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

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: 2/28/21

Item 1. Report to Stockholders.

	Semiannual Report to Shareholders	February 28, 2021
	Invesco American Franchise Fund
	Nasdaq:
	A: VAFAX ∎ C: VAFCX ∎ R: VAFRX ∎ Y: VAFIX ∎ R5: VAFNX ∎ R6: VAFFX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses
18	Proxy Results

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, 8/31/20 to 2/28/21, 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	11.20%
Class C Shares	10.79
Class R Shares	11.07
Class Y Shares	11.34
Class R5 Shares	11.36
Class R6 Shares	11.40
S&P 500 Index▼ (Broad Market Index)	9.74
Russell 1000 Growth Index▼ (Style-Specific Index)	5.34
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	6.73
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the U.S. 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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	11.36	%
10 Years	14.07
5 Years	21.49
1 Year	46.55
Class C Shares
Inception (6/23/05)	11.36	%
10 Years	14.03
5 Years	21.93
1 Year	52.91
Class R Shares
10 Years	14.42	%
5 Years	22.55
1 Year	54.67
Class Y Shares
Inception (6/23/05)	12.03	%
10 Years	14.98
5 Years	23.17
1 Year	55.45
Class R5 Shares
Inception (12/22/10)	15.46	%
10 Years	15.08
5 Years	23.24
1 Year	55.55
Class R6 Shares
10 Years	15.12	%
5 Years	23.35
1 Year	55.67

Effective June 1, 2010, Class A, 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 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 C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor 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 Fund’s Class A shares at net asset value, 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 Fund’s Class A shares at net asset value 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 Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee

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.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                         Invesco American Franchise Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Aerospace & Defense-1.41%
Teledyne Technologies, Inc.(b)		206,179	$	76,492,409
Textron, Inc.		2,889,881		145,476,610
				221,969,019
Agricultural Products-0.27%
Darling Ingredients, Inc.(b)		669,630		42,213,475
Application Software-5.74%
DocuSign, Inc.(b)		544,605		123,440,169
Paycom Software, Inc.(b)		162,291		60,735,784
RingCentral, Inc., Class A(b)		1,012,171		382,762,585
salesforce.com, inc.(b)		752,073		162,823,805
Synopsys, Inc.(b)		547,143		134,164,935
Unity Software, Inc.(b)(c)		349,006		37,563,516
				901,490,794
Asset Management & Custody Banks-2.62%
Apollo Global Management, Inc.		3,686,416		182,330,135
KKR & Co., Inc., Class A		5,021,658		228,786,739
				411,116,874
Automobile Manufacturers-0.45%
General Motors Co.(b)		1,391,324		71,416,661
Automotive Retail-0.38%
CarMax, Inc.(b)		494,611		59,110,961
Biotechnology-2.25%
Alnylam Pharmaceuticals, Inc.(b)		371,361		54,998,564
Argenx SE, ADR (Netherlands)(b)		175,357		57,987,053
BeiGene Ltd., ADR (China)(b)		325,466		104,149,120
C4 Therapeutics, Inc.(b)(c)		406,878		17,463,204
Ionis Pharmaceuticals, Inc.(b)		842,573		44,150,825
Kura Oncology, Inc.(b)		1,208,313		33,832,764
uniQure N.V. (Netherlands)(b)		1,103,877		40,512,286
				353,093,816
Casinos & Gaming-0.97%
Penn National Gaming, Inc.(b)		1,310,924		151,778,781
Construction Machinery & Heavy Trucks-0.14%
Nikola Corp.(b)(c)		1,209,614		21,894,013
Consumer Electronics-1.66%
Sony Corp. (Japan)		2,474,700		260,112,623
Copper-1.60%
Freeport-McMoRan, Inc.(b)		7,403,072		251,038,172
Data Processing & Outsourced Services-7.30%
Mastercard, Inc., Class A		320,254		113,321,878
PayPal Holdings, Inc.(b)		2,047,174		531,958,164
StoneCo Ltd., Class A (Brazil)(b)		1,662,347		142,645,996
Visa, Inc., Class A		1,686,482		358,191,912
				1,146,117,950
Diversified Support Services-0.37%
Cintas Corp.		177,680		57,628,731

	Shares		Value
Environmental & Facilities Services-0.45%
GFL Environmental, Inc. (Canada)		2,275,563	$	70,587,964
Financial Exchanges & Data-0.17%
S&P Global, Inc.		80,367		26,469,675
Food Distributors-1.52%
US Foods Holding Corp.(b)		6,537,196		238,346,166
Health Care Equipment-2.84%
Abbott Laboratories		363,379		43,525,537
DexCom, Inc.(b)		142,163		56,549,598
Intuitive Surgical, Inc.(b)		94,808		69,854,534
Teleflex, Inc.		318,851		126,940,960
Zimmer Biomet Holdings, Inc.		917,830		149,661,360
				446,531,989
Health Care Services-0.29%
Amedisys, Inc.(b)		177,796		45,096,177
Health Care Supplies-1.00%
Align Technology, Inc.(b)		146,939		83,330,576
Cooper Cos., Inc. (The)		120,053		46,356,065
West Pharmaceutical Services, Inc.		94,796		26,604,498
				156,291,139
Health Care Technology-0.36%
GoodRx Holdings, Inc., Class A(b)(c)		829,179		36,915,049
Teladoc Health, Inc.(b)		87,252		19,290,545
				56,205,594
Home Improvement Retail-2.03%
Lowe’s Cos., Inc.		1,996,809		318,990,238
Hotels, Resorts & Cruise Lines-0.22%
Travel + Leisure Co.		577,267		34,884,245
Industrial Conglomerates-0.35%
Roper Technologies, Inc.		147,266		55,610,587
Integrated Oil & Gas-1.55%
Occidental Petroleum Corp.		9,164,783		243,874,876
Interactive Home Entertainment-4.91%
Activision Blizzard, Inc.		3,544,209		338,861,822
Electronic Arts, Inc.		848,934		113,731,688
Nintendo Co. Ltd. (Japan)		449,000		272,732,096
Take-Two Interactive Software, Inc.(b)		245,862		45,351,705
				770,677,311
Interactive Media & Services-10.04%
Alphabet, Inc., Class A(b)		392,687		793,977,772
Facebook, Inc., Class A(b)		2,396,592		617,410,031
Kuaishou Technology (China)(b)(d)(e)		2,308,000		87,291,851
ZoomInfo Technologies, Inc., Class A(b)		1,488,797		78,042,739
				1,576,722,393
Internet & Direct Marketing Retail-16.75%
Alibaba Group Holding Ltd., ADR (China)(b)		1,899,024		451,511,946

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

4                         Invesco American Franchise Fund

	Shares		Value
Internet & Direct Marketing Retail-(continued)
Amazon.com, Inc.(b)		421,527	$	1,303,753,504
Booking Holdings, Inc.(b)		192,128		447,371,969
Farfetch Ltd., Class A (United Kingdom)(b)		4,412,835		290,717,570
HelloFresh SE (Germany)(b)		1,767,662		137,141,166
				2,630,496,155
Internet Services & Infrastructure-0.76%
Twilio, Inc., Class A(b)		302,801		118,964,457
Leisure Products-0.34%
Polaris, Inc.		453,393		53,391,560
Life & Health Insurance-0.15%
Athene Holding Ltd., Class A(b)		530,632		24,191,513
Life Sciences Tools & Services-3.53%
10X Genomics, Inc., Class A(b)		360,462		64,158,631
Avantor, Inc.(b)		6,978,269		194,484,357
IQVIA Holdings, Inc.(b)		1,255,643		242,075,414
Thermo Fisher Scientific, Inc.		119,764		53,903,381
				554,621,783
Managed Health Care-0.57%
UnitedHealth Group, Inc.		269,755		89,618,006
Movies & Entertainment-1.28%
Netflix, Inc.(b)		241,348		130,050,370
Walt Disney Co. (The)(b)		372,204		70,361,444
				200,411,814
Oil & Gas Equipment & Services-0.34%
Baker Hughes Co., Class A		2,210,343		54,109,197
Pharmaceuticals-1.04%
Reata Pharmaceuticals, Inc., Class A(b)		1,329,384		162,530,488
Research & Consulting Services-0.91%
CoStar Group, Inc.(b)		173,486		142,910,827
Semiconductor Equipment-4.35%
Applied Materials, Inc.		4,692,909		554,654,914
ASML Holding N.V., New York Shares (Netherlands)		225,397		127,820,385
				682,475,299
Semiconductors-5.28%
Monolithic Power Systems, Inc.		197,131		73,829,502
NVIDIA Corp.		548,560		300,929,045
QUALCOMM, Inc.		3,333,263		453,957,088
				828,715,635
Systems Software-8.15%
Microsoft Corp.		3,010,668		699,619,030

	Shares		Value
Systems Software-(continued)
Palo Alto Networks, Inc.(b)		936,523	$	335,565,556
ServiceNow, Inc.(b)		458,253		244,459,645
				1,279,644,231
Technology Hardware, Storage & Peripherals-2.34%
Apple, Inc.		3,027,505		367,115,256
Tobacco-0.47%
Philip Morris International, Inc.		886,025		74,443,820
Trading Companies & Distributors-1.79%
Fastenal Co.		1,861,675		86,325,870
United Rentals, Inc.(b)		656,539		195,241,568
				281,567,438
Trucking-1.06%
Knight-Swift Transportation Holdings, Inc.		704,365		30,428,568
Lyft, Inc., Class A(b)		2,008,674		111,883,142
Uber Technologies, Inc.(b)		468,953		24,268,318
				166,580,028
Total Common Stocks & Other Equity Interests (Cost $7,214,594,393)				15,701,057,731
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g)		10,253,373		10,253,373
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(f)(g)		7,320,223		7,323,151
Invesco Treasury Portfolio, Institutional Class, 0.01%(f)(g)		11,718,141		11,718,141
Total Money Market Funds (Cost $29,294,665)				29,294,665
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $7,243,889,058)				15,730,352,396
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.28%
Invesco Private Government Fund, 0.01%(f)(g)(h)		17,459,098		17,459,098
Invesco Private Prime Fund, 0.11%(f)(g)(h)		26,178,177		26,188,648
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,647,746)				43,647,746
TOTAL INVESTMENTS IN SECURITIES-100.46% (Cost $7,287,536,804)				15,774,000,142
OTHER ASSETS LESS LIABILITIES-(0.46)%				(72,492,114	)
NET ASSETS-100.00%			$	15,701,508,028

Investment Abbreviations:

ADR - American Depositary Receipt

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

5                         Invesco American Franchise Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

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

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$                 -	$	359,447,040	$	(349,193,667	)		$        -			$         -		$10,253,373		$  1,068
Invesco Liquid Assets Portfolio, Institutional Class		201,480		256,747,886		(249,625,100	)		(282)			(833)		7,323,151		2,479
Invesco Treasury Portfolio, Institutional Class		-		410,796,617		(399,078,476	)		-			-		11,718,141		699
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		21,410,510		306,372,537		(310,323,949	)		-			-		17,459,098		6,295*
Invesco Private Prime Fund		7,072,440		296,648,687		(277,544,013	)		-			11,534		26,188,648		31,490*
Total		$28,684,430	$	1,630,012,767	$	(1,585,765,205	)		$(282	)		$10,701		$72,942,411		$42,031

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(h)  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, 2021

Information Technology	33.91	%
Consumer Discretionary	22.80
Communication Services	16.23
Health Care	11.87
Industrials	6.49
Financials	2.94
Consumer Staples	2.26
Other Sectors, Each Less than 2% of Net Assets	3.50

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

6                         Invesco American Franchise Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $7,214,594,393)*	$	15,701,057,731
Investments in affiliated money market funds, at value (Cost $72,942,411)		72,942,411
Foreign currencies, at value (Cost $8,528)		8,477
Receivable for:
Fund shares sold		4,060,544
Dividends		5,098,441
Investment for trustee deferred compensation and retirement plans		2,469,683
Other assets		243,366
Total assets		15,785,880,653
Liabilities:
Payable for:
Investments purchased		18,928,230
Dividends		4,495
Fund shares reacquired		7,963,120
Amount due custodian		1,169,627
Collateral upon return of securities loaned		43,647,746
Accrued fees to affiliates		7,704,845
Accrued other operating expenses		2,219,899
Trustee deferred compensation and retirement plans		2,734,663
Total liabilities		84,372,625
Net assets applicable to shares outstanding	$	15,701,508,028
Net assets consist of:
Shares of beneficial interest	$	6,155,661,232
Distributable earnings		9,545,846,796
	$	15,701,508,028

Net Assets:
Class A	$	14,793,220,333
Class C	$	163,512,180
Class R	$	58,788,912
Class Y	$	554,540,984
Class R5	$	47,026,928
Class R6	$	84,418,691
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		502,202,039
Class C		6,337,914
Class R		2,063,737
Class Y		18,174,610
Class R5		1,534,971
Class R6		2,729,583
Class A:
Net asset value per share	$	29.46
Maximum offering price per share (Net asset value of $29.46 ÷ 94.50%)	$	31.17
Class C:
Net asset value and offering price per share	$	25.80
Class R:
Net asset value and offering price per share	$	28.49
Class Y:
Net asset value and offering price per share	$	30.51
Class R5:
Net asset value and offering price per share	$	30.64
Class R6:
Net asset value and offering price per share	$	30.93

* At February 28, 2021, securities with an aggregate value of $42,629,023 were on loan to brokers.

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

7                         Invesco American Franchise Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $454,015)	$	37,045,500
Dividends from affiliated money market funds (includes securities lending income of $702,299)		706,545
Total investment income		37,752,045
Expenses:
Advisory fees		41,726,457
Administrative services fees		1,163,179
Custodian fees		52,240
Distribution fees:
Class A		17,390,004
Class C		879,562
Class R		130,460
Transfer agent fees – A, C, R and Y		8,601,503
Transfer agent fees – R5		17,803
Transfer agent fees – R6		5,579
Trustees’ and officers’ fees and benefits		149,620
Registration and filing fees		97,497
Reports to shareholders		1,849,739
Professional services fees		50,666
Other		52,179
Total expenses		72,166,488
Less: Fees waived and/or expense offset arrangement(s)		(34,692	)
Net expenses		72,131,796
Net investment income (loss)		(34,379,751	)
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		1,447,471,383
Affiliated investment securities		10,701
Foreign currencies		175,195
		1,447,657,279
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		189,893,993
Affiliated investment securities		(282	)
Foreign currencies		(35	)
		189,893,676
Net realized and unrealized gain		1,637,550,955
Net increase in net assets resulting from operations	$	1,603,171,204

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

8                         Invesco American Franchise Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income (loss)	$	(34,379,751	)	$	(16,047,751	)
Net realized gain		1,447,657,279			1,076,424,613
Change in net unrealized appreciation		189,893,676			3,574,030,802
Net increase in net assets resulting from operations		1,603,171,204			4,634,407,664
Distributions to shareholders from distributable earnings:
Class A		(1,179,614,617	)		(701,335,215	)
Class C		(17,822,618	)		(10,077,941	)
Class R		(4,447,523	)		(2,377,517	)
Class Y		(43,107,227	)		(24,274,327	)
Class R5		(3,605,265	)		(2,137,993	)
Class R6		(6,061,783	)		(9,085,814	)
Total distributions from distributable earnings		(1,254,659,033	)		(749,288,807	)
Share transactions–net:
Class A		730,696,620			(27,866,651	)
Class C		(22,187,331	)		(1,280,083	)
Class R		7,440,293			3,111,764
Class Y		43,500,123			17,283,240
Class R5		2,123,109			(43,385,976	)
Class R6		12,164,283			(98,940,374	)
Net increase (decrease) in net assets resulting from share transactions		773,737,097			(151,078,080	)
Net increase in net assets		1,122,249,268			3,734,040,777
Net assets:
Beginning of period		14,579,258,760			10,845,217,983
End of period	$	15,701,508,028		$	14,579,258,760

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

9                         Invesco American Franchise Fund

Financial Highlights

(Unaudited)

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 02/28/21		$	28.90		$	(0.07	)		$	3.15			$	3.08			$	(2.52	)		$	29.46		11.20	%		$	14,793,220		0.98	%(d)		0.98	%(d)		(0.47	)%(d)		26	%
Year ended 08/31/20			21.27			(0.03	)			9.17				9.14				(1.51	)			28.90		45.42				13,733,417		1.00			1.00			(0.15	)		52
Year ended 08/31/19			23.12			(0.01	)			(0.04	)			(0.05	)			(1.80	)			21.27		1.21				10,115,813		1.01			1.01			(0.04	)		43
Year ended 08/31/18			20.25			(0.04	)			3.97				3.93				(1.06	)			23.12		20.30				10,524,889		1.01			1.01			(0.17	)		44
Year ended 08/31/17			16.96			(0.03	)			3.99				3.96				(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	)			16.96		7.99				8,253,739		1.08			1.08			(0.04	)		59
Class C
Six months ended 02/28/21			25.70			(0.15	)			2.77				2.62				(2.52	)			25.80		10.79				163,512		1.73	(d)		1.73	(d)		(1.22	)(d)		26
Year ended 08/31/20			19.21			(0.18	)			8.18				8.00				(1.51	)			25.70		44.30				185,177		1.75			1.75			(0.90	)		52
Year ended 08/31/19			21.23			(0.15	)			(0.07	)			(0.22	)			(1.80	)			19.21		0.46				139,839		1.76			1.76			(0.79	)		43
Year ended 08/31/18			18.81			(0.18	)			3.66				3.48				(1.06	)			21.23		19.43				401,863		1.76			1.76			(0.92	)		44
Year ended 08/31/17			15.92			(0.15	)			3.71				3.56				(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	)			15.92		7.18				367,233		1.83			1.83			(0.79	)		59
Class R
Six months ended 02/28/21			28.06			(0.10	)			3.05				2.95				(2.52	)			28.49		11.07				58,789		1.23	(d)		1.23	(d)		(0.72	)(d)		26
Year ended 08/31/20			20.75			(0.09	)			8.91				8.82				(1.51	)			28.06		45.00				50,219		1.25			1.25			(0.40	)		52
Year ended 08/31/19			22.65			(0.06	)			(0.04	)			(0.10	)			(1.80	)			20.75		0.99				34,114		1.26			1.26			(0.29	)		43
Year ended 08/31/18			19.91			(0.09	)			3.89				3.80				(1.06	)			22.65		19.99				38,537		1.26			1.26			(0.42	)		44
Year ended 08/31/17			16.72			(0.07	)			3.93				3.86				(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	)			16.72		7.70				28,686		1.33			1.33			(0.29	)		59
Class Y
Six months ended 02/28/21			29.81			(0.03	)			3.25				3.22				(2.52	)			30.51		11.34				554,541		0.73	(d)		0.73	(d)		(0.22	)(d)		26
Year ended 08/31/20			21.85			0.03				9.44				9.47				(1.51	)			29.81		45.74				496,757		0.75			0.75			0.10			52
Year ended 08/31/19			23.63			0.04				(0.02	)			0.02				(1.80	)			21.85		1.50				350,473		0.76			0.76			0.21			43
Year ended 08/31/18			20.62			0.02				4.05				4.07				(1.06	)			23.63		20.63				368,991		0.76			0.76			0.08			44
Year ended 08/31/17			17.22			0.02				4.05				4.07				(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	)			17.22		8.26				147,246		0.83			0.83			0.21			59
Class R5
Six months ended 02/28/21			29.92			(0.03	)			3.27				3.24				(2.52	)			30.64		11.36				47,027		0.69	(d)		0.69	(d)		(0.18	)(d)		26
Year ended 08/31/20			21.91			0.04				9.48				9.52				(1.51	)			29.92		45.85				43,712		0.70			0.70			0.15			52
Year ended 08/31/19			23.68			0.05				(0.02	)			0.03				(1.80	)			21.91		1.54				75,149		0.71			0.71			0.26			43
Year ended 08/31/18			20.66			0.03				4.05				4.08				(1.06	)			23.68		20.64				86,177		0.71			0.71			0.13			44
Year ended 08/31/17			17.23			0.03				4.07				4.10				(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	)			17.23		8.39				53,789		0.71			0.71			0.33			59
Class R6
Six months ended 02/28/21			30.17			(0.02	)			3.30				3.28				(2.52	)			30.93		11.40				84,419		0.62	(d)		0.62	(d)		(0.11	)(d)		26
Year ended 08/31/20			22.07			0.05				9.56				9.61				(1.51	)			30.17		45.93				69,977		0.62			0.62			0.23			52
Year ended 08/31/19			23.81			0.07				(0.01	)			0.06				(1.80	)			22.07		1.66				129,831		0.62			0.62			0.35			43
Year ended 08/31/18			20.75			0.05				4.07				4.12				(1.06	)			23.81		20.75				139,584		0.62			0.62			0.22			44
Year ended 08/31/17			17.29			0.05				4.08				4.13				(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	)			17.29		8.49				120,754		0.63			0.63			0.42			59

^(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 $14,027,296, $177,370, $52,617, $519,242, $44,170 and $75,365 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

10                         Invesco American Franchise Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. The Fund is classified as non-diversified. The Fund’s classification changed from diversified to non-diversified during the period. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

11                         Invesco American Franchise Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s 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 the 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

12                         Invesco American Franchise Fund

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

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

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

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

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

L. Other Risks – 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.

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		0.670%
Next $500 million		0.645%
Next $550 million		0.620%
Next $3.45 billion		0.600%
Next $250 million		0.595%
Next $2.25 billion		0.570%
Next $2.5 billion		0.545%
Over $10 billion		0.520%

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.56%.

