. Sub. Global Notes, 5.13%(c)		1,218,000		1,242,665
Synovus Financial Corp., Sr. Unsec. Global Notes, 3.13%, 11/01/2022		5,925,000		5,795,657
				16,850,708
Reinsurance–0.02%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		816,000		855,521
Research & Consulting Services–0.00%
IHS Markit Ltd., Sr. Unsec. Gtd. Notes, 5.00%, 11/01/2022(b)		174,000		180,960
Residential REITs–0.05%
Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/2022		2,135,000		2,153,416
Restaurants–1.02%
1011778 BC ULC/ New Red Finance, Inc. (Canada),
Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025(b)		13,925,000		13,637,797
Sr. Sec. Gtd. First Lien Notes, 4.63%, 01/15/2022(b)		14,340,000		14,465,475
Aramark Services, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025(b)		158,000		159,580
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		163,000		171,150
Darden Restaurants, Inc., Sr. Unsec. Global Notes, 4.55%, 02/15/2048		3,188,000		3,165,112

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

19                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Restaurants–(continued)
IRB Holding Corp., Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2026(b)	$	9,611,000	$	9,635,028
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027(b)		84,000		82,320
				41,316,462
Retail REITs–0.05%
Brixmor Operating Partnership LP, Sr. Unsec. Global Notes, 3.25%, 09/15/2023		2,040,000		1,977,534
Semiconductor Equipment–0.00%
Entegris Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/10/2026(b)		94,000		92,825
Semiconductors–1.51%
Analog Devices, Inc., Sr. Unsec. Global Notes, 3.13%, 12/05/2023		4,975,000		4,910,625
Broadcom Corp./Broadcom Cayman Finance Ltd., Sr. Unsec. Gtd. Global Notes,
3.00%, 01/15/2022		18,410,000		18,031,940
3.50%, 01/15/2028		16,035,000		14,835,362
Micron Technology, Inc., Sr. Unsec. Global Notes, 5.50%, 02/01/2025		437,000		455,572
NXP B.V./NXP Funding LLC (Netherlands), Sr. Unsec. Gtd. Notes,
3.88%, 09/01/2022(b)		13,736,000		13,804,680
4.63%, 06/01/2023(b)		4,902,000		5,062,786
5.75%, 03/15/2023(b)		2,120,000		2,187,628
QUALCOMM Inc., Sr. Unsec. Global Notes, 3.00%, 05/20/2022		1,652,000		1,618,164
				60,906,757
Sovereign Debt–1.80%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec. Global Bonds, 6.25%, 04/22/2019		9,010,000		9,284,805
Sr. Unsec. Global Notes, 4.63%, 01/11/2023		21,561,000		20,704,166
5.88%, 01/11/2028		12,714,000		11,905,072
6.88%, 01/11/2048		151,000		138,524
Bahamas Government International Bond (Bahamas), Sr. Unsec. Notes, 6.00%, 11/21/2028(b)		427,000		446,215
Banque Ouest Africaine de Développement (Supranational), Sr. Unsec. Notes, 5.00%, 07/27/2027(b)		200,000		202,275
Bermuda Government International Bond (Bermuda), REGS, Sr. Unsec. Euro Notes, 3.72%, 01/25/2027(b)		200,000		196,000

	Principal Amount		Value
Sovereign Debt–(continued)
Colombia Government International Bond (Colombia), Sr. Unsec. Global Notes, 3.88%, 04/25/2027	$	300,000	$	292,575
Dominican Republic International Bond (Dominican Republic), Sr. Unsec. Bonds, 5.50%, 01/27/2025(b)		455,000		470,356
Ecuador Government International Bond (Ecuador),
Sr. Unsec. Bonds, 8.75%, 06/02/2023(b)		200,000		213,500
Sr. Unsec. Notes, 7.88%, 01/23/2028(b)		200,000		200,200
Guatemala Government Bond (Guatemala), Sr. Unsec. Notes, 4.50%, 05/03/2026(b)		200,000		198,766
Jamaica Government International Bond (Jamaica), Sr. Unsec. Global Notes,
6.75%, 04/28/2028		303,000		339,739
7.88%, 07/28/2045		4,332,000		5,274,210
8.00%, 03/15/2039		200,000		242,680
KazAgro National Management Holding JSC (Kazakhstan), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.63%, 05/24/2023(b)		200,000		200,701
Kenya Government International Bond (Kenya), Sr. Unsec. Notes, 7.25%, 02/28/2028(b)		200,000		202,760
KSA Sukuk Ltd. (Saudi Arabia), Sr. Unsec. Notes, 3.63%, 04/20/2027(b)		200,000		192,610
Mexico Government International Bond (Mexico),
Sr. Unsec. Global Notes, 4.15%, 03/28/2027		200,000		199,950
Sr. Unsec. Medium-Term Global Notes, 4.75%, 03/08/2044		200,000		193,000
Nigeria Government International Bond (Nigeria), Sr. Unsec. Notes, 7.14%, 02/23/2030(b)		2,547,000		2,620,226
Oman Government International Bond (Oman), Sr. Unsec. Notes,
4.13%, 01/17/2023(b)		9,487,000		9,208,357
5.63%, 01/17/2028(b)		6,578,000		6,557,542
6.75%, 01/17/2048(b)		209,000		208,179
Philippine Government International Bond (Philippines), Sr. Unsec. Global Bonds, 3.95%, 01/20/2040		200,000		195,847
Provincia de Buenos Aires (Argentina), REGS, Sr. Unsec. Euro Notes, 5.75%, 06/15/2019(b)		500,000		511,750
Provincia de Córdoba (Argentina), Sr. Unsec. Notes, 7.13%, 08/01/2027(b)		150,000		150,308
Provincia de Río Negro (Argentina), Sr. Unsec. Notes, 7.75%, 12/07/2025(b)		150,000		143,250

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

20                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Sovereign Debt–(continued)
Republic of Poland Government International Bond (Poland), Sr. Unsec. Global Notes,
3.25%, 04/06/2026	$	85,000	$	84,046
4.00%, 01/22/2024		150,000		155,532
Saudi Government International Bond (Saudi Arabia), Sr. Unsec. Notes, 2.88%, 03/04/2023(b)		280,000		270,224
Senegal Government International Bond (Senegal), Unsec. Notes, 6.25%, 05/23/2033(b)		390,000		387,757
Slovenia Government International Bond (Slovenia), REGS, Sr. Unsec. Euro Notes, 5.25%, 02/18/2024(b)		300,000		330,839
Trinidad & Tobago Government International Bond (Trinidad), Sr. Unsec. Notes, 4.50%, 08/04/2026(b)		200,000		206,000
Turkey Government Internaional Bond (Turkey), Sr. Unsec. Global Notes,
4.88%, 04/16/2043		200,000		164,253
5.75%, 05/11/2047		200,000		181,248
Uruguay Government International Bond (Uruguay), Sr. Unsec. Global Bonds,
4.13%, 11/20/2045		150,000		142,125
5.10%, 06/18/2050		150,000		156,150
				72,771,737
Specialized Consumer Services–0.01%
ServiceMaster Co., LLC (The),
Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024(b)		259,000		255,763
Sr. Unsec. Notes, 7.45%, 08/15/2027		191,000		207,235
				462,998
Specialized Finance–1.98%
AerCap Global Aviation Trust (Ireland), Jr. Unsec. Gtd. Sub. Notes, 6.50%, 06/15/2045(b)		41,843,000		45,608,870
Air Lease Corp., Sr. Unsec. Global Notes,
3.00%, 09/15/2023		8,891,000		8,659,150
3.38%, 06/01/2021		3,965,000		3,994,470
3.63%, 12/01/2027		6,790,000		6,473,184
3.88%, 04/01/2021		2,425,000		2,471,132
Aircastle Ltd.,
Sr. Unsec. Global Notes, 4.13%, 05/01/2024		86,000		85,033
7.63%, 04/15/2020		55,000		59,331
Sr. Unsec. Notes, 5.00%, 04/01/2023		327,000		338,000
Aviation Capital Group LLC, Sr. Unsec. Notes, 3.50%, 11/01/2027(b)		12,925,000		12,220,278
				79,909,448

	Principal Amount		Value
Specialized REITs–0.60%
American Tower Corp., Sr. Unsec. Notes, 5.05%, 09/01/2020	$	718,000	$	751,131
Crown Castle International Corp., Sr. Unsec. Global Bonds, 3.80%, 02/15/2028		11,031,000		10,673,486
Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes, 4.88%, 08/15/2020(b)		4,419,000		4,573,337
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		981,000		1,030,050
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		156,000		161,655
Iron Mountain Inc., Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		142,000		148,212
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026(b)		522,000		516,780
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(b)		585,000		585,000
Regency Centers, L.P., Sr. Unsec. Gtd. Notes, 4.13%, 03/15/2028		5,120,000		5,120,384
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 09/01/2024		566,000		560,340
				24,120,375
Specialty Chemicals–0.06%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022		180,000		184,500
Axalta Coating Systems, LLC, Sr. Unsec. Gtd. Notes, 4.88%, 08/15/2024(b)		560,000		564,200
Braskem Netherlands Finance B.V. (Brazil), Sr. Unsec. Gtd. Notes, 3.50%, 01/10/2023(b)		200,000		194,000
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(b)		120,000		131,850
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(b)		134,000		150,415
Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2025(b)		590,000		587,787
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		183,000		185,745
PQ Corp.,
Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(b)		93,000		98,464
Sr. Unsec. Gtd. Notes, 5.75%, 12/15/2025(b)		50,000		50,875
Venator Finance S.a.r.l./Venator Materials Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/2025(b)		75,000		76,688
				2,224,524

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

21                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Steel–0.11%
Cleveland-Cliffs Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2025(b)	$	404,000	$	393,647
FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Sec. Gtd. Notes, 9.75%, 03/01/2022(b)		276,000		305,226
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes,
5.00%, 12/15/2026		108,000		110,430
5.13%, 10/01/2021		2,592,000		2,630,880
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		574,000		605,570
Vale Canada Ltd. (Brazil), Sr. Unsec. Global Bonds, 7.20%, 09/15/2032		200,000		230,500
				4,276,253
Systems Software–0.30%
Microsoft Corp., Sr. Unsec. Global Notes, 4.25%, 02/06/2047		3,476,000		3,717,499
VMware, Inc., Sr. Unsec. Global Notes, 2.30%, 08/21/2020		8,427,000		8,222,154
				11,939,653
Technology Distributors–0.14%
Avnet, Inc., Sr. Unsec. Global Notes, 4.63%, 04/15/2026		5,031,000		5,076,985
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		408,000		413,610
				5,490,595
Technology Hardware, Storage & Peripherals–0.68%
Apple Inc., Sr. Unsec. Global Notes, 4.25%, 02/09/2047		2,965,000		3,063,295
Dell International LLC/ EMC Corp.,
Sr. Sec. Gtd. First Lien Notes,
6.02%, 06/15/2026(b)		7,684,000		8,233,572
8.35%, 07/15/2046(b)		11,927,000		15,136,859
Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(b)		913,000		986,251
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		200,000		211,750
				27,631,727
Thrifts & Mortgage Finance–0.09%
Nationwide Building Society (United Kingdom), Unsec. Sub. Notes, 4.13%, 10/18/2032(b)		3,820,000		3,687,758
Tobacco–0.21%
BAT Capital Corp. (United Kingdom), Sr. Unsec. Gtd. Notes,
2.76%, 08/15/2022(b)		2,129,000		2,070,433
3.22%, 08/15/2024(b)		6,463,000		6,234,446
				8,304,879

	Principal Amount		Value
Trading Companies & Distributors–0.06%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(b)	$	481,000	$	489,417
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 09/01/2025(b)		521,000		534,025
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(b)		479,000		524,361
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025		130,000		134,388
Sr. Unsec. Gtd. Notes,
5.50%, 05/15/2027		722,000		740,772
5.88%, 09/15/2026		40,000		42,170
				2,465,133
Trucking–0.22%
Avis Budget Car Rental LLC/Avis Budget Finance Inc., Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025(b)		99,000		95,906
DAE Funding LLC (United Arab Emirates), Sr. Unsec. Gtd. Notes,
4.00%, 08/01/2020(b)		6,449,000		6,352,265
4.50%, 08/01/2022(b)		2,561,000		2,490,573
				8,938,744
Wireless Telecommunication Services–0.85%
América Móvil, S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Global Notes, 6.13%, 03/30/2040		1,115,000		1,357,838
Axiata SPV2 Bhd. (Malaysia), REGS, Sr. Unsec. Medium-Term Euro Notes, 4.36%, 03/24/2026(b)		200,000		204,082
Bharti Airtel International Netherlands B.V. (India), Sr. Unsec. Gtd. Notes, 5.35%, 05/20/2024(b)		500,000		525,830
Bharti Airtel Ltd. (India), REGS, Sr. Unsec. Euro Notes, 4.38%, 06/10/2025(b)		200,000		197,601
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025(b)		31,000		30,458
Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/2020(b)		254,000		238,443
Empresa Nacional de Telecomunicaciones S.A. (Chile), REGS, Sr. Unsec. Euro Notes, 4.88%, 10/30/2024(b)		700,000		720,467
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2044		2,955,000		3,246,535
Sprint Communications Inc.,
Sr. Unsec. Global Notes, 11.50%, 11/15/2021		140,000		165,900
Sr. Unsec. Gtd. Notes, 7.00%, 03/01/2020(b)		105,000		111,181

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

22                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Sprint Corp., Sr. Unsec. Gtd. Global Notes,
7.25%, 09/15/2021	$	179,000	$	187,279
7.63%, 02/15/2025		90,000		90,225
7.88%, 09/15/2023		1,415,000		1,468,062
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)		25,395,000		25,521,975
Turkcell Iletisim Hizmetleri A.S. (Turkey), Sr. Unsec. Notes, 5.75%, 10/15/2025(b)		330,000		349,341
				34,415,217
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,437,772,575)				2,418,865,135
U.S. Government Sponsored Agency Mortgage-Backed Securities–18.39%
Collateralized Mortgage Obligations–0.22%
Fannie Mae REMICs, IO, 7.00%, 05/25/2033		11,658		2,816
6.00%, 07/25/2033		8,067		1,513
Freddie Mac Multifamily Securitization, IO, Series K038, Class XI, Variable Rate Pass Through Ctfs., 1.17%, 03/25/2024(i)		25,269,475		1,458,478
Freddie Mac Whole Loan Securities Trust, Series 2017-SC02, Class 2A1, Pass Through Ctfs., 3.50%, 05/25/2047		6,355,477		6,396,481
Ginnie Mae REMICs, IO, 1.55%, 09/20/2064(i)		10,480,522		907,220
				8,766,508
Federal Home Loan Mortgage Corp. (FHLMC)–4.09%
Pass Through Ctfs.,
6.00%, 07/01/2019 to 02/01/2034		328,754		363,225
7.00%, 07/01/2019 to 10/01/2034		1,448,886		1,613,132
3.50%, 08/01/2026		789,356		805,219
7.50%, 05/01/2030 to 05/01/2035		863,754		995,260
8.50%, 08/01/2031		46,421		54,505
3.00%, 02/01/2032		2,811,036		2,803,087
6.50%, 07/01/2032 to 09/01/2036		351,201		395,770
8.00%, 08/01/2032		40,930		47,147
5.50%, 01/01/2034 to 07/01/2040		2,829,805		3,119,984
5.00%, 07/01/2034 to 06/01/2040		3,102,936		3,360,236
4.50%, 02/01/2040 to 10/01/2046		33,695,846		35,709,843

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
Pass Through Ctfs., ARM,
3.73% (1 yr. USD LIBOR + 1.95%), 12/01/2036(g)	$	96,316	$	101,556
3.89% (1 yr. USD LIBOR + 2.08%), 02/01/2037(g)		21,231		22,448
3.70% (1 yr. USD LIBOR + 1.88%), 05/01/2037(g)		188,533		198,198
Pass Through Ctfs., TBA,
3.50%, 04/01/2048(j)		80,850,000		80,641,552
4.00%, 04/01/2048(j)		34,000,000		34,775,768
				165,006,930
Federal National Mortgage Association (FNMA)–11.77%
Pass Through Ctfs.,
5.00%, 03/01/2018 to 12/01/2039		818,089		883,398
5.50%, 03/01/2021 to 06/01/2040		1,759,672		1,933,901
7.50%, 03/01/2021 to 08/01/2037		772,184		885,039
8.00%, 08/01/2021 to 04/01/2033		80,515		94,737
6.00%, 03/01/2022 to 10/01/2039		35,056		37,451
6.50%, 07/01/2028 to 01/01/2037		138,073		154,299
7.00%, 07/01/2029 to 02/01/2034		535,848		595,221
9.50%, 04/01/2030		12,772		14,569
3.50%, 12/12/2030 to 11/11/2046		40,757,190		40,989,745
8.50%, 10/01/2032		78,791		94,789
3.00%, 08/01/2043		4,370,188		4,268,500
Pass Through Ctfs., ARM,
3.31% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035(g)		282,869		298,819
3.49% (1 yr. USD LIBOR + 1.67%), 01/01/2037(g)		136,106		141,963
3.50% (1 yr. USD LIBOR + 1.74%), 03/01/2038(g)		84,420		88,504
Pass Through Ctfs., TBA,
2.50%, 04/01/2033(j)		40,620,000		39,587,046
3.00%, 04/01/2033 to 04/01/2048(j)		204,660,000		200,228,588
3.50%, 04/01/2033 to 04/01/2048(j)		81,500,000		81,967,406
4.00%, 04/01/2048(j)		101,000,000		103,306,507
				475,570,482
Government National Mortgage Association (GNMA)–2.31%
Pass Through Ctfs.,
7.50%, 06/15/2023 to 05/15/2032		17,867		18,800
9.00%, 09/15/2024 to 10/15/2024		12,188		12,237
8.50%, 02/15/2025		5,401		5,421

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

23                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Government National Mortgage Association (GNMA)–(continued)
8.00%, 08/15/2025 to 09/15/2026	$	34,178	$	35,478
6.56%, 01/15/2027		127,698		142,170
7.00%, 10/15/2028 to 09/15/2032		304,603		340,517
6.00%, 11/15/2028 to 02/15/2033		75,235		84,308
6.50%, 01/15/2029 to 09/15/2034		150,045		167,064
5.50%, 06/15/2035		72,888		79,749
5.00%, 07/15/2035 to 08/15/2035		57,485		60,808
Pass Through Ctfs., ARM,
2.38% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 01/20/2025(g)		34,375		35,292
2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 05/20/2025(g)		10,117		10,399
3.00% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 06/20/2025(g)		6,697		6,813
Pass Through Ctfs., TBA,
3.00%, 04/01/2048(j)		59,000,000		57,626,409
4.00%, 04/01/2048(j)		33,930,000		34,764,997
				93,390,462
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $744,938,838)				742,734,382
Asset-Backed Securities–17.40%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, Variable Rate Pass Through Ctfs., 3.61%, 02/25/2035(i)		2,339,705		2,361,107
Series 2005-1, Class 4A1, Variable Rate Pass Through Ctfs., 3.61%, 05/25/2035(i)		1,455,234		1,460,146
Angel Oak Mortgage Trust LLC, Series 2017-3, Class A1, Variable Rate Pass Through Ctfs., 2.71%, 11/25/2047(b)(i)		6,446,715		6,463,640
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, Variable Rate Pass Through Ctfs., 3.99%, 09/15/2048(i)		4,394,000		4,450,810
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, Variable Rate Pass Through Ctfs., 3.30%, 08/25/2033(i)		271,110		270,745
Series 2004-10, Class 21A1, Variable Rate Pass Through Ctfs., 3.77%, 01/25/2035(i)		825,538		832,775
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 3.87% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g)		908,399		913,055

	Principal Amount		Value
Bear Stearns ALT-A Trust, Series 2004-11, Class 2A3, Variable Rate Pass Through Ctfs., 3.50%, 11/25/2034(i)	$	2,664,942	$	2,654,103
BlueMountain CLO Ltd. (Cayman Islands), Series 2014-4A, Class A1R, Floating Rate Pass Through Ctfs., 2.82% (3 mo. USD LIBOR + 1.35%), 11/30/2026(b)(g)		7,083,333		7,097,878
BX Trust, Series 2017-SLCT, Class A, Floating Rate Pass Through Ctfs., 2.48% (1 mo. USD LIBOR + 0.92%), 07/15/2034(b)(g)		13,397,000		13,450,258
Canyon Capital CLO Ltd., Series 2006-1A, Class A2, Floating Rate Pass Through Ctfs., 1.86% (3 mo. USD LIBOR + 0.27%), 12/15/2020(b)(g)		10,192,993		10,188,445
Carlyle Global Market Strategies CLO Ltd (Cayman Islands), Series 2014-1A, Class AR, Floating Rate Pass Through Ctfs., 3.03% (3 mo. USD LIBOR + 1.30%), 04/17/2025(b)(g)		10,000,000		10,007,500
Cent CLO Ltd. (Cayman Islands), Series 2014-22A, Class A1R, Floating Rate Pass Through Ctfs., 3.20% (3 mo. USD LIBOR + 1.41%), 11/07/2026(b)(g)		11,785,000		11,833,174
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class C, Variable Rate Pass Through Ctfs., 5.75%, 12/15/2047(b)(i)		5,000,000		5,359,231
CGDB Commercial Mortgage Trust, Series 2017-BIO, Class C, Floating Rate Pass Through Ctfs., 2.66% (1 mo. USD LIBOR + 1.10%), 05/15/2030(b)(g)		5,570,000		5,578,695
CGDBB Commercial Mortgage Trust,
Series 2017-BIOC, Class A, Floating Rate Pass Through Ctfs., 2.35% (1 mo. USD LIBOR + 0.79%), 07/15/2032(b)(g)		12,581,000		12,619,825
Series 2017-BIOC, Class B, Floating Rate Pass Through Ctfs., 2.53% (1 mo. USD LIBOR + 0.97%), 07/15/2032(b)(g)		4,250,000		4,264,575
Series 2017-BIOC, Class C, Floating Rate Pass Through Ctfs., 2.61% (1 mo. USD LIBOR + 1.05%), 07/15/2032(b)(g)		17,124,000		17,183,506
Series 2017-BIOC, Class D, Floating Rate Pass Through Ctfs., 3.16% (1 mo. USD LIBOR + 1.60%), 07/15/2032(b)(g)		4,973,000		4,981,644
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, Pass Through Ctfs., 3.37%, 03/13/2035(b)		1,647,256		1,650,913

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

24                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Chase Mortgage Trust,
Series 2016-1, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 04/25/2045(b)(i)	$	3,064,541	$	3,032,497
Series 2016-2, Class M2, Variable Rate Pass Through Ctfs., 3.75%, 12/25/2045(b)(i)		11,769,727		11,731,566
Series 2016-2, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 12/25/2045(b)(i)		5,237,330		5,170,276
Citigroup Commercial Mortgage Trust,
Series 2012-GC8, Class B, Pass Through Ctfs., 4.29%, 09/10/2045(b)		1,300,000		1,327,989
Series 2013-GC11, Class D, Variable Rate Pass Through Ctfs., 4.38%, 04/10/2046(b)(i)		752,554		694,983
Series 2015-GC27, Class A5, Pass Through Ctfs., 3.14%, 02/10/2048		1,233,335		1,214,244
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-HYB3, Class 2A, Variable Rate Pass Through Ctfs., 3.19%, 09/25/2034(i)		1,879,945		1,831,877
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 3.42%, 08/25/2034(i)		682,565		666,726
COLT Mortgage Loan Trust, Series 2018-1, Class A1, Variable Rate Pass Through Ctfs., 2.93%, 02/25/2048(b)(i)		9,959,886		9,986,108
Commercial Mortgage Trust,
Series 2013-SFS, Class A1, Pass Through Ctfs., 1.87%, 04/12/2035(b)		471,509		455,487
Series 2015-CR25, Class B, Variable Rate Pass Through Ctfs., 4.55%, 08/10/2048(i)		5,267,000		5,461,694
Series 2016-GCT, Class B, Pass Through Ctfs., 3.09%, 08/10/2029(b)		4,595,000		4,517,259
Series 2016-GCT, Class C, Variable Rate Pass Through Ctfs., 3.46%, 08/10/2029(b)(i)		2,115,000		2,098,352
Series 2017-DLTA, Class A, Floating Rate Pass Through Ctfs., 2.24% (1 mo. USD LIBOR + 0.85%), 08/15/2035(b)(g)		23,105,000		23,162,360
Countrywide Asset-Backed Ctfs., Series 2003-1, Class 3A, Floating Rate Pass Through Ctfs., 2.30% (1 mo. USD LIBOR + 0.68%), 06/25/2033(g)		155,639		155,008
Countrywide Home Loans Mortgage Pass Through Trust, Series 2007-13, Class A10, Pass Through Ctfs., 6.00%, 08/25/2037		419,505		374,109
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 3A1, Variable Rate Pass Through Ctfs., 3.53%, 06/25/2034(i)		2,224,231		2,253,359

	Principal Amount		Value
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, Pass Through Ctfs., 3.72%, 08/15/2048	$	1,125,283	$	1,142,409
DB Master Finance LLC,
Series 2015-1A, Class A2II, Pass Through Ctfs., 3.98%, 02/20/2045(b)		16,162,140		16,290,797
Series 2017-1A, Class A2I, Pass Through Ctfs., 3.63%, 11/20/2047(b)		12,069,750		11,996,728
DBUBS Mortgage Trust, Series 2011-LC1A, Class E, Variable Rate Pass Through Ctfs., 5.70%, 11/10/2046(b)(i)		638,333		659,165
Deephaven Residential Mortgage Trust,
Series 2017-2A, Class A2, Variable Rate Pass Through Ctfs., 2.61%, 06/25/2047(b)(i)		1,491,523		1,464,757
Series 2017-2A, Class A3, Variable Rate Pass Through Ctfs., 2.71%, 06/25/2047(b)(i)		1,612,850		1,584,988
Series 2017-3A, Class A1, Variable Rate Pass Through Ctfs., 2.58%, 10/25/2047(b)(i)		10,115,860		10,013,654
Series 2017-3A, Class A2, Variable Rate Pass Through Ctfs., 2.71%, 10/25/2047(b)(i)		3,974,848		3,936,974
Series 2018-1A, Class A1, Variable Rate Pass Through Ctfs., 2.98%, 12/25/2057(b)(i)		19,167,744		19,218,608
Deutsche Mortgage Securities Inc Re-REMIC Trust Certificates, Series 2007-WM1, Class A1, Variable Rate Pass Through Ctfs., 3.24%, 06/27/2037(b)(i)		8,598,187		8,760,133
Dominos Pizza Master Issuer LLC, Series 2017-1A, Class A2II, Pass Through Ctfs., 3.08%, 07/25/2047(b)		13,583,740		13,291,385
First Horizon Alternative Mortgage Securities Trust,
Series 2005-FA8, Class 2A1, Pass Through Ctfs., 5.00%, 11/25/2020		89,835		90,408
Series 2006-FA5, Class A3, Pass Through Ctfs., 6.25%, 08/25/2036		226,261		183,197
Galton Funding Mortgage Trust, Series 2018-1, Class A43, Variable Rate Pass Through Ctfs., 3.50%, 11/25/2057(b)(i)		8,370,094		8,422,091
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, Variable Rate Pass Through Ctfs., 3.90%, 04/19/2036(i)		960,297		913,255
GP Portfolio Trust, Series 2014-GPP, Class B, Floating Rate Pass Through Ctfs., 3.14% (1 mo. USD LIBOR + 1.55%), 02/15/2027(b)(g)		5,000,000		5,006,776

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

25                         Invesco Core Plus Bond Fund

	Principal Amount		Value
GS Mortgage Securities Corp II, Series 2013-KING, Class A, Pass Through Ctfs., 2.71%, 12/10/2027(b)	$	1,435,995	$	1,432,901
GS Mortgage Securities Trust, Series 2013-G1, Class A1, Pass Through Ctfs., 2.06%, 04/10/2031(b)		873,028		839,879
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, Variable Rate Pass Through Ctfs., 3.46%, 09/25/2035(i)		435,996		437,240
H/2 Asset Funding Ltd. (Cayman Islands), Series 2015-1A, Class AFL, Floating Rate Pass Through Ctfs., 3.27% (1 mo. USD LIBOR + 1.65%), 06/24/2049(b)(g)		648,578		652,307
Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1C, Floating Rate Pass Through Ctfs., 2.04% (1 mo. USD LIBOR + 0.45%), 06/20/2035(g)		29,082		29,010
Hertz Vehicle Financing II L.P.,
Series 2015-1A, Class A, Pass Through Ctfs., 2.73%, 03/25/2021(b)		13,789,000		13,686,100
Series 2018-1A, Class A, Pass Through Ctfs.,
3.29%, 02/25/2024(b)		8,320,000		8,217,578
4.39%, 02/25/2024(b)		3,217,000		3,182,696
HMH Trust, Series 2017-NSS, Class A, Pass Through Ctfs., 3.06%, 07/05/2031(b)		9,500,000		9,274,405
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1BR, Pass Through Ctfs., 2.97%, 01/25/2027(b)		15,847,000		15,736,532
InTown Hotel Portfolio Trust,
Series 2018-STAY, Class A, Floating Rate Pass Through Ctfs., 2.26% (1 mo. USD LIBOR + 0.70%), 01/15/2033(b)(g)		15,995,000		16,029,130
Series 2018-STAY, Class B, Floating Rate Pass Through Ctfs., 2.61% (1 mo. USD LIBOR + 1.05%), 01/15/2033(b)(g)		8,640,000		8,658,541
Invitation Homes Trust,
Series 2017-SFR2, Class A, Floating Rate Pass Through Ctfs., 2.44% (1 mo. USD LIBOR + 0.85%), 12/17/2036(b)(g)		6,131,271		6,195,836
Series 2017-SFR2, Class B, Floating Rate Pass Through Ctfs., 2.74% (1 mo. USD LIBOR + 1.15%), 12/17/2036(b)(g)		3,221,000		3,256,662
Series 2017-SFR2, Class C, Floating Rate Pass Through Ctfs., 3.04% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(g)		6,188,000		6,274,753
Series 2017-SFR2, Class D, Floating Rate Pass Through Ctfs., 3.39% (1 mo. USD LIBOR + 1.80%), 12/17/2036(b)(g)		4,706,000		4,786,695
Series 2018-SFR1, Class A, Floating Rate Pass Through Ctfs., 2.27% (1 mo. USD LIBOR + 0.70%), 03/17/2037(b)(g)		32,000,000		32,035,181

	Principal Amount		Value
Jimmy Johns Funding LLC,
Series 2017-1A, Class A2I, Pass Through Ctfs., 3.61%, 07/30/2047(b)	$	13,312,697	$	13,281,414
Series 2017-1A, Class A2II, Pass Through Ctfs., 4.85%, 07/30/2047(b)		9,253,500		9,368,299
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class B, Variable Rate Pass Through Ctfs., 3.81%, 12/15/2047(b)(i)		5,000,000		5,012,785
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2011-C5, Class D, Variable Rate Pass Through Ctfs., 5.41%, 08/15/2046(b)(i)		452,400		444,733
Series 2012-CBX, Class E, Variable Rate Pass Through Ctfs., 5.21%, 06/15/2045(b)(i)		613,211		601,005
Series 2013-LC11, Class C, Variable Rate Pass Through Ctfs., 3.96%, 04/15/2046(i)		2,864,000		2,828,516
JP Morgan Mortgage Trust,
Series 2005-A3, Class 1A1, Variable Rate Pass Through Ctfs., 3.26%, 06/25/2035(i)		961,564		952,805
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 3.56%, 06/25/2035(i)		1,039,268		1,022,552
Series 2005-A5, Class 1A2, Variable Rate Pass Through Ctfs., 3.58%, 08/25/2035(i)		1,111,265		1,109,834
Series 2005-A6, Class 7A1, Variable Rate Pass Through Ctfs., 3.65%, 08/25/2035(i)		845,437		827,637
Series 2007-A4, Class 3A1, Variable Rate Pass Through Ctfs., 3.38%, 06/25/2037(i)		1,227,247		1,117,432
Series 2015-3, Class B2, Variable Rate Pass Through Ctfs., 3.68%, 05/25/2045(b)(i)		9,353,024		8,846,338
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C17, Class C, Variable Rate Pass Through Ctfs., 4.88%, 01/15/2047(i)		12,750,000		13,122,759
Series 2015-C31, Class A3, Pass Through Ctfs., 3.80%, 08/15/2048		1,064,445		1,088,462
Series 2016-C1, Class B, Variable Rate Pass Through Ctfs., 4.75%, 03/15/2049(i)		5,083,000		5,395,059
Lehman Mortgage Trust, Series 2006-1, Class 3A5, Pass Through Ctfs., 5.50%, 02/25/2036		324,811		340,750
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/2041(b)		90,860		90,542
MAD Mortgage Trust, Series 2017-330M, Class A, Variable Rate Pass Through Ctfs., 3.29%, 08/15/2034(b)(i)		11,633,000		11,487,875

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

26                         Invesco Core Plus Bond Fund

	Principal Amount		Value
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, Variable Rate Pass Through Ctfs., 3.30%, 11/25/2035(i)	$	1,339,876	$	1,351,349
Series 2005-A5, Class A9, Variable Rate Pass Through Ctfs., 3.19%, 06/25/2035(i)		1,844,327		1,849,537
Morgan Stanley Capital I Trust,
Series 2006-HQ10, Class AJ, Variable Rate Pass Through Ctfs., 5.39%, 11/12/2041(i)		1,597,292		1,600,152
Series 2014-150E, Class C, Variable Rate Pass Through Ctfs., 4.30%, 09/09/2032(b)(i)		3,350,000		3,435,180
Series 2015-XLF2, Class AFSA, Floating Rate Pass Through Ctfs., 3.42% (1 mo. USD LIBOR + 1.87%), 08/15/2026(b)(g)		400,682		402,751
Series 2017-CLS, Class A, Floating Rate Pass Through Ctfs., 2.26% (1 mo. USD LIBOR + 0.70%), 11/15/2034(b)(g)		18,372,000		18,408,468
Series 2017-CLS, Class B, Floating Rate Pass Through Ctfs., 2.41% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(g)		9,024,000		9,044,744
Series 2017-CLS, Class C, Floating Rate Pass Through Ctfs., 2.56% (1 mo. USD LIBOR + 1.00%), 11/15/2034(b)(g)		6,124,000		6,141,907
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class E, Variable Rate Pass Through Ctfs., 3.79%, 11/15/2032(b)(i)		6,250,000		5,993,486
Northwoods Capital XI Ltd. (Cayman Islands), Series 2014-11A, Class AR, Floating Rate Pass Through Ctfs., 2.91% (3 mo. USD LIBOR + 1.19%), 04/15/2025(b)(g)		18,793,000		18,811,686
Northwoods Capital XII Ltd. (Cayman Islands), Series 2014-12A, Class AR, Floating Rate Pass Through Ctfs., 2.82% (3 mo. USD LIBOR + 1.23%), 09/15/2025(b)(g)		4,250,000		4,261,971
OCP CLO Ltd. (Cayman Islands), Series 2012-2A, Class A1R, Floating Rate Pass Through Ctfs., 3.30% (3 mo. USD LIBOR + 1.40%), 11/22/2025(b)(g)		4,901,622		4,949,908
Provident Home Equity Loan Trust, Series 2000-2, Class A1, Floating Rate Pass Through Ctfs., 2.10% (1 mo. USD LIBOR + 0.54%), 08/25/2031(g)		193,743		170,350
RBSSP Resecuritization Trust, Series 2009-12, Class 17A1, Variable Rate Pass Through Ctfs., 3.16%, 10/25/2035(b)(i)		1,033,008		1,040,669
Regatta V Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1AR, Floating Rate Pass Through Ctfs., 2.91% (3 mo. USD LIBOR + 1.16%), 10/25/2026(b)(g)		5,200,000		5,213,359

	Principal Amount		Value
Residential Funding Mortgage Sec I Trust, Series 2005-S9, Class A10, Pass Through Ctfs., 6.25%, 12/25/2035	$	1,213,918	$	1,184,566
Sequoia Mortgage Trust,
Series 2013-3, Class A1, Variable Rate Pass Through Ctfs., 2.00%, 03/25/2043(i)		1,697,316		1,573,694
Series 2013-4, Class A3, Variable Rate Pass Through Ctfs., 1.55%, 04/25/2043(i)		1,348,434		1,307,155
Series 2013-7, Class A2, Variable Rate Pass Through Ctfs., 3.00%, 06/25/2043(i)		1,426,615		1,384,361
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Variable Rate Pass Through Ctfs., 3.75%, 07/25/2043(b)(i)		2,336,065		2,311,901
Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, Floating Rate Pass Through Ctfs., 2.16% (1 mo. USD LIBOR + 0.54%), 05/25/2035(g)		41,645		39,290
Starwood Waypoint Homes Trust, Series 2017-1, Class D, Floating Rate Pass Through Ctfs., 3.54% (1 mo. USD LIBOR + 1.95%), 01/17/2035(b)(g)		16,580,000		16,823,273
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-8, Class 3A, Variable Rate Pass Through Ctfs., 3.55%, 07/25/2034(i)		1,864,565		1,864,860
Series 2004-12, Class 3A2, Variable Rate Pass Through Ctfs., 3.56%, 09/25/2034(i)		1,404,466		1,392,708
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, Pass Through Ctfs., 6.00%, 12/25/2035		292,368		290,661
Symphony CLO II Ltd. (Cayman Islands), Series 2006-2A, Class A3, Floating Rate Pass Through Ctfs., 1.89% (3 mo. USD LIBOR + 0.42%), 10/25/2020(b)(g)		1,256,165		1,259,669
Thornburg Mortgage Securities Trust,
Series 2003-6, Class A2, Floating Rate Pass Through Ctfs., 2.12% (1 mo. USD LIBOR + 1.00%), 12/25/2033(g)		923,053		851,560
Series 2005-1, Class A3, Variable Rate Pass Through Ctfs., 3.34%, 04/25/2045(i)		1,875,005		1,887,927
Series 2005-2, Class A1, Variable Rate Pass Through Ctfs., 3.08%, 07/25/2045(i)		2,083,678		2,035,247
Towd Point Mortgage Trust, Series 2017-2, Class A1, Variable Rate Pass Through Ctfs., 2.75%, 04/25/2057(b)(i)		6,583,739		6,532,024

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

27                         Invesco Core Plus Bond Fund

	Principal Amount		Value
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class A4, Pass Through Ctfs., 3.09%, 08/10/2049	$	264,769	$	263,886
Series 2012-C4, Class A5, Pass Through Ctfs., 2.85%, 12/10/2045		532,433		524,343
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class C, Variable Rate Pass Through Ctfs., 6.05%, 01/10/2045(b)(i)		4,500,000		4,870,131
Verus Securitization Trust, Series 2018-1, Class A1, Variable Rate Pass Through Ctfs., 2.93%, 02/25/2048(b)(i)		21,184,842		21,220,159
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AJ, Variable Rate Pass Through Ctfs., 5.83%, 07/15/2045(i)		595,165		595,324
WaMu Mortgage Pass Through Trust,
Series 2003-AR8, Class A, Variable Rate Pass Through Ctfs., 3.23%, 08/25/2033(i)		683,208		694,027
Series 2007-HY2, Class 2A2, Variable Rate Pass Through Ctfs., 3.43%, 11/25/2036(i)		888,546		841,679
Wells Fargo Mortgage Backed Securities Trust,
Series 2003-J, Class 2A1, Variable Rate Pass Through Ctfs., 3.48%, 10/25/2033(i)		690,595		701,569
Series 2004-Z, Class 2A1, Variable Rate Pass Through Ctfs., 3.74%, 12/25/2034(i)		477,835		487,802
Series 2005-AR2, Class 2A2, Variable Rate Pass Through Ctfs., 3.91%, 03/25/2035(i)		1,244,934		1,264,872
Series 2005-AR14, Class A1, Variable Rate Pass Through Ctfs., 3.46%, 08/25/2035(i)		601,486		610,823
Series 2005-AR16, Class 4A8, Variable Rate Pass Through Ctfs., 3.46%, 10/25/2035(i)		4,620,000		4,718,714
Series 2006-AR8, Class 1A3, Variable Rate Pass Through Ctfs., 3.61%, 04/25/2036(i)		942,183		937,574
Series 2007-7, Class A1, Pass Through Ctfs., 6.00%, 06/25/2037		666,808		664,636
Wendys Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		11,250,000		11,188,463

	Principal Amount		Value
WFRBS Commercial Mortgage Trust,
Series 2011-C5, Class B, Variable Rate Pass Through Ctfs., 5.67%, 11/15/2044(b)(i)	$	5,000,000	$	5,364,057
Series 2012-C6, Class B, Pass Through Ctfs., 4.70%, 04/15/2045		5,739,000		5,958,937
Series 2012-C9, Class D, Variable Rate Pass Through Ctfs., 4.79%, 11/15/2045(b)(i)		568,832		540,892
Series 2013-C14, Class A5, Pass Through Ctfs., 3.34%, 06/15/2046		1,485,143		1,492,711
Series 2013-C15, Class B, Variable Rate Pass Through Ctfs., 4.48%, 08/15/2046(i)		3,800,000		3,917,737
Series 2013-C16, Class B, Variable Rate Pass Through Ctfs., 5.03%, 09/15/2046(i)		3,127,000		3,300,265
Series 2014-C20, Class A2, Pass Through Ctfs., 3.04%, 05/15/2047		1,018,550		1,022,409
Total Asset-Backed Securities (Cost $706,366,317)				702,990,910
U.S. Treasury Securities–9.06%
U.S. Treasury Bills–0.46%(k)(l)
0.00%, 07/26/2018		235,000		233,314
1.58%, 07/26/2018		760,000		754,547
1.59%, 07/26/2018		14,250,000		14,147,756
1.60%, 07/26/2018		770,000		764,475
1.64%, 07/26/2018		10,000		9,928
1.68%, 07/26/2018		2,625,000		2,606,166
				18,516,186
U.S. Treasury Notes–7.82%
2.25%, 02/15/2021		84,725,500		84,338,279
2.63%, 02/28/2023		202,793,100		202,591,098
2.75%, 02/28/2025		16,833,000		16,783,028
2.75%, 02/15/2028		12,277,200		12,154,667
				315,867,072
U.S. Treasury Bonds–0.78%
2.75%, 11/15/2047		34,270,800		31,758,055
Total U.S. Treasury Securities (Cost $366,827,157)				366,141,313
	Shares
Preferred Stocks–1.96%
Diversified Banks–1.44%
Bank of America Corp., Series L, $72.50 Conv. Pfd.		1,100		1,407,483
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		44,663		56,945,325
				58,352,808

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

28                         Invesco Core Plus Bond Fund

	Shares		Value
Investment Banking & Brokerage–0.47%
Goldman Sachs Group, Inc. (The), Series J, 5.50% Pfd.		446,324	$	11,814,196
Morgan Stanley, Series F, 6.88% Pfd.		249,737		7,042,584
				18,856,780
Regional Banks–0.05%
CIT Group Inc., Series A, 5.80% Pfd.		45,000		45,562
PNC Financial Services Group, Inc. (The), Series P, 6.13% Pfd.		27,000		748,440
SunTrust Banks, Inc., Series G, 5.05% Pfd.		1,187,000		1,188,484
				1,982,486
Total Preferred Stocks (Cost $79,532,466)				79,192,074
	Principal Amount
Agency Credit Risk Transfer Notes–0.82%
Fannie Mae Connecticut Avenue Securities,
4.62% (1 mo. USD LIBOR + 3.00%), 10/25/2029(g)	$	11,300,000		12,081,298
4.47% (1 mo. USD LIBOR + 2.85%), 11/25/2029(g)		11,000,000		11,579,873
Freddie Mac, Series 2017-HQA2, Class M2, Floating Rate STACR® Debt Notes, 4.27% (1 mo. USD LIBOR + 2.65%), 12/25/2029(g)		9,000,000		9,358,485
Total Agency Credit Risk Transfer Notes (Cost $32,034,914)				33,019,656
Variable Rate Senior Loan Interests–0.58%(m)
Cable & Satellite–0.19%
CSC Holdings, LLC, Term Loan,—, 01/25/2026(n)		7,700,000		7,719,250
Food Retail–0.39%
Albertson's LLC, Term Loan B-4, 4.40% (1 mo. USD LIBOR + 2.75%), 08/25/2021		15,827,994		15,644,389
Total Variable Rate Senior Loan Interests (Cost $22,946,972)				23,363,639
Non-U.S. Dollar Denominated Bonds & Notes–0.04%(o)
Food Retail-0.00%
Iceland Bondco PLC (United Kingdom), REGS, Sr. Sec. Gtd. First Lien Euro Notes, 4.63%, 03/15/2025(b)	GBP	100,000		127,797
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		196,806

	Principal Amount		Value
Sovereign Debt–0.03%
Argentine Republic Government International Bond (Argentina), Sr. Unsec. Euro Bonds,
3.38%, 01/15/2023	EUR	121,000	$	146,492
5.25%, 01/15/2028	EUR	100,000		118,851
6.25%, 11/09/2047	EUR	100,000		114,013
Ivory Coast Government International Bond (Ivory Coast), Sr. Unsec. Bonds, 5.13%, 06/15/2025(b)	EUR	100,000		128,473
Republic of South Africa Government Bond (South Africa), Series 2044, Unsec. Bonds, 8.75%, 01/31/2044	ZAR	2,250,000		184,521
Romanian Government International Bond (Romania), Sr. Unsec. Notes, 2.38%, 04/19/2027(b)	EUR	163,000		202,588
Uruguay Government International Bond (Uruguay), Sr. Unsec. Global Notes, 4.38%, 12/15/2028	UYU	2,500,000		160,184
				1,055,122
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,317,191)				1,379,725
Municipal Obligations–0.03%
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		613,960
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		670,236
Total Municipal Obligations (Cost $1,050,000)				1,284,196
	Shares
Common Stocks & Other Equity Interests–0.00%
Auto Parts & Equipment–0.00%
Exide Technologies(p)		14,555		13,099
Other Diversified Financial Services–0.00%
iPayment Holdings, Inc.–Wts., expiring 12/29/2022(p)		172,245		129,184
Total Common Stocks & Other Equity Interests (Cost $19,529)				142,283

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

29                         Invesco Core Plus Bond Fund

	Shares		Value
Money Market Funds–6.78%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(q)		95,877,056	$	95,877,056
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(q)		68,461,547		68,468,393
Invesco Treasury Portfolio–Institutional Class, 1.29%(q)		109,573,780		109,573,780
Total Money Market Funds (Cost $273,920,428)				273,919,229

	Shares	Value
Options Purchased–0.15%
(Cost $7,446,364)(r)		$	6,239,734
TOTAL INVESTMENTS IN SECURITIES–115.09% (Cost $4,674,172,751)			4,649,272,276
OTHER ASSETS LESS LIABILITIES–(15.09)%			(609,590,439	)
NET ASSETS–100.00%		$	4,039,681,837

Investment Abbreviations:

ARM	– Adjustable Rate Mortgage
CLO	– Collateralized Loan Obligation
Conv.	– Convertible
Ctfs.	– Certificates
Deb.	– Debentures
EUR	– Euro
GBP	– British Pound Sterling
Gtd.	– Guaranteed
IO	– Interest only

Jr.	– Junior
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
PIK	– Pay-in-Kind
RB	– Revenue Bonds
REGS	– Regulation S
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
Sec.	– Secured

Sr.	– Senior
STACR®	– Structured Agency Credit Risk
Sub.	– Subordinated
TBA	– To Be Announced
Unsec.	– Unsecured
USD	– U.S. Dollar
UYU	– Uruguayan Peso
Wts.	– Warrants
ZAR	– South African Rand

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, 2018 was $1,339,965,757, which represented 33.17% of the Fund's Net Assets.

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

^(d)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at February 28, 2018 represented less than 1% of the Fund's Net Assets.

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

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

⁽ⁱ⁾  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect February 28, 2018.

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

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

^(l)  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 1K and 1O.

^(m)  Variable rate senior loan interests are, at present, not readily marketable, not registered under 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.

⁽ⁿ⁾  This variable rate interest will settle after February 28, 2018, at which time the interest rate will be determined.

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

^(p)  Non-income producing security.

^(q)  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, 2018.

^(r) The table below details options purchased: See Note 1M, 1N and Note 4:

Open Exchange-Traded Index Options Purchased — Equity Risk

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value(s)

Value

S&P 500 Index

Call

01/17/2020

800

USD

2,550

USD

204,000,000

$

2,967,200

^(s)  Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

30                         Invesco Core Plus Bond Fund

Open Over-The-Counter Foreign Currency Options Purchased

Description

Type of Contract

Counterparty

Expiration Date

Exercise Price

Notional Value

Value

EUR versus CHF

Call

Deutsche Bank Securities Inc.

04/26/2018

CHF

1.150

EUR

55,000,000

$

653,929

EUR versus USD

Call

Bank of America Merrill Lynch

04/12/2018

USD

1.250

EUR

120,000,000

503,319

GBP versus CHF

Call

Goldman Sachs International

04/03/2018

CHF

1.350

GBP

49,000,000

37,884

USD versus CHF

Call

BNP Paribas S.A.

04/10/2018

CHF

1.000

USD

70,000,000

7,163

USD versus CNY

Call

JPMorgan Chase Bank, N.A.

02/01/2019

CNY

6.830

USD

80,000,000

584,822

Subtotal — Over-The-Counter Foreign Currency Call Options Purchased

1,787,117

USD versus JPY

Put

Deutsche Bank Securities Inc.

04/16/2018

JPY

107.000

USD

80,000,000

1,210,330

USD versus MXN

Put

Morgan Stanley & Co. International PLC

08/13/2018

MXN

17.460

USD

64,000,000

275,087

Subtotal — Over-The-Counter Foreign Currency Put Options Purchased

1,485,417

Total Foreign Currency Options Purchased — Currency Risk

3,272,534

Total Options Purchased (Cost $7,446,364)

$

6,239,734

Open Over-The-Counter Foreign Currency Options Written
Description	Type of Contract		Counterparty	Expiration Date		Exercise Price			Premiums Received		Notional Value			Value			Unrealized Appreciation
USD versus MXN		Call	Morgan Stanley & Co. International PLC		08/13/2018		MXN	22.170	$	1,156,928		USD	64,000,000	$	(519,438	)	$	637,490
USD versus CNY		Put	JPMorgan Chase Bank, N.A.		02/01/2019		CNY	6.260		901,593		USD	80,000,000		(839,061	)		62,532
Total Foreign Currency Options Written-Currency Risk									$	2,058,521				$	(1,358,499	)	$	700,022

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
U.S Treasury 2 Year Notes		170		June-2018	$	36,119,688		$	(5,676	)	$	(5,676	)
U.S Treasury 5 Year Notes		1,177		June-2018		134,095,243			(104,106	)		(104,106	)
U.S Treasury Long Bonds		271		June-2018		38,871,563			134,855			134,855
U.S Treasury Ultra Bonds		387		June-2018		60,323,625			265,141			265,141
Subtotal — Long Futures Contracts									290,214			290,214
Short Futures Contracts
U.S Treasury 10 Year Notes		356		June-2018		(42,736,688	)		82,590			82,590
U.S Treasury 10 Year Ultra Bonds		2,503		June-2018		(320,540,438	)		756,312			756,312
Subtotal — Short Futures Contracts									838,902			838,902
Total Futures Contracts — Interest Rate Risk								$	1,129,116		$	1,129,116

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
04/12/2018	BNP Paribas S.A.		USD	9,510,870		CHF	9,221,549	$	291,869
04/12/2018	JPMorgan Chase Bank, N.A.		USD	14,800,183		CHF	14,363,696		468,787
04/12/2018	Merrill Lynch International		CHF	23,585,246		USD	25,265,124		193,414
04/30/2018	Deutsche Bank Securities Inc.		EUR	58,450,000		CHF	67,651,153		378,950
04/30/2018	Deutsche Bank Securities Inc.		USD	31,092,923		EUR	25,850,000		590,748
04/30/2018	JPMorgan Chase Bank, N.A.		USD	39,158,142		EUR	32,600,000		798,827
05/31/2018	Barclays Bank PLC		GBP	68,227		USD	95,413		1,104
05/31/2018	Barclays Bank PLC		USD	40,089,341		CLP	23,872,000,000		27,524
05/31/2018	Goldman Sachs International		EUR	819,561		USD	1,016,849		9,869
05/31/2018	JPMorgan Chase Bank, N.A.		CHF	60,599,404		USD	65,304,319		611,704
05/31/2018	JPMorgan Chase Bank, N.A.		JPY	4,249,061,000		USD	40,113,485		28,173
05/31/2018	JPMorgan Chase Bank, N.A.		USD	80,000,000		JPY	8,699,600,000		2,071,352
05/31/2018	Morgan Stanley & Co. International PLC		USD	67,686,097		JPY	7,243,079,760		644,556
Subtotal — Appreciation									6,116,877

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

31                         Invesco Core Plus Bond Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
04/16/2018	Merrill Lynch International		EUR	26,880,000		USD	32,781,773	$	(131,732	)
04/30/2018	Deutsche Bank Securities Inc.		CHF	29,646,073		USD	31,082,064		(478,344	)
04/30/2018	JPMorgan Chase Bank, N.A.		CHF	38,005,080		USD	39,150,022		(1,309,159	)
05/31/2018	Goldman Sachs International		USD	31,018,125		EUR	25,000,000		(301,030	)
08/15/2018	Morgan Stanley & Co. International PLC		MXN	465,450,000		USD	23,200,000		(824,387	)
08/15/2018	Morgan Stanley & Co. International PLC		USD	24,487,058		MXN	465,450,000		(462,671	)
Subtotal — Depreciation									(3,507,323	)
Total Open Forward Foreign Currency Contracts — Currency Risk								$	2,609,554

Open Centrally Cleared Interest Rate Swap Agreements
Pay/Receive Floating Rate	Floating Rate Index		Payment Frequency		(Pay)/ Receive Fixed Rate			Payment Frequency		Maturity Date		Notional Value				Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)(a)
Receive		6 Month EURIBOR		Semi–Annually		(0.874	)%		Annually		10/31/2027		EUR	(31,600,000	)	$	—	$	658,171		$	658,171
Receive		6 Month EURIBOR		Semi–Annually		(0.850	)		Annually		11/01/2027		EUR	(31,600,000	)		—		751,051			751,051
Subtotal — Appreciation																	—		1,409,222			1,409,222
Pay		3 Month USD LIBOR		Quarterly		2.498			Semi-Annually		12/19/2026		USD	54,200,000			—		(1,641,843	)		(1,641,843	)
Pay		3 Month USD LIBOR		Quarterly		2.351			Semi-Annually		02/13/2027		USD	27,000,000			—		(1,154,393	)		(1,154,393	)
Pay		3 Month USD LIBOR		Quarterly		2.500			Semi-Annually		03/07/2027		USD	77,400,000			—		(2,417,421	)		(2,417,421	)
Pay		3 Month USD LIBOR		Quarterly		2.386			Semi-Annually		10/31/2027		USD	40,000,000			—		(1,659,312	)		(1,659,312	)
Pay		3 Month USD LIBOR		Quarterly		2.357			Semi-Annually		11/01/2027		USD	40,000,000			—		(1,766,627	)		(1,766,627	)
Subtotal — Depreciation																	—		(8,639,596	)		(8,639,596	)
Total Centrally Cleared Interest Rate Swap Agreements — Interest Rate Risk																$	—	$	(7,230,374	)	$	(7,230,374	)

^(a)  The daily variation margin receivable at period-end is recorded in the Statement of Assets and Liabilities.

Abbreviations:

CHF	– Swiss Franc
CLP	– Chilean Peso
CNY	– Chinese Yuan
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate

GBP	– British Pound Sterling
JPY	– Japanese Yen
LIBOR	– London Interbank Offered Rate
MXN	– Mexican Peso
USD	– U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of February 28, 2018

U.S. Dollar Denominated Bonds & Notes	52.0	%
U.S. Government Sponsored Agency Mortgage-Backed Securities	16.0
Asset-Backed Securities	15.1
U.S. Treasury Securities	7.9
Preferred Stocks	1.7
Security types each less than 1% portfolio	1.4
Money Market Funds	5.9

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

32                         Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $4,400,252,323)	$	4,375,353,047
Investments in affiliated money market funds, at value (Cost $273,920,428)		273,919,229
Other investments:
Variation margin receivable — centrally cleared swap agreements		682,837
Swaps receivable – Centrally Cleared		38
Unrealized appreciation on forward foreign currency contracts outstanding		6,116,877
Deposits with brokers:
Cash collateral — OTC Derivatives		720,000
Cash		4,183,249
Foreign currencies, at value (Cost $3,501,874)		3,450,842
Receivable for:
Investments sold		744,907,766
Fund shares sold		20,515,254
Dividends and interest		28,719,092
Fund expenses absorbed		197,668
Investments matured, at value (Cost $97,194)		186,375
Principal paydowns		46,989
Investment for trustee deferred compensation and retirement plans		130,662
Other assets		147,869
Total assets		5,459,277,794
Liabilities:
Other investments:
Options written, at value (premiums received $2,058,521)		1,358,499
Variation margin payable — futures contracts		496,194
Unrealized depreciation on forward foreign currency contracts outstanding		3,507,323
Payable for:
Investments purchased		1,407,683,764
Dividends		1,258,795
Fund shares reacquired		3,801,616
Accrued fees to affiliates		960,821
Accrued trustees’ and officers’ fees and benefits		9,470
Accrued other operating expenses		370,189
Trustee deferred compensation and retirement plans		149,286
Total liabilities		1,419,595,957
Net assets applicable to shares outstanding	$	4,039,681,837
Net assets consist of:
Shares of beneficial interest	$	4,112,570,323
Undistributed net investment income		(885,921	)
Undistributed net realized gain (loss)		(44,348,301	)
Net unrealized appreciation (depreciation)		(27,654,264	)
	$	4,039,681,837

Net Assets:
Class A	$	875,229,244
Class C	$	140,277,226
Class R	$	14,579,697
Class Y	$	1,908,383,667
Class R5	$	8,235,454
Class R6	$	1,092,976,549
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		81,956,805
Class C		13,141,573
Class R		1,365,743
Class Y		178,591,620
Class R5		771,614
Class R6		102,403,874
Class A:
Net asset value per share	$	10.68
Maximum offering price per share
(Net asset value of $10.68 ¸ 95.75%)	$	11.15
Class C:
Net asset value and offering price per share	$	10.67
Class R:
Net asset value and offering price per share	$	10.68
Class Y:
Net asset value and offering price per share	$	10.69
Class R5:
Net asset value and offering price per share	$	10.67
Class R6:
Net asset value and offering price per share	$	10.67

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

33                         Invesco Core Plus Bond Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $232)	$	58,455,636
Dividends from affiliated money market funds		2,145,063
Dividends		1,399,507
Total investment income		62,000,206
Expenses:
Advisory fees		7,413,322
Administrative services fees		292,915
Custodian fees		17,374
Distribution fees:
Class A		1,044,140
Class B		10,880
Class C		679,448
Class R		30,374
Transfer agent fees — A, B, C, R and Y		1,798,903
Transfer agent fees — R5		2,177
Transfer agent fees — R6		2,208
Trustees’ and officers’ fees and benefits		32,970
Registration and filing fees		156,164
Reports to shareholders		52,673
Professional services fees		26,317
Other		27,575
Total expenses		11,587,440
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(1,210,146	)
Net expenses		10,377,294
Net investment income		51,622,912
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(7,048,872	)
Foreign currencies		1,128,593
Forward foreign currency contracts		(12,720,069	)
Futures contracts		(2,754,329	)
Option contracts written		845,722
Swap agreements		(8,011,820	)
		(28,560,775	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(76,209,282	)
Foreign currencies		(56,540	)
Forward foreign currency contracts		(251,084	)
Futures contracts		(126,277	)
Option contracts written		66,139
Swap agreements		(12,174,090	)
		(88,751,134	)
Net realized and unrealized gain (loss)		(117,311,909	)
Net increase (decrease) in net assets resulting from operations	$	(65,688,997	)

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

34                         Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	51,622,912		$	72,235,858
Net realized gain (loss)		(28,560,775	)		(975,172	)
Change in net unrealized appreciation (depreciation)		(88,751,134	)		24,540,318
Net increase (decrease) in net assets resulting from operations		(65,688,997	)		95,801,004
Distributions to shareholders from net investment income:
Class A		(12,128,507	)		(20,764,232	)
Class B		(22,643	)		(98,923	)
Class C		(1,453,411	)		(2,469,732	)
Class R		(161,637	)		(232,383	)
Class Y		(25,094,945	)		(22,112,990	)
Class R5		(103,784	)		(108,453	)
Class R6		(17,761,986	)		(35,493,900	)
Total distributions from net investment income		(56,726,913	)		(81,280,613	)
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		—			(6,212	)
Class R6		—			(1,507,462	)
Total distributions from net realized gains		—			(3,381,953	)
Share transactions–net:
Class A		97,144,634			120,979,944
Class B		(3,035,643	)		(3,265,745	)
Class C		14,129,988			22,078,328
Class R		4,596,839			2,829,212
Class Y		684,123,823			982,782,379
Class R5		3,650,405			4,562,834
Class R6		10,230,812			(26,764,022	)
Net increase in net assets resulting from share transactions		810,840,858			1,103,202,930
Net increase in net assets		688,424,948			1,114,341,368
Net assets:
Beginning of period		3,351,256,889			2,236,915,521
End of period (includes undistributed net investment income of $(885,921) and $4,218,080, respectively)	$	4,039,681,837		$	3,351,256,889

Notes to Financial Statements

February 28, 2018

(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.

35                         Invesco Core Plus Bond Fund

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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

36                         Invesco Core Plus Bond Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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. 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

37                         Invesco Core Plus Bond Fund

investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

M. 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)

38                         Invesco Core Plus Bond Fund

without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. 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.

N. 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.

O. 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

39                         Invesco Core Plus Bond Fund

of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

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

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

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, 2018 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.

P. 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.

Q. 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.

R. 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0	.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, 2018, 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. (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, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.75%, 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 their conversion to Class A shares, the expense limit for Class B shares was 1.50%

40                         Invesco Core Plus Bond Fund

of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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, 2019, 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, 2018, the Adviser waived advisory fees of $259,981 and reimbursed class level expenses of $306,222, $798, $49,816, $4,454 and $584,193 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, 2018, 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 services 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $122,270 in front-end sales commissions from the sale of Class A shares and $33,547 and $6,344 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.

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, 2018. 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.

41                         Invesco Core Plus Bond Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	—		$	2,418,865,135		$	0	$	2,418,865,135
U.S. Government Sponsored Agency Mortgage-Backed Securities		—			742,734,382			—		742,734,382
Asset-Backed Securities		—			702,990,910			—		702,990,910
U.S. Treasury Securities		—			366,141,313			—		366,141,313
Preferred Stocks		77,958,028			1,234,046			—		79,192,074
Agency Credit Risk Transfer Notes		—			33,019,656			—		33,019,656
Variable Rate Senior Loan Interests		—			23,363,639			—		23,363,639
Non-U.S. Dollar Denominated Bonds & Notes		—			1,379,725			—		1,379,725
Municipal Obligations		—			1,284,196			—		1,284,196
Common Stocks & Other Equity Interests		—			142,283			—		142,283
Money Market Funds		273,919,229			—			—		273,919,229
Options Purchased		2,967,200			3,272,534			—		6,239,734
Investments Matured		—			186,375			—		186,375
Total Investments in Securities		354,844,457			4,294,614,194			0		4,649,458,651
Other Investments — Assets*
Forward Foreign Currency Contracts		—			6,116,877			—		6,116,877
Futures Contracts		1,238,898			—			—		1,238,898
Swap Agreements		—			1,409,222			—		1,409,222
		1,238,898			7,526,099			—		8,764,997
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—			(3,507,323	)		—		(3,507,323	)
Futures Contracts		(109,782	)		—			—		(109,782	)
Options Written		—			(1,358,499	)		—		(1,358,499	)
Swap Agreements		—			(8,639,596	)		—		(8,639,596	)
		(109,782	)		(13,505,418	)		—		(13,615,200	)
Total Other Investments		1,129,116			(5,979,319	)		—		(4,850,203	)
Total Investments	$	355,973,573		$	4,288,634,875		$	0	$	4,644,608,448

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

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of February 28, 2018:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—	$	—		$	1,238,898		$	1,238,898
Unrealized appreciation on swap agreements — Centrally Cleared(a)		—		—			1,409,222			1,409,222
Options purchased, at value — Exchange-Traded(b)		—		2,967,200			—			2,967,200
Options purchased, at value — OTC(b)		3,272,534		—			—			3,272,534
Unrealized appreciation on forward foreign currency contracts outstanding		6,116,877		—			—			6,116,877
Total Derivative Assets		9,389,411		2,967,200			2,648,120			15,004,731
Derivatives not subject to master netting agreements		—		(2,967,200	)		(2,648,120	)		(5,615,320	)
Total Derivative Assets subject to master netting agreements	$	9,389,411	$	—		$	—		$	9,389,411

42                         Invesco Core Plus Bond Fund

	Value
Derivative Liabilities	Currency Risk			Equity Risk		Interest Rate Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	—	$	(109,782	)	$	(109,782	)
Unrealized depreciation on swap agreements — Centrally Cleared(a)		—			—		(8,639,596	)		(8,639,596	)
Options written, at value — OTC		(1,358,499	)		—		—			(1,358,499	)
Unrealized depreciation on forward foreign currency contracts outstanding		(3,507,323	)		—		—			(3,507,323	)
Total Derivative Liabilities		(4,865,822	)		—		(8,749,378	)		(13,615,200	)
Derivatives not subject to master netting agreements		—			—		8,749,378			8,749,378
Total Derivative Liabilities subject to master netting agreements	$	(4,865,822	)	$	—	$	—		$	(4,865,822	)

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2018.

	Financial Derivative Assets						Financial Derivative Liabilities												Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Options Purchased		Total Assets		Forward Foreign Currency Contracts			Options Written			Total Liabilities			Net Value of Derivatives			Non-Cash		Cash			Net Amount
Bank of America Merrill Lynch	$	—	$	503,319	$	503,319	$	—		$	—		$	—		$	503,319		$	—	$	(503,319	)	$	—
Barclays Bank PLC		28,628		—		28,628		—			—			—			28,628			—		—			28,628
BNP Paribas S.A.		291,869		7,163		299,032		—			—			—			299,032			—		—			299,032
Deutsche Bank Securities Inc.		969,698		1,864,259		2,833,957		(478,344	)		—			(478,344	)		2,355,613			—		(1,540,000	)		815,613
Goldman Sachs International		9,869		37,884		47,753		(301,030	)		—			(301,030	)		(253,277	)		—		—			(253,277	)
JPMorgan Chase Bank, N.A.		3,978,843		584,822		4,563,665		(1,309,159	)		(839,061	)		(2,148,220	)		2,415,445			—		—			2,415,445
Merrill Lynch International		193,414		—		193,414		(131,732	)		—			(131,732	)		61,682			—		—			61,682
Morgan Stanley & Co. International PLC		644,556		275,087		919,643		(1,287,058	)		(519,438	)		(1,806,496	)		(886,853	)		—		520,000			(366,853	)
Total	$	6,116,877	$	3,272,534	$	9,389,411	$	(3,507,323	)	$	(1,358,499	)	$	(4,865,822	)	$	4,523,589		$	—	$	(1,523,319	)	$	3,000,270

Effect of Derivative Investments for the six months ended February 28, 2018

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			Equity Risk			Interest Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	—		$	(12,720,069	)	$	—		$	—		$	(12,720,069	)
Futures contracts		—			—			—			(2,754,329	)		(2,754,329	)
Options purchased(a)		5,045,413			(3,859,420	)		—			(923,746	)		262,247
Options written		—			845,722			—			—			845,722
Swap agreements		(5,560,166	)		—			(2,451,654	)		—			(8,011,820	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		—			(251,084	)		—			—			(251,084	)
Futures contracts		—			—			—			(126,277	)		(126,277	)
Options purchased(a)		—			(908,010	)		197,896			801,368			91,254
Options written		—			66,139			—			—			66,139
Swap agreements		—			—			—			(12,174,090	)		(12,174,090	)
Total	$	(514,753	)	$	(16,826,722	)	$	(2,253,758	)	$	(15,177,074	)	$	(34,772,307	)

^(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.

43                         Invesco Core Plus Bond Fund

The table below summarizes the six month average notional value of forward foreign currency contracts, futures contracts, foreign currency options purchased, foreign currency options written, swaptions and swap agreements and the one month average notional value of index options purchased outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Index Options Purchased		Foreign Currency Options Purchased		Foreign Currency Options Written		Swaptions		Swap Agreements
Average notional value	$	1,233,757,999	$	659,599,057	$	204,000,000	$	431,582,859	$	77,333,333	$	267,600,000	$	494,880,442
Average contracts		—		—		800		—		—		—		—

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,682.

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 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 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	12,378,682	$	—	$	12,378,682

* 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 Transactions

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, 2018 was $5,749,852,973 and $4,313,951,946, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $3,338,416,291 and $3,416,919,651, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	39,685,005
Aggregate unrealized (depreciation) of investments		(75,603,978	)
Net unrealized appreciation (depreciation) of investments	$	(35,918,973	)

Cost of investments for tax purposes is $4,680,527,421.

44                         Invesco Core Plus Bond Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		16,336,763		$	177,883,239			33,451,331		$	362,820,648
Class B(b)		6,748			74,038			37,384			405,268
Class C		3,361,798			36,623,291			6,645,883			72,162,945
Class R		673,518			7,328,580			439,360			4,761,581
Class Y		78,971,954			860,767,240			107,161,244			1,164,413,002
Class R5		403,820			4,393,280			503,718			5,384,508
Class R6		3,557,952			38,735,669			6,939,220			74,702,460
Issued as reinvestment of dividends:
Class A		1,022,358			11,104,768			1,793,670			19,459,518
Class B(b)		1,369			14,958			8,033			86,939
Class C		116,648			1,265,573			206,989			2,243,400
Class R		14,559			158,127			22,257			241,383
Class Y		1,876,742			20,378,082			1,650,827			17,948,864
Class R5		9,548			103,554			10,533			114,131
Class R6		1,634,171			17,745,648			3,412,400			37,001,362
Conversion of Class B shares to Class A shares:(c)
Class A		180,129			1,954,379			196,233			2,127,779
Class B		(179,986	)		(1,954,379	)		(196,285	)		(2,127,779	)
Reacquired:
Class A		(8,616,506	)		(93,797,752	)		(24,337,323	)		(263,428,001	)
Class B(b)		(107,475	)		(1,170,260	)		(150,712	)		(1,630,173	)
Class C		(2,185,372	)		(23,758,876	)		(4,831,062	)		(52,328,017	)
Class R		(266,271	)		(2,889,868	)		(200,503	)		(2,173,752	)
Class Y		(18,143,409	)		(197,021,499	)		(18,440,799	)		(199,579,487	)
Class R5		(77,755	)		(846,429	)		(86,397	)		(935,805	)
Class R6		(4,258,492	)		(46,250,505	)		(12,708,357	)		(138,467,844	)
Net increase in share activity		74,332,811		$	810,840,858			101,527,644		$	1,103,202,930

^(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.

    In addition, 5% of the outstanding shares of the Fund are owned by the Advisor or an affiliate of the Adviser.

^(b) Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c) Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

45                         Invesco Core Plus Bond 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 02/28/18	$	11.03	$	0.14	$	(0.33	)	$	(0.19	)	$	(0.16	)	$	—		$	(0.16	)	$	10.68		(1.77	)%	$	875,229		0.74	%(d)		0.83	%(d)		2.62	%(d)		209	%
Year ended 08/31/17		11.05		0.28		0.03			0.31			(0.31	)		(0.02	)		(0.33	)		11.03		2.88			805,356		0.76			0.88			2.54			547
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
Class B
Six months ended 02/28/18(e)		11.03		0.08		(0.17	)		(0.09	)		(0.09	)		—			(0.09	)		10.85		(0.79	)		—		1.49	(d)		1.58	(d)		1.87	(d)		209
Year ended 08/31/17		11.05		0.20		0.03			0.23			(0.23	)		(0.02	)		(0.25	)		11.03		2.11			3,080		1.51			1.63			1.79			547
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
Class C
Six months ended 02/28/18		11.02		0.10		(0.33	)		(0.23	)		(0.12	)		—			(0.12	)		10.67		(2.14	)		140,277		1.49	(d)		1.58	(d)		1.87	(d)		209
Year ended 08/31/17		11.05		0.20		0.02			0.22			(0.23	)		(0.02	)		(0.25	)		11.02		2.02			130,591		1.51			1.63			1.79			547
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
Class R
Six months ended 02/28/18		11.02		0.13		(0.33	)		(0.20	)		(0.14	)		—			(0.14	)		10.68		(1.80	)		14,580		0.99	(d)		1.08	(d)		2.37	(d)		209
Year ended 08/31/17		11.05		0.25		0.02			0.27			(0.28	)		(0.02	)		(0.30	)		11.02		2.53			10,403		1.01			1.13			2.29			547
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
Class Y
Six months ended 02/28/18		11.03		0.16		(0.33	)		(0.17	)		(0.17	)		—			(0.17	)		10.69		(1.55	)		1,908,384		0.49	(d)		0.58	(d)		2.87	(d)		209
Year ended 08/31/17		11.06		0.30		0.03			0.33			(0.34	)		(0.02	)		(0.36	)		11.03		3.04			1,278,700		0.51			0.63			2.79			547
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
Class R5
Six months ended 02/28/18		11.03		0.16		(0.35	)		(0.19	)		(0.17	)		—			(0.17	)		10.67		(1.74	)		8,235		0.49	(d)		0.50	(d)		2.87	(d)		209
Year ended 08/31/17		11.05		0.30		0.04			0.34			(0.34	)		(0.02	)		(0.36	)		11.03		3.17			4,807		0.50			0.51			2.80			547
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
Class R6
Six months ended 02/28/18		11.02		0.16		(0.34	)		(0.18	)		(0.17	)		—			(0.17	)		10.67		(1.62	)		1,092,977		0.43	(d)		0.44	(d)		2.93	(d)		209
Year ended 08/31/17		11.05		0.30		0.03			0.33			(0.34	)		(0.02	)		(0.36	)		11.02		3.12			1,118,319		0.47			0.48			2.83			547
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(f)		10.97		0.32		(0.54	)		(0.22	)		(0.34	)		—			(0.34	)		10.41		(2.07	)		185,513		0.48	(g)		0.54	(g)		3.11	(g)		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 $842,254, $2,195, $137,016, $12,250, $1,606,803, $6,604 and $1,112,749 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

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

^(g)  Annualized.

46                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	982.30	$	3.64	$	1,021.12	$	3.71		0.74	%
C		1,000.00		978.60		7.31		1,017.41		7.45		1.49
R		1,000.00		982.00		4.87		1,019.89		4.96		0.99
Y		1,000.00		984.50		2.41		1,022.36		2.46		0.49
R5		1,000.00		983.50		2.41		1,022.36		2.46		0.49
R6		1,000.00		983.80		2.12		1,022.66		2.16		0.43

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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.

47                         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 04232018 0845

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Equally-Weighted S&P 500 Fund
	Nasdaq:
	A: VADAX  ⬛  C: VADCX  ⬛  R: VADRX  ⬛  Y: VADDX  ⬛  R6: VADFX

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	8.95	%
Class C Shares	8.63
Class R Shares	8.83
Class Y Shares	9.08
Class R6 Shares	9.17
S&P 500 Indexq(Broad Market Index)	10.84
S&P 500 Equal Weight Indexq(Style-Specific Index)	9.24
Lipper Multi-Cap Core Funds Index∎ (Peer Group Index)	10.60
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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.58	%
10 Years	9.64
5 Years	12.10
1 Year	5.99
Class C Shares
Inception (7/28/97)	8.08	%
10 Years	9.46
5 Years	12.56
1 Year	10.39
Class R Shares
Inception (3/31/08)	10.23	%
5 Years	13.10
1 Year	11.87
Class Y Shares
Inception (7/28/97)	9.14	%
10 Years	10.54
5 Years	13.66
1 Year	12.43
Class R6 Shares
10 Years	10.47	%
5 Years	13.78
1 Year	12.58

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.

    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

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.66	%
10 Years	8.78
5 Years	13.82
1 Year	11.77
Class B Shares*
Inception (12/1/87)	11.23	%
10 Years	8.74
5 Years	14.01
1 Year	12.36
Class C Shares
Inception (7/28/97)	8.16	%
10 Years	8.60
5 Years	14.27
1 Year	16.41
Class R Shares
Inception (3/31/08)	10.43	%
5 Years	14.82
1 Year	17.97
Class Y Shares
Inception (7/28/97)	9.22	%
10 Years	9.67
5 Years	15.40
1 Year	18.56
Class R6 Shares
10 Years	9.60	%
5 Years	15.51
1 Year	18.70
*EffectiveJanuary 26, 2018, Class B shares were converted to Class A shares.

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 0.53% 1.28%, 1.28%, 0.78%, 0.28% 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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 manage- ment 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our

funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to consider- ing 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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.54%
Advertising–0.44%
Interpublic Group of Cos., Inc. (The)		776,905	$	18,179,577
Omnicom Group Inc.		213,786		16,296,907
				34,476,484
Aerospace & Defense–2.84%
Arconic Inc.		641,970		15,657,648
Boeing Co. (The)		54,945		19,901,628
General Dynamics Corp.		78,126		17,379,129
Harris Corp.		109,660		17,123,409
Huntington Ingalls Industries, Inc.		69,046		18,090,743
L3 Technologies, Inc.		81,036		16,819,022
Lockheed Martin Corp.		49,735		17,528,603
Northrop Grumman Corp.		51,391		17,988,906
Raytheon Co.		83,527		18,167,958
Rockwell Collins, Inc.		116,699		16,071,786
Textron Inc.		286,452		17,144,152
TransDigm Group, Inc.		57,202		16,491,909
United Technologies Corp.		127,912		17,234,863
				225,599,756
Agricultural & Farm Machinery–0.21%
Deere & Co.		103,634		16,671,602
Agricultural Products–0.20%
Archer-Daniels-Midland Co.		378,439		15,712,787
Air Freight & Logistics–0.78%
C.H. Robinson Worldwide, Inc.		177,743		16,594,086
Expeditors International of Washington, Inc.		243,701		15,830,817
FedEx Corp.		65,255		16,079,485
United Parcel Service, Inc.–Class B		131,389		13,718,325
				62,222,713
Airlines–0.99%
Alaska Air Group, Inc.		225,250		14,528,625
American Airlines Group Inc.		307,899		16,703,521
Delta Air Lines, Inc.		293,846		15,838,299
Southwest Airlines Co.		248,049		14,347,154
United Continental Holdings Inc.(b)		247,190		16,757,010
				78,174,609
Alternative Carriers–0.24%
CenturyLink Inc.		1,070,826		18,921,495
Apparel Retail–0.98%
Foot Locker, Inc.		349,322		16,037,373
Gap, Inc. (The)		469,066		14,813,104
L Brands, Inc.		274,248		13,528,654
Ross Stores, Inc.		204,304		15,954,100
TJX Cos., Inc. (The)		212,628		17,580,083
				77,913,314

	Shares		Value
Apparel, Accessories & Luxury Goods–1.49%
Hanesbrands, Inc.(c)		757,061	$	14,686,983
Michael Kors Holdings Ltd.(b)		254,149		15,993,597
PVH Corp.		116,018		16,739,077
Ralph Lauren Corp.		153,498		16,246,228
Tapestry, Inc.		371,722		18,924,367
Under Armour, Inc.–Class A(b)(c)		606,572		10,056,964
Under Armour, Inc.–Class C(b)(c)		610,455		9,187,348
VF Corp.		214,164		15,970,209
				117,804,773
Application Software–1.68%
Adobe Systems Inc.(b)		90,504		18,927,102
ANSYS, Inc.(b)		107,499		17,193,390
Autodesk, Inc.(b)		146,594		17,220,397
Cadence Design Systems, Inc.(b)		360,629		13,981,586
Citrix Systems, Inc.(b)		179,347		16,499,924
Intuit Inc.		101,197		16,885,731
salesforce.com, inc.(b)		151,866		17,654,423
Synopsys, Inc.(b)		173,561		14,695,410
				133,057,963
Asset Management & Custody Banks–1.78%
Affiliated Managers Group, Inc.		78,376		14,841,279
Ameriprise Financial, Inc.		92,481		14,467,728
Bank of New York Mellon Corp. (The)		287,342		16,387,114
BlackRock, Inc.		30,473		16,742,780
Franklin Resources, Inc.		351,668		13,599,002
Invesco Ltd.(d)		417,016		13,569,701
Northern Trust Corp.		160,738		17,017,332
State Street Corp.		160,837		17,072,848
T. Rowe Price Group Inc.		152,885		17,107,831
				140,805,615
Auto Parts & Equipment–0.39%
Aptiv PLC		184,334		16,835,224
BorgWarner, Inc.		292,206		14,341,471
				31,176,695
Automobile Manufacturers–0.35%
Ford Motor Co.		1,245,759		13,217,503
General Motors Co.		373,845		14,710,801
				27,928,304
Automotive Retail–0.78%
Advance Auto Parts, Inc.		156,604		17,892,007
AutoZone, Inc.(b)		21,760		14,464,307
CarMax, Inc.(b)		232,794		14,414,604
O’Reilly Automotive, Inc.(b)		62,567		15,278,236
				62,049,154

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

5                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Biotechnology–1.77%
AbbVie Inc.		163,720	$	18,963,688
Alexion Pharmaceuticals, Inc.(b)		137,243		16,119,190
Amgen Inc.		89,555		16,457,522
Biogen Inc.(b)		48,220		13,935,098
Celgene Corp.(b)		148,072		12,900,033
Gilead Sciences, Inc.		211,654		16,663,519
Incyte Corp.(b)		162,652		13,851,444
Regeneron Pharmaceuticals, Inc.(b)		41,254		13,219,432
Vertex Pharmaceuticals Inc.(b)		109,385		18,161,192
				140,271,118
Brewers–0.19%
Molson Coors Brewing Co.–Class B		196,019		14,946,449
Broadcasting–0.65%
CBS Corp.–Class B		273,342		14,478,926
Discovery Communications, Inc.–Class A(b)(c)		357,412		8,692,260
Discovery Communications, Inc.–Class C(b)		471,863		10,843,412
Scripps Networks Interactive Inc.–Class A		191,924		17,246,290
				51,260,888
Building Products–0.97%
A.O. Smith Corp.		252,474		16,206,306
Allegion PLC		190,504		16,023,292
Fortune Brands Home & Security, Inc.		230,269		13,968,118
Johnson Controls International PLC		419,914		15,482,229
Masco Corp.		367,720		15,120,646
				76,800,591
Cable & Satellite–0.57%
Charter Communications, Inc.–Class A(b)		48,409		16,552,489
Comcast Corp.–Class A		413,939		14,988,731
DISH Network Corp.–Class A(b)		323,297		13,478,252
				45,019,472
Casinos & Gaming–0.41%
MGM Resorts International		473,448		16,206,125	��
Wynn Resorts Ltd.		98,463		16,492,553
				32,698,678
Commodity Chemicals–0.20%
LyondellBasell Industries N.V.–Class A		146,621		15,867,325
Communications Equipment–0.86%
Cisco Systems, Inc.		417,681		18,703,755
F5 Networks, Inc.(b)		118,343		17,576,302
Juniper Networks, Inc.		553,523		14,203,400
Motorola Solutions, Inc.		169,790		18,023,209
				68,506,666
Computer & Electronics Retail–0.22%
Best Buy Co., Inc.		246,260		17,839,074

	Shares		Value
Construction & Engineering–0.57%
Fluor Corp.		311,810	$	17,741,989
Jacobs Engineering Group Inc.		229,294		14,000,692
Quanta Services, Inc.(b)		398,705		13,731,400
				45,474,081
Construction Machinery & Heavy Trucks–0.60%
Caterpillar Inc.		109,195		16,884,823
Cummins Inc.		91,929		15,459,700
PACCAR Inc.		218,271		15,626,021
				47,970,544
Construction Materials–0.37%
Martin Marietta Materials, Inc.		73,371		14,962,548
Vulcan Materials Co.		124,792		14,691,762
				29,654,310
Consumer Electronics–0.19%
Garmin Ltd.		252,272		14,944,593
Consumer Finance–1.00%
American Express Co.		159,401		15,543,192
Capital One Financial Corp.		163,994		16,059,932
Discover Financial Services		212,859		16,779,675
Navient Corp.		1,231,114		15,955,238
Synchrony Financial		418,906		15,243,989
				79,582,026
Copper–0.25%
Freeport-McMoRan Inc.(b)		1,049,367		19,518,226
Data Processing & Outsourced Services–2.33%
Alliance Data Systems Corp.		67,405		16,241,909
Automatic Data Processing, Inc.		135,398		15,614,097
Fidelity National Information Services, Inc.		163,891		15,926,927
Fiserv, Inc.(b)		119,259		17,100,548
Global Payments Inc.		158,086		17,925,372
Mastercard Inc.–Class A		104,803		18,420,175
Paychex, Inc.		227,633		14,825,737
PayPal Holdings, Inc.(b)		215,457		17,109,440
Total System Services, Inc.		205,131		18,041,272
Visa Inc.–Class A		139,510		17,151,360
Western Union Co. (The)		810,160		16,057,371
				184,414,208
Department Stores–0.71%
Kohl’s Corp.		315,568		20,855,889
Macy’s, Inc.		608,876		17,907,043
Nordstrom, Inc.(c)		343,141		17,606,565
				56,369,497
Distillers & Vintners–0.40%
Brown-Forman Corp.–Class B		236,296		16,491,098
Constellation Brands, Inc.–Class A		72,065		15,528,566
				32,019,664

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

6                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Distributors–0.39%
Genuine Parts Co.		165,619	$	15,210,449
LKQ Corp.(b)		390,576		15,419,940
				30,630,389
Diversified Banks–1.02%
Bank of America Corp.		540,757		17,358,300
Citigroup Inc.		207,489		15,663,345
JPMorgan Chase & Co.		148,296		17,128,188
U.S. Bancorp		283,761		15,425,248
Wells Fargo & Co.		264,862		15,470,589
				81,045,670
Diversified Chemicals–0.41%
DowDuPont Inc.		222,098		15,613,490
Eastman Chemical Co.		170,416		17,225,649
				32,839,139
Diversified Support Services–0.21%
Cintas Corp.		98,686		16,841,753
Drug Retail–0.37%
CVS Health Corp.		214,926		14,556,938
Walgreens Boots Alliance, Inc.		219,552		15,124,937
				29,681,875
Electric Utilities–2.41%
Alliant Energy Corp.		349,555		13,510,301
American Electric Power Co., Inc.		204,198		13,391,305
Duke Energy Corp.		178,410		13,441,409
Edison International		218,788		13,256,365
Entergy Corp.		186,922		14,172,426
Eversource Energy		240,861		13,729,077
Exelon Corp.		382,679		14,174,430
FirstEnergy Corp.		478,495		15,469,743
NextEra Energy, Inc.		98,779		15,029,225
PG&E Corp.		293,846		12,074,132
Pinnacle West Capital Corp.		173,102		13,321,930
PPL Corp.		455,334		13,045,319
Southern Co. (The)		307,658		13,247,753
Xcel Energy, Inc.		306,816		13,278,997
				191,142,412
Electrical Components & Equipment–0.98%
Acuity Brands, Inc.		91,517		13,048,494
AMETEK, Inc.		218,971		16,584,863
Eaton Corp. PLC		203,247		16,402,033
Emerson Electric Co.		236,047		16,773,500
Rockwell Automation, Inc.		81,452		14,726,522
				77,535,412
Electronic Components–0.38%
Amphenol Corp.–Class A		175,834		16,069,469
Corning Inc.		485,595		14,121,103
				30,190,572

	Shares		Value
Electronic Equipment & Instruments–0.21%
FLIR Systems, Inc.		338,629	$	16,626,684
Electronic Manufacturing Services–0.22%
TE Connectivity Ltd.		165,671		17,079,023
Environmental & Facilities Services–0.59%
Republic Services, Inc.		241,157		16,200,927
Stericycle, Inc.(b)		235,941		14,786,423
Waste Management, Inc.		185,751		16,034,026
				47,021,376
Fertilizers & Agricultural Chemicals–0.81%
CF Industries Holdings, Inc.		400,127		16,501,238
FMC Corp.		176,883		13,881,778
Monsanto Co.		133,920		16,521,710
Mosaic Co. (The)		665,072		17,504,695
				64,409,421
Financial Exchanges & Data–1.24%
Cboe Global Markets, Inc.		125,400		14,046,054
CME Group Inc.–Class A		102,793		17,080,085
Intercontinental Exchange, Inc.		221,471		16,185,101
Moody’s Corp.		103,083		17,202,491
Nasdaq, Inc.		199,403		16,101,792
S&P Global Inc.		91,752		17,598,033
				98,213,556
Food Distributors–0.19%
Sysco Corp.		250,782		14,959,146
Food Retail–0.20%
Kroger Co. (The)		588,794		15,968,093
Footwear–0.22%
NIKE, Inc.–Class B		256,264		17,177,376
General Merchandise Stores–0.63%
Dollar General Corp.		168,226		15,912,497
Dollar Tree, Inc.(b)		144,557		14,837,331
Target Corp.		255,971		19,302,773
				50,052,601
Gold–0.21%
Newmont Mining Corp.		443,757		16,951,517
Health Care Distributors–1.01%
AmerisourceBergen Corp.		181,188		17,241,850
Cardinal Health, Inc.		266,751		18,461,837
Henry Schein, Inc.(b)		231,354		15,313,321
McKesson Corp.		102,962		15,365,019
Patterson Cos. Inc.		442,882		13,986,214
				80,368,241
Health Care Equipment–2.94%
Abbott Laboratories		287,500		17,344,875
Baxter International Inc.		245,261		16,626,243
Becton, Dickinson and Co.		71,508		15,876,206

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

7                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Health Care Equipment–(continued)
Boston Scientific Corp.(b)		609,585	$	16,617,287
Danaher Corp.		168,587		16,484,437
Edwards Lifesciences Corp.(b)		133,092		17,790,408
Hologic, Inc.(b)		367,978		14,288,586
IDEXX Laboratories, Inc.(b)		97,832		18,317,085
Intuitive Surgical, Inc.(b)		41,381		17,646,928
Medtronic PLC		193,770		15,480,285
ResMed Inc.		181,880		17,327,708
Stryker Corp.		103,395		16,766,533
Varian Medical Systems, Inc.(b)		140,283		16,741,373
Zimmer Biomet Holdings, Inc.		138,551		16,106,554
				233,414,508
Health Care Facilities–0.43%
HCA Healthcare, Inc.		185,160		18,377,130
Universal Health Services, Inc.–Class B		140,811		16,080,616
				34,457,746
Health Care REITs–0.47%
HCP, Inc.		586,595		12,693,916
Ventas, Inc.		248,128		11,989,545
Welltower Inc.		236,866		12,435,465
				37,118,926
Health Care Services–1.10%
DaVita Inc.(b)		232,003		16,708,856
Envision Healthcare Corp.(b)		489,835		18,858,647
Express Scripts Holding Co.(b)		230,506		17,391,678
Laboratory Corp. of America Holdings(b)		100,530		17,361,531
Quest Diagnostics Inc.		161,798		16,673,284
				86,993,996
Health Care Supplies–0.59%
Align Technology, Inc.(b)		65,884		17,295,867
Cooper Cos., Inc. (The)		69,336		15,983,335
DENTSPLY SIRONA Inc.		242,049		13,569,267
				46,848,469
Health Care Technology–0.18%
Cerner Corp.(b)		223,075		14,312,492
Home Entertainment Software–0.46%
Activision Blizzard, Inc.		251,625		18,401,336
Electronic Arts Inc.(b)		149,226		18,459,256
				36,860,592
Home Furnishings–0.36%
Leggett & Platt, Inc.		339,287		14,745,413
Mohawk Industries, Inc.(b)		55,989		13,430,641
				28,176,054
Home Improvement Retail–0.40%
Home Depot, Inc. (The)		85,649		15,611,243
Lowe’s Cos., Inc.		183,516		16,441,199
				32,052,442

	Shares		Value
Homebuilding–0.51%
D.R. Horton, Inc.		309,354	$	12,961,933
Lennar Corp.–Class A		252,637		14,294,201
PulteGroup Inc.		460,675		12,931,147
				40,187,281
Hotel & Resort REITs–0.19%
Host Hotels & Resorts Inc.		791,785		14,695,530
Hotels, Resorts & Cruise Lines–1.23%
Carnival Corp.		234,777		15,708,929
Hilton Worldwide Holdings Inc.		200,421		16,192,013
Marriott International Inc.–Class A		121,473		17,153,202
Norwegian Cruise Line Holdings Ltd.(b)		285,463		16,242,845
Royal Caribbean Cruises Ltd.		125,440		15,880,704
Wyndham Worldwide Corp.		138,955		16,088,210
				97,265,903
Household Appliances–0.19%
Whirlpool Corp.		92,568		15,035,820
Household Products–0.92%
Church & Dwight Co., Inc.		324,566		15,965,402
Clorox Co. (The)		108,165		13,961,938
Colgate-Palmolive Co.		214,252		14,776,960
Kimberly-Clark Corp.		130,787		14,506,894
Procter & Gamble Co. (The)		173,829		13,649,053
				72,860,247
Housewares & Specialties–0.16%
Newell Brands, Inc.		507,397		13,035,029
Human Resource & Employment Services–0.21%
Robert Half International, Inc.		287,290		16,395,640
Hypermarkets & Super Centers–0.39%
Costco Wholesale Corp.		83,527		15,945,304
Walmart Inc.		162,703		14,644,897
				30,590,201
Independent Power Producers & Energy Traders–0.38%
AES Corp. (The)		1,459,947		15,869,624
NRG Energy, Inc.		556,071		14,379,996
				30,249,620
Industrial Conglomerates–0.76%
3M Co.		65,967		15,535,888
General Electric Co.		887,014		12,515,768
Honeywell International Inc.		102,231		15,448,126
Roper Technologies, Inc.		60,284		16,583,526
				60,083,308
Industrial Gases–0.39%
Air Products and Chemicals, Inc.		97,619		15,696,159
Praxair, Inc.		103,750		15,536,563
				31,232,722

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

8                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Industrial Machinery–1.96%
Dover Corp.		159,320	$	15,947,932
Flowserve Corp.		372,869		15,791,002
Fortive Corp.		213,176		16,371,917
Illinois Tool Works Inc.		94,353		15,232,348
Ingersoll-Rand PLC		179,306		15,922,373
Parker-Hannifin Corp.		81,401		14,527,636
Pentair PLC (United Kingdom)		224,574		15,425,988
Snap-on Inc.		91,230		14,525,641
Stanley Black & Decker Inc.		93,695		14,915,307
Xylem, Inc.		230,370		17,180,995
				155,841,139
Industrial REITs–0.36%
Duke Realty Corp.		562,845		13,941,671
Prologis, Inc.		237,439		14,407,798
				28,349,469
Insurance Brokers–0.81%
Aon PLC		113,430		15,916,498
Arthur J. Gallagher & Co.		239,138		16,526,827
Marsh & McLennan Cos., Inc.		186,723		15,501,743
Willis Towers Watson PLC		101,048		15,955,479
				63,900,547
Integrated Oil & Gas–0.56%
Chevron Corp.		130,995		14,660,960
Exxon Mobil Corp.		190,043		14,393,857
Occidental Petroleum Corp.		228,096		14,963,098
				44,017,915
Integrated Telecommunication Services–0.38%
AT&T Inc.		427,689		15,525,111
Verizon Communications Inc.		307,477		14,678,952
				30,204,063
Internet & Direct Marketing Retail–1.21%
Amazon.com, Inc.(b)(e)		13,518		20,445,299
Booking Holdings Inc.(b)		9,133		18,576,887
Expedia, Inc.		133,647		14,055,655
Netflix Inc.(b)		83,318		24,277,199
TripAdvisor Inc.(b)		455,334		18,249,787
				95,604,827
Internet Software & Services–1.07%
Akamai Technologies, Inc.(b)		278,035		18,756,241
Alphabet Inc.–Class A(b)		7,481		8,258,425
Alphabet Inc.–Class C(b)(e)		7,577		8,370,539
eBay Inc.(b)		417,237		17,882,778
Facebook, Inc.–Class A(b)		87,759		15,649,185
VeriSign, Inc.(b)(c)		139,041		16,131,537
				85,048,705
Investment Banking & Brokerage–1.03%
Charles Schwab Corp. (The)		305,682		16,207,260
E*TRADE Financial Corp.(b)		311,810		16,285,836

	Shares		Value
Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The)		62,747	$	16,498,069
Morgan Stanley		297,013		16,638,668
Raymond James Financial, Inc.		175,539		16,274,221
				81,904,054
IT Consulting & Other Services–1.31%
Accenture PLC–Class A		104,357		16,802,521
Cognizant Technology Solutions Corp.–Class A		218,727		17,939,988
CSRA Inc.		537,243		21,774,459
DXC Technology Co.		163,755		16,791,438
Gartner, Inc.(b)		130,137		14,758,837
International Business Machines Corp.		101,472		15,812,382
				103,879,625
Leisure Products–0.42%
Hasbro, Inc.		171,946		16,432,879
Mattel, Inc.(c)		1,044,483		16,607,280
				33,040,159
Life & Health Insurance–1.46%
Aflac, Inc.		178,187		15,837,261
Brighthouse Financial, Inc.(b)		260,946		14,161,539
Lincoln National Corp.		200,012		15,234,914
MetLife, Inc.		292,206		13,496,995
Principal Financial Group, Inc.		218,910		13,644,660
Prudential Financial, Inc.		134,092		14,256,662
Torchmark Corp.		174,641		14,909,102
Unum Group		273,247		13,924,667
				115,465,800
Life Sciences Tools & Services–1.43%
Agilent Technologies, Inc.		233,140		15,991,073
Illumina, Inc.(b)		72,175		16,457,344
IQVIA Holdings Inc.(b)		154,997		15,240,855
Mettler-Toledo International Inc.(b)		25,207		15,533,058
PerkinElmer, Inc.		221,159		16,883,278
Thermo Fisher Scientific, Inc.		83,575		17,432,073
Waters Corp.(b)		78,824		16,130,543
				113,668,224
Managed Health Care–1.19%
Aetna Inc.		85,967		15,221,317
Anthem, Inc.		69,864		16,444,588
Centene Corp.(b)		155,013		15,721,419
Cigna Corp.		74,815		14,655,510
Humana Inc.		61,245		16,647,616
UnitedHealth Group Inc.		70,157		15,866,707
				94,557,157
Metal & Glass Containers–0.20%
Ball Corp.		396,691		15,847,805
Motorcycle Manufacturers–0.18%
Harley-Davidson, Inc.(c)		306,876		13,926,033

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
Movies & Entertainment–0.84%
Time Warner Inc.		173,178	$	16,098,627
Twenty-First Century Fox, Inc.–Class A		333,828		12,291,547
Twenty-First Century Fox, Inc.–Class B		139,293		5,073,051
Viacom Inc.–Class B		536,326		17,881,109
Walt Disney Co. (The)		150,715		15,547,759
				66,892,093
Multi-Line Insurance–0.75%
American International Group, Inc.		263,972		15,136,155
Assurant, Inc.		158,468		13,544,260
Hartford Financial Services Group, Inc. (The)		284,738		15,048,403
Loews Corp.		315,189		15,548,273
				59,277,091
Multi-Sector Holdings–0.39%
Berkshire Hathaway Inc.–Class B(b)		79,968		16,569,370
Leucadia National Corp.		601,878		14,439,053
				31,008,423
Multi-Utilities–1.92%
Ameren Corp.		248,599		13,498,926
CenterPoint Energy, Inc.		543,376		14,698,321
CMS Energy Corp.		314,999		13,371,708
Consolidated Edison, Inc.		176,664		13,230,367
Dominion Energy, Inc.		187,279		13,871,755
DTE Energy Co.		136,019		13,707,995
NiSource Inc.		578,814		13,387,968
Public Service Enterprise Group Inc.		302,503		14,650,220
SCANA Corp.		343,141		13,612,403
Sempra Energy		134,620		14,670,888
WEC Energy Group, Inc.		227,798		13,649,656
				152,350,207
Office REITs–0.73%
Alexandria Real Estate Equities, Inc.		120,837		14,658,737
Boston Properties, Inc.		126,014		14,979,284
SL Green Realty Corp.		153,109		14,839,324
Vornado Realty Trust		204,039		13,562,472
				58,039,817
Oil & Gas Drilling–0.22%
Helmerich & Payne, Inc.(c)		270,797		17,479,946
Oil & Gas Equipment & Services–1.01%
Baker Hughes, a GE Co.		519,134		13,705,138
Halliburton Co.		357,104		16,576,768
National Oilwell Varco Inc.		481,576		16,898,502
Schlumberger Ltd.		247,229		16,228,111
TechnipFMC PLC (United Kingdom)		574,370		16,553,343
				79,961,862
Oil & Gas Exploration & Production–3.00%
Anadarko Petroleum Corp.		327,817		18,698,682
Apache Corp.		385,970		13,180,876

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Cabot Oil & Gas Corp.		566,090	$	13,676,734
Chesapeake Energy Corp.(b)(c)		4,268,759		12,037,900
Cimarex Energy Co.		140,383		13,489,403
Concho Resources Inc.(b)		112,038		16,895,330
ConocoPhillips		304,615		16,543,641
Devon Energy Corp.		412,851		12,662,140
EOG Resources, Inc.		156,479		15,870,100
EQT Corp.		278,626		14,017,674
Hess Corp.		345,328		15,684,798
Marathon Oil Corp.		1,036,899		15,055,774
Newfield Exploration Co.(b)		534,501		12,469,908
Noble Energy, Inc.		583,111		17,394,201
Pioneer Natural Resources Co.		100,762		17,152,715
Range Resources Corp.(c)		976,929		12,983,386
				237,813,262
Oil & Gas Refining & Marketing–0.74%
Andeavor		141,470		12,678,541
Marathon Petroleum Corp.		242,609		15,541,533
Phillips 66		157,800		14,260,386
Valero Energy Corp.		179,326		16,214,657
				58,695,117
Oil & Gas Storage & Transportation–0.58%
Kinder Morgan, Inc.		883,025		14,305,005
ONEOK, Inc.		296,340		16,692,832
Williams Cos., Inc. (The)		550,227		15,274,302
				46,272,139
Packaged Foods & Meats–2.06%
Campbell Soup Co.		320,919		13,815,563
Conagra Brands, Inc.		421,718		15,236,671
General Mills, Inc.		281,321		14,220,777
Hershey Co. (The)		138,771		13,635,638
Hormel Foods Corp.(c)		421,831		13,692,634
JM Smucker Co. (The)		132,441		16,727,298
Kellogg Co.		236,118		15,631,012
Kraft Heinz Co. (The)		200,165		13,421,063
McCormick & Co., Inc.		155,288		16,581,653
Mondelez International, Inc.–Class A		368,323		16,169,380
Tyson Foods, Inc.–Class A		187,861		13,973,101
				163,104,790
Paper Packaging–0.99%
Avery Dennison Corp.		138,124		16,319,351
International Paper Co.		276,031		16,448,687
Packaging Corp. of America		132,743		15,822,966
Sealed Air Corp.		328,709		13,927,400
WestRock Co.		243,852		16,035,707
				78,554,111
Personal Products–0.43%
Coty Inc.–Class A		883,522		17,069,645

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
Personal Products–(continued)
Estee Lauder Cos. Inc. (The)–Class A		125,041	$	17,310,676
				34,380,321
Pharmaceuticals–1.76%
Allergan PLC		93,616		14,437,460
Bristol-Myers Squibb Co.		251,665		16,660,223
Eli Lilly and Co.		181,712		13,995,458
Johnson & Johnson		111,735		14,512,142
Merck & Co., Inc.		282,688		15,327,344
Mylan N.V.(b)		406,232		16,379,274
Perrigo Co. PLC		183,516		14,949,213
Pfizer Inc.		439,536		15,959,552
Zoetis Inc.		218,544		17,671,468
				139,892,134
Property & Casualty Insurance–1.20%
Allstate Corp. (The)		153,258		14,139,583
Chubb Ltd.		104,691		14,857,747
Cincinnati Financial Corp.		211,142		15,749,082
Progressive Corp. (The)		285,670		16,448,878
Travelers Cos., Inc. (The)		117,449		16,325,411
XL Group Ltd. (Bermuda)		426,065		18,026,810
				95,547,511
Publishing–0.19%
News Corp.–Class A		717,209		11,568,581
News Corp.–Class B		228,523		3,747,777
				15,316,358
Railroads–0.77%
CSX Corp.		278,232		14,946,623
Kansas City Southern		140,584		14,485,775
Norfolk Southern Corp.		111,553		15,514,791
Union Pacific Corp.		121,670		15,847,518
				60,794,707
Real Estate Services–0.21%
CBRE Group, Inc.–Class A(b)		360,133		16,836,218
Regional Banks–2.57%
BB&T Corp.		315,378		17,140,794
Citizens Financial Group, Inc.		376,353		16,367,592
Comerica Inc.		183,946		17,883,230
Fifth Third Bancorp		517,254		17,095,245
Huntington Bancshares Inc.		1,057,846		16,608,182
KeyCorp		789,794		16,688,347
M&T Bank Corp.		91,479		17,366,373
People’s United Financial, Inc.		833,811		15,959,143
PNC Financial Services Group, Inc. (The)		109,241		17,222,936
Regions Financial Corp.		919,732		17,851,998
SunTrust Banks, Inc.		240,935		16,826,901
Zions Bancorp.		308,443		16,955,112
				203,965,853

	Shares		Value
Reinsurance–0.22%
Everest Re Group, Ltd.		74,000	$	17,777,760
Research & Consulting Services–0.78%
Equifax Inc.		133,806		15,120,078
IHS Markit Ltd.(b)		344,571		16,212,065
Nielsen Holdings PLC		413,939		13,506,830
Verisk Analytics, Inc.–Class A(b)		163,363		16,694,065
				61,533,038
Residential REITs–1.03%
Apartment Investment & Management Co.–Class A		355,971		13,761,839
AvalonBay Communities, Inc.		86,208		13,450,172
Equity Residential		238,702		13,422,213
Essex Property Trust, Inc.		64,299		14,392,045
Mid-America Apartment Communities, Inc.		152,322		13,072,274
UDR, Inc.		402,485		13,531,546
				81,630,089
Restaurants–0.98%
Chipotle Mexican Grill, Inc.(b)		49,727		15,833,574
Darden Restaurants, Inc.		181,796		16,759,773
McDonald’s Corp.		90,724		14,310,804
Starbucks Corp.		268,025		15,304,228
Yum! Brands, Inc.		188,538		15,343,222
				77,551,601
Retail REITs–1.22%
Federal Realty Investment Trust		120,568		13,737,518
GGP Inc.		670,465		14,193,744
Kimco Realty Corp.		858,886		12,848,934
Macerich Co. (The)		238,919		14,081,886
Realty Income Corp.		282,637		13,900,088
Regency Centers Corp.		232,450		13,507,669
Simon Property Group, Inc.		96,819		14,862,685
				97,132,524
Semiconductor Equipment–0.64%
Applied Materials, Inc.		305,444		17,590,520
KLA-Tencor Corp.		151,077		17,118,535
Lam Research Corp.		84,248		16,163,821
				50,872,876
Semiconductors–2.62%
Advanced Micro Devices, Inc.(b)(c)		1,580,385		19,138,462
Analog Devices, Inc.		183,688		16,559,473
Broadcom Ltd.		60,439		14,895,796
Intel Corp.		362,376		17,861,513
Microchip Technology Inc.		179,716		15,982,144
Micron Technology, Inc.(b)		363,550		17,744,875
NVIDIA Corp.		82,035		19,852,470
Qorvo, Inc.(b)		231,422		18,678,070
QUALCOMM Inc.		244,535		15,894,775
Skyworks Solutions, Inc.		163,159		17,825,121

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

11                         Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Semiconductors–(continued)
Texas Instruments Inc.		160,263	$	17,364,496
Xilinx, Inc.		229,194		16,330,073
				208,127,268
Soft Drinks–0.82%
Coca-Cola Co. (The)		346,700		14,984,374
Dr Pepper Snapple Group, Inc.		166,850		19,396,313
Monster Beverage Corp.(b)		248,481		15,746,241
PepsiCo, Inc.		134,759		14,787,105
				64,914,033
Specialized Consumer Services–0.18%
H&R Block, Inc.		577,113		14,618,272
Specialized REITs–1.66%
American Tower Corp.–Class A		110,261		15,362,665
Crown Castle International Corp.		143,461		15,789,318
Digital Realty Trust, Inc.		136,825		13,770,068
Equinix, Inc.		34,724		13,615,280
Extra Space Storage Inc.		182,070		15,485,054
Iron Mountain Inc.		391,550		12,318,163
Public Storage		74,506		14,486,947
SBA Communications Corp.–Class A(b)		95,096		14,955,748
Weyerhaeuser Co.		443,382		15,531,671
				131,314,914
Specialty Chemicals–0.91%
Albemarle Corp.		120,282		12,079,921
Ecolab Inc.		116,078		15,142,375
International Flavors & Fragrances Inc.		102,645		14,498,606
PPG Industries, Inc.		135,515		15,237,307
Sherwin-Williams Co. (The)		38,422		15,429,507
				72,387,716
Specialty Stores–0.77%
Signet Jewelers Ltd.(c)		295,171		14,841,198
Tiffany & Co.		164,062		16,576,824
Tractor Supply Co.		232,175		15,075,123
Ulta Beauty, Inc.(b)		69,960		14,226,366
				60,719,511
Steel–0.22%
Nucor Corp.		261,076		17,074,370
Systems Software–1.05%
CA, Inc.		469,206		16,469,131
Microsoft Corp.		186,656		17,502,733
Oracle Corp.		316,714		16,047,898
Red Hat, Inc.(b)		125,380		18,481,012
Symantec Corp.		561,436		14,760,153
				83,260,927
Technology Hardware, Storage & Peripherals–1.57%
Apple Inc.		92,749		16,520,452
Hewlett Packard Enterprise Co.		1,095,468		20,364,750

	Shares		Value
Technology Hardware, Storage & Peripherals–(continued)
HP Inc.		745,563	$	17,438,719
NetApp, Inc.		269,635		16,326,399
Seagate Technology PLC		387,972		20,717,705
Western Digital Corp.		192,819		16,782,966
Xerox Corp.		530,889		16,096,554
				124,247,545
Tires & Rubber–0.18%
Goodyear Tire & Rubber Co. (The)		494,772		14,318,702
Tobacco–0.37%
Altria Group, Inc.		219,583		13,822,750
Philip Morris International Inc.		147,378		15,260,992
				29,083,742
Trading Companies & Distributors–0.64%
Fastenal Co.		292,098		15,983,603
United Rentals, Inc.(b)		95,786		16,771,171
W.W. Grainger, Inc.		70,157		18,349,563
				51,104,337
Trucking–0.21%
J.B. Hunt Transport Services, Inc.		139,622		16,554,981
Water Utilities–0.17%
American Water Works Co., Inc.		171,645		13,621,747
Total Common Stocks & Other Equity Interests (Cost $5,401,681,080)				7,895,556,891
Money Market Funds–0.40%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(f)		11,054,619		11,054,619
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(f)		7,895,016		7,895,805
Invesco Treasury Portfolio–Institutional Class, 1.29%(f)		12,633,850		12,633,850
Total Money Market Funds (Cost $31,584,274)				31,584,274
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.94% (Cost $5,433,265,354)				7,927,141,165
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.57%
Invesco Government & Agency Portfolio–Institutional Class, 1.30% (Cost $125,100,781)(f)(g)		125,100,781		125,100,781
TOTAL INVESTMENTS IN SECURITIES–101.51% (Cost $5,558,366,135)				8,052,241,946
OTHER ASSETS LESS LIABILITIES–(1.51)%				(120,028,768	)
NET ASSETS–100.00%			$	7,932,213,178

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

12                         Invesco Equally-Weighted S&P 500 Fund

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2018.

^(d)  The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The value of this security as of February 28, 2018 represented less than 1% of the Fund’s Net Assets. See Note 5.

^(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, 2018.

^(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, 2018

Consumer Discretionary	16.2	%
Information Technology	14.4
Industrials	14.1
Financials	13.5
Health Care	12.4
Consumer Staples	6.5
Energy	6.1
Real Estate	5.9
Materials	5.0
Utilities	4.9
Telecommunication Services	0.6
Money Market Funds Plus Other Assets Less Liabilities	0.4

Open Futures Contracts–Equity Risk
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
E-Mini S&P 500 Index		305		March-2018	$	41,394,600	$	867,296	$	867,296

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

13                         Invesco Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $5,389,807,585)*	$	7,881,987,190
Investments in affiliates, at value (Cost $168,558,550)		170,254,756
Receivable for:
Fund shares sold		12,356,655
Dividends		12,069,691
Investment for trustee deferred compensation and retirement plans		165,389
Other assets		116,476
Total assets		8,076,950,157
Liabilities:
Other investments:
Variation margin payable — futures contracts		504,106
Payable for:
Collateral upon return of securities loaned		125,100,781
Fund shares reacquired		13,340,620
Amount due custodian		593,689
Accrued fees to affiliates		3,455,452
Accrued trustees’ and officers’ fees and benefits		19,444
Accrued other operating expenses		1,468,242
Trustee deferred compensation and retirement plans		254,645
Total liabilities		144,736,979
Net assets applicable to shares outstanding	$	7,932,213,178
Net assets consist of:
Shares of beneficial interest	$	5,434,460,028
Undistributed net investment income		20,979,731
Undistributed net realized gain (loss)		(17,969,688	)
Net unrealized appreciation		2,494,743,107
	$	7,932,213,178

Net Assets:
Class A	$	2,207,718,666
Class C	$	1,206,551,340
Class R	$	136,377,727
Class Y	$	3,362,120,618
Class R6	$	1,019,444,827
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		36,869,016
Class C		21,011,544
Class R		2,289,071
Class Y		55,632,186
Class R6		16,848,872
Class A:
Net asset value per share	$	59.88
Maximum offering price per share
(Net asset value of $59.88 ¸ 94.50%)	$	63.37
Class C:
Net asset value and offering price per share	$	57.42
Class R:
Net asset value and offering price per share	$	59.58
Class Y:
Net asset value and offering price per share	$	60.43
Class R6:
Net asset value and offering price per share	$	60.51

* At February 28, 2018, securities with an aggregate value of $119,241,930 were on loan to brokers.

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

14                         Invesco Equally-Weighted S&P 500 Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $43,193)	$	69,739,419
Dividends from affiliates (includes securities lending income of $197,057)		742,707
Total investment income		70,482,126
Expenses:
Advisory fees		4,120,678
Administrative services fees		352,765
Custodian fees		182,523
Distribution fees:
Class A		2,735,072
Class B		10,967
Class C		4,990,297
Class R		337,609
Transfer agent fees — A, B, C, R and Y		4,328,516
Transfer agent fees — R6		14,958
Trustees’ and officers’ fees and benefits		55,514
Registration and filing fees		162,944
Licensing Fees		791,181
Reports to shareholders		313,822
Professional services fees		125,462
Other		93,976
Total expenses		18,616,284
Less: Fees waived and expense offset arrangement(s)		(35,537	)
Net expenses		18,580,747
Net investment income		51,901,379
Realized and unrealized gain from:
Net realized gain from:
Investment securities		107,785,693
Futures contracts		7,599,068
		115,384,761
Change in net unrealized appreciation of:
Investment securities		501,790,528
Futures contracts		596,939
		502,387,467
Net realized and unrealized gain		617,772,228
Net increase in net assets resulting from operations	$	669,673,607

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

15                         Invesco Equally-Weighted S&P 500 Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	51,901,379		$	95,533,503
Net realized gain		115,384,761			70,621,811
Change in net unrealized appreciation		502,387,467			625,598,479
Net increase in net assets resulting from operations		669,673,607			791,753,793
Distributions to shareholders from net investment income:
Class A		(29,659,137	)		(20,999,805	)
Class B		(16,753	)		(17,426	)
Class C		(9,106,486	)		(4,661,267	)
Class R		(1,527,437	)		(982,859	)
Class Y		(53,078,210	)		(30,728,607	)
Class R6		(16,786,276	)		(9,489,449	)
Total distributions from net investment income		(110,174,299	)		(66,879,413	)
Distributions to shareholders from net realized gains:
Class A		(30,813,075	)		(6,137,516	)
Class B		(34,767	)		(14,620	)
Class C		(17,337,664	)		(3,083,934	)
Class R		(1,899,560	)		(362,361	)
Class Y		(47,020,886	)		(7,372,985	)
Class R6		(13,896,065	)		(2,093,339	)
Total distributions from net realized gains		(111,002,017	)		(19,064,755	)
Share transactions–net:
Class A		(21,272,083	)		(74,416,480	)
Class B		(3,301,772	)		(3,001,676	)
Class C		10,239,540			78,514,976
Class R		(3,917,661	)		7,998,736
Class Y		(147,727,649	)		911,342,045
Class R6		157,890,379			52,009,981
Net increase (decrease) in net assets resulting from share transactions		(8,089,246	)		972,447,582
Net increase in net assets		440,408,045			1,678,257,207
Net assets:
Beginning of period		7,491,805,133			5,813,547,926
End of period (includes undistributed net investment income of $20,979,731 and $79,252,651, respectively)	$	7,932,213,178		$	7,491,805,133

Notes to Financial Statements

February 28, 2018

(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 five different classes of shares: Class A, 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 shares are sold at net asset value. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing

16                         Invesco Equally-Weighted S&P 500 Fund

shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

17                         Invesco Equally-Weighted S&P 500 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 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. 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 affiliates 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

18                         Invesco Equally-Weighted S&P 500 Fund

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

K. Collateral — To the extent the Fund has 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.12%
Over $2 billion		0.10%

For the six months ended February 28, 2018, 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. 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 June 30, 2018, 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 C, Class R, Class Y and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the ”expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $25,801.

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, 2018, 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 services 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, 2018, 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 C — up to 1.00% of the average daily net assets of Class C shares; and (3) Class R — up to 0.50% of the average daily net assets of Class R shares. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

For the six months ended February 28, 2018, 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

19                         Invesco Equally-Weighted S&P 500 Fund

proceeds prior to remittance to the shareholder. During the six months ended February 28, 2018, IDI advised the Fund that IDI retained $273,443 in front-end sales commissions from the sale of Class A shares and $10,246 and $63,126 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	7,895,556,891	$	—	$	—	$	7,895,556,891
Money Market Funds		156,685,055		—		—		156,685,055
Total Investments in Securities		8,052,241,946		—		—		8,052,241,946
Other Investments — Assets*
Futures Contracts		867,296		—		—		867,296
Total Other Investments
Total Investments	$	8,053,109,242	$	—	$	—	$	8,053,109,242

* 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.

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, 2018.

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	867,296
Derivatives not subject to master netting agreements		(867,296	)
Total Derivative Assets subject to master netting agreements	$	—

^(a)  Only current day’s variation margin payable is reported within the Statement of Assets and Liabilities.

20                         Invesco Equally-Weighted S&P 500 Fund

Effect of Derivative Investments for the six months ended February 28, 2018

The table below summarizes the gains 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	$	7,599,068
Change in Net Unrealized Appreciation:
Futures contracts		596,939
Total	$	8,196,007

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

	Futures Contracts
Average notional value	$	65,812,848

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, 2018.

	Value 08/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 02/28/18		Dividend Income
Invesco Ltd.	$	14,195,543	$	1,133,202	$	(1,823,098	)	$	152,434	$	(88,380	)	$	13,569,701	$	255,472

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,736.

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, 2017.

21                         Invesco Equally-Weighted S&P 500 Fund

NOTE 10—Investment Transactions

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, 2018 was $697,239,630 and $861,494,832, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,593,241,679
Aggregate unrealized (depreciation) of investments		(185,587,900	)
Net unrealized appreciation of investments	$	2,407,653,779

Cost of investments for tax purposes is $5,645,455,463

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		3,016,381		$	180,266,775			11,602,529		$	619,572,878
Class B(b)		680			39,286			7,610			403,684
Class C		1,734,223			99,518,575			6,231,866			320,330,692
Class R		403,963			24,094,763			1,065,624			56,866,286
Class Y		7,483,829			450,868,058			32,362,754			1,755,369,328
Class R6		3,761,633			222,200,818			3,249,024			179,790,971
Issued as reinvestment of dividends:
Class A		935,174			55,568,049			462,800			24,593,197
Class B(b)		826			48,839			557			29,469
Class C		424,098			24,199,038			137,723			7,041,797
Class R		57,829			3,421,169			25,394			1,343,848
Class Y		1,357,075			81,343,086			574,240			30,767,792
Class R6		505,764			30,345,827			216,012			11,582,541
Conversion of Class B shares to Class A shares:(c)
Class A		41,105			2,597,848			43,921			2,363,578
Class B		(41,102	)		(2,597,848	)		(44,235	)		(2,363,578	)
Reacquired:
Class A		(4,356,323	)		(259,704,755	)		(13,326,283	)		(720,946,133	)
Class B(b)		(13,501	)		(792,049	)		(20,206	)		(1,071,251	)
Class C		(1,986,699	)		(113,478,073	)		(4,821,440	)		(248,857,513	)
Class R		(529,003	)		(31,433,593	)		(929,224	)		(50,211,398	)
Class Y		(11,368,236	)		(679,938,793	)		(15,958,395	)		(874,795,075	)
Class R6		(1,569,080	)		(94,656,266	)		(2,545,180	)		(139,363,531	)
Net increase (decrease) in share activity		(141,364	)	$	(8,089,246	)		18,335,091		$	972,447,582

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

22                         Invesco Equally-Weighted S&P 500 Fund

NOTE 12—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/28/18	$	56.49	$	0.37	$	4.67		$	5.04		$	(0.81	)	$	(0.84	)	$	(1.65	)	$	59.88		8.95	%	$	2,207,719		0.53	%(d)		0.53	%(d)		1.27	%(d)		9	%
Year ended 08/31/17		50.91		0.74		5.54			6.28			(0.54	)		(0.16	)		(0.70	)		56.49		12.41			2,103,146		0.53			0.53			1.37			24
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
Class B
Six months ended 02/28/18(e)		55.96		0.12		8.62			8.74			(0.41	)		(0.84	)		(1.25	)		63.45		15.78			—		1.28	(d)		1.28	(d)		0.52	(d)		9
Year ended 08/31/17		50.49		0.33		5.49			5.82			(0.19	)		(0.16	)		(0.35	)		55.96		11.56			2,971		1.28			1.28			0.62			24
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
Class C
Six months ended 02/28/18		54.05		0.19		4.46			4.65			(0.44	)		(0.84	)		(1.28	)		57.42		8.63	(f)		1,206,551		1.13	(d)(f)		1.13	(d)(f)		0.67	(d)(f)		9
Year ended 08/31/17		48.82		0.32		5.30			5.62			(0.23	)		(0.16	)		(0.39	)		54.05		11.56			1,126,361		1.28			1.28			0.62			24
Year ended 08/31/16		45.03		0.41		4.39			4.80			(0.39	)		(0.62	)		(1.01	)		48.82		10.90	(f)		941,775		1.23	(f)		1.23	(f)		0.89	(f)		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
Class R
Six months ended 02/28/18		56.15		0.30		4.65			4.95			(0.68	)		(0.84	)		(1.52	)		59.58		8.83			136,378		0.78	(d)		0.78	(d)		1.02	(d)		9
Year ended 08/31/17		50.63		0.60		5.50			6.10			(0.42	)		(0.16	)		(0.58	)		56.15		12.13			132,316		0.78			0.78			1.12			24
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
Class Y
Six months ended 02/28/18		57.06		0.45		4.71			5.16			(0.95	)		(0.84	)		(1.79	)		60.43		9.08			3,362,121		0.28	(d)		0.28	(d)		1.52	(d)		9
Year ended 08/31/17		51.40		0.88		5.59			6.47			(0.65	)		(0.16	)		(0.81	)		57.06		12.69			3,318,343		0.28			0.28			1.62			24
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
Class R6
Six months ended 02/28/18		57.15		0.49		4.73			5.22			(1.02	)		(0.84	)		(1.86	)		60.51		9.17			1,019,445		0.16	(d)		0.16	(d)		1.64	(d)		9
Year ended 08/31/17		51.47		0.95		5.60			6.55			(0.71	)		(0.16	)		(0.87	)		57.15		12.84			808,668		0.16			0.16			1.74			24
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(g)		34.93		0.62		6.27			6.89			(0.59	)		(0.84	)		(1.43	)		40.39		20.58			12		0.27	(h)		0.27	(h)		1.78	(h)		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 $2,206,218, $2,711, $1,188,294, $136,163, $3,398,863 and $977,899 for Class A, Class B, Class C, Class R, Class Y, and Class R6 shares, respectively.

^(e) Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(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 0.85% and 0.94% for the six months ended February 28, 2018 and the year ended August 31, 2016, respectively.

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

^(h)  Annualized.

23                         Invesco Equally-Weighted S&P 500 Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,089.50	$	2.75	$	1,022.17	$	2.66		0.53	%
C		1,000.00		1,086.30		5.85		1,019.19		5.66		1.13
R		1,000.00		1,088.30		4.04		1,020.93		3.91		0.78
Y		1,000.00		1,090.80		1.45		1,023.41		1.40		0.28
R6		1,000.00		1,091.70		0.83		1,024.00		0.80		0.16

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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.

24                         Invesco Equally-Weighted S&P 500 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:

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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-EWSP-SAR-1 04202018 0915

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Equity and Income Fund Nasdaq: A: ACEIX  ∎  C: ACERX  ∎  R: ACESX  ∎  Y: ACETX  ∎  R5: ACEKX  ∎  R6: IEIFX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
17	Financial Statements
19	Notes to Financial Statements
28	Financial Highlights
29	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, 8/31/17 to 2/28/18, 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	6.27%
Class C Shares	5.87
Class R Shares	6.20
Class Y Shares	6.41
Class R5 Shares	6.44
Class R6 Shares	6.49
Russell 1000 Value Indexq (Broad Market Index)	7.26
Bloomberg Barclays U.S. Government/Credit Indexq (Style-Specific Index)	-2.30
Lipper Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	5.94
Source(s): qFactSet 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	10.14%
10 Years	7.00
5 Years	8.60
1 Year	1.83
Class C Shares
Inception (7/6/93)	8.74%
10 Years	6.82
5 Years	9.03
1 Year	5.93
Class R Shares
Inception (10/1/02)	8.23%
10 Years	7.35
5 Years	9.57
1 Year	7.52
Class Y Shares
Inception (12/22/04)	7.42%
10 Years	7.88
5 Years	10.11
1 Year	7.99
Class R5 Shares
10 Years	7.89%
5 Years	10.17
1 Year	7.96
Class R6 Shares
10 Years	7.85%
5 Years	10.27
1 Year	8.16

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 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.

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	10.16%
10 Years	6.43
5 Years	9.89
1 Year	4.83
Class B Shares*
Inception (5/1/92)	9.55%
10 Years	6.73
5 Years	10.02
1 Year	5.07
Class C Shares
Inception (7/6/93)	8.80%
10 Years	6.24
5 Years	10.30
1 Year	9.03
Class R Shares
Inception (10/1/02)	8.31%
10 Years	6.77
5 Years	10.85
1 Year	10.56
Class Y Shares
Inception (12/22/04)	7.50%
10 Years	7.30
5 Years	11.41
1 Year	11.16
Class R5 Shares
10 Years	7.31%
5 Years	11.48
1 Year	11.23
Class R6 Shares
10 Years	7.26%
5 Years	11.59
1 Year	11.34
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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

The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.80%, 1.55%, 1.55%, 1.05%, 0.55%, 0.49% and 0.39%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares was 0.81% 1.56%, 1.56%, 1.06%, 0.56%, 0.50% and 0.40%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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, 2019. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure

online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–64.60%
Aerospace & Defense–1.25%
General Dynamics Corp.		831,841	$	185,043,030
Apparel, Accessories & Luxury Goods–0.31%
Michael Kors Holdings Ltd.(b)		720,680		45,352,392
Asset Management & Custody Banks–1.79%
Northern Trust Corp.		1,044,174		110,546,701
State Street Corp.		1,454,512		154,396,449
				264,943,150
Automobile Manufacturers–1.36%
General Motors Co.		5,109,839		201,072,165
Biotechnology–0.81%
Amgen Inc.		653,130		120,025,700
Broadcasting–0.15%
CBS Corp.–Class B		429,777		22,765,288
Building Products–0.61%
Johnson Controls International PLC		2,450,830		90,362,102
Cable & Satellite–1.30%
Charter Communications, Inc.–Class A(b)		239,697		81,959,595
Comcast Corp.–Class A		3,058,803		110,759,257
				192,718,852
Communications Equipment–1.79%
Cisco Systems, Inc.		4,412,480		197,590,854
Juniper Networks, Inc.		2,605,992		66,869,755
				264,460,609
Data Processing & Outsourced Services–0.34%
PayPal Holdings, Inc.(b)		640,690		50,877,193
Diversified Banks–9.98%
Bank of America Corp.		14,622,430		469,380,003
Citigroup Inc.		7,163,565		540,777,522
JPMorgan Chase & Co.		3,374,286		389,730,033
Wells Fargo & Co.		1,311,660		76,614,060
				1,476,501,618
Diversified Metals & Mining–0.52%
BHP Billiton Ltd. (Australia)		3,281,325		76,727,601
Drug Retail–2.29%
CVS Health Corp.		2,488,542		168,548,950
Walgreens Boots Alliance, Inc.		2,474,519		170,469,614
				339,018,564
Electric Utilities–0.28%
FirstEnergy Corp.		1,265,455		40,912,160

	Shares		Value
Fertilizers & Agricultural Chemicals–0.96%
Mosaic Co. (The)		2,777,492	$	73,103,589
Nutrien Ltd. (Canada)(b)		1,397,290		68,816,533
				141,920,122
Health Care Distributors–0.93%
McKesson Corp.		927,081		138,348,298
Health Care Equipment–2.14%
Baxter International Inc.		1,421,885		96,389,584
Medtronic PLC		1,503,635		120,125,400
Zimmer Biomet Holdings, Inc.		857,247		99,654,964
				316,169,948
Home Improvement Retail–0.85%
Kingfisher PLC (United Kingdom)		25,572,686		125,853,854
Hotels, Resorts & Cruise Lines–1.13%
Carnival Corp.		2,499,709		167,255,529
Industrial Machinery–0.77%
Ingersoll-Rand PLC		1,286,537		114,244,486
Insurance Brokers–1.88%
Aon PLC		849,380		119,185,002
Marsh & McLennan Cos., Inc.		779,108		64,681,546
Willis Towers Watson PLC		593,481		93,710,650
				277,577,198
Integrated Oil & Gas–3.37%
BP PLC (United Kingdom)		20,882,375		135,449,040
Occidental Petroleum Corp.		2,525,049		165,643,214
Royal Dutch Shell PLC–Class A (United Kingdom)		6,267,293		197,833,372
				498,925,626
Integrated Telecommunication Services–0.57%
Orange S.A. (France)		1,274,260		21,572,742
Verizon Communications Inc.		1,301,698		62,143,062
				83,715,804
Internet Software & Services–1.00%
eBay Inc.(b)		3,461,991		148,380,934
Investment Banking & Brokerage–3.53%
Charles Schwab Corp. (The)		1,581,111		83,830,505
Goldman Sachs Group, Inc. (The)		483,206		127,049,354
Morgan Stanley		5,547,958		310,796,607
				521,676,466
IT Consulting & Other Services–0.92%
Cognizant Technology Solutions Corp.–Class A		1,664,875		136,553,047

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

5                         Invesco Equity and Income Fund

	Shares		Value
Managed Health Care–0.67%
Anthem, Inc.		423,506	$	99,684,842
Multi-Line Insurance–1.17%
American International Group, Inc.		3,021,464		173,250,746
Oil & Gas Equipment & Services–1.40%
Baker Hughes, a GE Co.		2,203,258		58,166,011
TechnipFMC PLC (United Kingdom)		5,148,529		148,380,606
				206,546,617
Oil & Gas Exploration & Production–3.92%
Anadarko Petroleum Corp.		2,984,362		170,228,009
Apache Corp.		3,181,441		108,646,210
Canadian Natural Resources Ltd. (Canada)		4,209,061		130,385,111
Devon Energy Corp.		5,593,667		171,557,767
				580,817,097
Other Diversified Financial Services–0.62%
Voya Financial, Inc.		1,796,104		91,637,226
Packaged Foods & Meats–0.80%
Mondelez International, Inc.–Class A		2,687,144		117,965,622
Pharmaceuticals–4.24%
Bristol-Myers Squibb Co.		1,864,786		123,448,833
Merck & Co., Inc.		2,558,849		138,740,793
Novartis AG (Switzerland)		1,275,011		106,676,910
Pfizer Inc.		4,597,814		166,946,627
Sanofi (France)		1,153,269		90,969,696
				626,782,859
Railroads–1.11%
CSX Corp.		3,057,207		164,233,160
Regional Banks–4.84%
Citizens Financial Group, Inc.		5,856,438		254,696,489
Comerica Inc.		726,070		70,588,525
Fifth Third Bancorp		4,401,554		145,471,360
First Horizon National Corp.		3,827,664		72,916,999
PNC Financial Services Group, Inc. (The)		1,095,272		172,680,583
				716,353,956
Semiconductors–1.74%
Intel Corp.		2,585,103		127,419,727
QUALCOMM Inc.		2,011,893		130,773,045
				258,192,772
Systems Software–1.51%
Oracle Corp.		4,399,068		222,900,775
Tobacco–1.30%
Philip Morris International Inc.		1,851,602		191,733,387

	Shares		Value
Wireless Telecommunication Services–0.45%
Vodafone Group PLC–ADR (United Kingdom)		2,331,749	$	66,011,814
Total Common Stocks & Other Equity Interests (Cost $6,648,391,130)				9,557,512,609
	Principal Amount
Bonds & Notes–18.31%
Aerospace & Defense–0.44%
BAE Systems Holdings Inc. (United Kingdom), Sr. Unsec. Gtd. Notes, 2.85%, 12/15/2020(c)	$	3,091,000		3,079,065
Northrop Grumman Corp., Sr. Unsec. Global Notes, 1.75%, 06/01/2018		32,345,000		32,316,860
Precision Castparts Corp., Sr. Unsec. Global Notes, 2.50%, 01/15/2023		4,150,000		4,060,898
United Technologies Corp., Jr. Unsec. Sub. Global Notes, 1.78%, 05/04/2018(d)		26,015,000		25,995,744
				65,452,567
Agricultural & Farm Machinery–0.10%
Deere & Co., Sr. Unsec. Notes, 2.60%, 06/08/2022		14,645,000		14,399,216
Agricultural Products–0.03%
Ingredion Inc., Sr. Unsec. Notes, 6.63%, 04/15/2037		3,940,000		4,845,920
Air Freight & Logistics–0.11%
FedEx Corp.,
Sr. Unsec. Gtd. Bonds, 4.90%, 01/15/2034		4,310,000		4,628,425
Sr. Unsec. Gtd. Notes, 5.10%, 01/15/2044		8,875,000		9,740,973
United Parcel Service, Inc., Sr. Unsec. Notes, 3.40%, 11/15/2046		2,608,000		2,344,657
				16,714,055
Airlines–0.17%
American Airlines Pass Through Trust, Series 2014-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.70%, 04/01/2028		3,754,768		3,754,768
Continental Airlines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.75%, 01/12/2021		2,795,323		2,888,966
Series 2012-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 4.15%, 04/11/2024		4,476,466		4,609,641
Delta Air Lines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. First Lien Pass Through Ctfs., 6.20%, 01/02/2020		1,155,361		1,172,692

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)
United Airlines Pass Through Trust, Series 2014-2, Class A, Sr. Sec. First Lien Pass Through Ctfs., 3.75%, 09/03/2026	$	4,829,298	$	4,860,205
Series 2018-1, Class AA, Sr. Sec. First Lien Pass Thru Ctfs., 3.50%, 03/01/2030		5,286,000		5,237,380
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs., 5.00%, 10/23/2023(c)		2,801,662		2,894,117
				25,417,769
Application Software–0.62%
Citrix Systems, Inc., Sr. Unsec. Conv. Bonds, 0.50%, 04/15/2019		21,913,000		29,186,297
Nuance Communications, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/15/2022(e)		29,489,000		28,297,497
RealPage, Inc., Sr. Unsec. Conv. Notes, 1.50%, 11/15/2022(c)		6,658,000		9,119,583
Workday, Inc., Sr. Unsec. Conv. Notes, 0.25%, 10/01/2022(c)		22,666,000		24,572,800
				91,176,177
Asset Management & Custody Banks–0.14%
Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/2024(c)		4,260,000		4,278,547
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/2044(c)		3,975,000		4,313,576
Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/2025		4,515,000		4,527,542
Carlyle Holdings Finance LLC, Sr. Unsec. Gtd. Notes, 3.88%, 02/01/2023(c)		3,855,000		3,875,934
KKR Group Finance Co. III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/2044(c)		3,217,000		3,357,268
				20,352,867
Automobile Manufacturers–0.17%
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 3.10%, 05/04/2023		2,847,000		2,739,975
3.81%, 01/09/2024		4,473,000		4,415,126
4.13%, 08/04/2025		7,006,000		6,904,436
General Motors Co., Sr. Unsec. Global Notes, 6.60%, 04/01/2036		4,317,000		5,031,530
General Motors Financial Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/01/2026		5,467,000		5,799,127
				24,890,194

	Principal Amount		Value
Automotive Retail–0.10%
Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 4.50%, 12/01/2023	$	6,415,000	$	6,639,800
5.75%, 05/01/2020		7,393,000		7,789,996
				14,429,796
Biotechnology–0.55%
AbbVie Inc., Sr. Unsec. Global Notes, 4.50%, 05/14/2035		7,233,000		7,472,980
BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/2020		23,901,000		26,530,110
Celgene Corp., Sr. Unsec. Global Notes, 4.00%, 08/15/2023		4,735,000		4,871,064
4.63%, 05/15/2044		13,875,000		13,642,542
Gilead Sciences, Inc., Sr. Unsec. Global Notes, 4.40%, 12/01/2021		4,988,000		5,213,224
Neurocrine Biosciences, Inc., Sr. Unsec. Conv. Notes, 2.25%, 05/15/2024(c)		17,930,000		23,817,979
				81,547,899
Brewers–0.37%
Anheuser-Busch InBev Finance, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 2.65%, 02/01/2021		6,754,000		6,695,965
3.30%, 02/01/2023		6,427,000		6,406,810
4.70%, 02/01/2036		10,870,000		11,457,079
4.90%, 02/01/2046		12,141,000		12,994,622
Heineken NV (Netherlands), Sr. Unsec. Notes, 3.50%, 01/29/2028(c)		9,734,000		9,579,826
Molson Coors Brewing Co., Sr. Unsec. Gtd. Global Notes, 1.45%, 07/15/2019		3,501,000		3,441,195
4.20%, 07/15/2046		4,057,000		3,818,353
				54,393,850
Broadcasting–0.81%
Liberty Interactive LLC, Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023(c)(e)		22,928,000		26,517,080
Liberty Media Corp., Sr. Unsec. Conv. Notes, 1.38%, 10/15/2023		61,171,000		72,328,591
Liberty Formula One, Sr. Unsec. Conv. Notes, 1.00%, 01/30/2023(c)		5,397,000		5,881,850
Sr. Unsec. Conv. Deb., 2.25%, 10/05/2021(e)		14,987,000		15,705,702
				120,433,223

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

7                         Invesco Equity and Income Fund

	Principal Amount		Value
Cable & Satellite–0.57%
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., Sr. Sec. Gtd. First Lien Global Notes, 4.46%, 07/23/2022	$	10,845,000	$	11,113,654
Comcast Corp., Sr. Unsec. Gtd. Global Notes, 5.70%, 05/15/2018		4,735,000		4,767,088
3.90%, 03/01/2038		8,010,000		7,670,072
Sr. Unsec. Gtd. Notes, 6.45%, 03/15/2037		2,465,000		3,161,697
DISH Network Corp., Sr. Unsec. Conv. Bonds, 3.38%, 08/15/2026		47,161,000		47,564,934
NBCUniversal Media LLC, Sr. Unsec. Gtd. Global Notes, 5.15%, 04/30/2020		3,320,000		3,485,942
5.95%, 04/01/2041		3,365,000		4,073,600
Sky PLC (United Kingdom), Sr. Unsec. Gtd. Notes, 9.50%, 11/15/2018(c)		2,275,000		2,385,040
				84,222,027
Commodity Chemicals–0.06%
Basell Finance Co. B.V. (Netherlands), Sr. Unsec. Gtd. Deb., 8.10%, 03/15/2027(c)		7,384,000		9,535,581
Communications Equipment–0.57%
Ciena Corp., Sr. Unsec. Conv. Bonds, 4.00%, 12/15/2020		14,876,000		20,051,048
Finisar Corp., Sr. Unsec. Conv. Bonds, 0.50%, 12/15/2021(e)		10,562,000		9,728,088
Viavi Solutions Inc., Sr. Unsec. Conv. Deb., 0.63%, 08/15/2018(e)		34,079,000		35,019,546
Sr. Unsec. Conv. Notes, 1.00%, 03/01/2024(c)		19,034,000		19,178,659
				83,977,341
Consumer Finance–0.13%
American Express Co., Unsec. Sub. Global Notes, 3.63%, 12/05/2024		3,423,000		3,430,255
Capital One Financial Corp., Sr. Unsec. Global Notes, 3.20%, 01/30/2023		10,060,000		9,867,225
Synchrony Financial, Sr. Unsec. Global Notes, 3.95%, 12/01/2027		5,795,000		5,574,323
				18,871,803
Data Processing & Outsourced Services–0.21%
Total System Services, Inc., Sr. Unsec. Notes, 2.38%, 06/01/2018		23,640,000		23,637,806
Visa Inc., Sr. Unsec. Global Notes, 4.15%, 12/14/2035		7,245,000		7,650,614
				31,288,420

	Principal Amount		Value
Diversified Banks–1.76%
ANZ New Zealand (Int’l) Ltd. (New Zealand), Sr. Unsec. Gtd. Notes, 2.88%, 01/25/2022(c)	$	3,545,000	$	3,485,976
Australia and New Zealand Banking Group Ltd. (Australia), Sr. Unsec. Medium-Term Global Notes, 2.30%, 06/01/2021		7,448,000		7,271,578
Bank of America Corp., Sr. Unsec. Medium-Term Global Notes, 5.65%, 05/01/2018		8,680,000		8,730,473
3.50%, 04/19/2026		6,710,000		6,615,189
Sr. Unsec. Medium-Term Notes, 3.25%, 10/21/2027		5,705,000		5,429,445
Bank of Nova Scotia (The) (Canada), Sr. Unsec. Global Notes, 2.05%, 10/30/2018		12,740,000		12,713,750
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/2024(c)		6,875,000		7,003,906
Citigroup Inc., Sr. Unsec. Global Notes, 3.67%, 07/24/2028		5,405,000		5,293,495
Unsec. Sub. Global Notes, 5.30%, 05/06/2044		2,765,000		3,063,550
6.68%, 09/13/2043		8,000,000		10,425,201
Unsec. Sub. Notes, 4.75%, 05/18/2046		4,145,000		4,256,784
Commonwealth Bank of Australia (Australia), Sr. Unsec. Notes, 2.25%, 03/10/2020(c)		10,540,000		10,415,895
Discover Bank, Sr. Unsec. Notes, 3.35%, 02/06/2023		5,380,000		5,348,054
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/2018(c)		8,535,000		8,610,822
JPMorgan Chase & Co., Sr. Unsec. Global Notes, 3.20%, 06/15/2026		4,365,000		4,195,220
3.51%, 01/23/2029		11,170,000		10,842,137
3.90%, 01/23/2049		11,170,000		10,544,420
4.26%, 02/22/2048		5,355,000		5,371,621
Series V, Jr. Unsec. Sub. Global Notes, 5.00%(f)		6,410,000		6,450,063
Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/2024(c)		545,000		562,668
National Australia Bank Ltd. (Australia), Sr. Unsec. Medium-Term Global Notes, 2.00%, 01/14/2019		10,015,000		9,974,563
Sr. Unsec. Notes, 1.88%, 07/12/2021		9,725,000		9,355,785
3.50%, 01/10/2027(c)		10,625,000		10,475,928
Royal Bank of Canada (Canada), Sr. Unsec. Global Notes, 2.00%, 12/10/2018		33,645,000		33,574,194