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, 2021, 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 the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $12,652.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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

13                         Invesco American Franchise Fund

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. 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $643,314 in front-end sales commissions from the sale of Class A shares and $7,532 and $4,587 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2021, the Fund incurred $64,991 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	14,943,779,995	$	669,985,885		$87,291,851	$	15,701,057,731
Money Market Funds		29,294,665		43,647,746		-		72,942,411
Total Investments	$	14,973,074,660	$	713,633,631		$87,291,851	$	15,774,000,142

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, 2021, the Fund engaged in securities purchases of $16,007,610.

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $22,040.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

14                         Invesco American Franchise 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. 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, 2020.

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, 2021 was $3,762,170,377 and $4,264,553,093, 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	$	8,475,685,284
Aggregate unrealized (depreciation) of investments		(82,011,508	)
Net unrealized appreciation of investments	$	8,393,673,776

Cost of investments for tax purposes is $7,380,326,366.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		11,193,089		$	322,691,334			18,848,539		$	425,243,742
Class C		963,587			24,551,438			2,112,541			43,199,192
Class R		399,987			11,183,309			539,432			11,967,043
Class Y		2,726,719			81,606,647			4,137,295			96,820,647
Class R5		105,910			3,183,704			265,893			6,427,956
Class R6		540,148			16,320,508			1,157,998			28,047,229
Issued as reinvestment of dividends:
Class A		39,784,247			1,102,023,597			30,589,420			655,837,491
Class C		697,205			16,942,085			493,302			9,456,603
Class R		165,936			4,447,072			113,741			2,372,630
Class Y		1,176,963			33,743,515			902,635			19,930,184
Class R5		125,191			3,604,245			96,496			2,137,382
Class R6		201,835			5,865,328			401,664			8,965,142
Automatic conversion of Class C shares to Class A shares:
Class A		1,431,241			40,759,372			884,153			20,303,283
Class C		(1,630,119	)		(40,759,372	)		(987,418	)		(20,303,283	)
Reacquired:
Class A		(25,487,880	)		(734,777,683	)		(50,590,495	)		(1,129,251,167	)
Class C		(898,454	)		(22,921,482	)		(1,692,492	)		(33,632,595	)
Class R		(291,887	)		(8,190,088	)		(507,680	)		(11,227,909	)
Class Y		(2,393,868	)		(71,850,039	)		(4,416,660	)		(99,467,591	)
Class R5		(157,292	)		(4,664,840	)		(2,330,336	)		(51,951,314	)
Class R6		(332,088	)		(10,021,553	)		(5,123,865	)		(135,952,745	)
Net increase (decrease) in share activity		28,320,470		$	773,737,097			(5,105,837	)	$	(151,078,080	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% 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.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

15                         Invesco American Franchise Fund

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                         Invesco American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.

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.

	Beginning      Account Value      (09/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized         Expense Ratio
		Ending      Account Value      (02/28/21)1	Expenses         Paid During          Period2	Ending     Account Value     (02/28/21)	Expenses      Paid During      Period2
Class A	$1,000.00	$1,112.00	$5.13	$1,019.93	$4.91	0.98%
Class C	1,000.00	1,107.90	9.04	1,016.22	8.65	1.73
Class R	1,000.00	1,110.70	6.44	1,018.70	6.16	1.23
Class Y	1,000.00	1,113.40	3.83	1,021.17	3.66	0.73
Class R5	1,000.00	1,113.60	3.62	1,021.37	3.46	0.69
Class R6	1,000.00	1,114.00	3.25	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, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

17                         Invesco American Franchise Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco American Franchise Fund was held on January 22, 2021 and was adjourned until February 19, 2021. The Meeting on February 19, 2021 was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The February 19, 2021 results of the voting on the above matter were as follows:

	Matters	Votes For		Votes Against		Votes Abstain
(1)	Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction		182,761,283.18		21,237,365.09		20,144,916.83

18                         Invesco American Franchise Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Capital Appreciation Fund
	Nasdaq:
	A: OPTFX ∎ C: OTFCX ∎ R: OTCNX ∎ Y: OTCYX ∎ R5: CPTUX ∎ R6: OPTIX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Proxy Results

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, 8/31/20 to 2/28/21, 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	10.48	%
Class C Shares	10.05
Class R Shares	10.33
Class Y Shares	10.59
Class R5 Shares	10.66
Class R6 Shares	10.67
S&P 500 Indexq	9.74
Russell 1000 Growth Indexq	5.34
Source(s): qRIMES Technologies Corp.
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 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 Capital Appreciation Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable  sales charges
Class A Shares
Inception (1/22/81)	12.27	%
10 Years	13.07
5 Years	18.49
1 Year	40.50
Class C Shares
Inception (12/1/93)	9.93	%
10 Years	13.01
5 Years	18.92
1 Year	46.54
Class R Shares
Inception (3/1/01)	6.63	%
10 Years	13.41
5 Years	19.53
1 Year	48.28
Class Y Shares
Inception (11/3/97)	8.55	%
10 Years	14.02
5 Years	20.11
1 Year	49.01
Class R5 Shares
10 Years	13.78	%
5 Years	19.98
1 Year	49.16
Class R6 Shares
Inception (12/29/11)	16.34	%
5 Years	20.38
1 Year	49.17

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Capital Appreciation Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Capital Appreciation Fund. The Fund was subsequently renamed the Invesco Capital Appreciation Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3                                    Invesco Capital Appreciation Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.76%
Agricultural & Farm Machinery–1.18%
Deere & Co.		178,090	$	62,174,781
Application Software–7.11%
Coupa Software, Inc.(b)		121,972		42,234,025
DocuSign, Inc.(b)		172,721		39,148,942
HubSpot, Inc.(b)		122,623		63,150,845
RingCentral, Inc., Class A(b)		233,196		88,185,399
Synopsys, Inc.(b)		154,623		37,915,106
Trade Desk, Inc. (The), Class A(b)		127,556		102,732,327
				373,366,644
Asset Management & Custody Banks–2.42%
Ares Management Corp., Class A		330,848		17,197,479
BlackRock, Inc.		72,431		50,303,329
KKR & Co., Inc., Class A		1,311,085		59,733,033
				127,233,841
Auto Parts & Equipment–1.11%
Aptiv PLC		389,118		58,305,441
Automobile Manufacturers–0.62%
General Motors Co.(b)		630,952		32,386,766
Biotechnology–0.49%
Alnylam Pharmaceuticals, Inc.(b)		172,589		25,560,431
Casinos & Gaming–0.50%
DraftKings, Inc., Class A(b)		430,618		26,495,926
Construction Machinery & Heavy Trucks–1.15%
Caterpillar, Inc.		278,879		60,204,399
Copper–1.24%
Freeport-McMoRan, Inc.		1,920,478		65,123,409
Data Processing & Outsourced Services–7.82%
Mastercard, Inc., Class A		443,580		156,960,783
PayPal Holdings, Inc.(b)		797,424		207,210,626
Square, Inc., Class A(b)		114,223		26,274,717
WEX, Inc.(b)		97,425		20,298,499
				410,744,625
Diversified Chemicals–0.75%
Eastman Chemical Co.		362,834		39,643,243
Diversified Metals & Mining–0.78%
Rio Tinto PLC, ADR (Australia)		466,747		40,793,688
Electrical Components & Equipment–1.42%
Generac Holdings, Inc.(b)		227,006		74,812,097
Fertilizers & Agricultural Chemicals–0.76%
Corteva, Inc.		888,071		40,096,406
Financial Exchanges & Data–1.20%
MarketAxess Holdings, Inc.		46,511		25,857,325
MSCI, Inc.		89,117		36,940,779
				62,798,104

	Shares		Value
Food Distributors–1.15%
Sysco Corp.		759,534	$	60,481,692
Footwear–1.20%
NIKE, Inc., Class B		468,085		63,088,496
Health Care Equipment–4.21%
Abbott Laboratories		207,976		24,911,365
Danaher Corp.		252,222		55,405,607
DexCom, Inc.(b)		65,948		26,232,796
IDEXX Laboratories, Inc.(b)		66,765		34,729,150
Intuitive Surgical, Inc.(b)		64,013		47,164,778
Zimmer Biomet Holdings, Inc.		201,148		32,799,193
				221,242,889
Health Care Services–0.41%
LHC Group, Inc.(b)		119,640		21,739,784
Health Care Supplies–1.30%
Align Technology, Inc.(b)		48,242		27,358,521
West Pharmaceutical Services, Inc.		144,903		40,667,027
				68,025,548
Home Improvement Retail–0.95%
Lowe’s Cos., Inc.		312,463		49,915,964
Hotels, Resorts & Cruise Lines–0.73%
Travel + Leisure Co.		632,080		38,196,594
Industrial Machinery–0.27%
Chart Industries, Inc.(b)		99,689		14,264,498
Interactive Home Entertainment–2.36%
Activision Blizzard, Inc.		1,294,351		123,752,899
Interactive Media & Services–9.20%
Alphabet, Inc., Class C(b)		134,862		274,695,013
Facebook, Inc., Class A(b)		508,635		131,034,549
Pinterest, Inc., Class A(b)		501,581		40,417,397
Snap, Inc., Class A(b)		570,097		37,432,569
				483,579,528
Internet & Direct Marketing Retail–9.57%
Amazon.com, Inc.(b)		145,270		449,309,941
Booking Holdings, Inc.(b)		23,082		53,746,668
				503,056,609
Internet Services & Infrastructure–2.45%
Okta, Inc.(b)		161,230		42,153,584
Shopify, Inc., Class A (Canada)(b)		31,465		40,305,721
Twilio, Inc., Class A(b)		117,792		46,278,121
				128,737,426
Life Sciences Tools & Services–2.65%
10X Genomics, Inc., Class A(b)		127,437		22,682,512
Agilent Technologies, Inc.		172,603		21,069,648
Avantor, Inc.(b)		940,598		26,214,466
Illumina, Inc.(b)		47,944		21,067,073
Thermo Fisher Scientific, Inc.		107,078		48,193,666
				139,227,365

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

4                                    Invesco Capital Appreciation Fund

	Shares		Value
Managed Health Care–1.36%
UnitedHealth Group, Inc.		215,796	$	71,691,747
Movies & Entertainment–1.99%
Netflix, Inc.(b)		93,246		50,245,607
Walt Disney Co. (The)		287,401		54,330,285
				104,575,892
Oil & Gas Exploration & Production–0.70%
APA Corp.		1,852,866		36,557,046
Pharmaceuticals–0.48%
Catalent, Inc.(b)		223,596		25,425,101
Railroads–0.74%
Kansas City Southern		182,833		38,822,759
Regional Banks–0.55%
SVB Financial Group(b)		57,603		29,110,252
Restaurants–1.05%
Chipotle Mexican Grill, Inc.(b)		38,323		55,261,766
Semiconductor Equipment–4.54%
Applied Materials, Inc.		901,059		106,496,163
ASML Holding N.V., New York Shares
(Netherlands)		129,472		73,422,277
Lam Research Corp.		103,605		58,763,720
				238,682,160
Semiconductors–7.68%
Advanced Micro Devices, Inc.(b)		574,137		48,520,318
Marvell Technology Group Ltd.		816,367		39,414,199
Microchip Technology, Inc.		360,053		54,954,889
Monolithic Power Systems, Inc.		208,445		78,066,822
NVIDIA Corp.		127,721		70,065,186
NXP Semiconductors N.V. (Netherlands)		305,875		55,837,481

	Shares		Value
Semiconductors–(continued)
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)		450,938	$	56,791,132
				403,650,027
Systems Software–8.99%
Crowdstrike Holdings, Inc., Class A(b)		186,762		40,340,592
Microsoft Corp.		1,347,904		313,225,931
Palo Alto Networks, Inc.(b)		145,799		52,241,240
ServiceNow, Inc.(b)		124,994		66,679,299
				472,487,062
Technology Hardware, Storage & Peripherals–4.56%
Apple, Inc.		1,974,410		239,416,957
Trading Companies & Distributors–1.14%
United Rentals, Inc.(b)		202,145		60,113,880
Trucking–0.98%
Uber Technologies, Inc.(b)		990,217		51,243,730
Total Common Stocks & Other Equity Interests (Cost $3,300,643,960)				5,242,087,472
Money Market Funds–0.52%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		9,631,352		9,631,353
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(d)		6,876,705		6,879,455
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		11,007,260		11,007,260
Total Money Market Funds (Cost $27,518,068)				27,518,068
TOTAL INVESTMENTS IN SECURITIES–100.28% (Cost $3,328,162,028)				5,269,605,540
OTHER ASSETS LESS LIABILITIES–(0.28)%				(14,769,717	)
NET ASSETS–100.00%			$	5,254,835,823

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$-	$	150,210,505	$	(140,579,153	)		$-	$	-		$	9,631,353	$	1,124
Invesco Liquid Assets Portfolio, Institutional Class	-		107,293,217		(100,413,621	)		-		(141	)		6,879,455		1,788
Invesco Treasury Portfolio, Institutional Class	-		171,669,149		(160,661,889	)		-		-			11,007,260		460
Total	$-	$	429,172,871	$	(401,654,663	)		$-	$	(141	)	$	27,518,068	$	3,372

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

5                                    Invesco Capital Appreciation Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Information Technology	43.14	%
Consumer Discretionary	15.73
Communication Services	13.55
Health Care	10.90
Industrials	6.88
Financials	4.17
Materials	3.53
Other Sectors, Each Less than 2% of Net Assets	1.85
Money Market Funds Plus Other Assets Less Liabilities	0.25

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

6                                    Invesco Capital Appreciation Fund

Statement of Assets and Liabilities

February 28, 2021

(unaudited)

Assets:
Investments in securities, at value (Cost $3,300,643,960)	$	5,242,087,472
Investments in affiliated money market funds, at value (Cost $27,518,068)		27,518,068
Cash		4,647,976
Foreign currencies, at value (Cost $146)		149
Receivable for:
Fund shares sold		3,822,532
Dividends		1,696,797
Investment for trustee deferred compensation and retirement plans		615,556
Other assets		57,340
Total assets		5,280,445,890
Liabilities:
Payable for:
Investments purchased		16,678,151
Fund shares reacquired		4,431,915
Accrued fees to affiliates		2,562,499
Accrued trustees’ and officers’ fees and benefits		422,911
Accrued other operating expenses		899,035
Trustee deferred compensation and retirement plans		615,556
Total liabilities		25,610,067
Net assets applicable to shares outstanding	$	5,254,835,823
Net assets consist of:
Shares of beneficial interest	$	2,542,133,572
Distributable earnings		2,712,702,251
	$	5,254,835,823

Net Assets:
Class A	$	4,751,632,759
Class C	$	202,539,615
Class R	$	154,330,088
Class Y	$	130,015,157
Class R5	$	39,240
Class R6	$	16,278,964
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		63,141,646
Class C		4,203,574
Class R		2,248,397
Class Y		1,541,535
Class R5		518
Class R6		190,785
Class A:
Net asset value per share	$	75.25
Maximum offering price per share (Net asset value of $75.25 ÷ 94.50%)	$	79.63
Class C:
Net asset value and offering price per share	$	48.18
Class R:
Net asset value and offering price per share	$	68.64
Class Y:
Net asset value and offering price per share	$	84.34
Class R5:
Net asset value and offering price per share	$	75.75
Class R6:
Net asset value and offering price per share	$	85.33

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

7                                    Invesco Capital Appreciation Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $261,187)	$	12,841,537
Dividends from affiliated money market funds		3,372
Total investment income		12,844,909
Expenses:
Advisory fees		14,362,245
Administrative services fees		362,241
Custodian fees		17,026
Distribution fees:
Class A		5,048,502
Class C		1,072,910
Class R		367,627
Transfer agent fees – A, C, R and Y		3,313,223
Transfer agent fees – R5		16
Transfer agent fees – R6		2,846
Trustees’ and officers’ fees and benefits		39,242
Registration and filing fees		96,979
Reports to shareholders		575,219
Professional services fees		56,472
Taxes		11,000
Other		55,876
Total expenses		25,381,424
Less: Fees waived and/or expense offset arrangement(s)		(29,016	)
Net expenses		25,352,408
Net investment income (loss)		(12,507,499	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $3,371,824)		827,030,469
Affiliated investment securities		(141	)
Foreign currencies		219,359
		827,249,687
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(310,473,829	)
Foreign currencies		(481	)
		(310,474,310	)
Net realized and unrealized gain		516,775,377
Net increase in net assets resulting from operations	$	504,267,878

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

8                                   Invesco Capital Appreciation Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income (loss)	$	(12,507,499	)	$	(10,264,646	)
Net realized gain		827,249,687			136,887,967
Change in net unrealized appreciation (depreciation)		(310,474,310	)		1,315,591,136
Net increase in net assets resulting from operations		504,267,878			1,442,214,457
Distributions to shareholders from distributable earnings:
Class A		(145,813,690	)		(725,826,154	)
Class C		(11,057,674	)		(54,618,367	)
Class R		(5,248,779	)		(25,143,895	)
Class Y		(3,556,459	)		(20,457,969	)
Class R5		(1,192	)		(2,231	)
Class R6		(442,993	)		(1,897,655	)
Total distributions from distributable earnings		(166,120,787	)		(827,946,271	)
Share transactions–net:
Class A		(35,756,558	)		341,564,895
Class C		(37,525,941	)		16,876,698
Class R		(2,310,080	)		12,675,960
Class Y		7,151,418			6,088,108
Class R5		791			22,800
Class R6		696,971			2,701,290
Net increase (decrease) in net assets resulting from share transactions		(67,743,399	)		379,929,751
Net increase in net assets		270,403,692			994,197,937
Net assets:
Beginning of period		4,984,432,131			3,990,234,194
End of period	$	5,254,835,823		$	4,984,432,131

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

9                                   Invesco Capital Appreciation Fund

Financial Highlights

(Unaudited)