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

8                         Invesco Equity and Income Fund

	Principal Amount		Value
Diversified Banks–(continued)
Société Générale S.A. (France), Sr. Unsec. Notes, 2.63%, 09/16/2020(c)	$	8,565,000	$	8,475,614
Unsec. Sub. Notes, 5.00%, 01/17/2024(c)		7,365,000		7,687,960
Standard Chartered PLC (United Kingdom), Sr. Unsec. Notes, 3.05%, 01/15/2021(c)		7,250,000		7,213,380
Sumitomo Mitsui Banking Corp. (Japan), Sr. Unsec. Gtd. Medium-Term Global Notes, 2.65%, 07/23/2020		7,235,000		7,186,617
U.S. Bancorp, Series W, Unsec. Sub. Medium-Term Notes, 3.10%, 04/27/2026		3,245,000		3,104,163
Wells Fargo & Co., Sr. Unsec. Medium-Term Notes, 3.55%, 09/29/2025		6,840,000		6,784,210
Unsec. Sub. Medium-Term Notes, 4.10%, 06/03/2026		4,515,000		4,526,830
4.65%, 11/04/2044		14,430,000		14,625,845
				259,615,336
Diversified Capital Markets–0.52%
Credit Suisse AG (Switzerland), Sr. Unsec. Conv. Medium-Term Notes, 0.50%, 06/24/2024(c)		75,750,000		69,152,175
Unsec. Sub. Notes, 6.50%, 08/08/2023(c)		6,536,000		7,221,875
				76,374,050
Diversified Chemicals–0.05%
Eastman Chemical Co., Sr. Unsec. Global Notes, 2.70%, 01/15/2020		8,092,000		8,072,531
Diversified Metals & Mining–0.02%
Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/2028		2,175,000		2,815,820
Drug Retail–0.15%
CVS Health Corp., Sr. Unsec. Global Bonds, 3.38%, 08/12/2024		3,740,000		3,644,374
CVS Pass Through Trust, Sr. Sec. First Lien Global Pass Through Ctfs., 6.04%, 12/10/2028		7,751,795		8,395,979
Walgreens Boots Alliance Inc., Sr. Unsec. Global Notes, 3.30%, 11/18/2021		6,129,000		6,143,283
4.50%, 11/18/2034		4,519,000		4,466,193
				22,649,829
Electric Utilities–0.30%
Duke Energy Corp., Sr. Unsec. Global Notes, 2.10%, 06/15/2018		19,000,000		18,986,835

	Principal Amount		Value
Electric Utilities–(continued)
Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%(c)(f)	$	6,390,000	$	6,450,130
Sr. Unsec. Notes, 4.60%, 01/27/2020(c)		2,150,000		2,217,217
4.88%, 01/22/2044(c)		9,110,000		9,709,828
NextEra Energy Capital Holdings Inc., Sr. Unsec. Gtd. Deb., 3.55%, 05/01/2027		5,572,000		5,461,080
Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/2021		1,050,000		1,136,431
PPL Electric Utilities Corp., Sr. Sec. First Mortgage Bonds, 6.25%, 05/15/2039		355,000		464,386
				44,425,907
Environmental & Facilities Services–0.03%
Waste Management, Inc., Sr. Unsec. Gtd. Global Notes, 3.90%, 03/01/2035		4,786,000		4,787,856
Fertilizers & Agricultural Chemicals–0.02%
Monsanto Co., Sr. Unsec. Global Notes, 2.13%, 07/15/2019		3,055,000		3,030,047
Financial Exchanges & Data–0.07%
Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/2022		9,185,000		9,611,171
Food Retail–0.01%
Alimentation Couche-Tard Inc. (Canada), Sr. Unsec. Gtd. Notes, 4.50%, 07/26/2047(c)		1,188,000		1,167,649
General Merchandise Stores–0.02%
Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/2023		3,650,000		3,620,559
Health Care Distributors–0.07%
McKesson Corp., Sr. Unsec. Global Notes, 2.28%, 03/15/2019		11,085,000		11,054,738
Health Care Equipment–0.83%
Becton, Dickinson and Co., Sr. Unsec. Global Notes, 4.88%, 05/15/2044		7,465,000		7,517,542
Sr. Unsec. Notes, 2.68%, 12/15/2019		2,786,000		2,776,294
DexCom, Inc., Sr. Unsec. Conv. Notes, 0.75%, 05/15/2022(c)		25,054,000		23,430,601
Edwards Lifesciences Corp., Sr. Unsec. Global Notes, 2.88%, 10/15/2018		7,055,000		7,071,171
Insulet Corp., Sr. Unsec. Conv. Notes, 1.38%, 11/15/2024(c)		4,536,000		4,770,117

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

9                         Invesco Equity and Income Fund

	Principal Amount		Value
Health Care Equipment–(continued)
Medtronic, Inc., Sr. Unsec. Gtd. Global Notes, 3.15%, 03/15/2022	$	10,944,000	$	10,966,545
4.38%, 03/15/2035		3,635,000		3,854,526
4.63%, 03/15/2044		5,490,000		6,007,111
NuVasive, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 03/15/2021		20,477,000		22,002,229
Wright Medical Group N.V., Sr. Unsec. Conv. Bonds, 2.25%, 11/15/2021		9,978,000		11,648,926
Wright Medical Group, Inc., Sr. Unsec. Gtd. Conv. Bonds, 2.00%, 02/15/2020		22,224,000		22,220,577
				122,265,639
Health Care REITs–0.08%
HCP, Inc., Sr. Unsec. Global Notes, 3.88%, 08/15/2024		5,085,000		5,104,131
4.20%, 03/01/2024		4,690,000		4,809,883
Ventas Realty L.P., Sr. Unsec. Gtd. Notes, 5.70%, 09/30/2043		2,080,000		2,422,815
				12,336,829
Health Care Services–0.10%
Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 2.25%, 06/15/2019		5,685,000		5,643,974
Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 3.20%, 02/01/2022		6,132,000		6,123,644
4.70%, 02/01/2045		2,694,000		2,707,912
				14,475,530
Home Improvement Retail–0.05%
Home Depot, Inc. (The), Sr. Unsec. Global Notes, 2.00%, 04/01/2021		6,883,000		6,724,714
Homebuilding–0.07%
MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/2043		10,130,000		9,699,475
Hotel & Resort REITs–0.03%
Hospitality Properties Trust, Sr. Unsec. Notes, 4.50%, 06/15/2023		2,765,000		2,839,114
5.00%, 08/15/2022		1,310,000		1,370,063
				4,209,177
Housewares & Specialties–0.04%
Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/2021		5,638,000		5,814,880
Insurance Brokers–0.02%
Willis North America, Inc., Sr. Unsec. Gtd. Global Notes, 3.60%, 05/15/2024		2,470,000		2,456,635

	Principal Amount		Value
Integrated Oil & Gas–0.33%
Chevron Corp., Sr. Unsec. Global Notes, 1.37%, 03/02/2018	$	14,553,000	$	14,553,000
1.72%, 06/24/2018		5,275,000		5,268,266
Husky Energy Inc. (Canada), Sr. Unsec. Global Notes, 3.95%, 04/15/2022		3,630,000		3,713,705
Occidental Petroleum Corp., Sr. Unsec. Global Notes, 3.40%, 04/15/2026		4,005,000		3,953,214
Petróleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes, 4.88%, 01/24/2022		7,430,000		7,648,813
Shell International Finance B.V. (Netherlands), Sr. Unsec. Gtd. Global Notes, 4.00%, 05/10/2046		9,844,000		9,770,450
Suncor Energy Inc. (Canada), Sr. Unsec. Notes, 3.60%, 12/01/2024		3,379,000		3,370,316
				48,277,764
Integrated Telecommunication Services–0.63%
AT&T Inc., Sr. Unsec. Global Notes,
3.00%, 06/30/2022		5,334,000		5,249,780
3.40%, 05/15/2025		2,967,000		2,861,011
4.50%, 05/15/2035		4,755,000		4,609,527
4.80%, 06/15/2044		10,275,000		9,872,814
4.90%, 08/14/2037		19,570,000		19,671,484
5.15%, 03/15/2042		1,370,000		1,389,648
5.35%, 09/01/2040		2,077,000		2,156,614
Sr. Unsec. Notes, 4.30%, 02/15/2030(c)		3,526,000		3,455,955
5.15%, 11/15/2046(c)		3,698,000		3,707,923
Telefónica Emisiones, S.A.U. (Spain), Sr. Unsec. Gtd. Global Notes, 4.67%, 03/06/2038		3,505,000		3,527,043
5.21%, 03/08/2047		6,725,000		7,095,527
7.05%, 06/20/2036		3,600,000		4,583,929
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.13%, 08/15/2046		857,000		766,608
4.40%, 11/01/2034		3,285,000		3,233,687
4.52%, 09/15/2048		9,984,000		9,470,860
4.81%, 03/15/2039		5,062,000		5,121,104
5.01%, 08/21/2054		6,727,000		6,702,395
				93,475,909
Internet & Direct Marketing Retail–0.37%
Ctrip.com International, Ltd. (China), Sr. Unsec. Conv. Bonds, 1.25%, 09/15/2019(e)		30,912,000		32,120,659
Liberty Expedia Holdings, Inc., Sr. Unsec. Conv. Deb., 1.00%, 07/05/2022(c)(e)		15,152,000		14,630,468

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

10                         Invesco Equity and Income Fund

	Principal Amount		Value
Internet & Direct Marketing Retail–(continued)
QVC, Inc., Sr. Sec. Gtd. First Lien Global Notes, 5.45%, 08/15/2034	$	8,810,000	$	8,437,472
				55,188,599
Internet Software & Services–0.12%
eBay Inc., Sr. Unsec. Global Notes, 2.50%, 03/09/2018		18,235,000		18,238,581
Investment Banking & Brokerage–1.30%
Goldman Sachs Group, Inc. (The), Sr. Unsec. Global Notes, 4.02%, 10/31/2038		5,325,000		5,156,053
5.25%, 07/27/2021		5,510,000		5,875,120
Unsec. Sub. Notes, 4.25%, 10/21/2025		5,807,000		5,858,964
Series 0000, Sr. Unsec. Exchangeable Basket-Linked Conv. Medium-Term Notes, 1.00%, 09/28/2020(c)(g)		59,890,000		109,744,832
GS Finance Corp., Series 0001, Sr. Unsec. Conv. Medium-Term Notes, 0.25%, 07/08/2024		56,790,000		58,492,564
Morgan Stanley, Sr. Unsec. Medium-Term Global Notes, 4.00%, 07/23/2025		6,870,000		6,965,397
				192,092,930
IT Consulting & Other Services–0.03%
DXC Technology Co., Sr. Unsec. Global Notes, 4.45%, 09/18/2022		4,954,000		5,117,720
Life & Health Insurance–0.52%
Athene Global Funding, Sec. Notes, 2.88%, 10/23/2018(c)		6,568,000		6,582,030
4.00%, 01/25/2022(c)		12,280,000		12,434,615
Jackson National Life Global Funding, Sr. Sec. Notes, 2.10%, 10/25/2021(c)		5,295,000		5,121,964
3.25%, 01/30/2024(c)		4,885,000		4,855,053
Nationwide Financial Services Inc., Sr. Unsec. Notes, 5.30%, 11/18/2044(c)		9,220,000		10,196,925
Prudential Financial, Inc., Jr. Unsec. Sub. Global Notes, 8.88%, 06/15/2068		18,455,000		18,685,688
Sr. Unsec. Notes, 3.91%, 12/07/2047(c)		4,898,000		4,663,958
3.94%, 12/07/2049(c)		4,856,000		4,624,917
Reliance Standard Life Global Funding II, Sr. Sec. First Lien Notes, 3.05%, 01/20/2021(c)		4,985,000		4,967,387
Teachers Insurance and Annuity Association of America, Unsec. Sub. Notes, 4.27%, 05/15/2047(c)		4,869,000		4,855,800
				76,988,337

	Principal Amount		Value
Movies & Entertainment–0.11%
Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/15/2019	$	12,111,000	$	16,250,540
Multi-Line Insurance–0.15%
American Financial Group, Inc., Sr. Unsec. Notes, 4.50%, 06/15/2047		5,075,000		5,020,192
American International Group, Inc., Sr. Unsec. Global Notes, 2.30%, 07/16/2019		3,855,000		3,829,425
4.38%, 01/15/2055		7,405,000		6,945,824
Metropolitan Life Global Funding I, Sec. Notes, 2.05%, 06/12/2020(c)		5,740,000		5,638,462
				21,433,903
Multi-Utilities–0.08%
NiSource Inc., Sr. Unsec. Global Notes, 4.38%, 05/15/2047		6,015,000		6,119,245
Sempra Energy, Sr. Unsec. Global Notes, 3.80%, 02/01/2038		5,871,000		5,581,217
				11,700,462
Office REITs–0.06%
Government Properties Income Trust, Sr. Unsec. Global Notes, 4.00%, 07/15/2022		7,200,000		7,208,556
Highwoods Realty L.P., Sr. Unsec. Notes, 3.20%, 06/15/2021		1,650,000		1,645,438
				8,853,994
Oil & Gas Drilling–0.06%
Nabors Industries Inc., Sr. Unsec. Gtd. Conv. Notes, 0.75%, 01/15/2024(c)		10,882,000		8,302,727
Oil & Gas Equipment & Services–0.47%
Ensco Jersey Finance Ltd., Sr. Unsec. Gtd. Conv. Bonds, 3.00%, 01/31/2024		19,995,000		16,545,862
Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 4.25%, 05/01/2022		10,666,000		10,075,200
Oil States International, Inc., Sr. Unsec. Conv. Notes, 1.50%, 02/15/2023(c)		15,097,000		14,541,657
Weatherford International Ltd., Sr. Unsec. Gtd. Conv. Notes, 5.88%, 07/01/2021		30,170,000		28,760,216
				69,922,935
Oil & Gas Exploration & Production–0.22%
Anadarko Petroleum Corp., Sr. Unsec. Notes, 6.60%, 03/15/2046		4,830,000		6,042,821
Chesapeake Energy Corp., Sr. Unsec. Gtd. Conv. Bonds, 5.50%, 09/15/2026		10,145,000		8,766,193

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 Exploration & Production–(continued)
ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes, 4.15%, 11/15/2034	$	9,367,000	$	9,502,904
Noble Energy, Inc., Sr. Unsec. Global Notes, 5.25%, 11/15/2043		7,940,000		8,436,052
				32,747,970
Oil & Gas Storage & Transportation–0.71%
Enable Midstream Partners, LP, Sr. Unsec. Global Notes, 2.40%, 05/15/2019		4,395,000		4,355,114
Energy Transfer, LP, Sr. Unsec. Notes, 4.90%, 03/15/2035		3,640,000		3,479,127
Enterprise Products Operating LLC, Sr. Unsec. Gtd. Global Bonds, 6.45%, 09/01/2040		555,000		688,371
Sr. Unsec. Gtd. Global Notes, 4.25%, 02/15/2048		7,354,000		7,046,509
5.25%, 01/31/2020		2,889,000		3,015,078
Sr. Unsec. Gtd. Notes, 2.55%, 10/15/2019		3,770,000		3,754,200
Series N, Sr. Unsec. Gtd. Notes, 6.50%, 01/31/2019		4,420,000		4,570,055
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/2034		4,203,000		4,348,834
MPLX LP, Sr. Unsec. Global Bonds, 4.50%, 07/15/2023		18,525,000		19,156,969
Sr. Unsec. Global Notes, 4.50%, 04/15/2038		8,564,000		8,382,785
5.50%, 02/15/2023		7,610,000		7,808,142
Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/2022		4,275,000		4,226,712
Spectra Energy Partners, L.P., Sr. Unsec. Global Notes, 4.50%, 03/15/2045		5,468,000		5,353,257
Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes, 5.30%, 04/01/2044		8,165,000		7,949,922
5.50%, 02/15/2020		5,405,000		5,629,993
Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/2032		3,835,000		4,824,992
Western Gas Partners, LP, Sr. Unsec. Notes, 5.45%, 04/01/2044		9,710,000		9,943,103
				104,533,163
Other Diversified Financial Services–0.32%
ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.35%, 10/15/2019(c)		9,335,000		9,260,808
MassMutual Global Funding II, Sec. Notes, 2.00%, 04/15/2021(c)		10,205,000		9,924,266
Sr. Sec. Notes, 2.10%, 08/02/2018(c)		25,000,000		24,982,037

	Principal Amount		Value
Other Diversified Financial Services–(continued)
SMBC Aviation Capital Finance DAC (Ireland), Sr. Unsec. Gtd. Notes, 2.65%, 07/15/2021(c)	$	3,225,000	$	3,154,327
				47,321,438
Packaged Foods & Meats–0.06%
General Mills, Inc., Sr. Unsec. Global Notes, 2.20%, 10/21/2019		8,595,000		8,521,917
Mead Johnson Nutrition Co. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 4.13%, 11/15/2025		648,000		661,623
				9,183,540
Paper Packaging–0.10%
International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/2041		2,855,000		3,428,208
Packaging Corp. of America, Sr. Unsec. Global Notes, 4.50%, 11/01/2023		11,003,000		11,585,330
				15,013,538
Pharmaceuticals–0.61%
Allergan Funding SCS, Sr. Unsec. Gtd. Global Notes, 2.35%, 03/12/2018		12,713,000		12,715,718
4.85%, 06/15/2044		9,265,000		9,363,819
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 2.38%, 10/08/2019(c)		21,949,000		21,772,194
3.00%, 10/08/2021(c)		6,079,000		6,060,049
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		14,556,000		14,962,491
Medicines Co. (The), Sr. Unsec. Conv. Bonds, 2.75%, 07/15/2023		9,593,000		9,005,553
Mylan N.V., Sr. Unsec. Gtd. Global Notes, 3.15%, 06/15/2021		4,535,000		4,497,742
Pacira Pharmaceuticals, Inc., Sr. Unsec. Conv. Notes, 2.38%, 04/01/2022(c)		7,610,000		7,010,127
Perrigo Finance Unlimited Co., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/2021		520,000		520,925
Zoetis Inc., Sr. Unsec. Global Notes, 4.70%, 02/01/2043		4,101,000		4,363,269
				90,271,887
Property & Casualty Insurance–0.23%
Allstate Corp. (The), Sr. Unsec. Bonds, 3.28%, 12/15/2026		3,260,000		3,195,872
CNA Financial Corp., Sr. Unsec. Global Bonds, 5.88%, 08/15/2020		4,915,000		5,242,091
Liberty Mutual Group Inc., Sr. Unsec. Gtd. Bonds, 4.85%, 08/01/2044(c)		9,030,000		9,513,544

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	$	4,427,796
Travelers Cos., Inc. (The), Sr. Unsec. Global Notes, 4.60%, 08/01/2043		6,455,000		7,000,598
WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/2022		5,040,000		5,266,919
				34,646,820
Railroads–0.16%
Burlington Northern Santa Fe, LLC, Sr. Unsec. Deb., 5.15%, 09/01/2043		9,530,000		11,026,511
CSX Corp., Sr. Unsec. Notes, 5.50%, 04/15/2041		1,660,000		1,917,541
Union Pacific Corp., Sr. Unsec. Notes, 4.15%, 01/15/2045		4,410,000		4,546,975
4.85%, 06/15/2044		5,560,000		6,194,137
				23,685,164
Regional Banks–0.06%
Citizens Financial Group, Inc., Sr. Unsec. Global Notes, 2.38%, 07/28/2021		4,700,000		4,588,626
SunTrust Banks, Inc., Unsec. Sub. Global Notes, 3.30%, 05/15/2026		4,670,000		4,500,838
				9,089,464
Reinsurance–0.03%
Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/2023		3,711,000		3,890,733
Renewable Electricity–0.04%
Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/2044		5,806,000		5,767,743
Semiconductors–0.66%
Broadcom Corp./Broadcom Cayman Finance Ltd., Sr. Unsec. Gtd. Global Notes, 3.63%, 01/15/2024		14,575,000		14,238,341
Microchip Technology Inc., Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/2027(c)		20,600,000		24,306,970
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(e)		15,332,000		25,976,164
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Bonds, 1.00%, 12/01/2020		17,148,000		24,072,963
Silicon Laboratories Inc., Sr. Unsec. Conv. Notes, 1.38%, 03/01/2022(c)		5,936,000		7,084,616

	Principal Amount		Value
Semiconductors–(continued)
Texas Instruments Inc., Sr. Unsec. Notes, 2.63%, 05/15/2024	$	2,275,000	$	2,201,355
				97,880,409
Specialized Finance–0.36%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.95%, 02/01/2022		4,189,000		4,234,692
Air Lease Corp., Sr. Unsec. Global Notes, 2.63%, 09/04/2018		11,615,000		11,622,482
3.00%, 09/15/2023		6,731,000		6,555,476
4.25%, 09/15/2024		4,355,000		4,468,685
Aviation Capital Group LLC, Sr. Unsec. Notes, 2.88%, 09/17/2018(c)		12,280,000		12,292,364
2.88%, 01/20/2022(c)		6,230,000		6,106,024
4.88%, 10/01/2025(c)		7,745,000		8,110,649
				53,390,372
Specialized REITs–0.26%
Crown Castle International Corp., Sr. Unsec. Global Bonds, 3.80%, 02/15/2028		10,479,000		10,139,376
Sr. Unsec. Global Notes, 4.75%, 05/15/2047		470,000		473,144
Crown Castle Towers LLC, Sr. Sec. Gtd. First Lien Notes, 4.88%, 08/15/2020(c)		5,425,000		5,614,472
EPR Properties, Sr. Unsec. Gtd. Global Notes, 4.75%, 12/15/2026		17,525,000		17,591,895
Life Storage LP, Sr. Unsec. Gtd. Global Notes, 3.50%, 07/01/2026		4,667,000		4,453,151
				38,272,038
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), Sr. Unsec. Global Notes, 4.50%, 06/01/2047		1,665,000		1,667,403
Systems Software–0.26%
FireEye, Inc., Series A, Sr. Unsec. Conv. Bonds, 1.00%, 06/01/2020(e)		11,739,000		11,133,902
Series B, Sr. Unsec. Conv. Bonds, 1.63%, 06/01/2022(e)		11,739,000		10,938,494
Microsoft Corp., Sr. Unsec. Global Notes, 3.50%, 02/12/2035		4,259,000		4,189,640
Oracle Corp., Sr. Unsec. Global Notes, 1.90%, 09/15/2021		13,245,000		12,807,204
				39,069,240

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

13                         Invesco Equity and Income Fund

	Principal Amount		Value
Technology Distributors–0.05%
Avnet, Inc., Sr. Unsec. Global Notes, 4.63%, 04/15/2026	$	7,645,000	$	7,714,878
Technology Hardware, Storage & Peripherals–0.30%
Apple Inc., Sr. Unsec. Global Notes, 2.15%, 02/09/2022		7,303,000		7,092,452
3.35%, 02/09/2027		3,495,000		3,448,452
Dell International LLC/ EMC Corp., Sr. Sec. Gtd. First Lien Notes, 5.45%, 06/15/2023(c)		7,237,000		7,648,372
8.35%, 07/15/2046(c)		278,000		352,817
SanDisk Corp., Sr. Unsec. Gtd. Conv. Bonds, 0.50%, 10/15/2020		24,327,000		23,439,308
Seagate HDD Cayman, Sr. Unsec. Gtd. Global Bonds, 5.75%, 12/01/2034		3,007,000		2,852,445
				44,833,846
Tobacco–0.11%
Philip Morris International Inc., Sr. Unsec. Global Notes, 3.60%, 11/15/2023		3,940,000		3,983,761
4.88%, 11/15/2043		11,740,000		12,762,211
				16,745,972
Wireless Telecommunication Services–0.14%
América Móvil, S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 07/16/2042		6,610,000		6,687,757
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 4.30%, 02/15/2048		8,020,000		7,957,304
4.50%, 03/15/2043		6,080,000		6,184,822
				20,829,883
Total Bonds & Notes (Cost $2,586,484,353)				2,709,556,979
U.S. Treasury Securities–10.85%
U.S. Treasury Bills–0.01%
1.59%, 07/26/2018(h)(i)		925,000		918,363
U.S. Treasury Notes–10.31%
1.25%, 01/31/2019		184,665,000		183,294,435
3.63%, 08/15/2019		58,350,000		59,538,654
3.38%, 11/15/2019		10,000,000		10,191,602
2.25%, 02/29/2020		460,861,000		460,806,987
2.25%, 02/15/2021		107,550,000		107,058,464
2.63%, 02/28/2023		412,436,700		412,025,872
2.75%, 02/28/2025		101,818,200		101,515,932
2.75%, 02/15/2028		193,016,700		191,090,302
				1,525,522,248

	Principal Amount		Value
U.S. Treasury Bonds–0.53%
4.50%, 02/15/2036	$	5,000,000	$	6,062,403
2.75%, 11/15/2047		78,452,500		72,700,339
				78,762,742
Total U.S. Treasury Securities (Cost $1,607,068,302)				1,605,203,353
	Shares
Preferred Stocks–0.51%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, $2.58 Conv. Pfd.		483,000		30,344,427
Diversified Banks–0.03%
Wells Fargo & Co., Series Q, 5.85% Pfd.		142,800		3,791,340
Oil & Gas Storage & Transportation–0.28%
El Paso Energy Capital Trust I, $2.38 Conv. Pfd.		875,900		41,614,009
Total Preferred Stocks (Cost $63,824,606)				75,749,776
	Principal Amount
U.S. Government Sponsored Agency Securities–0.35%
Federal Home Loan Mortgage Corp. (FHLMC)–0.29%
Unsec. Global Notes, 4.88%, 06/13/2018	$	33,680,000		33,979,011
6.75%, 03/15/2031		7,000,000		9,602,180
				43,581,191
Federal National Mortgage Association (FNMA)–0.06%
Unsec. Global Notes, 6.63%, 11/15/2030		6,315,000		8,541,221
Total U.S. Government Sponsored Agency Securities (Cost $55,447,058)				52,122,412
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		3,192,592
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		6,068,678
Total Municipal Obligations (Cost $7,640,528)				9,261,270
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		1
5.50%, 02/01/2037		21		24
				25

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

14                         Invesco Equity and Income Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–0.00%
Pass Through Ctfs., 7.00%, 07/01/2018 to 07/01/2032	$	11,126	$	11,198
5.50%, 03/01/2021		37		38
8.00%, 08/01/2021		145		145
				11,381
Government National Mortgage Association (GNMA)–0.00%
Pass Through Ctfs., 8.00%, 06/15/2026 to 01/20/2031		23,689		25,019
7.50%, 12/20/2030		1,352		1,567
				26,586
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $36,947)				37,992

	Shares		Value
Money Market Funds–5.11%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(j)		255,254,327	$	255,254,327
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(j)		192,283,385		192,302,613
Invesco Treasury Portfolio–Institutional Class, 1.29%(j)		307,721,808		307,721,803
Total Money Market Funds (Cost $755,290,428)				755,278,743
TOTAL INVESTMENTS IN SECURITIES–99.79% (Cost $11,724,183,352)				14,764,723,134
OTHER ASSETS LESS LIABILITIES–0.21%				30,975,219
NET ASSETS–100.00%			$	14,795,698,353

Investment Abbreviations:

ADR	– American Depositary Receipt
Conv.	– Convertible
Ctfs.	– Certificates
Deb.	– Debentures
Gtd.	– Guaranteed
Jr.	– Junior
Pfd.	– Preferred

RB	– Revenue Bonds
REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured

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, 2018 was $721,956,955, which represented 4.88% of the Fund’s Net Assets.

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

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

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

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

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

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

^(j)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 28, 2018.

Portfolio Composition

By security type, based on Net Assets

as of February 28, 2018

Common Stocks & Other Equity Interests	64.6	%
Bonds & Notes	18.3
U.S. Treasury Securities	10.8
Security types each less than 1% of portfolio	1.0
Money Market Funds Plus Other Assets Less Liabilities	5.3

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

15                         Invesco Equity and Income Fund

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver				Receive
04/02/2018	Bank of New York Mellon (The)		CAD	63,720,817	USD		50,538,786	$	848,785
04/02/2018	State Street Bank and Trust Co.		CAD	63,720,818	USD		50,534,979		844,977
04/03/2018	Bank of New York Mellon (The)		AUD	39,273,921	USD		31,012,063		512,611
04/03/2018	State Street Bank and Trust Co.		AUD	39,273,922	USD		31,032,289		532,837
04/03/2018	Bank of New York Mellon (The)		CHF	38,848,512	USD		41,651,669		384,532
04/03/2018	State Street Bank and Trust Co.		CHF	38,848,512	USD		41,667,305		400,168
04/03/2018	Bank of New York Mellon (The)		EUR	34,956,570	USD		43,255,959		492,032
04/03/2018	State Street Bank and Trust Co.		EUR	34,956,571	USD		43,273,787		509,860
04/03/2018	Bank of New York Mellon (The)		GBP	144,894,887	USD		203,265,793		3,470,706
04/03/2018	State Street Bank and Trust Co.		GBP	144,894,888	USD		203,182,479		3,387,392
Subtotal									11,383,900
04/02/2018	State Street Bank and Trust Co.		USD	1,997,887	CAD		2,530,683		(24,441	)
04/03/2018	State Street Bank and Trust Co.		USD	1,174,450	AUD		1,498,958		(10,385	)
04/03/2018	State Street Bank and Trust Co.		USD	1,614,598	CHF		1,509,618		(10,994	)
04/03/2018	State Street Bank and Trust Co.		USD	1,691,600	EUR		1,374,621		(9,965	)
04/03/2018	State Street Bank and Trust Co.		USD	4,829,370	GBP		3,457,608		(61,685	)
Subtotal									(117,470	)
Total Forward Foreign Currency Contracts — Currency Risk								$	11,266,430

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
U.S. Treasury 5 Year Notes		334		June-2018	$	(38,052,516	)	$	54,002	$	54,002
U.S. Treasury 10 Year Notes		670		June-2018		(80,431,406	)		82,155		82,155
Total Futures Contracts — Interest Rate Risk								$	136,157	$	136,157

Abbreviations:

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

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

16                         Invesco Equity and Income Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $10,968,892,924)	$	14,009,444,391
Investments in affiliated money market funds, at value (Cost $755,290,428)		755,278,743
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		11,383,900
Foreign currencies, at value (Cost $226,456)		289,970
Receivable for:
Investments sold		35,255,238
Fund shares sold		16,074,013
Dividends and interest		37,458,983
Investment for trustee deferred compensation and retirement plans		1,369,406
Other assets		159,804
Total assets		14,866,714,448
Liabilities:
Other investments:
Variation margin payable — futures contracts		198,813
Unrealized depreciation on forward foreign currency contracts outstanding		117,470
Payable for:
Investments purchased		38,090,636
Fund shares reacquired		22,537,926
Accrued fees to affiliates		7,727,255
Accrued trustees’ and officers’ fees and benefits		33,241
Accrued other operating expenses		743,368
Trustee deferred compensation and retirement plans		1,567,386
Total liabilities		71,016,095
Net assets applicable to shares outstanding	$	14,795,698,353
Net assets consist of:
Shares of beneficial interest	$	11,565,883,214
Undistributed net investment income		(11,060,093	)
Undistributed net realized gain		188,880,420
Net unrealized appreciation		3,051,994,812
	$	14,795,698,353

Net Assets:
Class A	$	10,305,217,290
Class C	$	1,553,229,412
Class R	$	208,029,372
Class Y	$	1,186,240,713
Class R5	$	457,096,333
Class R6	$	1,085,885,233
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		938,609,129
Class C		144,235,073
Class R		18,850,994
Class Y		108,008,001
Class R5		41,614,725
Class R6		98,893,618
Class A:
Net asset value per share	$	10.98
Maximum offering price per share
(Net asset value of $10.98 ¸ 94.50%)	$	11.62
Class C:
Net asset value and offering price per share	$	10.77
Class R:
Net asset value and offering price per share	$	11.04
Class Y:
Net asset value and offering price per share	$	10.98
Class R5:
Net asset value and offering price per share	$	10.98
Class R6:
Net asset value and offering price per share	$	10.98

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

17                         Invesco Equity and Income Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,451,021)	$	102,004,512
Dividends from affiliated money market funds		4,388,895
Interest		54,305,081
Total investment income		160,698,488
Expenses:
Advisory fees		26,009,140
Administrative services fees		458,917
Custodian fees		271,179
Distribution fees:
Class A		12,815,642
Class B		336,597
Class C		7,820,825
Class R		536,486
Transfer agent fees — A, B, C, R and Y		10,434,532
Transfer agent fees — R5		232,861
Transfer agent fees — R6		33,440
Trustees’ and officers’ fees and benefits		110,460
Registration and filing fees		198,386
Reports to shareholders		563,823
Professional services fees		116,434
Other		185,914
Total expenses		60,124,636
Less: Fees waived and expense offset arrangement(s)		(488,746	)
Net expenses		59,635,890
Net investment income		101,062,598
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		386,430,792
Foreign currencies		(186,239	)
Forward foreign currency contracts		(23,960,247	)
Futures contracts		5,354,088
		367,638,394
Change in net unrealized appreciation (depreciation) of:
Investment securities		418,832,813
Foreign currencies		(47,659	)
Forward foreign currency contracts		9,836,256
Futures contracts		345,047
		428,966,457
Net realized and unrealized gain		796,604,851
Net increase in net assets resulting from operations	$	897,667,449

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

18                         Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	101,062,598		$	248,192,935
Net realized gain		367,638,394			763,223,511
Change in net unrealized appreciation		428,966,457			574,571,295
Net increase in net assets resulting from operations		897,667,449			1,585,987,741
Distributions to shareholders from net investment income:
Class A		(131,711,633	)		(169,498,459	)
Class B		(731,363	)		(1,359,803	)
Class C		(14,339,367	)		(15,380,179	)
Class R		(2,500,314	)		(3,101,312	)
Class Y		(17,307,160	)		(21,448,254	)
Class R5		(6,816,251	)		(9,190,623	)
Class R6		(13,822,584	)		(7,406,037	)
Total distributions from net investment income		(187,228,672	)		(227,384,667	)
Distributions to shareholders from net realized gains:
Class A		(463,508,928	)		(281,349,739	)
Class B		(3,559,530	)		(4,439,637	)
Class C		(72,250,994	)		(45,908,574	)
Class R		(9,677,194	)		(6,061,572	)
Class Y		(55,731,285	)		(26,547,489	)
Class R5		(21,585,473	)		(12,633,277	)
Class R6		(43,271,855	)		(8,532,886	)
Total distributions from net realized gains		(669,585,259	)		(385,473,174	)
Share transactions–net:
Class A		204,325,118			(693,182,487	)
Class B		(97,942,010	)		(90,341,086	)
Class C		(10,007,585	)		(189,427,218	)
Class R		(6,990,187	)		(17,470,628	)
Class Y		(20,495,614	)		308,959,319
Class R5		(1,477,424	)		(12,693,984	)
Class R6		244,837,357			540,221,341
Net increase (decrease) in net assets resulting from share transactions		312,249,655			(153,934,743	)
Net increase in net assets		353,103,173			819,195,157
Net assets:
Beginning of period		14,442,595,180			13,623,400,023
End of period (includes undistributed net investment income of $(11,060,093) and $75,105,981, respectively)	$	14,795,698,353		$	14,442,595,180

Notes to Financial Statements

February 28, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

19                         Invesco Equity and Income Fund

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

The Fund currently consists of 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

20                         Invesco Equity and Income Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

21                         Invesco Equity and Income Fund

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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. 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2018, 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, 2018, 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 R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.25% of average daily net assets. 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

22                         Invesco Equity and Income Fund

agreement, it will terminate on June 30, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $445,992.

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, 2018, 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 services 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, 2018, 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 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 C average daily net assets and up to 0.50% of Class R average daily net assets. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The fees are accrued daily and paid monthly.

With respect to 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 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $1,321,654 in front-end sales commissions from the sale of Class A shares and $22,928, $86 and $31,682 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2018, the Fund incurred $32,439 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, 2018. 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.

23                         Invesco Equity and Income Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were transfers from Level 1 to Level 2 of $507,091,737 and from Level 2 to Level 1 of $0, due to foreign fair value adjustments.

	Level 1		Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests	$	8,802,429,395	$	755,083,214		$	—		$	9,557,512,609
Bonds & Notes		—		2,709,556,979			—			2,709,556,979
U.S. Treasury Securities		—		1,605,203,353			—			1,605,203,353
Preferred Stocks		45,405,349		30,344,427			—			75,749,776
U.S. Government Sponsored Agency Securities		—		52,122,412			—			52,122,412
Municipal Obligations		—		9,261,270			—	��		9,261,270
U.S. Government Sponsored Agency Mortgage-Backed Securities		—		37,992			—			37,992
Money Market Funds		755,278,743		—			—			755,278,743
Total Investments in Securities		9,603,113,487		5,161,609,647			—			14,764,723,134
Other Investments — Assets*
Forward Foreign Currency Contracts		—		11,383,900			—			11,383,900
Futures Contracts		136,157		—			—			136,157
Other Investments — Liabilities*
Forward Foreign Currency Contracts				(117,470	)					(117,470	)
Total Other Investments		136,157		11,266,430						11,402,587
Total Investments	$	9,603,249,644	$	5,172,876,077		$	—		$	14,776,125,721

* 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.

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, 2018:

	Value
Derivative Assets	Currency Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—		$	136,157		$	136,157
Unrealized appreciation on forward foreign currency contracts outstanding		11,383,900			—			11,383,900
Total Derivative Assets		11,383,900			136,157			11,520,057
Derivatives not subject to master netting agreements		—			(136,157	)		(136,157	)
Total Derivative Assets subject to master netting agreements	$	11,383,900		$	—		$	11,383,900
	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk			Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(117,470	)	$	—		$	(117,470	)
Total Derivative Liabilities		(117,470	)		—			(117,470	)
Derivatives not subject to master netting agreements		—			—			—
Total Derivative Liabilities subject to master netting agreements	$	(117,470	)	$	—		$	(117,470	)

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

24                         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, 2018.

	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)	$	5,708,666	$	—		$	5,708,666	$	—	$	—	$	5,708,666
State Street Bank and Trust Co.		5,675,234		(117,470	)		5,557,764		—		—		5,557,764
Total	$	11,383,900	$	(117,470	)	$	11,266,430	$	—	$	—	$	11,266,430

Effect of Derivative Investments for the six months ended February 28, 2018

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	$	(23,960,247	)	$	—	$	(23,960,247	)
Futures contracts		—			5,354,088		5,354,088
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		9,836,256			—		9,836,256
Futures contracts		—			345,047		345,047
Total	$	(14,123,991	)	$	5,699,135	$	(8,424,856	)

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	$	770,937,107	$	126,457,094

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $42,754.

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.

25                         Invesco Equity and Income 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. 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, 2017.

NOTE 9—Investment Transactions

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, 2018 was $1,714,740,153 and $2,462,280,414, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $7,889,991,587 and $7,682,148,595, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,297,687,066
Aggregate unrealized (depreciation) of investments		(324,274,850	)
Net unrealized appreciation of investments	$	2,973,412,216

Cost of investments for tax purposes is $11,802,713,505.

26                         Invesco Equity and Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		44,304,406		$	495,118,908			115,669,742		$	1,239,277,625
Class B(b)		18,899			207,389			172,357			1,790,154
Class C		7,497,268			82,291,916			20,750,460			218,745,272
Class R		1,428,898			16,037,143			3,909,237			41,993,529
Class Y		15,149,610			169,481,465			98,848,260			1,062,003,096
Class R5		6,261,934			70,223,960			8,673,316			92,759,051
Class R6		26,525,498			297,246,713			56,055,001			613,972,350
Issued as reinvestment of dividends:
Class A		51,614,411			562,529,308			40,002,989			425,418,381
Class B(b)		394,211			4,192,852			542,476			5,637,412
Class C		7,503,052			80,244,163			5,380,101			56,266,159
Class R		1,110,452			12,167,867			850,972			9,098,921
Class Y		5,713,007			62,215,538			4,057,437			43,198,828
Class R5		2,606,056			28,382,425			2,024,646			21,551,486
Class R6		5,171,619			56,322,407			1,475,642			15,720,136
Conversion of Class B shares to Class A shares:(c)
Class A		6,009,369			69,408,211			6,568,778			70,361,377
Class B		(6,168,664	)		(69,408,211	)		(6,723,611	)		(70,361,377	)
Reacquired:
Class A		(82,502,707	)		(922,731,309	)		(226,831,869	)		(2,428,239,870	)
Class B(b)		(2,995,990	)		(32,934,040	)		(2,634,938	)		(27,407,275	)
Class C		(15,717,363	)		(172,543,664	)		(44,176,496	)		(464,438,649	)
Class R		(3,132,085	)		(35,195,197	)		(6,378,498	)		(68,563,078	)
Class Y		(22,513,925	)		(252,192,617	)		(73,419,782	)		(796,242,605	)
Class R5		(8,980,048	)		(100,083,809	)		(11,851,117	)		(127,004,521	)
Class R6		(9,737,426	)		(108,731,763	)		(8,337,287	)		(89,471,145	)
Net increase (decrease) in share activity		29,560,482		$	312,249,655			(15,372,184	)	$	(153,934,743	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

27                         Invesco Equity and Income Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 02/28/18	$	10.96	$	0.08		$	0.60		$	0.68		$	(0.15	)	$	(0.51	)	$	(0.66	)	$	10.98		6.27	%	$	10,305,217		0.77	%(d)		0.78	%(d)		1.41	%(d)		69	%
Year ended 08/31/17		10.22		0.19			1.02			1.21			(0.18	)		(0.29	)		(0.47	)		10.96		12.04			10,072,836		0.79			0.80			1.79			94
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
Class B
Six months ended 02/28/18(f)		10.70		0.03			1.15			1.18			(0.10	)		(0.51	)		(0.61	)		11.27		11.43			—		1.52	(d)		1.53	(d)		0.66	(d)		69
Year ended 08/31/17		9.98		0.11			1.00			1.11			(0.10	)		(0.29	)		(0.39	)		10.70		11.24			93,617		1.54			1.55			1.04			94
Year ended 08/31/16		9.78		0.08			0.54			0.62			(0.15	)		(0.27	)		(0.42	)		9.98		6.63	(f)		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
Class C
Six months ended 02/28/18		10.76		0.03			0.59			0.62			(0.10	)		(0.51	)		(0.61	)		10.77		5.87			1,553,229		1.52	(d)		1.53	(d)		0.66	(d)		69
Year ended 08/31/17		10.04		0.11			1.00			1.11			(0.10	)		(0.29	)		(0.39	)		10.76		11.21			1,559,156		1.54			1.55			1.04			94
Year ended 08/31/16		9.83		0.08			0.55			0.63			(0.15	)		(0.27	)		(0.42	)		10.04		6.71	(g)		1,636,583		1.52	(g)		1.53	(g)		0.84	(g)		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
Class R
Six months ended 02/28/18		11.01		0.06			0.61			0.67			(0.13	)		(0.51	)		(0.64	)		11.04		6.20			208,029		1.02	(d)		1.03	(d)		1.16	(d)		69
Year ended 08/31/17		10.27		0.17			1.02			1.19			(0.16	)		(0.29	)		(0.45	)		11.01		11.71			214,107		1.04			1.05			1.54			94
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
Class Y
Six months ended 02/28/18		10.96		0.09			0.60			0.69			(0.16	)		(0.51	)		(0.67	)		10.98		6.41			1,186,241		0.52	(d)		0.53	(d)		1.66	(d)		69
Year ended 08/31/17		10.22		0.22			1.01			1.23			(0.20	)		(0.29	)		(0.49	)		10.96		12.32			1,202,149		0.54			0.55			2.04			94
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
Class R5
Six months ended 02/28/18		10.96		0.09			0.60			0.69			(0.16	)		(0.51	)		(0.67	)		10.98		6.44			457,096		0.47	(d)		0.48	(d)		1.71	(d)		69
Year ended 08/31/17		10.23		0.22			1.01			1.23			(0.21	)		(0.29	)		(0.50	)		10.96		12.28			457,500		0.48			0.49			2.10			94
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
Class R6
Six months ended 02/28/18		10.96		0.10			0.60			0.70			(0.17	)		(0.51	)		(0.68	)		10.98		6.49			1,085,885		0.38	(d)		0.39	(d)		1.80	(d)		69
Year ended 08/31/17		10.22		0.24			1.01			1.25			(0.22	)		(0.29	)		(0.51	)		10.96		12.50			843,229		0.38			0.39			2.20			94
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(h)		9.27		0.21			1.14			1.35			(0.19	)		—			(0.19	)		10.43		14.81			37,884		0.37	(i)		0.38	(i)		2.15	(i)		26

^(a) Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $10,346,484, $83,167, $1,582,749, $216,373, $1,228,309, $469,867 and $966,606 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(f) Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(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 0.98% for the year ended August 31, 2016.

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

⁽ⁱ⁾ Annualized.

28                         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, 2017 through February 28, 2018.

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.

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
Class	Beginning Account Value (09/01/17)		Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,062.70	$	3.94	$	1,020.98	$	3.86		0.77	%
C		1,000.00		1,058.70		7.76		1,017.26		7.60		1.52
R		1,000.00		1,062.00		5.21		1,019.74		5.11		1.02
Y		1,000.00		1,064.10		2.66		1,022.22		2.61		0.52
R5		1,000.00		1,064.40		2.41		1,022.46		2.36		0.47
R6		1,000.00		1,064.90		1.95		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, 2017 through February 28, 2018, 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.

29                         Invesco Equity 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:

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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-EQI-SAR-1             04202018 1202

	Semiannual Report to Shareholders	February 28, 2018
	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
28	Financial Statements
31	Notes to Financial Statements
40	Financial Highlights
41	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, 8/31/17 to 2/28/18, 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	2.75	%
Class C Shares	2.36
Class R Shares	2.62
Class Y Shares	2.88
Class R5 Shares	2.74
Class R6 Shares	2.93
Bloomberg Barclays U.S. Aggregate Bond Indexq (Broad Market Index)	-2.18
Credit Suisse Leveraged Loan Index∎ (Style-Specific Index)	2.86
Lipper Loan Participation Funds Classification Average¨ (Peer Group)	2.39
Source(s): qFactSet Research Systems Inc.; ∎Bloomberg L.P.; ¨Lipper Inc.
The Bloomberg Barclays U.S. Aggregate Bond 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	4.05	%
10 Years	4.37
5 Years	3.06
1 Year	1.13
Class C Shares
Inception (3/31/00)	3.43	%
10 Years	4.08
5 Years	3.05
1 Year	2.14
Class R Shares
Inception (4/13/06)	3.47	%
10 Years	4.36
5 Years	3.32
1 Year	3.53
Class Y Shares
10 Years	4.86	%
5 Years	3.85
1 Year	4.04
Class R5 Shares
Inception (4/13/06)	4.02	%
10 Years	4.93
5 Years	3.84
1 Year	3.90
Class R6 Shares
10 Years	4.82	%
5 Years	3.90
1 Year	4.14

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 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	4.03	%
10 Years	3.49
5 Years	3.17
1 Year	1.40
Class C Shares
Inception (3/31/00)	3.41	%
10 Years	3.22
5 Years	3.19
1 Year	2.56
Class R Shares
Inception (4/13/06)	3.42	%
10 Years	3.50
5 Years	3.43
1 Year	3.69
Class Y Shares
10 Years	3.97	%
5 Years	3.94
1 Year	4.20
Class R5 Shares
Inception (4/13/06)	3.99	%
10 Years	4.08
5 Years	3.98
1 Year	4.33
Class R6 Shares
10 Years	3.93	%
5 Years	4.02
1 Year	4.30

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 1.07%, 1.57%, 1.32%, 0.82%, 0.83% and 0.73%, 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 1.08%, 1.58%, 1.33%, 0.83%, 0.84% and 0.74%, 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, 2019. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information

about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests–95.40%(b)(c)
Aerospace & Defense–2.52%
Booz Allen Hamilton Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		06/30/2023	$	1,381	$	1,392,043
Consolidated Aerospace Manufacturing, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		08/11/2022		3,426		3,432,713
DAE Aviation Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		07/07/2022		858		866,912
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		06/28/2024		3,858		3,908,786
IAP Worldwide Services,
Revolver Loan(d)(e)		0.00	%		07/18/2018		789		789,017
Revolver Loan (3 mo. USD LIBOR + 5.50%) (Acquired 07/22/2014; Cost $87,669)(d)		7.19	%		07/18/2018		88		87,668
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)		8.19	%		07/18/2019		1,000		991,161
Leidos Innovations Corp., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.69	%		08/16/2023		3,013		3,031,442
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		4.33	%		10/05/2024		4,768		4,796,719
Peraton Corp., Term Loan (3 mo. USD LIBOR + 5.25%)		6.95	%		04/29/2024		2,552		2,581,809
TransDigm Inc.,
Term Loan E (1 mo. USD LIBOR + 2.75%)		4.40	%		05/14/2022		10,054		10,131,464
Term Loan F (1 mo. USD LIBOR + 2.75%)		4.40	%		06/09/2023		16,425		16,545,304
Term Loan F (3 mo. USD LIBOR + 2.75%)		4.44	%		06/09/2023		8,568		8,631,485
Term Loan G (3 mo. USD LIBOR + 2.50%)		4.10	%		08/22/2024		1,164		1,170,057
Vectra Co.,
First Lien Term Loan(f)		—			03/01/2025		1,681		1,685,480
First Lien Term Loan(f)		—			03/01/2026		989		991,094
Wesco Aircraft Hardware Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		3.84	%		02/28/2021		2,571		2,548,888
Xebec Global Holdings, LLC, Term Loan (3 mo. USD LIBOR + 5.50%)(d)		7.32	%		02/12/2024		1,470		1,455,226
									65,037,268
Air Transport–1.03%
American Airlines, Inc.,
Term Loan (1 mo. USD LIBOR + 2.00%)		3.63	%		06/27/2020		991		994,321
Term Loan B (1 mo. USD LIBOR + 2.00%)		3.59	%		12/14/2023		5,079		5,085,444
Avolon TLB Borrower 1 (US) LLC, Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.84	%		03/21/2022		13,417		13,414,582
Gol LuxCo S.A. (Luxembourg), Term Loan (Acquired 08/19/2015; Cost $5,807,175)(d)		6.50	%		08/31/2020		5,842		5,987,695
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 2.00%)		3.77	%		04/01/2024		1,101		1,107,944
									26,589,986
Automotive–1.57%
Allison Transmission, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		09/23/2022		49		49,774
American Axle & Manufacturing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.88	%		04/06/2024		4,647		4,672,000
Belron Finance US LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		4.29	%		11/07/2024		2,514		2,530,850
Britax US Holdings Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		10/15/2020		1,725		1,535,173
CH Hold Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		02/01/2024		2,063		2,078,146
Dayco Products, LLC, Term Loan (3 mo. USD LIBOR + 5.00%) (Acquired 05/08/2017; Cost $1,863,917)(d)		6.65	%		05/19/2023		1,877		1,904,883
Dealer Tire, LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		5.00	%		12/22/2021		622		631,819
FCA US LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.60	%		12/31/2018		273		274,270
Key Safety Systems, Inc., Term Loan (3 mo. USD LIBOR + 4.50%)		6.28	%		08/29/2021		2,829		2,834,639
Midas Intermediate Holdco II, LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		4.44	%		08/18/2021		4,108		4,130,890
Navistar, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		5.08	%		11/06/2024		2,758		2,772,772
Superior Industries International, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		05/22/2024		2,513		2,545,703
ThermaSys Corp., Term Loan (3 mo. USD LIBOR + 4.00%)		5.72	%		05/03/2019		4,069		3,966,879

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)(a)		Value
Automotive–(continued)
Tower Automotive Holdings USA, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		4.38	%		03/07/2024	$	4,892	$	4,908,172
Transtar Holding Co.,
Delayed Draw Term Loan(e)		0.00	%		04/11/2022		243		241,312
Exit Term Loan (3 mo. USD LIBOR + 4.25%)(d)		5.67	%		04/11/2022		991		986,386
First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(d)		5.60	%		04/11/2022		2,289		2,128,749
PIK Term Loan, 7.75% PIK Rate, 1.00% Cash Rate (Acquired 04/11/2017-10/11/2017; Cost $682,061)(d)(g)		7.75	%		04/11/2022		722		674,609
Wand Intermediate I L.P., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		9.14	%		09/19/2022		1,670		1,681,149
									40,548,175
Beverage & Tobacco–0.36%
AI Aqua Merger Sub, Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/13/2023		3,795		3,814,300
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/13/2023		1,773		1,780,880
Arctic Glacier U.S.A. Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		03/20/2024		1,386		1,392,590
Constellation Brands Canada, Inc. (Canada), First Lien Term Loan (3 mo. USD LIBOR + 2.75%)		4.38	%		12/15/2023		1,094		1,101,823
Winebow Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 07/02/2014; Cost $1,184,831)(d)		9.15	%		01/02/2022		1,190		1,112,457
									9,202,050
Building & Development–2.51%
American Builders & Contractors Supply Co., Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		10/31/2023		2,195		2,209,493
Beacon Roofing Supply, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.83	%		01/02/2025		4,115		4,141,056
Capital Automotive L.P.,
First Lien Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.15	%		03/25/2024		8,952		9,009,443
Second Lien Term Loan B (1 mo. USD LIBOR + 6.00%)		7.65	%		03/24/2025		4,120		4,206,037
DiversiTech Holdings, Inc.,
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)(d)		9.20	%		06/02/2025		575		583,071
Term Loan (3 mo. USD LIBOR + 3.50%)		5.20	%		06/03/2024		1,378		1,382,892
Term Loan B-1(f)		—			06/03/2024		418		419,172
Forterra Finance, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		10/25/2023		4,143		3,897,648
HD Supply Waterworks, Ltd., Term Loan (1 mo. USD LIBOR + 3.00%)		4.57	%		08/01/2024		2,814		2,826,304
HD Supply, Inc.,
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		3.94	%		08/13/2021		472		475,181
Term Loan B-4 (3 mo. USD LIBOR + 2.50%)		4.19	%		10/17/2023		3,810		3,839,768
Janus International Group, LLC, Term Loan(f)		—			02/28/2025		976		975,044
Mueller Water Products, Inc.,
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		11/25/2021		379		382,534
Term Loan B (3 mo. USD LIBOR + 2.50%)		4.19	%		11/25/2021		170		171,233
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		11/15/2023		8,909		8,957,593
RE/MAX, LLC, Term Loan (3 mo. USD LIBOR + 2.75%) (Acquired 12/14/2016-02/23/2017; Cost $4,855,132)(d)		4.44	%		12/15/2023		4,843		4,854,706
Realogy Group LLC, Term Loan(f)		—			02/08/2025		13,252		13,343,515
Werner FinCo L.P., Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		07/24/2024		3,053		3,091,448
									64,766,138
Business Equipment & Services–9.59%
Acosta, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		09/26/2021		4,116		3,645,761
Allied Universal Holdco LLC,
Incremental Delayed Draw Term Loan(e)		0.00	%		07/28/2022		1,173		1,162,399
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		07/28/2022		5,260		5,210,618
Alorica Inc., Term Loan B (1 mo. USD LIBOR + 3.75%) (Acquired 08/02/2017; Cost $2,183,740)		5.40	%		06/30/2022		2,168		2,181,030

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)(a)		Value
Business Equipment & Services–(continued)
Altran Technologies (France), Term Loan B(f)		—			02/01/2025	$	1,004	$	1,012,802
Asurion LLC,
Second Lien Term Loan B-2 (1 mo. USD LIBOR + 6.00%)		7.65	%		08/04/2025		14,719		15,121,477
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		4.40	%		08/04/2022		350		352,094
Term Loan B-6 (1 mo. USD LIBOR + 2.75%)		4.40	%		11/03/2023		21,892		22,030,518
Blucora, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		05/22/2024		2,644		2,663,564
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		6.00	%		06/21/2024		6,955		7,019,217
Brickman Group Ltd. LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.62	%		12/18/2020		4,986		5,022,159
Revolver Loan (Acquired 10/14/2016; Cost $951,776)(e)		0.00	%		12/18/2018		992		917,917
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		8.09	%		12/17/2021		519		524,275
Camelia Bidco Ltd. (United Kingdom), Term Loan B-1 (3 mo. GBP LIBOR + 4.75%)		5.31	%		10/14/2024	GBP	2,045		2,833,528
Caraustar Industries, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		03/14/2022		3,064		3,081,045
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		03/01/2024		4,392		4,406,159
Checkout Holding Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		04/09/2021		5,982		4,743,805
Cotiviti Corp.,
First Lien Term Loan B (3 mo. USD LIBOR + 2.25%)		3.95	%		09/28/2023		3,694		3,719,082
Term Loan A (3 mo. USD LIBOR + 2.25%)		3.95	%		09/28/2021		1,530		1,528,747
CRCI Holdings, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		08/31/2023		2,271		2,279,716
Crossmark Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		12/20/2019		4,472		2,299,014
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		9.19	%		12/21/2020		576		53,896
Dakota Holding Corp., Term Loan(f)		—			02/13/2025		2,290		2,311,696
First Data Corp.,
Term Loan A (1 mo. USD LIBOR + 2.25%)		3.87	%		04/26/2024		27,702		27,791,287
Term Loan D (1 mo. USD LIBOR + 2.25%)		3.87	%		07/08/2022		3,835		3,846,950
FleetCor Technologies Operating Co., LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.65	%		08/02/2024		651		655,062
Gartner, Inc., Term Loan A (1 mo. USD LIBOR + 2.00%) (Acquired 03/21/2017; Cost $462,174)		3.65	%		03/16/2022		457		459,709
Genesys Telecom Holdings, U.S., Inc., Term Loan B-2 (3 mo. USD LIBOR + 3.75%)		5.44	%		12/01/2023		10,616		10,675,772
Global Payments, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.00%)		3.65	%		04/21/2023		3,717		3,741,107
Hillman Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		06/30/2021		3,784		3,828,098
IndigoCyan Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 5.00%)(d)		5.58	%		06/23/2024	GBP	1,337		1,835,580
Information Resources, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		6.19	%		01/18/2024		6,273		6,324,972
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (2 mo. USD LIBOR + 2.75%)		4.40	%		11/21/2024		984		979,472
KAR Auction Services, Inc.,
Term Loan B-4 (3 mo. USD LIBOR + 2.25%)		4.00	%		03/11/2021		231		232,807
Term Loan B-5 (3 mo. USD LIBOR + 2.50%)		4.25	%		03/09/2023		4,433		4,464,444
Karman Buyer Corp.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		5.02	%		07/23/2021		10,271		10,141,424
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)		8.27	%		07/25/2022		2,649		2,566,566
Learning Care Group (US) No. 2 Inc.,
Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		05/05/2021		817		828,514
Term Loan (2 mo. USD LIBOR + 4.00%)		5.62	%		05/05/2021		2,263		2,295,761
LegalZoom.com, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)(d)		6.09	%		11/21/2024		1,962		1,979,421
ON Assignment, Inc., Term Loan B(f)		—			04/02/2025		2,454		2,468,370
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		3.62	%		03/18/2024		258		259,236
Peak 10, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		08/01/2024		3,434		3,448,667
Prime Security Services Borrower, LLC,
First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.40	%		05/02/2022		6,952		7,019,816
Revolver Loan(d)(e)		0.00	%		05/02/2022		3,829		3,826,665
Prometric Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.77	%		01/29/2025		1,580		1,594,342

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)(a)		Value
Business Equipment & Services–(continued)
Red Ventures, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		11/08/2024	$	4,106	$	4,139,985
ServiceMaster Co., (The), Term Loan C (1 mo. USD LIBOR + 2.50%)		4.15	%		11/08/2023		2,660		2,678,910
Spin Holdco Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)		5.08	%		11/14/2022		14,563		14,668,851
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/01/2024		3,257		3,269,323
TNS Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.78	%		08/14/2022		1,013		1,020,121
Trans Union LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.65	%		04/09/2023		1,729		1,736,313
Travelport Finance S.a.r.l. (Luxembourg), Term Loan D (3 mo. USD LIBOR + 2.75%)		4.59	%		09/02/2021		2,330		2,338,493
U.S. Security Associates Holdings, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.69	%		07/14/2023		2,573		2,600,092
Ventia Deco LLC, Term Loan B (3 mo. USD LIBOR + 3.50%) (Acquired 08/17/2016-03/23/2017; Cost $2,941,765)(d)		5.19	%		05/21/2022		2,938		2,981,644
Wash MultiFamily Acquisition Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		05/13/2022		884		890,534
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		05/16/2022		5,350		5,390,493
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(d)		8.65	%		05/12/2023		222		221,880
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(d)		8.65	%		05/14/2023		39		38,861
West Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		5.65	%		10/10/2024		8,505		8,589,558
WEX Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.90	%		06/30/2023		1,956		1,972,768
									247,922,387
Cable & Satellite Television–6.02%
Altice Financing S.A.,(Luxembourg)
Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		07/15/2025		2,864		2,833,039
Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		01/31/2026		2,226		2,203,839
Altice US Finance I Corp., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		07/28/2025		8,649		8,654,732
Atlantic Broadband Finance, LLC, Term Loan B (1 mo. USD LIBOR + 2.38%)		4.02	%		01/04/2025		9,113		9,118,370
Cable One, Inc., Incremental Term Loan B-1 (3 mo. USD LIBOR + 2.25%)(d)		3.95	%		05/01/2024		1,023		1,028,167
Charter Communications Operating, LLC, 2017 Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		04/30/2025		7,793		7,819,132
CSC Holdings, LLC,
Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		07/17/2025		17,640		17,624,782
Term Loan (2 mo. USD LIBOR + 2.50%)		4.14	%		01/25/2026		5,607		5,620,548
MCC Iowa, Term Loan M (1 wk. USD LIBOR + 2.00%)		3.48	%		02/02/2025		4,120		4,139,009
Mediacom Illinois LLC, Term Loan K (1 wk. USD LIBOR + 2.25%)		3.73	%		02/15/2024		4,573		4,598,524
Numericable-SFR S.A. (France), Term Loan B-12 (3 mo. USD LIBOR + 3.00%)		4.72	%		01/31/2026		15,146		14,619,358
Quebecor Media, Inc. (Canada), Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		4.09	%		08/17/2020		5,038		5,051,966
Telenet Financing USD LLC, Term Loan AL (1 mo. USD LIBOR + 2.50%)		4.09	%		03/31/2026		8,913		8,953,849
Unitymedia Finance LLC,
Term Loan B (1 mo. USD LIBOR + 2.25%)		3.84	%		09/30/2025		4,347		4,347,065
Term Loan D (1 mo. USD LIBOR + 2.25%)		3.84	%		01/15/2026		4,292		4,294,769
UPC Financing Partnership, Term Loan AR (1 mo. USD LIBOR + 2.50%)		4.09	%		01/15/2026		20,388		20,403,122
Virgin Media Bristol LLC (United Kingdom), Term Loan K (1 mo. USD LIBOR + 2.50%)		4.09	%		01/15/2026		18,043		18,123,507
WideOpenWest Finance, LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.85	%		08/18/2023		7,714		7,705,092
Ziggo Secured Finance Partnership, Term Loan E (1 mo. USD LIBOR + 2.50%)		4.09	%		04/15/2025		8,440		8,373,204
									155,512,074
Chemicals & Plastics–3.25%
Alpha US Bidco, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.69	%		01/31/2024		1,997		2,012,767
Ashland LLC,
Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		05/17/2024		223		224,672
Term Loan B (3 mo. USD LIBOR + 2.00%)		3.57	%		05/17/2024		453		456,186
Avantor Inc.,
Term Loan (1 mo. EURIBOR + 4.25%)		4.25	%		11/21/2024	EUR	6,504		7,989,681
Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		11/21/2024		8,367		8,458,925

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)(a)		Value
Chemicals & Plastics–(continued)
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/16/2024	$	914	$	917,037
Chemours Co., (The), Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		05/12/2022		1,098		1,105,304
Colouroz Investment LLC,(Germany)
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		4.74	%		09/07/2021		3,613		3,409,383
Second Lien Term Loan B-2 (3 mo. USD LIBOR + 7.25%)		8.99	%		09/05/2022		2,736		2,343,042
Term Loan C (3 mo. USD LIBOR + 3.00%)		4.74	%		09/07/2021		597		563,611
Diamond (BC) B.V. (Netherlands), Term Loan B (2 mo. USD LIBOR + 3.00%)		4.65	%		09/06/2024		2,963		2,962,837
Encapsys, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		11/07/2024		646		651,689
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 10/27/2017; Cost $328,481)		9.15	%		11/07/2025		330		336,108
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 2.50%)		4.28	%		08/07/2024		2,262		2,276,170
H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		10/20/2024		5,940		5,974,876
HII Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)(d)		10.15	%		12/21/2020		2,525		2,537,218
HII Holding Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		12/20/2019		1,973		1,979,198
Ineos US Finance LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		03/31/2024		6,566		6,595,059
Invictus US NewCo LLC,
First Lien Term Loan(f)		—			02/15/2025		2,032		2,049,345
Second Lien Term Loan(f)		—			02/15/2026		1,074		1,085,026
KMG Chemicals, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		06/15/2024		1,715		1,727,125
KPEX Holdings, Inc.,
Delayed Draw Term Loan(e)		0.00	%		01/31/2025		97		97,277
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(d)		8.57	%		01/31/2026		419		425,226
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		01/31/2025		979		983,579
MacDermid, Inc.,
First Lien Multicurrency Revolver Loan (Prime Rate + 2.00%)(d)		6.50	%		06/07/2018		907		905,642
First Lien Revolver Loan (1 mo. USD LIBOR + 3.00%)(d)		4.58	%		06/07/2018		1,744		1,741,619
Multi-Currency Revolver(e)		0.00	%		06/07/2018		1,273		1,271,382
Revolver(e)		0.00	%		06/07/2018		436		435,405
Term Loan B-6 (1 mo. USD LIBOR + 3.00%)		4.65	%		06/07/2023		1,577		1,589,919
Term Loan B-7 (1 mo. USD LIBOR + 2.50%)		4.15	%		06/07/2020		131		131,608
Oxea Corp.,
Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75	%		10/11/2024	EUR	1,320		1,608,273
Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		5.25	%		10/11/2024		6,538		6,586,856
PQ Corp., Term Loan B-1(f)		—			02/05/2025		1,126		1,133,377
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.09	%		11/20/2023		2,657		2,690,425
Tata Chemicals North America Inc., Term Loan (3 mo. USD LIBOR + 2.75%)		4.50	%		08/07/2020		1,804		1,814,063
Trinseo Materials Finance, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		09/06/2024		1,035		1,045,026
Tronox Finance LLC,
Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		09/22/2024		997		1,005,366
Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		09/22/2024		2,302		2,320,075
Venator Finance S.a.r.l., Term Loan (1 mo. USD LIBOR + 3.00%)(d)		4.65	%		08/08/2024		1,323		1,331,258
Versum Materials, Term Loan (3 mo. USD LIBOR + 2.00%)		3.69	%		09/29/2023		1,198		1,207,595
									83,979,230
Clothing & Textiles–0.78%
ABG Intermediate Holdings 2 LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		09/29/2024		6,447		6,505,316
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		9.44	%		09/29/2025		2,316		2,353,899
Ascena Retail Group, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		6.19	%		08/21/2022		4,086		3,679,372
Oak Parent, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)(d)		6.15	%		10/26/2023		2,893		2,788,278
Varsity Brands Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/16/2024		4,744		4,804,236
									20,131,101

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)(a)		Value
Conglomerates–0.34%
CTC AcquiCo GmbH,(Germany)
Term Loan B-1(f)		—			11/29/2024	EUR	1,282	$	1,567,439
Term Loan B-2(f)		—			11/29/2024		1,713		1,716,706
Penn Engineering & Manufacturing Corp., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		06/27/2024		1,885		1,894,744
RGIS Services, LLC,
Term Loan (1 mo. USD LIBOR + 7.50%)		9.15	%		03/31/2023		1,144		1,089,230
Term Loan (3 mo. USD LIBOR + 7.50%)		9.19	%		03/31/2023		249		236,789
Term Loan (6 mo. USD LIBOR + 7.50%)		9.34	%		03/31/2023		878		836,102
Safe Fleet Holdings LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.78	%		02/03/2025		914		916,503
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		8.53	%		02/01/2026		526		532,837
									8,790,350
Containers & Glass Products–2.57%
Berlin Packaging, LLC,
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		8.33	%		09/30/2022		760		767,769
Term Loan (1 mo. USD LIBOR + 3.25%)		4.85	%		10/01/2021		3,995		4,021,153
Term Loan (3 mo. USD LIBOR + 3.25%)		4.95	%		10/01/2021		2,373		2,388,348
Berry Plastics Corp.,
Term Loan Q (1 mo. USD LIBOR + 2.00%)		3.65	%		10/01/2022		1,145		1,150,533
Term Loan Q (3 mo. USD LIBOR + 2.00%)		3.58	%		10/01/2022		738		741,806
Term Loan R (1 mo. USD LIBOR + 2.00%)		3.58	%		01/19/2024		1,386		1,391,872
Term Loan O (1 mo. USD LIBOR + 2.00%)		3.58	%		02/08/2020		262		263,190
Term Loan P (1 mo. USD LIBOR + 2.00%)		3.58	%		01/06/2021		428		429,712
BWAY Holding Co., Term Loan (3 mo. USD LIBOR + 3.25%)		4.96	%		04/03/2024		1,021		1,026,237
Consolidated Container Co. LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/22/2024		2,243		2,258,481
Crown Americas LLC, Term Loan B(f)		—			01/29/2025		2,555		2,580,885
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.00%) (Acquired 03/24/2017-05/22/2017; Cost $9,549,265)(d)		5.71	%		03/21/2024		9,625		9,673,099
Fort Dearborn Holding Co., Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		10/19/2023		5,095		5,101,052
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)(d)		10.20	%		10/19/2024		393		377,656
Hoffmaster Group, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		6.19	%		11/21/2023		3,825		3,868,319
Klockner Pentaplast of America, Inc.,
Term Loan (3 mo. EURIBOR + 4.75%)		4.75	%		06/30/2022	EUR	851		1,022,605
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		06/30/2022		2,529		2,495,546
Libbey Glass, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		4.58	%		04/09/2021		587		578,316
Multi-Color Corp., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		10/31/2024		989		994,966
Ranpak Corp.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%) (Acquired 09/24/2014; Cost $254,254)		8.84	%		10/03/2022		253		256,024
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		10/01/2021		820		825,863
Refresco Group, N.V.,(Netherlands)
Term Loan B (3 mo. USD LIBOR + 2.75%)		4.59	%		01/26/2025		1,612		1,614,959
Term Loan B-1(f)		—			12/15/2024	EUR	1,235		1,507,455
Term Loan B-3(f)		—			12/15/2024		1,596		1,609,969
Reynolds Group Holdings Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		02/05/2023		14,402		14,485,261
Tekni-Plex, Inc.,
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		10/17/2024		990		995,074
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50	%		10/17/2024	EUR	453		558,033
TricorBraun Inc.,
First Lien Delayed Draw Term Loan (3 mo. USD LIBOR + 3.75%)		5.39	%		11/30/2023		307		309,565
Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		11/30/2023		3,049		3,072,374
									66,366,122

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)(a)		Value
Cosmetics & Toiletries–0.97%
Alphabet Holding Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/26/2024	$	3,304	$	3,192,176
Coty Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		4.08	%		10/27/2022		4,652		4,683,121
Galleria Co., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.63	%		09/29/2023		6,262		6,309,053
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.44	%		06/30/2024		4,129		4,186,870
Prestige Brands, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.50%)		4.40	%		01/26/2024		6,559		6,608,344
									24,979,564
Drugs–0.86%
BPA Laboratories,
First Lien Term Loan (3 mo. USD LIBOR + 2.50%) (Acquired 04/29/2014; Cost $1,134,522)		4.19	%		04/29/2020		1,202		1,172,111
Second Lien Term Loan (3 mo. USD LIBOR + 2.50%)		4.19	%		04/29/2020		1,045		966,886
Catalent Pharma Solutions, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		05/20/2024		6,762		6,796,571
Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		5.94	%		04/27/2024		9,367		9,363,228
Valeant Pharmaceuticals International, Inc. (Canada), Term Loan B F-4 (1 mo. USD LIBOR + 3.50%)		5.08	%		04/01/2022		3,870		3,920,391
									22,219,187
Ecological Services & Equipment–0.69%
Advanced Disposal Services Inc., Term Loan (1 wk. USD LIBOR + 2.25%)		3.72	%		11/10/2023		7,597		7,635,410
Casella Waste Systems, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.09	%		10/17/2023		1,095		1,100,410
Charah, LLC,
Term Loan (1 mo. USD LIBOR + 6.25%)		7.90	%		10/25/2024		44		44,748
Term Loan (2 mo. USD LIBOR + 6.25%)		8.04	%		10/25/2024		566		572,772
Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 10/18/2017; Cost $1,387,332)		8.23	%		10/25/2024		1,748		1,769,032
Gopher Resource, LLC, Term Loan(f)		—			02/09/2025		447		451,739
WCA Waste Systems Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		08/11/2023		2,563		2,569,393
Wrangler Buyer Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		09/28/2024		3,685		3,708,814
									17,852,318
Electronics & Electrical–11.93%
4L Technologies Inc., Term Loan (1 mo. USD LIBOR + 4.50%)		6.15	%		05/08/2020		6,652		5,288,723
Almonde, Inc.,(United Kingdom)
First Lien Term Loan (3 mo. EURIBOR + 3.25%)		4.25	%		06/13/2024	EUR	2,142		2,634,639
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.48	%		06/13/2024		9,211		9,219,623
Applied Systems, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		09/19/2024		1,845		1,858,610
Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		8.69	%		09/19/2025		162		168,571
Barracuda Networks, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		5.06	%		02/12/2025		1,394		1,403,843
Blackboard Inc., Term Loan B-4 (3 mo. USD LIBOR + 5.00%)		6.73	%		06/30/2021		7,074		6,883,851
BMC Software Finance, Inc., Term Loan B-2 (3 mo. EURIBOR + 3.75%)		3.75	%		09/10/2022	EUR	318		389,771
Canyon Valor Companies, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		06/16/2023		4,277		4,309,695
Cavium, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.25%)(d)		3.90	%		08/16/2022		2,829		2,840,044
CommScope, Inc., Term Loan 5 (1 mo. USD LIBOR + 2.00%)		3.65	%		12/29/2022		1,426		1,436,756
Compuware Corp., Term Loan B-3 (2 mo. USD LIBOR + 3.50%)		5.15	%		12/15/2021		4,079		4,137,725
CPI International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		07/26/2024		1,132		1,138,550
Dell International LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		09/07/2023		7,003		7,009,481
Diebold Nixdorf, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.38	%		11/06/2023		3,766		3,774,503
DigiCert Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.52	%		10/31/2024		5,084		5,149,959
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		9.77	%		10/31/2025		828		840,205
Epicor Software Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.90	%		06/01/2022		465		467,558
Go Daddy Operating Co., LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		02/15/2024		9,672		9,702,024

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)(a)		Value
Electronics & Electrical–(continued)
Hyland Software, Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		07/01/2022	$	1,588	$	1,602,177
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		8.65	%		07/07/2025		238		243,599
I-Logic Technologies Bidco Ltd.,(United Kingdom)
Term Loan(f)		—			12/20/2024	EUR	507		623,539
Term Loan(f)		—			12/21/2024		1,959		1,973,199
IGT Holding IV AB (Sweden), Term Loan B(f)		—			07/26/2024		2,944		2,952,754
Integrated Device Technology, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) (Acquired 04/04/2017; Cost $1,924,805)(d)		4.65	%		04/04/2024		1,929		1,939,893
Kemet Corp., Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 04/21/2017; Cost $2,980,811)(d)		7.65	%		04/26/2024		3,065		3,122,131
Lattice Semiconductor Corp., Term Loan (1 mo. USD LIBOR + 4.25%)(d)		5.83	%		03/10/2021		4,197		4,249,249
Lully Finance LLC,
First Lien Term Loan B-3 (1 mo. USD LIBOR + 3.50%)		5.12	%		10/14/2022		1,474		1,476,455
First Lien Term Loan B-4 (1 mo. EURIBOR + 3.75%)		3.75	%		10/14/2022	EUR	1,193		1,459,164
Second Lien Term Loan B-1 (1 mo. USD LIBOR + 8.50%)(d)		10.12	%		10/16/2023		1,614		1,601,643
Second Lien Term Loan B-2 (1 mo. EURIBOR + 7.25%) (Acquired 11/30/2016; Cost $587,965)(d)		7.25	%		10/16/2023	EUR	555		663,275
MA Finance Co., LLC,
Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.15	%		11/19/2021		9,069		9,073,246
Term Loan B-3 (1 mo. USD LIBOR + 2.75%)		4.40	%		06/21/2024		2,362		2,371,658
MACOM Technology Solutions Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		05/17/2024		2,978		2,946,496
McAfee, LLC,
Term Loan (1 mo. EURIBOR + 4.50%)		6.15	%		09/30/2024		4,256		4,284,939
Term Loan (3 mo. EURIBOR + 4.25%)		4.25	%		09/30/2024	EUR	1,516		1,860,690
Mediaocean LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		08/15/2022		4,704		4,739,648
Micro Holding, L.P., Term Loan (3 mo. USD LIBOR + 3.75%)		5.34	%		09/13/2024		3,372		3,377,163
Micron Technology, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		04/26/2022		54		54,886
Mirion Technologies, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		6.44	%		03/31/2022		2,566		2,561,806
MTS Systems, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.84	%		07/05/2023		2,156		2,176,694
NeuStar, Inc.,
Term Loan B-1 (2 mo. USD LIBOR + 3.25%)		4.92	%		01/08/2020		904		907,014
Term Loan B-2 (2 mo. USD LIBOR + 3.75%)		5.42	%		08/08/2024		4,622		4,638,300
Oberthur Technologies of America Corp.,
Term Loan B (3 mo. EURIBOR + 3.75%)		3.75	%		01/10/2024	EUR	6,102		7,395,531
Term Loan B-1 (3 mo. USD LIBOR + 3.75%)		5.44	%		01/10/2024		2,313		2,303,607
OEConnection LLC,
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)(d)		5.69	%		11/22/2024		2,135		2,140,570
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%) (Acquired 11/22/2017; Cost $537,772)		9.69	%		11/22/2025		543		543,130
Omnitracs, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		5.45	%		11/25/2020		5,416		5,463,736
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		9.45	%		05/25/2021		311		312,251
ON Semiconductor Corp., Term Loan B-2 (1 mo. USD LIBOR + 2.00%)		3.65	%		03/31/2023		4,712		4,742,462
Optiv Inc.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.88	%		01/31/2025		1,153		1,074,052
Term Loan (1 mo. USD LIBOR + 3.25%)		4.88	%		02/01/2024		6,024		5,756,241
Project Accelerate Parent, LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(d)		5.94	%		01/02/2025		1,912		1,935,553
Project Leopard Holdings, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.78	%		07/07/2023		2,054		2,066,995
Quest Software US Holdings Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		7.27	%		10/31/2022		12,666		12,909,184
Ramundsen Holdings, LLC,
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)		10.19	%		01/31/2025		261		264,424
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		02/01/2024		639		645,484

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)(a)		Value
Electronics & Electrical–(continued)
Riverbed Technology, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		04/24/2022	$	5,279	$	5,213,367
Rocket Software, Inc.,
Second Lien Term Loan (3 mo. USD LIBOR + 9.50%)		11.19	%		10/14/2024		978		991,695
Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		10/14/2023		6,896		6,973,184
RP Crown Parent, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		10/12/2023		1,506		1,520,748
Sandvine Corp., Term Loan B (3 mo. USD LIBOR + 5.75%)		7.32	%		09/21/2022		3,590		3,589,837
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		06/21/2024		15,952		16,016,393
SS&C Technologies, Inc.,
Term Loan B-3(f)		—			02/28/2025		16,968		17,073,895
Term Loan B-4(f)		—			02/28/2025		6,053		6,090,817
Sybil Software LLC,
Term Loan (3 mo. EURIBOR + 3.00%)		3.00	%		09/30/2023	EUR	4,347		5,330,767
Term Loan (3 mo. USD LIBOR + 2.75%)		4.44	%		09/30/2023		10,831		10,914,983
Symantec Corp., Term Loan A-5 (2 mo. USD LIBOR + 1.75%)		3.39	%		08/01/2021		1,242		1,243,414
TIBCO Software, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		5.15	%		12/04/2020		1,327		1,332,839
TTM Technologies, Inc.,
Incremental Term Loan(d)(f)		—			09/28/2024		5,261		5,294,075
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		09/28/2024		1,360		1,364,958
VeriFone Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		01/31/2025		2,908		2,921,543
Verint Systems Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		3.58	%		06/29/2024		1,902		1,909,998
Veritas US Inc.,
Term Loan (3 mo. EURIBOR + 4.50%)		5.50	%		01/27/2023	EUR	13,608		16,659,426
Term Loan B (3 mo. USD LIBOR + 4.50%)		6.19	%		01/27/2023		2,375		2,366,001
VF Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		4.90	%		06/30/2023		2,623		2,650,569
Viewpoint, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 07/18/2017; Cost $1,416,451)		5.94	%		07/19/2024		1,420		1,425,039
Wall Street Systems Delaware, Inc., Term Loan (2 mo. USD LIBOR + 3.00%)		4.65	%		11/21/2024		1,912		1,917,328
Western Digital Corp., Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.60	%		04/29/2023		12,559		12,638,969
Xperi Corp., Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		4.15	%		12/01/2023		3,552		3,576,004
Zebra Technologies Corp., Term Loan B (3 mo. USD LIBOR + 2.00%)		3.75	%		10/27/2021		2,251		2,264,568
									308,387,386
Financial Intermediaries–1.29%
Black Knight InfoServ, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)		3.94	%		05/27/2022		666		670,303
GEO Group, Inc., Term Loan (3 mo. USD LIBOR + 2.25%)		3.95	%		03/23/2024		2,127		2,138,557
iPayment Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.62	%		04/11/2023		3,044		3,077,824
LPL Holdings, Inc., Incremental Term Loan B (3 mo. USD LIBOR + 2.25%)		3.81	%		09/23/2024		1,062		1,065,528
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		03/27/2020		7,469		7,469,307
RJO Holdings Corp.,
Term Loan (1 mo. USD LIBOR + 12.00%) (Acquired 04/12/2017; Cost $1,237,567)(d)		13.65	%		05/05/2022		1,233		1,239,384
Term Loan (1 mo. USD LIBOR + 8.02%) (Acquired 04/12/2017; Cost $3,480,934)(d)		9.67	%		05/05/2022		3,468		3,485,769
RPI Finance Trust, Term Loan B-6 (3 mo. USD LIBOR + 2.00%)		3.69	%		03/27/2023		11,092		11,164,248
Stiphout Finance LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/26/2022		2,929		2,943,957
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.90	%		10/26/2023		43		43,008
									33,297,885
Food & Drug Retailers–0.89%
Adria Group Holding B.V. (Netherlands), Term Loan(h)		0.00	%		06/04/2018	EUR	8,076		164,238
Albertsons LLC,
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		4.40	%		08/25/2021		6,584		6,507,465
Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		4.67	%		12/21/2022		5,686		5,623,963
Term Loan B-6 (3 mo. USD LIBOR + 3.00%)		4.96	%		06/22/2023		6,527		6,441,002

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)(a)		Value
Food & Drug Retailers–(continued)
Supervalu Inc.,
Delayed Draw Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		06/08/2024	$	1,647	$	1,635,871
Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		06/08/2024		2,745		2,726,452
									23,098,991
Food Products–2.22%
Chefs’ Warehouse Parent, LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		5.65	%		06/22/2022		1,666		1,683,451
CSM Bakery Supplies LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		07/03/2020		2,061		2,044,148
Dole Food Co., Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.36	%		04/06/2024		8,474		8,518,764
Hearthside Group Holdings, LLC,
Revolver Loan(d)(e)		0.00	%		06/02/2019		2,701		2,692,434
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		06/02/2021		1,915		1,924,589
Hostess Brands, LLC, Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		08/03/2022		19		18,844
Jacobs Douwe Egberts International B.V., Term Loan B-5 (3 mo. USD LIBOR + 2.25%)		4.06	%		07/04/2022		9,426		9,485,423
JBS USA Lux S.A., Term Loan (3 mo. USD LIBOR + 2.50%)		4.10	%		10/30/2022		21,714		21,637,122
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (1 mo. USD LIBOR + 2.25%)		3.84	%		05/15/2024		2,761		2,774,578
Pinnacle Foods Finance LLC, Term Loan (1 mo. USD LIBOR + 2.00%)		3.58	%		02/02/2024		634		638,303
Post Holdings, Inc., Incremental Term Loan A (1 mo. USD LIBOR + 2.25%)		3.90	%		05/24/2024		5,067		5,081,644
QCE LLC, PIK Term Loan, 10.00% PIK Rate(g)		10.00	%		06/30/2019		6		614
Shearer’s Foods, LLC,
First Lien Term Loan (3 mo. USD LIBOR + 3.94%)		5.63	%		06/30/2021		497		500,827
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%) (Acquired 06/19/2014; Cost $454,113)		8.44	%		06/30/2022		457		429,322
									57,430,063
Food Service–2.80%
Aramark Services, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.00%)		3.65	%		03/11/2025		3,463		3,489,808
EG Finco Ltd.,(Netherlands)
Term Loan B(f)		—			02/06/2025		1,155		1,158,162
Term Loan B-1(f)		—			02/06/2025	EUR	1,644		2,263,150
Term Loan B-2(f)		—			02/06/2025	EUR	492		600,168
Term Loan B-3(e)		0.00	%		02/06/2025	EUR	1,083		1,062,962
IRB Holding Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.83	%		02/05/2025		4,289		4,336,505
New Red Finance, Inc.,
Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		3.90	%		02/16/2024		8,612		8,635,925
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		3.94	%		02/16/2024		5,537		5,551,906
NPC International, Inc.,
First Lien Term Loan (2 mo. USD LIBOR + 3.50%)		5.15	%		04/19/2024		3,051		3,087,061
Second Lien Term Loan (2 mo. USD LIBOR + 7.50%)		9.15	%		04/18/2025		965		981,411
Pizza Hut Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.59	%		06/16/2023		265		266,784
Red Lobster Management, LLC, First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		6.90	%		07/28/2021		3,447		3,465,969
Restaurant Holding Co., LLC, First Lien Term Loan (1 mo. USD LIBOR + 7.75%)(d)		9.40	%		02/28/2019		1,501		1,493,715
Steak ’n Shake Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		03/19/2021		2,364		2,104,270
Tacala Investment Corp.,
First Lien Term Loan(f)		—			01/26/2025		1,487		1,497,695
Second Lien Term Loan(f)		—			01/26/2026		872		892,821
TKC Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		6.03	%		02/01/2023		4,411		4,464,979
TMK Hawk Parent, Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/26/2024		2,992		3,014,254
US Foods, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		06/27/2023		20,141		20,324,213
Weight Watchers International, Inc.,
Term Loan (1 mo. USD LIBOR + 4.75%)		6.33	%		11/29/2024		686		695,610
Term Loan (3 mo. USD LIBOR + 4.75%)		6.45	%		11/29/2024		2,955		2,998,321
									72,385,689

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)(a)		Value
Health Care–3.79%
Acadia Healthcare Co., Inc.,
Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		4.40	%		02/11/2022	$	1,527	$	1,538,709
Term Loan B-2 (1 mo. USD LIBOR + 2.75%)		4.40	%		02/16/2023		4,932		4,970,938
Air Medical Group Holdings, Inc., Term Loan(f)		—			09/30/2024		3,683		3,727,989
Argon Medical Devices Holdings, Inc.,
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(d)		5.40	%		01/23/2025		926		931,533
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		9.65	%		01/23/2026		220		223,047
ATI Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)(d)		5.20	%		05/10/2023		1,583		1,600,929
Community Health Systems, Inc.,
Revolver Loan(d)(e)		0.00	%		01/27/2019		1,974		1,929,645
Incremental Term Loan G (3 mo. USD LIBOR + 2.75%)		4.73	%		12/31/2019		2,161		2,144,808
Convatec Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		3.94	%		10/31/2023		631		634,827
Diplomat Pharmacy, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		6.10	%		12/20/2024		2,191		2,213,829
DJO Finance LLC,
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		06/07/2020		3,933		3,903,060
Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		06/07/2020		4,005		3,974,291
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		12/01/2023		2,944		2,957,788
Explorer Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.52	%		05/02/2023		3,363		3,394,799
Global Healthcare Exchange, LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		06/30/2024		2,391		2,403,381
Greatbatch Ltd., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.83	%		10/27/2022		3,320		3,354,313
HC Group Holdings III, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.00%)(d)		6.65	%		04/07/2022		4,967		5,059,982
HCA, Inc., Term Loan B-9 (1 mo. USD LIBOR + 2.00%)		3.65	%		03/17/2023		4,090		4,118,307
INC Research Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		08/01/2024		196		196,886
IWH UK Midco Ltd. (United Kingdom), Term Loan B (2 mo. EURIBOR + 4.00%)		4.00	%		10/20/2024	EUR	1,145		1,404,831
Kinetic Concepts, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		02/03/2024		8,565		8,602,492
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		06/07/2023		14,841		14,930,303
Nidda Healthcare Holding AG (Germany), Term Loan B-1(e)		0.00	%		08/21/2024	GBP	486		673,116
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.44	%		06/30/2021		2,845		2,870,790
PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		09/27/2024		5,959		5,963,510
Pearl Intermediate Parent LLC,
First Lien Delayed Draw Term Loan(e)		0.00	%		02/01/2025		213		211,253
First Lien Term Loan(f)		—			02/01/2025		723		718,260
Quintiles IMS Inc., Term Loan B-2 (3 mo. USD LIBOR + 2.00%)		3.69	%		01/17/2025		1,792		1,805,163
Surgery Center Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/31/2024		2,099		2,102,631
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		02/06/2024		5,559		5,426,636
Unilabs Diagnostics AB (Sweden), Revolver Loan(d)(e)		0.00	%		03/12/2021	EUR	1,850		2,230,229
WP CityMD Bidco LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.69	%		06/07/2024		1,670		1,678,539
									97,896,814
Home Furnishings–0.85%
Comfort Holding, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		6.33	%		02/05/2024		2,946		2,880,381
Global Appliance Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		5.65	%		09/29/2024		3,639		3,689,473
Hayward Industries, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		08/05/2024		1,631		1,640,718
Hilding Anders AB (Sweden), Term Loan B(f)		—			11/30/2024	EUR	2,191		2,695,895
Lifetime Brands, Inc., Term Loan B(d)(f)		—			03/31/2025		1,108		1,114,484
Serta Simmons Bedding, LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.22	%		11/08/2023		6,859		6,647,350
TGP Holdings III, LLC,
First Lien Delayed Draw Term Loan(e)		0.00	%		09/25/2024		368		367,834
First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		09/25/2024		2,312		2,339,079
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 09/21/2017; Cost $667,248)		10.19	%		09/25/2025		677		687,211
									22,062,425

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)(a)		Value
Industrial Equipment–2.78%
Accudyne Industries LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/18/2024	$	3,056	$	3,077,935
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)		5.08	%		12/11/2024		4,622		4,650,322
Clark Equipment Co., Term Loan B (3 mo. USD LIBOR + 2.50%)		4.19	%		05/18/2024		6,468		6,494,091
Columbus McKinnon Corp., Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		4.12	%		01/31/2024		880		884,635
Crosby US Acquisition Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.90	%		11/23/2020		4,610		4,540,063
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 5.50%) (Acquired 08/17/2017; Cost $1,434,745)(d)		7.15	%		08/29/2023		1,445		1,463,253
Engineered Machinery Holdings, Inc.,
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.94	%		07/19/2024		1,261		1,267,823
Second Lien Delayed Draw Term Loan(e)		0.00	%		07/18/2025		16		15,718
Second Lien Delayed Draw Term Loan (3 mo. USD LIBOR + 7.25%)		8.94	%		07/18/2025		82		82,520
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		8.94	%		07/18/2025		817		825,196
Filtration Group Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.98	%		11/23/2020		5,412		5,473,915
Gardner Denver, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		4.44	%		07/30/2024		5,060		5,083,092
Generac Power Systems, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		3.69	%		05/31/2023		2,282		2,292,023
LSFX Flavum Bidco (Spain), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50	%		10/03/2024	EUR	938		1,134,032
Milacron LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.40	%		09/25/2023		7,364		7,394,619
MX Holdings US, Inc., Term Loan B-1-B (1 mo. USD LIBOR + 2.50%)		4.15	%		08/14/2023		2,772		2,785,478
New VAC US LLC, Term Loan B(f)		—			02/26/2025		1,216		1,216,195
North American Lifting Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		6.19	%		11/27/2020		3,433		3,248,046
Pro Mach Group, Inc., Term Loan B(f)		—			03/07/2025		3,508		3,525,094
Rexnord LLC/ RBS Global, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.85	%		08/21/2024		2,974		2,996,795
Robertshaw US Holding Corp.,
First Lien Term Loan(f)		—			02/28/2025		2,499		2,525,232
Second Lien Term Loan(f)		—			02/28/2026		1,100		1,097,404
Tank Holding Corp., Term Loan (3 mo. USD LIBOR + 4.25%)		5.93	%		03/16/2022		1,082		1,084,762
Terex Corp., Term Loan (1 mo. USD LIBOR + 2.00%)		3.65	%		01/31/2024		1,365		1,370,845
Vantiv, LLC,
Incremental Term Loan B (1 mo. USD LIBOR + 2.00%)		3.59	%		08/07/2024		6,992		7,043,479
Term Loan B-3 (1 mo. USD LIBOR + 2.00%)		3.59	%		10/14/2023		290		292,298
									71,864,865
Insurance–0.88%
Alliant Holdings I, L.P., Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/12/2022		665		669,158
AmWINS Group, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		4.38	%		01/25/2024		5,002		5,036,805
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		8.40	%		01/25/2025		374		378,234
Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%)		4.84	%		10/02/2020		3,911		3,932,039
Sedgwick Claims Management Services, Inc., First Lien Term Loan(f)		—			03/01/2021		4,353		4,358,468
USI Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.69	%		05/16/2024		8,377		8,380,269
									22,754,973
Leisure Goods, Activities & Movies–3.50%
Alpha Topco Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		02/01/2024		17,939		17,924,710
AMC Entertainment Inc.,
Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		12/15/2023		5,269		5,289,834
Term Loan (1 mo. USD LIBOR + 2.25%)		3.84	%		12/15/2022		2,681		2,692,543
Ancestry.com Operations Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/19/2023		2,317		2,333,035
Bright Horizons Family Solutions, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		3.65	%		11/07/2023		4,403		4,438,361
Crown Finance US, Inc., Term Loan B(f)		—			02/07/2025		15,416		15,417,550
CWGS Group, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.58	%		11/23/2023		6,852		6,924,350
Cyan Blue Holdco 3 Ltd. (Jersey), Term Loan B-2 (3 mo. USD LIBOR + 3.25%)		4.94	%		08/23/2024		2,988		3,000,088

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)(a)		Value
Leisure Goods, Activities & Movies–(continued)
Dorna Sports, S.L. (Spain), Term Loan B-2 (6 mo. USD LIBOR + 3.50%)		5.09	%		04/12/2024	$	2,475	$	2,467,864
Equinox Holdings, Inc.,
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		8.65	%		09/06/2024		362		374,083
Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		4.65	%		03/08/2024		3,481		3,513,942
Fitness International, LLC, Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		07/01/2020		4,340		4,392,920
Lakeland Tours, LLC,
Delayed Draw Term Loan(e)		0.00	%		12/16/2024		153		152,785
Term Loan (3 mo. USD LIBOR + 4.00%)		5.59	%		12/16/2024		1,831		1,855,240
Live Nation Entertainment, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		3.94	%		10/31/2023		456		460,308
MTL Publishing LLC, Term Loan B-6 (3 mo. USD LIBOR + 2.25%)		3.98	%		08/20/2023		4,370		4,389,415
Orbiter International S.a.r.l. (Luxembourg), Term Loan B-2 (3 mo. CHF LIBOR + 4.25%)		4.25	%		07/11/2024	CHF	1,039		1,107,263
Sabre GLBL Inc., Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		3.90	%		02/22/2024		201		202,252
Shutterfly, Inc.,
Incremental Term Loan(f)		—			08/17/2024		3,080		3,101,236
Term Loan B (1 mo. USD LIBOR + 2.50%)		4.10	%		08/17/2024		1,298		1,300,047
UFC Holdings, LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		08/18/2023		7,852		7,903,067
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		9.15	%		08/18/2024		1,227		1,255,161
									90,496,054
Lodging & Casinos–4.39%
B&B Hotels S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.25%)		3.25	%		03/14/2023	EUR	3,071		3,769,008
Belmond Interfin Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		07/03/2024		3,926		3,945,933
Boyd Gaming Corp., Term Loan B (1 wk. USD LIBOR + 2.50%)		3.97	%		09/15/2023		1,075		1,082,291
Caesars Entertainment Operating Co., LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		04/04/2024		654		659,442
Caesars Resort Collection, LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		12/23/2024		22,406		22,582,784
CityCenter Holdings, LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		04/18/2024		2,111		2,123,127
Four Seasons Hotels Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		11/30/2023		5,090		5,133,308
Golden Nugget, Inc.,
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		10/04/2023		14		14,308
First Lien Incremental Term Loan (2 mo. USD LIBOR + 3.25%)		5.04	%		10/04/2023		3,164		3,192,655
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)		4.90	%		10/04/2023		2,418		2,440,565
Hilton Worldwide Finance, LLC, Term Loan B-2 (1 mo. USD LIBOR + 2.00%)		3.62	%		10/25/2023		5,070		5,105,155
La Quinta Intermediate Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		4.47	%		04/14/2021		11,708		11,777,415
RHP Hotel Properties, L.P., Term Loan B (3 mo. USD LIBOR + 2.25%)		4.07	%		05/11/2024		596		600,506
Scientific Games International, Inc.,
Multicurrency Revolver Loan (Acquired 04/29/2016-10/04/2017; Cost $1,971,512)(d)(e)		0.00	%		10/18/2018		4,950		4,913,364
Multicurrency Revolver Loan (1 mo. USD LIBOR + 3.00%) (Acquired 04/29/2016-10/04/2017; Cost $4,784,749)(d)		4.57	%		10/18/2018		2,040		2,024,506
Revolver Loan (Acquired 10/04/2017; Cost $2,857,871)(d)(e)		0.00	%		10/18/2018		2,879		2,857,461
Term Loan B-5 (2 mo. USD LIBOR + 2.75%)		4.45	%		08/14/2024		17,678		17,779,704
Station Casinos LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		4.15	%		06/08/2023		7,915		7,941,311
Twin River Management Group, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		5.19	%		07/10/2020		6,037		6,112,615
VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		3.60	%		12/20/2024		9,296		9,352,926
									113,408,384
Nonferrous Metals & Minerals–0.21%
American Rock Salt Co. LLC,
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		05/20/2021		340		340,589
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		05/20/2021		2,497		2,502,613

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)(a)		Value
Nonferrous Metals & Minerals–(continued)
Dynacast International LLC,
First Lien Term Loan B-2 (3 mo. USD LIBOR + 3.25%)		4.94	%		01/28/2022	$	2,467	$	2,491,764
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%) (Acquired 01/30/2015; Cost $25,028)(d)		10.19	%		01/30/2023		25		25,484
									5,360,450
Oil & Gas–4.98%
Ascent Resources – Marcellus, LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%)(h)		0.00	%		08/04/2020		5,196		3,044,919
BCP Raptor, LLC, Term Loan (2 mo. USD LIBOR + 4.25%)		6.04	%		06/24/2024		4,111		4,147,392
BCP Renaissance Parent LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.77	%		10/31/2024		7,002		7,071,485
Bronco Midstream Funding, LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		5.87	%		08/17/2020		4,723		4,783,150
California Resources Corp.,
Term Loan (1 mo. USD LIBOR + 10.38%)		11.97	%		12/31/2021		1,681		1,908,169
Term Loan (1 mo. USD LIBOR + 4.75%)		6.34	%		12/31/2022		4,695		4,771,634
Citgo Petroleum Corp., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		07/29/2021		3,786		3,778,370
Crestwood Holdings LLC,
Term Loan(f)		—			03/05/2023		5,638		5,525,702
Term Loan B-1 (1 mo. USD LIBOR + 8.00%)		9.59	%		06/19/2019		5,321		5,334,590
Fieldwood Energy LLC,
Second Lien Term Loan(h)(i)		0.00	%		09/30/2020		3,886		796,658
Term Loan (3 mo. USD LIBOR + 2.88%)(i)		4.57	%		10/01/2018		366		366,174
Term Loan (3 mo. USD LIBOR + 7.00%)(i)		8.69	%		08/31/2020		9,453		9,431,456
Floatel International Ltd., Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		06/27/2020		7,425		6,181,483
Glass Mountain Pipeline Holdings, LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		6.16	%		12/23/2024		2,894		2,906,368
Gulf Finance, LLC, Term Loan B (3 mo. USD LIBOR + 5.25%)		6.95	%		08/25/2023		8,825		8,105,186
HGIM Corp., Term Loan B (Prime Rate + 3.50%)		8.00	%		06/18/2020		9,362		3,932,133
Lucid Energy Group II Borrower, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.59	%		02/17/2025		2,647		2,654,954
Medallion Midland Acquisition, LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(d)		4.90	%		10/30/2024		2,307		2,316,028
Navitas Midstream Midland Basin, LLC, Term Loan (1 mo. USD LIBOR + 4.50%)(d)		6.09	%		12/13/2024		3,331		3,334,982
Ocean Rig 1 Inc., Term Loan		8.00	%		09/20/2024		1,523		1,585,884
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 5.50%)		7.19	%		07/31/2020		4,686		3,982,878
Pacific Drilling S.A. (Luxembourg), Term Loan(h)(i)		0.00	%		06/03/2018		2,474		1,002,545
Paragon Offshore Finance Co.,(Cayman Islands)
PIK Term Loan, 6.73% PIK Rate, 1.00% Cash Rate(g)(i)		6.73	%		07/18/2022		161		138,146
Term Loan (Prime Rate + 1.75%) (Acquired 07/18/2014; Cost $21,611)(d)(h)(i)		0.00	%		07/16/2021		21		0
Petroleum GEO-Services ASA, Term Loan (3 mo. USD LIBOR + 2.50%)		4.19	%		03/19/2021		10,310		9,569,818
Seadrill Operating L.P., Term Loan (3 mo. USD LIBOR + 6.00%)		4.69	%		02/21/2021		20,026		17,412,921
Southcross Energy Partners, L.P., Term Loan (3 mo. USD LIBOR + 4.25%)		5.94	%		08/04/2021		1,832		1,815,498
Traverse Midstream Partners LLC, Term Loan (6 mo. USD LIBOR + 4.00%)		5.85	%		09/27/2024		4,245		4,282,303
Veresen Midstream US LLC, Term Loan B-3 (3 mo. USD LIBOR + 3.00%)		4.69	%		03/31/2022		2,668		2,687,865
Weatherford International Ltd. (Bermuda), Term Loan (1 mo. USD LIBOR + 2.30%)		3.95	%		07/13/2020		5,773		5,729,739
									128,598,430
Publishing–1.41%
Ascend Learning, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/12/2024		2,875		2,889,958
Merrill Communications LLC, Term Loan (3 mo. USD LIBOR + 5.25%)		7.02	%		06/01/2022		73		73,177
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)		3.58	%		10/04/2023		16,435		16,501,492
ProQuest LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		10/24/2021		3,128		3,174,740
Southern Graphics, Inc., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		12/31/2022		3,404		3,441,166
Tribune Media Co., Term Loan C (1 mo. USD LIBOR + 3.00%)		4.65	%		01/27/2024		10,454		10,478,195
									36,558,728

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)(a)		Value
Radio & Television–2.77%
E.W. Scripps Co., Term Loan (1 mo. USD LIBOR + 2.25%)		3.90	%		10/02/2024	$	1,240	$	1,246,583
Gray Television, Inc., Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.83	%		02/07/2024		615		619,021
iHeartCommunications, Inc.,
Term Loan D (3 mo. USD LIBOR + 6.75%)		8.44	%		01/30/2019		14,078		11,241,105
Term Loan E (3 mo. USD LIBOR + 7.50%)		9.19	%		07/30/2019		29,570		23,617,295
Mission Broadcasting, Inc., Term Loan B-2(f)		—			01/17/2024		—		393
Nexstar Broadcasting, Inc., Term Loan B-2(f)		—			01/17/2024		3		3,057
Raycom TV Broadcasting, LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		3.87	%		08/23/2024		3,581		3,593,166
Sinclair Television Group, Inc.,
Term Loan B(f)		—			12/12/2024		23,050		23,127,988
Term Loan B (1 mo. USD LIBOR + 2.25%)		3.90	%		01/03/2024		8,095		8,114,839
									71,563,447
Retailers (except Food & Drug)–1.99%
Bass Pro Group, LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		6.65	%		09/25/2024		7,914		7,903,937
BJ’s Wholesale Club, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		5.08	%		02/03/2024		1,544		1,543,563
CDW LLC, Term Loan (3 mo. USD LIBOR + 2.00%)		3.70	%		08/17/2023		2,227		2,238,252
CVS Holdings I, LP,
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.79	%		02/06/2025		1,553		1,550,584
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		8.54	%		02/06/2026		508		509,211
David’s Bridal, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.70	%		10/11/2019		2,370		2,029,908
Fullbeauty Brands Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		6.40	%		10/14/2022		5,472		3,208,741
J. Crew Group, Inc.,
Term Loan (1 mo. USD LIBOR + 3.22%)		4.84	%		03/05/2021		277		193,822
Term Loan (3 mo. USD LIBOR + 3.22%)		4.91	%		03/05/2021		419		293,417
Lands’ End, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.82	%		04/02/2021		5,231		4,845,369
Moran Foods LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.65	%		12/05/2023		3,356		2,995,471
National Vision, Inc.,
Revolver Loan(d)(e)		0.00	%		03/13/2019		3,004		2,763,997
Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		11/20/2024		1,306		1,314,291
Payless Inc.,
Term Loan A-1 (3 mo. USD LIBOR + 8.00%)		9.54	%		02/10/2022		1,546		1,536,144
Term Loan A-2 (3 mo. USD LIBOR + 9.00%)		10.54	%		08/10/2022		2,903		2,694,774
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.77	%		01/26/2023		5,291		3,703,872
Savers Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		5.49	%		07/09/2019		4,974		4,776,361
Staples, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.79	%		09/12/2024		5,661		5,632,468
Toys ’R’ Us-Delaware, Inc.,
Term Loan B-2 (Prime Rate + 2.75%)(i)		7.25	%		05/25/2018		89		28,639
Term Loan B-3 (Prime Rate + 2.75%)(i)		7.25	%		05/25/2018		25		8,216
Vivarte (France), PIK Term Loan, 7.00% PIK Rate, 4.00% Cash Rate(g)		7.00	%		10/29/2019	EUR	1,593		1,797,196
									51,568,233
Steel–0.18%
Atkore International, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)		4.45	%		12/22/2023		2,867		2,888,664
Phoenix Services International, LLC, Term Loan B(f)		—			01/30/2025		1,859		1,881,512
									4,770,176
Surface Transport–1.22%
Agro Merchants North American Holdings, Inc, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		12/06/2024		1,450		1,465,986
Commercial Barge Line Co., First Lien Term Loan(f)		—			11/12/2020		925		551,104
Kenan Advantage Group, Inc.,
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/29/2022		1,923		1,933,037
Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		07/29/2022		7,268		7,304,247

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)(a)		Value
Surface Transport–(continued)
Odyssey Logistics & Technology Corp., Term Loan (1 mo. USD LIBOR + 4.25%) (Acquired 10/06/2017; Cost $1,827,193)		5.90	%		10/12/2024	$	1,836	$	1,861,506
PODS LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		4.58	%		12/06/2024		7,563		7,624,782
U.S. Shipping Corp., Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		5.90	%		06/26/2021		3,264		2,949,821
XPO Logistics, Inc., Term Loan B (3 mo. USD LIBOR + 2.00%)		3.92	%		02/23/2025		7,833		7,861,279
									31,551,762
Telecommunications–6.61%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		4.40	%		01/31/2025		20,906		20,578,883
Colorado Buyer Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.78	%		05/01/2024		3,639		3,663,199
Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.65	%		10/24/2022		12,335		11,887,518
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		10/05/2023		15,126		14,912,858
Frontier Communications Corp.,
Term Loan (1 mo. USD LIBOR + 2.75%)		4.40	%		03/31/2021		5,216		5,177,140
Term Loan A(d)(f)		—			10/12/2021		587		577,868
Term Loan B-1 (1 mo. USD LIBOR + 3.75%)		5.40	%		06/15/2024		1,823		1,800,552
GTT Communications, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.94	%		01/09/2024		4,127		4,161,156
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		05/16/2024		1,038		1,041,775
Intelsat Jackson Holdings S.A.,
Term Loan B-3 (3 mo. USD LIBOR + 3.75%)		5.71	%		11/30/2023		196		194,923
Term Loan B-5		6.63	%		01/02/2024		5,659		5,694,717
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		3.85	%		02/22/2024		14,582		14,625,557
MTN Infrastructure TopCo, Inc.,
Delayed Draw Term Loan(f)		—			11/17/2024		1,953		1,967,610
Term Loan (1 mo. USD LIBOR + 3.25%)		4.90	%		11/17/2024		2,817		2,844,871
Radiate Holdco, LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		4.65	%		02/01/2024		6,798		6,795,641
SBA Senior Finance II LLC,
Incremental Term Loan B-1-A (1 mo. USD LIBOR + 2.25%)		3.90	%		03/24/2021		579		582,427
Incremental Term Loan B-2 (1 mo. USD LIBOR + 2.25%)		3.90	%		06/10/2022		3,779		3,799,681
Sprint Communications Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		4.19	%		02/02/2024		16,864		16,898,632
Syniverse Holdings, Inc., Term Loan C(f)		—			02/09/2023		8,331		8,411,568
Telesat LLC, Term Loan B-4 (3 mo. USD LIBOR + 3.00%)		4.70	%		11/17/2023		15,912		16,030,867
U.S. Telepacific Corp., Term Loan (3 mo. USD LIBOR + 5.00%)		6.69	%		05/02/2023		6,862		6,662,958
Windstream Services, LLC,
Term Loan B-6 (1 mo. USD LIBOR + 4.00%)		5.59	%		03/29/2021		11,900		11,305,415
Term Loan B-7 (1 mo. USD LIBOR + 3.25%)		4.84	%		02/17/2024		2,637		2,350,484
Zayo Group, LLC,
Incremental Term Loan B-1 (1 mo. USD LIBOR + 2.00%)		3.65	%		01/19/2021		1,773		1,781,529
Term Loan B-2 (1 mo. USD LIBOR + 2.25%)(f)		—			01/19/2024		7,083		7,123,864
									170,871,693
Utilities–7.65%
AES Corp., (The), Term Loan (3 mo. USD LIBOR + 2.00%)		3.94	%		05/24/2022		982		984,311
APLP Holdings L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		04/13/2023		5,081		5,144,708
Aria Energy Operating LLC, Term Loan (1 mo. USD LIBOR + 4.50%)(d)		6.15	%		05/27/2022		1,297		1,311,407
Calpine Construction Finance Co., L.P., Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		01/15/2025		10,662		10,699,306
Calpine Corp.,
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		01/15/2023		8,158		8,205,298
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		05/31/2023		4,437		4,458,407
Term Loan (3 mo. USD LIBOR + 2.50%)		4.20	%		01/15/2024		9,445		9,478,942
Compass Power Generation, Term Loan (3 mo. USD LIBOR + 3.75%)		5.39	%		12/20/2024		4,256		4,301,124
Dynegy Inc., Term Loan C-2 (1 mo. USD LIBOR + 2.75%)		4.35	%		02/07/2024		17,651		17,780,312
Eastern Power, LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		5.40	%		10/02/2023		7,525		7,630,571

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)(a)		Value
Utilities–(continued)
Energy Future Intermediate Holding Co. LLC, DIP Term Loan (1 wk. USD LIBOR + 3.00%)		4.47	%		06/30/2018	$	15,292	$	15,309,229
ExGen Renewables IV, LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		4.99	%		11/28/2024		2,886		2,920,741
Granite Acquisition Inc.,
First Lien Term Loan B (3 mo. USD LIBOR + 3.50%)		5.19	%		12/17/2021		5,542		5,620,664
First Lien Term Loan C (3 mo. USD LIBOR + 3.50%)		5.19	%		12/17/2021		926		939,121
Granite Acquisition, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 7.25%)		8.94	%		12/19/2022		1,019		1,033,672
Lightstone Holdco LLC,
Term Loan B (1 mo. USD LIBOR + 3.75%)		5.40	%		01/30/2024		9,015		9,084,989
Term Loan C (1 mo. USD LIBOR + 3.75%)		5.40	%		01/30/2024		572		576,870
Nautilus Power, LLC, Term Loan (1 mo. USD LIBOR + 4.25%)		5.90	%		05/16/2024		3,728		3,787,228
NRG Energy Inc.,
Revolver Loan A(d)(e)		0.00	%		07/01/2018		41,372		41,262,726
Term Loan (3 mo. USD LIBOR + 2.25%)		3.94	%		06/30/2023		12,636		12,706,364
Pike Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		5.15	%		09/20/2024		1,700		1,719,323
PowerTeam Services, LLC, First Lien Term Loan(f)		—			03/05/2025		2,566		2,559,131
Southeast PowerGen LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		5.15	%		12/02/2021		1,087		1,055,171
TerraForm Power Operating, LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		4.33	%		11/08/2022		825		831,891
USIC Holding, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		5.00	%		12/08/2023		5,953		6,003,067
Vistra Operations Co. LLC,
Term Loan (1 mo. USD LIBOR + 2.50%)		4.15	%		08/04/2023		18,245		18,367,521
Term Loan C (1 mo. USD LIBOR + 2.50%)		4.15	%		08/04/2023		3,233		3,254,921
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		3.85	%		12/14/2023		769		773,715
									197,800,730
Total Variable Rate Senior Loan Interests									2,465,623,128
Bonds & Notes–4.56%
Air Transport–0.20%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $5,538,861)(j)		5.75	%		01/15/2024		5,096		5,059,594
Automotive–0.22%
Federal-Mogul Holdings Corp.(j)		5.00	%		07/15/2024	EUR	538		637,575
Federal-Mogul Holdings Corp. (3 mo. EURIBOR + 4.88%)(j)(k)		4.88	%		04/15/2024	EUR	2,000		2,460,130
Schaeffler AG (Germany)(j)		4.13	%		09/15/2021		640		640,000
Schaeffler AG (Germany)(j)		4.75	%		09/15/2026		1,965		1,901,138
									5,638,843
Building & Development–0.03%
Haya Finance 2017 S.A. (Spain)(j)		5.25	%		11/15/2022	EUR	344		417,812
Haya Finance 2017 S.A. (Spain) (3 mo. EURIBOR + 5.13%)(j)(k)		5.13	%		11/15/2022	EUR	291		353,245
									771,057
Business Equipment & Services–0.24%
Dream Secured Bondco AB (Sweden)(j)		5.75	%		12/01/2023	EUR	2,714		3,319,507
ICBPI (United Kingdom) (6 mo. EURIBOR + 8.00%)(j)(k)		8.00	%		05/30/2021	EUR	2,250		2,778,490
									6,097,997
Cable & Satellite Television–1.09%
Altice Financing S.A. (Luxembourg)(j)		4.75	%		01/15/2028	EUR	927		1,023,454
Altice Financing S.A.,(Luxembourg)
Sr. Sec. Gtd. First Lien Bonds(j)		7.50	%		05/15/2026		10,469		10,573,690
Sr. Sec. Gtd. First Lien Notes(j)		6.63	%		02/15/2023		851		852,064
Altice US Finance I Corp.(j)		5.50	%		05/15/2026		10,933		10,851,003

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

21                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Cable & Satellite Television–(continued)
Numericable-SFR S.A.,(France)
Sr. Sec. Gtd. First Lien Notes(j)		7.38	%		05/01/2026	$	1,889	$	1,830,535
Sr. Sec. Gtd. First Lien Bonds(j)		6.00	%		05/15/2022		555		541,125
Telenet Financing USD LLC(j)		3.50	%		03/01/2028	EUR	600		720,215
UPC Financing Partnership(j)		3.63	%		06/15/2029	EUR	675		806,907
Virgin Media Bristol LLC (United Kingdom)(j)		5.50	%		08/15/2026		1,027		1,019,195
									28,218,188
Chemicals & Plastics–0.33%
Avantor Inc.(j)		4.75	%		10/01/2024	EUR	1,558		1,894,317
Avantor Inc.(j)		6.00	%		10/01/2024		2,731		2,737,827
Hexion Specialty Chemicals, Inc.		6.63	%		04/15/2020		3,966		3,708,210
Perstorp Holding AB (Sweden)(j)		10.00	%		12/15/2022	EUR	250		316,508
									8,656,862
Containers & Glass Products–0.23%
Ardagh Glass Finance PLC(j)		4.63	%		05/15/2023		1,643		1,647,107
Ardagh Glass Finance PLC(j)		4.25	%		09/15/2022		1,695		1,692,881
Reynolds Group Holdings Inc.		5.75	%		10/15/2020		614		623,631
Reynolds Group Holdings Inc. (3 mo. USD LIBOR + 3.50%)(j)(k)		5.22	%		07/15/2021		1,868		1,893,685
									5,857,304
Electronics & Electrical–0.21%
Blackboard Inc.(j)		9.75	%		10/15/2021		4,356		3,963,960
Dell International LLC(j)		5.45	%		06/15/2023		1,385		1,463,727
									5,427,687
Financial Intermediaries–0.41%
AnaCap Financial Europe S.A. (United Kingdom) (3 mo. EURIBOR + 5.00%)(j)(k)		5.00	%		08/01/2024	EUR	500		577,615
Cabot Financial S.A. (Luxembourg)(j)		6.50	%		04/01/2021	GBP	1,500		2,098,755
Garfunkelux Holdco 3 S.A. (Luxembourg)(j)		11.00	%		11/01/2023	GBP	992		1,427,031
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 3.50%)(j)(k)		3.50	%		09/01/2023	EUR	1,320		1,503,655
Nassa Midco AS (Sweden)(j)		2.88	%		04/06/2024	EUR	3,046		3,762,464
Nemean Bondco PLC (United Kingdom) (3 mo. GBP LIBOR + 6.50%)(j)(k)		7.02	%		02/01/2023	GBP	973		1,245,045
									10,614,565
Health Care–0.49%
Care UK Health & Social Care PLC (United Kingdom) (3 mo. GBP LIBOR + 5.00%)(j)(k)		5.52	%		07/15/2019	GBP	2,954		4,056,603
DJO Finance LLC		10.75	%		04/15/2020		5,087		4,654,605
DJO Finance LLC(j)		8.13	%		06/15/2021		1,973		1,923,675
IDH Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 6.00%)(j)(k)		6.55	%		08/15/2022	GBP	1,500		1,911,781
									12,546,664
Home Furnishings–0.23%
Shop Direct Funding PLC (United Kingdom)(j)		7.75	%		11/15/2022	GBP	4,711		6,065,842
Insurance–0.13%
Domestic & General Group Ltd. (United Kingdom) (3 mo. GBP LIBOR + 5.00%)(j)(k)		5.55	%		11/15/2019	GBP	2,450		3,383,815
Lodging & Casinos–0.17%
ESH Hospitality, Inc.(j)		5.25	%		05/01/2025		1,390		1,390,000
Scientific Games International, Inc.(j)		3.38	%		02/15/2026	EUR	595		711,955
Travelodge Hotels Ltd. (United Kingdom) (3 mo. GBP LIBOR + 4.88%)(j)(k)		5.42	%		05/15/2023	GBP	1,400		1,928,401
VICI Properties 1 LLC		8.00	%		10/15/2023		316		351,924
									4,382,280

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

22                         Invesco Floating Rate Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Nonferrous Metals & Minerals–0.16%
TiZir Ltd. (United Kingdom)(j)		9.50	%		07/19/2022	$	3,787	$	4,055,635
Oil & Gas–0.04%
Pacific Drilling S.A. (Luxembourg)(i)(j)		5.38	%		06/01/2020		2,798		1,168,165
Radio & Television–0.21%
Clear Channel International B.V.(j)		8.75	%		12/15/2020		5,141		5,398,050
Retailers (except Food & Drug)–0.03%
Claire’s Stores Inc.(j)		6.13	%		03/15/2020		1,210		810,700
Steel–0.00%
ERP Iron Ore, LLC, 8.00% PIK Rate (Acquired 01/30/2017-03/31/2017; Cost $24,368)(d)(g)(j)(k)		8.00	%		12/31/2019		63		50,628
Telecommunications–0.11%
Communications Sales & Leasing, Inc.(j)		6.00	%		04/15/2023		1,200		1,164,000
Goodman Networks Inc.		8.00	%		05/11/2022		2,535		1,774,424
Windstream Services, LLC		6.38	%		08/01/2023		17		10,030
									2,948,454
Utilities–0.03%
Calpine Corp.(j)		5.25	%		06/01/2026		678		660,202
Total Bonds & Notes									117,812,532
Structured Products–0.75%
Apidos CLO X,
Series 2012-10A, Class E, (3 mo. USD LIBOR + 6.25%)(j)(k)		8.02	%		10/30/2022		918		922,060
Series 2012-10X, Class E, REGS, (3 mo. USD LIBOR + 6.25%)(j)(k)		8.02	%		10/30/2022		2,190		2,199,684
Atrium X LLC, Series 2013-10A, Class E (3 mo. USD LIBOR + 4.50%)(j)(k)		6.22	%		07/16/2025		600		600,337
Clontarf Park CLO (Ireland), Series 2017-1A, Class D (3 mo. EURIBOR + 5.10%)(j)(k)		5.10	%		08/05/2030	EUR	387		476,533
Highbridge Loan Management, Ltd., Series 2015-6A, Class E-1 (3 mo. USD LIBOR + 5.45%)(j)(k)		7.24	%		05/05/2027		500		498,321
ING Investment Management CLO IV, Ltd., Series 2007-4A, Class D (3 mo. USD LIBOR + 4.25%)(j)(k)		5.99	%		06/14/2022		293		294,256
ING Investment Management CLO, Ltd., Series 2013-3A, Class D (3 mo. USD LIBOR + 4.50%)(j)(k)		6.23	%		01/18/2026		2,501		2,455,546
Madison Park Funding XIV, Ltd., Series 2014-14A, Class F (3 mo. USD LIBOR + 5.40%)(j)(k)		7.14	%		07/20/2026		1,915		1,873,670
NewStar Berkeley Fund CLO LLC, Series 2016-1A, Class D (3 mo. USD LIBOR + 5.10%)(j)(k)		6.85	%		10/25/2028		2,899		2,923,666
OCP Euro CLO,(Ireland)
Series 2017-1, Class E, (3 mo. EURIBOR + 5.35%)(j)(k)		5.35	%		06/18/2030		100		124,489
Series 2017-2, Class E, (3 mo. EURIBOR + 5.00%)(j)(k)		5.00	%		01/15/2032		437		536,172
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class E (3 mo. USD LIBOR + 4.85%)(j)(k)		6.57	%		04/15/2026		2,920		2,878,135
Octagon Investment Partners XVIII Ltd., Series 2013-1A, Class D (3 mo. USD LIBOR + 5.25%)(j)(k)		7.10	%		12/16/2024		2,359		2,390,450
Symphony CLO VIII, Ltd., Series 2012-8A, Class ER (3 mo. USD LIBOR + 6.00%)(j)(k)		7.70	%		01/09/2023		1,156		1,162,680
Total Structured Products									19,335,999
						Shares
Common Stocks & Other Equity Interests–1.49%(l)
Aerospace & Defense–0.08%
IAP Worldwide Services (Acquired 07/18/2014-08/18/2014; Cost $145,528)(d)(j)(m)							134		2,164,588
Automotive–0.02%
Dayco Products, LLC(j)(m)							3,266		96,347
Dayco Products, LLC(j)(m)							3,261		96,200

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

23                         Invesco Floating Rate Fund

	Shares		Value
Automotive–(continued)
Transtar Holding Co., Class A(d)(j)(m)		3,149,478	$	214,164
				406,711
Building & Development–0.00%
Lake at Las Vegas Joint Venture, LLC, Class A (Acquired 04/28/2010-07/15/2010; Cost $664,569)(d)(j)(m)		518		0
Lake at Las Vegas Joint Venture, LLC, Class B (Acquired 06/30/2010; Cost $3,408,940)(d)(j)(m)		4		0
				0
Building Products–0.06%
Masonite International Corp. (Canada)(m)		27,093		1,654,028
Business Equipment & Services–0.02%
EmployBridge Holding Co.(j)(m)		43,971		392,991
Cable & Satellite Television–0.12%
ION Media Networks, Inc. (Acquired 01/17/2006-12/17/2009; Cost $3,038,036)(d)(m)		4,471		3,017,925
Chemicals & Plastics–0.00%
Lyondell Chemical Co., Class A		218		23,592
Drugs–0.00%
BPA Laboratories, Class A, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(d)(j)(m)		3,490		0
BPA Laboratories, Class B, Wts. expiring 04/29/2024 (Acquired 04/29/2014; Cost $0)(d)(j)(m)		5,595		0
				0
Food Products–0.00%
QCE LLC (Acquired 06/30/2014; Cost $52)(d)(j)(m)		17		0
Forest Products–0.08%
Verso Corp., Class A(m)		113,805		1,996,140
Xerium Technologies, Inc.(m)		1,766		10,278
				2,006,418
Health Care–0.00%
New Millennium Holdco(j)(m)		259,087		25,650
Leisure Goods, Activities & Movies–0.00%
AMF Bowling Centers, Inc. (Acquired 07/01/2013; Cost $7,826)(d)(m)		1,665		87,413
Lodging & Casinos–0.12%
Caesars Entertainment Operating Co., LLC(m)		83,880		1,065,276
Twin River Management Group, Inc.(j)(m)		18,663		2,118,250
				3,183,526
Oil & Gas–0.56%
Ameriforge Group Inc. (Acquired 06/08/2017; Cost $66,943)(j)(m)		1,051		48,346
CJ Holding Co.(m)		47,780		1,146,720
Ocean Rig 1 Inc.(m)		265,985		6,881,032
Paragon Offshore Finance Co. (Cayman Islands)(j)(m)		4,595		187,398
Paragon Offshore Finance Co. (Cayman Islands), Class A(j)(m)		4,595		5,973
Paragon Offshore Finance Co. (Cayman Islands), Class B(j)(m)		2,298		73,249
Samson Investment Co.(j)		261,209		6,203,714
				14,546,432
Publishing–0.06%
F&W Publications, Inc. (Acquired 09/17/2007-11/19/2009; Cost $357,143)(d)(j)(m)		288		173
Merrill Communications LLC, Class A(j)(m)		133,776		1,538,424
Tronc, Inc.(m)		2,262		43,272
				1,581,869

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

24                         Invesco Floating Rate Fund

	Shares		Value
Retailers (except Food & Drug)–0.03%
Payless Inc.(j)(m)		146,073	$	803,401
Surface Transport–0.00%
U.S. Shipping Corp. (Acquired 09/28/2007-09/30/2009; Cost $0)(d)(j)(m)		6,189		62
U.S. Shipping Corp. (Acquired 09/28/2007-09/30/2009; Cost $87,805)(d)(j)(m)		87,805		74,634
				74,696
Telecommunications–0.02%
Consolidated Communications, Inc.		32,797		379,133
Goodman Networks Inc. (Acquired 05/31/2017; Cost $1,897)(d)(m)		159,473		0
				379,133
Utilities–0.32%
Bicent Power, LLC, Series A, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(j)(m)		101		0
Bicent Power, LLC, Series B, Wts. expiring 08/21/2022 (Acquired 08/21/2012; Cost $0)(j)(m)		164		0
Vistra Operations Co. LLC (Acquired 10/03/2016; Cost $316,284)(j)(m)		672,945		195,154
Vistra Operations Co. LLC(m)		410,978		7,788,033
Vistra Operations Co. LLC , Rts. expiring 12/31/2046(j)(m)		410,978		294,671
				8,277,858
Total Common Stocks & Other Equity Interests				38,626,231
Preferred Stock–0.01%
Telecommunications–0.01%
Goodman Networks Inc. (Acquired 05/31/2017; Cost $1,897)(j)(m)		189,735		284,602
Money Market Funds–1.70%
Invesco Government & Agency Portfolio,–Institutional Class, 1.30%(n)		9,191,024		9,191,024
Invesco Liquid Assets Portfolio,–Institutional Class, 1.55%(n)		9,639,159		9,640,122
Invesco Treasury Portfolio,–Institutional Class, 1.29%(n)		25,166,255		25,166,255
				43,997,401
TOTAL INVESTMENTS–103.91% (Cost $2,723,433,812)				2,685,679,893
OTHER ASSETS LESS LIABILITIES–(3.91)%				(101,017,224	)
NET ASSETS–100.00%			$	2,584,662,669

Investment Abbreviations:

CHF	– Swiss Franc
CLO	– Collateralized Loan Obligation
DIP	– Debtor-in-Possession
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
PIK	– Pay-in-Kind
REGS	– Regulation S
USD	– U.S. Dollar
Wts.	– Warrants

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

25                         Invesco Floating Rate Fund

Notes to Schedule of Investments:

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

^(b)  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.

^(c)  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.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  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.

^(f)  This variable rate interest will settle after February 28, 2018 , at which time the interest rate will be determined.

^(g)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2018 was $5,008,360, which represented less than 1% of the Fund’s Net Assets.

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

^(j)  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, 2018 was $140,843,698, which represented 5.45% of the Fund’s Net Assets.

^(k)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(l)  Acquired through the restructuring of senior loans.

^(m)  Non-income producing security.

⁽ⁿ⁾  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, 2018.

Portfolio Composition^†*

By credit quality rating based on total investments

as of February 28, 2018

BBB	0.1	%
BBB-	6.5
BB+	9.6
BB	11.5
BB-	18.1
B+	17.4
B	19.6
B-	5.9
CCC+	3.1
CCC	1.3
CCC-	0.3
CC	1.4
D	0.4
Not-Rated	3.3
Equity	1.5

^†  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.

26                         Invesco Floating Rate Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
03/15/2018	Citibank, N.A.		SEK	1,110,556		USD	136,989	$	2,854
03/15/2018	J.P. Morgan Chase Bank, N.A.		SEK	1,116,683		USD	137,682		2,807
04/16/2018	Barclays Bank PLC		GBP	8,216,450		USD	11,445,104		109,847
04/16/2018	Citibank, N.A.		EUR	27,304,290		USD	33,905,621		479,562
04/16/2018	Citibank, N.A.		SEK	23,226		USD	2,906		94
04/16/2018	Goldman Sachs International		EUR	27,312,483		USD	33,913,609		477,520
04/16/2018	Goldman Sachs International		GBP	8,213,986		USD	11,439,330		107,472
04/16/2018	J.P. Morgan Chase Bank, N.A.		SEK	23,226		USD	2,903		91
04/16/2018	RBC Capital Markets Corp.		CHF	1,114,102		USD	1,199,238		14,805
04/16/2018	RBC Capital Markets Corp.		EUR	27,304,290		USD	33,894,454		468,394
04/16/2018	RBC Capital Markets Corp.		GBP	8,213,986		USD	11,448,119		116,261
Subtotal — Appreciation									1,779,707
03/15/2018	Barclays Bank PLC		GBP	8,987,355		USD	12,176,068		(203,367	)
03/15/2018	Barclays Bank PLC		USD	14,180,782		GBP	10,170,056		(172,262	)
03/15/2018	Citibank, N.A.		EUR	28,217,490		USD	34,106,762		(350,575	)
03/15/2018	Citibank, N.A.		USD	34,424,887		EUR	27,787,844		(492,205	)
03/15/2018	Citibank, N.A.		USD	280,126		SEK	2,204,371		(13,878	)
03/15/2018	Goldman Sachs International		EUR	28,217,540		USD	34,097,934		(359,465	)
03/15/2018	Goldman Sachs International		GBP	8,809,540		USD	11,950,493		(184,015	)
03/15/2018	Goldman Sachs International		USD	36,002,265		EUR	29,076,831		(495,556	)
03/15/2018	Goldman Sachs International		USD	11,427,540		GBP	8,218,189		(107,575	)
03/15/2018	J.P. Morgan Chase Bank, N.A.		USD	2,851		SEK	22,868		(89	)
03/15/2018	RBC Capital Markets Corp.		CHF	1,113,417		USD	1,146,416		(33,848	)
03/15/2018	RBC Capital Markets Corp.		EUR	28,217,490		USD	34,118,049		(339,288	)
03/15/2018	RBC Capital Markets Corp.		GBP	8,809,540		USD	11,951,286		(183,222	)
03/15/2018	RBC Capital Markets Corp.		USD	34,413,160		EUR	27,787,844		(480,478	)
03/15/2018	RBC Capital Markets Corp.		USD	11,436,498		GBP	8,218,189		(116,533	)
03/15/2018	RBC Capital Markets Corp.		USD	1,195,178		CHF	1,113,417		(14,914	)
04/16/2018	RBC Capital Markets Corp.		USD	1,486,799		EUR	1,184,657		(36,536	)
Subtotal — Depreciation									(3,583,806	)
Total Forward Foreign Currency Contracts — Currency Risk								$	(1,804,099	)

Currency Abbreviations:

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

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

27                         Invesco Floating Rate Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,679,435,682)	$	2,641,682,492
Investments in affiliated money market funds, at value (Cost $43,998,130)		43,997,401
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,779,707
Cash		30,614,012
Foreign currencies, at value (Cost $22,968,589)		22,577,998
Receivable for:
Investments sold		87,113,432
Interest and fees		11,927,994
Fund shares sold		8,829,589
Investments matured (Cost $334,144)		74,634
Investment for trustee deferred compensation and retirement plans		184,348
Other assets		162,959
Total assets		2,848,944,566
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		3,583,806
Payable for:
Investments purchased		184,182,126
Fund shares repurchased		3,447,476
Income distributions		2,090,861
Accrued fees to affiliates		802,409
Accrued trustees’ and officers’ fees and benefits		9,152
Accrued other operating expenses		81,619
Trustee deferred compensation and retirement plans		209,551
Unfunded loan commitments		69,874,897
Total liabilities		264,281,897
Net assets applicable to common shares	$	2,584,662,669
Net assets consist of:
Shares of beneficial interest	$	2,715,243,052
Undistributed net investment income		1,169,384
Undistributed net realized gain (loss)		(90,955,055	)
Net unrealized appreciation (depreciation)		(40,794,712	)
	$	2,584,662,669

Net Assets:
Class A	$	598,431,500
Class C	$	406,578,852
Class R	$	5,839,950
Class Y	$	930,566,809
Class R5	$	3,026,084
Class R6	$	640,219,474
Shares outstanding, no par value with an unlimited number of shares authorized:
Class A		78,752,244
Class C		53,743,671
Class R		767,329
Class Y		122,620,298
Class R5		397,855
Class R6		84,368,925
Class A:
Net asset value per share	$	7.60
Maximum offering price per share
(Net asset value of $7.60 ¸ 97.50%)	$	7.79
Class C:
Net asset value and offering price per share	$	7.57
Class R:
Net asset value and offering price per share	$	7.61
Class Y:
Net asset value and offering price per share	$	7.59
Class R5:
Net asset value and offering price per share	$	7.61
Class R6:
Net asset value and offering price per share	$	7.59

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

28                         Invesco Floating Rate Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Interest	$	65,029,657
Dividends		143,628
Dividends from affiliated money market funds		527,652
Other income		720,312
Total investment income		66,421,249
Expenses:
Advisory fees		7,917,567
Administrative services fees		255,642
Custodian fees		167,464
Class A		755,803
Class C		1,575,095
Class R		15,308
Interest, facilities and maintenance fees		633,333
Transfer agent fees — A, C, R & Y		977,825
Transfer agent fees — R5		1,437
Transfer agent fees — R6		3,124
Trustees’ and officers’ fees and benefits		28,032
Registration and filing fees		89,095
Reports to shareholders		37,672
Professional services fees		47,308
Other		38,447
Total expenses		12,543,152
Less: Fees waived and expense offset arrangement(s)		(72,570	)
Net expenses		12,470,582
Net investment income		53,950,667
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investment securities		11,372,419
Foreign currencies		925,053
Forward foreign currency contracts		(6,226,643	)
		6,070,829
Change in net unrealized appreciation (depreciation) of:
Investment securities		6,964,368
Foreign currencies		(762,963	)
Forward foreign currency contracts		2,465,114
		8,666,519
Net realized and unrealized gain		14,737,348
Net increase in net assets resulting from operations	$	68,688,015

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

29                         Invesco Floating Rate Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	53,950,667		$	107,207,156
Net realized gain (loss)		6,070,829			(13,496,227	)
Change in net unrealized appreciation		8,666,519			57,029,047
Net increase in net assets resulting from operations		68,688,015			150,739,976
Distributions to shareholders from net investment income:
Class A		(12,538,439	)		(27,737,345	)
Class C		(7,661,873	)		(16,826,364	)
Class R		(119,297	)		(247,214	)
Class Y		(20,642,048	)		(38,225,858	)
Class R5		(63,272	)		(98,540	)
Class R6		(14,060,086	)		(25,504,368	)
Total distributions to shareholders from net investment income		(55,085,015	)		(108,639,689	)
Share transactions–net:
Class A		(35,397,741	)		(43,392,863	)
Class C		(44,013,128	)		(18,228,070	)
Class R		(536,163	)		45,256
Class Y		(51,400,786	)		317,204,901
Class R5		181,749			941,260
Class R6		19,520,178			52,459,670
Net increase (decrease) in net assets resulting from share transactions		(111,645,891	)		309,030,154
Net increase (decrease) in net assets		(98,042,891	)		351,130,441
Net assets:
Beginning of period		2,682,705,560			2,331,575,119
End of period (includes undistributed net investment income of $1,169,384 and $2,303,732, respectively)	$	2,584,662,669		$	2,682,705,560

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

30                         Invesco Floating Rate Fund

Statement of Cash Flows

For the six months ended February 28, 2018

(Unaudited)

Cash provided by operating activities:
Net increase in net assets resulting from operations applicable to common shares	$	68,688,015
Adjustments to reconcile net increase in net assets to net cash provided by operating activities:
Purchases of investments		(703,317,516	)
Proceeds from sales of investments		711,205,176
Net change in transactions in foreign currency contracts		(2,465,114	)
Increase in interest receivables and other assets		(1,159,101	)
Amortization of premium and accretion of discount on investment securities		(4,200,313	)
Decrease in accrued expenses and other payables		(281,926	)
Net realized gain from investment securities		(11,372,419	)
Net change in unrealized appreciation on investment securities		(6,964,368	)
Net cash provided by operating activities		50,132,434
Cash provided by (used in) financing activities:
Dividends paid to shareholders		(13,328,155	)
Proceeds from shares of beneficial interest sold		305,158,186
Disbursements from shares of beneficial interest reacquired		(464,880,247	)
Net cash provided by (used in) financing activities		(173,050,216	)
Net increase (decrease) in cash and cash equivalents		(122,917,782	)
Cash and cash equivalents at beginning of period		220,107,193
Cash and cash equivalents at end of period	$	97,189,411
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders		42,112,175
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	508,333

Notes to Financial Statements

February 28, 2018

(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

31                         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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. 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.

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

32                         Invesco Floating Rate Fund

unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates 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

33                         Invesco Floating Rate Fund

losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

Average Daily Net Assets	Rate
First $500 million		0	.65%
Next $4.5 billion		0	.60%
Next $5 billion		0	.575%
Over $10 billion		0	.55%

For the six months ended February 28, 2018, the effective advisory fees incurred by the Fund was 0.61%.

34                         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. and separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (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, 2018, 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $69,959.

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, 2018, 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 services 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, 2018, 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. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $18,656 in front-end sales commissions from the sale of Class A shares and $35,505 and $15,975 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.

35                         Invesco Floating Rate Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were transfers from Level 3 to Level 2 of $32,090,383, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $33,966,526, due to third party vendor quotations utilizing single market quotes.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Variable Rate Senior Loan Interests	$	—	$	2,303,771,012		$	161,852,116	$	2,465,623,128
Bonds & Notes		—		117,761,904			50,628		117,812,532
Structured Products		—		19,335,999			—		19,335,999
Common Stocks & Other Equity Interests		20,987,504		11,884,614			5,754,113		38,626,231
Preferred Stocks		—		—			284,602		284,602
Money Market Funds		43,997,401		—			—		43,997,401
Investments Matured		—		—			74,634		74,634
Total Investments in Securities		64,984,905		2,452,753,529			168,016,093		2,685,754,527
Other Investments — Assets*
Forward Foreign Currency Contracts		—		1,779,707			—		1,779,707
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—		(3,583,806	)		—		(3,583,806	)
Total Other Investments		—		(1,804,099	)		—		(1,804,099	)
Total Investments	$	64,984,905	$	2,450,949,430		$	168,016,093	$	2,683,950,428

* 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, 2018:

	Value 08/31/17		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain		Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Value 02/28/18
Variable Rate Senior Loan Interests	$	179,593,580	$	25,669,544	$	(50,101,928	)	$	733,692	$	273,630	$	(34,016	)	$	33,752,362	$	(28,034,748	)	$	161,852,116
Bonds & Notes		4,117,596		369,026		(679,033	)		10,851		10,074		277,749			—		(4,055,635	)		50,628
Common Stocks & Other Equity Interests		5,857,364		—		—			—		—		(317,415	)		214,164		—			5,754,113
Preferred Stocks		284,602		—		—			—		—		—			—		—			284,602
Investments Matured		76,857		—		—			—		—		(2,223	)		—		—			74,634
Total	$	189,929,999	$	26,038,570	$	(50,780,961	)	$	744,543	$	283,704	$	(75,905	)	$	33,966,526	$	(32,090,383	)	$	168,016,093

Securities determined to be Level 3 at the end of the reporting period were valued primarily by 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.

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.

36                         Invesco Floating Rate 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, 2018:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,779,707
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	1,779,707
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(3,583,806	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(3,583,806	)

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, 2018.