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 assets 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 (c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 02/28/21		$	70.34		$	(0.17	)		$	7.43		$	7.26		$	–			$	(2.35	)		$	(2.35	)		$	75.25		10.48	%(e)		$	4,751,633		0.97	%(e)(f)		0.97	%(e)(f)		(0.45	)%(e)(f)		52	%
Year ended 08/31/20			62.38			(0.12	)			21.17			21.05			–				(13.09	)			(13.09	)			70.34		39.41	(e)			4,478,067		1.00	(e)		1.00	(e)		(0.22	)(e)		31
Year ended 08/31/19			65.82			(0.03	)			1.23			1.20			–				(4.64	)			(4.64	)			62.38		2.97				3,566,269		1.03	(g)		1.03			(0.06	)		64
Year ended 08/31/18			59.87			0.00				11.40			11.40			(0.01	)			(5.44	)			(5.45	)			65.82		20.23				3,606,256		1.03	(g)		1.03			(0.01	)		29
Year ended 08/31/17			52.99			0.04				9.01			9.05			(0.04	)			(2.13	)			(2.17	)			59.87		17.90				3,266,760		1.05	(g)		1.05			0.08			63
Year ended 08/31/16			58.99			0.07				1.36			1.43			–				(7.43	)			(7.43	)			52.99		2.02				3,112,543		1.05	(g)		1.05			0.14			79
Class C
Six months ended 02/28/21			46.01			(0.29	)			4.81			4.52			–				(2.35	)			(2.35	)			48.18		10.05				202,540		1.75	(f)		1.75	(f)		(1.23	)(f)		52
Year ended 08/31/20			45.21			(0.39	)			14.28			13.89			–				(13.09	)			(13.09	)			46.01		38.34				230,567		1.78			1.78			(1.00	)		31
Year ended 08/31/19			49.50			(0.36	)			0.71			0.35			–				(4.64	)			(4.64	)			45.21		2.18				201,751		1.80	(g)		1.80			(0.83	)		64
Year ended 08/31/18			46.61			(0.36	)			8.69			8.33			–				(5.44	)			(5.44	)			49.50		19.33				404,733		1.79	(g)		1.79			(0.77	)		29
Year ended 08/31/17			42.02			(0.30	)			7.02			6.72			–				(2.13	)			(2.13	)			46.61		16.98				376,618		1.82	(g)		1.82			(0.69	)		63
Year ended 08/31/16			48.56			(0.27	)			1.16			0.89			–				(7.43	)			(7.43	)			42.02		1.26				390,891		1.82	(g)		1.82			(0.62	)		79
Class R
Six months ended 02/28/21			64.44			(0.24	)			6.79			6.55			–				(2.35	)			(2.35	)			68.64		10.33				154,330		1.25	(f)		1.25	(f)		(0.73	)(f)		52
Year ended 08/31/20			58.28			(0.26	)			19.51			19.25			–				(13.09	)			(13.09	)			64.44		39.04				147,187		1.28			1.28			(0.50	)		31
Year ended 08/31/19			62.00			(0.18	)			1.10			0.92			–				(4.64	)			(4.64	)			58.28		2.68				117,019		1.30	(g)		1.30			(0.32	)		64
Year ended 08/31/18			56.82			(0.15	)			10.77			10.62			–				(5.44	)			(5.44	)			62.00		19.92				112,845		1.29	(g)		1.29			(0.27	)		29
Year ended 08/31/17			50.49			(0.10	)			8.56			8.46			–				(2.13	)			(2.13	)			56.82		17.60				92,888		1.31	(g)		1.31			(0.18	)		63
Year ended 08/31/16			56.68			(0.06	)			1.30			1.24			–				(7.43	)			(7.43	)			50.49		1.74				83,248		1.31	(g)		1.31			(0.12	)		79
Class Y
Six months ended 02/28/21			78.49			(0.10	)			8.30			8.20			–				(2.35	)			(2.35	)			84.34		10.59				130,015		0.75	(f)		0.75	(f)		(0.23	)(f)		52
Year ended 08/31/20			68.08			0.01				23.49			23.50			–				(13.09	)			(13.09	)			78.49		39.75				114,061		0.78			0.78			0.00			31
Year ended 08/31/19			71.23			0.11				1.40			1.51			(0.02	)			(4.64	)			(4.66	)			68.08		3.20				95,438		0.80	(g)		0.80			0.17			64
Year ended 08/31/18			64.36			0.15				12.30			12.45			(0.14	)			(5.44	)			(5.58	)			71.23		20.51				115,119		0.80	(g)		0.80			0.22			29
Year ended 08/31/17			56.79			0.16				9.69			9.85			(0.15	)			(2.13	)			2.28				64.36		18.16				149,511		0.82	(g)		0.82			0.27			63
Year ended 08/31/16			62.57			0.22				1.43			1.65			–				(7.43	)			(7.43	)			56.79		(2.28	)			119,008		0.82	(g)		0.82			0.38			79
Class R5
Six months ended 02/28/21			70.69			(0.06	)			7.47			7.41			–				(2.35	)			(2.35	)			75.75		10.64				39		0.68	(f)		0.71	(f)		(0.16	)(f)		52
Year ended 08/31/20			62.44			0.07				21.27			21.34			–				(13.09	)			(13.09	)			70.69		39.90				36		0.67			0.67			0.11			31
Period ended 08/31/19(h)			58.66			0.05				3.73			3.78			–				–				–				62.44		6.44				11		0.68	(g)(i)		0.68	(i)		0.29	(i)		64
Class R6
Six months ended 02/28/21			79.32			(0.05	)			8.41			8.36			–				(2.35	)			(2.35	)			85.33		10.68				16,279		0.63	(f)		0.66	(f)		(0.11	)(f)		52
Year ended 08/31/20			68.60			0.10				23.71			23.81			–				(13.09	)			(13.09	)			79.32		39.91				14,514		0.63			0.67			0.15			31
Year ended 08/31/19			71.57			0.23				1.58			1.81			(0.14	)			(4.64	)			(4.78	)			68.60		3.66				9,747		0.63	(g)		0.63			0.33			64
Year ended 08/31/18			64.64			0.26				12.36			12.62			(0.25	)			(5.44	)			(5.69	)			71.57		20.70				1,076,452		0.63	(g)		0.63			0.39			29
Year ended 08/31/17			57.04			0.29				9.71			10.00			(0.27	)			(2.13	)			(2.40	)			64.64		18.40				1,131,656		0.63	(g)		0.63			0.49			63
Year ended 08/31/16			62.72			0.32				1.43			1.75			–				(7.43	)			(7.43	)			57.04		2.45				988,213		0.63	(g)		0.63			0.56			79

^(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)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended August 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(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 0.22% for Class A for the six months ended February 28, 2021 and year ended August 31, 2020.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,528,675, $216,360, $148,270, $119,775, $37 and $15,221 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Includes fee waivers which were less than 0.005% per share.

^(h)  Commencement date after the close of business on May 24, 2019.

⁽ⁱ⁾  Annualized.

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

10                                   Invesco Capital Appreciation Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Capital Appreciation 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

11                                   Invesco Capital Appreciation Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

F. 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.

G. 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.

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement

12                                    Invesco Capital Appreciation Fund

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
Up to $200 million	0.750%
Next $200 million	0.720%
Next $200 million	0.690%
Next $200 million	0.660%
Next $700 million	0.600%
Next $1 billion	0.580%
Next $2 billion	0.560%
Next $2 billion	0.540%
Next $2 billion	0.520%
Next $2.5 billion	0.500%
Over $11 billion	0.480%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended February 28, 2021, the effective advisory fee rate 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. and separate sub-advisory agreements with Invesco 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through May 31, 2021, 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 1.05%, 1.80%, 1.30%, 0.80%, 0.68% and 0.63%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has agreed to limit expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s 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 May 31, 2021. 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.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2021, the Adviser waived advisory fees of $9,970 and reimbursed class level expenses of $0, $0, $0, $0, $6 and $2,507 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 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

13                                    Invesco Capital Appreciation Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $223,456 in front-end sales commissions from the sale of Class A shares and $260 and $8,783 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2021, the Fund incurred $19,843 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

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

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

As of February 28, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—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, 2021, the Fund engaged in securities purchases of $41,439,860 and securities sales of $16,840,267, which resulted in net realized gains of $3,371,824.

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $16,533.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

14                                    Invesco Capital Appreciation Fund

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, 2021 was $2,576,295,705 and $2,836,863,733, 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	$	1,973,670,877
Aggregate unrealized (depreciation) of investments		(36,793,486	)
Net unrealized appreciation of investments	$	1,936,877,391

    Cost of investments for tax purposes is $3,332,728,149.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,655,843		$	118,710,742			3,534,087		$	205,284,900
Class C		1,143,296			53,219,900			801,919			31,242,651
Class R		185,755			12,200,712			420,876			22,361,254
Class Y		271,140			21,879,744			725,083			48,972,785
Class R5		-			-			337			22,800
Class R6		50,885			4,225,417			57,646			3,776,928
Issued as reinvestment of dividends:
Class A		1,968,634			141,584,163			12,699,672			703,324,044
Class C		236,783			10,920,448			1,476,959			53,790,843
Class R		79,701			5,230,764			493,345			25,076,750
Class Y		37,278			3,003,452			280,610			17,310,777
Class R5		11			791			-			-
Class R6		5,214			424,810			27,918			1,739,221
Automatic conversion of Class C shares to Class A shares:
Class A		494,158			35,872,493			236,853			13,980,563
Class C		(769,019	)		(35,872,493	)		(353,040	)		(13,980,563	)
Reacquired:
Class A		(4,635,912	)		(331,923,956	)		(9,981,707	)		(581,024,612	)
Class C		(1,418,390	)		(65,793,796	)		(1,377,004	)		(54,176,233	)
Class R		(301,047	)		(19,741,556	)		(638,085	)		(34,762,044	)
Class Y		(220,159	)		(17,731,778	)		(954,234	)		(60,195,454	)
Class R6		(48,285	)		(3,953,256	)		(44,688	)		(2,814,859	)
Net increase (decrease) in share activity		(1,264,114	)	$	(67,743,399	)		7,406,547		$	379,929,751

NOTE 11—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

15                                    Invesco Capital Appreciation 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, 2020 through February 28, 2021.

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)
		Beginning Account Value   (09/01/20)	Ending Account Value   (02/28/21)1	Expenses Paid During   Period2,3	Ending Account Value   (02/28/21)	Expenses Paid During   Period2,4	Annualized   Expense Ratio2
Class A		$1,000.00	$1,104.80	$5.06	$1,019.98	$4.86	0.97%
Class C	��	1,000.00	1,100.50	9.11	1,016.12	8.75	1.75
Class R		1,000.00	1,103.30	6.52	1,018.60	6.26	1.25
Class Y		1,000.00	1,105.90	3.92	1,021.08	3.76	0.75
Class R5		1,000.00	1,106.40	3.55	1,021.42	3.41	0.68
Class R6		1,000.00	1,106.80	3.29	1,021.67	3.16	0.63

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses 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% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are to 0.97%, 1.75%, 1.25%, 0.75%, 0.71% and 0.66% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.06, $9.11, $6.52, $3.92, $3.71 and $3.45 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.86, $8.75, $6.26, $3.76, $3.56 and $3.31 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

16                                    Invesco Capital Appreciation Fund

Proxy Results

A Virtual Special Meeting (“Meeting”) of Shareholders of Invesco Capital Appreciation Fund was held on January 22, 2021, and subsequently adjourned to February 19, 2021 and February 23, 2021, has been further adjourned until April 7, 2021. The Meeting on April 7, 2021 was held for the following purpose:

(1) Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental investment restriction.

The April 7, 2021 results of the voting on the above matter were as follows:

	Matter	Votes For		Votes Against		Votes Abstain
	Approval of changing the Fund’s sub-classification from “diversified” to “non-diversified” and approve the elimination of a related fundamental
(1)	investment restriction		29,385,409.36		3,298,063.19		4,094,453.48

17                                    Invesco Capital Appreciation Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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. O-CAPA-SAR-1                                                 

    Semiannual Report to Shareholders                             February 28, 2021   Invesco Core Plus Bond Fund   Nasdaq: A: ACPSX  ∎  C: CPCFX  ∎  R: CPBRX  ∎  Y: CPBYX  ∎  R5: CPIIX  ∎  R6: CPBFX

2	Fund Performance
4	Schedule of Investments
25	Financial Statements
28	Financial Highlights
29	Notes to Financial Statements
38	Fund Expenses
39	Distribution Information

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, 8/31/20 to 2/28/21, 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	0.99	%
Class C Shares	0.52
Class R Shares	0.77
Class Y Shares	1.11
Class R5 Shares	1.03
Class R6 Shares	1.15
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market/Style-Specific Index)	-1.55
Lipper Core Plus Bond Funds Index∎ (Peer Group Index)	0.46
Source(s): ▼RIMES Technologies Corp.; ∎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 Bond 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 2/28/21, including maximum applicable  sales charges
Class A Shares
Inception (6/3/09)	4.63	%
10 Years	4.10
5 Years	4.14
1 Year	0.23
Class C Shares
Inception (6/3/09)	4.47	%
10 Years	3.91
5 Years	4.25
1 Year	2.78
Class R Shares
Inception (6/3/09)	4.74	%
10 Years	4.28
5 Years	4.77
1 Year	4.28
Class Y Shares
Inception (6/3/09)	5.28	%
10 Years	4.82
5 Years	5.31
1 Year	4.90
Class R5 Shares
Inception (6/3/09)	5.27	%
10 Years	4.80
5 Years	5.32
1 Year	4.81
Class R6 Shares
10 Years	4.82	%
5 Years	5.39
1 Year	4.97

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

The performance data quoted represent past performance and cannot guarantee 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.

Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Core Plus Bond Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes–45.97%
Advertising-0.33%
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030	$	7,919,000	$	9,445,899
Lamar Media Corp., 3.75%, 02/15/2028		7,225,000		7,328,859
3.63%, 01/15/2031(b)		2,582,000		2,554,579
				19,329,337
Aerospace & Defense–0.35%
Boeing Co. (The), 2.75%, 02/01/2026		7,367,000		7,633,804
2.20%, 02/04/2026		11,377,000		11,402,831
L3Harris Technologies, Inc., 3.85%, 12/15/2026		600,000		681,694
Northrop Grumman Corp., 3.25%, 01/15/2028		300,000		327,106
				20,045,435
Airlines–0.96%
American Airlines Pass-Through Trust, Series 2017-1, Class B, 4.95%, 02/15/2025		455,875		409,015
British Airways Pass-Through Trust (United Kingdom), Series 2019-1, Class A, 3.35%, 06/15/2029(b)		3,189,848		3,104,651
Delta Air Lines Pass-Through Trust, Series 2019-1, Class A, 3.40%, 04/25/2024		1,571,000		1,587,949
Series 2020-1, Class AA, 2.00%, 06/10/2028		2,606,667		2,647,252
Delta Air Lines, Inc., 7.38%, 01/15/2026		800,000		937,935
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		8,510,466		9,092,406
4.75%, 10/20/2028(b)		14,059,516		15,620,709
Southwest Airlines Co., 5.25%, 05/04/2025		98,000		112,349
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		13,638,130		15,352,015
Series 2018-1, Class AA, 3.50%, 03/01/2030		6,614,741		6,772,614
				55,636,895
Apparel Retail–0.07%
Ross Stores, Inc., 0.88%, 04/15/2026		2,425,000		2,386,120
1.88%, 04/15/2031		1,763,000		1,702,939
				4,089,059
Application Software–0.17%
ZoomInfo Technologies LLC/ ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)		9,837,000		9,787,815

	Principal   Amount		Value
Asset Management & Custody Banks–0.29%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(b)	$	3,798,000	$	4,190,856
2.65%, 06/05/2030(b)		573,000		577,628
Carlyle Holdings II Finance LLC, 5.63%, 03/30/2043(b)		1,820,000		2,256,478
CI Financial Corp. (Canada), 3.20%, 12/17/2030		9,479,000		9,540,480
				16,565,442
Automobile Manufacturers–1.33%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)		4,531,000		4,341,264
American Honda Finance Corp., 1.80%, 01/13/2031		8,461,000		8,333,413
Ford Motor Co., 9.00%, 04/22/2025		212,000		256,745
Ford Motor Credit Co. LLC, 3.81%, 10/12/2021		8,681,000		8,800,017
5.60%, 01/07/2022		6,197,000		6,398,403
3.09%, 01/09/2023		6,107,000		6,208,224
5.58%, 03/18/2024		600,000		648,060
3.38%, 11/13/2025		4,520,000		4,599,597
4.00%, 11/13/2030		786,000		804,668
General Motors Financial Co., Inc., 1.07% (3 mo. USD LIBOR + 0.85%), 04/09/2021(c)		6,034,000		6,038,478
Hyundai Capital America, 2.38%, 02/10/2023(b)		2,158,000		2,227,051
5.75%, 04/06/2023(b)		7,314,000		8,063,558
4.30%, 02/01/2024(b)		3,352,000		3,670,077
5.88%, 04/07/2025(b)		3,890,000		4,537,855
Toyota Motor Credit Corp., 1.65%, 01/10/2031		7,587,000		7,420,153
Volkswagen Group of America Finance LLC (Germany), 1.63%, 11/24/2027(b)		4,334,000		4,295,180
				76,642,743
Automotive Retail–0.01%
Advance Auto Parts, Inc., 3.90%, 04/15/2030		750,000		836,650
Biotechnology–0.52%
AbbVie, Inc., 2.30%, 11/21/2022		12,968,000		13,390,779
2.60%, 11/21/2024		15,822,000		16,831,359
				30,222,138
Brewers–0.14%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.65%, 02/01/2026		485,000		538,221
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.50%, 06/01/2030		3,038,000		3,360,587
4.50%, 06/01/2050		3,875,000		4,476,000
				8,374,808

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

4 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Broadcasting–0.05%
Discovery Communications LLC, 5.20%, 09/20/2047	$	365,000	$	450,167
Fox Corp., 3.50%, 04/08/2030		1,788,000		1,948,714
ViacomCBS, Inc., 3.50%, 01/15/2025		275,000		297,684
				2,696,565
Building Products–0.38%
Carrier Global Corp., 2.72%, 02/15/2030		377,000		390,003
Masco Corp., 1.50%, 02/15/2028		6,116,000		6,029,411
2.00%, 02/15/2031		4,042,000		3,965,036
3.13%, 02/15/2051		3,879,000		3,842,093
Standard Industries, Inc., 3.38%, 01/15/2031(b)		8,271,000		7,928,084
				22,154,627
Cable & Satellite–0.71%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031(b)		2,888,000		2,927,710
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		260,000		296,922
3.50%, 06/01/2041		8,337,000		8,073,471
3.85%, 04/01/2061		10,286,000		9,532,391
Comcast Corp., 3.95%, 10/15/2025		2,987,000		3,365,678
4.60%, 10/15/2038		3,737,000		4,660,843
3.40%, 07/15/2046		500,000		527,608
2.80%, 01/15/2051		5,486,000		5,147,813
Cox Communications, Inc., 3.35%, 09/15/2026(b)		585,000		641,140
1.80%, 10/01/2030(b)		2,502,000		2,395,364
2.95%, 10/01/2050(b)		3,740,000		3,457,761
DISH DBS Corp., 5.88%, 11/15/2024		290,000		303,882
				41,330,583
Commodity Chemicals–0.18%
Alpek S.A.B. de C.V. (Mexico), 4.50%, 11/20/2022(b)		300,000		319,428
3.25%, 02/25/2031(b)		4,849,000		4,836,877
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)		5,674,000		5,514,419
				10,670,724
Computer & Electronics Retail–0.02%
Rent-A-Center, Inc., 6.38%, 02/15/2029(b)		1,343,000		1,400,225
Construction & Engineering–0.01%
Bioceanico Sovereign Certificate Ltd. (Cayman Islands), 0.00%, 06/05/2034(b)(d)		147,611		112,935
Mexico City Airport Trust (Mexico), 3.88%, 04/30/2028(b)		400,000		392,860
Rutas 2 and 7 Finance Ltd., 0.00%, 09/30/2036(b)(d)		240,000		179,280
				685,075