	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
Barclays Bank PLC	$	109,847	$	(375,629	)	$	(265,782	)	$	—	$	—	$	(265,782	)
Citibank, N.A.		482,510		(856,658	)		(374,148	)		—		—		(374,148	)
Goldman Sachs International		584,992		(1,146,611	)		(561,619	)		—		—		(561,619	)
JPMorgan Chase Bank, N.A.		2,898		(89	)		2,809			—		—		2,809
RBC Capital Markets Corp.		599,460		(1,204,819	)		(605,359	)		—		—		(605,359	)
Total	$	1,779,707	$	(3,583,806	)	$	(1,804,099	)	$	—	$	—	$	(1,804,099	)

Effect of Derivative Investments for the six months ended February 28, 2018

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 (Loss):
Forward foreign currency contracts	$	(6,226,643	)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		2,465,114
Total	$	(3,761,529	)

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

	Forward Foreign Currency Contracts
Average notional value	$	404,065,721

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,611.

37                         Invesco Floating Rate Fund

NOTE 6—Trustees’ and Officers’ Fees and Benefits

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

NOTE 7—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. During the six months ended February 28, 2018, the Fund did not draw on the revolving line of credit. This agreement will expire on July 18, 2018.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Unfunded Loan Commitments

As of February 28, 2018, 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
Allied Universal Holdco LLC	Incremental Delayed Draw Term Loan	$	1,173,399	$	1,162,399
Brickman Group Ltd. LLC	Revolver Loan		992,343		917,917
Community Health Systems, Inc.	Revolver Loan		1,973,971		1,929,645
EG Finco Ltd.	Term Loan B-3		1,062,962		1,062,962
Engineered Machinery Holdings, Inc.	Second Lien Delayed Draw Term Loan		15,718		15,718
Hearthside Group Holdings, LLC	Revolver Loan		2,701,077		2,692,434
IAP Worldwide Services	Revolver Loan		789,017		789,017
Kpex Holdings, Inc.	Delayed Draw Term Loan		97,277		97,277
Lakeland Tours, LLC	Delayed Draw Term Loan		152,784		152,784
MacDermid, Inc.	First Lien Multicurrency Revolver Loan		1,273,439		1,271,382
MacDermid, Inc.	First Lien Revolver Loan		436,109		435,405
National Vision, Inc.	Revolver Loan		3,004,345		2,763,997
Nidda Healthcare Holding AG	Term Loan B-1	GBP	485,695		673,116
NRG Energy Inc.	Revolver Loan A		41,372,155		41,262,726
Pearl Intermediate Parent LLC	First Lien Delayed Draw Term Loan		212,537		211,253
Prime Security Services Borrower, LLC	Revolver Loan		3,829,058		3,826,665
Scientific Games International, Inc.	Multicurrency Revolver Loan		4,950,493		4,913,364
Scientific Games International, Inc.	Revolver Loan		2,879,054		2,857,461
TGP Holdings III, LLC	First Lien Delayed Draw Term Loan		367,834		367,834
Transtar Holding Co.	Delayed DrawTerm Loan		242,525		241,312
Unilab Diagnostics AB	Revolver Loan	EUR	1,849,988		2,230,229
				$	69,874,897

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

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.

38                         Invesco Floating Rate 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. 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, 2017 as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	—	$	95,743,377	$	95,743,377

* 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 Transactions

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, 2018 was $827,108,123 and $805,226,980, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	34,874,410
Aggregate unrealized (depreciation) of investments		(72,925,737	)
Net unrealized appreciation (depreciation) of investments	$	(38,051,327	)

Cost of investments for tax purposes is $2,722,001,755.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		9,041,678		$	68,614,226			36,272,998		$	274,197,789
Class C		3,116,683			23,527,024			14,569,784			109,661,810
Class R		77,810			590,606			380,350			2,876,904
Class Y		23,580,994			178,562,739			93,414,196			706,062,216
Class R5		87,163			661,393			157,469			1,193,677
Class R6		4,990,749			37,717,861			12,895,369			97,525,775
Issued as reinvestment of dividends:
Class A		1,201,932			9,112,611			2,632,191			19,909,446
Class C		754,714			5,697,888			1,654,760			12,455,642
Class R		13,397			101,700			28,597			216,579
Class Y		1,738,619			13,163,757			3,319,127			25,090,029
Class R5		7,495			56,890			11,142			84,348
Class R6		1,846,179			13,979,329			3,375,132			25,492,002
Reacquired:
Class A		(14,931,235	)		(113,124,578	)		(44,554,602	)		(337,500,098	)
Class C		(9,714,428	)		(73,238,040	)		(18,651,427	)		(140,345,522	)
Class R		(161,944	)		(1,228,469	)		(403,466	)		(3,048,227	)
Class Y		(32,124,622	)		(243,127,282	)		(54,792,015	)		(413,947,344	)
Class R5		(70,798	)		(536,534	)		(44,654	)		(336,765	)
Class R6		(4,252,609	)		(32,177,012	)		(9,369,118	)		(70,558,107	)
Net increase (decrease) in share activity		(14,798,223	)	$	(111,645,891	)		40,895,833		$	309,030,154

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

39                         Invesco Floating Rate Fund

NOTE 12—Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the six months ended February 28, 2018, 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
Goldman Sachs Lending Partners LLC	$	3,004,345	$	2,763,997
Mizuho Bank, Ltd.		41,372,155		41,262,726
Total	$	44,376,500	$	44,026,723

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		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 02/28/18	$	7.56	$	0.15	$	0.05		$	0.20		$	(0.16	)	$	7.60		2.62	%	$	598,432		1.05	%(d)(e)		1.06	%(d)(e)		4.06	%(d)		30	%
Year ended 08/31/17		7.42		0.31		0.14			0.45			(0.31	)		7.56		6.17			630,740		1.06	(e)		1.07	(e)		4.05			68
Year ended 08/31/16		7.56		0.36		(0.14	)		0.22			(0.36	)		7.42		3.12			661,442		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
Class C
Six months ended 02/28/18		7.53		0.13		0.05			0.18			(0.14	)		7.57		2.36			406,579		1.55	(d)(e)		1.56	(d)(e)		3.56	(d)		30
Year ended 08/31/17		7.39		0.27		0.14			0.41			(0.27	)		7.53		5.65			448,408		1.56	(e)		1.57	(e)		3.55			68
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
Class R
Six months ended 02/28/18		7.57		0.14		0.05			0.19			(0.15	)		7.61		2.49			5,840		1.30	(d)(e)		1.31	(d)(e)		3.81	(d)		30
Year ended 08/31/17		7.44		0.29		0.13			0.42			(0.29	)		7.57		5.76			6,345		1.31	(e)		1.32	(e)		3.80			68
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
Class Y
Six months ended 02/28/18		7.55		0.16		0.05			0.21			(0.17	)		7.59		2.74			930,567		0.80	(d)(e)		0.81	(d)(e)		4.31	(d)		30
Year ended 08/31/17		7.41		0.32		0.15			0.47			(0.33	)		7.55		6.43			977,034		0.81	(e)		0.82	(e)		4.30			68
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
Class R5
Six months ended 02/28/18		7.57		0.16		0.05			0.21			(0.17	)		7.61		2.74			3,026		0.80	(d)(e)		0.81	(d)(e)		4.31	(d)		30
Year ended 08/31/17		7.43		0.32		0.15			0.47			(0.33	)		7.57		6.43			2,830		0.82	(e)		0.83	(e)		4.29			68
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
Class R6
Six months ended 02/28/18		7.55		0.17		0.04			0.21			(0.17	)		7.59		2.79			640,219		0.70	(d)(e)		0.71	(d)(e)		4.41	(d)		30
Year ended 08/31/17		7.41		0.33		0.15			0.48			(0.34	)		7.55		6.53			617,349		0.72	(e)		0.73	(e)		4.39			68
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(f)		7.84		0.35		0.11			0.46			(0.36	)		7.94		6.01			63,032		0.76	(e)(g)		0.77	(e)(g)		4.68	(g)		97

^(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. Calculation includes the proceeds from principal repayments and sales of variable rate senior loan interests.

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $609,653, $423,506, $6,174, $947,162, $2,898 and $630,002 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Ratio includes line of credit expense of 0.05%, 0.05%, 0.05%, 0.03%, 0.02% and 0.02% for the six months ended February 28, 2018 and the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 respectively.

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

^(g) Annualized.

40                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,027.50	$	5.28	$	1,019.59	$	5.26		1.05	%
C		1,000.00		1,023.60		7.78		1,017.11		7.75		1.55
R		1,000.00		1,026.20		6.53		1,018.35		6.51		1.30
Y		1,000.00		1,028.80		4.02		1,020.83		4.01		0.80
R5		1,000.00		1,027.40		4.02		1,020.83		4.01		0.80
R6		1,000.00		1,029.30		3.52		1,021.32		3.51		0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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.

41                         Invesco Floating Rate Fund

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

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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. FLR-SAR-1 04202018 0920

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Global Real Estate Income Fund
	Nasdaq:
	A: ASRAX  ∎  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, 8/31/17 to 2/28/18, 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	–2.56	%
Class C Shares	–2.93
Class Y Shares	–2.45
Class R5 Shares	–2.50
Class R6 Shares	–2.36
MSCI World Indext▼ (Broad Market Index)	8.86
Custom Invesco Global Real Estate Income Index∎ (Style-Specific Index)	–3.68
Lipper Global Real Estate Funds Classification Average◆ (Peer Group)	–2.91
Source(s): ▼FactSet 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 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	7.78	%
10 Years	4.26
5 Years	2.58
1 Year	–4.06
Class C Shares
Inception (3/09/07)	2.59	%
10 Years	4.07
5 Years	2.97
1 Year	–0.21
Class Y Shares
10 Years	5.06	%
5 Years	3.99
1 Year	1.79
Class R5 Shares
Inception (3/09/07)	3.75	%
10 Years	5.25
5 Years	4.09
1 Year	1.76
Class R6 Shares
10 Years	5.09	%
5 Years	4.18
1 Year	1.85

On March 12, 2007, the Fund reorganized from a closed-end fund to an open­end 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 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 (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

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	8.15	%
10 Years	4.85
5 Years	3.97
1 Year	2.84
Class B Shares*
Inception (3/09/07)	3.24	%
10 Years	4.82
5 Years	4.01
1 Year	2.96
Class C Shares
Inception (3/09/07)	3.05	%
10 Years	4.68
5 Years	4.37
1 Year	7.08
Class Y Shares
10 Years	5.66	%
5 Years	5.41
1 Year	9.06
Class R5 Shares
Inception (3/09/07)	4.21	%
10 Years	5.86
5 Years	5.51
1 Year	9.13
Class R6 Shares
10 Years	5.69	%
5 Years	5.60
1 Year	9.23
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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 1.26%, 2.01%, 2.01%, 1.01%, 0.94% and 0.85%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

    Class A share performance reflects the maximum 5.50% sales charge, and Class B and Class C share performance

reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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 front­end 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Shares		Value
Real Estate Investment Trusts, Common Stocks & Other Equity Interests–63.22%
Australia–3.97%
Dexus		949,932	$	6,816,127
Goodman Group		1,552,206		9,841,247
GPT Group (The)		1,187,551		4,368,721
Mirvac Group		4,725,412		7,728,751
Scentre Group		4,987,668		14,793,536
				43,548,382
Canada–1.56%
Allied Properties REIT		105,100		3,395,765
H&R REIT		316,400		4,926,490
Killam Apartment REIT		285,400		3,029,261
Pembina Pipeline Corp.		177,941		5,721,513
				17,073,029
France–2.96%
ICADE		61,165		5,911,674
Klepierre S.A.		198,187		8,160,695
Unibail-Rodamco S.E.		78,973		18,403,717
				32,476,086
Germany–1.92%
Deutsche Wohnen S.E.		79,922		3,307,204
Grand City Properties S.A.		262,719		5,887,901
LEG Immobilien AG		50,409		5,251,933
Vonovia S.E.		145,318		6,628,690
				21,075,728
Hong Kong–6.09%
CK Asset Holdings Ltd.		769,000		6,604,885
Hang Lung Properties Ltd.		3,332,000		7,906,723
Link REIT		682,500		5,816,203
New World Development Co. Ltd.		8,137,000		12,288,429
Sun Hung Kai Properties Ltd.		1,286,000		21,340,402
Swire Properties Ltd.		1,800,600		6,136,492
Wharf (Holdings) Ltd. (The)		634,000		2,349,347
Wharf Real Estate Investment Co. Ltd.(a)		634,000		4,309,894
				66,752,375
Italy–0.09%
Beni Stabili S.p.A.		1,235,255		988,215
Japan–7.50%
Activia Properties, Inc.		1,185		5,223,626
Advance Residence Investment Corp.		784		1,960,421
AEON REIT Investment Corp.		2,085		2,239,582
Daiwa House REIT Investment Corp.		1,844		4,450,096
Daiwa Office Investment Corp.		551		3,182,769
GLP J–REIT		5,910		6,221,337
Hulic Co., Ltd.		617,000		6,859,460

	Shares		Value
Japan–(continued)
Hulic Reit, Inc.		1,301	$	1,946,196
Japan Hotel REIT Investment Corp.		7,187		5,249,396
Japan Real Estate Investment Corp.		667		3,452,321
Mitsubishi Estate Co., Ltd.		492,500		8,601,064
Mitsui Fudosan Co., Ltd.		787,900		18,829,828
Mitsui Fudosan Logistics Park Inc.		649		2,175,346
Sumitomo Realty & Development Co., Ltd.		233,000		8,436,669
Tokyo Tatemono Co., Ltd.		106,800		1,654,383
United Urban Investment Corp.		1,117		1,767,266
				82,249,760
Netherlands–0.78%
InterXion Holding N.V.(a)		37,734		2,124,424
Wereldhave N.V.		174,286		6,412,874
				8,537,298
Singapore–0.69%
Ascendas REIT		1,601,400		3,198,357
CapitaLand Mall Trust		2,874,600		4,372,529
				7,570,886
South Africa–0.20%
SA Corporate Real Estate Ltd.		5,423,479		2,139,813
Spain–1.09%
Ferrovial, S.A.		127,853		2,753,578
Hispania Activos Inmobiliarios SOCIMI S.A.		57,206		1,135,504
Inmobiliaria Colonial SOCIMI, S.A.		225,107		2,375,782
Merlin Properties SOCIMI, S.A.		398,128		5,694,924
				11,959,788
Sweden–1.07%
Castellum AB		174,620		2,747,704
Fabege AB		159,913		3,450,585
Hufvudstaden AB–Class A		367,843		5,548,446
				11,746,735
Switzerland–0.89%
Swiss Prime Site AG		104,193		9,703,769
United Kingdom–2.94%
Big Yellow Group PLC		220,316		2,511,469
Derwent London PLC		63,676		2,513,432
Land Securities Group PLC		653,230		8,288,298
LondonMetric Property PLC		948,998		2,315,400
SEGRO PLC		1,046,026		8,186,238
Tritax Big Box REIT PLC		2,160,682		4,171,561
UNITE Group PLC (The)		410,346		4,295,225
				32,281,623

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–31.47%
Acadia Realty Trust		243,848	$	5,871,860
American Campus Communities, Inc.		257,352		9,388,201
American Tower Corp.–Class A		201,144		28,025,394
Apple Hospitality REIT, Inc.		801,371		13,615,293
AvalonBay Communities, Inc.		145,320		22,672,826
Boston Properties, Inc.		160,315		19,056,644
Brixmor Property Group, Inc.		325,771		5,062,481
Crown Castle International Corp.		166,346		18,308,041
DCT Industrial Trust Inc.		66,100		3,658,635
Digital Realty Trust, Inc.		47,180		4,748,195
EastGroup Properties, Inc.		31,028		2,514,199
Education Realty Trust, Inc.		87,631		2,728,829
EnLink Midstream LLC		270,607		3,977,923
Equinix, Inc.		5,689		2,230,657
Essex Property Trust, Inc.		91,137		20,399,195
Extra Space Storage Inc.		128,984		10,970,089
Federal Realty Investment Trust		53,875		6,138,518
GGP Inc.		100,000		2,117,000
Host Hotels & Resorts Inc.		90,990		1,688,774
Hudson Pacific Properties Inc.		512,221		16,170,817
InfraREIT, Inc.		153,898		2,868,659
Liberty Property Trust		170,996		6,713,303
Macquarie Infrastructure Corp.		75,066		3,040,173
Mid-America Apartment Communities, Inc.		56,282		4,830,121
National Retail Properties, Inc.		197,176		7,342,834
Park Hotels & Resorts Inc.		433,755		11,273,292
Pattern Energy Group Inc.		251,408		4,668,647
Prologis, Inc.		126,966		7,704,297
Public Storage		101,014		19,641,162
QTS Realty Trust, Inc.–Class A		201,424		6,499,953
Realty Income Corp.		86,536		4,255,841
Simon Property Group, Inc.		160,769		24,679,649
SL Green Realty Corp.		188,025		18,223,383
Terreno Realty Corp.		167,509		5,579,725
Ventas, Inc.		55,961		2,704,036
Vornado Realty Trust		70,235		4,668,520
Welltower Inc.		125,792		6,604,080
Weyerhaeuser Co.		123,714		4,333,701
				344,974,947
Total Real Estate Investment Trusts, Common Stocks & Other Equity Interests (Cost $692,726,058)				693,078,434
	Principal Amount
Mortgage-Backed Securities–21.05%
Ireland–0.26%
Taurus Ltd., REGS, Series 2015-DE2, Class E, Floating Rate Pass Through Ctfs., 3.40% (3 mo. EURIBOR + 3.50%), 02/1/2026(b)(c)(d)	EUR	2,300,000		2,848,202

	Principal Amount		Value
United States–20.79%
Banc of America Merrill Lynch Commercial Mortgage Inc., Series 2005-5, Class F, Variable Rate Pass Through Ctfs., 5.46%, 10/10/2045(c)(e)	$	3,807,335	$	3,885,081
Banc of America Merrill Lynch Large Loan Inc., Series 2013-FRR1, Class A1, Pass Through Ctfs., 0.00%, 12/26/2020(c)(f)		6,650,000		5,729,740
Series 2014-ICTS, Class E, Floating Rate Pass Through Ctfs., 4.51% (1 mo. USD LIBOR + 2.95%), 06/15/2028(b)(c)		11,750,000		11,735,411
Series 2016-FR13, Class A, Variable Rate Pass Through Ctfs., 1.69%, 08/27/2045(c)(e)		5,000,000		4,338,825
CGBAM Commercial Mortgage Trust, Series 2015-SMRT, Class E, Variable Rate Pass Through Ctfs., 3.79%, 04/10/2028(c)(e)		9,800,000		9,764,265
Citigroup Commercial Mortgage Trust, Series 2014-GC19, Class D, Variable Rate Pass Through Ctfs., 4.90%, 03/10/2047(c)(e)		1,220,000		1,133,790
Commercial Mortgage Trust, Series 2014-CR19, Class D, Variable Rate Pass Through Ctfs., 4.72%, 08/10/2047(c)(e)		25,690,000		22,440,066
Series 2014-CR21, Class D, Variable Rate Pass Through Ctfs., 3.92%, 12/10/2047(c)(e)		10,711,000		8,948,168
Series 2014-FL4, Class D, Floating Rate Pass Through Ctfs., 4.03% (1 mo. USD LIBOR + 2.45%), 07/13/2031(b)(c)		13,571,000		13,522,923
Series 2014-FL4, Class SOF1, Floating Rate Pass Through Ctfs., 4.83% (1 mo. USD LIBOR + 3.25%), 03/13/2027(b)(c)		2,000,000		1,978,978
Series 2014-FL4, Class SOF2, Floating Rate Pass Through Ctfs., 5.58% (1 mo. USD LIBOR + 4.00%), 03/13/2027(b)(c)		4,000,000		3,946,434
Series 2014-PAT, Class F, Floating Rate Pass Through Ctfs., 3.99% (1 mo. USD LIBOR + 2.44%), 08/13/2027(b)(c)		10,000,000		10,006,191
Series 2014-UBS4, Class D, Variable Rate Pass Through Ctfs., 4.69%, 08/10/2047(c)(e)		27,540,000		24,319,957
GS Mortgage Securities Trust, Series 2011-GC3, Class E, Variable Rate Pass Through Ctfs., 5.00%, 03/10/2044(c)(e)		8,605,000		8,100,323

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)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4, Class TAC1, Pass Through Ctfs., 7.99%, 07/15/2046(c)	$	1,739,212	$	1,740,490
Series 2012-C8, Class E, Variable Rate Pass Through Ctfs., 4.65%, 10/15/2045(c)(e)		7,805,000		7,352,806
Series 2013-LC11, Class D, Variable Rate Pass Through Ctfs., 4.19%, 04/15/2046(e)		12,749,000		11,738,295
Series 2015-FRR2, Class AK36, Variable Rate Pass Through Ctfs., 2.29%, 12/27/2046(c)(e)		9,890,000		8,656,861
JPMBB Commercial Mortgage Securities Trust, Series 2014-C23,Class RIM, Pass Through Ctfs., 4.30%, 09/15/2047(c)		10,000,000		9,461,057
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class D, Variable Rate Pass Through Ctfs., 4.14%, 05/15/2046(c)(e)		14,190,000		12,949,577
Series 2013-C12, Class D, Variable Rate Pass Through Ctfs., 4.76%, 10/15/2046(c)(e)		13,510,000		12,767,574
Morgan Stanley Capital I Trust, Series 2006-IQ11, Class B, Variable Rate Pass Through Ctfs., 6.25%, 10/15/2042(e)		270,000		278,727
Series 2017-CLS, Class F, Floating Rate Pass Through Ctfs., 4.16% (1 mo. USD LIBOR + 2.60%), 11/15/2034(b)(c)		4,900,000		4,920,297
Starwood Retail Property Trust, Series 2014-STAR, Class E, Floating Rate Pass Through Ctfs., 5.74% (1 mo. USD LIBOR + 4.15%), 11/15/2027(b)(c)		12,200,000		11,357,868
Wells Fargo Commercial Mortgage Trust, Series 2018-BXI, Class F, Floating Rate Pass Through Ctfs., 4.02% (1 mo. USD LIBOR + 2.46%), 12/15/2036(b)(c)		6,400,000		6,400,821
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class D, Variable Rate Pass Through Ctfs., 4.42%, 03/15/2048(c)(e)		11,304,000		10,472,384
				227,946,909
Total Mortgage-Backed Securities (Cost $229,104,198)				230,795,111
	Shares
Preferred Stocks–10.83%
United States–10.83%
American Homes 4 Rent, Series D, 6.50% Pfd.		34,873		892,051
American Homes 4 Rent, Series E, 6.35% Pfd.		187,232		4,772,544

	Shares		Value
United States–(continued)
American Homes 4 Rent, Series F, 5.88% Pfd.		120,449	$	2,891,981
American Homes 4 Rent, Series G, 5.88% Pfd.		140,900		3,339,330
Apartment Investment & Management Co., Series A, 6.88% Pfd.		38,350		981,760
Crown Castle International Corp., Series A, $68.75 Conv. Pfd.		15,036		16,651,820
DDR Corp., Series A, 6.38% Pfd.		52,917		1,257,308
DDR Corp., Series K, 6.25% Pfd.		87,868		2,002,512
Digital Realty Trust, Inc., Series H, 7.38% Pfd.		194,477		5,153,640
Digital Realty Trust, Inc., Series I, 6.35% Pfd.		170,000		4,447,200
Digital Realty Trust, Inc., Series J, 5.25% Pfd.		77,400		1,805,742
Eagle Hospitality Properties Trust Inc., Series A, 8.25% Pfd.		195,800		12,237
GGP Inc., Series A, 6.38% Pfd.		312,789		7,725,888
Kinder Morgan, Inc., Series A, $4.88 Conv. Pfd.		269,600		8,983,072
LaSalle Hotel Properties, Series I, 6.38% Pfd.		144,800		3,511,400
LaSalle Hotel Properties, Series J, 6.30%, Pfd.		59,406		1,451,883
National Retail Properties, Inc., Series E, 5.70% Pfd.		67,500		1,643,625
National Retail Properties, Inc., Series F, 5.20% Pfd.		112,800		2,604,552
NuStar Logistics L.P., 8.46% (3 mo. USD LIBOR + 6.73%) Variable Rate Pfd.(b)		187,900		4,761,386
Pebblebrook Hotel Trust, Series C, 6.50% Pfd.		177,670		4,397,332
Public Storage, Series C, 5.13% Pfd.		105,900		2,591,373
Public Storage, Series U, 5.63% Pfd.		91,670		2,342,169
Public Storage, Series Y, 6.38% Pfd.		374,114		9,966,397
Public Storage, Series Z, 6.00% Pfd.		70,540		1,862,256
Sempra Energy, Series A, $6.00 Conv. Pfd.		56,004		5,674,885
Senior Housing Properties Trust, 6.25% Pfd.		34,451		869,888
Summit Hotel Properties, Inc., Series C, 7.13% Pfd.		63,000		1,578,780
Sunstone Hotel Investors, Inc., Series E, 6.95% Pfd.		103,500		2,626,830
Targa Resources Partners L.P., Series A, 9.00% Pfd.		277,500		7,420,350
Taubman Centers, Inc., Series J, 6.50% Pfd.		85,310		2,111,423
Vornado Realty Trust, Series L, 5.40% Pfd.		100,000		2,422,000
Total Preferred Stocks (Cost $126,384,753)				118,753,614

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–1.50%
United States–1.50%
Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Conv. Investment Units, 6.75%, 08/15/2019	$	87,300	$	4,277,264
Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/1/2022		4,975,000		5,167,781
NextEra Energy, Inc., Series H, Conv. Investment Units, 6.37%, 09/1/2018		66,800		4,524,364
Targa Resources Partners L.P./Targa Resouces Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 4.25%, 11/15/2023		2,500,000		2,446,875
Total U.S. Dollar Denominated Bonds & Notes (Cost $15,743,354)				16,416,284
Non U.S. Dollar Denominated Bonds & Notes–0.22%(d)
Australia–0.22%
General Property Trust, Sr. Unsec. Gtd. Medium-Term Notes, 6.75%, 01/24/2019 (Cost $3,173,728)	AUD	2,980,000		2,401,444

	Shares		Value
Money Market Funds–2.86%
Invesco Government & Agency Portfolio– Institutional Class, 1.30%(g)		10,978,898	$	10,978,898
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(g)		7,840,489		7,841,273
Invesco Treasury Portfolio–Institutional Class, 1.29%(g)		12,547,311		12,547,311
Total Money Market Funds (Cost $31,367,482)				31,367,482
TOTAL INVESTMENTS IN SECURITIES–99.68% (Cost $1,098,499,573)				1,092,812,369
OTHER ASSETS LESS LIABILITIES–0.32%				3,527,455
NET ASSETS–100.00%			$	1,096,339,824

Investment Abbreviations:

AUD	– Australian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate

Gtd.	– Guaranteed
Jr.	– Junior
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
REGS	– Regulation S

REIT	– Real Estate Investment Trust
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(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, 2018 was $218,778,089, which represented 19.96% of the Fund’s Net Assets.

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

^(e)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect February 28, 2018.

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

^(g)  The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of February 28, 2018.

Portfolio Composition

By country, based on Net Assets

as of February 28, 2018

United States	64.6	%
Japan	7.5
Hong Kong	6.1
Australia	4.2
France	3.0
United Kingdom	2.9
Countries each less than 2.0% of portfolio	8.5
Money Market Funds Plus Other Assets Less Liabilities	3.2

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

8                         Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,067,132,091)	$	1,061,444,887
Investments in affiliated money market funds, at value and cost		31,367,482
Foreign currencies, at value (Cost $1,460,146)		1,456,594
Receivable for:
Investments sold		3,690,863
Fund shares sold		4,039,407
Dividends and interest		2,253,758
Investment for trustee deferred compensation and retirement plans		142,356
Other assets		92,368
Total assets		1,104,487,715
Liabilities:
Payable for:
Investments purchased		6,278,123
Fund shares reacquired		1,124,408
Accrued fees to affiliates		471,392
Accrued trustees’ and officers’ fees and benefits		5,500
Accrued other operating expenses		110,024
Trustee deferred compensation and retirement plans		158,444
Total liabilities		8,147,891
Net assets applicable to shares outstanding	$	1,096,339,824
Net assets consist of:
Shares of beneficial interest	$	1,106,565,816
Undistributed net investment income		(4,950,243	)
Undistributed net realized gain		392,435
Net unrealized appreciation (depreciation)		(5,668,184	)
	$	1,096,339,824

Net Assets:
Class A	$	212,196,836
Class C	$	59,223,721
Class Y	$	670,203,744
Class R5	$	6,754,959
Class R6	$	147,960,564
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		24,291,848
Class C		6,792,617
Class Y		76,952,547
Class R5		773,527
Class R6		16,943,417
Class A:
Net asset value per share	$	8.74
Maximum offering price per share
(Net asset value of $8.74 ¸ 94.50%)	$	9.25
Class C:
Net asset value and offering price per share	$	8.72
Class Y:
Net asset value and offering price per share	$	8.71
Class R5:
Net asset value and offering price per share	$	8.73
Class R6:
Net asset value and offering price per share	$	8.73

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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $639,790)	$	21,379,683
Dividends from affiliated money market funds		236,485
Interest		5,974,291
Total investment income		27,590,459
Expenses:
Advisory fees		3,981,230
Administrative services fees		136,661
Custodian fees		84,025
Distribution fees:
Class A		283,368
Class B		1,433
Class C		326,593
Transfer agent fees — A, B, C and Y		782,690
Transfer agent fees — R5		3,346
Transfer agent fees — R6		1,501
Trustees’ and officers’ fees and benefits		16,811
Registration and filing fees		75,632
Reports to shareholders		64,716
Professional services fees		43,889
Other		18,388
Total expenses		5,820,283
Less: Fees waived and expense offset arrangement(s)		(22,495	)
Net expenses		5,797,788
Net investment income		21,792,671
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		1,195,195
Foreign currencies		145,643
		1,340,838
Change in net unrealized appreciation (depreciation) of:
Investment securities		(49,463,738	)
Foreign currencies		26,368
		(49,437,370	)
Net realized and unrealized gain (loss)		(48,096,532	)
Net increase (decrease) in net assets resulting from operations	$	(26,303,861	)

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, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	21,792,671		$	28,851,831
Net realized gain		1,340,838			9,093,409
Change in net unrealized appreciation (depreciation)		(49,437,370	)		(14,847,541	)
Net increase (decrease) in net assets resulting from operations		(26,303,861	)		23,097,699
Distributions to shareholders from net investment income:
Class A		(5,383,061	)		(13,165,056	)
Class B		(6,683	)		(20,451	)
Class C		(1,298,443	)		(2,755,090	)
Class Y		(14,724,232	)		(17,525,407	)
Class R5		(179,762	)		(462,200	)
Class R6		(3,841,317	)		(6,616,660	)
Total distributions from net investment income		(25,433,498	)		(40,544,864	)
Share transactions–net:
Class A		(20,994,105	)		(131,703,678	)
Class B		(474,886	)		(217,393	)
Class C		(8,206,078	)		(22,611,409	)
Class Y		246,651,099			59,567,892
Class R5		(447,229	)		(4,921,549	)
Class R6		3,796,687			(2,474,477	)
Net increase (decrease) in net assets resulting from share transactions		220,325,488			(102,360,614	)
Net increase (decrease) in net assets		168,588,129			(119,807,779	)
Net assets:
Beginning of period		927,751,695			1,047,559,474
End of period (includes undistributed net investment income of $(4,950,243) and $(1,309,416), respectively)	$	1,096,339,824		$	927,751,695

Notes to Financial Statements

February 28, 2018

(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 five different classes of shares: Class A, 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

11                         Invesco Global Real Estate Income 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and

12                         Invesco Global Real Estate Income Fund

are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund 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 on a timely basis 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 as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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

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

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.

13                         Invesco Global Real Estate 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. 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2018, 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, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $21,208.

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, 2018, 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 services 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14                         Invesco Global Real Estate Income 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 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 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. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $8,645 in front-end sales commissions from the sale of Class A shares and $3,536 and $1,384 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were transfers from Level 1 to Level 2 of $88,412,330 and from Level 2 to Level 1 of $4,006,848, due to foreign fair value adjustments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	—	$	45,949,826	$	—	$	45,949,826
Canada		—		17,073,029		—		17,073,029
France		—		32,476,086		—		32,476,086
Germany		5,887,901		15,187,827		—		21,075,728
Hong Kong		4,309,894		62,442,481		—		66,752,375
Ireland		—		2,848,202		—		2,848,202
Italy		—		988,215		—		988,215
Japan		5,953,044		76,296,716		—		82,249,760
Netherlands		2,124,424		6,412,874		—		8,537,298
Singapore		—		7,570,886		—		7,570,886
South Africa		—		2,139,813		—		2,139,813
Spain		—		11,959,788		—		11,959,788
Sweden		—		11,746,735		—		11,746,735
Switzerland		—		9,703,769		—		9,703,769
United Kingdom		—		32,281,623		—		32,281,623
United States		449,246,699		258,845,055		—		708,091,754
Money Market Funds		31,367,482		—		—		31,367,482
Total Investments	$	498,889,444	$	593,922,925	$	—	$	1,092,812,369

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,287.

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	462,518	$	—	$	462,518

* 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 Transactions

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, 2018 was $479,323,099 and $282,434,029, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	43,878,065
Aggregate unrealized (depreciation) of investments		(61,955,923	)
Net unrealized appreciation (depreciation) of investments	$	(18,077,858	)

Cost of investments for tax purposes is $1,110,890,227.

16                         Invesco Global Real Estate Income Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		1,540,022		$	13,849,265			3,882,803		$	34,431,739
Class B(b)		51			462			161			1,377
Class C		135,924			1,233,151			711,063			6,320,622
Class Y		33,966,403			305,789,540			23,536,267			207,699,985
Class R5		66,740			605,522			320,577			2,835,380
Class R6		757,429			6,831,721			1,505,920			13,271,068
Issued as reinvestment of dividends:
Class A		489,479			4,454,599			1,203,361			10,632,466
Class B(b)		617			5,613			2,090			18,430
Class C		108,916			990,079			238,325			2,102,950
Class Y		1,260,603			11,416,169			1,424,580			12,548,995
Class R5		16,900			153,708			46,583			410,606
Class R6		421,576			3,832,516			749,684			6,616,251
Conversion of Class B shares to Class A shares:(c)
Class A		33,725			309,934			15,597			138,646
Class B		(33,848	)		(309,934	)		(15,619	)		(138,646	)
Reacquired:
Class A		(4,373,644	)		(39,607,903	)		(19,975,937	)		(176,906,529	)
Class B(b)		(18,872	)		(171,027	)		(11,165	)		(98,554	)
Class C		(1,153,255	)		(10,429,308	)		(3,507,269	)		(31,034,981	)
Class Y		(7,831,938	)		(70,554,610	)		(18,189,560	)		(160,681,088	)
Class R5		(133,769	)		(1,206,459	)		(930,839	)		(8,167,535	)
Class R6		(756,642	)		(6,867,550	)		(2,497,384	)		(22,361,796	)
Net increase (decrease) in share activity		24,496,417		$	220,325,488			(11,490,762	)	$	(102,360,614	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

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 02/28/18	$	9.18	$	0.17	(d)	$	(0.40	)	$	(0.23	)	$	(0.21	)	$	—		$	(0.21	)	$	8.74		(2.56	)%	$	212,197		1.24	%(e)		1.24	%(e)		3.87	%(d)(e)		27	%
Year ended 08/31/17		9.30		0.26			(0.02	)		0.24			(0.36	)		—			(0.36	)		9.18		2.76			244,129		1.25			1.25			2.88			43
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
Class B
Six months ended 02/28/18(f)		9.16		0.12	(d)		0.08			0.20			(0.18	)		—			(0.18	)		9.18		2.19			—		1.99	(e)		1.99	(e)		3.12	(d)(e)		27
Year ended 08/31/17		9.28		0.19			(0.02	)		0.17			(0.29	)		—			(0.29	)		9.16		1.99			477		2.00			2.00			2.13			43
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
Class C
Six months ended 02/28/18		9.16		0.14	(d)		(0.40	)		(0.26	)		(0.18	)		—			(0.18	)		8.72		(2.93	)		59,224		1.99	(e)		1.99	(e)		3.12	(d)(e)		27
Year ended 08/31/17		9.28		0.19			(0.02	)		0.17			(0.29	)		—			(0.29	)		9.16		1.99			70,537		2.00			2.00			2.13			43
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
Class Y
Six months ended 02/28/18		9.15		0.18	(d)		(0.40	)		(0.22	)		(0.22	)		—			(0.22	)		8.71		(2.45	)		670,204		0.99	(e)		0.99	(e)		4.12	(d)(e)		27
Year ended 08/31/17		9.28		0.28			(0.03	)		0.25			(0.38	)		—			(0.38	)		9.15		2.91			453,479		1.00			1.00			3.13			43
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
Class R5
Six months ended 02/28/18		9.18		0.19	(d)		(0.41	)		(0.22	)		(0.23	)		—			(0.23	)		8.73		(2.50	)		6,755		0.91	(e)		0.91	(e)		4.20	(d)(e)		27
Year ended 08/31/17		9.30		0.29			(0.02	)		0.27			(0.39	)		—			(0.39	)		9.18		3.10			7,557		0.93			0.93			3.20			43
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
Class R6
Six months ended 02/28/18		9.17		0.19	(d)		(0.40	)		(0.21	)		(0.23	)		—			(0.23	)		8.73		(2.36	)		147,961		0.82	(e)		0.82	(e)		4.29	(d)(e)		27
Year ended 08/31/17		9.30		0.29			(0.02	)		0.27			(0.40	)		—			(0.40	)		9.17		3.09			151,573		0.84			0.84			3.29			43
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(g)		8.98		0.38			(0.41	)		(0.03	)		(0.43	)		—			(0.43	)		8.52		(0.49	)		60		0.86	(h)		0.87	(h)		4.40	(h)		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) Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the six months ended February 28, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.14 and 3.53%, $0.09 and 2.78%, $0.11 and 2.78%, $0.15 and 3.78%, $0.16 and 3.86% and $0.16 and 3.95% for Class A, Class B, Class C, Class Y, Class R5 and Class R6, respectively.

^(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $228,573, $289, $65,860, $636,261, $7,139 and $151,389 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

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

^(h) 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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	974.40	$	6.07	$	1,018.65	$	6.21		1.24	%
C		1,000.00		970.70		9.72		1,014.93		9.94		1.99
Y		1,000.00		975.50		4.85		1,019.89		4.96		0.99
R5		1,000.00		975.00		4.46		1,020.28		4.56		0.91
R6		1,000.00		976.40		4.02		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, 2017 through February 28, 2018, 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             04162018      0913

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Growth and Income Fund
	Nasdaq:
	A: ACGIX  ∎  C: ACGKX  ∎  R: ACGLX  ∎  Y: ACGMX  ∎  R5: ACGQX  ∎  R6: GIFFX

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	9.76	%
Class C Shares	9.37
Class R Shares	9.65
Class Y Shares	9.93
Class R5 Shares	9.97
Class R6 Shares	9.98
S&P 500 Index▼ (Broad Market Index)	10.84
Russell 1000 Value Index▼ (Style-Specific Index)	7.26
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	9.04
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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.55	%
10 Years	7.97
5 Years	11.40
1 Year	4.86
Class C Shares
Inception (8/2/93)	9.29	%
10 Years	7.78
5 Years	11.83
1 Year	9.14
Class R Shares
Inception (10/1/02)	9.44	%
10 Years	8.31
5 Years	12.39
1 Year	10.69
Class Y Shares
Inception (10/19/04)	8.95	%
10 Years	8.86
5 Years	12.95
1 Year	11.24
Class R5 Shares
10 Years	8.89	%
5 Years	13.05
1 Year	11.32
Class R6 Shares
10 Years	8.83	%
5 Years	13.15
1 Year	11.42

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.

    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.

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.56	%
10 Years	6.99
5 Years	13.05
1 Year	7.94
Class B Shares*
Inception (8/2/93)	9.86	%
10 Years	7.59
5 Years	14.11
1 Year	9.21
Class C Shares
Inception (8/2/93)	9.33	%
10 Years	6.81
5 Years	13.49
1 Year	12.34
Class R Shares
Inception (10/1/02)	9.50	%
10 Years	7.34
5 Years	14.06
1 Year	13.91
Class Y Shares
Inception (10/19/04)	9.01	%
10 Years	7.87
5 Years	14.61
1 Year	14.48
Class R5 Shares
10 Years	7.90	%
5 Years	14.73
1 Year	14.57
Class R6 Shares
10 Years	7.85	%
5 Years	14.83
1 Year	14.67
* Effective January 26, 2018, Class B shares were converted 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 0.82%, 0.82%, 1.57%, 1.07%, 0.57%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration.To do so, select “Log In” on the

right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.65%
Aerospace & Defense–1.81%
General Dynamics Corp.		682,304	$	151,778,525
Apparel, Accessories & Luxury Goods–0.45%
Michael Kors Holdings Ltd.(b)		600,695		37,801,736
Asset Management & Custody Banks–2.63%
Northern Trust Corp.		880,505		93,219,064
State Street Corp.		1,191,487		126,476,345
				219,695,409
Automobile Manufacturers–2.07%
General Motors Co.		4,393,540		172,885,799
Biotechnology–1.28%
Amgen Inc.		581,068		106,782,866
Broadcasting–0.23%
CBS Corp.–Class B		358,800		19,005,636
Building Products–0.93%
Johnson Controls International PLC		2,109,251		77,768,084
Cable & Satellite–1.91%
Charter Communications, Inc.–Class A(b)		198,972		68,034,496
Comcast Corp.–Class A		2,543,461		92,098,723
				160,133,219
Communications Equipment–2.72%
Cisco Systems, Inc.		3,733,585		167,189,936
Juniper Networks, Inc.		2,335,418		59,926,826
				227,116,762
Data Processing & Outsourced Services–0.57%
PayPal Holdings, Inc.(b)		602,147		47,816,493
Diversified Banks–14.55%
Bank of America Corp.		11,938,550		383,227,455
Citigroup Inc.		5,977,877		451,269,935
JPMorgan Chase & Co.		2,764,096		319,253,088
Wells Fargo & Co.		1,070,911		62,551,911
				1,216,302,389
Diversified Metals & Mining–0.78%
BHP Billiton Ltd. (Australia)		2,781,076		65,030,221
Drug Retail–3.37%
CVS Health Corp.		2,013,774		136,392,913
Walgreens Boots Alliance, Inc.		2,107,685		145,198,420
				281,591,333
Electric Utilities–0.41%
FirstEnergy Corp.		1,061,973		34,333,587

	Shares		Value
Fertilizers & Agricultural Chemicals–1.49%
Mosaic Co. (The)		2,464,494	$	64,865,482
Nutrien Ltd. (Canada)(b)		1,205,732		59,382,301
				124,247,783
Health Care Distributors–1.37%
McKesson Corp.		766,909		114,445,830
Health Care Equipment–3.17%
Baxter International Inc.		1,177,050		79,792,220
Medtronic PLC		1,311,652		104,787,878
Zimmer Biomet Holdings, Inc.		695,498		80,851,642
				265,431,740
Home Improvement Retail–1.24%
Kingfisher PLC (United Kingdom)		21,022,693		103,461,440
Hotels, Resorts & Cruise Lines–1.68%
Carnival Corp.		2,101,564		140,615,647
Industrial Machinery–1.14%
Ingersoll-Rand PLC		1,074,391		95,405,921
Insurance Brokers–2.73%
Aon PLC		697,699		97,901,124
Marsh & McLennan Cos., Inc.		640,135		53,144,008
Willis Towers Watson PLC		491,209		77,561,901
				228,607,033
Integrated Oil & Gas–5.35%
BP PLC (United Kingdom)		16,916,204		109,723,324
Occidental Petroleum Corp.		2,427,542		159,246,755
Royal Dutch Shell PLC–Class A (United Kingdom)		5,654,300		178,483,635
				447,453,714
Integrated Telecommunication Services–0.85%
Orange S.A. (France)		1,072,019		18,148,878
Verizon Communications Inc.		1,105,559		52,779,386
				70,928,264
Internet Software & Services–1.47%
eBay Inc.(b)		2,860,139		122,585,558
Investment Banking & Brokerage–5.19%
Charles Schwab Corp. (The)		1,290,905		68,443,783
Goldman Sachs Group, Inc. (The)		404,802		106,434,590
Morgan Stanley		4,633,269		259,555,729
				434,434,102
IT Consulting & Other Services–1.45%
Cognizant Technology Solutions Corp.–Class A		1,477,713		121,202,020
Managed Health Care–1.03%
Anthem, Inc.		365,626		86,061,048

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

5                         Invesco Growth and Income Fund

	Shares		Value
Multi-Line Insurance–1.69%
American International Group, Inc.		2,466,888	$	141,451,358
Oil & Gas Equipment & Services–2.13%
Baker Hughes, a GE Co.		2,062,054		54,438,225
TechnipFMC PLC (United Kingdom)		4,282,685		123,426,982
				177,865,207
Oil & Gas Exploration & Production–6.05%
Anadarko Petroleum Corp.		2,459,395		140,283,891
Apache Corp.		2,889,563		98,678,577
Canadian Natural Resources Ltd. (Canada)		4,144,678		128,390,703
Devon Energy Corp.		4,528,421		138,886,672
				506,239,843
Other Diversified Financial Services–0.89%
Voya Financial, Inc.		1,466,437		74,817,616
Packaged Foods & Meats–1.22%
Mondelez International, Inc.–Class A		2,321,033		101,893,349
Pharmaceuticals–6.56%
Bristol-Myers Squibb Co.		1,527,016		101,088,459
Merck & Co., Inc.		2,147,900		116,459,138
Novartis AG (Switzerland)		1,242,643		103,968,762
Pfizer Inc.		4,150,512		150,705,091
Sanofi (France)		963,987		76,039,159
				548,260,609
Railroads–1.64%
CSX Corp.		2,553,888		137,194,863
Regional Banks–7.09%
Citizens Financial Group, Inc.		4,901,493		213,165,931
Comerica Inc.		592,804		57,632,405
Fifth Third Bancorp		3,620,726		119,664,994

	Shares		Value
Regional Banks–(continued)
First Horizon National Corp.		3,227,701	$	61,487,704
PNC Financial Services Group, Inc. (The)		894,239		140,985,721
				592,936,755
Semiconductors–2.66%
Intel Corp.		2,245,157		110,663,789
QUALCOMM Inc.		1,725,251		112,141,315
				222,805,104
Systems Software–2.26%
Oracle Corp.		3,735,062		189,255,592
Tobacco–1.94%
Philip Morris International Inc.		1,570,870		162,663,589
Wireless Telecommunication Services–0.65%
Vodafone Group PLC–ADR (United Kingdom)		1,910,998		54,100,353
Total Common Stocks & Other Equity Interests (Cost $5,449,115,203)				8,082,406,397
Money Market Funds–3.16%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(c)		92,468,644		92,468,641
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(c)		66,052,942		66,059,547
Invesco Treasury Portfolio–Institutional Class, 1.29%(c)		105,678,450		105,678,450
Total Money Market Funds (Cost $264,207,019)				264,206,638
TOTAL INVESTMENTS IN SECURITIES–99.81% (Cost $5,713,322,222)				8,346,613,035
OTHER ASSETS LESS LIABILITIES–0.19%				15,558,167
NET ASSETS–100.00%			$	8,362,171,202

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, 2018.

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

6                         Invesco Growth and Income Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2018

Financials	34.8	%
Energy	13.5
Health Care	13.4
Information Technology	11.1
Consumer Discretionary	7.6
Consumer Staples	6.5
Industrials	5.5
Materials	2.3
Telecommunication Services	1.5
Utilities	0.4
Money Market Funds Plus Other Assets Less Liabilities	3.4

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
		Deliver			Receive
04/02/2018	Bank of New York Mellon (The)		CAD	61,911,668		USD	49,103,899	$	824,686
04/02/2018	State Street Bank and Trust Co.		CAD	61,911,669		USD	49,100,199		820,987
04/03/2018	Bank of New York Mellon (The)		AUD	32,843,790		USD	25,934,606		428,684
04/03/2018	Bank of New York Mellon (The)		CHF	37,358,725		USD	40,054,385		369,785
04/03/2018	Bank of New York Mellon (The)		EUR	28,865,867		USD	35,719,201		406,302
04/03/2018	Bank of New York Mellon (The)		GBP	121,729,086		USD	170,767,648		2,915,810
04/03/2018	State Street Bank and Trust Co.		AUD	32,843,791		USD	25,951,521		445,598
04/03/2018	State Street Bank and Trust Co.		CHF	37,358,725		USD	40,069,422		384,822
04/03/2018	State Street Bank and Trust Co.		EUR	28,865,867		USD	35,733,923		421,024
04/03/2018	State Street Bank and Trust Co.		GBP	121,729,087		USD	170,697,655		2,845,816
Subtotal — Appreciation									9,863,514
04/02/2018	State Street Bank and Trust Co.		USD	612,024		CAD	774,349		(8,180	)
04/03/2018	State Street Bank and Trust Co.		USD	310,168		AUD	395,716		(2,862	)
04/03/2018	State Street Bank and Trust Co.		USD	489,166		CHF	456,980		(3,736	)
04/03/2018	State Street Bank and Trust Co.		USD	441,567		EUR	358,517		(2,977	)
04/03/2018	State Street Bank and Trust Co.		USD	1,308,075		GBP	935,555		(18,041	)
Subtotal — Depreciation									(35,796	)
Total Forward Foreign Currency Contracts — Currency Risk								$	9,827,718

Abbreviations:

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

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

7                         Invesco Growth and Income Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $5,449,115,203)	$	8,082,406,397
Investments in affiliated money market funds, at value and cost (Cost $264,207,019)		264,206,638
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		9,863,514
Foreign currencies, at value (Cost $533)		9,323
Receivable for:
Investments sold		28,919,267
Fund shares sold		5,689,914
Dividends		13,539,314
Investment for trustee deferred compensation and retirement plans		719,204
Other assets		83,881
Total assets		8,405,437,452
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		35,796
Payable for:
Investments purchased		30,386,538
Dividends		2,409
Fund shares reacquired		7,841,558
Accrued fees to affiliates		3,716,543
Accrued trustees’ and officers’ fees and benefits		18,511
Accrued other operating expenses		438,834
Trustee deferred compensation and retirement plans		826,061
Total liabilities		43,266,250
Net assets applicable to shares outstanding	$	8,362,171,202
Net assets consist of:
Shares of beneficial interest	$	5,549,179,740
Undistributed net investment income		23,191,550
Undistributed net realized gain		146,611,443
Net unrealized appreciation		2,643,188,469
	$	8,362,171,202

Net Assets:
Class A	$	4,074,825,686
Class C	$	260,536,322
Class R	$	119,946,374
Class Y	$	1,262,814,506
Class R5	$	932,740,044
Class R6	$	1,711,308,270
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		150,071,170
Class C		9,720,705
Class R		4,414,642
Class Y		46,460,435
Class R5		34,281,130
Class R6		62,882,169
Class A:
Net asset value per share	$	27.15
Maximum offering price per share
(Net asset value of $27.15 ¸ 94.50%)	$	28.73
Class C:
Net asset value and offering price per share	$	26.80
Class R:
Net asset value and offering price per share	$	27.17
Class Y:
Net asset value and offering price per share	$	27.18
Class R5:
Net asset value and offering price per share	$	27.21
Class R6:
Net asset value and offering price per share	$	27.21

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

8                         Invesco Growth and Income Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,297,037)	$	84,428,357
Dividends from affiliated money market funds		1,342,155
Total investment income		85,770,512
Expenses:
Advisory fees		14,587,667
Administrative services fees		361,019
Custodian fees		175,860
Distribution fees:
Class A		5,087,649
Class B		15,992
Class C		1,286,921
Class R		306,071
Transfer agent fees — A, B, C, R and Y		5,231,118
Transfer agent fees — R5		429,639
Transfer agent fees — R6		22,718
Trustees’ and officers’ fees and benefits		65,484
Registration and filing fees		136,285
Reports to shareholders		210,121
Professional services fees		67,363
Other		66,861
Total expenses		28,050,768
Less: Fees waived and expense offset arrangement(s)		(148,077	)
Net expenses		27,902,691
Net investment income		57,867,821
Realized and unrealized gain(loss) from:
Net realized gain (loss) from:
Investment securities		345,472,300
Foreign currencies		(172,243	)
Forward foreign currency contracts		(20,099,159	)
		325,200,898
Change in net unrealized appreciation (depreciation) of:
Investment securities		378,128,234
Foreign currencies		(26,221	)
Forward foreign currency contracts		8,459,800
		386,561,813
Net realized and unrealized gain		711,762,711
Net increase in net assets resulting from operations	$	769,630,532

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

9                         Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	57,867,821		$	166,371,087
Net realized gain		325,200,898			719,984,557
Change in net unrealized appreciation		386,561,813			366,172,919
Net increase in net assets resulting from operations		769,630,532			1,252,528,563
Distributions to shareholders from net investment income:
Class A		(46,601,778	)		(65,514,878	)
Class B		(177,086	)		(463,353	)
Class C		(2,022,308	)		(2,488,783	)
Class R		(1,258,232	)		(1,636,096	)
Class Y		(15,377,489	)		(34,864,957	)
Class R5		(10,954,552	)		(15,467,504	)
Class R6		(22,384,960	)		(15,099,067	)
Total distributions from net investment income		(98,776,405	)		(135,534,638	)
Distributions to shareholders from net realized gains:
Class A		(358,265,639	)		(221,941,621	)
Class B		(1,289,142	)		(1,690,438	)
Class C		(23,235,551	)		(16,166,259	)
Class R		(10,847,677	)		(6,551,730	)
Class Y		(107,745,488	)		(101,587,392	)
Class R5		(74,000,870	)		(41,958,702	)
Class R6		(143,285,623	)		(37,894,451	)
Total distributions from net realized gains		(718,669,990	)		(427,790,593	)
Share transactions–net:
Class A		125,987,899			(443,812,560	)
Class B		(18,640,079	)		(18,650,096	)
Class C		9,137,134			(62,101,458	)
Class R		911,264			(7,511,926	)
Class Y		119,754,570			(861,160,982	)
Class R5		138,831,078			(37,143,521	)
Class R6		80,012,654			897,970,051
Net increase (decrease) in net assets resulting from share transactions		455,994,520			(532,410,492	)
Net increase in net assets		408,178,657			156,792,840
Net assets:
Beginning of period		7,953,992,545			7,797,199,705
End of period (includes undistributed net investment income of $23,191,550 and $64,100,134, respectively)	$	8,362,171,202		$	7,953,992,545

Notes to Financial Statements

February 28, 2018

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

10                         Invesco Growth and Income Fund

The Fund currently consists of 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. Effective November 30, 2010, new or additional investments in Class B shares are no longer permitted. Existing shareholders of Class B shares were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

11                         Invesco Growth and Income Fund

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, 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.

12                         Invesco Growth and 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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2018, 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, 2018, 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 R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $134,946.

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, 2018, 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 services 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, 2018, 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 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% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. Prior to their

13                         Invesco Growth and Income Fund

conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The fees are accrued daily and paid monthly.

With respect to 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 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $235,721 in front-end sales commissions from the sale of Class A shares and $7,368, $34 and $4,433 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2018, the Fund incurred $29,669 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

During the six months ended February 28, 2018, there were transfers from Level 1 to Level 2 of $450,944,059 due to foreign fair value adjustments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	7,427,550,978	$	654,855,419		$	—	$	8,082,406,397
Money Market Funds		264,206,638		—			—		264,206,638
Total Investments in Securities		7,691,757,616		654,855,419			—		8,346,613,035
Other Investments — Assets*
Forward Foreign Currency Contracts		—		9,863,514			—		9,863,514
Other Investments — Liabilities*
Forward Foreign Currency Contracts		—		(35,796	)		—		(35,796	)
Total Other Investments		—		9,827,718			—		9,827,718
Total Investments	$	7,691,757,616	$	664,683,137		$	—	$	8,356,440,753

* 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.

14                         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, 2018:

Derivative Assets	Value
	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	9,863,514
Derivatives not subject to master netting agreements		—
Total Derivative Assets subject to master netting agreements	$	9,863,514

Derivative Liabilities	Value
	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(35,796	)
Derivatives not subject to master netting agreements		—
Total Derivative Liabilities subject to master netting agreements	$	(35,796	)

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, 2018.

	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)	$	4,945,267	$	—		$	4,945,267	$	—	$	—	$	4,945,267
State Street Bank and Trust Co.		4,918,247		(35,796	)		4,882,451		—		—		4,882,451
Total	$	9,863,514	$	(35,796	)	$	9,827,718	$	—	$	—	$	9,827,718

Effect of Derivative Investments for the year ended February 28, 2018.

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

	Currency Risk
Realized Gain (Loss):
Forward foreign currency contracts	$	(20,099,159	)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		8,459,800
Total	$	(11,639,359	)

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

	Forward Foreign Currency Contracts
Average notional value	$	674,843,508

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $13,131.

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.

15                         Invesco Growth and Income Fund

NOTE 7—Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

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

The Fund did not have a capital loss carryforward as of August 31, 2017.

NOTE 9—Investment Transactions

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, 2018 was $1,091,477,593 and $1,478,764,947, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,822,744,044
Aggregate unrealized (depreciation) of investments		(221,314,016	)
Net unrealized appreciation of investments	$	2,601,430,028

Cost of investments for tax purposes is $5,755,010,725.

16                         Invesco Growth and Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		6,481,099		$	181,482,651			16,318,087		$	436,667,191
Class B(b)		1,748			49,140			16,631			437,415
Class C		466,923			12,986,806			1,257,745			33,502,620
Class R		286,115			8,074,186			885,725			23,720,468
Class Y		5,520,633			154,364,570			19,924,251			535,555,108
Class R5		5,082,257			140,681,924			9,797,691			259,813,052
Class R6		7,244,617			203,934,837			37,497,055			1,029,281,946
Issued as reinvestment of dividends:
Class A		14,354,661			383,728,785			10,237,423			272,829,657
Class B(b)		53,025			1,404,068			77,139			2,036,416
Class C		890,589			23,522,919			649,193			17,135,616
Class R		452,185			12,098,743			306,760			8,186,680
Class Y		4,122,371			110,259,852			4,863,858			129,642,082
Class R5		3,172,230			84,950,514			2,151,742			57,425,474
Class R6		6,094,976			163,246,562			1,935,020			51,657,055
Automatic conversion of Class B shares to Class A shares:(c)
Class A		430,282			12,508,305			576,870			15,437,455
Class B		(435,199	)		(12,508,305	)		(581,933	)		(15,437,455	)
Reacquired:
Class A		(16,105,737	)		(451,731,842	)		(43,757,908	)		(1,168,746,863	)
Class B(b)		(270,122	)		(7,584,982	)		(216,421	)		(5,686,472	)
Class C		(986,124	)		(27,372,591	)		(4,254,601	)		(112,739,694	)
Class R		(689,687	)		(19,261,665	)		(1,474,434	)		(39,419,074	)
Class Y		(5,167,419	)		(144,869,852	)		(56,428,516	)		(1,526,358,172	)
Class R5		(3,085,115	)		(86,801,360	)		(13,248,623	)		(354,382,047	)
Class R6		(10,091,937	)		(287,168,745	)		(6,821,621	)		(182,968,950	)
Net increase (decrease) in share activity		17,822,371		$	455,994,520			(20,288,867	)	$	(532,410,492	)

^(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.

^(b)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

17                         Invesco Growth and Income Fund

NOTE 11—Financial Highlights

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

	Net asset value, beginning of period		Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or  expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or  expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover(c)
Class A
Six months ended 2/28/18	$	27.42	$	0.18		$	2.44		$	2.62		$	(0.33	)	$	(2.56	)	$	(2.89	)	$	27.15		9.76	%	$	4,074,826		0.81	%(d)		0.81	%(d)		1.27	%(d)		14	%
Year ended 08/31/17		25.12		0.53	(e)		3.64			4.17			(0.42	)		(1.45	)		(1.87	)		27.42		16.90			3,972,916		0.82			0.82			1.96	(e)		16
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
Class B
Six months ended /28/18(f)		27.17		0.15			4.36			4.51			(0.33	)		(2.56	)		(2.89	)		28.79		17.56	(g)		—		0.81	(d)(g)		0.81	(d)(g)		1.27	(d)(g)		14
Year ended 08/31/17		24.91		0.52	(e)		3.61			4.13			(0.42	)		(1.45	)		(1.87	)		27.17		16.86	(g)		17,678		0.82	(g)		0.82	(g)		1.96	(e)(g)		16
Year ended 08/31/16		25.24		0.38			1.43			1.81			(0.42	)		(1.72	)		(2.14	)		24.91		7.94	(g)		33,762		0.83	(g)		0.83	(g)		1.59	(g)		18
Year ended 08/31/15		29.10		0.35			(1.09	)		(0.74	)		(0.54	)		(2.58	)		(3.12	)		25.24		(2.65	)(g)		50,939		0.84	(g)		0.84	(g)		1.29	(g)		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	(g)		82,970		0.83	(g)		0.84	(g)		2.03	(e)(g)		31
Year ended 08/31/13		20.34		0.31			4.44			4.75			(0.34	)		—			(0.34	)		24.75		23.57	(g)		101,723		0.81	(g)		0.82	(g)		1.37	(g)		29
Class C
Six months ended 02/28/18		27.09		0.07			2.42			2.49			(0.22	)		(2.56	)		(2.78	)		26.80		9.37	(h)		260,536		1.55	(d)(h)		1.55	(d)(h)		0.53	(d)(h)		14
Year ended 08/31/17		24.84		0.32	(e)		3.60			3.92			(0.22	)		(1.45	)		(1.67	)		27.09		16.00			253,253		1.57			1.57			1.21	(e)		16
Year ended 08/31/16		25.17		0.20			1.43			1.63			(0.24	)		(1.72	)		(1.96	)		24.84		7.14	(h)		290,579		1.55	(h)		1.55	(h)		0.87	(h)		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
Class R
Six months ended 02/28/18		27.43		0.14			2.46			2.60			(0.30	)		(2.56	)		(2.86	)		27.17		9.65			119,946		1.06	(d)		1.06	(d)		1.02	(d)		14
Year ended 08/31/17		25.14		0.46	(e)		3.64			4.10			(0.36	)		(1.45	)		(1.81	)		27.43		16.55			119,766		1.07			1.07			1.71	(e)		16
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
Class Y
Six months ended 02/28/18		27.44		0.21			2.46			2.67			(0.37	)		(2.56	)		(2.93	)		27.18		9.93			1,262,815		0.56	(d)		0.56	(d)		1.52	(d)		14
Year ended 08/31/17		25.15		0.59	(e)		3.64			4.23			(0.49	)		(1.45	)		(1.94	)		27.44		17.13			1,152,199		0.57			0.57			2.21	(e)		16
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
Class R5
Six months ended 02/28/18		27.47		0.22			2.46			2.68			(0.38	)		(2.56	)		(2.94	)		27.21		9.97			932,740		0.48	(d)		0.48	(d)		1.60	(d)		14
Year ended 08/31/17		25.17		0.61	(e)		3.65			4.26			(0.51	)		(1.45	)		(1.96	)		27.47		17.26			799,681		0.49			0.49			2.29	(e)		16
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
Class R6
Six months ended 02/28/18		27.48		0.24			2.44			2.68			(0.39	)		(2.56	)		(2.95	)		27.21		9.98			1,711,308		0.38	(d)		0.38	(d)		1.70	(d)		14
Year ended 08/31/17		25.18		0.64	(e)		3.65			4.29			(0.54	)		(1.45	)		(1.99	)		27.48		17.36			1,638,500		0.39			0.39			2.39	(e)		16
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(i)		21.23		0.43			3.66			4.09			(0.35	)		—			(0.35	)		24.97		19.45			335,549		0.38	(j)		0.38	(j)		1.80	(j)		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 $4,107,266, $12,928, $263,413, $123,443, $1,235,467, $867,119 and $1,688,111 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 year ended August 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.40 and 1.47%, $0.39 and 1.47%, $0.19 and 0.72%, $0.33 and 1.22%, $0.46 and 1.72%, $0.48 and 1.80% and $0.51 and 1.90% for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended August 31, 2014. 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) Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets, for Class B shares, reflect actual 12b-1 fees of 0.25% six months ended February 28, 2018, and the years ended August 31, 2017, 2016, 2015, 2014, and 2013, respectively.

^(h)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets, for Class C shares, reflect actual 12b-1 fees of 0.99% and 0.98% for the six months ended February 28, 2018 and the year ended August 31, 2016, respectively.

⁽ⁱ⁾  Commencement date of September 24, 2012.

^(j)  Annualized.

18                         Invesco Growth and Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,097.60	$	4.21	$	1,020.78	$	4.06		0.81	%
C		1,000.00		1,093.70		8.05		1,017.11		7.75		1.55
R		1,000.00		1,096.50		5.51		1,019.54		5.31		1.06
Y		1,000.00		1,099.30		2.91		1,022.02		2.81		0.56
R5		1,000.00		1,099.70		2.50		1,022.41		2.41		0.48
R6		1,000.00		1,099.80		1.98		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, 2017 through February 28, 2018, 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 Growth 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-GRI-SAR-1             04202018      0922

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Low Volatility Equity Yield Fund
	Nasdaq:
	A: SCAUX  ∎  C: SCCUX  ∎  R: SCRUX  ∎  Y: SCAYX  ∎  Investor: SCNUX  ∎  R5: SCIUX  ∎  R6: SLESX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
9	Financial Statements
11	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, 8/31/17 to 2/28/18, 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	3.57	%
Class C Shares	3.13
Class R Shares	3.45
Class Y Shares	3.68
Investor Class Shares	3.56
Class R5 Shares	3.78
Class R6 Shares*	3.69
S&P 500 Index▼ (Broad Market Index)	10.84
Russell 1000 Index▼ (Style-Specific Index)	10.62
Lipper Equity Income Funds Index∎ (Peer Group Index)	7.50
Source(s): ▼FactSet Research Systems Inc.;∎ Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information.

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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.78	%
10 Years	5.43
5 Years	7.50
1 Year	2.00
Class C Shares
Inception (3/31/06)	4.49	%
10 Years	5.23
5 Years	7.89
1 Year	6.10
Class R Shares
Inception (3/31/06)	5.03	%
10 Years	5.78	%
5 Years	8.46
1 Year	7.66
Class Y Shares
10 Years	6.29	%
5 Years	8.99
1 Year	8.15
Investor Class Shares
10 Years	6.04	%
5 Years	8.72
1 Year	7.88
Class R5 Shares
Inception (3/31/06)	5.63	%
10 Years	6.41
5 Years	9.18
1 Year	8.34
Class R6 Shares
10 Years	6.06	%
5 Years	8.79
1 Year	8.24

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.