	Principal   Amount		Value
Consumer Finance–0.02%
Discover Bank, 3.45%, 07/27/2026	$	335,000	$	368,986
Synchrony Financial, 4.50%, 07/23/2025		670,000		748,637
				1,117,623
Copper–0.22%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		8,563,000		9,167,034
4.38%, 08/01/2028		3,004,000		3,207,566
5.40%, 11/14/2034		385,000		477,641
				12,852,241
Data Processing & Outsourced Services–0.24%
Fidelity National Information Services, Inc., 2.25%, 03/01/2031		1,175,000		1,170,497
3.10%, 03/01/2041		3,663,000		3,713,616
PayPal Holdings, Inc., 2.65%, 10/01/2026		4,823,000		5,184,599
2.85%, 10/01/2029		3,342,000		3,582,999
				13,651,711
Department Stores–0.00%
Falabella S.A. (Chile), 3.75%, 10/30/2027(b)		200,000		218,416
Distillers & Vintners–0.02%
Constellation Brands, Inc., 4.65%, 11/15/2028		700,000		832,981
2.88%, 05/01/2030		92,000		96,868
				929,849
Distributors–0.09%
Genuine Parts Co., 1.88%, 11/01/2030		5,231,000		4,991,625
Diversified Banks–5.93%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		20,285,000		22,209,032
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035(b)(e)		5,132,000		5,013,665
6.75%(b)(e)(f)		4,268,000		5,054,059
Banco de Bogota S.A. (Colombia), 4.38%, 08/03/2027(b)		400,000		431,680
Banco de Credito del Peru (Peru), 3.13%, 07/01/2030(b)(e)		200,000		204,400
Banco Nacional de Panama (Panama), 2.50%, 08/11/2030(b)		215,000		207,503
Banco Santander S.A. (Spain), 2.75%, 12/03/2030		5,800,000		5,761,480
Bank of America Corp., 4.20%, 08/26/2024		3,109,000		3,452,619
2.68%, 06/19/2041(e)		22,349,000		21,699,099
Barclays PLC (United Kingdom), 4.84%, 05/09/2028		600,000		683,448
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(b)		1,385,000		1,509,664
1.88%, 09/18/2025(b)		6,155,000		6,217,319

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

5 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Diversified Banks–(continued)
BNP Paribas S.A. (France), 4.38%, 03/01/2033(b)(e)	$	600,000	$	668,579
2.82%, 01/26/2041(b)		15,320,000		14,405,335
BPCE S.A. (France), 2.28%, 01/20/2032(b)(e)		6,461,000		6,425,057
Citigroup, Inc., 5.50%, 09/13/2025		3,936,000		4,659,056
3.11%, 04/08/2026(e)		6,206,000		6,678,000
4.45%, 09/29/2027		6,408,000		7,396,605
4.41%, 03/31/2031(e)		5,215,000		6,071,198
2.57%, 06/03/2031(e)		651,000		667,518
3.88%(e)(f)		16,084,000		16,043,790
Series A, 5.95%(e)(f)		2,795,000		2,914,839
Credit Agricole S.A. (France), 7.88%(b)(e)(f)		5,699,000		6,399,310
Credit Bank of Moscow Via CBOM Finance PLC (Russia), 7.50%, 10/05/2027(b)(e)		400,000		406,308
Development Bank of Kazakhstan JSC (Kazakhstan), 4.13%, 12/10/2022(b)		300,000		314,829
DIB Sukuk Ltd. (United Arab Emirates), 3.66%, 02/14/2022(b)		200,000		205,431
Export-Import Bank of India (India), 3.38%, 08/05/2026(b)		200,000		214,168
Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025(b)		7,535,000		7,822,447
Global Bank Corp. (Panama), 4.50%, 10/20/2021(b)		7,642,000		7,762,744
HSBC Holdings PLC (United Kingdom), 1.19% (3 mo. USD LIBOR + 1.00%), 05/18/2024(c)		2,654,000		2,690,342
1.65%, 04/18/2026(e)		3,379,000		3,419,075
4.38%, 11/23/2026		570,000		645,648
2.01%, 09/22/2028(e)		740,000		744,175
2.36%, 08/18/2031(e)		288,000		286,465
6.25%(e)(f)		1,828,000		1,942,250
4.60%(e)(f)		6,452,000		6,501,035
Industrial Senior Trust (Guatemala), 5.50%, 11/01/2022(b)		500,000		528,250
ING Groep N.V. (Netherlands), 6.88%(b)(e)(f)		3,988,000		4,162,722
JPMorgan Chase & Co., 1.11% (3 mo. USD LIBOR + 0.89%), 07/23/2024(c)		12,015,000		12,213,252
2.08%, 04/22/2026(e)		8,112,000		8,426,883
3.63%, 12/01/2027		3,407,000		3,789,009
3.78%, 02/01/2028(e)		650,000		732,441
2.96%, 05/13/2031(e)		300,000		313,834
3.11%, 04/22/2041(e)		5,045,000		5,307,932
Series W, 1.19% (3 mo. USD LIBOR + 1.00%), 05/15/2047(c)		9,413,000		8,048,115
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026		500,000		569,381
Mizuho Financial Group, Inc. (Japan), 2.20%, 07/10/2031(e)		9,813,000		9,786,388
2.17%, 05/22/2032(e)		12,726,000		12,580,270
Multibank, Inc. (Panama), 4.38%, 11/09/2022(b)		200,000		206,160

	Principal   Amount		Value
Diversified Banks–(continued)
National Australia Bank Ltd. (Australia), 2.33%, 08/21/2030(b)	$	632,000	$	619,372
Shinhan Financial Group Co. Ltd. (South Korea), 3.34%, 02/05/2030(b)(e)		200,000		210,421
SMBC Aviation Capital Finance DAC (Ireland), 3.00%, 07/15/2022(b)		2,689,000		2,756,050
4.13%, 07/15/2023(b)		5,297,000		5,666,645
Standard Chartered PLC (United Kingdom), 3.27%, 02/18/2036(b)(e)		9,302,000		9,216,376
7.75%(b)(e)(f)		10,362,000		11,390,014
7.50%(b)(e)(f)		5,652,000		5,923,550
Sumitomo Mitsui Financial Group, Inc. (Japan), 1.47%, 07/08/2025		4,620,000		4,697,119
3.04%, 07/16/2029		7,468,000		8,028,490
2.14%, 09/23/2030		13,497,000		13,197,374
TC Ziraat Bankasi AS (Turkey), 5.38%, 03/02/2026(b)		400,000		402,290
U.S. Bancorp, 1.38%, 07/22/2030		5,019,000		4,804,783
Series I, 3.73% (3 mo. USD LIBOR +3.49%)(c)(f)		7,727,000		7,698,024
Wells Fargo & Co., 2.19%, 04/30/2026(e)		2,394,000		2,494,645
3.07%, 04/30/2041(e)		3,404,000		3,498,790
5.38%, 11/02/2043		4,992,000		6,457,770
3.90%(e)(f)		8,774,000		8,745,704
Westpac Banking Corp. (Australia), 2.67%, 11/15/2035(e)		2,390,000		2,339,165
				342,539,391
Diversified Capital Markets–1.13%
Credit Suisse Group AG (Switzerland), 3.75%, 03/26/2025		725,000		795,391
4.19%, 04/01/2031(b)(e)		4,554,000		5,194,381
7.13%(b)(e)(f)		8,632,000		9,089,410
7.50%(b)(e)(f)		8,162,000		8,952,560
5.10%(b)(e)(f)		4,989,000		5,095,016
5.25%(b)(e)(f)		10,127,000		10,785,255
4.50%(b)(e)(f)		11,267,000		11,027,576
UBS Group AG (Switzerland), 6.88%(b)(e)(f)		7,761,000		7,785,253
4.38%(b)(e)(f)		6,872,000		6,788,162
				65,513,004
Diversified Chemicals–0.12%
Braskem Netherlands Finance B.V. (Brazil), 4.50%, 01/31/2030(b)		200,000		203,390
5.88%, 01/31/2050(b)		200,000		205,240
OCP S.A. (Morocco), 5.63%, 04/25/2024(b)		5,496,000		6,051,151
SABIC Capital II B.V. (Saudi Arabia), 4.00%, 10/10/2023(b)		200,000		216,470
4.50%, 10/10/2028(b)		200,000		233,503
Sasol Financing USA LLC (South Africa), 6.50%, 09/27/2028		300,000		336,750
				7,246,504

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

6 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Diversified Metals & Mining–0.42%
Anglo American Capital PLC (South Africa), 5.38%, 04/01/2025(b)	$	10,498,000	$	12,172,555
5.63%, 04/01/2030(b)		5,496,000		6,821,094
Corp. Nacional del Cobre de Chile (Chile), 3.63%, 08/01/2027(b)		200,000		220,888
3.15%, 01/14/2030(b)		200,000		212,431
3.15%, 01/15/2051(b)		4,625,000		4,221,274
Minera Mexico S.A. de C.V. (Mexico), 4.50%, 01/26/2050(b)		200,000		211,300
MMC Norilsk Nickel OJSC via MMC Finance DAC (Russia), 6.63%, 10/14/2022(b)		295,000		318,990
Volcan Cia Minera SAA (Peru), 4.38%, 02/11/2026(b)		53,000		54,590
				24,233,122
Diversified REITs–0.47%
Trust Fibra Uno (Mexico), 5.25%, 01/30/2026(b)(g)		8,353,000		9,307,330
4.87%, 01/15/2030(b)		10,094,000		10,916,661
6.39%, 01/15/2050(b)		5,965,000		6,800,100
				27,024,091
Diversified Support Services–0.08%
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(b)		4,760,000		4,798,675
Electric Utilities–0.74%
Centrais Eletricas Brasileiras S.A. (Brazil), 3.63%, 02/04/2025(b)		200,000		203,440
CLP Power Hong Kong Financing Ltd. (Hong Kong), 3.13%, 05/06/2025(b)		200,000		212,646
Consolidated Edison Co. of New York, Inc., Series C, 3.00%, 12/01/2060		5,330,000		4,945,302
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		9,254,000		9,618,376
Duke Energy Progress LLC, 2.50%, 08/15/2050		12,228,000		11,099,513
Electricite de France S.A. (France), 4.88%, 09/21/2038(b)		550,000		667,663
Empresa de Transmision Electrica S.A. (Panama), 5.13%, 05/02/2049(b)		200,000		232,652
Empresas Publicas de Medellin E.S.P. (Colombia), 4.25%, 07/18/2029(b)		200,000		205,370
Eskom Holdings SOC Ltd. (South Africa), 6.35%, 08/10/2028(b)		222,000		239,456
Eversource Energy, Series Q, 0.80%, 08/15/2025		1,210,000		1,193,637
Series R, 1.65%, 08/15/2030		213,000		205,778
Israel Electric Corp. Ltd. (The) (Israel), 4.25%, 08/14/2028(b)		200,000		225,750
Korea East-West Power Co. Ltd. (South Korea), 3.88%, 07/19/2023(b)		200,000		216,123

	Principal   Amount		Value
Electric Utilities–(continued)
Korea Hydro & Nuclear Power Co. Ltd. (South Korea), 3.00%, 09/19/2022(b)	$	200,000	$	207,793
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		1,884,000		2,011,899
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara (Indonesia), 5.45%, 05/21/2028(b)		200,000		233,219
3.38%, 02/05/2030(b)		200,000		202,925
Southern Co. (The), Series A, 3.70%, 04/30/2030		3,621,000		4,033,513
Series B, 5.50%, 03/15/2057(e)		2,954,000		3,052,282
Southern Power Co., 0.90%, 01/15/2026		1,914,000		1,889,326
State Grid Overseas Investment (2016) Ltd. (China), 3.50%, 05/04/2027(b)		200,000		222,008
Trinidad Generation Unlimited (Trinidad), 5.25%, 11/04/2027(b)		400,000		417,304
Virginia Electric & Power Co., 2.45%, 12/15/2050		1,175,000		1,059,390
				42,595,365
Electronic Components–0.66%
Corning, Inc., 5.45%, 11/15/2079		29,544,000		38,434,382
Electronic Manufacturing Services–0.13%
Jabil, Inc., 3.95%, 01/12/2028		280,000		316,059
3.00%, 01/15/2031		6,836,000		6,996,032
				7,312,091
Environmental & Facilities Services–0.28%
GFL Environmental, Inc. (Canada), 4.00%, 08/01/2028(b)		1,984,000		1,938,120
3.50%, 09/01/2028(b)		8,554,000		8,372,227
Republic Services, Inc., 1.75%, 02/15/2032		6,190,000		5,935,315
				16,245,662
Fertilizers & Agricultural Chemicals–0.01%
Nutrien Ltd. (Canada), 2.95%, 05/13/2030		292,000		311,787
Financial Exchanges & Data–0.26%
Intercontinental Exchange, Inc., 1.85%, 09/15/2032		414,000		393,876
Moody’s Corp., 4.88%, 02/15/2024		700,000		779,305
3.25%, 05/20/2050		2,094,000		2,131,350
2.55%, 08/18/2060		2,078,000		1,747,422
MSCI, Inc., 3.88%, 02/15/2031(b)		5,389,000		5,665,186
S&P Global, Inc., 1.25%, 08/15/2030		4,437,000		4,196,671
				14,913,810

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

7 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Food Retail–0.02%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)	$	1,286,000	$	1,322,921
Gas Utilities–0.09%
East Ohio Gas Co. (The), 1.30%, 06/15/2025(b)		2,065,000		2,079,386
3.00%, 06/15/2050(b)		3,104,000		3,036,262
				5,115,648
Health Care Equipment–0.01%
Becton, Dickinson and Co., 2.82%, 05/20/2030		438,000		462,608
Teleflex, Inc., 4.63%, 11/15/2027		385,000		406,585
				869,193
Health Care Facilities–0.02%
HCA, Inc., 5.50%, 06/15/2047		800,000		1,023,795
Health Care REITs–0.29%
Diversified Healthcare Trust, 6.75%, 12/15/2021		1,942,000		1,971,130
4.38%, 03/01/2031		4,783,000		4,741,149
National Health Investors, Inc., 3.00%, 02/01/2031		4,765,000		4,636,003
Omega Healthcare Investors, Inc., 3.38%, 02/01/2031		514,000		527,624
Physicians Realty L.P., 4.30%, 03/15/2027		325,000		362,781
Welltower, Inc., 3.10%, 01/15/2030		4,302,000		4,553,247
				16,791,934
Health Care Services–0.69%
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/2050		6,492,000		6,396,658
Cigna Corp., 1.13% (3 mo. USD LIBOR + 0.89%), 07/15/2023(c)		7,603,000		7,707,392
4.13%, 11/15/2025		600,000		677,507
CommonSpirit Health, 1.55%, 10/01/2025		3,041,000		3,080,778
CVS Health Corp., 1.30%, 08/21/2027		6,899,000		6,754,956
3.75%, 04/01/2030		1,942,000		2,173,899
2.70%, 08/21/2040		3,431,000		3,264,822
Prime Healthcare Foundation, Inc., Series B, 7.00%, 12/01/2027		450,000		534,167
Sutter Health, Series 20A, 3.36%, 08/15/2050		8,820,000		9,126,800
				39,716,979
Home Improvement Retail–0.05%
Lowe’s Cos., Inc., 3.65%, 04/05/2029		675,000		758,450
4.50%, 04/15/2030		1,889,000		2,248,865
				3,007,315
Homebuilding–0.25%
M.D.C. Holdings, Inc., 3.85%, 01/15/2030		9,493,000		10,249,307

	Principal   Amount		Value
Homebuilding–(continued)
Mattamy Group Corp. (Canada), 4.63%, 03/01/2030(b)	$	3,900,000	$	4,057,833
				14,307,140
Hotel & Resort REITs–0.05%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		620,000		676,298
Service Properties Trust, 4.95%, 02/15/2027(g)		2,078,000		2,063,142
				2,739,440
Hotels, Resorts & Cruise Lines–0.11%
Carnival Corp., 5.75%, 03/01/2027(b)		655,000		665,742
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032(b)		5,558,000		5,480,688
				6,146,430
Independent Power Producers & Energy Traders–0.67%
AES Corp. (The), 1.38%, 01/15/2026(b)		5,063,000		5,010,311
2.45%, 01/15/2031(b)		5,719,000		5,622,616
AES Panama Generation Holdings SRL (Panama), 4.38%, 05/31/2030(b)		200,000		212,160
Calpine Corp., 3.75%, 03/01/2031(b)		11,079,000		10,710,180
Colbun S.A. (Chile), 3.95%, 10/11/2027(b)		200,000		223,211
Emirates SembCorp Water & Power Co. PJSC (United Arab Emirates), 4.45%, 08/01/2035(b)		200,000		235,052
5.38%, 12/30/2030(b)		16,385,000		16,456,112
				38,469,642
Industrial Conglomerates–0.15%
CITIC Ltd. (China), 3.13%, 02/28/2022(b)		200,000		203,949
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		7,419,000		8,482,169
				8,686,118
Industrial REITs–0.05%
Cibanco S.A. Ibm/PLA Administradora Industrial S de RL de C.V. (Mexico), 4.96%, 07/18/2029(b)		200,000		224,480
Lexington Realty Trust, 2.70%, 09/15/2030		2,728,000		2,750,843
				2,975,323
Integrated Oil & Gas–0.93%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		11,751,000		10,761,029
3.38%, 02/08/2061		3,846,000		3,708,554
Ecopetrol S.A. (Colombia), 5.88%, 05/28/2045		100,000		108,358
Gazprom PJSC Via Gaz Capital S.A. (Russia), 5.15%, 02/11/2026(b)		350,000		396,436
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)		5,899,000		6,039,146

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

8 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Integrated Oil & Gas–(continued)
Oleoducto Central S.A. (Colombia), 4.00%, 07/14/2027(b)	$	200,000	$	214,352
Petroleos del Peru S.A. (Peru), 4.75%, 06/19/2032(b)		375,000		411,994
Petroleos Mexicanos (Mexico), 6.88%, 08/04/2026		300,000		322,275
5.95%, 01/28/2031		400,000		386,850
6.63%, 06/15/2038		390,000		359,190
7.69%, 01/23/2050		32,000		30,648
Saudi Arabian Oil Co. (Saudi Arabia), 2.88%, 04/16/2024(b)		20,838,000		21,993,293
3.50%, 04/16/2029(b)		200,000		218,396
2.25%, 11/24/2030(b)		2,445,000		2,402,643
3.25%, 11/24/2050(b)		2,315,000		2,178,185
3.50%, 11/24/2070(b)		4,555,000		4,191,697
				53,723,046
Integrated Telecommunication Services–1.40%
AT&T, Inc., 2.55%, 12/01/2033(b)		3,589,000		3,470,964
3.10%, 02/01/2043		8,308,000		7,811,706
3.50%, 09/15/2053(b)		12,614,000		11,592,779
3.55%, 09/15/2055(b)		25,236,000		23,214,580
3.50%, 02/01/2061		5,326,000		4,793,775
Telecom Argentina S.A. (Argentina), 8.00%, 07/18/2026(b)		100,000		89,625
Verizon Communications, Inc., 0.85%, 11/20/2025		8,028,000		7,916,611
1.75%, 01/20/2031		6,144,000		5,860,808
2.65%, 11/20/2040		4,447,000		4,162,030
2.88%, 11/20/2050		5,835,000		5,312,089
2.99%, 10/30/2056(b)		417,000		376,607
3.00%, 11/20/2060		6,954,000		6,245,822
				80,847,396
Interactive Home Entertainment–0.61%
Activision Blizzard, Inc., 2.50%, 09/15/2050		8,308,000		7,339,121
Electronic Arts, Inc., 1.85%, 02/15/2031		10,686,000		10,436,714
2.95%, 02/15/2051		10,084,000		9,686,253
WMG Acquisition Corp., 3.00%, 02/15/2031(b)		8,203,000		7,905,641
				35,367,729
Interactive Media & Services–1.02%
Alphabet, Inc., 1.90%, 08/15/2040		1,878,000		1,691,819
2.25%, 08/15/2060		7,195,000		6,099,956
Baidu, Inc. (China), 3.08%, 04/07/2025		2,680,000		2,841,689
1.72%, 04/09/2026		2,995,000		2,994,899
3.43%, 04/07/2030		1,650,000		1,773,037
2.38%, 10/09/2030		2,385,000		2,352,816
Cable Onda S.A. (Panama), 4.50%, 01/30/2030(b)		200,000		213,350
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)		3,465,000		3,603,791
5.63%, 02/15/2029(b)		7,642,000		8,329,780

	Principal   Amount		Value
Interactive Media & Services–(continued)
Tencent Holdings Ltd. (China), 2.99%, 01/19/2023(b)	$	5,274,000	$	5,496,995
1.81%, 01/26/2026(b)		3,471,000		3,499,836
2.39%, 06/03/2030(b)		7,984,000		7,941,167
3.24%, 06/03/2050(b)		2,207,000		2,143,614
3.29%, 06/03/2060(b)		2,253,000		2,201,041
Twitter, Inc., 3.88%, 12/15/2027(b)		6,850,000		7,318,882
Weibo Corp. (China), 3.38%, 07/08/2030		200,000		203,768
				58,706,440
Internet & Direct Marketing Retail–1.78%
Alibaba Group Holding Ltd. (China), 2.13%, 02/09/2031		6,103,000		5,955,709
2.70%, 02/09/2041		6,967,000		6,605,961
4.20%, 12/06/2047		5,425,000		6,158,711
3.15%, 02/09/2051		8,685,000		8,334,626
4.40%, 12/06/2057		5,440,000		6,490,961
3.25%, 02/09/2061		10,817,000		10,383,236
Expedia Group, Inc., 4.63%, 08/01/2027(b)		5,299,000		5,903,484
2.95%, 03/15/2031(b)		4,833,000		4,788,786
Meituan (China), 2.13%, 10/28/2025(b)		7,837,000		7,937,407
3.05%, 10/28/2030(b)		12,637,000		12,730,513
MercadoLibre, Inc. (Argentina), 3.13%, 01/14/2031		2,230,000		2,199,917
Prosus N.V. (China), 3.83%, 02/08/2051(b)		27,057,000		24,633,966
QVC, Inc., 4.45%, 02/15/2025		380,000		404,700
5.45%, 08/15/2034		180,000		190,800
				102,718,777
Internet Services & Infrastructure–0.16%
Leidos, Inc., 2.95%, 05/15/2023(b)		580,000		608,959
2.30%, 02/15/2031(b)		8,970,000		8,745,167
				9,354,126
Investment Banking & Brokerage–1.18%
Cantor Fitzgerald L.P., 6.50%, 06/17/2022(b)		1,095,000		1,175,074
Charles Schwab Corp. (The), Series G, 5.38%(e)(f)		578,000		631,465
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025		5,396,000		5,903,821
3.75%, 05/22/2025		3,807,000		4,207,280
3.27%, 09/29/2025(e)		4,621,000		5,013,072
1.09%, 12/09/2026(e)		7,038,000		6,987,548
0.85% (SOFR + 0.79%), 12/09/2026(c)		15,265,000		15,405,724
1.99%, 01/27/2032(e)		7,049,000		6,897,203
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		335,000		380,219
MDGH - GMTN B.V. (United Arab Emirates), 2.88%, 11/07/2029(b)		200,000		210,915

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

9 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Investment Banking & Brokerage–(continued)
Morgan Stanley, 5.50%, 07/28/2021	$	3,258,000	$	3,326,524
2.19%, 04/28/2026(e)		4,122,000		4,294,800
4.35%, 09/08/2026		850,000		977,311
3.62%, 04/01/2031(e)		5,177,000		5,772,491
2.80%, 01/25/2052(e)		4,268,000		4,071,336
Raymond James Financial, Inc., 4.65%, 04/01/2030		2,580,000		3,095,853
				68,350,636
Life & Health Insurance–1.52%
AIA Group Ltd. (Hong Kong), 3.20%, 09/16/2040(b)		4,820,000		4,834,733
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		11,400,000		12,851,554
Athene Global Funding, 1.20%, 10/13/2023(b)		10,075,000		10,198,256
2.50%, 01/14/2025(b)		5,170,000		5,418,015
1.45%, 01/08/2026(b)		4,987,000		4,969,143
Athene Holding Ltd., 4.13%, 01/12/2028		3,463,000		3,840,013
6.15%, 04/03/2030		5,742,000		7,103,913
3.50%, 01/15/2031		2,589,000		2,700,767
Belrose Funding Trust, 2.33%, 08/15/2030(b)		4,578,000		4,567,948
Brighthouse Financial, Inc., 4.70%, 06/22/2047		1,784,000		1,889,372
GA Global Funding Trust, 1.63%, 01/15/2026(b)		1,793,000		1,812,790
Global Atlantic Fin Co., 8.63%, 04/15/2021(b)		47,000		47,450
4.40%, 10/15/2029(b)		15,025,000		16,375,842
MetLife, Inc., Series D, 5.88%(e)(f)		200,000		228,500
Pacific LifeCorp, 3.35%, 09/15/2050(b)		6,300,000		6,573,018
Prudential Financial, Inc., 5.63%, 06/15/2043(e)		3,925,000		4,226,071
				87,637,385
Managed Health Care–0.57%
Centene Corp., 2.50%, 03/01/2031		16,744,000		16,215,727
Children’s Hospital, Series 2020, 2.93%, 07/15/2050		4,220,000		4,071,873
Community Health Network, Inc., Series 20-A, 3.10%, 05/01/2050		9,005,000		8,886,501
Hackensack Meridian Health, Inc., 2.88%, 09/01/2050		3,616,000		3,534,199
				32,708,300
Marine Ports & Services–0.07%
DP World PLC (United Arab Emirates), 6.85%, 07/02/2037(b)		200,000		262,224
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022(b)(g)		3,999,000		3,964,646
				4,226,870

	Principal   Amount		Value
Metal & Glass Containers–0.07%
Silgan Holdings, Inc., 1.40%, 04/01/2026(b)	$	4,119,000	$	4,070,643
Movies & Entertainment–0.15%
Tencent Music Entertainment Group (China), 1.38%, 09/03/2025		3,670,000		3,632,676
2.00%, 09/03/2030		5,065,000		4,881,886
Walt Disney Co. (The), 6.55%, 03/15/2033		180,000		254,654
				8,769,216
Multi-line Insurance–0.30%
American Financial Group, Inc., 3.50%, 08/15/2026		590,000		647,375
Fairfax Financial Holdings Ltd. (Canada), 4.85%, 04/17/2028		3,716,000		4,156,643
4.63%, 04/29/2030		6,078,000		6,723,375
Liberty Mutual Group, Inc., 4.30%, 02/01/2061(b)		6,122,000		5,589,848
				17,117,241
Multi-Utilities–0.31%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), 4.88%, 04/23/2030(b)		200,000		243,588
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		4,378,000		4,790,229
San Diego Gas & Electric Co., Series UUU, 3.32%, 04/15/2050		2,572,000		2,699,013
WEC Energy Group, Inc., 1.38%, 10/15/2027		5,809,000		5,741,468
1.80%, 10/15/2030		4,358,000		4,185,094
				17,659,392
Office REITs–0.29%
Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031		2,901,000		3,188,584
1.88%, 02/01/2033		667,000		629,703
Boston Properties L.P., 3.25%, 01/30/2031		159,000		168,954
Highwoods Realty L.P., 2.60%, 02/01/2031		1,838,000		1,822,887
Hudson Pacific Properties L.P., 3.95%, 11/01/2027		335,000		364,726
Office Properties Income Trust, 4.50%, 02/01/2025		10,165,000		10,849,464
				17,024,318
Office Services & Supplies–0.00%
Pitney Bowes, Inc., 5.95%, 04/01/2023		143,000		149,703
Oil & Gas Exploration & Production–0.98%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		8,511,000		8,721,462
CNOOC Curtis Funding No. 1 Pty. Ltd. (China), 4.50%, 10/03/2023(b)		200,000		217,587
CNOOC Finance (2015) U.S.A. LLC (China), 3.50%, 05/05/2025		400,000		430,130
ConocoPhillips, 2.40%, 02/15/2031(b)		2,627,000		2,673,299

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

10 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Oil & Gas Exploration & Production–(continued)
Dolphin Energy Ltd. LLC (United Arab Emirates), 5.50%, 12/15/2021(b)	$	600,000	$	622,990
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.16%, 03/31/2034(b)		8,180,000		8,129,566
2.94%, 09/30/2040(b)		12,321,000		12,206,130
Gazprom PJSC via Gaz Finance PLC (Russia), 2.95%, 01/27/2029(b)		16,610,000		16,362,511
Gran Tierra Energy, Inc. (Colombia), 7.75%, 05/23/2027(b)		200,000		165,100
Kosmos Energy Ltd. (Ghana), 7.13%, 04/04/2026(b)		350,000		349,244
Pioneer Natural Resources Co., 1.90%, 08/15/2030		6,135,000		5,905,009
PT Pertamina (Persero) (Indonesia), 4.30%, 05/20/2023(b)		200,000		213,257
3.10%, 08/27/2030(b)		200,000		204,978
Sinopec Group Overseas Development 2018 Ltd. (China), 2.50%, 08/08/2024(b)		200,000		209,751
2.95%, 08/08/2029(b)		200,000		206,200
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), 4.00%, 08/15/2026(b)		200,000		217,412
Trinidad Petroleum Holdings Ltd. (Trinidad), 9.75%, 06/15/2026(b)		100,000		114,550
				56,949,176
Oil & Gas Refining & Marketing–0.17%
Empresa Nacional del Petroleo (Chile), 5.25%, 11/06/2029(b)		233,000		272,736
Parkland Corp. (Canada), 5.88%, 07/15/2027(b)		4,220,000		4,491,663
Petronas Capital Ltd. (Malaysia), 4.55%, 04/21/2050(b)		3,936,000		4,719,359
Puma International Financing S.A. (Singapore), 5.00%, 01/24/2026(b)		200,000		193,500
				9,677,258
Oil & Gas Storage & Transportation–1.16%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 3.65%, 11/02/2029(b)		200,000		224,720
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)		2,879,000		2,853,823
Energy Transfer Operating L.P., 4.75%, 01/15/2026		815,000		912,017
EQM Midstream Partners L.P., 4.00%, 08/01/2024		840,000		849,715
Kinder Morgan, Inc., 2.00%, 02/15/2031		4,423,000		4,233,030
7.80%, 08/01/2031		1,492,000		2,145,785
7.75%, 01/15/2032		5,253,000		7,566,202
3.25%, 08/01/2050		2,612,000		2,383,558

	Principal   Amount		Value
Oil & Gas Storage & Transportation–(continued)
MPLX L.P., 1.33% (3 mo. USD LIBOR + 1.10%), 09/09/2022(c)	$	8,479,000	$	8,484,884
1.75%, 03/01/2026		6,153,000		6,204,739
4.00%, 03/15/2028		560,000		626,126
2.65%, 08/15/2030		6,479,000		6,452,218
NGPL PipeCo. LLC, 7.77%, 12/15/2037(b)		4,222,000		5,684,367
ONEOK, Inc., 5.85%, 01/15/2026		2,655,000		3,146,341
6.35%, 01/15/2031		8,585,000		10,866,553
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030		2,818,000		2,930,241
Western Midstream Operating L.P., 2.32% (3 mo. USD LIBOR + 1.85%), 01/13/2023(c)		905,000		891,182
Williams Cos., Inc. (The), 3.50%, 11/15/2030		500,000		543,789
				66,999,290
Other Diversified Financial Services–0.94%
Arab Petroleum Investments Corp. (Supranational), 4.13%, 09/18/2023(b)		200,000		217,062
Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026(b)		6,493,000		6,262,885
4.25%, 04/15/2026(b)		3,836,000		4,057,997
2.75%, 02/21/2028(b)		7,707,000		7,370,019
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b)		9,647,000		9,247,997
2.80%, 09/30/2050(b)		4,087,000		3,856,419
Fondo MIVIVIENDA S.A. (Peru), 3.50%, 01/31/2023(b)		300,000		316,547
Huarong Finance II Co. Ltd. (China), 2.88%(b)(e)(f)		200,000		200,610
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050(b)		3,917,000		4,121,553
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l. (Mexico), 4.88%, 01/15/2028(b)		7,054,000		7,094,913
Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030(b)		11,300,000		11,386,954
Peru Enhanced Pass-Through Finance Ltd. (Peru), Class A-2, 0.00%, 06/02/2025(b)(d)		168,536		163,691
SPARC EM SPC Panama Metro Line 2 S.P. (Cayman Islands), 0.00%, 12/05/2022(b)(d)		201,639		196,347
				54,492,994
Packaged Foods & Meats–0.27%
BRF S.A. (Brazil), 5.75%, 09/21/2050(b)		7,536,000		7,749,269
Kraft Heinz Foods Co. (The), 4.38%, 06/01/2046		400,000		436,803
MARB BondCo PLC (Brazil), 3.95%, 01/29/2031(b)		6,820,000		6,623,925
NBM US Holdings, Inc. (Brazil), 7.00%, 05/14/2026(b)		250,000		270,087

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

11 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Packaged Foods & Meats–(continued)
Ulker Biskuvi Sanayi AS (Turkey), 6.95%, 10/30/2025(b)	$	400,000	$	436,334
				15,516,418
Paper Packaging–0.29%
Berry Global, Inc., 0.95%, 02/15/2024(b)		5,727,000		5,732,985
1.57%, 01/15/2026(b)		2,716,000		2,706,141
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)		7,449,000		7,881,973
International Paper Co., 5.00%, 09/15/2035		400,000		506,286
				16,827,385
Paper Products–0.18%
Mercer International, Inc. (Germany), 5.13%, 02/01/2029(b)		2,396,000		2,432,395
Suzano Austria GmbH (Brazil), 6.00%, 01/15/2029		6,475,000		7,723,089
7.00%, 03/16/2047(b)		205,000		269,780
				10,425,264
Pharmaceuticals–0.39%
Bayer US Finance II LLC (Germany), 1.23% (3 mo. USD LIBOR + 1.01%), 12/15/2023(b)(c)		6,882,000		6,992,760
3.88%, 12/15/2023(b)		5,326,000		5,791,651
Bristol-Myers Squibb Co., 0.75%, 11/13/2025		1,571,000		1,564,451
Royalty Pharma PLC, 1.20%, 09/02/2025(b)		2,617,000		2,606,698
1.75%, 09/02/2027(b)		2,553,000		2,559,053
2.20%, 09/02/2030(b)		2,949,000		2,906,386
				22,420,999
Precious Metals & Minerals–0.00%
ALROSA Finance S.A. (Russia), 4.65%, 04/09/2024(b)		200,000		216,214
Property & Casualty Insurance–0.25%
Allstate Corp. (The), 4.20%, 12/15/2046		310,000		379,861
Arch Capital Group Ltd., 3.64%, 06/30/2050		3,402,000		3,590,754
Fidelity National Financial, Inc., 2.45%, 03/15/2031		6,565,000		6,530,598
W.R. Berkley Corp., 4.00%, 05/12/2050		3,682,000		4,184,997
				14,686,210
Railroads–0.01%
Autoridad del Canal de Panama (Panama), 4.95%, 07/29/2035(b)		300,000		379,292
Real Estate Development–0.08%
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		4,440,000		4,453,542

	Principal   Amount		Value
Regional Banks–0.68%
Banco Internacional del Peru SAA Interbank (Peru), 3.38%, 01/18/2023(b)	$	150,000	$	155,887
Citizens Bank, N.A., 2.25%, 04/28/2025		4,358,000		4,571,708
Citizens Financial Group, Inc., 3.25%, 04/30/2030		2,571,000		2,798,655
Fifth Third Bancorp, 2.55%, 05/05/2027		3,494,000		3,724,206
KeyCorp, 2.25%, 04/06/2027		7,227,000		7,575,824
SVB Financial Group, 1.80%, 02/02/2031		9,794,000		9,442,888
4.10%(e)(f)		7,406,000		7,484,689
Synovus Financial Corp., 3.13%, 11/01/2022		3,234,000		3,352,828
				39,106,685
Reinsurance–0.11%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		6,177,000		6,022,280
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		310,000		342,148
				6,364,428
Renewable Electricity–0.08%
Empresa Electrica Cochrane S.p.A. (Chile), 5.50%, 05/14/2027(b)		180,560		190,375
Northern States Power Co., 2.60%, 06/01/2051		5,043,000		4,741,640
				4,932,015
Residential REITs–0.67%
Camden Property Trust, 2.80%, 05/15/2030		2,280,000		2,418,687
Essex Portfolio L.P., 1.65%, 01/15/2031		3,232,000		3,036,100
2.65%, 09/01/2050		2,180,000		1,912,189
Spirit Realty L.P., 2.10%, 03/15/2028		3,786,000		3,746,087
4.00%, 07/15/2029		2,848,000		3,175,925
3.40%, 01/15/2030		7,883,000		8,350,373
2.70%, 02/15/2032		4,592,000		4,564,035
UDR, Inc., 3.00%, 08/15/2031		4,093,000		4,316,214
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028		3,675,000		3,679,556
2.85%, 12/15/2032		3,281,000		3,276,647
				38,475,813
Restaurants–0.19%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)		11,472,000		11,201,834
Retail REITs–0.57%
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030		4,929,000		5,464,767
Kimco Realty Corp., 1.90%, 03/01/2028		7,636,000		7,645,940
2.70%, 10/01/2030		3,803,000		3,915,629
Realty Income Corp., 3.25%, 01/15/2031		5,013,000		5,462,152
Regency Centers L.P., 4.13%, 03/15/2028		2,994,000		3,348,537

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

12 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Retail REITs–(continued)
Retail Properties of America, Inc., 4.75%, 09/15/2030	$	4,822,000	$	5,221,246
Simon Property Group L.P., 3.50%, 09/01/2025		1,793,000		1,955,234
				33,013,505
Semiconductor Equipment–0.07%
Lam Research Corp., 3.75%, 03/15/2026		120,000		134,829
4.00%, 03/15/2029		500,000		579,721
NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 3.40%, 05/01/2030(b)		3,287,000		3,582,575
				4,297,125
Semiconductors–1.33%
Analog Devices, Inc., 2.95%, 04/01/2025		2,233,000		2,405,080
Broadcom, Inc., 4.70%, 04/15/2025		14,396,000		16,258,651
5.00%, 04/15/2030		8,720,000		10,146,794
2.45%, 02/15/2031(b)		11,351,000		11,033,119
4.30%, 11/15/2032		7,565,000		8,521,578
Micron Technology, Inc., 4.98%, 02/06/2026		3,446,000		3,999,437
4.19%, 02/15/2027		10,445,000		11,903,192
NXP B.V./NXP Funding LLC (Netherlands), 3.88%, 09/01/2022(b)		8,716,000		9,128,199
4.63%, 06/01/2023(b)		3,370,000		3,669,114
				77,065,164
Soft Drinks–0.32%
Coca-Cola FEMSA S.A.B. de C.V. (Mexico), 1.85%, 09/01/2032		475,000		449,431
Fomento Economico Mexicano, S.A.B. de C.V. (Mexico), 3.50%, 01/16/2050		17,582,000		17,942,431
				18,391,862
Sovereign Debt–2.49%
Bahamas Government International Bond (Bahamas), 6.00%, 11/21/2028(b)		427,000		408,852
Banque Ouest Africaine de Developpement (Supranational), 5.00%, 07/27/2027(b)		200,000		224,844
China Government International Bond (China), 2.25%, 10/21/2050(b)		10,314,000		9,350,626
Colombia Government International Bond (Colombia), 3.88%, 04/25/2027		300,000		324,621
3.00%, 01/30/2030		200,000		198,775
Dominican Republic International Bond (Dominican Republic), 4.88%, 09/23/2032(b)		150,000		152,813
5.30%, 01/21/2041(b)		5,470,000		5,394,787
6.40%, 06/05/2049(b)		250,000		265,378
Ecuador Social Bond S.a.r.l. (Luxembourg), 0.00%, 01/30/2035(b)(d)		185,929		125,038