    Class R6 shares incepted on April 4, 2017. 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

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	4.96	%
10 Years	4.17
5 Years	8.95
1 Year	9.47
Class B Shares*
Inception (3/31/06)	4.94	%
10 Years	4.16
5 Years	9.10
1 Year	9.96
Class C Shares
Inception (3/31/06)	4.67	%
10 Years	3.98
5 Years	9.35
1 Year	14.00
Class R Shares
Inception (3/31/06)	5.21	%
10 Years	4.52
5 Years	9.92
1 Year	15.63
Class Y Shares
10 Years	5.02	%
5 Years	10.47
1 Year	16.19
Investor Class Shares
10 Years	4.78	%
5 Years	10.20
1 Year	15.91
Class R5 Shares
Inception (3/31/06)	5.82	%
10 Years	5.14
5 Years	10.65
1 Year	16.39
Class R6 Shares
10 Years	4.79	%
5 Years	10.25
1 Year	16.21
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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

    The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares was 1.21%, 1.96%, 1.96%, 1.46%, 0.96%, 1.21%, 0.77% and 0.74%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class, 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 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.34%
Aerospace & Defense–2.04%
Boeing Co. (The)		14,700	$	5,324,487
Airlines–0.25%
Copa Holdings, S.A.–Class A (Panama)		4,800		652,656
Apparel, Accessories & Luxury Goods–3.10%
Michael Kors Holdings Ltd.(b)		65,600		4,128,208
Ralph Lauren Corp.		37,500		3,969,000
				8,097,208
Application Software–1.01%
Cadence Design Systems, Inc.(b)		67,800		2,628,606
Asset Management & Custody Banks–1.02%
Ameriprise Financial, Inc.		11,500		1,799,060
Waddell & Reed Financial, Inc.–Class A		43,900		878,000
				2,677,060
Auto Parts & Equipment–0.13%
Delphi Technologies PLC		7,000		334,250
Biotechnology–8.61%
AbbVie Inc.		45,100		5,223,933
Amgen Inc.		24,300		4,465,611
Biogen Inc.(b)		12,320		3,560,357
Gilead Sciences, Inc.		60,000		4,723,800
Vertex Pharmaceuticals Inc.(b)		27,300		4,532,619
				22,506,320
Brewers–0.11%
Boston Beer Co., Inc. (The)–Class A(b)		1,750		285,338
Casinos & Gaming–1.20%
Las Vegas Sands Corp.		38,800		2,825,028
Stars Group Inc. (The) (Canada)(b)		10,900		299,205
				3,124,233
Coal & Consumable Fuels–0.15%
CONSOL Energy, Inc.(b)		12,300		389,787
Commodity Chemicals–0.45%
LyondellBasell Industries N.V.–Class A		10,900		1,179,598
Communications Equipment–1.96%
F5 Networks, Inc.(b)		11,300		1,678,276
Motorola Solutions, Inc.		32,400		3,439,260
				5,117,536
Computer & Electronics Retail–1.35%
Best Buy Co., Inc.		48,900		3,542,316
Construction Machinery & Heavy Trucks–1.56%
Allison Transmission Holdings, Inc.		12,500		495,375

	Shares		Value
Construction Machinery & Heavy Trucks–(continued)
Cummins Inc.		21,250	$	3,573,613
				4,068,988
Data Processing & Outsourced Services–0.20%
Broadridge Financial Solutions, Inc.		5,300		532,014
Department Stores–1.60%
Kohl’s Corp.		63,300		4,183,497
Distillers & Vintners–0.10%
Constellation Brands, Inc.–Class A		1,200		258,576
Diversified Banks–4.81%
Bank of Montreal (Canada)		29,700		2,257,497
Bank of Nova Scotia (The) (Canada)		31,700		1,964,132
Canadian Imperial Bank of Commerce (Canada)		47,200		4,307,000
Toronto-Dominion Bank (The) (Canada)		70,000		4,057,900
				12,586,529
Diversified Chemicals–1.46%
Huntsman Corp.		117,900		3,804,633
Diversified REITs–0.15%
Lexington Realty Trust		27,000		214,920
Select Income REIT		9,500		172,615
				387,535
Electric Utilities–6.47%
Duke Energy Corp.		31,000		2,335,540
Entergy Corp.		60,100		4,556,782
Exelon Corp.		110,500		4,092,920
FirstEnergy Corp.		132,500		4,283,725
Hawaiian Electric Industries, Inc.		8,300		273,568
Xcel Energy, Inc.		31,900		1,380,632
				16,923,167
Footwear–0.29%
Deckers Outdoor Corp.(b)		8,000		756,640
Forest Products–0.09%
Norbord Inc. (Canada)		7,300		246,521
General Merchandise Stores–1.12%
Target Corp.		38,800		2,925,908
Gold–2.70%
Barrick Gold Corp. (Canada)		149,600		1,723,392
Newmont Mining Corp.		109,500		4,182,900
Royal Gold, Inc.		14,300		1,155,011
				7,061,303
Health Care Equipment–1.74%
Baxter International Inc.		67,300		4,562,267

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

5                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Health Care REITs–1.86%
National Health Investors, Inc.		31,000	$	2,010,970
Senior Housing Properties Trust		189,000		2,861,460
				4,872,430
Health Care Services–1.45%
Express Scripts Holding Co.(b)		50,400		3,802,680
Homebuilding–2.55%
KB Home		16,600		460,650
NVR, Inc.(b)		1,135		3,226,998
Toll Brothers, Inc.		67,800		2,971,674
				6,659,322
Homefurnishing Retail–0.35%
Aaron’s, Inc.		19,900		919,579
Hotel & Resort REITs–0.22%
Hospitality Properties Trust		22,700		577,488
Hotels, Resorts & Cruise Lines–1.99%
Extended Stay America, Inc.(c)		192,100		3,847,763
Royal Caribbean Cruises Ltd.		10,800		1,367,280
				5,215,043
Household Products–0.74%
Procter & Gamble Co. (The)		24,800		1,947,296
Hypermarkets & Super Centers–1.72%
Walmart Inc.		50,000		4,500,500
Industrial REITs–0.59%
DCT Industrial Trust Inc.		7,000		387,450
EastGroup Properties, Inc.		12,000		972,360
Prologis, Inc.		3,000		182,040
				1,541,850
Integrated Oil & Gas–2.75%
Chevron Corp.		29,900		3,346,408
Exxon Mobil Corp.		15,500		1,173,970
Occidental Petroleum Corp.		30,300		1,987,680
Suncor Energy, Inc. (Canada)		20,600		678,152
				7,186,210
Integrated Telecommunication Services–0.61%
BCE Inc. (Canada)		8,700		379,581
Verizon Communications Inc.		25,300		1,207,822
				1,587,403
Internet & Direct Marketing Retail–1.35%
Liberty Expedia Holdings, Inc.–Series A(b)		5,900		231,634
Liberty Interactive Corp. QVC Group– Series A(b)		114,100		3,294,067
				3,525,701
Internet Software & Services–0.72%
eBay Inc.(b)		12,500		535,750
IAC/InterActiveCorp.(b)		9,100		1,355,081
				1,890,831

	Shares		Value
IT Consulting & Other Services–0.51%
Cognizant Technology Solutions Corp.– Class A		16,200	$	1,328,724
Life & Health Insurance–1.58%
Aflac, Inc.		46,500		4,132,920
Managed Health Care–2.56%
Cigna Corp.		22,700		4,446,703
WellCare Health Plans Inc.(b)		11,600		2,249,356
				6,696,059
Mortgage REITs–2.43%
Blackstone Mortgage Trust, Inc.–Class A		44,700		1,387,935
Chimera Investment Corp.		48,900		819,564
CYS Investments, Inc.		192,500		1,216,600
Granite Point Mortgage Trust Inc.		9,800		165,130
MFA Financial, Inc.		105,700		752,584
Starwood Property Trust, Inc.		54,500		1,103,625
Two Harbors Investment Corp.		62,000		910,780
				6,356,218
Multi-Utilities–1.81%
CenterPoint Energy, Inc.		136,400		3,689,620
Consolidated Edison, Inc.		14,000		1,048,460
				4,738,080
Office REITs–0.15%
JBG SMITH Properties		11,900		388,535
Oil & Gas Exploration & Production–1.68%
ConocoPhillips		77,900		4,230,749
Murphy Oil Corp.		6,100		154,635
				4,385,384
Oil & Gas Refining & Marketing–4.10%
HollyFrontier Corp.		40,700		1,743,181
Marathon Petroleum Corp.		61,800		3,958,908
Valero Energy Corp.		55,600		5,027,352
				10,729,441
Packaged Foods & Meats–3.01%
Conagra Brands, Inc.		118,700		4,288,631
Flowers Foods, Inc.		15,200		315,248
Sanderson Farms, Inc.		23,300		2,869,395
Tyson Foods, Inc.–Class A		5,200		386,776
				7,860,050
Paper Products–0.24%
Domtar Corp.		14,100		631,116
Personal Products–2.73%
Estee Lauder Cos. Inc. (The)–Class A		31,500		4,360,860
Nu Skin Enterprises, Inc.–Class A		39,600		2,787,840
				7,148,700
Pharmaceuticals–0.65%
Perrigo Co. PLC		5,400		439,884

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

6                         Invesco Low Volatility Equity Yield Fund

	Shares		Value
Pharmaceuticals–(continued)
Pfizer Inc.		35,000	$	1,270,850
				1,710,734
Property & Casualty Insurance–1.32%
Allstate Corp. (The)		13,900		1,282,414
First American Financial Corp.		8,700		504,861
Progressive Corp. (The)		28,700		1,652,546
				3,439,821
Publishing–0.37%
John Wiley & Sons, Inc.–Class A		15,200		976,600
Residential REITs–2.25%
Camden Property Trust		11,300		900,723
Equity LifeStyle Properties, Inc.		47,700		4,035,897
Essex Property Trust, Inc.		4,250		951,277
				5,887,897
Semiconductors–0.57%
Micron Technology, Inc.(b)		30,400		1,483,824
Silver–0.22%
Wheaton Precious Metals Corp. (Canada)		30,500		581,940
Soft Drinks–1.64%
Coca-Cola Co. (The)		84,400		3,647,768
Monster Beverage Corp.(b)		10,300		652,711
				4,300,479
Specialized Consumer Services–1.41%
H&R Block, Inc.		145,200		3,677,916
Specialized REITs–4.35%
American Tower Corp.–Class A		29,600		4,124,168
CoreSite Realty Corp.		6,200		581,870
CubeSmart		37,400		1,002,694
Extra Space Storage Inc.		15,100		1,284,255
Gaming and Leisure Properties, Inc.		13,000		432,380

	Shares		Value
Specialized REITs–(continued)
SBA Communications Corp.–Class A(b)		25,100	$	3,947,477
				11,372,844
Systems Software–0.41%
Dell Technologies Inc.–Class V(b)		14,300		1,062,347
Technology Hardware, Storage & Peripherals–2.48%
HP Inc.		206,200		4,823,018
Xerox Corp.		54,500		1,652,440
				6,475,458
Wireless Telecommunication Services–0.30%
Rogers Communications, Inc.–Class B (Canada)		17,300		780,057
Total Common Stocks & Other Equity Interests (Cost $235,886,127)				254,528,450
	Principal Amount
U.S. Treasury Bills–0.22%
1.13%, 03/15/2018(d)(e) (Cost $569,750)	$	570,000		569,713
	Shares
Money Market Funds–2.43%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(f)		2,224,925		2,224,925
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(f)		1,588,976		1,589,135
Invesco Treasury Portfolio–Institutional Class, 1.29%(f)		2,542,771		2,542,771
Total Money Market Funds (Cost $6,356,934)				6,356,831
TOTAL INVESTMENTS IN SECURITIES–99.99% (Cost $242,812,811)				261,454,994
OTHER ASSETS LESS LIABILITIES–0.01%				34,564
NET ASSETS–100.00%			$	261,489,558

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)  Each share is comprised of one share of common stock of Extended Stay America, Inc. and one share of Class B common stock of ESH Hospitality, Inc.

^(d)  Securities are 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, 2018.

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

7                         Invesco Low Volatility Equity Yield Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2018

Consumer Discretionary	16.8	%
Health Care	15.0
Financials	11.2
Consumer Staples	10.0
Real Estate	9.6
Energy	8.7
Utilities	8.3
Information Technology	7.8
Materials	5.2
Industrials	3.8
Telecommunication Services	0.9
U.S. Treasury Bills, Money Market Funds, Plus Other Assets Less Liabilities	2.7

Open Futures Contracts — Equity Risk
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
E-Mini S&P 500		47		March-2018	$	6,378,840	$	(83,543	)	$	(83,543	)

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

8                         Invesco Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $236,455,877)	$	255,098,163
Investments in affiliated money market funds, at value (Cost $6,356,934)		6,356,831
Foreign currencies, at value (Cost $2,016)		1,962
Receivable for:
Fund shares sold		27,442
Dividends		593,385
Investment for trustee deferred compensation and retirement plans		213,318
Other assets		69,705
Total assets		262,360,806
Liabilities:
Other investments:
Variation margin payable — futures contracts		77,449
Payable for:
Fund shares reacquired		257,683
Amount due custodian		90,504
Accrued fees to affiliates		166,127
Accrued trustees’ and officers’ fees and benefits		3,790
Accrued other operating expenses		47,352
Trustee deferred compensation and retirement plans		228,343
Total liabilities		871,248
Net assets applicable to shares outstanding	$	261,489,558
Net assets consist of:
Shares of beneficial interest	$	250,619,742
Undistributed net investment income		827,728
Undistributed net realized gain (loss)		(8,516,498	)
Net unrealized appreciation		18,558,586
	$	261,489,558

Net Assets:
Class A	$	167,102,479
Class C	$	23,837,040
Class R	$	281,935
Class Y	$	9,683,860
Investor Class	$	45,084,448
Class R5	$	14,370,197
Class R6	$	1,129,599
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		15,028,144
Class C		2,180,892
Class R		25,475
Class Y		866,810
Investor Class		4,040,932
Class R5		1,284,396
Class R6		101,003
Class A:
Net asset value per share	$	11.12
Maximum offering price per share
(Net asset value of $11.12 ¸ 94.50%)	$	11.77
Class C:
Net asset value and offering price per share	$	10.93
Class R:
Net asset value and offering price per share	$	11.07
Class Y:
Net asset value and offering price per share	$	11.17
Investor Class:
Net asset value and offering price per share	$	11.16
Class R5:
Net asset value and offering price per share	$	11.19
Class R6:
Net asset value and offering price per share	$	11.18

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

9                         Invesco Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $45,359)	$	4,609,243
Dividends from affiliated money market funds (includes securities lending income of $10,586)		42,752
Total investment income		4,651,995
Expenses:
Advisory fees		804,072
Administrative services fees		47,827
Custodian fees		10,154
Distribution fees:
Class A		213,008
Class B		4,585
Class C		123,575
Class R		835
Investor Class		58,147
Transfer agent fees — A, B, C, R, Y and Investor		270,983
Transfer agent fees — R5		1,921
Transfer agent fees — R6		3
Trustees’ and officers’ fees and benefits		11,741
Registration and filing fees		53,154
Reports to shareholders		39,712
Professional services fees		45,725
Other		12,186
Total expenses		1,697,628
Less: Fees waived and expense offset arrangement(s)		(9,052	)
Net expenses		1,688,576
Net investment income		2,963,419
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		5,716,719
Futures contracts		649,694
		6,366,413
Change in net unrealized appreciation (depreciation) of:
Investment securities		335,282
Foreign currencies		(55	)
Futures contracts		(102,047	)
		233,180
Net realized and unrealized gain		6,599,593
Net increase in net assets resulting from operations	$	9,563,012

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

10                         Invesco Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	2,963,419		$	6,222,642
Net realized gain		6,366,413			21,278,481
Change in net unrealized appreciation		233,180			2,285,895
Net increase in net assets resulting from operations		9,563,012			29,787,018
Distributions to shareholders from net investment income:
Class A		(1,960,764	)		(4,239,519	)
Class B		(9,092	)		(36,572	)
Class C		(192,832	)		(469,050	)
Class R		(3,556	)		(6,145	)
Class Y		(152,903	)		(277,960	)
Investor Class		(535,715	)		(1,234,685	)
Class R5		(193,167	)		(387,700	)
Class R6		(145	)		(72	)
Total distributions from net investment income		(3,048,174	)		(6,651,703	)
Share transactions–net:
Class A		(7,571,385	)		(18,082,497	)
Class B		(1,395,465	)		(1,529,635	)
Class C		(1,787,567	)		(5,674,294	)
Class R		(102,919	)		83,217
Class Y		(3,356,755	)		3,675,269
Investor Class		(2,304,032	)		(11,307,479	)
Class R5		180,922			(476,385	)
Class R6		1,191,970			10,000
Net increase (decrease) in net assets resulting from share transactions		(15,145,231	)		(33,301,804	)
Net increase (decrease) in net assets		(8,630,393	)		(10,166,489	)
Net assets:
Beginning of period		270,119,951			280,286,440
End of period (includes undistributed net investment income of $827,728 and $912,483, respectively)	$	261,489,558		$	270,119,951

Notes to Financial Statements

February 28, 2018

(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 C, Class R, Class Y, Investor Class, Class R5 and Class R6. 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, 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of

11                         Invesco Low Volatility Equity Yield Fund

Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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

12                         Invesco Low Volatility Equity Yield Fund

unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

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

G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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

13                         Invesco Low Volatility Equity Yield 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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2018, 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, 2018, 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 C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $3,365.

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, 2018, 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 services 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, 2018, 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, Investor Class, 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, 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 C

14                         Invesco Low Volatility Equity Yield Fund

shares and 0.50% of the average daily net assets of Class R shares. Prior to their conversion to Class A shares, the Fund paid an annual rate of 1.00% of the average daily net assets of Class B shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $8,124 in front-end sales commissions from the sale of Class A shares and $129 and $152 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.

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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2		Level 3		Total
Investments in Securities					��
Common Stocks & Other Equity Interests	$	254,528,450		$	—	$	—	$	254,528,450
U.S.Treasury Securities		—			569,713		—		569,713
Money Market Funds		6,356,831			—		—		6,356,831
Total Investments in Securities		260,885,281			569,713		—		261,454,994
Other Investments — Liabilities*
Futures Contracts		(83,543	)		—		—		(83,543	)
Total Other Investments		(83,543	)		—		—		(83,543	)
Total Investments	$	260,801,738		$	569,713	$	—	$	261,371,451

* 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.

15                         Invesco Low Volatility Equity Yield 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, 2018:

Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(83,543	)
Derivatives not subject to master netting agreements		83,543
Total Derivative Liabilities subject to master netting agreements	$	—

^(a)  The variation margin receivable (payable) at period-end is recorded on the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 28, 2018

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	$	649,694
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(102,047	)
Total	$	547,647

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

	Futures Contracts
Average notional value	$	6,244,294

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,687.

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.

16                         Invesco Low Volatility Equity Yield Fund

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2018	$	14,815,224	$	—	$	14,815,224

* 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 Transactions

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, 2018 was $140,127,502 and $155,564,222, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	27,791,979
Aggregate unrealized (depreciation) of investments		(9,282,521	)
Net unrealized appreciation of investments	$	18,509,458

Cost of investments for tax purposes is $242,861,993.

17                         Invesco Low Volatility Equity Yield Fund

NOTE 10—Share Information

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

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		211,263		$	2,330,050			703,288		$	7,236,109
Class B(b)		766			8,651			7,772			76,959
Class C		55,055			603,736			138,767			1,395,334
Class R		1,698			18,527			17,393			180,224
Class Y		155,871			1,747,262			993,363			10,369,480
Investor Class		83,275			941,429			133,426			1,370,271
Class R5		22,546			251,741			106,659			1,096,390
Class R6(c)		103,919			1,236,273			947			10,000
Issued as reinvestment of dividends:
Class A		163,878			1,820,145			380,834			3,889,388
Class B(b)		819			8,970			3,582			35,902
Class C		16,101			175,856			38,299			384,774
Class R		307			3,388			570			5,805
Class Y		11,468			127,732			20,467			211,283
Investor Class		46,632			519,610			116,590			1,193,878
Class R5		15,333			171,492			37,671			387,189
Conversion of Class B shares to Class A shares(d)
Class A		105,439			1,259,997			127,700			1,314,981
Class B		(108,653	)		(1,259,997	)		(129,467	)		(1,314,981	)
Reacquired:
Class A		(1,164,043	)		(12,981,577	)		(2,951,326	)		(30,522,975	)
Class B(b)		(13,971	)		(153,089	)		(32,563	)		(327,515	)
Class C		(234,228	)		(2,567,159	)		(735,323	)		(7,454,402	)
Class R		(11,331	)		(124,834	)		(10,206	)		(102,812	)
Class Y		(461,773	)		(5,231,749	)		(666,493	)		(6,905,494	)
Investor Class		(334,151	)		(3,765,071	)		(1,365,938	)		(13,871,628	)
Class R5		(21,584	)		(242,311	)		(191,639	)		(1,959,964	)
Class R6		(3,863	)		(44,303	)		—			—
Net increase (decrease) in share activity		(1,359,227	)	$	(15,145,231	)		(3,255,627	)	$	(33,301,804	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 17% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

18                         Invesco Low Volatility Equity Yield Fund

NOTE 11—Financial Highlights

	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 02/28/18	$	10.86	$	0.13	$	0.26		$	0.39		$	(0.13	)	$	—		$	(0.13	)	$	11.12		3.57	%	$	167,102		1.22	%(d)		1.22	%(d)		2.24	%(d)		53	%
Year ended 08/31/17		9.97		0.24		0.90			1.14			(0.25	)		—			(0.25	)		10.86		11.65			170,628		1.21			1.21			2.33			108
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
Class B
Six months ended 02/28/18(e)		10.70		0.01		1.15			1.16			(0.08	)		—			(0.08	)		11.78		10.53			—		1.97	(d)		1.97	(d)		1.49	(d)		53
Year ended 08/31/17		9.82		0.16		0.89			1.05			(0.17	)		—			(0.17	)		10.70		10.85			1,295		1.96			1.96			1.58			108
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
Class C
Six months ended 02/28/18(e)		10.68		0.08		0.25			0.33			(0.08	)		—			(0.08	)		10.93		3.13			23,837		1.97	(d)		1.97	(d)		1.49	(d)		53
Year ended 08/31/17		9.80		0.16		0.89			1.05			(0.17	)		—			(0.17	)		10.68		10.87			25,022		1.96			1.96			1.58			108
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
Class R
Six months ended 02/28/18		10.81		0.11		0.26			0.37			(0.11	)		—			(0.11	)		11.07		3.45			282		1.47	(d)		1.47	(d)		1.99	(d)		53
Year ended 08/31/17		9.92		0.21		0.91			1.12			(0.23	)		—			(0.23	)		10.81		11.42			376		1.46			1.46			2.08			108
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
Class Y
Six months ended 02/28/18		10.91		0.14		0.26			0.40			(0.14	)		—			(0.14	)		11.17		3.68			9,684		0.97	(d)		0.97	(d)		2.49	(d)		53
Year ended 08/31/17		10.02		0.27		0.90			1.17			(0.28	)		—			(0.28	)		10.91		11.89			12,671		0.96			0.96			2.58			108
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
Investor Class
Six months ended 02/28/18		10.90		0.13		0.26			0.39			(0.13	)		—			(0.13	)		11.16		3.56			45,084		1.22	(d)		1.22	(d)		2.24	(d)		53
Year ended 08/31/17		10.00		0.24		0.91			1.15			(0.25	)		—			(0.25	)		10.90		11.73			46,259		1.21			1.21			2.33			108
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
Class R5
Six months ended 02/28/18		10.93		0.15		0.26			0.41			(0.15	)		—			(0.15	)		11.19		3.78			14,370		0.78	(d)		0.78	(d)		2.68	(d)		53
Year ended 08/31/17		10.03		0.29		0.91			1.20			(0.30	)		—			(0.30	)		10.93		12.20			13,858		0.77			0.77			2.77			108
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
Class R6
Six months ended 02/28/18		10.93		0.15		0.25			0.40			(0.15	)		—			(0.15	)		11.18		3.69			1,130		0.76	(d)		0.76	(d)		2.70	(d)		53
Year ended 08/31/17(f)		10.58		0.12		0.31			0.43			(0.08	)		—			(0.08	)		10.93		4.05			10		0.75	(g)		0.75	(g)		2.79	(g)		108

^(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 $171,829, $1,133, $24,920, $337, $11,599, $46,903, $14,373 and $238 for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(f)  Commencement date of April 4, 2017.

^(g)  Annualized.

19                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,035.70	$	6.16	$	1,018.74	$	6.11		1.22	%
C		1,000.00		1,031.30		9.92		1,015.03		9.84		1.97
R		1,000.00		1,034.50		7.42		1,017.50		7.35		1.47
Y		1,000.00		1,036.80		4.90		1,019.98		4.86		0.97
Investor		1,000.00		1,035.60		6.16		1,018.74		6.11		1.22
R5		1,000.00		1,037.80		3.94		1,020.93		3.91		0.78
R6		1,000.00		1,036.90		3.84		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, 2017 through February 28, 2018, 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 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            04202018      0915

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Pennsylvania Tax Free Income Fund
	Nasdaq:
	A: VKMPX  ∎  C: VKPCX  ∎  Y: VKPYX  ∎  R6: VKPSX

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, 8/31/17 to 2/28/18, 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	-0.56	%
Class C Shares	-0.93
Class Y Shares	-0.37
Class R6 Shares*	-0.37
S&P Municipal Bond Index▼ (Broad Market Index)	-1.15
S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index▼ (Style-Specific Index)	-1.27
Lipper Pennsylvania Municipal Debt Funds Index∎ (Peer Group Index)	-1.37
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

*Class R6 shares incepted on April 4, 2017. See page 3 for more information.

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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (5/1/87)	5.41	%
10 Years	4.08
5 Years	1.45
1 Year	–1.39
Class C Shares
Inception (8/13/93)	3.43	%
10 Years	3.76
5 Years	1.59
1 Year	1.23
Class Y Shares
10 Years	4.75	%
5 Years	2.61
1 Year	3.32
Class R6 Shares
10 Years	4.56	%
5 Years	2.39
1 Year	3.27

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 Penn-sylvania 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.

    Class R6 shares incepted on April 4, 2017. 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

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (5/1/87)	5.48	%
10 Years	3.63
5 Years	1.89
1 Year	0.66
Class B Shares*
Inception (5/3/93)	4.13	%
10 Years	3.98
5 Years	2.42
1 Year	0.08
Class C Shares
Inception (8/13/93)	3.51	%
10 Years	3.30
5 Years	2.02
1 Year	3.37
Class Y Shares
10 Years	4.28	%
5 Years	3.04
1 Year	5.34
Class R6 Shares
10 Years	4.09	%
5 Years	2.81
1 Year	5.32
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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 and Class R6 shares was 1.19%, 1.19%, 1.94%, 0.94% and 0.96%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. The CDSC on Class C shares is 1% for the first year after purchase. 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 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–110.38%(a)
Pennsylvania–105.78%
Allegheny (County of) Higher Education Building Authority (Chatham University); Series 2012 A, University RB		5.00	%		09/01/2035	$	1,000	$	1,054,680
Allegheny (County of) Higher Education Building Authority (Duquesne University);
Series 1998, Ref. University RB(INS–AMBAC)(b)		5.50	%		03/01/2020		1,050		1,091,034
Series 2011 A, University RB(c)(d)		5.50	%		03/01/2021		550		610,819
Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB(c)(d)		6.00	%		10/15/2018		1,000		1,028,570
Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB		5.63	%		08/15/2039		1,250		1,310,137
Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB		5.10	%		09/01/2026		980		981,705
Allegheny (County of) Sanitary Authority; Series 2015, Ref. RB(e)		5.00	%		12/01/2045		2,120		2,344,656
Allegheny (County of); Series 2008 C-61, Unlimited Tax GO Bonds(c)(d)		5.00	%		12/01/2018		500		513,740
Allentown Neighborhood Improvement Zone Development Authority (City Center); Series 2017, Tax RB(f)		5.00	%		05/01/2022		325		351,709
Beaver (County of) Industrial Development Authority (FirstEnergy Generation); Series 2008 B, Ref. PCR(c)		4.25	%		04/01/2021		545		500,038
Berks (County of) Industrial Development Authority (Highlands at Wyomissing);
Series 2017 A, Ref. Healthcare Facilities RB		5.00	%		05/15/2037		750		816,262
Series 2017 C, Healthcare Facilities RB		5.00	%		05/15/2047		325		352,560
Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00	%		11/01/2040		1,000		1,065,800
Bethlehem (City of);
Series 2014, Ref. Gtd. Water RB(INS–BAM)(b)		5.00	%		11/15/2030		425		469,863
Series 2014, Ref. Gtd. Water RB(INS–BAM)(b)		5.00	%		11/15/2031		425		469,268
Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds(c)(d)		5.25	%		01/15/2020		1,000		1,067,520
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB		5.38	%		12/01/2041		1,100		1,204,522
Centre (County of) Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB(c)(d)		6.25	%		11/15/2021		500		579,535
Series 2016 A, Ref. RB		5.00	%		11/15/2046		500		544,660
Chester (County of) Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB		5.00	%		12/15/2051		770		794,001
Chester (County of) Industrial Development Authority (Colleguim Charter School); Series 2017 A, RB		5.25	%		10/15/2047		695		708,066
Chester (County of) Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB		5.00	%		10/01/2044		1,000		1,045,550
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		786,158
Commonwealth Financing Authority;
Series 2018, Tobacco Master Settlement Payment RB(e)		5.00	%		06/01/2034		2,500		2,770,450
Series 2018, Tobacco Master Settlement Payment RB(e)		5.00	%		06/01/2035		500		551,845
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.00	%		01/01/2040		870		908,193
Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB(c)(d)		5.00	%		11/01/2019		750		792,832
Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB		5.00	%		01/01/2038		1,270		1,375,156
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		5.63	%		07/01/2028		1,000		1,011,140
Dauphin (County of) General Authority (Pinnacle Health System);
Series 2009, Health System RB		6.00	%		06/01/2036		340		354,079
Series 2009, Ref. Health System RB(c)(d)		6.00	%		06/01/2019		1,875		1,979,306
Series 2016 A, Ref. Health System RB		5.00	%		06/01/2034		510		574,479
Delaware (County of) Authority (Neumann College); Series 2008, College RB(c)(d)		6.25	%		10/01/2018		110		113,072
Delaware (County of) Authority (Villanova University); Series 2015, RB		5.00	%		08/01/2045		215		240,056

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) Industrial Development Authority (Covanta); Series 2015, Ref. RB		5.00	%		07/01/2043	$	425	$	427,197
Delaware River Port Authority (Port District);
Series 2012, Ref. RB		5.00	%		01/01/2025		540		592,537
Series 2012, Ref. RB		5.00	%		01/01/2027		535		581,508
Delaware River Port Authority; Series 2010 D, RB		5.00	%		01/01/2040		1,000		1,053,450
Delaware Valley Regional Financial Authority; Series 2002, RB		5.75	%		07/01/2032		1,000		1,233,930
Doylestown (City of) Hospital Authority; Series 2013 A, RB(INS–AGM)(b)		5.00	%		07/01/2024		1,000		1,109,290
East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);
Series 2013, RB		5.00	%		07/01/2035		500		528,930
Series 2014, RB		5.00	%		07/01/2039		250		264,133
East Hempfield (Township of) Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB		5.00	%		12/01/2030		210		237,437
Series 2016, Ref. RB		5.00	%		12/01/2039		370		410,004
Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB(c)(d)		5.50	%		09/15/2018		500		511,045
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB		5.38	%		07/01/2042		1,000		1,062,670
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. Hospital RB		5.00	%		07/01/2040		1,515		1,521,045
Geisinger Authority (Geisinger Health System);
Series 2011 A-1, Health System RB		5.13	%		06/01/2041		500		532,780
Series 2017 A-1, Ref. Health System RB(e)		5.00	%		02/15/2045		2,190		2,442,354
Lancaster (County of) Hospital Authority (Brethren Village); Series 2017, Ref. RB		5.13	%		07/01/2037		1,135		1,238,171
Lancaster (County of) Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. Health Center RB		5.00	%		07/01/2045		625		662,300
Lancaster (County of) Hospital Authority (Masonic Villages); Series 2015, Ref. RB		5.00	%		11/01/2035		210		232,602
Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(g)(h)		1.11	%		10/15/2025		920		920,000
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB		5.25	%		07/01/2042		825		835,766
Lehigh (County of) General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50	%		02/01/2044		660		673,851
Series 2014 B, Conv. CAB RB(i)		7.50	%		02/01/2044		172		55,852
Series 2014 C, RB(j)		0.00	%		02/01/2044		516		83
Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(g)(h)		1.10	%		09/01/2028		2,750		2,750,000
Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB		5.00	%		07/01/2030		750		804,067
Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB		5.75	%		07/01/2039		1,250		1,312,900
Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB(c)(d)		5.00	%		06/01/2022		1,400		1,575,630
Montgomery (County of) Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB		5.00	%		10/01/2027		390		424,347
Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2009 A-1, RB(c)(d)		6.25	%		11/15/2019		1,000		1,077,600
Series 2012, Ref. RB		5.00	%		11/15/2028		900		977,211
Montgomery (County of) Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. Health System RB		5.25	%		01/15/2045		850		905,326
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(c)(d)		6.63	%		12/01/2021		1,500		1,755,120
Northampton (County of) General Purpose Authority (LaFayette College); Series 2017, Ref. Hospital Facilities RB(e)		5.00	%		11/01/2047		1,635		1,843,119
Northampton (County of) General Purpose Authority (Lehigh University); Series 2009, Higher Education RB(c)(d)		5.50	%		05/15/2019		1,000		1,048,460
Northampton (County of) General Purpose Authority (St. Luke’s Hospital); Series 2008 A, Hospital RB(c)(d)		5.50	%		08/15/2018		1,000		1,018,200
Northampton (County of) General Purpose Authority (St. Luke’s University Health Network); Series 2016, Ref. Hospital RB		5.00	%		08/15/2036		330		360,891

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

6                         Invesco Pennsylvania Tax Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB		5.00	%		07/01/2032	$	920	$	946,248
Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds(e)		5.00	%		06/15/2034		3,000		3,352,200
Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB		5.00	%		03/01/2034		500		540,340
Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB(k)		5.00	%		11/01/2041		1,200		1,285,320
Pennsylvania (State of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, Jr. Parking System RB		6.00	%		07/01/2053		920		1,063,925
Pennsylvania (State of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. Exempt Facilities RB(k)		5.50	%		11/01/2044		635		670,046
Pennsylvania (State of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(k)		5.00	%		12/31/2034		1,235		1,351,880
Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, Sewage Sludge Disposal RB		6.25	%		01/01/2032		1,000		1,058,340
Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2004 A, Solid Waste Disposal RB(c)		1.50	%		05/01/2018		1,500		1,499,985
Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB		5.00	%		11/01/2042		535		504,591
Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);
Series 2008, RB(c)(d)		5.88	%		07/01/2018		750		761,385
Series 2010, RB(c)(d)		6.00	%		07/01/2020		500		548,910
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB		5.00	%		05/01/2042		1,180		1,228,675
Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services); Series 2012, RB		5.00	%		10/01/2035		1,300		1,353,326
Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB		5.00	%		11/01/2034		500		534,005
Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB		5.00	%		04/01/2042		570		618,712
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB		5.25	%		09/01/2050		845		937,181
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania); Series 2017 A, Health System RB		5.00	%		08/15/2047		535		595,915
Pennsylvania (State of) Turnpike Commission;
Series 2008 B-1, Sub. RB(c)(d)		5.50	%		06/01/2018		1,000		1,010,360
Series 2009 C, Sub. RB(INS–AGM)(b)		6.25	%		06/01/2033		2,000		2,461,820
Series 2009 E, Sub. RB		6.38	%		12/01/2038		1,435		1,762,481
Series 2010 A-1, Motor License Fund Special RB(c)(d)		5.00	%		12/01/2019		500		529,430
Subseries 2010 A-2, Ref. Motor License Fund Special RB(c)(d)		5.50	%		12/01/2020		820		903,968
Subseries 2010 A-2, Sub. Motor License Fund Special RB(c)(d)		5.50	%		12/01/2020		180		197,921
Subseries 2010 B-2, Motor License Fund Special RB(c)(d)		5.00	%		12/01/2020		235		255,259
Subseries 2010 B-2, Ref. Sub. Special Turnpike RB(c)(d)		5.00	%		12/01/2020		265		287,846
Subseries 2010 B-2, Sub. RB(c)(d)		5.13	%		12/01/2020		500		544,775
Subseries 2010 B-2, Sub. Special Turnpike RB(c)(d)		5.00	%		12/01/2020		125		135,776
Subseries 2017 B-1, Sub. Turnpike RB		5.25	%		06/01/2047		1,000		1,118,730
Pennsylvania State University; Series 2016 A, RB(e)		5.00	%		09/01/2041		2,195		2,497,427
Philadelphia (City of) (1998 General Ordinance); Fifteenth Series 2017, Ref. Gas Works RB		5.00	%		08/01/2047		750		836,355
Philadelphia (City of) Authority for Industrial Development (The Children’s Hospital of Philadelphia); Series 2014 A, Hospital RB(e)		5.00	%		07/01/2042		1,500		1,684,995
Philadelphia (City of) Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. Sr. Living Facilities RB		5.00	%		07/01/2042		1,000		1,057,220
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB(c)(d)		5.00	%		05/15/2020		1,500		1,608,570
Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2017, Ref. RB		5.00	%		07/01/2032		1,000		1,084,480

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

7                         Invesco Pennsylvania Tax Free Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB		6.13	%		03/15/2043	$	585	$	589,850
Philadelphia (City of) Industrial Development Authority (Discovery Charter School); Series 2012, RB		6.25	%		04/01/2042		1,000		1,032,920
Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.00	%		06/15/2033		875		986,904
Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB		5.50	%		09/15/2037		1,235		1,235,543
Philadelphia (City of) Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB		5.00	%		04/01/2046		640		640,397
Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB(c)(d)		6.00	%		08/01/2020		700		771,757
Philadelphia (City of) Industrial Development Authority (Mast I Charter School); Series 2016 A, Ref. RB		5.25	%		08/01/2046		1,500		1,532,670
Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB		6.63	%		12/15/2041		750		830,527
Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(f)		6.50	%		06/15/2033		945		997,107
Philadelphia (City of) Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(f)		5.00	%		03/15/2045		540		512,401
Philadelphia (City of);
Ninth Series 2010, Gas Works RB(c)(d)		5.25	%		08/01/2020		390		423,084
Ninth Series 2010, Gas Works RB		5.25	%		08/01/2040		610		652,304
Series 2009 A, Ref. Unlimited Tax GO Bonds(c)(d)		5.50	%		08/01/2019		110		116,100
Series 2009 A, Ref. Unlimited Tax GO Bonds(INS–AGC)(b)		5.50	%		08/01/2024		890		938,452
Series 2010 C, Water & Wastewater RB(c)(d)		5.00	%		08/01/2020		970		1,048,977
Series 2010 C, Water & Wastewater RB(INS–AGM)(b)		5.00	%		08/01/2035		280		298,054
Series 2011, Unlimited Tax GO Bonds(c)(d)		6.00	%		08/01/2020		500		551,880
Series 2017, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2041		880		977,610
Series 2017 A, Ref. Unlimited Tax GO Bonds		5.00	%		08/01/2036		700		785,365
Series 2017 A, Water & Wastewater RB(e)		5.25	%		10/01/2052		2,070		2,369,902
Philadelphia (State of) Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. City Agreement RB		5.00	%		12/01/2031		840		938,700
Philadelphia (State of) Authority for Industrial Development (Temple University); First Series 2015, Ref. RB		5.00	%		04/01/2045		530		590,001
Philadelphia School District;
Series 2007 A, Ref. Unlimited Tax GO Bonds(INS–NATL)(b)		5.00	%		06/01/2025		535		599,762
Series 2008 E, Limited Tax GO Bonds(c)(d)		5.13	%		09/01/2018		1,230		1,253,554
Series 2008 E, Limited Tax GO Bonds(c)(d)		5.13	%		09/01/2018		20		20,383
Series 2008 E, Limited Tax GO Bonds(INS–BHAC)(b)		5.13	%		09/01/2023		250		254,598
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB(INS–AGM)(b)		5.00	%		02/01/2031		1,000		1,065,210
Pittsburgh (City of) Water & Sewer Authority; Series 2013 A, Ref. First Lien RB		5.00	%		09/01/2031		500		556,495
Southcentral (Region of) General Authority (Wellspan Health Obligated Group); Series 2014, Ref. RB(e)		5.00	%		06/01/2044		3,180		3,447,851
State Public School Building Authority (Harrisburg School District);
Series 2009, RB(c)(d)		5.00	%		05/15/2019		165		171,815
Series 2009, RB(c)(d)		5.00	%		05/15/2019		165		171,815
Series 2009, RB(c)(d)		5.00	%		05/15/2019		670		697,671
Series 2016 A, Ref. RB(INS–AGM)(b)		5.00	%		12/01/2030		1,055		1,202,299
Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB(k)		5.00	%		01/01/2027		1,185		1,291,342
Union (County of) Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. & Improvement RB		7.00	%		08/01/2041		1,000		1,101,510
Washington (County of) Industrial Development Authority (Washington Jefferson College); Series 2010, College RB(c)(d)		5.25	%		05/01/2020		500		538,765
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB		5.45	%		07/01/2035		1,295		1,296,826
Washington (County of) Redevelopment Authority; Series 2018, Ref. Tax Allocation RB		5.00	%		07/01/2028		500		522,140

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)
Westmoreland (County of) Municipal Authority; Series 2013, RB(c)(d)		5.00	%		08/15/2023	$	750	$	862,755
Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB(c)(d)		5.00	%		11/01/2020		850		925,522
									134,970,482
Guam–3.57%
Guam (Territory of) (Section 30); Series 2009 A, Limited Obligation RB(c)(d)		5.75	%		12/01/2019		1,250		1,341,475
Guam (Territory of) Power Authority;
Series 2010 A, RB(c)(d)		5.50	%		10/01/2020		410		449,274
Series 2012 A, Ref. RB		5.00	%		10/01/2034		520		544,856
Guam (Territory of) Waterworks Authority;
Series 2010, Water & Wastewater System RB(c)(d)		5.63	%		07/01/2020		1,000		1,091,210
Series 2014 A, Ref. Water & Wastewater System RB		5.00	%		07/01/2029		285		310,425
Guam (Territory of); Series 2011 A, Business Privilege Tax RB		5.13	%		01/01/2042		785		818,755
									4,555,995
Virgin Islands–1.03%
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. Marine RB(k)		5.00	%		09/01/2029		575		569,888
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note — Diageo); Series 2009 A, Sub. RB		6.63	%		10/01/2029		640		395,200
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. Sr. Lien RB		5.00	%		10/01/2025		500		352,500
									1,317,588
TOTAL INVESTMENTS IN SECURITIES(l)–110.38% (Cost $136,528,955)									140,844,065
FLOATING RATE NOTE OBLIGATIONS–(11.01)%
Notes with interest and fee rates ranging from 1.63% to 1.64% at 02/28/2018 and maturities of collateral ranging from 06/01/2034 to 10/01/2052 (See Note 1J)(m)									(14,045,000	)
OTHER ASSETS LESS LIABILITIES–0.63%									798,890
NET ASSETS–100.00%								$	127,597,955

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
Jr.	– Junior
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)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

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

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

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

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

^(f)  Security 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, 2018 was $1,861,217, which represented 1.46% of the Fund’s Net Assets.

^(g)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.

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

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

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

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

^(l)  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.

^(m)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2018. At February 28, 2018, the Fund’s investments with a value of $23,304,799 are held by TOB Trusts and serve as collateral for the $14,045,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

as of February 28, 2018

Revenue Bonds	70.6	%
Pre-Refunded Bonds	21.9
General Obligation Bonds	4.9
Other	2.6

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, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $136,528,955)	$	140,844,065
Receivable for:
Investments sold		370,000
Fund shares sold		73,474
Interest		1,523,476
Investment for trustee deferred compensation and retirement plans		41,108
Other assets		32,174
Total assets		142,884,297
Liabilities:
Floating rate note obligations		14,045,000
Payable for:
Investments purchased		524,445
Dividends		140,583
Fund shares reacquired		32,018
Amount due custodian		418,848
Accrued fees to affiliates		46,679
Accrued trustees’ and officers’ fees and benefits		3,402
Accrued other operating expenses		30,674
Trustee deferred compensation and retirement plans		44,693
Total liabilities		15,286,342
Net assets applicable to shares outstanding	$	127,597,955
Net assets consist of:
Shares of beneficial interest	$	126,936,233
Undistributed net investment income		1,629,489
Undistributed net realized gain (loss)		(5,282,877	)
Net unrealized appreciation		4,315,110
	$	127,597,955

Net Assets:
Class A	$	109,841,356
Class C	$	10,045,185
Class Y	$	6,671,123
Class R6	$	1,040,291
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,817,744
Class C		622,748
Class Y		413,632
Class R6		64,503
Class A:
Net asset value per share	$	16.11
Maximum offering price per share
(Net asset value of $16.11 ¸ 95.75%)	$	16.83
Class C:
Net asset value and offering price per share	$	16.13
Class Y:
Net asset value and offering price per share	$	16.13
Class R6:
Net asset value and offering price per share	$	16.13

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, 2018

(Unaudited)

Investment income:
Interest	$	4,222,666
Expenses:
Advisory fees		319,168
Administrative services fees		24,794
Custodian fees		1,446
Distribution fees:
Class A		137,293
Class B		384
Class C		50,350
Interest, facilities and maintenance fees		136,553
Transfer agent fees — A, B, C and Y		49,005
Transfer agent fees — R6		103
Trustees’ and officers’ fees and benefits		10,733
Registration and filing fees		37,327
Reports to shareholders		13,862
Professional services fees		38,044
Taxes		9,506
Other		13,716
Total expenses		842,284
Less: Expense offset arrangement(s)		(445	)
Net expenses		841,839
Net investment income		3,380,827
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(79,568	)
Change in net unrealized appreciation (depreciation) of investment securities		(4,011,447	)
Net realized and unrealized gain (loss)		(4,091,015	)
Net increase (decrease) in net assets resulting from operations	$	(710,188	)

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, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	3,380,827		$	4,495,953
Net realized gain (loss)		(79,568	)		(490,985	)
Change in net unrealized appreciation (depreciation)		(4,011,447	)		(4,007,934	)
Net increase (decrease) in net assets resulting from operations		(710,188	)		(2,966	)
Distributions to shareholders from net investment income:
Class A		(1,961,362	)		(3,712,913	)
Class B		(5,238	)		(20,705	)
Class C		(141,205	)		(278,434	)
Class Y		(132,473	)		(205,077	)
Class R6		(4,509	)		(147	)
Total distributions from net investment income		(2,244,787	)		(4,217,276	)
Share transactions–net:
Class A		64,780			(2,860,960	)
Class B		(409,496	)		(641,536	)
Class C		(47,188	)		(720,873	)
Class Y		(76,574	)		2,654,589
Class R6		1,043,112			10,000
Net increase(decrease) in net assets resulting from share transactions		574,634			(1,558,780	)
Net increase(decrease) in net assets		(2,380,341	)		(5,779,022	)
Net assets:
Beginning of period		129,978,296			135,757,318
End of period (includes undistributed net investment income of $1,629,489 and $493,449, respectively)	$	127,597,955		$	129,978,296

Notes to Financial Statements

February 28, 2018

(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 C, 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 Y 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to the conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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.

13                         Invesco Pennsylvania Tax Free Income 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.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 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.

14                         Invesco Pennsylvania Tax Free Income Fund

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

H. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the 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 carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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.

15                         Invesco Pennsylvania Tax Free Income Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.50%
Over $500 million		0.40%

For the six months ended February 28, 2018, 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 separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (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, 2018, 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 R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.25% of the average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2018, 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 services 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, 2018, 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 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% of Class C average daily net assets. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

16                         Invesco Pennsylvania Tax Free Income Fund

With respect to 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 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $8,024 in front-end sales commissions from the sale of Class A shares and $4 from Class C shares 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.

As of February 28, 2018, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, the Fund engaged in securities purchases of $4,671,939 and securities sales of $6,567,985, which did not result in any realized gains (losses).

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $445.

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.

17                         Invesco Pennsylvania Tax Free Income Fund

NOTE 7—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, 2018 were $12,330,714 and 2.23%, 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 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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2018	$	1,085,533	$	—	$	1,085,533
Not subject to expiration		1,012,472		3,031,422		4,043,894
	$	2,098,005	$	3,031,422	$	5,129,427

* 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 Transactions

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, 2018 was $11,091,433 and $9,823,333, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	6,408,877
Aggregate unrealized (depreciation) of investments		(2,007,138	)
Net unrealized appreciation of investments	$	4,401,739

Cost of investments for tax purposes is $136,442,326.

18                         Invesco Pennsylvania Tax Free Income Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended February 28,2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		473,097		$	7,721,255			548,705		$	8,984,210
Class B(b)		—			—			—			—
Class C		46,003			752,320			113,894			1,874,712
Class Y		107,112			1,755,072			319,575			5,196,443
Class R6(c)		64,477			1,052,645			617			10,000
Issued as reinvestment of dividends:
Class A		83,247			1,353,598			153,434			2,507,530
Class B(b)		86			1,400			533			8,729
Class C		5,893			95,938			10,389			169,945
Class Y		4,047			65,753			5,858			95,727
Class R6		266			4,294			—			—
Conversion of Class B shares to Class A shares:(d)
Class A		19,569			318,589			34,121			557,930
Class B		(19,522	)		(318,589	)		(34,057	)		(557,930	)
Reacquired:
Class A		(571,707	)		(9,328,662	)		(914,199	)		(14,910,630	)
Class B(b)		(5,629	)		(92,307	)		(5,603	)		(92,335	)
Class C		(54,743	)		(895,446	)		(168,612	)		(2,765,530	)
Class Y		(115,963	)		(1,897,399	)		(162,593	)		(2,637,581	)
Class R6		(857	)		(13,827	)		—			—
Net increase (decrease) in share activity		35,376		$	574,634			(97,938	)	$	(1,558,780	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

19                         Invesco Pennsylvania 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			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 02/28/18	$	16.49	$	0.43	(j)	$	(0.52	)(j)	$	(0.09	)	$	(0.29	)	$	16.11		(0.56	)%	$	109,841		1.27	%(d)		1.06	%(d)		5.35	%(d)(j)		7	%
Year ended 08/31/17		17.01		0.57			(0.55	)		0.02			(0.54	)		16.49		0.18			112,324		1.19			1.04			3.50			22
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
Class B
Six months ended 02/28/18(e)		16.52		0.36	(j)		(0.34	)(j)		0.02			(0.23	)		16.31		0.11	(f)		—		1.28	(d)(f)		1.07	(d)(f)		5.34	(d)(f)(j)		7
Year ended 08/31/17		17.04		0.58			(0.56	)		0.02			(0.54	)		16.52		0.19	(f)		414		1.19	(f)		1.04	(f)		3.50	(f)		22
Year ended 08/31/16		16.48		0.57			0.59			1.16			(0.60	)		17.04		7.15	(f)		1,094		1.08	(f)		1.02	(f)		3.41	(f)		12
Year ended 08/31/15		16.53		0.60			(0.09	)		0.51			(0.56	)		16.48		3.15	(f)		1,247		1.12	(f)		1.09	(f)		3.59	(f)		13
Year ended 08/31/14		15.42		0.63			1.08			1.71			(0.60	)		16.53		11.32	(f)		1,544		1.09	(f)		1.07	(f)		3.93	(f)		10
Year ended 08/31/13		17.09		0.63			(1.66	)		(1.03	)		(0.64	)		15.42		(6.28	)(f)		1,717		1.03	(f)		1.01	(f)		3.72	(f)		17
Class C
Six months ended 02/28/18		16.50		0.37	(j)		(0.51	)(j)		(0.14	)		(0.23	)		16.13		(0.87	)		10,045		2.03	(d)		1.82	(d)		4.59	(d)(j)		7
Year ended 08/31/17		17.03		0.45			(0.56	)		(0.11	)		(0.42	)		16.50		(0.63	)		10,325		1.94			1.79			2.75			22
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	(g)		9,804		1.81	(g)		1.79	(g)		3.21	(g)		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
Class Y
Six months ended 02/28/18		16.50		0.45	(j)		(0.51	)(j)		(0.06	)		(0.31	)		16.13		(0.37	)		6,671		1.03	(d)		0.82	(d)		5.59	(d)(j)		7
Year ended 08/31/17		17.02		0.61			(0.55	)		0.06			(0.58	)		16.50		0.44			6,905		0.94			0.79			3.75			22
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		(6.06	)		2,562		0.78			0.76			3.97			17
Class R6
Six months ended 02/28/18		16.50		0.44	(j)		(0.50	)(j)		(0.06	)		(0.31	)		16.13		(0.37	)		1,040		1.05	(d)		0.84	(d)		5.57	(d)(j)		7
Year ended 08/31/17(h)		16.23		0.26			0.25			0.51			(0.24	)		16.50		3.15			10		0.93	(i)		0.78	(i)		3.76	(i)		22

^(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 $110,922, $374, $10,154, $7,029 and $208 for Class A, Class B, Class C, Class Y and Class R6 shares, respectively.

^(e)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(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 0.25% for the six months ended February 28, 2018 and the years ended August 31, 2017, August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013, 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 0.97% for the year ended August 31, 2014.

^(h)  Commencement date of April 4, 2017 for Class R6 shares.

⁽ⁱ⁾  Annualized.

^(j) Amount includes the effect of a one-time reclassification of prior year earnings. Excluding this reclassification, net investment income per share, net gains (losses) on securities and ratio of net investment income to average net assets would have been $0.29, $(0.38) and 3.57%; $0.22, $(0.20) and 3.56%, $0.23, $(0.37) and 2.81%; $0.31, $(0.37) and 3.81%; and $0.30, $(0.36) and 3.79% for Class A, Class B, Class C, Class Y and Class R6, respectively.

20                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	994.40	$	6.28	$	1,018.50	$	6.36		1.27	%
C		1,000.00		990.70		10.02		1,014.73		10.14		2.03
Y		1,000.00		996.30		5.10		1,019.69		5.16		1.03
R6		1,000.00		996.30		5.20		1,019.59		5.26		1.05

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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 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

∎ 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-PTFI-SAR-1            04192018      0851

	Semiannual Report to Shareholders	February 28, 2018
	Invesco S&P 500 Index Fund
	Nasdaq:
	A: SPIAX  ⬛  C: SPIAX  ⬛  Y: SPIDX  ⬛  R6: SPISX

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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	10.50	%
Class C Shares	10.20
Class Y Shares	10.69
Class R6 Shares*	10.69
S&P 500 Indexq (Broad Market/Style-Specific Index)	10.84
Lipper S&P 500 Objective Funds Index∎ (Peer Group Index)	10.69
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information. 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.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 S&P 500 Index Fund

Average Annual Total Returns
As of 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	6.39	%
10 Years	8.56
5 Years	12.78
1 Year	10.01
Class C Shares
Inception (9/26/97)	5.89	%
10 Years	8.38
5 Years	13.24
1 Year	14.59
Class Y Shares
Inception (9/26/97)	6.94	%
10 Years	9.46
5 Years	14.35
1 Year	16.73
Class R6 Shares
10 Years	9.21	%
5 Years	14.15
1 Year	16.82

Effective June 1, 2010, Class A, Class B, Class C and Class I shares of the predecessor fund, Morgan Stanley S&P 500 Index Fund, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Class A, Class B, Class C and Class Y shares, respectively, of Invesco S&P 500 Index Fund. Returns shown above, 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.

    Class R6 shares incepted on April 4, 2017. 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 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	6.35	%
10 Years	7.34
5 Years	13.83
1 Year	14.45
Class B Shares*
Inception (9/26/97)	6.32	%
10 Years	7.30
5 Years	14.03
1 Year	15.26
Class C Shares
Inception (9/26/97)	5.85	%
10 Years	7.16
5 Years	14.28
1 Year	19.27
Class Y Shares
Inception (9/26/97)	6.90	%
10 Years	8.23
5 Years	15.41
1 Year	21.46
Class R6 Shares
10 Years	7.98	%
5 Years	15.20
1 Year	21.47
* Effective January 26, 2018, Class B shares were converted to Class A shares.

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 and Class R6 shares was 0.58%, 1.33%, 1.31%, 0.33% and 0.25%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A

shares. No CDSC was paid in connection with this early conversion. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a frontend 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 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 manage- ment 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log

In” on the right side of the homepage, and then select “Register for Individual Account Access.”     Finally, I’m pleased to share with you Invesco’s commitment to both the Principles for Responsible Investment and to consider- ing 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 S&P 500 Index Fund

Schedule of Investments^(a)

February 28, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.32%
Advertising–0.11%
Interpublic Group of Cos., Inc. (The)		20,107	$	470,504
Omnicom Group Inc.		11,927		909,195
				1,379,699
Aerospace & Defense–2.91%
Arconic Inc.		21,916		534,531
Boeing Co. (The)		28,967		10,492,137
General Dynamics Corp.		14,367		3,195,939
Harris Corp.		6,166		962,821
Huntington Ingalls Industries, Inc.		2,355		617,034
L3 Technologies, Inc.		4,042		838,917
Lockheed Martin Corp.		12,907		4,548,943
Northrop Grumman Corp.		9,006		3,152,460
Raytheon Co.		14,957		3,253,297
Rockwell Collins, Inc.		8,422		1,159,878
Textron Inc.		13,629		815,696
TransDigm Group, Inc.		2,509		723,370
United Technologies Corp.		38,427		5,177,654
				35,472,677
Agricultural & Farm Machinery–0.22%
Deere & Co.		16,550		2,662,399
Agricultural Products–0.10%
Archer-Daniels-Midland Co.		28,936		1,201,423
Air Freight & Logistics–0.67%
C.H. Robinson Worldwide, Inc.		7,212		673,312
Expeditors International of Washington, Inc.		9,194		597,242
FedEx Corp.		12,764		3,145,177
United Parcel Service, Inc.–Class B		35,550		3,711,776
				8,127,507
Airlines–0.49%
Alaska Air Group, Inc.		6,365		410,543
American Airlines Group Inc.		22,035		1,195,399
Delta Air Lines, Inc.		33,939		1,829,312
Southwest Airlines Co.		28,247		1,633,806
United Continental Holdings Inc.(b)		13,028		883,168
				5,952,228
Alternative Carriers–0.07%
CenturyLink Inc.		50,335		889,419
Apparel Retail–0.46%
Foot Locker, Inc.		6,415		294,513
Gap, Inc. (The)		11,266		355,780
L Brands, Inc.		12,777		630,289
Ross Stores, Inc.		19,951		1,557,974
TJX Cos., Inc. (The)		32,922		2,721,991
				5,560,547

	Shares		Value
Apparel, Accessories & Luxury Goods–0.33%
Hanesbrands, Inc.(c)		18,864	$	365,962
Michael Kors Holdings Ltd.(b)		7,868		495,133
PVH Corp.		4,026		580,871
Ralph Lauren Corp.		2,837		300,268
Tapestry, Inc.		14,713		749,039
Under Armour, Inc.–Class A(b)(c)		9,578		158,803
Under Armour, Inc.–Class C(b)(c)		9,537		143,532
VF Corp.		16,969		1,265,378
				4,058,986
Application Software–1.27%
Adobe Systems Inc.(b)		25,505		5,333,861
ANSYS, Inc.(b)		4,390		702,136
Autodesk, Inc.(b)		11,340		1,332,110
Cadence Design Systems, Inc.(b)		14,609		566,391
Citrix Systems, Inc.(b)		7,405		681,260
Intuit Inc.		12,565		2,096,596
salesforce.com, inc.(b)		35,505		4,127,456
Synopsys, Inc.(b)		7,772		658,055
				15,497,865
Asset Management & Custody Banks–1.17%
Affiliated Managers Group, Inc.		2,896		548,387
Ameriprise Financial, Inc.		7,653		1,197,235
Bank of New York Mellon Corp. (The)		52,986		3,021,792
BlackRock, Inc.		6,387		3,509,209
Franklin Resources, Inc.		16,909		653,871
Invesco Ltd.(d)		21,062		685,358
Northern Trust Corp.		11,112		1,176,427
State Street Corp.		19,187		2,036,700
T. Rowe Price Group Inc.		12,537		1,402,890
				14,231,869
Auto Parts & Equipment–0.14%
Aptiv PLC		13,754		1,256,153
BorgWarner, Inc.		10,254		503,266
				1,759,419
Automobile Manufacturers–0.39%
Ford Motor Co.		201,876		2,141,904
General Motors Co.		66,147		2,602,885
				4,744,789
Automotive Retail–0.25%
Advance Auto Parts, Inc.		3,822		436,664
AutoZone, Inc.(b)		1,421		944,567
CarMax, Inc.(b)		9,433		584,091
O’Reilly Automotive, Inc.(b)		4,398		1,073,948
				3,039,270

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

5                         Invesco S&P 500 Index Fund

	Shares		Value
Biotechnology–2.79%
AbbVie Inc.		82,484	$	9,554,122
Alexion Pharmaceuticals, Inc.(b)		11,559		1,357,604
Amgen Inc.		37,560		6,902,401
Biogen Inc.(b)		10,939		3,161,262
Celgene Corp.(b)		40,738		3,549,095
Gilead Sciences, Inc.		67,590		5,321,361
Incyte Corp.(b)		9,062		771,720
Regeneron Pharmaceuticals, Inc.(b)		3,985		1,276,953
Vertex Pharmaceuticals Inc.(b)		13,085		2,172,502
				34,067,020
Brewers–0.06%
Molson Coors Brewing Co.–Class B		9,559		728,874
Broadcasting–0.15%
CBS Corp.–Class B		18,760		993,717
Discovery Communications, Inc.–Class A(b)(c)		7,967		193,757
Discovery Communications, Inc.–Class C(b)		10,514		241,612
Scripps Networks Interactive Inc.–Class A		4,972		446,784
				1,875,870
Building Products–0.31%
A.O. Smith Corp.		7,544		484,249
Allegion PLC		4,913		413,233
Fortune Brands Home & Security, Inc.		7,968		483,339
Johnson Controls International PLC		47,884		1,765,483
Masco Corp.		16,275		669,228
				3,815,532
Cable & Satellite–1.04%
Charter Communications, Inc.–Class A(b)		10,033		3,430,584
Comcast Corp.–Class A		241,350		8,739,284
DISH Network Corp.–Class A(b)		11,792		491,608
				12,661,476
Casinos & Gaming–0.13%
MGM Resorts International		26,363		902,405
Wynn Resorts Ltd.		4,147		694,623
				1,597,028
Commodity Chemicals–0.15%
LyondellBasell Industries N.V.–Class A		16,736		1,811,170
Communications Equipment–1.09%
Cisco Systems, Inc.		255,802		11,454,814
F5 Networks, Inc.(b)		3,270		485,660
Juniper Networks, Inc.		19,399		497,778
Motorola Solutions, Inc.		8,381		889,643
				13,327,895
Computer & Electronics Retail–0.08%
Best Buy Co., Inc.		13,158		953,166
Construction & Engineering–0.09%
Fluor Corp.		7,236		411,728
Jacobs Engineering Group Inc.		6,257		382,053

	Shares		Value
Construction & Engineering–(continued)
Quanta Services, Inc.(b)		8,004	$	275,658
				1,069,439
Construction Machinery & Heavy Trucks–0.61%
Caterpillar Inc.		30,783		4,759,976
Cummins Inc.		8,071		1,357,300
PACCAR Inc.		18,192		1,302,365
				7,419,641
Construction Materials–0.12%
Martin Marietta Materials, Inc.		3,255		663,792
Vulcan Materials Co.		6,847		806,097
				1,469,889
Consumer Electronics–0.03%
Garmin Ltd.		5,780		342,407
Consumer Finance–0.75%
American Express Co.		37,277		3,634,880
Capital One Financial Corp.		25,081		2,456,182
Discover Financial Services		18,801		1,482,083
Navient Corp.		13,608		176,360
Synchrony Financial		38,063		1,385,113
				9,134,618
Copper–0.11%
Freeport-McMoRan Inc.(b)		69,660		1,295,676
Data Processing & Outsourced Services–2.82%
Alliance Data Systems Corp.		2,486		599,027
Automatic Data Processing, Inc.		22,947		2,646,248
Fidelity National Information Services, Inc.		17,274		1,678,687
Fiserv, Inc.(b)		10,782		1,546,031
Global Payments Inc.		8,233		933,540
Mastercard Inc.–Class A		48,059		8,446,850
Paychex, Inc.		16,546		1,077,641
PayPal Holdings, Inc.(b)		58,459		4,642,229
Total System Services, Inc.		8,655		761,207
Visa Inc.–Class A		93,835		11,536,075
Western Union Co. (The)		23,764		471,002
				34,338,537
Department Stores–0.11%
Kohl’s Corp.		8,722		576,437
Macy’s, Inc.		15,760		463,501
Nordstrom, Inc.(c)		6,051		310,477
				1,350,415
Distillers & Vintners–0.22%
Brown-Forman Corp.–Class B		10,131		707,043
Constellation Brands, Inc.–Class A		8,913		1,920,573
				2,627,616
Distributors–0.11%
Genuine Parts Co.		7,585		696,607
LKQ Corp.(b)		15,990		631,285
				1,327,892

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

6                         Invesco S&P 500 Index Fund

	Shares		Value
Diversified Banks–5.33%
Bank of America Corp.		501,942	$	16,112,338
Citigroup Inc.		136,810		10,327,787
JPMorgan Chase & Co.		179,537		20,736,523
U.S. Bancorp		81,574		4,434,363
Wells Fargo & Co.		229,320		13,394,581
				65,005,592
Diversified Chemicals–0.76%
DowDuPont Inc.		121,079		8,511,854
Eastman Chemical Co.		7,436		751,631
				9,263,485
Diversified Support Services–0.06%
Cintas Corp.		4,454		760,120
Drug Retail–0.55%
CVS Health Corp.		52,415		3,550,068
Walgreens Boots Alliance, Inc.		44,923		3,094,745
				6,644,813
Electric Utilities–1.62%
Alliant Energy Corp.		11,962		462,331
American Electric Power Co., Inc.		25,448		1,668,880
Duke Energy Corp.		36,213		2,728,287
Edison International		16,857		1,021,366
Entergy Corp.		9,325		707,021
Eversource Energy		16,396		934,572
Exelon Corp.		49,677		1,840,036
FirstEnergy Corp.		23,017		744,140
NextEra Energy, Inc.		24,339		3,703,179
PG&E Corp.		26,534		1,090,282
Pinnacle West Capital Corp.		5,780		444,829
PPL Corp.		35,349		1,012,749
Southern Co. (The)		51,930		2,236,106
Xcel Energy, Inc.		26,272		1,137,052
				19,730,830
Electrical Components & Equipment–0.54%
Acuity Brands, Inc.		2,166		308,828
AMETEK, Inc.		11,957		905,623
Eaton Corp. PLC		22,797		1,839,718
Emerson Electric Co.		33,209		2,359,832
Rockwell Automation, Inc.		6,648		1,201,958
				6,615,959
Electronic Components–0.23%
Amphenol Corp.–Class A		15,798		1,443,779
Corning Inc.		44,967		1,307,641
				2,751,420
Electronic Equipment & Instruments–0.03%
FLIR Systems, Inc.		7,169		351,998
Electronic Manufacturing Services–0.15%
TE Connectivity Ltd.		18,194		1,875,619

	Shares		Value
Environmental & Facilities Services–0.23%
Republic Services, Inc.		11,759	$	789,969
Stericycle, Inc.(b)		4,416		276,751
Waste Management, Inc.		20,669		1,784,148
				2,850,868
Fertilizers & Agricultural Chemicals–0.36%
CF Industries Holdings, Inc.		12,068		497,684
FMC Corp.		6,950		545,436
Monsanto Co.		22,731		2,804,324
Mosaic Co. (The)		18,162		478,024
				4,325,468
Financial Exchanges & Data–0.84%
Cboe Global Markets, Inc.		5,871		657,611
CME Group Inc.–Class A		17,607		2,925,579
Intercontinental Exchange, Inc.		30,270		2,212,132
Moody’s Corp.		8,601		1,435,335
Nasdaq, Inc.		6,019		486,034
S&P Global Inc.		13,193		2,530,417
				10,247,108
Food Distributors–0.12%
Sysco Corp.		24,803		1,479,499
Food Retail–0.10%
Kroger Co. (The)		46,026		1,248,225
Footwear–0.37%
NIKE, Inc.–Class B		67,988		4,557,236
General Merchandise Stores–0.38%
Dollar General Corp.		13,479		1,274,979
Dollar Tree, Inc.(b)		12,267		1,259,085
Target Corp.		28,125		2,120,906
				4,654,970
Gold–0.09%
Newmont Mining Corp.		27,596		1,054,167
Health Care Distributors–0.35%
AmerisourceBergen Corp.		8,349		794,491
Cardinal Health, Inc.		16,277		1,126,531
Henry Schein, Inc.(b)		8,120		537,463
McKesson Corp.		10,786		1,609,595
Patterson Cos. Inc.		4,304		135,920
				4,204,000
Health Care Equipment–2.58%
Abbott Laboratories		90,065		5,433,622
Baxter International Inc.		25,937		1,758,269
Becton, Dickinson and Co.		13,710		3,043,894
Boston Scientific Corp.(b)		71,053		1,936,905
Danaher Corp.		31,673		3,096,986
Edwards Lifesciences Corp.(b)		10,949		1,463,553
Hologic, Inc.(b)		14,264		553,871
IDEXX Laboratories, Inc.(b)		4,512		844,782

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

7                         Invesco S&P 500 Index Fund

	Shares		Value
Health Care Equipment–(continued)
Intuitive Surgical, Inc.(b)		5,796	$	2,471,704
Medtronic PLC		70,039		5,595,416
ResMed Inc.		7,341		699,377
Stryker Corp.		16,652		2,700,288
Varian Medical Systems, Inc.(b)		4,786		571,161
Zimmer Biomet Holdings, Inc.		10,475		1,217,719
				31,387,547
Health Care Facilities–0.16%
HCA Healthcare, Inc.		14,655		1,454,509
Universal Health Services, Inc.–Class B		4,533		517,668
				1,972,177
Health Care REITs–0.20%
HCP, Inc.		24,272		525,246
Ventas, Inc.		18,427		890,393
Welltower Inc.		19,162		1,006,005
				2,421,644
Health Care Services–0.38%
DaVita Inc.(b)		7,832		564,061
Envision Healthcare Corp.(b)(c)		6,276		241,626
Express Scripts Holding Co.(b)		29,305		2,211,062
Laboratory Corp. of America Holdings(b)		5,266		909,438
Quest Diagnostics Inc.		7,051		726,606
				4,652,793
Health Care Supplies–0.18%
Align Technology, Inc.(b)		3,732		979,724
Cooper Cos., Inc. (The)		2,536		584,599
DENTSPLY SIRONA Inc.		11,883		666,161
				2,230,484
Health Care Technology–0.09%
Cerner Corp.(b)		16,339		1,048,310
Home Entertainment Software–0.40%
Activision Blizzard, Inc.		39,122		2,860,992
Electronic Arts Inc.(b)		15,932		1,970,788
				4,831,780
Home Furnishings–0.09%
Leggett & Platt, Inc.		6,819		296,354
Mohawk Industries, Inc.(b)		3,268		783,928
				1,080,282
Home Improvement Retail–1.22%
Home Depot, Inc. (The)		60,423		11,013,300
Lowe’s Cos., Inc.		43,092		3,860,613
				14,873,913
Homebuilding–0.16%
D.R. Horton, Inc.		17,658		739,870
Lennar Corp.–Class A		14,057		795,345
PulteGroup Inc.		13,993		392,784
				1,927,999

	Shares		Value
Hotel & Resort REITs–0.06%
Host Hotels & Resorts Inc.		38,292	$	710,700
Hotels, Resorts & Cruise Lines–0.55%
Carnival Corp.		21,101		1,411,868
Hilton Worldwide Holdings Inc.		10,462		845,225
Marriott International Inc.–Class A		15,845		2,237,472
Norwegian Cruise Line Holdings Ltd.(b)		9,219		524,561
Royal Caribbean Cruises Ltd.		8,861		1,121,803
Wyndham Worldwide Corp.		5,268		609,929
				6,750,858
Household Appliances–0.05%
Whirlpool Corp.		3,719		604,077
Household Products–1.40%
Church & Dwight Co., Inc.		12,931		636,076
Clorox Co. (The)		6,679		862,125
Colgate-Palmolive Co.		45,435		3,133,652
Kimberly-Clark Corp.		18,200		2,018,744
Procter & Gamble Co. (The)		131,848		10,352,705
				17,003,302
Housewares & Specialties–0.05%
Newell Brands, Inc.		25,358		651,447
Human Resource & Employment Services–0.03%
Robert Half International, Inc.		6,497		370,784
Hypermarkets & Super Centers–0.91%
Costco Wholesale Corp.		22,610		4,316,249
Walmart Inc.		75,738		6,817,177
				11,133,426
Independent Power Producers & Energy Traders–0.06%
AES Corp. (The)		34,170		371,428
NRG Energy, Inc.		15,564		402,485
				773,913
Industrial Conglomerates–1.72%
3M Co.		30,878		7,272,078
General Electric Co.(e)		448,729		6,331,566
Honeywell International Inc.		39,418		5,956,454
Roper Technologies, Inc.		5,295		1,456,602
				21,016,700
Industrial Gases–0.33%
Air Products and Chemicals, Inc.		11,277		1,813,229
Praxair, Inc.		14,813		2,218,247
				4,031,476
Industrial Machinery–0.84%
Dover Corp.		8,060		806,806
Flowserve Corp.		6,782		287,218
Fortive Corp.		15,825		1,215,360
Illinois Tool Works Inc.		15,953		2,575,452
Ingersoll-Rand PLC		12,928		1,148,007

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

8                         Invesco S&P 500 Index Fund

	Shares		Value
Industrial Machinery–(continued)
Parker-Hannifin Corp.		6,892	$	1,230,015
Pentair PLC (United Kingdom)		8,544		586,887
Snap-on Inc.		2,964		471,928
Stanley Black & Decker Inc.		7,934		1,263,014
Xylem, Inc.		9,292		692,997
				10,277,684
Industrial REITs–0.17%
Duke Realty Corp.		18,427		456,437
Prologis, Inc.		27,531		1,670,581
				2,127,018
Insurance Brokers–0.47%
Aon PLC		12,929		1,814,197
Arthur J. Gallagher & Co.		9,354		646,455
Marsh & McLennan Cos., Inc.		26,407		2,192,309
Willis Towers Watson PLC		6,831		1,078,615
				5,731,576
Integrated Oil & Gas–2.48%
Chevron Corp.		98,280		10,999,498
Exxon Mobil Corp.		219,252		16,606,146
Occidental Petroleum Corp.		39,596		2,597,498
				30,203,142
Integrated Telecommunication Services–1.77%
AT&T Inc.		317,708		11,532,800
Verizon Communications Inc.		211,082		10,077,055
				21,609,855
Internet & Direct Marketing Retail–3.60%
Amazon.com, Inc.(b)		20,694		31,298,640
Booking Holdings Inc.(b)		2,522		5,129,849
Expedia, Inc.		6,359		668,776
Netflix Inc.(b)		22,390		6,523,998
TripAdvisor Inc.(b)(c)		5,647		226,332
				43,847,595
Internet Software & Services–4.88%
Akamai Technologies, Inc.(b)		8,751		590,343
Alphabet Inc.–Class A(b)		15,421		17,023,550
Alphabet Inc.–Class C(b)		15,618		17,253,673
eBay Inc.(b)		50,265		2,154,358
Facebook, Inc.–Class A(b)		123,398		22,004,331
VeriSign, Inc.(b)(c)		4,421		512,925
				59,539,180
Investment Banking & Brokerage–1.10%
Charles Schwab Corp. (The)		61,735		3,273,190
E*TRADE Financial Corp.(b)		14,005		731,481
Goldman Sachs Group, Inc. (The)		18,150		4,772,179
Morgan Stanley		72,031		4,035,177
Raymond James Financial, Inc.		6,649		616,429
				13,428,456