	Principal   Amount		Value
Sovereign Debt–(continued)
Egypt Government International Bond (Egypt), 6.20%, 03/01/2024(b)	$	200,000	$	214,280
5.25%, 10/06/2025(b)		17,626,000		18,485,091
3.88%, 02/16/2026(b)		8,651,000		8,483,387
5.88%, 02/16/2031(b)		6,444,000		6,231,142
7.50%, 02/16/2061(b)		8,797,000		8,294,779
Ghana Government International Bond (Ghana), 6.38%, 02/11/2027(b)		200,000		205,922
7.88%, 02/11/2035(b)		200,000		196,356
Guatemala Government Bond (Guatemala), 4.90%, 06/01/2030(b)		200,000		224,872
6.13%, 06/01/2050(b)		400,000		486,000
Hong Kong Government International Bond (Hong Kong), 2.50%, 05/28/2024(b)		200,000		213,192
Indonesia Government International Bond (Indonesia), 4.75%, 02/11/2029		200,000		232,334
Jamaica Government International Bond (Jamaica), 7.88%, 07/28/2045		200,000		279,000
Kenya Government International Bond (Kenya), 8.00%, 05/22/2032(b)		200,000		224,675
KSA Sukuk Ltd. (Saudi Arabia), 3.63%, 04/20/2027(b)		200,000		222,157
Mexico Government International Bond (Mexico), 4.50%, 04/22/2029		200,000		224,577
Morocco Government International Bond (Morocco), 2.38%, 12/15/2027(b)		6,840,000		6,751,470
3.00%, 12/15/2032(b)		5,240,000		5,090,712
4.00%, 12/15/2050(b)		3,800,000		3,553,874
Oman Government International Bond (Oman), 4.88%, 02/01/2025(b)		2,325,000		2,417,484
6.00%, 08/01/2029(b)		200,000		209,433
6.25%, 01/25/2031(b)		2,940,000		3,101,582
7.00%, 01/25/2051(b)		2,860,000		2,836,883
Panama Government International Bond (Panama), 3.16%, 01/23/2030		200,000		208,877
Peruvian Government International Bond (Peru), 1.86%, 12/01/2032		4,795,000		4,444,366
2.78%, 12/01/2060		4,770,000		3,930,480
Qatar Government International Bond (Qatar), 4.50%, 04/23/2028(b)		200,000		236,656
4.00%, 03/14/2029(b)		329,000		376,658
4.82%, 03/14/2049(b)		329,000		406,790
Republic of South Africa Government International Bond (South Africa), 4.85%, 09/30/2029		300,000		303,649
5.75%, 09/30/2049		200,000		184,365
Russian Foreign Bond (Russia), 5.25%, 06/23/2047(b)		200,000		249,364

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

13 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Sovereign Debt–(continued)
Saudi Government International Bond (Saudi Arabia), 4.38%, 04/16/2029(b)	$	415,000	$	480,209
Slovenia Government International Bond (Slovenia), 5.25%, 02/18/2024(b)		300,000		342,302
Trinidad & Tobago Government International Bond (Trinidad), 4.50%, 06/26/2030(b)		200,000		211,250
Turkey Government International Bond (Turkey), 5.60%, 11/14/2024		9,968,000		10,441,480
4.75%, 01/26/2026		9,770,000		9,814,942
5.95%, 01/15/2031		19,821,000		19,833,388
5.88%, 06/26/2031		7,820,000		7,786,765
				143,876,477
Specialized Finance–0.19%
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan), 3.64%, 04/13/2025(b)		9,904,000		10,768,036
Specialized REITs–0.53%
Agree L.P., 2.90%, 10/01/2030		1,985,000		2,056,938
American Tower Corp., 3.10%, 06/15/2050		7,861,000		7,453,135
Crown Castle International Corp., 3.80%, 02/15/2028		205,000		228,049
Equinix, Inc., 3.20%, 11/18/2029		850,000		904,390
Iron Mountain, Inc., 5.25%, 07/15/2030(b)		4,315,000		4,444,450
Life Storage L.P., 2.20%, 10/15/2030		2,215,000		2,181,499
SBA Communications Corp., 3.13%, 02/01/2029(b)		13,918,000		13,555,854
				30,824,315
Specialty Chemicals–0.17%
7.45%, 11/15/2029(b)		9,889,000		9,928,952
Steel–0.04%
Metinvest B.V. (Ukraine), 7.75%, 10/17/2029(b)		200,000		219,124
POSCO (South Korea), 4.00%, 08/01/2023(b)		228,000		245,402
Steel Dynamics, Inc., 3.25%, 01/15/2031		104,000		111,800
United States Steel Corp., 6.88%, 03/01/2029		1,773,000		1,740,864
				2,317,190
Systems Software–0.43%
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		5,917,000		5,924,396
Microsoft Corp., 2.53%, 06/01/2050		245,000		230,684
Oracle Corp., 3.60%, 04/01/2050		9,957,000		10,451,884
3.85%, 04/01/2060		7,425,000		8,039,148
				24,646,112
Technology Distributors–0.01%
Avnet, Inc., 4.63%, 04/15/2026		465,000		520,310

	Principal   Amount		Value
Technology Hardware, Storage & Peripherals–0.90%
Apple, Inc., 1.65%, 02/08/2031	$	400,000	$	390,931
4.25%, 02/09/2047		255,000		312,378
2.65%, 05/11/2050		7,079,000		6,669,382
2.80%, 02/08/2061		20,422,000		19,015,685
Dell International LLC/EMC Corp., 5.85%, 07/15/2025(b)		2,019,000		2,377,897
6.02%, 06/15/2026(b)		3,920,000		4,701,896
4.90%, 10/01/2026(b)		3,262,000		3,773,540
8.35%, 07/15/2046(b)		5,757,000		8,825,491
Lenovo Group Ltd. (China), 3.42%, 11/02/2030(b)		5,830,000		6,017,902
				52,085,102
Thrifts & Mortgage Finance–0.01%
Nationwide Building Society (United Kingdom), 4.13%, 10/18/2032(b)(e)		335,000		370,039
Tobacco–0.98%
Altria Group, Inc., 4.40%, 02/14/2026		1,467,000		1,672,322
2.45%, 02/04/2032		8,199,000		7,967,949
3.40%, 02/04/2041		8,520,000		8,006,801
3.70%, 02/04/2051		16,026,000		15,009,951
4.00%, 02/04/2061		13,297,000		12,495,795
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028		5,486,000		5,492,210
2.73%, 03/25/2031		357,000		353,628
Philip Morris International, Inc., 0.88%, 05/01/2026		5,928,000		5,838,570
				56,837,226
Trading Companies & Distributors–0.30%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(e)		11,156,000		11,659,582
Air Lease Corp., 3.63%, 12/01/2027		340,000		363,868
BOC Aviation Ltd. (Singapore), 1.38% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(c)		5,495,000		5,490,467
				17,513,917
Trucking–0.54%
Aviation Capital Group LLC, 0.88% (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(c)		4,422,000		4,417,492
4.13%, 08/01/2025(b)		3,727,000		3,996,587
3.50%, 11/01/2027(b)		3,210,000		3,348,229
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029(b)		5,225,000		5,352,359
DAE Funding LLC (United Arab Emirates), 2.63%, 03/20/2025(b)		1,186,000		1,204,502
3.38%, 03/20/2028(b)		1,748,000		1,775,339
Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.00%, 07/15/2025(b)		2,953,000		3,293,919
1.20%, 11/15/2025(b)		1,788,000		1,776,480

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

14 Invesco Core Plus Bond Fund

	Principal   Amount		Value
Trucking–(continued)
Ryder System, Inc., 4.63%, 06/01/2025	$	2,634,000	$	2,998,758
3.35%, 09/01/2025		2,670,000		2,915,749
				31,079,414
Wireless Telecommunication Services–1.49%
Axiata SPV2 Bhd. (Malaysia), 4.36%, 03/24/2026(b)		200,000		226,836
Bharti Airtel Ltd. (India), 4.38%, 06/10/2025(b)		200,000		216,831
3.25%, 06/03/2031(b)		200,000		199,186
Colombia Telecomunicaciones S.A. ESP (Colombia), 4.95%, 07/17/2030(b)		5,545,000		5,963,647
Empresa Nacional de Telecomunicaciones S.A. (Chile), 4.88%, 10/30/2024(b)		700,000		759,915
Liquid Telecommunications Financing Plc (South Africa), 5.50%, 09/04/2026(b)		200,000		203,000
SixSigma Networks Mexico S.A. de C.V. (Mexico), 7.50%, 05/02/2025(b)		325,000		288,009
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Class A-1, 3.36%, 09/20/2021(b)		4,718,438		4,761,210
4.74%, 03/20/2025(b)		22,619,000		24,448,312
5.15%, 03/20/2028(b)		24,273,000		28,226,344
T-Mobile USA, Inc., 2.63%, 02/15/2029		5,142,000		5,019,878
VEON Holdings B.V. (Netherlands), 4.00%, 04/09/2025(b)		4,903,000		5,186,712
3.38%, 11/25/2027(b)		10,375,000		10,585,612
				86,085,492
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,592,805,686)				2,657,745,621
Asset-Backed Securities–20.32%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 2.70%, 02/25/2035(h)		777,600		813,177
Series 2005-1, Class 4A1, 2.96%, 05/25/2035(h)		835,783		841,508
ALM VII Ltd., Series 2012-7A, Class A1A2, 1.41% (3 mo. USD LIBOR + 1.17%), 07/15/2029(b)(c)		5,638,500		5,645,802
Angel Oak Mortgage Trust, Series 2019-3, Class A1, 2.93%, 05/25/2059(b)(h)		2,110,665		2,127,153
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(h)		4,326,362		4,386,556
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(h)		13,817,989		13,991,154
Angel Oak Mortgage Trust I LLC, Series 2018-3, Class A1, 3.65%, 09/25/2048(b)(h)		3,426,326		3,475,495
Series 2019-2, Class A1, 3.63%, 03/25/2049(b)(h)		9,982,930		10,234,343
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(h)		9,404,852		9,489,829

	Principal   Amount		Value
Avery Point VI CLO Ltd., Series 2015-6A, Class AR2, 1.06% (3 mo. USD LIBOR + 0.90%), 08/05/2027(b)(c)	$	20,898,908	$	20,913,684
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR, 1.47% (3 mo. USD LIBOR + 1.25%), 07/25/2030(b)(c)		22,000,225		22,015,733
Banc of America Commercial Mortgage Trust, Series 2015- UBS7, Class AS, 3.99%, 09/15/2048(h)		4,394,000		4,853,185
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-6, Class 1A3, 2.40%, 08/25/2033(h)		78,843		80,507
Series 2004-10, Class 21A1, 3.21%, 01/25/2035(h)		368,135		390,243
Series 2006-1, Class A1, 2.37% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(c)		283,699		294,645
Bear Stearns ALT-A Trust, Series 2004-11, Class 2A3, 2.68%, 11/25/2034(h)		1,257,653		1,247,612
Benchmark Mortgage Trust, Series 2018-B3, Class C, 4.56%, 04/10/2051(h)		6,921,000		7,749,055
Series 2019-B14, Class A5, 3.05%, 12/15/2062		16,455,000		17,875,124
Series 2019-B14, Class C, 3.78%, 12/15/2062(h)		14,875,350		15,696,736
Series 2019-B15, Class B, 3.56%, 12/15/2072		12,220,000		13,244,354
CFCRE Commercial Mortgage Trust, Series 2011-C2, Class C, 5.74%, 12/15/2047(b)(h)		5,000,000		5,136,547
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 0.90% (1 mo. USD LIBOR + 0.79%), 07/15/2032(b)(c)		11,493,289		11,511,342
Series 2017-BIOC, Class B, 1.08% (1 mo. USD LIBOR + 0.97%), 07/15/2032(b)(c)		3,882,559		3,890,911
Series 2017-BIOC, Class C, 1.16% (1 mo. USD LIBOR + 1.05%), 07/15/2032(b)(c)		15,643,517		15,668,060
Series 2017-BIOC, Class D, 1.71% (1 mo. USD LIBOR + 1.60%), 07/15/2032(b)(c)		4,543,051		4,552,218
CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, 3.37%, 03/13/2035(b)		1,647,256		1,722,989
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(h)		12,380,919		12,800,583
Chase Mortgage Finance Corp., Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(h)		1,713,570		1,719,421
Series 2016-SH2, Class M2, 3.75%, 12/25/2045(b)(h)		5,610,913		5,850,749
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(b)(h)		2,783,020		2,836,334

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

15 Invesco Core Plus Bond Fund

	Principal   Amount		Value
CIFC Funding Ltd., Series 2014-5A, Class A1R2, 1.42% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(c)	$	4,417,000	$	4,419,633
Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class B, 4.29%, 09/10/2045(b)		1,300,000		1,323,877
Series 2013-GC11, Class D, 4.42%, 04/10/2023(b)(h)		752,554		763,655
Series 2014-GC23, Class B, 4.18%, 07/10/2047(h)		2,816,000		3,050,326
Series 2015-GC27, Class A5, 3.14%, 02/10/2048		1,233,335		1,328,393
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, 2.11%, 08/25/2034(h)		186,676		181,800
Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(h)		7,861,877		8,030,934
COLT Mortgage Loan Trust, Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(h)		8,671,883		8,788,129
Series 2020-1, Class A2, 2.69%, 02/25/2050(b)(h)		4,486,677		4,545,747
Series 2020-1R, Class A1, 1.26%, 09/25/2065(b)(h)		5,883,281		5,921,771
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(h)		6,777,863		6,884,894
Commercial Mortgage Trust, Series 2013-SFS, Class A1, 1.87%, 04/12/2035(b)		207,113		208,154
Series 2015-CR25, Class B, 4.53%, 08/10/2048(h)		5,267,000		5,839,743
Countrywide Home Loans Mortgage Pass Through Trust, Series 2007-13, Class A10, 6.00%, 08/25/2037		252,947		196,068
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(i)		11,804,841		11,900,039
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(h)		5,023,016		5,026,977
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 08/15/2048		1,125,283		1,240,939
Series 2020-C19, Class A3, 2.56%, 03/15/2053		22,374,000		23,439,419
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 3.18%, 06/25/2034(h)		872,511		912,150
CSWF, Series 2018-TOP, Class B, 1.41% (1 mo. USD LIBOR + 1.30%), 08/15/2035(b)(c)		3,948,703		3,956,443
DB Master Finance LLC, Series 2019-1A, Class A23, 4.35%, 05/20/2049(b)		10,056,850		10,884,078
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(b)		10,623,225		11,317,522

	Principal   Amount		Value
Deephaven Residential Mortgage Trust, Series 2017-2A, Class A2, 2.61%, 06/25/2047(b)(h)	$	171,734	$	172,422
Series 2017-2A, Class A3, 2.71%, 06/25/2047(b)(h)		185,704		186,283
Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(h)		5,210,941		5,280,349
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.26%, 06/27/2037(b)(h)		5,044,919		5,139,964
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)		19,168,380		20,086,187
DT Auto Owner Trust, Series 2019-3A, Class C, 2.74%, 04/15/2025(b)		7,360,000		7,506,858
Series 2019-3A, Class D, 2.96%, 04/15/2025(b)		10,579,000		10,971,386
Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(h)		8,838,013		9,040,522
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(h)		3,102,749		3,159,024
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(h)		2,795,000		2,807,945
First Horizon Alternative Mortgage Securities Trust, Series 2005- FA8, Class 2A1, 5.00%, 09/25/2035		43,552		43,405
Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/2057(b)(h)		1,136,063		1,145,272
Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(h)		4,899,700		5,007,052
GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(i)		9,599,807		9,773,588
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(h)		5,166,641		5,323,010
Series 2020-NQM2, Class A1, 1.56%, 04/25/2065(b)(i)		4,558,675		4,601,575
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 3.21%, 04/19/2036(h)		527,861		467,914
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 1.00% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(c)		5,015,000		5,020,690
GoldenTree Loan Management US CLO 2 Ltd., Series 2017-2A, Class A, 1.37% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(c)		16,228,000		16,244,204
Golub Capital Partners CLO 35(B) Ltd., Class 2017-35A, Class AR, 1.41% (3 mo. USD LIBOR + 1.19%), 07/20/2029(b)(c)		20,000,000		20,029,294

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

16 Invesco Core Plus Bond Fund

	Principal   Amount		Value
GS Mortgage Securities Trust, Series 2013-G1, Class A1, 2.06%, 04/10/2031(b)	$	340,174	$	343,219
Series 2013-GC14, Class B, 4.74%, 08/10/2046(b)(h)		4,973,000		5,356,950
Series 2020-GC45, Class A5, 2.91%, 02/13/2053		8,325,000		8,953,569
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		8,750,000		9,055,517
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, 3.39%, 09/25/2035(h)		153,110		153,941
Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1C, 1.01% (1 mo. USD LIBOR + 0.90%), 06/20/2035(c)		18,963		18,846
Hertz Vehicle Financing II L.P., Series 2019-2A, Class A, 3.42%, 05/25/2025(b)		2,828,032		2,843,526
Home Partners of America Trust, Series 2018-1, Class A, 1.01% (1 mo. USD LIBOR + 0.90%), 07/17/2037(b)(c)		4,023,313		4,034,999
Series 2018-1, Class B, 1.21% (1 mo. USD LIBOR + 1.10%), 07/17/2037(b)(c)		7,990,000		8,022,310
Series 2018-1, Class C, 1.36% (1 mo. USD LIBOR + 1.25%), 07/17/2037(b)(c)		3,610,000		3,625,046
Homeward Opportunities Fund I Trust, Series 2019-1, Class A1, 3.45%, 01/25/2059(b)(h)		8,197,732		8,303,955
ICG US CLO Ltd., Series 2016-1A, Class A1R, 1.35% (3 mo. USD LIBOR + 1.14%), 07/29/2028(b)(c)		9,978,901		9,991,831
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, 1.06% (1 mo. USD LIBOR + 0.95%), 01/15/2033(b)(c)		15,995,000		16,027,732
Series 2018-STAY, Class B, 1.41% (1 mo. USD LIBOR + 1.30%), 01/15/2033(b)(c)		8,640,000		8,638,624
Invitation Homes Trust, Series 2017-SFR2, Class A, 0.96% (1 mo. USD LIBOR + 0.85%), 12/17/2036(b)(c)		5,525,684		5,548,753
Series 2017-SFR2, Class B, 1.26% (1 mo. USD LIBOR + 1.15%), 12/17/2036(b)(c)		3,221,000		3,231,249
Series 2017-SFR2, Class C, 1.56% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(c)		6,188,000		6,203,526
Series 2017-SFR2, Class D, 1.91% (1 mo. USD LIBOR + 1.80%), 12/17/2036(b)(c)		4,699,105		4,714,347
Series 2018-SFR1, Class A, 0.81% (1 mo. USD LIBOR + 0.70%), 03/17/2037(b)(c)		27,759,500		27,854,115
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)		8,974,500		9,457,863
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class B, 3.81%, 12/15/2047(b)(h)		5,000,000		5,129,801

	Principal   Amount		Value
JP Morgan Mortgage Trust, Series 2005-A3, Class 1A1, 2.54%, 06/25/2035(h)	$	279,047	$	298,814
Series 2005-A3, Class 6A5, 3.77%, 06/25/2035(h)		443,204		455,630
Series 2005-A5, Class 1A2, 2.80%, 08/25/2035(h)		235,064		244,827
Series 2007-A4, Class 3A1, 3.41%, 06/25/2037(h)		589,431		516,857
Series 20153, Class B2, 3.60%, 05/25/2045(b)(h)		7,427,388		7,696,489
JPMBB Commercial Mortgage Securities Trust, Series 2013-C17, Class C, 4.89%, 01/15/2047(h)		12,750,000		13,260,321
Series 2015-C31, Class A3, 3.80%, 08/15/2048		1,064,445		1,181,025
Series 2016-C1, Class B, 4.74%, 03/15/2049(h)		5,083,000		5,703,266
Series 2020-COR7, Class A5, 2.18%, 05/13/2053		6,200,000		6,319,346
Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.50%, 02/25/2036		159,512		153,565
MAD Mortgage Trust, Series 2017-330M, Class A, 3.29%, 08/15/2034(b)(h)		11,633,000		12,190,733
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.54%, 11/25/2035(h)		634,142		641,072
Series 2005-A5, Class A9, 3.55%, 06/25/2035(h)		668,395		682,805
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048(h)		15,769,000		17,631,073
Morgan Stanley Capital I Trust, Series 2014-150E, Class C, 4.30%, 09/09/2032(b)(h)		3,350,000		3,522,386
Series 2017-CLS, Class A, 0.81% (1 mo. USD LIBOR + 0.70%), 11/15/2034(b)(c)		18,372,000		18,392,582
Series 2017-CLS, Class B, 0.96% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(c)		9,024,000		9,034,095
Series 2017-CLS, Class C, 1.11% (1 mo. USD LIBOR + 1.00%), 11/15/2034(b)(c)		6,124,000		6,130,836
Series 2019-L2, Class A4, 4.07%, 03/15/2052		17,430,000		20,058,036
Series 2019-L3, Class AS, 3.49%, 11/15/2052		10,950,000		11,971,731
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		9,084,627		9,394,044
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		6,596,146		6,795,756
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class E, 3.79%, 11/15/2032(b)(h)		6,250,000		6,238,933
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 1.24% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(c)		10,478,000		10,468,439

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

17 Invesco Core Plus Bond Fund

	Principal Amount		Value
New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(h)	$	6,915,475	$	7,059,704
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(h)		9,884,320		10,100,437
OBX Trust, Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(b)(h)		3,602,374		3,699,183
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 1.34% (3 mo. USD LIBOR + 1.12%), 07/20/2029(b)(c)		17,619,000		17,643,372
Series 2017-13A, Class A1A, 1.50% (3 mo. USD LIBOR + 1.26%), 07/15/2030(b)(c)		9,611,000		9,628,420
Series 2020-8RA, Class A1, 1.44% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(c)		17,937,000		17,937,350
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class AR, 1.27% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(c)		16,000,000		16,018,870
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 1.43% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(c)		16,476,000		16,476,310
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 1.48% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(c)		10,543,683		10,559,284
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b)		21,801,000		22,634,725
PPM CLO 3 Ltd., Series 2019-3A, Class A, 1.62% (3 mo. USD LIBOR + 1.40%), 07/17/2030(b)(c)		9,626,000		9,643,642
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)		14,115,000		14,364,937
Provident Home Equity Loan Trust, Series 2000-2, Class A1, 0.66% (1 mo. USD LIBOR + 0.54%), 08/25/2031(c)		132,973		120,936
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 1.22% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(c)		11,823,244		11,834,593
Residential Mortgage Loan Trust, Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(h)		3,553,319		3,627,746
Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(h)		4,257,760		4,328,396
Sequoia Mortgage Trust, Series 2013-3, Class A1, 2.00%, 03/25/2043(h)		733,862		741,086
Series 2013-4, Class A3, 1.55%, 04/25/2043(h)		214,523		214,924
Series 2013-7, Class A2, 3.00%, 06/25/2043(h)		595,549		604,233
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043(b)(h)		919,127		935,005
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		9,335,700		9,860,333

	Principal Amount		Value
Specialty Underwriting & Residential Finance Trust, Series 2004-BC2, Class A2, 0.66% (1 mo. USD LIBOR + 0.54%), 05/25/2035(c)	$	41,645	$	38,064
Star Trust, Series 2021-SFR1, Class B, 0.86% (1 mo. USD LIBOR + 0.75%), 04/17/2038(b)(c)		3,520,000		3,523,238
Series 2021-SFR1, Class C, 1.16% (1 mo. USD LIBOR + 1.05%), 04/17/2038(b)(c)		4,925,000		4,929,482
Series 2021-SFR1, Class D, 1.41% (1 mo. USD LIBOR + 1.30%), 04/17/2038(b)(c)		6,670,000		6,676,003
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(h)		5,729,517		5,854,464
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(h)		8,959,883		9,001,036
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.59%, 09/25/2034(h)		458,728		471,071
Series 2004-8, Class 3A, 2.66%, 07/25/2034(h)		1,015,547		1,089,937
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, 6.00%, 12/25/2035		155,121		155,466
Taconic Park CLO Ltd., Series 2016-1A, Class A1R, 1.22% (3 mo. USD LIBOR + 1.00%), 01/20/2029(b)(c)		16,923,000		16,944,154
Thornburg Mortgage Securities Trust, Series 2003-6, Class A2, 1.12% (1 mo. USD LIBOR + 1.00%), 12/25/2033(c)		345,146		349,412
Series 2005-1, Class A3, 2.55%, 04/25/2045(h)		637,190		650,046
TICP CLO XV Ltd., Series 2020-15A, Class A, 1.50% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(c)		9,701,000		9,734,316
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(h)		2,619,591		2,664,214
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		13,660,000		13,571,770
UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		16,770,000		18,733,299
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class A4, 3.09%, 08/10/2049		242,906		250,778
Series 2012-C4, Class A5, 2.85%, 12/10/2045		532,433		550,701
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class C, 6.05%, 01/10/2045(b)(h)		4,500,000		4,347,027

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

18 Invesco Core Plus Bond Fund

	Principal Amount		Value
Verus Securitization Trust, Series 2019-1, Class A1, 3.84%, 02/25/2059(b)(h)	$	7,513,672	$	7,569,277
Series 2019-2, Class A1, 3.21%, 05/25/2059(b)(h)		3,340,258		3,360,936
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(i)		11,278,235		11,502,932
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(i)		3,561,752		3,633,696
Series 2020-INV1, Class A1, 1.98%, 03/25/2060(b)(h)		2,642,575		2,693,697
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(h)		6,645,000		6,691,441
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(h)		14,309,284		14,340,581
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		8,398,713		8,472,084
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2007-HY2, Class 2A2, 3.05%, 11/25/2036(h)		336,194		318,559
Wells Fargo Mortgage Backed Securities Trust, Series 2005- AR14, Class A1, 3.01%, 08/25/2035(h)		177,821		180,377
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		10,912,500		11,410,656
Series 2019-1A, Class A2II, 4.08%, 06/15/2049(b)		5,307,500		5,612,041
WFRBS Commercial Mortgage Trust, Series 2011-C5, Class B, 5.66%, 11/15/2044(b)(h)		5,000,000		5,088,285
Series 2012-C6, Class B, 4.70%, 04/15/2045		5,739,000		5,900,773
Series 2012-C9, Class D, 4.81%, 10/15/2022(b)(h)		568,832		540,079
Series 2013-C14, Class A5, 3.34%, 06/15/2046		1,485,143		1,566,263
Series 2013-C16, Class B, 5.02%, 09/15/2046(h)		3,127,000		3,274,123
Series 2014-C23, Class B, 4.38%, 10/15/2057(h)		4,693,000		5,164,964
Total Asset-Backed Securities (Cost $1,156,885,185)				1,174,603,792
U.S. Government Sponsored Agency Mortgage–Backed Securities–13.82%
Collateralized Mortgage Obligations-1.06%
Fannie Mae REMICs, IO, 7.00%, 05/25/2033(j)		5,389		812
6.00%, 07/25/2033(j)		4,428		794

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs., Series K038, Class X1, 1.11%, 03/25/2024(h)	$	23,236,460	$	673,442
Series K730, Class AM, 3.59%, 01/25/2025(h)		7,859,000		8,649,751
Series K062, Class A1, 3.03%, 09/25/2026		8,470,813		9,101,199
Series K083, Class AM, 4.03%, 10/25/2028(h)		4,736,000		5,584,983
Series K085, Class AM, 4.06%, 10/25/2028(h)		4,736,000		5,590,671
Series K089, Class AM, 3.63%, 01/25/2029(h)		8,018,000		9,260,325
Series K088, Class AM, 3.76%, 01/25/2029(h)		18,944,000		22,105,312
				60,967,289
Federal Home Loan Mortgage Corp. (FHLMC)–0.49%
7.00%, 07/01/2022 to 10/01/2034		540,113		621,533
3.50%, 08/01/2026		344,229		367,606
6.00%, 03/01/2029 to 02/01/2034		257,858		291,379
7.50%, 05/01/2030 to 05/01/2035		444,514		510,882
8.50%, 08/01/2031		26,666		32,039
3.00%, 02/01/2032		1,804,796		1,936,191
6.50%, 07/01/2032 to 09/01/2036		148,413		170,362
8.00%, 08/01/2032		21,947		25,904
5.50%, 01/01/2034 to 07/01/2040		1,277,116		1,464,660
5.00%, 07/01/2034 to 06/01/2040		1,665,060		1,938,753
4.50%, 02/01/2040 to 10/01/2046		18,307,876		20,640,985
ARM, 2.43% (1 yr. USD LIBOR + 2.05%), 12/01/2036(c)		54,001		57,819
3.33% (1 yr. USD LIBOR + 2.14%), 02/01/2037(c)		12,122		13,052
2.98% (1 yr. USD LIBOR + 1.88%), 05/01/2037(c)		62,310		66,318
				28,137,483
Federal National Mortgage Association (FNMA)–2.22%
5.50%, 03/01/2021 to 06/01/2040		456,712		516,762
6.00%, 03/01/2022 to 10/01/2039		13,401		15,368
6.50%, 07/01/2028 to 01/01/2037		66,671		76,028
7.00%, 07/01/2029 to 02/01/2034		266,071		294,984
7.50%, 02/01/2030 to 08/01/2037		506,143		597,658
9.50%, 04/01/2030		3,774		4,218
3.50%, 12/01/2030 to 05/01/2047		51,246,917		55,394,751
8.50%, 10/01/2032		41,853		51,324
8.00%, 04/01/2033		41,674		50,772
5.00%, 12/01/2039		433,983		505,236

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

19 Invesco Core Plus Bond Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
3.00%, 08/01/2043	$	2,935,176	$	3,166,867
4.50%, 10/01/2048 to 12/01/2048		28,384,876		30,915,229
4.00%, 12/01/2048		33,670,621		36,818,125
ARM, 2.67% (1 yr. U.S. Treasury Yield Curve Rate + 2.18%), 05/01/2035(c)		100,516		106,970
2.04% (1 yr. USD LIBOR + 1.63%), 01/01/2037(c)		44,166		46,717
3.04% (1 yr. USD LIBOR + 1.72%), 03/01/2038(c)		31,547		33,471
				128,594,480
Government National Mortgage Association (GNMA)–1.16%
7.50%, 06/15/2023 to 05/15/2032		6,249		6,489
9.00%, 09/15/2024		3,306		3,325
8.00%, 08/15/2025 to 09/15/2026		15,443		15,721
6.56%, 01/15/2027		92,493		103,238
7.00%, 10/15/2028 to 09/15/2032		113,616		126,308
6.00%, 11/15/2028 to 02/15/2033		43,941		50,692
6.50%, 01/15/2029 to 09/15/2034		69,912		78,327
5.50%, 06/15/2035		44,745		52,398
5.00%, 07/15/2035 to 08/15/2035		49,999		56,418
4.00%, 03/20/2048		6,247,791		6,746,729
ARM, 3.00%,(1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 01/20/2025 to 06/20/2025(c)		17,012		17,455
2.88% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 05/20/2025(c)		4,746		4,862
TBA, 2.00%, 03/01/2051(k)		59,000,000		59,887,305
				67,149,267
Uniform Mortgage-Backed Securities–8.89%
TBA, 2.00%, 03/01/2036 to 03/01/2051(k)		414,549,912		422,908,566
2.50%, 03/01/2051(k)		88,000,000		91,238,125
				514,146,691
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $795,890,739)				798,995,210
U.S. Treasury Securities–11.28%
U.S. Treasury Bills–0.34%
0.03%, 07/15/2021(l)(m)		20,055,000		20,052,348
U.S. Treasury Bonds–1.62%
1.88%, 02/15/2041		3,491,100		3,417,460
1.63%, 11/15/2050		101,235,600		90,052,230
				93,469,690

	Principal Amount		Value
U.S. Treasury Notes–9.32%
0.13%, 01/31/2023	$	12,476,700	$	12,476,213
0.13%, 02/15/2024		6,473,100		6,445,539
0.38%, 01/31/2026		260,095,900		255,909,981
0.75%, 01/31/2028		43,891,600		42,866,319
1.13%, 02/15/2031		226,474,100		220,953,794
				538,651,846
Total U.S. Treasury Securities (Cost $659,178,066)				652,173,884
	Shares
Preferred Stocks–2.53%
Asset Management & Custody Banks–0.13%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(e)		7,105,000		7,684,058
Diversified Banks–1.51%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		1,100		1,529,781
Citigroup, Inc., 6.25%, Series T, Pfd.(e)		6,669,000		7,621,333
Citigroup, Inc., 5.00%, Series U, Pfd.(e)		17,572,000		18,121,125
Citigroup, Inc., 4.00%, Series W, Pfd.(e)		9,183,000		9,297,604
JPMorgan Chase & Co., 3.68%, Series I, Pfd.(c)		12,853,000		12,823,593
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		27,407		38,040,916
				87,434,352
Integrated Telecommunication Services–0.20%
AT&T, Inc., 2.88%, Series B, Pfd.(e)		9,700,000		11,586,833
Investment Banking & Brokerage–0.39%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(e)		7,695,000		7,733,475
Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.(e)(g)		7,805,000		7,814,756
Morgan Stanley, 6.88%, Series F, Pfd.(e)		249,737		6,990,139
				22,538,370
Life & Health Insurance–0.01%
MetLife, Inc., 3.79%, Series C, Pfd.(c)		183,000		182,549
Multi-Utilities–0.19%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(e)		10,275,000		10,896,548
Other Diversified Financial Services–0.09%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(e)		4,774,000		5,134,437
Regional Banks–0.01%
PNC Financial Services Group, Inc. (The), 6.13%, Series P, Pfd.(e)		24,592		644,064
Total Preferred Stocks (Cost $139,001,899)				146,101,211

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

20 Invesco Core Plus Bond Fund

		Principal Amount		Value
Agency Credit Risk Transfer Notes–0.99%
Fannie Mae Connecticut Avenue Securities, Series 2017-C04, Class 2M2, 2.97% (1 mo. USD LIBOR + 2.85%), 11/25/2029(c)		$	9,439,329	$	9,637,459
Series 2018-C05, Class 1M2, 2.47% (1 mo. USD LIBOR + 2.35%), 01/25/2031(c)			3,787,704		3,804,116
Series 2019-R03, Class 1M2, 2.27% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(c)			4,679,427		4,704,050
Series 2019-R06, Class 2M2, 2.22% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(c)			6,211,981		6,240,100
Freddie Mac, Series 2016-DNA4, Class M3, STACR® , 3.92% (1 mo. USD LIBOR + 3.80%), 03/25/2029(c)			2,845,087		2,968,820
Series 2016-HQA4, Class M3, STACR®, 4.02% (1 mo. USD LIBOR + 3.90%), 04/25/2029(c)			5,824,867		6,051,162
Series 2017-HQA2, Class M2, STACR®, 2.77% (1 mo. USD LIBOR + 2.65%), 12/25/2029(c)			8,301,234		8,427,090
Series 2020-DNA5, Class M2, STACR®, 2.84% (SOFR + 2.80%), 10/25/2050(b)(c)			12,216,000		12,391,893
Series 2020-DNA5, Class M1, STACR® , 1.34% (SOFR + 1.30%), 10/25/2050(b)(c)			3,108,844		3,116,422
Total Agency Credit Risk Transfer Notes (Cost $57,339,063)					57,341,112
Non-U.S. Dollar Denominated Bonds & Notes–0.50%(n)
Brewers–0.03%
Molson Coors International L.P., Series MPLE, 3.44%, 07/15/2026	CAD		1,799,000		1,504,058
Diversified Banks–0.05%
HSBC Holdings PLC (United Kingdom), Series MPLE, 3.20%, 12/05/2023	CAD		3,598,000		2,997,683
Integrated Telecommunication Services–0.07%
AT&T, Inc., Series MPLE, 5.10%, 11/25/2048	CAD		4,497,000		3,933,656
Movies & Entertainment–0.17%
Netflix, Inc., 3.88%, 11/15/2029(b)	EUR		6,750,000		9,725,579
Sovereign Debt–0.13%
Serbia International Bond (Serbia), 1.50%, 06/26/2029(b)	EUR		105,000		127,341
Serbia International Bond (Serbia), 1.50%, 06/26/2029(b)	EUR		285,000		345,640
Ukraine Government International Bond (Ukraine), 6.75%, 06/20/2026(b)	EUR		385,000		497,305
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030(b)	EUR		6,000,000		6,691,621
					7,661,907

		Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.05%
Apple, Inc., Series MPLE, 2.51%, 08/19/2024	CAD		3,598,000	$	2,972,124
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $25,093,713)					28,795,007
Variable Rate Senior Loan Interests–0.30%
Diversified REITs–0.30%
Asterix, Inc. (Canada), Term Loan, 3.90%, 03/31/2023 (Cost $16,204,205)(o)(p)(q)		$	21,666,643		17,320,034
		Shares
Exchange–Traded Funds–0.10%
Invesco Total Return Bond ETF (Cost $ 5,786,000)(r)			100,000		5,686,000
		Principal Amount
Municipal Obligations–0.01%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057 (Cost $539,000)		$	539,000		795,591
		Shares
Common Stocks & Other Equity Interests–0.00%
Auto Parts & Equipment–0.00%
Exide Technologies(o)			14,555		0
Oil & Gas Drilling–0.00%
Vantage Drilling International(s)			95		380
Paper Packaging–0.00%
Westrock Co.			65		2,833
Specialty Chemicals–0.00%
Ingevity Corp.(s)			10		695
Total Common Stocks & Other Equity Interests (Cost $16,588)					3,908
Money Market Funds–13.66%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(r)(t)			276,312,657		276,312,657
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(r)(t)			197,256,179		197,335,082
Invesco Treasury Portfolio, Institutional Class, 0.01%(r)(t)			315,785,894		315,785,894
Total Money Market Funds (Cost $789,436,539)					789,433,633
Options Purchased–0.25%
(Cost $17,887,097)(u)					14,493,965
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-109.73% (Cost $6,256,063,780)					6,343,488,968
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.19%
Invesco Private Government Fund, 0.01%(r)(t)(v)			4,353,166		4,353,166

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

21 Invesco Core Plus Bond Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(r)(t)(v)		6,527,137	$	6,529,748
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,882,914)				10,882,914
TOTAL INVESTMENTS IN SECURITIES-109.92% (Cost $6,266,946,694)				6,354,371,882
OTHER ASSETS LESS LIABILITIES-(9.92)%				(573,609,013	)
NET ASSETS-100.00%			$	5,780,762,869

Investment Abbreviations:

ARM	– Adjustable Rate Mortgage
CAD	– Canadian Dollar
Conv.	– Convertible
Ctfs.	– Certificates
ETF	– Exchange-Traded Fund
EUR	– Euro
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
RB	– Revenue Bonds
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
STACR®	– Structured Agency Credit Risk
TBA	– To Be Announced
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 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, 2021 was $2,169,211,592, which represented 37.52% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(d)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(g)  All or a portion of this security was out on loan at February 28, 2021.

^(h)  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 on February 28, 2021.

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

^(j)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

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

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

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

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

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

^(p)  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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(q)  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 Trust’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.