	Shares		Value
IT Consulting & Other Services–1.39%
Accenture PLC–Class A		31,976	$	5,148,456
Cognizant Technology Solutions Corp.–Class A		30,509		2,502,348
CSRA Inc.		8,473		343,411
DXC Technology Co.		14,760		1,513,490
Gartner, Inc.(b)		4,648		527,130
International Business Machines Corp.		44,550		6,942,226
				16,977,061
Leisure Products–0.07%
Hasbro, Inc.		5,863		560,327
Mattel, Inc.(c)		17,785		282,781
				843,108
Life & Health Insurance–0.80%
Aflac, Inc.		20,342		1,807,997
Brighthouse Financial, Inc.(b)		4,957		269,016
Lincoln National Corp.		11,322		862,397
MetLife, Inc.		54,449		2,514,999
Principal Financial Group, Inc.		13,894		866,013
Prudential Financial, Inc.		21,938		2,332,448
Torchmark Corp.		5,572		475,682
Unum Group		11,609		591,595
				9,720,147
Life Sciences Tools & Services–0.82%
Agilent Technologies, Inc.		16,651		1,142,092
Illumina, Inc.(b)		7,553		1,722,235
IQVIA Holdings Inc.(b)		7,532		740,622
Mettler-Toledo International Inc.(b)		1,322		814,643
PerkinElmer, Inc.		5,701		435,214
Thermo Fisher Scientific, Inc.		20,748		4,327,618
Waters Corp.(b)		4,114		841,889
				10,024,313
Managed Health Care–1.88%
Aetna Inc.		16,872		2,987,356
Anthem, Inc.		13,284		3,126,788
Centene Corp.(b)		8,923		904,971
Cigna Corp.		12,756		2,498,773
Humana Inc.		7,391		2,009,021
UnitedHealth Group Inc.		50,142		11,340,115
				22,867,024
Metal & Glass Containers–0.06%
Ball Corp.		18,112		723,574
Motorcycle Manufacturers–0.03%
Harley-Davidson, Inc.(c)		8,707		395,124
Movies & Entertainment–1.25%
Time Warner Inc.		40,286		3,744,986
Twenty-First Century Fox, Inc.–Class A		54,537		2,008,052
Twenty-First Century Fox, Inc.–Class B		22,724		827,608
Viacom Inc.–Class B		18,255		608,622

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

9                         Invesco S&P 500 Index Fund

	Shares		Value
Movies & Entertainment–(continued)
Walt Disney Co. (The)		78,148	$	8,061,748
				15,251,016
Multi-Line Insurance–0.38%
American International Group, Inc.		46,514		2,667,113
Assurant, Inc.		2,739		234,102
Hartford Financial Services Group, Inc. (The)		18,457		975,452
Loews Corp.		14,281		704,482
				4,581,149
Multi-Sector Holdings–1.72%
Berkshire Hathaway Inc.–Class B(b)		99,575		20,631,940
Leucadia National Corp.		16,221		389,142
				21,021,082
Multi-Utilities–0.89%
Ameren Corp.		12,553		681,628
CenterPoint Energy, Inc.		22,301		603,242
CMS Energy Corp.		14,591		619,388
Consolidated Edison, Inc.		16,043		1,201,460
Dominion Energy, Inc.		33,297		2,466,309
DTE Energy Co.		9,281		935,339
NiSource Inc.		17,426		403,063
Public Service Enterprise Group Inc.		26,183		1,268,043
SCANA Corp.		7,378		292,685
Sempra Energy		12,990		1,415,650
WEC Energy Group, Inc.		16,328		978,374
				10,865,181
Office REITs–0.22%
Alexandria Real Estate Equities, Inc.		5,234		634,937
Boston Properties, Inc.		7,984		949,058
SL Green Realty Corp.		5,083		492,644
Vornado Realty Trust		8,920		592,912
				2,669,551
Oil & Gas Drilling–0.03%
Helmerich & Payne, Inc.(c)		5,618		362,642
Oil & Gas Equipment & Services–0.72%
Baker Hughes, a GE Co.		22,154		584,865
Halliburton Co.		45,147		2,095,724
National Oilwell Varco Inc.		19,663		689,975
Schlumberger Ltd.		71,678		4,704,944
TechnipFMC PLC (United Kingdom)		22,685		653,782
				8,729,290
Oil & Gas Exploration & Production–1.35%
Anadarko Petroleum Corp.		28,311		1,614,859
Apache Corp.		19,710		673,096
Cabot Oil & Gas Corp.		23,930		578,149
Chesapeake Energy Corp.(b)(c)		47,018		132,591
Cimarex Energy Co.		4,884		469,304
Concho Resources Inc.(b)		7,693		1,160,104
ConocoPhillips(e)		61,860		3,359,617

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Devon Energy Corp.		27,191	$	833,948
EOG Resources, Inc.		29,918		3,034,283
EQT Corp.		12,667		637,277
Hess Corp.		13,974		634,699
Marathon Oil Corp.		43,964		638,357
Newfield Exploration Co.(b)		10,306		240,439
Noble Energy, Inc.		25,178		751,060
Pioneer Natural Resources Co.		8,804		1,498,705
Range Resources Corp.		11,682		155,254
				16,411,742
Oil & Gas Refining & Marketing–0.52%
Andeavor		7,425		665,429
Marathon Petroleum Corp.		25,271		1,618,860
Phillips 66		22,231		2,009,015
Valero Energy Corp.		22,641		2,047,199
				6,340,503
Oil & Gas Storage & Transportation–0.32%
Kinder Morgan, Inc.		99,378		1,609,924
ONEOK, Inc.		19,839		1,117,531
Williams Cos., Inc. (The)		42,778		1,187,517
				3,914,972
Packaged Foods & Meats–1.04%
Campbell Soup Co.		9,951		428,390
Conagra Brands, Inc.		21,136		763,644
General Mills, Inc.(e)		29,407		1,486,524
Hershey Co. (The)		7,298		717,101
Hormel Foods Corp.		13,928		452,103
JM Smucker Co. (The)		5,911		746,559
Kellogg Co.(c)		12,869		851,928
Kraft Heinz Co. (The)		30,892		2,071,309
McCormick & Co., Inc.		6,194		661,395
Mondelez International, Inc.–Class A		77,324		3,394,524
Tyson Foods, Inc.–Class A		15,397		1,145,229
				12,718,706
Paper Packaging–0.30%
Avery Dennison Corp.		4,572		540,182
International Paper Co.		21,363		1,273,021
Packaging Corp. of America		4,839		576,809
Sealed Air Corp.		9,333		395,439
WestRock Co.		13,173		866,256
				3,651,707
Personal Products–0.17%
Coty Inc.–Class A		24,431		472,007
Estee Lauder Cos. Inc. (The)–Class A		11,583		1,603,550
				2,075,557
Pharmaceuticals–4.33%
Allergan PLC		17,208		2,653,818
Bristol-Myers Squibb Co.		84,688		5,606,345

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

10                         Invesco S&P 500 Index Fund

	Shares		Value
Pharmaceuticals–(continued)
Eli Lilly and Co.		50,132	$	3,861,167
Johnson & Johnson		139,010		18,054,619
Merck & Co., Inc.		141,527		7,673,594
Mylan N.V.(b)		27,748		1,118,799
Perrigo Co. PLC		6,776		551,973
Pfizer Inc.		308,431		11,199,130
Zoetis Inc.		25,213		2,038,723
				52,758,168
Property & Casualty Insurance–0.82%
Allstate Corp. (The)		18,566		1,712,899
Chubb Ltd.		24,019		3,408,777
Cincinnati Financial Corp.		7,724		576,133
Progressive Corp. (The)		30,093		1,732,755
Travelers Cos., Inc. (The)		14,161		1,968,379
XL Group Ltd. (Bermuda)		13,246		560,438
				9,959,381
Publishing–0.04%
News Corp.–Class A		19,816		319,632
News Corp.–Class B		6,300		103,320
				422,952
Railroads–0.85%
CSX Corp.		46,243		2,484,174
Kansas City Southern		5,386		554,973
Norfolk Southern Corp.		14,805		2,059,079
Union Pacific Corp.		40,730		5,305,083
				10,403,309
Real Estate Services–0.06%
CBRE Group, Inc.–Class A(b)		15,631		730,749
Regional Banks–1.36%
BB&T Corp.		40,821		2,218,621
Citizens Financial Group, Inc.		25,456		1,107,082
Comerica Inc.		8,998		874,786
Fifth Third Bancorp		36,508		1,206,589
Huntington Bancshares Inc.		55,931		878,117
KeyCorp		55,644		1,175,758
M&T Bank Corp.		7,787		1,478,284
People’s United Financial, Inc.		17,915		342,893
PNC Financial Services Group, Inc. (The)		24,618		3,881,274
Regions Financial Corp.		60,020		1,164,988
SunTrust Banks, Inc.		24,630		1,720,159
Zions Bancorp.		10,334		568,060
				16,616,611
Reinsurance–0.04%
Everest Re Group, Ltd.		2,127		510,991
Research & Consulting Services–0.24%
Equifax Inc.		6,247		705,911
IHS Markit Ltd.(b)		18,796		884,352
Nielsen Holdings PLC		17,322		565,217

	Shares		Value
Research & Consulting Services–(continued)
Verisk Analytics, Inc.–Class A(b)		8,041	$	821,709
				2,977,189
Residential REITs–0.35%
Apartment Investment & Management Co.–Class A		8,123		314,035
AvalonBay Communities, Inc.		7,143		1,114,451
Equity Residential		19,014		1,069,157
Essex Property Trust, Inc.		3,416		764,604
Mid-America Apartment Communities, Inc.		5,878		504,450
UDR, Inc.		13,844		465,435
				4,232,132
Restaurants–1.08%
Chipotle Mexican Grill, Inc.(b)		1,284		408,838
Darden Restaurants, Inc.		6,398		589,832
McDonald’s Corp.		41,248		6,506,459
Starbucks Corp.		73,620		4,203,702
Yum! Brands, Inc.		17,436		1,418,942
				13,127,773
Retail REITs–0.44%
Federal Realty Investment Trust		3,752		427,503
GGP Inc.		32,305		683,897
Kimco Realty Corp.		22,024		329,479
Macerich Co. (The)		5,607		330,477
Realty Income Corp.		14,579		716,995
Regency Centers Corp.		7,657		444,948
Simon Property Group, Inc.		16,082		2,468,748
				5,402,047
Semiconductor Equipment–0.47%
Applied Materials, Inc.		55,183		3,177,989
KLA-Tencor Corp.		8,107		918,604
Lam Research Corp.		8,378		1,607,403
				5,703,996
Semiconductors–3.60%
Advanced Micro Devices, Inc.(b)(c)		42,433		513,864
Analog Devices, Inc.		19,073		1,719,431
Broadcom Ltd.		21,037		5,184,779
Intel Corp.		242,161		11,936,116
Microchip Technology Inc.(c)		12,102		1,076,231
Micron Technology, Inc.(b)		59,673		2,912,639
NVIDIA Corp.		31,355		7,587,910
Qorvo, Inc.(b)		6,593		532,121
QUALCOMM Inc.		76,278		4,958,070
Skyworks Solutions, Inc.		9,506		1,038,530
Texas Instruments Inc.		50,996		5,525,416
Xilinx, Inc.		12,984		925,110
				43,910,217
Soft Drinks–1.57%
Coca-Cola Co. (The)		198,417		8,575,583
Dr Pepper Snapple Group, Inc.		9,340		1,085,775

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

11                         Invesco S&P 500 Index Fund

	Shares		Value
Soft Drinks–(continued)
Monster Beverage Corp.(b)		21,301	$	1,349,844
PepsiCo, Inc.		73,586		8,074,592
				19,085,794
Specialized Consumer Services–0.02%
H&R Block, Inc.		10,816		273,969
Specialized REITs–1.06%
American Tower Corp.–Class A		22,189		3,091,593
Crown Castle International Corp.		21,020		2,313,461
Digital Realty Trust, Inc.		10,629		1,069,702
Equinix, Inc.		4,047		1,586,829
Extra Space Storage Inc.		6,514		554,016
Iron Mountain Inc.		14,561		458,089
Public Storage		7,743		1,505,549
SBA Communications Corp.–Class A(b)		6,081		956,359
Weyerhaeuser Co.		39,057		1,368,167
				12,903,765
Specialty Chemicals–0.50%
Albemarle Corp.		5,716		574,058
Ecolab Inc.		13,453		1,754,944
International Flavors & Fragrances Inc.		4,085		577,006
PPG Industries, Inc.		13,166		1,480,385
Sherwin-Williams Co. (The)		4,257		1,709,526
				6,095,919
Specialty Stores–0.14%
Signet Jewelers Ltd.(c)		3,140		157,879
Tiffany & Co.		5,234		528,844
Tractor Supply Co.		6,496		421,785
Ulta Beauty, Inc.(b)		3,032		616,557
				1,725,065
Steel–0.09%
Nucor Corp.		16,449		1,075,765
Systems Software–3.95%
CA, Inc.		16,241		570,059
Microsoft Corp.		399,184		37,431,484
Oracle Corp.		157,645		7,987,872
Red Hat, Inc.(b)		9,154		1,349,299
Symantec Corp.		32,079		843,357
				48,182,071
Technology Hardware, Storage & Peripherals–4.45%
Apple Inc.		265,669		47,320,962
Hewlett Packard Enterprise Co.		82,531		1,534,251
HP Inc.		86,424		2,021,457
NetApp, Inc.		13,957		845,096

	Shares		Value
Technology Hardware, Storage & Peripherals–(continued)
Seagate Technology PLC		14,969	$	799,345
Western Digital Corp.		15,304		1,332,060
Xerox Corp.		11,045		334,885
				54,188,056
Tires & Rubber–0.03%
Goodyear Tire & Rubber Co. (The)		12,744		368,811
Tobacco–1.19%
Altria Group, Inc.		98,736		6,215,431
Philip Morris International Inc.		80,365		8,321,796
				14,537,227
Trading Companies & Distributors–0.19%
Fastenal Co.(c)		14,869		813,632
United Rentals, Inc.(b)		4,372		765,493
W.W. Grainger, Inc.		2,690		703,570
				2,282,695
Trucking–0.04%
J.B. Hunt Transport Services, Inc.		4,428		525,028
Water Utilities–0.06%
American Water Works Co., Inc.		9,228		732,334
Total Common Stocks & Other Equity Interests (Cost $562,373,037)				1,198,527,216
Money Market Funds–1.61%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(f)		6,856,065		6,856,065
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(f)		4,896,352		4,896,841
Invesco Treasury Portfolio–Institutional Class, 1.29%(f)		7,835,504		7,835,504
Total Money Market Funds (Cost $19,588,757)				19,588,410
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.93% (Cost $581,961,794)				1,218,115,626
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–0.41%
Invesco Government & Agency Portfolio–Institutional Class, 1.30% (Cost $5,066,488)(f)(g)		5,066,488		5,066,488
TOTAL INVESTMENTS IN SECURITIES–100.34% (Cost $587,028,282)				1,223,182,114
OTHER ASSETS LESS LIABILITIES–(0.34)%				(4,161,548	)
NET ASSETS–100.00%			$	1,219,020,566

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

12                         Invesco S&P 500 Index Fund

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2018.

^(d)  The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The value of this security as of February 28, 2018 represented less than 1% of the Fund’s Net Assets. See Note 5.

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

^(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, 2018.

^(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, 2018

Information Technology	24.7	%
Financials	14.8
Health Care	13.5
Consumer Discretionary	12.5
Industrials	10.1
Consumer Staples	7.4
Energy	5.4
Materials	2.9
Real Estate	2.6
Utilities	2.6
Telecommunication Services	1.8
Money Market Funds Plus Other Assets Less Liabilities	1.7

Open Futures Contracts — Equity Risk
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Index		155		March-2018	$	21,036,600	$	(383,206	)	$	(383,206	)

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

13                         Invesco S&P 500 Index Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $561,840,453)*	$	1,197,841,858
Investments in affiliates, at value (Cost $25,187,829)		25,340,256
Receivable for:
Fund shares sold		1,457,401
Dividends		2,277,408
Investment for trustee deferred compensation and retirement plans		79,825
Other assets		39,242
Total assets		1,227,035,990
Liabilities:
Other investments:
Variation margin payable — futures contracts		257,244
Payable for:
Collateral upon return of securities loaned		5,066,488
Fund shares reacquired		1,216,702
Amount due custodian		276,268
Accrued fees to affiliates		832,967
Accrued trustees’ and officers’ fees and benefits		5,952
Accrued other operating expenses		268,213
Trustee deferred compensation and retirement plans		91,590
Total liabilities		8,015,424
Net assets applicable to shares outstanding	$	1,219,020,566
Net assets consist of:
Shares of beneficial interest	$	608,506,762
Undistributed net investment income		3,799,058
Undistributed net realized gain (loss)		(29,055,880	)
Net unrealized appreciation		635,770,626
	$	1,219,020,566

Net Assets:
Class A	$	739,867,017
Class C	$	316,322,362
Class Y	$	159,251,705
Class R6	$	3,579,482
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		25,181,082
Class C		11,147,582
Class Y		5,357,177
Class R6		120,384
Class A:
Net asset value per share	$	29.38
Maximum offering price per share
(Net asset value of $29.38 ¸ 94.50%)	$	31.09
Class C:
Net asset value and offering price per share	$	28.38
Class Y:
Net asset value and offering price per share	$	29.73
Class R6:
Net asset value and offering price per share	$	29.73

* At February 28, 2018, securities with an aggregate value of $4,884,412 were on loan to brokers.

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

14                         Invesco S&P 500 Index Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (includes securities lending income of $7,018)	$	10,644,532
Dividends from affiliates		119,811
Total investment income		10,764,343
Expenses:
Advisory fees		692,195
Administrative services fees		142,136
Custodian fees		34,931
Distribution fees:
Class A		879,351
Class B		5,431
Class C		1,395,926
Transfer agent fees — A,B,C and Y		701,859
Transfer agent fees — R6		150
Trustees’ and officers’ fees and benefits		17,618
Registration and filing fees		55,417
Licensing Fees		116,372
Reports to shareholders		64,383
Professional services fees		66,920
Other		29,102
Total expenses		4,201,791
Less: Fees waived and expense offset arrangement(s)		(14,062	)
Net expenses		4,187,729
Net investment income		6,576,614
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		6,131,715
Futures contracts		2,898,067
		9,029,782
Change in net unrealized appreciation (depreciation) of:
Investment securities		97,810,544
Futures contracts		(575,659	)
		97,234,885
Net realized and unrealized gain		106,264,667
Net increase in net assets resulting from operations	$	112,841,281

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

15                         Invesco S&P 500 Index Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	6,576,614		$	13,667,643
Net realized gain		9,029,782			15,900,103
Change in net unrealized appreciation		97,234,885			113,515,786
Net increase in net assets resulting from operations		112,841,281			143,083,532
Distributions to shareholders from net investment income:
Class A		(9,069,445	)		(7,927,644	)
Class B		(8,313	)		(18,198	)
Class C		(2,178,576	)		(1,529,984	)
Class Y		(2,294,947	)		(1,532,614	)
Class R6		(5,811	)		—
Total distributions from net investment income		(13,557,092	)		(11,008,440	)
Share transactions–net:
Class A		17,768,531			(22,465,651	)
Class B		(1,675,551	)		(2,266,326	)
Class C		16,292,661			19,365,394
Class Y		3,007,329			39,718,000
Class R6		3,413,702			281,123
Net increase in net assets resulting from share transactions		38,806,672			34,632,540
Net increase in net assets		138,090,861			166,707,632
Net assets:
Beginning of period		1,080,929,705			914,222,073
End of period (includes undistributed net investment income of $3,799,058 and $10,779,536, respectively)	$	1,219,020,566		$	1,080,929,705

Notes to Financial Statements

February 28, 2018

(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 C, 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 Y 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

16                         Invesco S&P 500 Index Fund

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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

17                         Invesco S&P 500 Index Fund

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. 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 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

18                         Invesco S&P 500 Index Fund

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $2 billion		0.12%
Over $2 billion		0.10%

For the six months ended February 28, 2018, 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, 2018, 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 C, Class Y and Class R6 shares to 2.00%, 2.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $10,374.

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, 2018, 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 services 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, 2018, 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: Class A — up to 0.25% of the average daily net assets of Class A shares; and Class C — up to 1.00% of the average daily net assets of Class C shares. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

For the six months ended February 28, 2018, 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, 2018, IDI advised the Fund that IDI retained $55,750 in front-end sales commissions from the sale of Class A shares and $730 and $20,766 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 S&P 500 Index 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Common Stock & Other Equity Interests	$	1,198,527,216		$	—	$	—	$	1,198,527,216
Money Market Funds		24,654,898			—		—		24,654,898
Total Investments in Securities		1,223,182,114			—		—		1,223,182,114
Other Investments — Liabilities*
Futures Contracts*		(383,206	)		—		—		(383,206	)
Total Investments	$	1,222,798,908		$	—	$	—	$	1,222,798,908

* 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.

Value of Derivative Investments at Period-Ends

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of February 28, 2018:

Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(383,206	)
Derivatives not subject to master netting agreements		383,206
Total Derivative Liabilities subject to master netting agreements	$	—

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 28, 2018

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	$	2,898,067
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(575,659	)
Total	$	2,322,408

20                         Invesco S&P 500 Index Fund

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

	Futures Contracts
Average notional value	$	20,816,473

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, 2018.

	Value 08/31/17		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 02/28/18		Dividend Income
Invesco Ltd.	$	670,941	$	22,217	$	—	$	(7,800	)	$	—	$	685,358	$	12,044

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,688.

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
August 31, 2018	$	6,737,498	$	—	$	6,737,498
August 31, 2019		10,267,726		—		10,267,726
	$	17,005,224	$	—	$	17,005,224

* 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.

21                         Invesco S&P 500 Index Fund

NOTE 10—Investment Transactions

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, 2018 was $40,383,721 and $10,881,803, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	634,373,938
Aggregate unrealized (depreciation) of investments		(19,491,298	)
Net unrealized appreciation of investments	$	614,882,640

Cost of investments for tax purposes is $607,916,268.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		2,541,810		$	73,127,045			4,607,891		$	115,534,132
Class B(b)		1,571			43,156			7,192			177,768
Class C		1,408,844			39,095,480			2,769,529			66,994,471
Class Y		1,011,552			29,644,320			2,750,084			69,516,769
Class R6(c)		119,510			3,696,473			10,425			281,312
Issued as reinvestment of dividends:
Class A		285,046			8,195,060			292,493			7,163,159
Class B(b)		282			7,942			649			15,585
Class C		69,675			1,937,663			56,196			1,332,982
Class Y		66,773			1,941,093			52,280			1,294,456
Class R6		194			5,635			—			—
Conversion of Class B shares to Class A shares:(d)
Class A		45,012			1,397,621			72,923			1,820,835
Class B		(46,623	)		(1,397,621	)		(74,640	)		(1,820,835	)
Reacquired:
Class A		(2,272,056	)		(64,951,195	)		(5,857,129	)		(146,983,777	)
Class B(b)		(11,873	)		(329,028	)		(26,114	)		(638,844	)
Class C		(893,932	)		(24,740,482	)		(2,022,785	)		(48,962,059	)
Class Y		(972,366	)		(28,578,084	)		(1,222,717	)		(31,093,225	)
Class R6		(9,738	)		(288,406	)		(7	)		(189	)
Net increase in share activity		1,343,681		$	38,806,672			1,416,270		$	34,632,540

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% 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)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Commencement date of April 4, 2017.

^(d)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

22                         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 02/28/18	$	26.93	$	0.18	$	2.64		$	2.82		$	(0.37	)	$	29.38		10.50	%	$	739,867		0.58	%(d)		0.58	%(d)		1.29	%(d)		1	%
Year ended 08/31/17		23.60		0.38		3.26			3.64			(0.31	)		26.93		15.55			661,887		0.58			0.58			1.52			4
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	(e)		557,688		0.59	(e)		0.59	(e)		1.45	(e)		5
Year ended 08/31/13		15.26		0.27		2.43			2.70			(0.29	)		17.67		18.04			467,234		0.62			0.62			1.64			6
Class B
Six months ended 02/28/18(h)		26.25		0.06		5.28			5.34			(0.18	)		31.41		16.45			—		1.33	(d)		1.33	(d)		0.54	(d)		1
Year ended 08/31/17		23.03		0.19		3.18			3.37			(0.15	)		26.25		14.71			1,487		1.33			1.33			0.77			4
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
Class C
Six months ended 02/28/18		25.95		0.08		2.55			2.63			(0.20	)		28.38		10.16	(f)		316,322		1.27	(d)(f)		1.27	(d)(f)		0.60	(d)(f)		1
Year ended 08/31/17		22.77		0.19		3.14			3.33			(0.15	)		25.95		14.71	(f)		274,100		1.31	(f)		1.31	(f)		0.79	(f)		4
Year ended 08/31/16		20.70		0.19		2.08			2.27			(0.20	)		22.77		11.05	(f)		222,221		1.32	(f)		1.32	(f)		0.89	(f)		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	(f)		91,761		1.36	(f)		1.36	(f)		0.90	(f)		6
Class Y
Six months ended 02/28/18		27.26		0.22		2.68			2.90			(0.43	)		29.73		10.69			159,252		0.33	(d)		0.33	(d)		1.54	(d)		1
Year ended 08/31/17		23.88		0.45		3.29			3.74			(0.36	)		27.26		15.83			143,171		0.33			0.33			1.77			4
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
Class R6
Six months ended 02/28/18		27.28		0.24		2.67			2.91			(0.46	)		29.73		10.69			3,579		0.24	(d)		0.24	(d)		1.63	(d)		1
Year ended 08/31/17(g)		25.85		0.20		1.23			1.43			—			27.28		5.53			284		0.26	(i)		0.26	(i)		1.84	(i)		4

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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 $709,324, $1,341, $298,102, $153,677 and $1,019 for Class A, Class B, Class C, 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 0.24% for the year ended August 31, 2014.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.94%, 0.98%, 0.98% and 0.99% for the six months ended February 28, 2018 and for the years ended August 31, 2017, August 31, 2016 and August 31, 2013, respectively.

^(g)  Commencement date of April 4, 2017.

^(h)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

⁽ⁱ⁾  Annualized.

23                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,105.00	$	3.03	$	1,021.92	$	2.91		0.58	%
C		1,000.00		1,102.00		6.62		1,018.50		6.36		1.27
Y		1,000.00		1,106.90		1.72		1,023.16		1.66		0.33
R6		1,000.00		1,106.90		1.25		1,023.60		1.20		0.24

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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.

24                         Invesco S&P 500 Index 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-SPI-SAR-1 04182018 1458

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Short Duration High Yield Municipal Fund Nasdaq: A: ISHAX  ∎  C: ISHCX  ∎  Y: ISHYX  ∎  R5: ISHFX  ∎  R6: ISHSX

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
14	Financial Statements
16	Notes to Financial Statements
23	Financial Highlights
24	Fund Expenses

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	1.28%
Class C Shares	0.90
Class Y Shares	1.50
Class R5 Shares	1.50
Class R6 Shares*	1.50
S&P Municipal Bond High Yield Indexq (Broad Market Index)	-0.42
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	-0.45
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	0.24
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information
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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	3.81%
1 Year	3.26
Class C Shares
Inception (9/30/15)	4.11%
1 Year	4.02
Class Y Shares
Inception (9/30/15)	5.21%
1 Year	6.16
Class R5 Shares
Inception (9/30/15)	5.25%
1 Year	6.16
Class R6 Shares
Inception	5.07%
1 Year	6.27

Class R6 shares incepted on April 4, 2017. 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 C, Class Y, Class R5 and Class R6 shares was 0.82%, 1.57%, 0.57%, 0.57% and 0.57%, 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, Class R5 and Class R6 shares was 1.16%, 1.91%, 0.91%, 0.92% and 0.92%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	4.23%
1 Year	5.06
Class C Shares
Inception (9/30/15)	4.66%
1 Year	6.08
Class Y Shares
Inception (9/30/15)	5.71%
1 Year	8.03
Class R5 Shares
Inception (9/30/15)	5.76%
1 Year	8.13
Class R6 Shares
Inception	5.57%
1 Year	8.09

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, 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, 2018. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a

simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” 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, 2018

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–102.37%
Alabama–0.87%
Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.25	%		06/01/2025	$	1,500	$	1,649,535
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB		5.50	%		01/01/2028		90		79,982
									1,729,517
Alaska–0.80%
Northern Tobacco Securitization Corp.; Series 2006 A, Tobacco Settlement Asset-Backed RB		4.63	%		06/01/2023		1,535		1,578,870
American Samoa–0.48%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. General RB		6.25	%		09/01/2029		1,000		952,690
Arizona–4.57%
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); Series 2017, Ref. Education RB(a)		5.00	%		07/01/2022		1,500		1,554,795
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. Education RB(a)		5.00	%		07/01/2026		500		536,935
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence);
Series 2017 A, Ref. Education RB(a)		4.38	%		07/01/2029		1,000		975,500
Series 2017 A, Ref. Education RB(a)		5.00	%		07/01/2032		500		497,940
Glendale (City of) Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		4.00	%		11/15/2027		1,800		1,771,470
Phoenix (City of) Industrial Development Authority (Basis Schools); Series 2016 A, Ref. Education RB(a)		5.00	%		07/01/2035		1,000		1,029,610
Pima (County of) Industrial Development Authority (American Leadership); Series 2015, Ref. Education Facility RB(a)		4.60	%		06/15/2025		460		474,044
Pima (County of) Industrial Development Authority (Grande Innovations Academy); Series 2018, Education Facility RB(a)		4.13	%		07/01/2026		1,225		1,197,891
Tempe (City of) Industrial Development Authority (Mirabella at ASU); Series 2017 B, RB(a)		4.00	%		10/01/2023		1,000		1,004,360
									9,042,545
California–4.55%
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 D, Ref. Toll Bridge Floating Rate RB (3 mo. USD LIBOR + 0.55%)(a)(b)(c)		1.74	%		04/01/2021		1,000		1,009,140
California (State of) Pollution Control Financing Authority (Aemerge Redpack Services LLC); Series 2016, Solid Waste Disposal RB(a)(d)		7.00	%		12/01/2027		750		733,875
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		551,605
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2016, Ref. RB(a)		4.00	%		06/01/2021		500		512,440
Series 2016, Ref. RB(a)		4.00	%		06/01/2026		500		513,490
California (State of); Series 2013 B, Ref. Various Purpose Unlimited Tax GO Floating Rate Bonds (SIFMA Municipal Swap Index + 0.38%)(b)(c)		1.47	%		12/01/2022		1,000		1,001,330
California County Tobacco Securitization Agency (The) (Los Angeles County Securitization Corp.); Series 2006, Tobacco Settlement Conv. Asset-Backed RB		5.60	%		06/01/2036		1,000		1,014,550
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB		5.13	%		06/01/2038		90		90,002
Golden State Tobacco Securitization Corp.; Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB		5.00	%		06/01/2033		1,030		1,031,277
Inland Empire Tobacco Securitization Authority; Series 2007 A, Tobacco Settlement RB		4.63	%		06/01/2021		310		310,124
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB		7.50	%		12/01/2041		2,000		2,239,680
									9,007,513
Colorado–6.05%
Amber Creak Metropolitan District; Series 2017 A, Ref. Limited Tax GO Bonds		5.00	%		12/01/2037		750		742,515
Brighton Crossing Metropolitan District No. 4; Series 2017 A, Limited Tax GO Bonds		4.00	%		12/01/2027		515		508,022

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
Colorado–(continued)
Clear Creek Station Metropolitan District No. 2; Series 2017 A, Ref. Limited Tax GO Bonds		4.38	%		12/01/2032	$	790	$	796,936
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);
Series 2017 A, Ref. Hospital RB		5.00	%		05/15/2025		525		586,409
Series 2017 A, Ref. Hospital RB		5.00	%		05/15/2026		475		532,955
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB(a)		5.00	%		12/01/2025		150		154,154
Copperleaf Metropolitan District No. 2; Series 2015, Ref. Unlimited Tax GO Bonds		5.25	%		12/01/2030		500		525,485
Cornerstar Metropolitan District; Series 2017 A, Ref. Limited Tax GO Bonds		3.50	%		12/01/2021		370		375,176
Denver (City & County of) (United Airlines, Inc.); Series 2017, Ref. Special Facilities Airport RB(d)		5.00	%		10/01/2032		1,500		1,621,815
Denver (City & County of); Series 2016, Ref. Airport System Floating Rate RB (1 mo. USD LIBOR + 0.86%)(b)(c)		1.96	%		11/15/2019		1,000		1,004,820
Gardens on Havana Metropolitan District No. 3 (The); Series 2017 A, Special RB		3.63	%		12/01/2021		928		949,186
Prairie Center Metropolitan District No. 3; Series 2017 A, Ref. Limited Property Tax Supported RB(a)		4.13	%		12/15/2027		1,000		1,009,460
Solaris Metropolitan District No. 3; Series 2016 A, Ref. Limited Tax GO Bonds		5.00	%		12/01/2036		1,000		1,037,000
Southlands Metropolitan District No. 1;
Series 2017 A-1, Ref. Unlimited Tax GO Bonds		5.00	%		12/01/2037		100		107,166
Series 2017 A-2, Unlimited Tax GO Bonds		5.00	%		12/01/2037		200		214,332
Sterling Ranch Community Authority Board; Series 2017 A, Sr. Supported and Special RB		5.00	%		12/01/2030		1,750		1,795,168
									11,960,599
Connecticut–0.93%
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		950		950,143
Series 2016 B-2, TEMPS-50SM Healthcare Facilities RB(a)		2.88	%		09/01/2020		405		405,089
Hamden (Town of) (Whitney Center); Series 2009 A, Facility RB		7.63	%		01/01/2030		455		475,925
									1,831,157
District of Columbia–1.05%
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		4.13	%		07/01/2027		1,000		1,012,350
Series 2017 A, RB		5.00	%		07/01/2032		1,000		1,055,640
									2,067,990
Florida–2.45%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.63	%		11/15/2022		150		150,363
Cape Coral (City of) Health Facilities Authority (Gulf Care Inc.);
Series 2015, Ref. Sr. Housing RB(a)		3.75	%		07/01/2019		495		497,668
Series 2015, Ref. Sr. Housing RB(a)		5.88	%		07/01/2040		250		269,142
Capital Trust Agency Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. Retirement Facility RB		5.00	%		07/01/2027		1,000		1,074,990
Florida Development Finance Corp. (Brightline Passenger Rail); Series 2017, Surface Transportation Facilitiy RB(a)(c)(d)		5.63	%		01/01/2028		750		773,422
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB		5.50	%		06/15/2022		1,210		1,289,098
Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB		4.75	%		10/01/2022		315		339,120
Seminole (County of) Industrial Development Authority (Legacy Pointe at UCF); Series 2016 A, RB(a)		10.00	%		12/28/2021		400		447,936
									4,841,739
Georgia–1.32%
Macon-Bibb (County of) Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(a)		5.00	%		06/15/2027		500		509,640
Main Street Natural Gas, Inc.; Series 2018 B, Gas Supply Floating Rate RB (1 mo. USD LIBOR + 0.75%)(b)(c)		1.81	%		09/01/2023		1,000		1,003,450
Marietta (City of) Developing Authority (Life University, Inc.); Series 2017 A, Ref. University Facilities RB(a)		5.00	%		11/01/2023		1,000		1,105,070
									2,618,160

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
Idaho–0.52%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		4.00	%		11/15/2027	$	1,000	$	1,020,310
Illinois–9.57%
Bartlett (Village of) (Quarry Redevelopment); Series 2016, Ref. Sr. Lien Tax Increment Allocation RB		4.00	%		01/01/2024		1,250		1,211,337
Chicago (City of) Board of Education; Series 2017 C, Ref. Dedicated Unlimited Tax GO Bonds		5.00	%		12/01/2024		1,000		1,060,990
Chicago (City of);
Series 2008 C, Ref. Second Lien Wastewater Transmission RB		5.00	%		01/01/2020		200		210,542
Series 2009 D, Unlimited Tax GO Bonds		5.00	%		01/01/2020		100		102,089
Series 2010 A, Ref. Unlimited Tax GO Bonds		4.00	%		01/01/2022		110		111,902
Series 2017 A, Ref. Unlimited Tax GO Bonds		5.63	%		01/01/2029		1,000		1,119,830
Series 2017 A, Ref. Unlimited Tax GO Bonds		5.75	%		01/01/2034		1,500		1,661,790
Illinois (State of) Finance Authority (Intrinsic Schools — Belmont School); Series 2015, Charter School RB (a)		5.25	%		12/01/2025		400		409,676
Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB		5.00	%		05/15/2022		400		418,976
Illinois (State of) Finance Authority (Montgomery Place); Series 2017, Ref. RB		5.00	%		05/15/2024		1,115		1,169,066
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2016 A, RB		6.20	%		05/15/2030		685		682,726
Series 2016 B, RB		5.63	%		05/15/2020		211		209,318
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB		5.25	%		08/15/2023		840		871,038
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB		2.75	%		05/15/2019		395		397,228
Series 2015, Ref. RB		5.00	%		05/15/2025		250		272,683
Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB		4.00	%		02/15/2027		1,010		1,017,383
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick PL); Series 2002 A, Dedicated State CAB Tax RB (INS–NATL)(e)(f)		0.00	%		12/15/2029		1,500		898,080
Illinois (State of);
First Series 2001, Unlimited Tax GO Bonds (INS–NATL)(f)		6.00	%		11/01/2026		1,000		1,129,000
Series 2013, Unlimited Tax GO Bonds		5.00	%		07/01/2019		700		721,623
Series 2014, Unlimited Tax GO Bonds		5.00	%		02/01/2021		1,000		1,042,310
Series 2014, Unlimited Tax GO Bonds		5.00	%		05/01/2021		860		898,803
Series 2016, Ref. Unlimited Tax GO Bonds		5.00	%		02/01/2023		500		524,820
Series 2017 D, Unlimited Tax GO Bonds(g)		5.00	%		11/01/2023		2,250		2,365,245
Manhattan (Village of) Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. Sr. Lien Special Tax RB		4.25	%		03/01/2024		432		434,618
									18,941,073
Indiana–1.03%
Allen (County of) Economic Development (StoryPoint Fort Wayne); Series 2017, RB(a)		6.63	%		01/15/2034		500		528,600
Indiana Bond Bank; Series 2007 B-1, Special Program Gas Floating Rate RB (3 mo. USD LIBOR + 0.97%)(b)		1.88	%		10/15/2022		1,500		1,500,075
									2,028,675
Iowa–1.05%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, Midwestern Disaster Area RB(a)		5.88	%		12/01/2026		460		485,010
Series 2013, Ref. Midwestern Disaster Area RB(c)		5.25	%		12/01/2033		1,540		1,600,399
									2,085,409
Kansas–1.08%
Wichita (City of) (Kansas Masonic Home);
Series 2016 II-A, Health Care Facilities RB		4.25	%		12/01/2024		500		517,170
Series 2016 II-A, Health Care Facilities RB		5.00	%		12/01/2031		550		576,967
Series 2016 II-A, Health Care Facilities RB		5.25	%		12/01/2036		1,000		1,052,930
									2,147,067

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
Kentucky–3.16%
Christian (County of) (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. Hospital RB		5.00	%		02/01/2026	$	930	$	1,002,307
Kentucky (State of) Asset/Liability Commission (General Fund Floating Rate Notes); Series 2007 B, Ref. Floating Rate RB (INS–NATL) (3 mo. USD LIBOR + 0.55%)(b)(f)		1.74	%		11/01/2025		1,440		1,405,210
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		1,070,710
Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, Sr. RB		5.00	%		07/01/2032		1,000		1,099,320
Kentucky (State of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2015, Ref. Hospital RB		5.00	%		06/01/2019		1,040		1,074,029
Kentucky (State of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. Health Care Facilities RB		5.00	%		11/15/2025		600		606,576
									6,258,152
Maine–1.01%
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB		5.00	%		07/01/2019		855		869,928
Series 2011, RB		7.50	%		07/01/2032		1,000		1,122,640
									1,992,568
Maryland–3.29%
Baltimore (City of) (East Baltimore Research Park); Series 2017, Ref. Special Obligation RB		4.00	%		09/01/2027		425		439,816
Frederick (County of) (Mount St. Mary’s University);
Series 2017 A, Ref. Educational Facilities RB(a)		5.00	%		09/01/2027		1,000		1,097,430
Series 2017 A, Ref. Educational Facilities RB(a)		5.00	%		09/01/2032		1,075		1,149,605
Howard (County of) (Downtown Columbia); Series 2017 A, Special Obligation Tax Allocation RB(a)		4.00	%		02/15/2028		500		513,370
Howard (County of) (Vantage House Facility);
Series 2016, Ref. Retirement Community RB		5.00	%		04/01/2021		325		335,712
Series 2017, Ref. Retirement Community RB		5.00	%		04/01/2021		488		504,060
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); Series 2017 A, RB (a)		5.00	%		07/01/2027		400		417,556
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. Air Cargo RB(a)(d)		4.00	%		07/01/2024		2,000		2,050,540
									6,508,089
Massachusetts–1.40%
Massachusetts (State of) Development Finance Agency (Lawrence General Hospital);
Series 2017, Ref. RB		5.00	%		07/01/2027		645		709,016
Series 2017, Ref. RB		5.00	%		07/01/2028		675		741,434
Massachusetts (State of) Port Authority (Delta Air Lines Inc.); Series 2001 B, Special Facilities Floating Rate RB (INS–AMBAC)(c)(d)(f)(h)		3.14	%		01/01/2031		1,000		992,530
Massachusetts (State of) Port Authority (Delta Airlines Inc.);
Series 2001 A, Facilities RB (INS–AMBAC)(d)(f)		5.20	%		01/01/2020		195		198,009
Series 2001 A, Facilities RB (INS–AMBAC)(d)(f)		5.50	%		01/01/2019		135		135,313
									2,776,302
Michigan–2.50%
Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, Sr. Asset-Backed RB		6.00	%		06/01/2048		1,400		1,396,500
Summit Academy North; Series 2016, Ref. Public School Academy RB		4.00	%		11/01/2021		1,585		1,595,144
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. Limited Obligation RB(a)		5.00	%		07/01/2026		1,835		1,953,559
									4,945,203
Minnesota–3.54%
Brooklyn Park (City of) (Athlos Leadership Academy); Series 2015, Charter School Lease RB		4.00	%		07/01/2020		225		223,360
Deephaven (City of) (Seven Hills Preparatory Academy);
Series 2017, Charter School Lease RB		4.38	%		10/01/2027		250		244,535
Series 2017, Charter School Lease RB		5.00	%		10/01/2037		1,000		1,001,070

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
Minnesota–(continued)
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB		5.00	%		05/01/2032	$	500	$	557,095
Rochester (City of) (Homestead at Rochester, Inc.); Series 2015, Health Care & Housing RB		5.00	%		12/01/2021		470		506,171
St. Paul (City of) Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, Charter School Lease RB		5.13	%		10/01/2023		300		306,921
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		1,028,560
St. Paul Park (City of) (Presbyterian Homes Bloomington);
Series 2017, Ref. Sr. Housing & Health Care RB		3.80	%		09/01/2029		350		363,065
Series 2017, Ref. Sr. Housing & Health Care RB		3.90	%		09/01/2030		565		587,363
Series 2017, Ref. Sr. Housing & Health Care RB		4.00	%		09/01/2031		585		609,816
Series 2017, Ref. Sr. Housing & Health Care RB		4.00	%		09/01/2032		400		415,540
Series 2017, Ref. Sr. Housing & Health Care RB		4.10	%		09/01/2033		500		520,840
West St. Paul (City of) (Walker Westwood Ridge Campus); Series 2017, Ref. Housing & Health Care Facilities RB		4.00	%		11/01/2030		650		641,069
									7,005,405
Mississippi–2.12%
Mississippi Business Finance Corp. (Chevron U.S.A. Inc.); Series 2009 C, VRD Gulf Opportunity Zone IDR(i)		1.12	%		12/01/2030		4,200		4,200,000
Missouri–2.50%
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		1,031,470
Kansas City (City of) Industrial Development Authority; Series 2016 A, Ref. Sales Tax RB(a)		4.25	%		04/01/2026		500		514,115
Kansas City (City of) Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, Tax Allocation RB (a)		4.38	%		02/01/2031		1,000		1,005,170
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. Retirement Community RB		5.00	%		05/15/2024		1,500		1,630,500
St. Louis (City of) Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. Financing RB		3.88	%		11/15/2029		750		757,988
									4,939,243
Montana–1.27%
Kalispell (City of) (Immanuel Lutheran Corp.); Series 2017, Ref. Housing & Healthcare Facilities RB		3.40	%		11/15/2022		2,500		2,503,200
Nevada–0.44%
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada);
Series 2017 A, RB(a)		5.00	%		07/15/2027		335		353,777
Series 2017 A, RB(a)		5.00	%		07/15/2037		500		511,415
									865,192
New Jersey–6.26%
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facility RB(d)		5.25	%		09/15/2029		800		873,288
Series 2012, Special Facility RB(d)		5.75	%		09/15/2027		200		221,906
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology Inc.);
Series 2012 C, RB		5.00	%		07/01/2022		470		472,148
Series 2012 C, RB		5.00	%		07/01/2032		1,000		924,060
New Jersey (State of) Economic Development Authority (School Facilities Construction); Series 2013, Ref. Floating Rate RB (SIFMA Municipal Swap Index + 1.60%)(b)		2.69	%		03/01/2028		1,000		987,750
New Jersey (State of) Economic Development Authority;
Series 2012, Ref. RB		5.00	%		06/15/2019		400		415,200
Series 2012, Ref. RB		5.00	%		06/15/2025		600		650,916
Series 2012 II, Ref. School Facilities Construction RB		5.00	%		03/01/2023		1,500		1,611,630
Series 2017 B, Ref. RB		5.00	%		11/01/2023		1,500		1,643,670

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
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, CAB Transportation System RB (INS–AGM)(e)(f)		0.00	%		12/15/2034	$	500	$	244,805
Series 2013 AA, Transportation Program RB		5.25	%		06/15/2031		1,150		1,230,810
Subseries 2016 A-2, Federal Highway Reimbursement RN		5.00	%		06/15/2031		750		755,985
Tobacco Settlement Financing Corp.;
Series 2007 1-A, Asset-Backed RB		4.63	%		06/01/2026		600		602,106
Series 2007 1-A, Asset-Backed RB		4.75	%		06/01/2034		1,000		990,010
Series 2007 1-A, Asset-Backed RB		5.00	%		06/01/2029		750		751,133
									12,375,417
New York–4.99%
Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Waste Disposal RB(a)(d)		3.75	%		01/01/2020		275		279,928
Metropolitan Transportation Authority;
Subseries 2002 G-1, Ref. Floating Rate RB (1 mo. USD LIBOR + 0.48%)(b)(c)		1.54	%		11/01/2018		1,200		1,200,000
Subseries 2014 D-2, Floating Rate RB (SIFMA Municipal Swap Index + 0.45%)(b)(c)		1.54	%		11/15/2022		1,000		998,790
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, Continuing Care Retirement Community RB		6.50	%		01/01/2032		1,000		1,066,040
Series 2014 B, Continuing Care Retirement Community RB		5.50	%		07/01/2020		255		259,241
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, Sr. Asset-Backed RB		5.25	%		06/01/2026		1,000		1,000,170
New York (City of) Industrial Development Agency (Brooklyn Navy Yard Cogen Partners);
Series 1997, Industrial Development RB(d)		5.65	%		10/01/2028		1,000		998,040
Series 1997, Industrial Development RB(d)		5.75	%		10/01/2036		1,000		993,180
New York (State of) Energy Research & Development Authority (Niagara Mohawk Power Corp.); Series 2004 A, VRD PCR (INS–SGI)(f)(i)		3.89	%		07/01/2029		1,500		1,500,000
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB(d)		5.00	%		08/01/2026		500		535,565
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB		5.00	%		07/01/2027		1,000		1,036,350
									9,867,304
North Dakota–0.51%
Burleigh (County of) (University of Mary); Series 2016, Education Facilities RB		4.38	%		04/15/2026		1,000		1,002,190
Ohio–4.78%
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.13	%		06/01/2024		2,000		1,895,200
Series 2007 A-2, Sr. Asset-Backed Turbo RB		5.38	%		06/01/2024		1,000		955,710
Butler (County of) Port Authority (Storypoint Fairfield); Sr. Series 2017 A-1, RB(a)		6.25	%		01/15/2034		500		517,490
Cleveland (City of) (Continental Airlines, Inc.); Series 1998, Airport Special RB(d)		5.38	%		09/15/2027		200		200,642
Cuyahoga (County of) (Metrohealth System); Series 2017, Ref. Hospital RB		5.00	%		02/15/2031		1,000		1,094,300
Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB		8.00	%		07/01/2042		1,975		2,278,439
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB		5.00	%		02/15/2021		365		387,068
Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB(d)		5.00	%		12/31/2025		340		393,132
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC);
Series 2017, Exempt Facility RB(a)(d)		3.75	%		01/15/2028		1,250		1,253,037
Series 2017, Exempt Facility RB(a)(d)		4.25	%		01/15/2038		250		252,400
Toledo-Lucas (County of) Port Authority (StoryPoint Waterville); Series 2016 A-1, RB(a)		6.13	%		01/15/2034		225		231,725
									9,459,143
Oklahoma–1.68%
Comanche (County of) Hospital Authority;
Series 2012 A, Ref. RB		5.00	%		07/01/2021		475		495,620
Series 2015, Ref. RB		5.00	%		07/01/2023		1,000		1,077,870

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

10                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Oklahoma–(continued)
Oklahoma (State of) Development Finance Authority (Inverness Village Community); Series 2012, Ref. Continuing Care Retirement Community RB		5.25	%		01/01/2022	$	375	$	274,703
Payne (County of) Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB		4.75	%		11/01/2023		1,470		1,102,720
Tulsa (City of) Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(c)(d)		5.00	%		06/01/2025		340		368,077
									3,318,990
Pennsylvania–2.38%
Commonwealth Financing Authority; Series 2018, Tobacco Master Settlement Payment RB		5.00	%		06/01/2026		2,000		2,262,140
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB		6.00	%		01/01/2030		1,300		1,364,623
Philadelphia (City of) Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. Sr. Living Facilities RB		5.00	%		07/01/2032		1,000		1,080,420
									4,707,183
Puerto Rico–1.50%
Children’s Trust Fund; Series 2002, Tobacco Settlement Asset-Backed RB		5.38	%		05/15/2033		1,030		985,679
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2004 PP, Ref. RB (INS–NATL)(f)		5.00	%		07/01/2023		1,500		1,489,035
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. Government Facilities RB (INS–NATL)(f)		6.00	%		07/01/2024		500		501,400
									2,976,114
Rhode Island–0.29%
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00	%		06/01/2026		500		573,800
Tennessee–1.23%
Bristol (City of) Industrial Development Board (Pinnacle);
Series 2016, Tax Increment Allocation RB		4.25	%		06/01/2021		760		770,404
Series 2016 B, CAB Sales Tax RB(a)(e)		0.00	%		12/01/2020		750		672,862
Series 2016 B, CAB Sales Tax RB(a)(e)		0.00	%		12/01/2021		250		212,768
Memphis (City of) & Shelby (County of) Economic Development Growth Engine Industrial Development Board (Graceland);
Series 2017 A, Ref. Sr. Tax Allocation Incremental RB		4.75	%		07/01/2027		400		414,316
Series 2017 A, Ref. Sr. Tax Allocation Incremental RB		5.50	%		07/01/2037		350		365,019
									2,435,369
Texas–7.07%
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, Education RB		5.00	%		06/15/2036		700		700,994
Guadalupe (County of) & Seguin (City of) Hospital Board of Managers; Series 2015, Ref. Hospital Mortgage RB		5.00	%		12/01/2021		450		475,920
Houston (City of) (United Airlines, Inc. Terminal E); Series 2014, Ref. Airport System RB(d)		4.75	%		07/01/2024		200		219,384
Mclendon-Chisholm (City of) (Sonoma Public Improvement Distribution Phase); Series 2015, Special Assessment RB		5.38	%		09/15/2035		450		451,589
Mission Economic Development Corp. (Natgasoline);
Series 2016 A, Sr. Lien RB(a)(d)		5.75	%		10/01/2031		1,000		1,041,770
Series 2016 B, Sr. Lien RB(a)(d)		5.75	%		10/01/2031		1,000		1,041,770
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. Retirement Facility RB		5.00	%		07/01/2036		1,500		1,534,785
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2017 A, Education RB(a)		3.63	%		08/15/2022		400		398,612
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. Retirement Facility RB		5.00	%		01/01/2023		500		544,400
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		492,900
Series 2016 B-2, TEMPS-50SM RB		3.00	%		11/15/2021		500		497,730
Port Beaumont Navigation District (Jefferson Energy Companies); Series 2016, Dock & Wharf Facility RB(a)(c)(d)		7.25	%		02/13/2020		2,000		2,078,340
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, Retirement Facility RB		6.75	%		11/15/2024		200		229,636

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

11                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Rowlett (City of) (Bayside Public Improvement District North Improvement Area); Series 2016, Special Assessment RB		4.90	%		09/15/2024	$	185	$	180,157
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living — Ventana);
Series 2017, TEMPS-50SM Retirement Facility RB		3.88	%		11/15/2022		750		751,057
Series 2017, TEMPS-65SM Retirement Facility RB		4.50	%		11/15/2023		750		757,552
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2017 A, Retirement Facility RB		6.00	%		02/15/2031		1,000		1,069,200
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, Education RB		5.00	%		08/15/2027		500		530,365
Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. & Improvement Hospital RB		5.38	%		11/01/2037		1,000		987,630
									13,983,791
Utah–1.70%
Salt Lake City (City of); Series 2017 A, Airport RB(d)(g)		5.00	%		07/01/2036		3,000		3,368,130
Washington–1.98%
Klickitat (County of) Public Hospital District No. 2 (Skyline Hospital); Series 2017, Ref. Hospital Improvement RB		4.00	%		12/01/2027		1,500		1,444,710
Washington (State of) Housing Finance Commission (Bayview Manor Senior);
Series 2016 A, Ref. RB(a)		5.00	%		07/01/2031		1,000		1,045,670
Series 2016 A, Ref. RB(a)		5.00	%		07/01/2036		710		732,897
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 B-2, TEMPS-65SM RB(a)		4.88	%		01/01/2022		195		195,086
Washington (State of) Housing Finance Commission (Wesley Homes at Lea Hill); Series 2016, Ref. Non-Profit RB(a)		3.20	%		07/01/2021		500		498,420
									3,916,783
West Virginia–1.39%
Harrison (County of) Commission (Charles Pointe No. 2); Series 2008 A, Ref. Tax Increment Allocation RB		6.50	%		06/01/2023		795		794,905
Monongalia (County of) Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. Excise Tax & Improvement RB(a)		4.50	%		06/01/2027		975		972,016
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		973,710
									2,740,631
Wisconsin–9.06%
Public Finance Authority (American Dream at Meadowlands);
Series 2017, Limited Obligation Grant RB(a)		6.25	%		08/01/2027		2,000		2,125,580
Series 2017, Limited Obligation Grant RB(a)		6.75	%		08/01/2031		500		539,945
Public Finance Authority (WhiteStone); Series 2017, Ref. Retirement Facility RB(a)		4.00	%		03/01/2027		930		983,289
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB		5.00	%		08/01/2027		500		528,035
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); Series 2017, Ref. RB		5.00	%		06/01/2028		1,205		1,295,965
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB(a)		6.25	%		10/01/2031		2,000		1,948,180
Wisconsin (State of) Public Finance Authority (Bancroft Neurohearlth);
Series 2016 A, RB(a)		5.00	%		06/01/2025		650		693,453
Series 2016 A, RB(a)		5.00	%		06/01/2026		1,005		1,067,692
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, Sr. RB(a)		5.75	%		11/01/2024		1,500		1,505,970
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB		7.00	%		06/01/2020		65		68,923
Wisconsin (State of) Public Finance Authority (Mary’s Woods at Marylhurst); Series 2017 A, Ref. TEMPS-85SM Senior Living RB(a)		3.95	%		11/15/2024		1,250		1,268,275
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 B, Ref. Special Facilities RB(a)(d)		6.00	%		06/01/2022		1,580		1,550,612

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

12                         Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00	%		12/01/2027	$	1,500	$	1,536,585
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, Higher Education Facility RB(a)		4.00	%		12/01/2021		1,320		1,300,081
Wisconsin Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB		3.50	%		08/01/2022		1,500		1,504,455
									17,917,040
TOTAL INVESTMENTS IN SECURITIES(j)–102.37% (Cost $200,518,227)									202,488,553
FLOATING RATE NOTE OBLIGATIONS–(1.77)%
Notes with interest and fee rates ranging from 1.67% to 1.86% at 02/28/2018 and contractual maturities of collateral ranging from 11/01/2023 to 07/01/2036 (See Note 1J)(k)									(3,500,000	)
OTHER ASSETS LESS LIABILITIES–(0.60)%									(1,181,148	)
NET ASSETS–100.00%								$	197,807,405

Investment Abbreviations:

AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
CAB	– Capital Appreciation Bonds
Conv.	– Convertible
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer

LIBOR	– London Interbank Offered Rate
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SGI	– Syncora Guarantee, Inc.

SIFMA	– Securities Industry and Financial Markets Association
Sr.	– Senior
TEMPS	– Tax-Exempt Mandatory Paydown Securities
USD	– U.S. Dollar
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, 2018 was $54,116,220, which represented 27.36% of the Fund’s Net Assets.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(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)  Zero coupon bond issued at a discount.

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

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

^(h)  Interest rate is redetermined periodically based on an auction conducted by the auction agent.

⁽ⁱ⁾  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.

^(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, 2018. At February 28, 2018, the Fund’s investments with a value of $5,733,375 are held by TOB Trusts and serve as collateral for the $3,500,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

as of February 28, 2018

Revenue Bonds	89.3	%
General Obligation Bonds	7.9
Pre-refunded Bonds	2.8

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
U.S. Treasury 5 Year Notes		24		June-2018	$	(8,523,328	)	$	2,143	$	2,143
U.S. Treasury 10 Year Notes		71		June-2018		(2,734,313	)		2,404		2,404
Total Futures Contracts — Interest Rate Risk								$	4,547	$	4,547

^(a)  Futures contracts collateralized by $100,000 cash held with Goldman Sachs & Co., the futures commission merchant.

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

13                         Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $200,518,227)	$	202,488,553
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		100,000
Cash		382,445
Receivable for:
Investments sold		6,164,969
Fund shares sold		1,133,917
Interest		2,275,772
Fund expenses absorbed		14,381
Investment for trustee deferred compensation and retirement plans		6,112
Other assets		46,142
Total assets		212,612,291
Liabilities:
Floating rate note obligations		3,500,000
Other investments:
Variation margin payable — futures contracts		20,000
Payable for:
Investments purchased		10,723,161
Dividends		4,071
Fund shares reacquired		425,811
Accrued fees to affiliates		78,384
Accrued trustees’ and officers’ fees and benefits		3,670
Accrued other operating expenses		43,677
Trustee deferred compensation and retirement plans		6,112
Total liabilities		14,804,886
Net assets applicable to shares outstanding	$	197,807,405
Net assets consist of:
Shares of beneficial interest	$	196,439,827
Undistributed net investment income		664,914
Undistributed net realized gain (loss)		(1,272,209	)
Net unrealized appreciation		1,974,873
	$	197,807,405

Net Assets:
Class A	$	91,491,842
Class C	$	46,069,049
Class Y	$	60,225,790
Class R5	$	10,519
Class R6	$	10,205
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,770,834
Class C		4,423,972
Class Y		5,768,375
Class R5		1,007
Class R6		977
Class A:
Net asset value per share	$	10.43
Maximum offering price per share
(Net asset value of $10.43 ¸ 97.50%)	$	10.70
Class C:
Net asset value and offering price per share	$	10.41
Class Y:
Net asset value and offering price per share	$	10.44
Class R5:
Net asset value and offering price per share	$	10.45
Class R6:
Net asset value and offering price per share	$	10.45

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

14                         Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Interest	$	3,565,440
Expenses:
Advisory fees		421,675
Administrative services fees		24,795
Custodian fees		3,406
Distribution fees:
Class A		101,920
Class C		203,928
Interest, facilities and maintenance fees		29,820
Transfer agent fees — Class A, C and Y		73,958
Transfer agent fees — R5		12
Transfer agent fees — R6		5
Trustees’ and officers’ fees and benefits		10,554
Registration and filing fees		66,518
Reports to shareholders		10,494
Professional services fees		31,334
Other		7,091
Total expenses		985,510
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(194,885	)
Net expenses		790,625
Net investment income		2,774,815
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(423,463	)
Futures contracts		286,914
		(136,549	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(756,740	)
Futures contracts		16,186
		(740,554	)
Net realized and unrealized gain (loss)		(877,103	)
Net increase in net assets resulting from operations	$	1,897,712

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

15                         Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	2,774,815		$	3,427,984
Net realized gain (loss)		(136,549	)		(1,103,063	)
Change in net unrealized appreciation (depreciation)		(740,554	)		702,728
Net increase in net assets resulting from operations		1,897,712			3,027,649
Distributions to shareholders from net investment income:
Class A		(1,353,469	)		(1,754,327	)
Class C		(523,968	)		(675,396	)
Class Y		(825,621	)		(624,884	)
Class R5		(443	)		(1,139	)
Class R6		(182	)		(150	)
Total distributions from net investment income		(2,703,683	)		(3,055,896	)
Share transactions–net:
Class A		18,451,980			31,759,587
Class C		11,136,810			14,709,195
Class Y		26,025,585			20,392,698
Class R5		(17,912	)		(33,857	)
Class R6		—			10,000
Net increase in net assets resulting from share transactions		55,596,463			66,837,623
Net increase in net assets		54,790,492			66,809,376
Net assets:
Beginning of period		143,016,913			76,207,537
End of period (includes undistributed net investment income of $664,914 and $593,782, respectively)	$	197,807,405		$	143,016,913

Notes to Financial Statements

February 28, 2018

(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 five different classes of shares: Class A, 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 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt

16                         Invesco Short Duration High Yield Municipal Fund

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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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 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 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 floating rate note obligations, if any.

17                         Invesco Short Duration High Yield Municipal Fund

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. 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 carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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.

18                         Invesco Short Duration High Yield Municipal Fund

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

K. 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $300 million		0.50%
Next $300 million		0.46%
Over $600 million		0.42%

For the six months ended February 28, 2018, 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 separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (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, 2018, 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, Class R5 and Class R6 shares to 0.79%, 1.54%, 0.54%, 0.54% and 0.54%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2018, the Adviser waived advisory fees of $120,910 and reimbursed class level expenses of $35,682, $17,848, $20,268, $12 and $5 of Class A, Class C, 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees.

19                         Invesco Short Duration High Yield Municipal 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 services 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, 2018, 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, 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 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. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $28,586 in front-end sales commissions from the sale of Class A shares and $11,812 and $861 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, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations	$	—	$	202,488,553	$	—	$	202,488,553
Other Investments — Assets*
Futures Contracts		4,547		—		—		4,547
Total Investments	$	4,547	$	202,488,553	$	—	$	202,493,100

* 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.

20                         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, 2018:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	4,547
Derivatives not subject to master netting agreements		(4,547	)
Total Derivative Assets subject to master netting agreements	$	—

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 28, 2018

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
	Interest Rate Risk
Realized Gain:
Futures contracts	$	286,914
Change in Net Unrealized Appreciation:
Futures contracts		16,186
Total	$	303,100

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

	Futures Contracts
Average notional value	$	8,234,609

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $160.

NOTE 6—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, 2018, the Fund engaged in securities purchases of $24,506,022 and securities sales of $21,555,660, which did not result in any net realized gains (losses).

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 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, 2018 were $3,071,429 and 1.96%, respectively.

21                         Invesco Short Duration High Yield Municipal Fund

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. 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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,132,129	$	—	$	1,132,129

* 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 Transactions

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, 2018 was $68,715,357 and $21,104,707, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	3,489,175
Aggregate unrealized (depreciation) of investments		(1,262,627	)
Net unrealized appreciation of investments	$	2,226,548

Cost of investments for tax purposes is $200,266,552.

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		3,419,213		$	35,850,335			6,098,649		$	62,554,873
Class C		1,711,936			17,929,417			2,704,207			27,954,467
Class Y		3,138,942			32,970,119			3,735,940			38,526,666
Class R6(b)		—			—			977			10,000
Issued as reinvestment of dividends:
Class A		105,208			1,101,619			140,267			1,445,350
Class C		44,843			468,747			59,535			611,914
Class Y		50,155			525,338			33,353			345,084
Class R5		21			215			16			149
Reacquired:
Class A		(1,764,539	)		(18,499,974	)		(3,148,153	)		(32,240,636	)
Class C		(693,658	)		(7,261,354	)		(1,353,267	)		(13,857,186	)
Class Y		(712,319	)		(7,469,872	)		(1,791,993	)		(18,479,052	)
Class R5		(1,725	)		(18,127	)		(3,246	)		(34,006	)
Net increase in share activity		5,298,077		$	55,596,463			6,476,285		$	66,837,623

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% 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)  Commencement date of April 4, 2017.

22                         Invesco Short Duration High Yield Municipal 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			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 02/28/18	$	10.47	$	0.18	$	(0.05	)	$	0.13	$	(0.17	)	$	10.43		1.28	%	$	91,492		0.83	%(d)		1.06	%(d)		0.79	%(d)		3.40	%(d)		13	%
Year ended 08/31/17		10.60		0.37		(0.16	)		0.21		(0.34	)		10.47		2.08			73,384		0.82			1.16			0.80			3.65			42
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 02/28/18		10.45		0.14		(0.05	)		0.09		(0.13	)		10.41		0.90			46,069		1.58	(d)		1.81	(d)		1.54	(d)		2.65	(d)		13
Year ended 08/31/17		10.58		0.30		(0.17	)		0.13		(0.26	)		10.45		1.32			35,114		1.57			1.91			1.55			2.90			42
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 02/28/18		10.48		0.19		(0.04	)		0.15		(0.19	)		10.44		1.40			60,226		0.58	(d)		0.81	(d)		0.54	(d)		3.65	(d)		13
Year ended 08/31/17		10.61		0.40		(0.16	)		0.24		(0.37	)		10.48		2.34			34,480		0.57			0.91			0.55			3.90			42
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 02/28/18		10.48		0.20		(0.04	)		0.16		(0.19	)		10.45		1.50			11		0.58	(d)		0.82	(d)		0.54	(d)		3.65	(d)		13
Year ended 08/31/17		10.61		0.40		(0.16	)		0.24		(0.37	)		10.48		2.34			28		0.57			0.92			0.55			3.90			42
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
Class R6
Six months ended 02/28/18		10.48		0.19		(0.03	)		0.16		(0.19	)		10.45		1.50			10		0.58	(d)		0.81	(d)		0.54	(d)		3.65	(d)		13
Year ended 08/31/17 (e)		10.24		0.17		0.22			0.39		(0.15	)		10.48		3.87			10		0.56	(f)		0.88	(f)		0.54	(f)		3.91	(f)		42

^(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 $82,212, $41,124, $46,697, $25 and $10 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e) Commencement date of September 30, 2015 for Class A, Class C, Class Y, and Class R5 shares and April 4, 2017 for Class R6 shares, respectively.

^(f)  Annualized.

23                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,012.80	$	4.14	$	1,020.68	$	4.16		0.83	%
C		1,000.00		1,009.00		7.87		1,016.96		7.90		1.58
Y		1,000.00		1,015.00		2.90		1,021.92		2.91		0.58
R5		1,000.00		1,015.00		2.90		1,021.92		2.91		0.58
R6		1,000.00		1,015.00		2.90		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, 2017 through February 28, 2018, 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.

24                         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 house-hold, 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             04192018 1023

	Semiannual Report to Shareholders	February 28, 2018
	Invesco Small Cap Discovery Fund Nasdaq: A:VASCX ∎ C: VCSCX ∎ Y: VISCX ∎ R5: VESCX ∎ R6: VFSCX

2 4 5 8 10 16 17	Fund Performance Letters to Shareholders Schedule of Investments Financial Statements Notes to Financial Statements Financial Highlights 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, 8/31/17 to 2/28/18, 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	10.24%
Class C Shares	9.76
Class Y Shares	10.27
Class R5 Shares	10.45
Class R6 Shares	10.42
S&P 500 Indexq (Broad Market Index)	10.84
Russell 2000 Growth Indexq (Style-Specific Index)	11.32
Lipper Small-Cap Growth Funds Index ∎ (Peer Group Index)	14.06
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 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (11/27/00)	4.99%
10 Years	7.77
5 Years	10.38
1 Year	12.07
Class C Shares
Inception (11/27/00)	4.56%
10 Years	7.59
5 Years	10.80
1 Year	16.71
Class Y Shares
Inception (2/2/06)	7.98%
10 Years	8.66
5 Years	11.90
1 Year	18.74
Class R5 Shares
10 Years	8.64%
5 Years	12.10
1 Year	19.08
Class R6 Shares
10 Years	8.66%
5 Years	12.14
1 Year	19.14

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.

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 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (11/27/00)	4.91%
10 Years	6.07
5 Years	11.28
1 Year	17.27
Class B Shares*
Inception (11/27/00)	4.90%
10 Years	6.56
5 Years	12.32
1 Year	19.12
Class C Shares
Inception (11/27/00)	4.49%
10 Years	5.89
5 Years	11.72
1 Year	22.37
Class Y Shares
Inception (2/2/06)	7.91%
10 Years	6.95
5 Years	12.86
1 Year	24.59
Class R5 Shares
10 Years	6.91%
5 Years	13.04
1 Year	24.77
Class R6 Shares
10 Years	6.93%
5 Years	13.09
1 Year	24.82
*  Effective January 26, 2018, Class B shares were converted to Class A shares.

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

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

Class Y, Class R5 and Class R6 shares was 1.40%, 1.40%, 2.14%, 1.15%, 0.95% and 0.91%, 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. Note: Effective January 26, 2018, Class B shares were converted to Class A shares. No CDSC was paid in connection with this early conversion. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                        IInvesco 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about

your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” 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, 2018

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.37%
Airlines–0.74%
Allegiant Travel Co.		26,160	$	4,350,408
Apparel Retail–1.19%
Burlington Stores, Inc.(b)		56,773		6,962,641
Application Software–9.77%
Fair Isaac Corp.		18,909		3,213,395
Globant S.A.(b)(c)		169,822		8,844,330
Guidewire Software Inc.(b)		131,959		10,598,947
HubSpot, Inc.(b)		101,244		11,243,146
SS&C Technologies Holdings, Inc.		197,309		9,770,742
Tyler Technologies, Inc.(b)		41,829		8,495,888
Ultimate Software Group, Inc. (The)(b)		20,939		4,993,114
				57,159,562
Auto Parts & Equipment–0.86%
Visteon Corp.(b)		40,831		5,056,511
Biotechnology–6.85%
Eagle Pharmaceuticals, Inc.(b)		82,172		4,613,136
Neurocrine Biosciences, Inc.(b)		131,046		11,064,214
Repligen Corp.(b)		159,855		5,481,428
Retrophin, Inc.(b)		222,811		5,574,731
Sage Therapeutics, Inc.(b)		36,264		5,851,559
Sarepta Therapeutics, Inc.(b)		77,728		4,878,986
TESARO, Inc.(b)		47,577		2,627,678
				40,091,732
Building Products–3.90%
A.O. Smith Corp.		55,394		3,555,741
American Woodmark Corp.(b)		57,377		7,367,207
Builders FirstSource, Inc.(b)		218,438		4,189,641
Masonite International Corp.(b)		78,229		4,775,880
Owens Corning		35,851		2,914,686
				22,803,155
Commodity Chemicals–0.82%
Methanex Corp. (Canada)		87,388		4,801,971
Communications Equipment–0.74%
ARRIS International PLC(b)		105,307		2,685,328
Ciena Corp.(b)		70,123		1,624,750
				4,310,078
Construction & Engineering–1.63%
Dycom Industries, Inc.(b)		44,855		4,899,960
Quanta Services, Inc.(b)		134,111		4,618,783
				9,518,743
Construction Materials–1.50%
Summit Materials, Inc.–Class A(b)		278,296		8,802,502

	Shares		Value
Data Processing & Outsourced Services–3.28%
Black Knight, Inc.(b)		141,505	$	6,742,713
Euronet Worldwide, Inc.(b)		42,115		3,574,300
ExlService Holdings, Inc.(b)		41,453		2,363,650
WNS (Holdings) Ltd.–ADR (India)(b)		145,401		6,543,045
				19,223,708
Distributors–0.81%
Pool Corp.		34,531		4,766,314
Diversified Chemicals–1.01%
Chemours Co. (The)		124,759		5,927,300
Education Services–2.02%
Bright Horizons Family Solutions Inc.(b)		61,695		5,896,191
Grand Canyon Education, Inc.(b)		60,232		5,911,771
				11,807,962
Electrical Components & Equipment–0.87%
Acuity Brands, Inc.		16,894		2,408,747
Generac Holdings, Inc.(b)		60,484		2,690,328
				5,099,075
Electronic Equipment & Instruments–0.66%
FLIR Systems, Inc.		78,124		3,835,888
Environmental & Facilities Services–0.33%
Casella Waste Systems, Inc.–Class A(b)		76,376		1,941,478
Financial Exchanges & Data–1.86%
MarketAxess Holdings, Inc.		53,817		10,892,561
Health Care Equipment–5.70%
DexCom Inc.(b)		87,842		4,931,450
Inogen, Inc.(b)		54,583		6,594,718
Integra LifeSciences Holdings Corp.(b)		124,493		6,564,516
LivaNova PLC(b)		55,931		5,019,248
Penumbra, Inc.(b)		81,144		8,779,780
Wright Medical Group N.V.(b)		72,417		1,473,686
				33,363,398
Health Care Facilities–0.76%
Acadia Healthcare Co., Inc.(b)		116,667		4,445,013
Health Care REITs–0.52%
Physicians Realty Trust		211,100		3,033,507
Health Care Services–0.84%
Premier, Inc.–Class A(b)		148,020		4,906,863
Health Care Technology–1.61%
Evolent Health, Inc.–Class A(b)(c)		226,767		3,322,137
Medidata Solutions, Inc.(b)		92,925		6,101,455
				9,423,592

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

5                         Invesco  Small Cap Discovery Fund

	Shares		Value
Home Entertainment Software–1.29%
Take-Two Interactive Software, Inc.(b)		67,730	$	7,576,955
Homebuilding–0.87%
TopBuild Corp.(b)		73,390		5,110,880
Human Resource & Employment Services–1.91%
Korn/Ferry International		107,663		4,512,156
On Assignment, Inc.(b)		87,291		6,694,347
				11,206,503
Industrial Machinery–1.67%
EnPro Industries, Inc.		73,385		5,317,477
Woodward, Inc.		62,728		4,443,024
				9,760,501
Insurance Brokers–1.03%
Brown & Brown, Inc.		114,997		6,053,442
Internet Software & Services–5.63%
2U, Inc.(b)		45,900		3,799,602
CoStar Group Inc.(b)		33,049		11,307,054
GoDaddy, Inc.–Class A(b)		118,723		7,100,823
LogMeIn, Inc.		48,264		5,576,905
Q2 Holdings, Inc.(b)		112,961		5,145,374
				32,929,758
Investment Banking & Brokerage–1.90%
E*TRADE Financial Corp.(b)		213,116		11,131,049
IT Consulting & Other Services–3.09%
EPAM Systems, Inc.(b)		80,244		9,077,201
InterXion Holding N.V. (Netherlands)(b)		159,988		9,007,325
				18,084,526
Leisure Facilities–0.88%
Planet Fitness, Inc.–Class A(b)		139,261		5,149,872
Leisure Products–0.72%
Brunswick Corp.		73,928		4,228,682
Life Sciences Tools & Services–2.32%
Bio-Techne Corp.		45,949		6,494,432
Syneos Health, Inc.(b)		169,234		7,090,904
				13,585,336
Managed Health Care–1.99%
HealthEquity, Inc.(b)		202,320		11,649,586
Metal & Glass Containers–0.96%
Berry Global Group, Inc.(b)		103,457		5,628,061
Movies & Entertainment–1.63%
Cinemark Holdings, Inc.		142,234		6,053,479
Lions Gate Entertainment Corp.–Class A(b)		62,658		1,769,462
Lions Gate Entertainment Corp.–Class B(b)		62,885		1,687,833
				9,510,774

	Shares		Value
Office Services & Supplies–0.68%
Steelcase Inc.–Class A		291,522	$	3,979,275
Oil & Gas Drilling–0.70%
Patterson-UTI Energy, Inc.		227,858		4,117,394
Oil & Gas Exploration & Production–1.66%
Centennial Resource Development, Inc.– Class A(b)		342,032		6,525,971
Diamondback Energy Inc.(b)		25,464		3,173,833
				9,699,804
Packaged Foods & Meats–1.94%
Hostess Brands, Inc.(b)		380,570		4,658,177
Pinnacle Foods Inc.		124,148		6,699,026
				11,357,203
Pharmaceuticals–2.34%
Aerie Pharmaceuticals, Inc.(b)		67,088		3,431,551
Impax Laboratories, Inc.(b)		281,105		5,734,542
Nektar Therapeutics(b)		18,228		1,577,816
Pacira Pharmaceuticals, Inc.(b)		94,181		2,947,865
				13,691,774
Property & Casualty Insurance–0.49%
Selective Insurance Group, Inc.		50,182		2,852,847
Railroads–1.40%
Genesee & Wyoming Inc.–Class A(b)		117,987		8,203,636
Regional Banks–3.13%
Sterling Bancorp		261,565		6,081,386
Webster Financial Corp.		92,543		5,050,997
Western Alliance Bancorp(b)		122,889		7,184,091
				18,316,474
Restaurants–2.30%
Jack in the Box Inc.		34,022		3,064,702
Texas Roadhouse, Inc.		105,426		5,825,841
Wingstop Inc.		100,936		4,573,410
				13,463,953
Semiconductor Equipment–1.77%
Entegris, Inc.		146,281		4,856,529
MKS Instruments, Inc.		49,583		5,521,067
				10,377,596
Semiconductors–3.19%
MACOM Technology Solutions Holdings, Inc.(b)(c)		119,377		2,547,505
Microsemi Corp.(b)		116,574		7,565,653
Qorvo, Inc.(b)		46,000		3,712,660
Silicon Laboratories Inc.(b)		51,560		4,820,860
				18,646,678
Specialty Chemicals–1.89%
PolyOne Corp.		133,891		5,531,037
Venator Materials PLC(b)		287,591		5,504,492
				11,035,529

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

6                         Invesco  Small Cap Discovery Fund

	Shares		Value
Specialty Stores–1.02%
Five Below, Inc.(b)		89,356	$	5,973,449
Trading Companies & Distributors–1.70%
BMC Stock Holdings, Inc.(b)		250,970		4,705,687
WESCO International, Inc.(b)		84,695		5,272,264
				9,977,951
Total Common Stocks & Other Equity Interests (Cost $417,207,033)				575,823,450
Money Market Funds–1.49%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(d)		3,056,816		3,056,816
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(d)		2,182,687		2,182,905
Invesco Treasury Portfolio–Institutional Class, 1.29%(d)		3,493,503		3,493,503
Total Money Market Funds (Cost $8,733,229)				8,733,224
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.86% (Cost $425,940,262)				584,556,674

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Fund–1.23%
Invesco Government & Agency Portfolio–Institutional Class, 1.30% (Cost $7,207,368)(d)(e)		7,207,368	$	7,207,368
TOTAL INVESTMENTS IN SECURITIES–101.09% (Cost $433,147,630)				591,764,042
OTHER ASSETS LESS LIABILITIES–(1.09)%				(6,397,302	)
NET ASSETS–100.00%			$	585,366,740

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, 2018.

^(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, 2018.

^(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, 2018

Information Technology	29.4	%
Health Care	22.4
Industrials	14.8
Consumer Discretionary	12.3
Financials	8.4
Materials	6.2
Energy	2.4
Consumer Staples	2.0
Real Estate	0.5
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.

7                         Invesco  Small Cap Discovery Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $417,207,033)*	$	575,823,450
Investments in affiliated money market funds, at value (Cost $15,940,597)		15,940,592
Receivable for:
Investments sold		2,400,481
Fund shares sold		414,303
Dividends		153,639
Investment for trustee deferred compensation and retirement plans		122,110
Other assets		45,568
Total assets		594,900,143
Liabilities:
Payable for:
Investments purchased		1,017,313
Collateral upon return of securities loaned		7,207,368
Fund shares reacquired		685,202
Accrued fees to affiliates		385,432
Accrued trustees’ and officers’ fees and benefits		4,446
Accrued other operating expenses		97,850
Trustee deferred compensation and retirement plans		135,792
Total liabilities		9,533,403
Net assets applicable to shares outstanding	$	585,366,740
Net assets consist of:
Shares of beneficial interest	$	406,071,905
Undistributed net investment income (loss)		(5,889,987	)
Undistributed net realized gain		26,568,410
Net unrealized appreciation		158,616,412
	$	585,366,740

Net Assets:
Class A	$	343,689,286
Class C	$	37,379,170
Class Y	$	95,307,313
Class R5	$	22,639,389
Class R6	$	86,351,582
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		34,873,114
Class C		5,053,414
Class Y		9,103,469
Class R5		2,134,437
Class R6		8,117,438
Class A:
Net asset value per share	$	9.86
Maximum offering price per share
(Net asset value of $9.86 ¸ 94.50%)	$	10.43
Class C:
Net asset value and offering price per share	$	7.40
Class Y:
Net asset value and offering price per share	$	10.47
Class R5:
Net asset value and offering price per share	$	10.61
Class R6:
Net asset value and offering price per share	$	10.64

* At February 28, 2018, securities with an aggregate value of $7,049,416 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, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $12,011)	$	1,430,774
Dividends from affiliated money market funds (includes securities lending income of $36,059)		104,983
Total investment income		1,535,757
Expenses:
Advisory fees		2,335,889
Administrative services fees		79,777
Custodian fees		12,589
Distribution fees:
Class A		438,767
Class B		2,017
Class C		189,793
Transfer agent fees — A, B, C and Y		586,683
Transfer agent fees — R5		10,973
Transfer agent fees — R6		3,395
Trustees’ and officers’ fees and benefits		13,852
Registration and filing fees		48,471
Reports to shareholders		61,366
Professional services fees		43,004
Other		14,246
Total expenses		3,840,822
Less: Fees waived and expense offset arrangement(s)		(11,390	)
Net expenses		3,829,432
Net investment income (loss)		(2,293,675	)
Realized and unrealized gain from:
Net realized gain from investment securities		43,056,154
Change in net unrealized appreciation of investment securities		17,313,710
Net realized and unrealized gain		60,369,864
Net increase in net assets resulting from operations	$	58,076,189

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, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income (loss)	$	(2,293,675	)	$	(5,022,238	)
Net realized gain		43,056,154			93,498,857
Change in net unrealized appreciation		17,313,710			6,346,476
Net increase in net assets resulting from operations		58,076,189			94,823,095
Distributions to shareholders from net realized gains:
Class A		(48,027,881	)		(7,685,697	)
Class B		(291,638	)		(83,899	)
Class C		(6,961,590	)		(1,025,595	)
Class Y		(13,692,566	)		(1,366,323	)
Class R5		(3,141,297	)		(30,682	)
Class R6		(9,838,633	)		(1,314,143	)
Total distributions from net realized gains		(81,953,605	)		(11,506,339	)
Share transactions–net:
Class A		6,177,843			(140,510,193	)
Class B		(2,229,770	)		(2,775,160	)
Class C		1,991,203			(13,962,461	)
Class Y		2,633,038			9,064,509
Class R5		279,555			20,028,083
Class R6		12,851,916			(8,950,372	)
Net increase (decrease) in net assets resulting from share transactions		21,703,785			(137,105,594	)
Net increase (decrease) in net assets		(2,173,631	)		(53,788,838	)
Net assets:
Beginning of period		587,540,371			641,329,209
End of period (includes undistributed net investment income (loss) of $(5,889,987) and $(3,596,312), respectively)	$	585,366,740		$	587,540,371

Notes to Financial Statements

February 28, 2018

(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 five different classes of shares: Class A, 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 were permitted to continue to reinvest dividends and capital gains distributions in Class B shares until their conversion to Class A shares. Also, shareholders in Class B shares were able to exchange those shares for Class B shares of other Invesco Funds offering such shares until they converted to Class A shares. Generally, Class B shares automatically converted to Class A shares on or about the month-end, which was at least eight years after the date of purchase. Redemptions of Class B shares prior to conversion date were subject to a CDSC. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.80%
Next $500 million		0.75%
Over $1 billion		0.70%

12                         Invesco  Small Cap Discovery Fund

For the six months ended February 28, 2018, 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, 2018, 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, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). Prior to their conversion to Class A shares, the expense limit for Class B shares was 2.75% of average daily net assets. 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers 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, 2019, 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, 2018, the Adviser waived advisory fees of $7,919.

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, 2018, 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 services 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, 2018, 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 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% of and Class C average daily net assets. Prior to their conversion to Class A shares, the Fund incurred annual fees of up to 1.00% of Class B average daily net assets. The fees are accrued daily and paid monthly.

With respect to 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 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $24,132 in front-end sales commissions from the sale of Class A shares and $1,189 and $990 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the six months ended February 28, 2018, the Fund incurred $7,258 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, 2018, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,471.

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, 2017.

NOTE 8—Investment Transactions

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, 2018 was $107,828,611 and $165,474,408, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	174,997,054
Aggregate unrealized (depreciation) of investments		(17,760,294	)
Net unrealized appreciation of investments	$	157,236,760

Cost of investments for tax purposes is $434,527,282.

14                         Invesco  Small Cap Discovery Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		2,240,502		$	23,179,779			6,225,171		$	59,749,548
Class B(b)		920			8,474			6,621			55,777
Class C		466,127			3,842,895			630,097			4,848,036
Class Y		1,996,586			22,539,600			6,248,045			62,920,404
Class R5		241,920			2,635,823			2,228,085			23,318,985
Class R6		1,926,472			21,287,037			2,358,441			24,319,898
Issued as reinvestment of dividends:
Class A		4,935,800			47,038,178			813,772			7,470,426
Class B(b)		35,283			286,498			10,309			82,579
Class C		926,228			6,641,055			135,218			983,032
Class Y		1,252,407			12,674,363			133,242			1,284,455
Class R5		306,338			3,139,965			3,138			30,531
Class R6		954,071			9,807,849			134,768			1,313,991
Conversion of Class B shares to Class A shares:(c)
Class A		161,561			1,659,234			202,667			1,968,302
Class B		(189,455	)		(1,659,234	)		(232,156	)		(1,968,302	)
Reacquired:
Class A		(6,296,319	)		(65,699,348	)		(21,945,832	)		(209,698,469	)
Class B(b)		(96,249	)		(865,508	)		(114,813	)		(945,214	)
Class C		(1,069,746	)		(8,492,747	)		(2,614,552	)		(19,793,529	)
Class Y		(2,961,168	)		(32,580,925	)		(5,488,309	)		(55,140,350	)
Class R5		(509,141	)		(5,496,233	)		(313,297	)		(3,321,433	)
Class R6		(1,624,254	)		(18,242,970	)		(3,279,087	)		(34,584,261	)
Net increase (decrease) in share activity		2,697,883		$	21,703,785			(14,858,472	)	$	(137,105,594	)

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

^(b)  Class B shares activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(c)  Effective as of the close of business January 26, 2018, all outstanding Class B shares were converted to Class A shares.

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		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 02/28/18	$	10.38	$	(0.04	)(d)	$	1.05		$	1.01		$	(1.53	)	$	9.86		10.24	%	$	343,689		1.37	%(e)		1.37	%(e)		(0.85	)%(d)(e)		18	%
Year ended 08/31/17		9.05		(0.08	)		1.58			1.50			(0.17	)		10.38		16.87			351,214		1.39			1.39			(0.88	)		39
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
Class B
Six months ended 02/28/18(f)		9.06		(0.03	)(d)		1.25			1.22			(1.53	)		8.75		14.77	(g)		—		1.37	(e)(g)		1.37	(e)(g)		(0.85	)(d)(e)(g)		18
Year ended 08/31/17		7.92		(0.07	)		1.38			1.31			(0.17	)		9.06		16.87	(g)		2,260		1.39	(g)		1.39	(g)		(0.88	)(g)		39
Year ended 08/31/16		9.46		(0.07	)		(0.02	)		(0.09	)		(1.45	)		7.92		(0.57	)(g)		4,587		1.36	(g)		1.37	(g)		(0.89	)(g)		39
Year ended 08/31/15		10.75		(0.08	)		0.54			0.46			(1.75	)		9.46		5.19	(g)		7,715		1.32	(g)		1.32	(g)		(0.85	)(g)		63
Year ended 08/31/14		11.25		(0.09	)		1.48			1.39			(1.89	)		10.75		13.11	(g)		10,216		1.32	(g)		1.32	(g)		(0.85	)(g)		79
Year ended 08/31/13		10.09		(0.07	)		2.36			2.29			(1.13	)		11.25		25.34	(g)		12,554		1.32	(g)		1.33	(g)		(0.72	)(g)		70
Class C
Six months ended 02/28/18		8.18		(0.06	)(d)		0.81			0.75			(1.53	)		7.40		9.76	(h)		37,379		2.10	(e)(h)		2.10	(e)(h)		(1.58	)(d)(e)(h)		18
Year ended 08/31/17		7.21		(0.12	)		1.26			1.14			(0.17	)		8.18		16.16	(h)		38,679		2.13	(h)		2.13	(h)		(1.62	)(h)		39
Year ended 08/31/16		8.81		(0.12	)		(0.03	)		(0.15	)		(1.45	)		7.21		(1.39	)(h)		47,459		2.08	(h)		2.09	(h)		(1.61	)(h)		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
Class Y
Six months ended 02/28/18		10.93		(0.03	)(d)		1.10			1.07			(1.53	)		10.47		10.27			95,307		1.12	(e)		1.12	(e)		(0.60	)(d)(e)		18
Year ended 08/31/17		9.49		(0.06	)		1.67			1.61			(0.17	)		10.93		17.25			96,321		1.14			1.14			(0.63	)		39
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
Class R5
Six months ended 02/28/18		11.04		(0.02	)(d)		1.12			1.10			(1.53	)		10.61		10.45			22,639		0.98	(e)		0.98	(e)		(0.46	)(d)(e)		18
Year ended 08/31/17		9.57		(0.05	)		1.69			1.64			(0.17	)		11.04		17.42			23,137		0.94			0.94			(0.43	)		39
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(i)		11.48		(0.04	)		2.21			2.17			(1.13	)		12.52		21.25			44,037		0.93	(j)		0.94	(j)		(0.33	)(j)		70
Class R6
Six months ended 02/28/18		11.07		(0.02	)(d)		1.12			1.10			(1.53	)		10.64		10.42			86,352		0.89	(e)		0.89	(e)		(0.37	)(d)(e)		18
Year ended 08/31/17		9.59		(0.04	)		1.69			1.65			(0.17	)		11.07		17.49			75,929		0.90			0.90			(0.39	)		39
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(i)		11.48		(0.03	)		2.20			2.17			(1.13	)		12.52		21.25			68,425		0.83	(j)		0.84	(j)		(0.23	)(j)		70

^(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)  Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the six-month ended February 28, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $(0.05) and (0.90)%, $(0.04) and (0.90)%, $(0.07) and (1.63)%, $(0.04) and (0.65)%, $(0.03) and (0.51)%, $(0.03) and (0.42)% for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $353,940, $1,994, $39,219, $97,711, $23,908 and $78,324 and for Class A, Class B, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Reflects activity for the period September 1, 2017 through January 26, 2018 (date of conversion).

^(g)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets, for Class B shares, reflect actual 12b-1 fees of 0.25% for the six months ended February 28, 2018 and for each of the years ended August 31, 2017, 2016, 2015, 2014, and 2013, respectively.

^(h)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets, for Class C shares, reflect actual 12b-1 fees of 0.98%, 0.99% and 0.97% for the six months ended February 28, 2018 for the years ended August 31, 2017 and August 31, 2016, respectively.

⁽ⁱ⁾  Commencement date of September 24, 2012 for Class R5 and Class R6 shares, respectively.

^(j)  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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,102.40	$	7.14	$	1,018.00	$	6.85		1.37	%
C		1,000.00		1,097.60		10.92		1,014.38		10.49		2.10
Y		1,000.00		1,102.70		5.84		1,019.24		5.61		1.12
R5		1,000.00		1,104.50		5.11		1,019.93		4.91		0.98
R6		1,000.00		1,104.20		4.64		1,020.38		4.46		0.89

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2017 through February 28, 2018, 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             04052018 1211

	Semiannual Report to Shareholders	February 28, 2018
	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
14	Financial Statements
16	Notes to Financial Statements
23	Financial Highlights
24	Fund Expenses
For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data provided by Invesco. This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/17 to 2/28/18, 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	0.40	%
Class C Shares	-0.08
Class R Shares	0.27
Class Y Shares	0.42
Class R5 Shares	0.42
Class R6 Shares	0.42
ICE BofAML Current 10-Year US Treasury Index▼ (Broad Market Index)	-5.47
Custom Invesco Strategic Real Return Index∎ (Style-Specific Index)	0.51
Lipper Inflation Protected Bond Funds Index◆ (Peer Group Index)	-0.82
Source(s): ▼Bloomberg L.P.; ∎Invesco, Bloomberg LP, FactSet Research Systems Inc., RIMES Technologies Corp.; ◆Lipper Inc.

The ICE BofAML Current 10-Year US Treasury Index is composed of the most recently issued 10-year US Treasury note.

    The Custom Invesco Strategic Real Return Index consists of 45% ICE BofAML

US Inflation-Linked Treasury Index, 30% S&P/LSTA Leveraged Loan Total Return Index and 25% ICE BofAML 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 ICE BofAML 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 ICE BofAML US High Yield Constrained Index tracks the performance of US dollar-denominated below-investment-grade corporate debt publicly issued in the US.

    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.

    CE Data Indices and its affiliates (ICE BofAML) indices and related information, the name “ICE BofAML“ and related trademarks, are intellectual property licensed from ICE BofAML, and may not be copied, used or distributed without ICE 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 ICE BofAML. ICE 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. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” 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 2/28/18, including maximum applicable sales charges
Class A Shares
Inception (4/30/14)	1.52	%
1 Year	-0.89
Class C Shares
Inception (4/30/14)	1.42	%
1 Year	-0.08
Class R Shares
Inception (4/30/14)	1.95	%
1 Year	1.40
Class Y Shares
Inception (4/30/14)	2.45	%
1 Year	1.91
Class R5 Shares
Inception (4/30/14)	2.45	%
1 Year	1.91
Class R6 Shares
Inception (4/30/14)	2.45	%
1 Year	1.81

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 2.03%, 2.78%, 2.28%, 1.78%, 1.74% and 1.74%, respectively.¹

    The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred

Average Annual Total Returns
As of 12/31/17, the most recent calendar quarter end, including maximum applicable sales charges
Class A Shares
Inception (4/30/14)	1.82	%
1 Year	1.51
Class C Shares
Inception (4/30/14)	1.75	%
1 Year	2.38
Class R Shares
Inception (4/30/14)	2.28	%
1 Year	4.00
Class Y Shares
Inception (4/30/14)	2.78	%
1 Year	4.42
Class R5 Shares
Inception (4/30/14)	2.78	%
1 Year	4.42
Class R6 Shares
Inception (4/30/14)	2.78	%
1 Year	4.42

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 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.22%.

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, 2018. See current prospectus for more information.

3 Total annual Fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through at least June 30, 2019. 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 a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including

performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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, 2018

(Unaudited)

	Principal Amount		Value
U.S. Treasury Securities–44.81%
U.S. Treasury Bills–0.01%
1.59%, 07/26/2018(b)(c)	$	3,000	$	2,978
U.S. Treasury Inflation — Indexed Notes–30.51%(d)
0.13%, 04/15/2019		605,489		606,092
1.88%, 07/15/2019		195,820		201,772
1.38%, 01/15/2020		252,633		258,691
0.13%, 04/15/2020		601,004		599,193
1.25%, 07/15/2020		423,007		435,027
1.13%, 01/15/2021		469,613		480,706
0.13%, 04/15/2021		527,371		522,721
0.63%, 07/15/2021		448,576		453,778
0.13%, 01/15/2022		519,776		513,507
0.13%, 04/15/2022		513,444		505,459
0.13%, 07/15/2022		508,469		502,694
0.13%, 01/15/2023		496,216		486,974
0.38%, 07/15/2023		493,278		490,678
0.63%, 01/15/2024		501,976		503,316
0.13%, 07/15/2024		485,486		472,461
0.25%, 01/15/2025		485,840		472,843
0.38%, 07/15/2025		483,717		474,983
0.63%, 01/15/2026		500,263		497,581
0.13%, 07/15/2026		432,167		412,772
0.38%, 01/15/2027		443,997		430,093
0.38%, 07/15/2027		425,397		412,406
0.50%, 01/15/2028		167,308		163,365
				9,897,112
U.S. Treasury Inflation — Indexed Bonds–14.29%(d)
2.38%, 01/15/2025		424,273		473,787
2.00%, 01/15/2026		292,390		321,555
2.38%, 01/15/2027		237,770		271,372
1.75%, 01/15/2028		213,937		234,228
3.63%, 04/15/2028		297,987		381,038
2.50%, 01/15/2029		187,854		221,787
3.88%, 04/15/2029		333,218		442,272
3.38%, 04/15/2032		75,556		101,254
2.13%, 02/15/2040		199,491		248,396
2.13%, 02/15/2041		307,893		385,390
0.75%, 02/15/2042		286,833		274,623
0.63%, 02/15/2043		284,583		263,442
1.38%, 02/15/2044		278,413		304,148
0.75%, 02/15/2045		274,040		259,144
1.00%, 02/15/2046		236,415		237,503
0.88%, 02/15/2047		220,392		214,265
				4,634,204
Total U.S. Treasury Securities (Cost $14,756,157)				14,534,294

	Shares		Value
Common Stocks–30.07%
Fixed-Income Funds–30.07%
Invesco Floating Rate Fund–Class R6 (Cost $9,935,839) (e)		1,284,841	$	9,751,947
	Principal Amount
Bonds & Notes–21.60%
Advertising–0.11%
Lamar Media Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2026	$	33,000		34,279
Aerospace & Defense–0.54%
Arconic Inc., Sr. Unsec. Global Notes, 5.13%, 10/01/2024		50,000		51,718
Bombardier Inc. (Canada),
Sr. Unsec. Notes, 6.13%, 01/15/2023(f)		24,000		24,180
7.50%, 03/15/2025(f)		19,000		19,594
KLX Inc., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2022(f)		17,000		17,574
Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/2022(f)		12,000		12,390
TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.50%, 07/15/2024		4,000		4,135
6.50%, 05/15/2025		44,000		45,210
				174,801
Agricultural & Farm Machinery–0.09%
Titan International, Inc., Sr. Sec. Gtd. First Lien Notes, 6.50%, 11/30/2023(f)		30,000		30,675
Air Freight & Logistics–0.03%
XPO Logistics, Inc., Sr. Unsec. Gtd. Notes, 6.50%, 06/15/2022(f)		8,000		8,344
Alternative Carriers–0.23%
CenturyLink, Inc.,
Series S, Sr. Unsec. Notes, 6.45%, 06/15/2021		18,000		18,495
Series Y, Sr. Unsec. Global Notes, 7.50%, 04/01/2024		24,000		24,180
Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/2026		14,000		13,510
5.38%, 05/01/2025		19,000		18,905
				75,090
Aluminum–0.10%
Novelis Corp., Sr. Unsec. Gtd. Notes, 6.25%, 08/15/2024(f)		31,000		31,775
Apparel Retail–0.26%
Hot Topic, Inc., Sr. Sec. Gtd. First Lien Notes, 9.25%, 06/15/2021(f)		25,000		24,875

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

5                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Apparel Retail–(continued)
L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/2022	$	46,000	$	48,070
6.75%, 07/01/2036		2,000		1,970
6.88%, 11/01/2035		8,000		8,028
				82,943
Asset Management & Custody Banks–0.15%
Prime Security Services Borrower, LLC/Prime Finance, Inc., Sec. Gtd. Second Lien Notes, 9.25%, 05/15/2023(f)		44,000		48,015
Auto Parts & Equipment–0.27%
Dana Financing Luxembourg S.a.r.l., Sr. Unsec. Gtd. Notes, 5.75%, 04/15/2025(f)		30,000		30,806
Delphi Technologies PLC, Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(f)		15,000		14,911
Flexi-Van Leasing, Inc., Sec. Second Lien Notes, 10.00%, 02/15/2023(f)		2,000		1,995
Hertz Corp. (The), Sec. Gtd. Second Lien Notes, 7.63%, 06/01/2022(f)		12,000		12,390
Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/2024		25,000		25,875
				85,977
Automotive Retail–0.21%
Lithia Motors, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 08/01/2025(f)		7,000		7,140
Murphy Oil USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/2027		42,000		42,997
Penske Automotive Group Inc., Sr. Unsec. Sub. Gtd. Notes, 5.50%, 05/15/2026		19,000		19,000
				69,137
Broadcasting–0.60%
AMC Networks Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 04/01/2024		38,000		38,190
Clear Channel Worldwide Holdings, Inc.,
Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/2022		14,000		14,455
Sr. Unsec. Gtd. Sub. Global Notes, 7.63%, 03/15/2020		23,000		23,058
Liberty Interactive LLC, Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023(f)(g)		25,000		28,913
3.50%, 01/15/2031		50,000		29,412
Netflix, Inc., Sr. Unsec. Global Notes, 5.75%, 03/01/2024		18,000		18,968
Nexstar Broadcasting, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/2024(f)		16,000		16,120
Tribune Media Co., Sr. Unsec. Gtd. Global Notes, 5.88%, 07/15/2022		26,000		26,650
				195,766
Building Products–0.15%
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/2021		19,000		19,271

	Principal Amount		Value
Building Products–(continued)
Standard Industries Inc., Sr. Unsec. Notes, 5.00%, 02/15/2027(f)	$	12,000	$	11,925
6.00%, 10/15/2025(f)		17,000		18,041
				49,237
Cable & Satellite–1.95%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec. Global Notes, 5.75%, 09/01/2023		20,000		20,450
Sr. Unsec. Notes, 5.75%, 02/15/2026(f)		61,000		61,991
CSC Holdings LLC, Sr. Unsec. Global Notes, 6.75%, 11/15/2021		65,000		68,534
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 11/15/2024		94,000		88,243
DISH Network Corp., Sr. Unsec. Conv. Bonds, 3.38%, 08/15/2026		100,000		100,856
Intelsat Jackson Holdings S.A. (Luxembourg),
Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/2023		16,000		13,280
Sr. Unsec. Gtd. Global Notes, 7.25%, 10/15/2020		34,000		31,833
7.50%, 04/01/2021		10,000		9,131
Sirius XM Radio Inc., Sr. Unsec. Gtd. Notes, 5.38%, 07/15/2026(f)		23,000		23,345
6.00%, 07/15/2024(f)		15,000		15,750
Virgin Media Bristol LLC (United Kingdom), Sr. Sec. Gtd. First Lien Notes, 5.50%, 08/15/2026(f)		200,000		198,480
				631,893
Casinos & Gaming–0.59%
Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 04/01/2026		16,000		16,860
6.88%, 05/15/2023		24,000		25,410
MGM Resorts International, Sr. Unsec. Gtd. Notes, 4.63%, 09/01/2026		17,000		16,702
7.75%, 03/15/2022		40,000		44,700
Pinnacle Entertainment, Inc., Sr. Unsec. Global Notes, 5.63%, 05/01/2024		25,000		26,513
Scientific Games International Inc., Sr. Unsec. Gtd. Global Notes, 10.00%, 12/01/2022		24,000		26,118
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Sr. Unsec. Gtd. Notes, 5.25%, 05/15/2027(f)		7,000		6,886
5.50%, 03/01/2025(f)		28,000		28,455
				191,644
Coal & Consumable Fuels–0.04%
SunCoke Energy Partners, L.P./ SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.50%, 06/15/2025(f)		13,000		13,618

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

6                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Commodity Chemicals–0.17%
Koppers Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2025(f)	$	32,000	$	33,200
Valvoline Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2024		22,000		22,742
				55,942
Communications Equipment–0.26%
CommScope Technologies LLC, Sr. Unsec. Gtd. Notes, 6.00%, 06/15/2025(f)		33,000		34,248
Hughes Satellite Systems Corp.,
Sr. Sec. Gtd. First Lien Global Notes, 5.25%, 08/01/2026		31,000		30,341
Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/2021		17,000		18,360
				82,949
Construction & Engineering–0.07%
AECOM, Sr. Unsec. Gtd. Global Notes, 5.13%, 03/15/2027		23,000		22,332
Construction Machinery & Heavy Trucks–0.42%
Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/2024		50,000		52,250
Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/2025		58,000		60,772
Terex Corp., Sr. Unsec. Gtd. Notes, 5.63%, 02/01/2025(f)		23,000		23,259
				136,281
Consumer Finance–0.36%
Ally Financial Inc.,
Sr. Unsec. Global Notes, 4.63%, 03/30/2025		10,000		10,088
5.13%, 09/30/2024		45,000		46,800
Sr. Unsec. Gtd. Global Notes, 8.00%, 03/15/2020		15,000		16,275
Discover Financial Services, Inc., Series C, Jr. Unsec. Sub. Global Notes, 5.50%(h)		11,000		11,055
Navient Corp., Sr. Unsec. Medium-Term Notes, 7.25%, 01/25/2022		10,000		10,749
8.00%, 03/25/2020		20,000		21,475
				116,442
Copper–0.19%
First Quantum Minerals Ltd. (Zambia), Sr. Unsec. Gtd. Notes, 7.00%, 02/15/2021(f)		25,000		25,828
Freeport-McMoRan Inc., Sr. Unsec. Gtd. Global Notes, 5.40%, 11/14/2034		37,000		36,168
				61,996
Data Processing & Outsourced Services–0.26%
First Data Corp.,
Sr. Sec. Gtd. First Lien Notes, 5.00%, 01/15/2024(f)		8,000		8,080
Sr. Unsec. Gtd. Notes, 7.00%, 12/01/2023(f)		71,000		74,816
				82,896

	Principal Amount		Value
Diversified Banks–0.21%
Bank of America Corp., Series K, Jr. Unsec. Sub. Global Variable Rate Notes, 5.40% (3 mo. USD LIBOR + 3.63%)(h)(i)	$	11,000	$	11,030
JPMorgan Chase & Co., Series I, Jr. Unsec. Sub. Global Notes, 7.90%(h)		10,000		10,115
Royal Bank of Scotland Group PLC (United Kingdom), Unsec. Sub. Global Notes, 6.00%, 12/19/2023		45,000		48,105
				69,250
Diversified Chemicals–0.19%
Chemours Co. (The), Sr. Unsec. Gtd. Global Notes, 6.63%, 05/15/2023		30,000		31,687
7.00%, 05/15/2025		21,000		22,733
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 09/01/2025(f)		8,000		8,110
				62,530
Diversified Metals & Mining–0.13%
HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 7.63%, 01/15/2025(f)		16,000		17,480
Teck Resources Ltd. (Canada),
Sr. Unsec. Gtd. Global Notes, 4.75%, 01/15/2022		9,000		9,180
Sr. Unsec. Notes, 6.13%, 10/01/2035		13,000		14,203
				40,863
Diversified REITs–0.06%
CyrusOne L.P./CyrusOne Finance Corp.,
Sr. Unsec. Gtd. Global Notes, 5.00%, 03/15/2024		9,000		9,090
5.38%, 03/15/2027		9,000		9,045
				18,135
Diversified Support Services–0.03%
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, Sr. Unsec. Gtd. Notes, 6.38%, 08/01/2023(f)		10,000		10,075
Electric Utilities–0.14%
NextEra Energy Capital Holdings Inc., Series K, Jr. Unsec. Gtd. Sub. Deb. Investment Units, 5.25%, 06/01/2076		1,500		36,795
Southern Co. (The), Series B, Jr. Unsec. Sub. Global Notes, 5.50%, 03/15/2057		7,000		7,287
				44,082
Electrical Components & Equipment–0.21%
EnerSys, Sr. Unsec. Gtd. Notes, 5.00%, 04/30/2023(f)		33,000		33,866
Sensata Technologies B.V., Sr. Unsec. Gtd. Notes, 5.00%, 10/01/2025(f)		35,000		35,438
				69,304
Electronic Equipment & Instruments–0.05%
Itron, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 01/15/2026(f)		15,000		14,963

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

7                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Environmental & Facilities Services–0.14%
Advanced Disposal Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 11/15/2024(f)	$	11,000	$	11,248
Core & Main LP, Sr. Unsec. Notes, 6.13%, 08/15/2025(f)		18,000		17,865
Waste Pro USA, Inc., Sr. Unsec. Notes, 5.50%, 02/15/2026(f)		13,000		13,097
Wrangler Buyer Corp., Sr. Unsec. Notes, 6.00%, 10/01/2025(f)		4,000		4,070
				46,280
Financial Exchanges & Data–0.06%
MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/2024(f)		20,000		20,536
Food Distributors–0.11%
US Foods, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 06/15/2024(f)		34,000		35,445
Food Retail–0.14%
Albertsons Cos. LLC/ Safeway Inc./New Albertson’s, Inc./Albertson’s LLC, Sr. Unsec. Gtd. Global Notes, 6.63%, 06/15/2024		22,000		20,378
Ingles Markets, Inc., Sr. Unsec. Global Notes, 5.75%, 06/15/2023		26,000		25,870
				46,248
Gas Utilities–0.24%
AmeriGas Partners, L.P./AmeriGas Finance Corp.,
Sr. Unsec. Global Notes, 5.63%, 05/20/2024		15,000		15,188
5.88%, 08/20/2026		17,000		17,127
Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/2021		11,000		10,450
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/2024		37,000		36,260
				79,025
Health Care Equipment–0.19%
Hill-Rom Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/15/2025(f)		33,000		33,082
Teleflex Inc., Sr. Unsec. Gtd. Global Notes, 4.88%, 06/01/2026		28,000		27,860
5.25%, 06/15/2024		2,000		2,060
				63,002
Health Care Facilities–0.99%
Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Global Notes, 6.50%, 03/01/2024		25,000		25,937
Community Health Systems, Inc.,
Sr. Sec. Gtd. First Lien Global Notes, 5.13%, 08/01/2021		5,000		4,638
Sr. Sec. Gtd. First Lien Notes, 6.25%, 03/31/2023		44,000		40,260
Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2022		4,000		2,620
8.00%, 11/15/2019		11,000		10,306

	Principal Amount		Value
Health Care Facilities–(continued)
Encompass Health Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/15/2025	$	15,000	$	15,337
HCA, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.25%, 04/15/2025		94,000		96,820
Sr. Unsec. Gtd. Notes, 5.38%, 02/01/2025		10,000		10,191
5.88%, 02/15/2026		15,000		15,562
LifePoint Health, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.38%, 05/01/2024		29,000		28,456
Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2023		3,000		3,019
Tenet Healthcare Corp.,
Sec. Gtd. Second Lien Notes, 7.50%, 01/01/2022(f)		3,000		3,180
Sr. Unsec. Global Notes, 6.75%, 06/15/2023		54,000		54,202
8.13%, 04/01/2022		10,000		10,563
				321,091
Health Care Services–0.32%
AMN Healthcare, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/2024(f)		10,000		10,125
DaVita Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/2025		14,000		13,755
Eagle Holding Co. II, LLC, Sr. Unsec. PIK Notes, 8.38% PIK Rate, 7.63% Cash Rate, 05/15/2022(f)(j)		13,000		13,033
Envision Healthcare Corp., Sr. Unsec. Gtd. Notes, 6.25%, 12/01/2024(f)		7,000		7,402
MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 7.13%, 06/01/2024(f)		39,000		41,145
Surgery Center Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.75%, 07/01/2025(f)		7,000		6,615
8.88%, 04/15/2021(f)		3,000		3,128
Team Health Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.38%, 02/01/2025(f)		10,000		9,200
				104,403
Home Improvement Retail–0.08%
Hillman Group Inc. (The), Sr. Unsec. Gtd. Notes, 6.38%, 07/15/2022(f)		25,000		24,500
Homebuilding–0.52%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec. Notes, 6.75%, 08/01/2025(f)		25,000		25,062
6.88%, 02/15/2021(f)		12,000		12,210
Beazer Homes USA, Inc., Sr. Unsec. Gtd. Global Notes, 5.88%, 10/15/2027		3,000		2,858
6.75%, 03/15/2025		22,000		22,330
8.75%, 03/15/2022		10,000		10,825
KB Home, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/2022		25,000		27,969
Lennar Corp., Sr. Unsec. Gtd. Notes, 5.38%, 10/01/2022(f)		20,000		20,950

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

8                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Homebuilding–(continued)
Meritage Homes Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 06/01/2025	$	28,000	$	29,680
7.15%, 04/15/2020		5,000		5,362
Taylor Morrison Communities Inc./ Taylor Morrison Holdings II, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/15/2023(f)		12,000		12,544
				169,790
Household Products–0.20%
Reynolds Group Issuer Inc./LLC,
Sr. Sec. Gtd. First Lien Notes, 5.13%, 07/15/2023(f)		13,000		13,274
Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(f)		17,000		17,935
Spectrum Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.75%, 07/15/2025		18,000		18,630
Springs Industries, Inc., Sr. Sec. Global Notes, 6.25%, 06/01/2021		14,000		14,280
				64,119
Independent Power Producers & Energy Traders–0.30%
AES Corp. (The),
Sr. Unsec. Global Notes, 8.00%, 06/01/2020		2,000		2,200
Sr. Unsec. Notes, 5.50%, 04/15/2025		39,000		40,170
Calpine Corp., Sr. Unsec. Global Notes, 5.50%, 02/01/2024		20,000		18,800
Dynegy Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 11/01/2022		10,000		10,562
NRG Energy, Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 05/01/2024		18,000		18,720
6.63%, 01/15/2027		7,000		7,263
				97,715
Industrial Machinery–0.27%
Cleaver-Brooks, Inc., Sr. Sec. Notes, 7.88%, 03/01/2023(f)		17,000		17,977
Mueller Industries, Inc., Unsec. Sub. Deb., 6.00%, 03/01/2027		10,000		10,075
Stanley Black & Decker Inc., Series C, $5.38 Conv. Investment Units, 5.38%, 05/15/2020		500		58,925
				86,977
Integrated Oil & Gas–0.05%
Petrobras Global Finance B.V. (Brazil), Sr. Unsec. Gtd. Global Notes, 5.75%, 02/01/2029		17,000		16,388
Integrated Telecommunication Services–0.50%
Cincinnati Bell Inc., Sr. Unsec. Gtd. Notes, 7.00%, 07/15/2024(f)		11,000		10,467
Frontier Communications Corp., Sr. Unsec. Global Notes, 8.50%, 04/15/2020		16,000		15,740
10.50%, 09/15/2022		30,000		25,687
11.00%, 09/15/2025		23,000		18,141

	Principal Amount		Value
Integrated Telecommunication Services–(continued)
T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.84%, 04/28/2023	$	75,000	$	78,000
Telecom Italia Capital S.A. (Italy), Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/2033		2,000		2,200
7.20%, 07/18/2036		10,000		11,750
				161,985
Internet & Direct Marketing Retail–0.10%
Booking Holdings Inc., Sr. Unsec. Conv. Notes, 0.90%, 09/15/2021		25,000		30,985
Internet Software & Services–0.06%
Rackspace Hosting, Inc., Sr. Unsec. Gtd. Notes, 8.63%, 11/15/2024(f)		19,000		19,855
Leisure Facilities–0.20%
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 06/01/2024		40,000		41,250
Six Flags Entertainment Corp., Sr. Unsec. Gtd. Notes, 4.88%, 07/31/2024(f)		23,000		23,002
				64,252
Leisure Products–0.12%
Mattel, Inc.,
Sr. Unsec. Global Notes, 5.45%, 11/01/2041		8,000		7,120
Sr. Unsec. Gtd. Notes, 6.75%, 12/31/2025(f)		29,000		29,580
Sr. Unsec. Notes, 6.20%, 10/01/2040		4,000		3,740
				40,440
Managed Health Care–0.15%
Centene Corp., Sr. Unsec. Notes, 4.75%, 01/15/2025		7,000		6,978
Molina Healthcare, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 06/15/2025(f)		10,000		9,625
WellCare Health Plans Inc., Sr. Unsec. Notes, 5.25%, 04/01/2025		30,000		30,439
				47,042
Metal & Glass Containers–0.33%
Ball Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 07/01/2025		75,000		79,031
Berry Global, Inc., Sec. Gtd. Second Lien Notes, 5.50%, 05/15/2022		23,000		23,661
OI European Group B.V., Sr. Unsec. Gtd. Notes, 4.00%, 03/15/2023(f)		5,000		4,850
				107,542
Mortgage REITs–0.39%
Starwood Property Trust, Inc., Sr. Unsec. Conv. Notes, 4.38%, 04/01/2023		125,000		126,244
Movies & Entertainment–0.14%
AMC Entertainment Holdings, Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.75%, 06/15/2025		25,000		24,406

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

9                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Movies & Entertainment–(continued)
Lions Gate Entertainment Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/2024(f)	$	19,000	$	19,943
				44,349
Multi-Utilities–0.15%
Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Conv. Investment Units, 6.75%, 08/15/2019		1,000		48,995
Oil & Gas Drilling–0.30%
Ensco PLC, Sr. Unsec. Global Notes, 7.75%, 02/01/2026		27,000		25,616
Noble Holding International Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.75%, 01/15/2024		28,000		25,620
Precision Drilling Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.25%, 11/15/2024		15,000		14,363
6.50%, 12/15/2021		5,000		5,113
7.75%, 12/15/2023		3,000		3,180
Transocean Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 04/15/2031		25,000		22,687
				96,579
Oil & Gas Equipment & Services–0.18%
Archrock Partners, L.P./Archrock Partners Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/01/2022		21,000		21,157
SESI, L.L.C., Sr. Unsec. Gtd. Global Notes, 7.13%, 12/15/2021		13,000		13,276
Weatherford International Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 08/01/2036		12,000		9,180
8.25%, 06/15/2023		15,000		14,588
				58,201
Oil & Gas Exploration & Production–1.87%
Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.63%, 06/01/2023		39,000		40,170
California Resources Corp., Sec. Gtd. Second Lien Notes, 8.00%, 12/15/2022(f)		22,000		17,490
Callon Petroleum Co., Sr. Unsec. Gtd. Global Notes, 6.13%, 10/01/2024		27,000		27,675
Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 3.80%, 06/01/2024		40,000		39,000
Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/2022		15,000		11,625
EP Energy LLC/Everest Acquisition Finance Inc., Sr. Sec. Gtd. First Lien Notes, 8.00%, 11/29/2024(f)		29,000		30,015
Gulfport Energy Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 10/15/2024		43,000		42,462
Newfield Exploration Co., Sr. Unsec. Global Notes, 5.63%, 07/01/2024		29,000		30,668
Oasis Petroleum Inc., Sr. Unsec. Gtd. Global Notes, 6.88%, 01/15/2023		44,000		45,127
Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 06/01/2024(f)		28,000		29,050

	Principal Amount		Value
Oil & Gas Exploration & Production–(continued)
QEP Resources, Inc.,
Sr. Unsec. Global Notes, 5.25%, 05/01/2023	$	6,000	$	5,985
5.63%, 03/01/2026		7,000		6,913
Sr. Unsec. Notes, 6.88%, 03/01/2021		33,000		35,310
Range Resources Corp., Sr. Unsec. Gtd. Global Notes, 4.88%, 05/15/2025		18,000		17,336
5.88%, 07/01/2022		33,000		33,660
RSP Permian, Inc., Sr. Unsec. Gtd. Global Notes, 6.63%, 10/01/2022		21,000		21,945
SM Energy Co., Sr. Unsec. Global Notes, 6.13%, 11/15/2022		35,000		35,525
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/2022		39,000		36,757
Whiting Petroleum Corp., Sr. Unsec. Gtd. Global Notes, 6.25%, 04/01/2023		33,000		33,454
WildHorse Resource Development Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/2025		23,000		23,633
WPX Energy Inc., Sr. Unsec. Notes, 5.25%, 09/15/2024		41,000		41,205
				605,005
Oil & Gas Refining & Marketing–0.04%
Sunoco LP/Sunoco Finance Corp., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2023(f)		14,000		13,930
Oil & Gas Storage & Transportation–0.75%
Andeavor Logistics LP/Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 05/01/2024		15,000		16,144
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 09/15/2024		31,000		31,852
Energy Transfer Equity, L.P., Sr. Sec. First Lien Notes, 5.88%, 01/15/2024		48,000		51,000
Energy Transfer Partners, L.P., Series A, Jr. Unsec. Sub. Global Notes, 6.25%(h)		13,000		12,630
Holly Energy Partners L.P./Holly Energy Finance Corp., Sr. Unsec. Gtd. Notes, 6.00%, 08/01/2024(f)		35,000		36,137
NGPL PipeCo. LLC, Sr. Unsec. Bonds, 4.88%, 08/15/2027(f)		3,000		3,038
SemGroup Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 03/15/2025		25,000		24,812
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
Sr. Unsec. Gtd. Global Bonds, 5.13%, 02/01/2025		18,000		18,000
5.25%, 05/01/2023		17,000		17,287
Williams Cos., Inc. (The),
Sr. Unsec. Global Notes, 4.55%, 06/24/2024		22,000		22,275
Sr. Unsec. Notes, 7.88%, 09/01/2021		10,000		11,250
				244,425

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

10                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Other Diversified Financial Services–0.06%
LPL Holdings Inc., Sr. Unsec. Gtd. Notes, 5.75%, 09/15/2025(f)	$	15,000	$	15,225
VFH Parent LLC/Orchestra Co-Issuer Inc., Sec. Gtd. Second Lien Notes, 6.75%, 06/15/2022(f)		5,000		5,253
				20,478
Packaged Foods & Meats–0.25%
B&G Foods, Inc., Sr. Unsec. Gtd. Notes, 5.25%, 04/01/2025		9,000		8,685
JBS USA Lux S.A./JBS USA Finance Inc. (Brazil), Sr. Unsec. Gtd. Notes, 5.75%, 06/15/2025(f)		18,000		17,280
Lamb Weston Holdings, Inc., Sr. Unsec. Gtd. Notes, 4.63%, 11/01/2024(f)		23,000		23,230
TreeHouse Foods, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/15/2024(f)		30,000		30,675
				79,870
Paper Packaging–0.05%
Plastipak Holdings Inc., Sr. Unsec. Notes, 6.25%, 10/15/2025(f)		17,000		17,383
Paper Products–0.07%
Mercer International Inc. (Canada),
Sr. Unsec. Global Notes, 6.50%, 02/01/2024		15,000		15,750
7.75%, 12/01/2022		2,000		2,118
Sr. Unsec. Notes, 5.50%, 01/15/2026(f)		6,000		5,985
				23,853
Pharmaceuticals–0.29%
Catalent Pharma Solutions, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 01/15/2026(f)		3,000		2,978
Teva Pharmaceutical Finance IV, B.V. (Israel), Sr. Unsec. Gtd. Global Notes, 3.65%, 11/10/2021		15,000		14,376
Valeant Pharmaceuticals International, Inc.,
Sr. Sec. Gtd. First Lien Notes, 5.50%, 11/01/2025(f)		11,000		10,924
Sr. Unsec. Gtd. Notes, 5.63%, 12/01/2021(f)		35,000		33,337
5.88%, 05/15/2023(f)		5,000		4,463
7.25%, 07/15/2022(f)		30,000		29,287
				95,365
Publishing–0.11%
Meredith Corp., Sr. Unsec. Notes, 6.88%, 02/01/2026(f)		33,000		34,114
Railroads–0.07%
Kenan Advantage Group Inc. (The), Sr. Unsec. Notes, 7.88%, 07/31/2023(f)		23,000		23,863
Regional Banks–0.13%
CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/2022		42,000		43,418

	Principal Amount		Value
Restaurants–0.34%
1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Gtd. Second Lien Notes, 5.00%, 10/15/2025(f)	$	40,000	$	39,175
Aramark Services, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 04/01/2025(f)		24,000		24,240
Carrols Restaurant Group, Inc., Sec. Gtd. Second Lien Global Notes, 8.00%, 05/01/2022		18,000		18,900
IRB Holding Corp., Sr. Unsec. Gtd. Notes, 6.75%, 02/15/2026(f)		22,000		22,055
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, Sr. Unsec. Gtd. Notes, 4.75%, 06/01/2027(f)		7,000		6,860
				111,230
Semiconductor Equipment–0.02%
Entegris Inc., Sr. Unsec. Gtd. Notes, 4.63%, 02/10/2026(f)		8,000		7,900
Semiconductors–0.24%
Micron Technology, Inc.,
Sr. Unsec. Global Notes, 5.50%, 02/01/2025		7,000		7,297
Sr. Unsec. Notes, 5.25%, 01/15/2024(f)		35,000		36,050
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Notes, 1.63%, 10/15/2023(f)		25,000		33,666
				77,013
Specialized Consumer Services–0.10%
ServiceMaster Co., LLC (The),
Sr. Unsec. Gtd. Notes, 5.13%, 11/15/2024(f)		18,000		17,775
Sr. Unsec. Notes, 7.45%, 08/15/2027		15,000		16,275
				34,050
Specialized Finance–0.10%
Aircastle Ltd., Sr. Unsec. Notes, 5.00%, 04/01/2023		8,000		8,269
5.50%, 02/15/2022		22,000		22,990
				31,259
Specialized REITs–0.55%
Equinix Inc., Sr. Unsec. Notes, 5.88%, 01/15/2026		53,000		55,650
GLP Capital LP/GLP Financing II Inc., Sr. Unsec. Gtd. Notes, 5.38%, 04/15/2026		25,000		25,906
Iron Mountain Inc.,
Sr. Unsec. Gtd. Notes, 6.00%, 08/15/2023		12,000		12,525
Sr. Unsec. Sub. Gtd. Global Notes, 5.75%, 08/15/2024		6,000		6,000
Iron Mountain US Holdings, Inc., Sr. Unsec. Gtd. Notes, 5.38%, 06/01/2026(f)		14,000		13,860
Rayonier A.M. Products Inc., Sr. Unsec. Gtd. Notes, 5.50%, 06/01/2024(f)		33,000		33,000
SBA Communications Corp., Sr. Unsec. Global Notes, 4.88%, 09/01/2024		32,000		31,680
				178,621

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

11                         Invesco Strategic Real Return Fund

	Principal Amount		Value
Specialty Chemicals–0.49%
Ashland LLC, Sr. Unsec. Gtd. Global Notes, 4.75%, 08/15/2022	$	16,000	$	16,400
GCP Applied Technologies Inc., Sr. Unsec. Gtd. Notes, 9.50%, 02/01/2023(f)		25,000		27,469
Kraton Polymers LLC/Kraton Polymers Capital Corp., Sr. Unsec. Gtd. Notes, 10.50%, 04/15/2023(f)		27,000		30,307
Platform Specialty Products Corp., Sr. Unsec. Gtd. Notes, 5.88%, 12/01/2025(f)		26,000		25,902
PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/2023		22,000		22,330
PQ Corp.,
Sr. Sec. Gtd. First Lien Notes, 6.75%, 11/15/2022(f)		11,000		11,646
Sr. Unsec. Gtd. Notes, 5.75%, 12/15/2025(f)		3,000		3,053
Venator Finance S.a.r.l./Venator Materials Corp., Sr. Unsec. Gtd. Notes, 5.75%, 07/15/2025(f)		21,000		21,473
				158,580
Steel–0.31%
Cleveland-Cliffs Inc., Sr. Unsec. Gtd. Notes, 5.75%, 03/01/2025(f)		34,000		33,129
Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 12/15/2026		27,000		27,607
5.50%, 10/01/2024		10,000		10,375
United States Steel Corp., Sr. Unsec. Global Notes, 6.88%, 08/15/2025		27,000		28,485
				99,596
Systems Software–0.05%
Symantec Corp., Sr. Unsec. Notes, 5.00%, 04/15/2025(f)		15,000		15,339
Technology Distributors–0.11%
CDW LLC/CDW Finance Corp., Sr. Unsec. Gtd. Notes, 5.00%, 09/01/2025		34,000		34,468
Technology Hardware, Storage & Peripherals–0.31%
Dell International LLC/ EMC Corp.,
Sr. Sec. Gtd. First Lien Notes, 8.35%, 07/15/2046(f)		6,000		7,615
Sr. Unsec. Gtd. Notes, 7.13%, 06/15/2024(f)		52,000		56,172
Diebold Nixdorf, Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/2024		36,000		38,115
				101,902
Trading Companies & Distributors–0.47%
BMC East, LLC, Sr. Sec. Gtd. First Lien Notes, 5.50%, 10/01/2024(f)		27,000		27,472
H&E Equipment Services, Inc., Sr. Unsec. Gtd. Notes, 5.63%, 09/01/2025(f)		47,000		48,175
Herc Rentals Inc., Sec. Gtd. Second Lien Notes, 7.75%, 06/01/2024(f)		28,000		30,652

	Principal Amount		Value
Trading Companies & Distributors–(continued)
United Rentals North America, Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/2025	$	28,000	$	28,945
Sr. Unsec. Gtd. Notes, 5.50%, 05/15/2027		13,000		13,338
5.88%, 09/15/2026		4,000		4,217
				152,799
Trucking–0.07%
Avis Budget Car Rental LLC/Avis Budget Finance Inc.,
Sr. Unsec. Gtd. Global Notes, 5.50%, 04/01/2023		15,000		14,944
Sr. Unsec. Gtd. Notes, 5.25%, 03/15/2025(f)		8,000		7,750
				22,694
Wireless Telecommunication Services–0.45%
CB Escrow Corp., Sr. Unsec. Notes, 8.00%, 10/15/2025(f)		3,000		2,947
Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/2021		63,000		65,914
7.63%, 02/15/2025		10,000		10,025
7.88%, 09/15/2023		64,000		66,400
				145,286
Total Bonds & Notes (Cost $6,902,952)				7,005,663
	Shares
Preferred Stocks–2.29%
Agricultural Products–0.18%
Bunge Ltd., $4.88 Conv. Pfd.		525		57,463
Asset Management & Custody Banks–0.19%
AMG Capital Trust II, $2.58 Conv. Pfd.		1,000		62,825
Diversified Banks–0.87%
Bank of America Corp., Series L, $72.50 Conv. Pfd.		100		127,953
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		120		153,000
				280,953
Health Care Equipment–0.18%
Becton, Dickinson and Co., Series A, $3.06 Conv. Pfd.		1,000		58,500
Health Care REITs–0.07%
Welltower Inc., Series I, $3.25 Conv. Pfd.		390		21,255
Managed Health Care–0.33%
Anthem Inc., $2.63 Conv. Pfd.		1,878		107,760
Oil & Gas Exploration & Production–0.25%
Hess Corp., Series A, $4.00 Conv. Pfd.		1,500		82,140
Oil & Gas Storage & Transportation–0.20%
Kinder Morgan, Inc., Series A, $4.88 Conv. Pfd.		2,000		66,640

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

12                         Invesco Strategic Real Return Fund

	Shares		Value
Regional Banks–0.02%
CIT Group Inc., Series A, 5.80% Pfd.		5,000	$	5,062
Total Preferred Stocks (Cost $736,093)				742,598
Money Market Funds–1.04%
Invesco Government & Agency Portfolio–Institutional Class, 1.30%(k)		118,195		118,195
Invesco Liquid Assets Portfolio–Institutional Class, 1.55%(k)		84,405		84,413

	Shares		Value
Invesco Treasury Portfolio–Institutional Class, 1.29%(k)		135,081	$	135,081
Total Money Market Funds (Cost $337,689)				337,689
TOTAL INVESTMENTS IN SECURITIES–99.81% (Cost $32,668,730)				32,372,191
OTHER ASSETS LESS LIABILITIES–0.19%				61,839
NET ASSETS–100.00%			$	32,434,030

Investment Abbreviations:

Conv.	– Convertible
Deb.	– Debentures
Gtd.	– Guaranteed
Jr.	– Junior
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
PIK	– Pay-in-Kind

REIT	– Real Estate Investment Trust
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
Unsec.	– Unsecured
USD	– U.S. Dollar

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 1J.

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

^(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, 2018 represented 30.07% 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, 2018 was $2,485,835, which represented 7.68% of the Fund’s Net Assets.

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

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

⁽ⁱ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.

^(j)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(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, 2018.

Portfolio Composition

By security type, based on Net Assets as of February 28, 2018

U.S. Treasury Securities	44.8	%
Common Stocks	30.1
Bonds and Notes	21.6
Preferred Stocks	2.3
Money Market Funds Plus Other Assets Less Liabilities	1.2

Open Futures Contracts — Interest Rate Risk
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
U.S. Treasury 10 Year Notes		2		June-2018	$	(240,094	)	$	495	$	495

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

13                         Invesco Strategic Real Return Fund

Statement of Assets and Liabilities

February 28, 2018

(Unaudited)

Assets:
Investments in securities, at value (Cost $22,395,202)	$	22,282,556
Investments in affiliates, at value ( Cost $10,273,528)		10,089,635
Receivable for:
Fund shares sold		170,429
Dividends and interest		165,036
Investment for trustee deferred compensation and retirement plans		9,723
Other assets		21,358
Total assets		32,738,737
Liabilities:
Other investments:
Variation margin payable — futures contracts		500
Payable for:
Investments purchased		233,568
Fund shares reacquired		9,011
Accrued fees to affiliates		4,473
Accrued trustees’ and officers’ fees and benefits		3,649
Accrued other operating expenses		43,783
Trustee deferred compensation and retirement plans		9,723
Total liabilities		304,707
Net assets applicable to shares outstanding	$	32,434,030
Net assets consist of:
Shares of beneficial interest	$	33,344,427
Undistributed net investment income		(150,612	)
Undistributed net realized gain (loss)		(463,741	)
Net unrealized appreciation (depreciation)		(296,044	)
	$	32,434,030

Net Assets:
Class A	$	18,398,816
Class C	$	1,705,261
Class R	$	181,171
Class Y	$	11,806,187
Class R5	$	9,571
Class R6	$	333,024
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		1,924,883
Class C		178,556
Class R		18,953
Class Y		1,234,919
Class R5		1,001
Class R6		34,821
Class A:
Net asset value per share	$	9.56
Maximum offering price per share
(Net asset value of $9.56 ¸ 97.50%)	$	9.81
Class C:
Net asset value and offering price per share	$	9.55
Class R:
Net asset value and offering price per share	$	9.56
Class Y:
Net asset value and offering price per share	$	9.56
Class R5:
Net asset value and offering price per share	$	9.56
Class R6:
Net asset value and offering price per share	$	9.56

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

14                         Invesco Strategic Real Return Fund

Statement of Operations

For the six months ended February 28, 2018

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $88)	$	224,253
Dividends from affiliates		195,757
Treasury Inflation-Protected Securities inflation adjustments		78,714
Interest		10,621
Total investment income		509,345
Expenses:
Advisory fees		57,922
Administrative services fees		24,794
Custodian fees		4,798
Distribution fees:
Class A		20,516
Class C		7,708
Class R		428
Transfer agent fees — A, C, R and Y		11,399
Transfer agent fees — R6		45
Trustees’ and officers’ fees and benefits		10,008
Registration and filing fees		41,620
Licensing Fees		2,608
Reports to shareholders		9,832
Professional services fees		34,475
Other		10,000
Total expenses		236,153
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(158,074	)
Net expenses		78,079
Net investment income		431,266
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		1,835
Futures contracts		12,216
		14,051
Change in net unrealized appreciation (depreciation) of:
Investment securities		(353,973	)
Futures contracts		31
		(353,942	)
Net realized and unrealized gain (loss)		(339,891	)
Net increase in net assets resulting from operations	$	91,375

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

15                         Invesco Strategic Real Return Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

	February 28, 2018			August 31, 2017
Operations:
Net investment income	$	431,266		$	731,403
Net realized gain		14,051			9,936
Change in net unrealized appreciation (depreciation)		(353,942	)		31,489
Net increase in net assets resulting from operations		91,375			772,828
Distributions to shareholders from net investment income:
Class A		(373,661	)		(425,514	)
Class C		(28,869	)		(26,782	)
Class R		(3,693	)		(3,730	)
Class Y		(252,182	)		(336,178	)
Class R5		(232	)		(366	)
Class R6		(6,955	)		(4,094	)
Total distributions from net investment income		(665,592	)		(796,664	)
Share transactions–net:
Class A		3,368,850			5,239,656
Class C		196,440			988,783
Class R		36,450			72,341
Class Y		1,785,977			2,625,232
Class R5		—			—
Class R6		67,097			260,633
Net increase in net assets resulting from share transactions		5,454,814			9,186,645
Net increase in net assets		4,880,597			9,162,809
Net assets:
Beginning of period		27,553,433			18,390,624
End of period (includes undistributed net investment income of $(150,612) and $83,714, respectively)	$	32,434,030		$	27,553,433

Notes to Financial Statements

February 28, 2018

(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. Pricing services generally value debt obligations assuming orderly transactions of institutional

16                         Invesco Strategic Real Return Fund

round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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

17                         Invesco Strategic Real Return Fund

the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

E. Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s 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. 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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $1 billion		0.40%
Next $2.5 billion		0.35%
Over $3.5 billion		0.33%

For the six months ended February 28, 2018, the effective advisory fees incurred by the Fund was 0.40%.

18                         Invesco Strategic Real Return 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. and separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (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, 2018 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 0.22% 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limit, 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, 2019, 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, 2018, the Adviser waived advisory fees of $146,629 and reimbursed class level expenses of $6,465, $607, $68, $4,147, $0 and $45 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, 2018, 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 services 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, 2018, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. 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, 2018, 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, 2018, IDI advised the Fund that IDI retained $1,406 in front-end sales commissions from the sale of Class A shares and $3,419 and $500 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.

19                         Invesco Strategic Real Return Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2018. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	9,751,947	$	—	$	—	$	9,751,947
U.S. Treasury Securities		—		14,534,294		—		14,534,294
Bonds & Notes		—		7,005,663		—		7,005,663
Preferred Stocks		617,247		125,351		—		742,598
Money Market Funds		337,689		—		—		337,689
Total Investments in Securities		10,706,883		21,665,308				32,372,191
Other Investments — Assets*
Futures Contracts		495		—		—		495
Total Other Investments		495		—		—		495
Total Investments	$	10,707,378	$	21,665,308	$	—	$	32,372,686

* 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.

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, 2018:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	495
Derivatives not subject to master netting agreements		(495	)
Total Derivative Assets subject to master netting agreements	$	—

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended February 28, 2018

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
	Interest Rate Risk
Realized Gain:
Futures contracts	$	12,216
Change in Net Unrealized Appreciation:
Futures contracts		31
Total	$	12,247

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

	Futures Contracts
Average notional value	$	246,656

20                         Invesco Strategic Real Return Fund

NOTE 5—Investments in Affiliates

The Fund’s Adviser and the adviser for Invesco Floating Rate Fund are subsidiaries of Invesco Ltd. and therefore, Invesco Floating Rate Fund is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Floating Rate Fund for the six months ended February 28, 2018.

	Value 08/31/17		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value 02/28/18		Dividend Income
Invesco Floating Rate — Class R6	$	8,253,905	$	1,750,055	$	(276,000	)	$	25,151	$	(1,164	)	$	9,751,947	$	194,893

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, 2018, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $113.

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.

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	159,212	$	249,290	$	408,502

* 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 Transactions

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, 2018 was $3,885,541 and $1,180,893, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $3,391,115 and $996,518, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	466,114
Aggregate unrealized (depreciation) of investments		(744,851	)
Net unrealized appreciation of investments	$	(278,737	)

Cost of investments for tax purposes is $32,651,423.

21                         Invesco Strategic Real Return Fund

NOTE 11—Share Information

	Summary of Share Activity
	Six months ended February 28, 2018(a)						Year ended August 31, 2017
	Shares			Amount			Shares			Amount
Sold:
Class A		508,849		$	4,917,572			1,058,060		$	10,278,518
Class C		53,587			516,573			138,215			1,340,749
Class R		6,931			67,336			7,146			69,419
Class Y		216,902			2,089,340			342,915			3,329,235
Class R6		20,185			195,626			26,563			257,679
Issued as reinvestment of dividends:
Class A		21,020			202,925			16,471			159,156
Class C		2,727			26,333			2,586			24,926
Class R		361			3,486			354			3,413
Class Y		7,469			72,113			6,332			61,209
Class R6		695			6,723			384			3,728
Reacquired:
Class A		(181,036	)		(1,751,647	)		(534,844	)		(5,198,018	)
Class C		(35,751	)		(346,466	)		(39,042	)		(376,892	)
Class R		(3,553	)		(34,372	)		(50	)		(491	)
Class Y		(38,817	)		(375,476	)		(78,933	)		(765,212	)
Class R6		(13,927	)		(135,252	)		(80	)		(774	)
Net increase in share activity		565,642		$	5,454,814			946,077		$	9,186,645

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 37% 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.

    In addition, 44% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

22                         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 02/28/18	$	9.74	$	0.14	$	(0.10	)	$	0.04		$	(0.22	)	$	9.56		0.40	%	$	18,399		0.59	%(e)		1.68	%(e)		2.93	%(e)		8	%
Year ended 08/31/17		9.77		0.30		0.01			0.31			(0.34	)		9.74		3.27			15,358		0.59			1.81			3.11			32
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 02/28/18		9.74		0.10		(0.11	)		(0.01	)		(0.18	)		9.55		(0.08	)		1,705		1.34	(e)		2.43	(e)		2.18	(e)		8
Year ended 08/31/17		9.77		0.23		0.01			0.24			(0.27	)		9.74		2.49			1,538		1.34			2.56			2.36			32
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 02/28/18		9.74		0.13		(0.10	)		0.03			(0.21	)		9.56		0.27			181		0.84	(e)		1.93	(e)		2.68	(e)		8
Year ended 08/31/17		9.77		0.28		0.01			0.29			(0.32	)		9.74		3.00			148		0.84			2.06			2.86			32
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 02/28/18		9.75		0.15		(0.11	)		0.04			(0.23	)		9.56		0.42			11,806		0.34	(e)		1.43	(e)		3.18	(e)		8
Year ended 08/31/17		9.78		0.33		0.01			0.34			(0.37	)		9.75		3.52			10,228		0.34			1.56			3.36			32
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 02/28/18		9.75		0.15		(0.11	)		0.04			(0.23	)		9.56		0.42			10		0.34	(e)		1.38	(e)		3.18	(e)		8
Year ended 08/31/17		9.78		0.33		0.01			0.34			(0.37	)		9.75		3.52			10		0.34			1.52			3.36			32
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 02/28/18		9.75		0.15		(0.11	)		0.04			(0.23	)		9.56		0.42			333		0.34	(e)		1.38	(e)		3.18	(e)		8
Year ended 08/31/17		9.78		0.33		0.01			0.34			(0.37	)		9.75		3.52			272		0.34			1.52			3.36			32
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 the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return. Estimated acquired fund fees from underlying funds were 22%, 22%, 23%, 22% and 21% for the six months ended February 28, 2018 and for the years ended August 31, 2017, August 31, 2016, August 31, 2015 and for the period April 30, 2014 (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 $16,549, $1,554, $173, $10,615, $10 and $300 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.

23                         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, 2017 through February 28, 2018.

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 (09/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/18)1		Expenses Paid During Period2		Ending Account Value (02/28/18)		Expenses Paid During Period2
A	$	1,000.00	$	1,004.00	$	2.93	$	1,021.87	$	2.96		0.59	%
C		1,000.00		999.20		6.64		1,018.15		6.71		1.34
R		1,000.00		1,002.70		4.17		1,020.63		4.21		0.84
Y		1,000.00		1,004.20		1.69		1,023.11		1.71		0.34
R5		1,000.00		1,004.20		1.69		1,023.11		1.71		0.34
R6		1,000.00		1,004.20		1.69		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, 2017 through February 28, 2018, 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.

24                         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             04202018      0920

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

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 14, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 14, 2018 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.

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 7, 2018

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 7, 2018
By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	May 7, 2018

EXHIBIT INDEX

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.