^(r)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value February 28, 2021		Dividend Income
Invesco Total Return Bond ETF	$	5,803,000	$	-	$	-	$	(117,000	)	$	-	$	5,686,000	$	154,032

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

22 Invesco Core Plus Bond Fund

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$176,301,558		$331,898,314		$(231,887,215)	$	-		$	-		$	276,312,657		$25,236
Invesco Liquid Assets Portfolio, Institutional Class		125,928,050		237,070,224		(165,633,725)		(4,815	)		(24,652	)		197,335,082		56,514
Invesco Treasury Portfolio, Institutional Class		201,487,495		379,312,359		(265,013,960)		-			-			315,785,894		15,276
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		34,758,675		(30,405,509)		-			-			4,353,166		382	*
Invesco Private Prime Fund		-		40,278,323		(33,748,924)		-			349			6,529,748		2,426	*
Total		$509,520,103		$1,023,317,895		$(726,689,333)	$	(121,815	)	$	(24,303	)	$	806,002,547	$	253,866

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(s)  Non-income producing security.

^(t)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(u)  The table below details options purchased.

^(v)  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.

Open Exchange-Traded Equity Options Purchased
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value(a)		Value
Equity Risk
Amazon.com, Inc.		Call		01/21/2022		5	$	3,650.00	$	1,825,000	$	98,775
Apple, Inc.		Call		09/17/2021		200		145.00		2,900,000		111,500
Energy Select Sector SPDR Fund		Call		12/31/2021		1,890		50.00		94,520,000		9,641,040
Microsoft Corp.		Call		09/17/2021		90		245.00		2,205,000		144,450
Total Open Exchange-Traded Equity Options Purchased						2,185					$	9,995,765

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

Open Exchange-Traded Index Options Purchased

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value(a)

Value

Equity Risk

S&P 500 Index

Call

03/18/2022

180

$

3,950.00

$

71,100,000

$

4,498,200

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

Open Exchange-Traded Equity Options Written
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Premiums Received			Notional Value(a)		Value			Unrealized Appreciation
Equity Risk
Energy Select Sector SPDR Fund		Call		12/31/2021		18,904	$	60.00	$	(5,519,265	)	$	113,424,000	$	(5,245,860	)		$273,405

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes		4,716		June-2021	$	1,041,130,692	$	(856,501)	$	(856,501)
U.S. Treasury 5 Year Notes		4,629		June-2021		573,851,344		(4,190,882)		(4,190,882)
U.S. Treasury Long Bond		208		June-2021		33,117,500		(286,451)		(286,451)
Subtotal–Long Futures Contracts								(5,333,834)		(5,333,834)

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

23 Invesco Core Plus Bond Fund

Open Futures Contracts—(continued)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		3,186		June-2021		$(422,841,937)	$	5,369,621	$	5,369,621
U.S. Treasury 10 Year Ultra Notes		2,140		June-2021		(315,315,625)		3,272,338		3,272,338
U.S. Treasury Ultra Bonds		741		June-2021		(140,095,313)		519,370		519,370
Subtotal–Short Futures Contracts								9,161,329		9,161,329
Total Futures Contracts							$	3,827,495	$	3,827,495

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
05/17/2021	Citibank N.A.	EUR	233,000	USD	282,885	$	1,279
05/17/2021	Goldman Sachs & Co.	CAD	53,014,000	USD	41,729,047		68,225
05/17/2021	Goldman Sachs & Co.	EUR	28,300,000	USD	34,357,488		153,849
Total Forward Foreign Currency Contracts						$	223,353

Abbreviations:

CAD	–Canadian Dollar
EUR	–Euro
USD	–U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of February 28, 2021

U.S. Dollar Denominated Bonds & Notes	41.83	%
Asset-Backed Securities	18.49
U.S. Government Sponsored Agency Mortgage-Backed Securities	12.58
U.S. Treasury Securities	10.26
Preferred Stocks	2.30
Security types each less than 1% portfolio	2.12
Money Market Funds	12.42

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

24 Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $5,460,841,241)*	$	5,548,369,335
Investments in affiliates, at value (Cost $806,105,453)		806,002,547
Other investments:
Variation margin receivable–centrally cleared swap agreements		3,437,714
Unrealized appreciation on forward foreign currency contracts outstanding		223,353
Deposits with brokers:
Cash collateral – OTC Derivatives		2,158,750
Cash		2,011,836
Foreign currencies, at value (Cost $29,004,259)		29,119,607
Receivable for:
Investments sold		68,341,600
Fund shares sold		8,855,318
Dividends		524,981
Interest		26,809,209
Investments matured, at value (Cost $0)		43,809
Principal paydowns		102,888
Investment for trustee deferred compensation and retirement plans		138,846
Other assets		129,716
Total assets		6,496,269,509
Liabilities:
Other investments:
Options written, at value (premiums received $5,519,265)		5,245,860
Variation margin payable - futures contracts		3,970,681
Payable for:
Investments purchased		683,318,830
Dividends		1,199,372
Fund shares reacquired		8,799,411
Collateral upon return of securities loaned		10,882,914
Accrued fees to affiliates		1,259,443
Accrued other operating expenses		641,250
Trustee deferred compensation and retirement plans		188,879
Total liabilities		715,506,640
Net assets applicable to shares outstanding	$	5,780,762,869

Net assets consist of:
Shares of beneficial interest	$	5,655,534,098
Distributable earnings		125,228,771
	$	5,780,762,869
Net Assets:
Class A	$	1,447,719,655
Class C	$	100,515,987
Class R	$	26,052,795
Class Y	$	1,226,828,891
Class R5	$	12,564,528
Class R6	$	2,967,081,013
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		128,721,626
Class C		8,940,723
Class R		2,317,056
Class Y		108,985,858
Class R5		1,117,655
Class R6		263,987,307
Class A:
Net asset value per share	$	11.25
Maximum offering price per share     (Net asset value of $11.25 ÷ 95.75%)	$	11.75
Class C:
Net asset value and offering price per share	$	11.24
Class R:
Net asset value and offering price per share	$	11.24
Class Y:
Net asset value and offering price per share	$	11.26
Class R5:
Net asset value and offering price per share	$	11.24
Class R6:
Net asset value and offering price per share	$	11.24

* At February 28, 2021, securities with an aggregate value of $10,497,929 were on loan to brokers.

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

25 Invesco Core Plus Bond Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $107,132)	$	65,720,632
Dividends		1,301,111
Dividends from affiliates (includes securities lending income of $22,092)		273,150
Total investment income		67,294,893
Expenses:
Advisory fees		10,899,465
Administrative services fees		359,473
Custodian fees		46,402
Distribution fees:
Class A		1,757,963
Class C		530,270
Class R		62,576
Transfer agent fees – A, C, R and Y		1,676,120
Transfer agent fees – R5		5,987
Transfer agent fees – R6		58,974
Trustees’ and officers’ fees and benefits		60,872
Registration and filing fees		116,825
Reports to shareholders		261,731
Professional services fees		41,754
Other		34,529
Total expenses		15,912,941
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(916,199	)
Net expenses		14,996,742
Net investment income		52,298,151
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		48,827,981
Affiliated investment securities		(24,303	)
Foreign currencies		561,653
Forward foreign currency contracts		(2,415,614	)
Futures contracts		39,386,366
Option contracts written		(4,503,313	)
Swap agreements		7,849,543
		89,682,313
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(94,088,815	)
Affiliated investment securities		(121,815	)
Foreign currencies		(49,763	)
Forward foreign currency contracts		1,189,482
Futures contracts		3,720,623
Option contracts written		555,281
Swap agreements		3,738,710
		(85,056,297	)
Net realized and unrealized gain		4,626,016
Net increase in net assets resulting from operations	$	56,924,167

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

26                     Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	52,298,151		$	124,346,724
Net realized gain		89,682,313			164,412,319
Change in net unrealized appreciation (depreciation)		(85,056,297	)		38,834,343
Net increase in net assets resulting from operations		56,924,167			327,593,386
Distributions to shareholders from distributable earnings:
Class A		(58,227,314	)		(33,712,172	)
Class C		(4,066,888	)		(2,050,180	)
Class R		(1,015,393	)		(505,408	)
Class Y		(51,922,215	)		(30,512,458	)
Class R5		(515,343	)		(287,699	)
Class R6		(122,677,132	)		(69,379,601	)
Total distributions from distributable earnings		(238,424,285	)		(136,447,518	)
Share transactions-net:
Class A		128,258,468			231,465,217
Class C		(3,487,485	)		15,921,563
Class R		3,678,316			4,647,417
Class Y		95,991,040			233,313,308
Class R5		1,398,138			3,607,318
Class R6		313,044,404			499,618,439
Net increase in net assets resulting from share transactions		538,882,881			988,573,262
Net increase in net assets		357,382,763			1,179,719,130
Net assets:
Beginning of period		5,423,380,106			4,243,660,976
End of period	$	5,780,762,869		$	5,423,380,106

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

27                     Invesco Core Plus Bond Fund

Financial Highlights

(Unaudited)

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				Return of capital				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 02/28/21		$	11.61		$	0.10		$	0.02			$	0.12			$	(0.12	)		$	(0.36	)		$	–			$	(0.48	)		$	11.25		0.99	%		$	1,447,720		0.74	%(d)		0.79	%(d)		1.67	%(d)		179	%
Year ended 08/31/20			11.13			0.29			0.51				0.80				(0.32	)			–				–				(0.32	)			11.61		7.29				1,364,591		0.75			0.82			2.55			329
Year ended 08/31/19			10.53			0.36			0.62				0.98				(0.32	)			–				(0.06	)			(0.38	)			11.13		9.57				1,079,416		0.74			0.84			3.41			250
Year ended 08/31/18			11.03			0.31			(0.48	)			(0.17	)			(0.32	)			–				(0.01	)			(0.33	)			10.53		(1.51	)			887,784		0.74			0.82			2.96			383
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
Class C
Six months ended 02/28/21			11.61			0.05			0.01				0.06				(0.07	)			(0.36	)			–				(0.43	)			11.24		0.52				100,516		1.49	(d)		1.54	(d)		0.92	(d)		179
Year ended 08/31/20			11.12			0.20			0.52				0.72				(0.23	)			–				–				(0.23	)			11.61		6.59				107,350		1.50			1.57			1.80			329
Year ended 08/31/19			10.53			0.28			0.61				0.89				(0.24	)			–				(0.06	)			(0.30	)			11.12		8.67				87,046		1.49			1.59			2.66			250
Year ended 08/31/18			11.02			0.24			(0.48	)			(0.24	)			(0.24	)			–				(0.01	)			(0.25	)			10.53		(2.16	)			123,285		1.49			1.57			2.21			383
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
Class R
Six months ended 02/28/21			11.61			0.08			0.01				0.09				(0.10	)			(0.36	)			–				(0.46	)			11.24		0.77				26,053		0.99	(d)		1.04	(d)		1.42	(d)		179
Year ended 08/31/20			11.12			0.26			0.52				0.78				(0.29	)			–				–				(0.29	)			11.61		7.12				23,193		1.00			1.07			2.30			329
Year ended 08/31/19			10.53			0.33			0.61				0.94				(0.29	)			–				(0.06	)			(0.35	)			11.12		9.21				17,598		0.99			1.09			3.16			250
Year ended 08/31/18			11.02			0.29			(0.47	)			(0.18	)			(0.30	)			–				(0.01	)			(0.31	)			10.53		(1.67	)			14,134		0.99			1.07			2.71			383
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
Class Y
Six months ended 02/28/21			11.62			0.11			0.02				0.13				(0.13	)			(0.36	)			–				(0.49	)			11.26		1.11				1,226,829		0.49	(d)		0.54	(d)		1.92	(d)		179
Year ended 08/31/20			11.14			0.31			0.51				0.82				(0.34	)			–				–				(0.34	)			11.62		7.56				1,170,121		0.50			0.57			2.80			329
Year ended 08/31/19			10.54			0.39			0.62				1.01				(0.35	)			–				(0.06	)			(0.41	)			11.14		9.84				892,952		0.49			0.59			3.66			250
Year ended 08/31/18			11.03			0.35			(0.48	)			(0.13	)			(0.35	)			–				(0.01	)			(0.36	)			10.54		(1.17	)			932,839		0.49			0.57			3.21			383
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
Class R5
Six months ended 02/28/21			11.61			0.11			0.01				0.12				(0.13	)			(0.36	)			–				(0.49	)			11.24		1.03				12,565		0.49	(d)		0.52	(d)		1.92	(d)		179
Year ended 08/31/20			11.12			0.31			0.52				0.83				(0.34	)			–				–				(0.34	)			11.61		7.65				11,555		0.50			0.54			2.80			329
Year ended 08/31/19			10.53			0.39			0.61				1.00				(0.35	)			–				(0.06	)			(0.41	)			11.12		9.75				7,586		0.49			0.54			3.66			250
Year ended 08/31/18			11.03			0.34			(0.48	)			(0.14	)			(0.35	)			–				(0.01	)			(0.36	)			10.53		(1.27	)			5,660		0.49			0.50			3.21			383
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
Class R6
Six months ended 02/28/21			11.60			0.11			0.03				0.14				(0.14	)			(0.36	)			–				(0.50	)			11.24		1.15				2,967,081		0.41	(d)		0.42	(d)		2.00	(d)		179
Year ended 08/31/20			11.12			0.32			0.51				0.83				(0.35	)			–				–				(0.35	)			11.60		7.62				2,746,570		0.45			0.45			2.85			329
Year ended 08/31/19			10.52			0.39			0.62				1.01				(0.35	)			–				(0.06	)			(0.41	)			11.12		9.91				2,159,063		0.44			0.45			3.71			250
Year ended 08/31/18			11.02			0.35			(0.48	)			(0.13	)			(0.36	)			–				(0.01	)			(0.37	)			10.52		(1.21	)			2,120,867		0.43			0.44			3.27			383
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

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,418,025, $106,933, $25,238, $1,219,073, $12,075 and $2,855,680 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

28                     Invesco Core Plus Bond Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

29                     Invesco Core Plus Bond Fund

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. 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. 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 the 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)

30                     Invesco Core Plus Bond Fund

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.

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

M. Call Options Purchased and Written – The Fund may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of 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

31                     Invesco Core Plus Bond Fund

(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 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. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. 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, 2021 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. 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 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

32                     Invesco Core Plus Bond Fund

Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement. Dollar roll transactions covered in this manner are not treated as senior securities for purposes of a Fund’s fundamental investment limitation on senior securities and borrowings.

Q. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

R. 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.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

S. 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.

T. 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	0.450%
Next $500 million	0.425%
Next $1.5 billion	0.400%
Next $2.5 billion	0.375%
Over $5 billion	0.350%

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.39%.

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, 2021, 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”). 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, 2021. 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 limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2021, the Adviser waived advisory fees of $297,679 and reimbursed class level expenses of $315,305, $23,830, $5,610, $271,104, $1,370 and $0 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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

33                     Invesco Core Plus Bond Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $99,824 in front-end sales commissions from the sale of Class A shares and $10,745 and $1,823 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	2,657,745,621	$	-	$	2,657,745,621
Asset-Backed Securities		-			1,174,603,792		-		1,174,603,792
U.S. Government Sponsored Agency Mortgage-Backed Securities		-			798,995,210		-		798,995,210
U.S. Treasury Securities		-			652,173,884		-		652,173,884
Preferred Stocks		47,204,900			98,896,311		-		146,101,211
Agency Credit Risk Transfer Notes		-			57,341,112		-		57,341,112
Non-U.S. Dollar Denominated Bonds & Notes		-			28,795,007		-		28,795,007
Variable Rate Senior Loan Interests		-			-		17,320,034		17,320,034
Exchange-Traded Funds		5,686,000			-		-		5,686,000
Municipal Obligations		-			795,591		-		795,591
Common Stocks & Other Equity Interests		3,908			-		0		3,908
Money Market Funds		789,433,633			10,882,914		-		800,316,547
Options Purchased		14,493,965			-		-		14,493,965
Total Investments in Securities		856,822,406			5,480,229,442		17,320,034		6,354,371,882
Other Investments - Assets*
Investments Matured		-			43,809		-		43,809
Futures Contracts		9,161,329			-		-		9,161,329
Forward Foreign Currency Contracts		-			223,353		-		223,353
		9,161,329			267,162		-		9,428,491
Other Investments - Liabilities*
Futures Contracts		(5,333,834	)		-		-		(5,333,834	)
Options Written		(5,245,860	)		-		-		(5,245,860	)
		(10,579,694	)		-		-		(10,579,694	)
Total Other Investments		(1,418,365	)		267,162		-		(1,151,203	)
Total Investments	$	855,404,041		$	5,480,496,604	$	17,320,034	$	6,353,220,679

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation). Investments matured and options written are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an 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.

34                     Invesco Core Plus Bond Fund

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

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, 2021:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	-		$	9,161,329		$	9,161,329
Unrealized appreciation on forward foreign currency contracts outstanding		223,353		-			-			223,353
Options purchased, at value – Exchange-Traded(b)		-		14,493,965			-			14,493,965
Total Derivative Assets		223,353		14,493,965			9,161,329			23,878,647
Derivatives not subject to master netting agreements		-		(14,493,965	)		(9,161,329	)		(23,655,294	)
Total Derivative Assets subject to master netting agreements	$	223,353	$	-		$	-		$	223,353
	Value
Derivative Liabilities	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	-	$	-		$	(5,333,834	)	$	(5,333,834	)
Options written, at value – Exchange-Traded		-		(5,245,860	)		-			(5,245,860	)
Total Derivative Liabilities		-		(5,245,860	)		(5,333,834	)		(10,579,694	)
Derivatives not subject to master netting agreements		-		5,245,860			5,333,834			10,579,694
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.

^(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, 2021.

	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
Citibank N.A.	$    1,279		$-	$    1,279		$-		$-	$    1,279
Goldman Sachs International	222,074		-	222,074		-		-	222,074
Total	$223,353		$-	$223,353		$-		$-	$223,353

Effect of Derivative Investments for the six months ended February 28, 2021

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	$	-	$	(2,415,614	)	$	-		$	-	$	(2,415,614	)
Futures contracts		-		-			-			39,386,366		39,386,366
Options purchased(a)		-		-			10,953,281			-		10,953,281
Options written		-		-			(4,503,313	)		-		(4,503,313	)
Swap agreements		7,849,543		-			-			-		7,849,543

35                     Invesco Core Plus Bond Fund

	Location of Gain (Loss) on Statement of Operations
	Credit Risk		Currency Risk			Equity Risk			Interest Rate Risk		Total
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	$	-	$	1,189,482		$	-		$	-	$	1,189,482
Futures contracts		-		-			-			3,720,623		3,720,623
Options purchased(a)		-		-			(4,645,114	)		-		(4,645,114	)
Options written		-		-			555,281			-		555,281
Swap agreements		3,738,710		-			-			-		3,738,710
Total	$	11,588,253	$	(1,226,132	)	$	2,360,135		$	43,106,989	$	55,829,245

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts		Futures Contracts		Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written		Swap Agreements
Average notional value		$75,013,339		$2,590,440,778		$55,273,667		$65,469,167		$107,441,333		$9,250,000		$124,871,225
Average Contracts		-		-		10,040		177		18,924		25		-

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,301.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

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, 2021 was $6,690,164 and $6,525,069,136, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $3,375,558,803 and $3,351,928,915, 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	$	159,708,181
Aggregate unrealized (depreciation) of investments		(72,281,215	)
Net unrealized appreciation of investments	$	87,426,966

Cost of investments for tax purposes is $6,265,793,713.

36                     Invesco Core Plus Bond Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		18,503,507		$	213,106,069			37,369,655		$	417,843,835
Class C		1,215,177			14,010,985			4,749,600			52,950,366
Class R		570,846			6,572,355			956,731			10,677,983
Class Y		23,676,285			273,161,142			62,962,649			704,046,893
Class R5		200,424			2,297,379			586,321			6,610,442
Class R6		29,519,129			339,693,898			82,170,076			937,842,847
Issued as reinvestment of dividends:
Class A		4,604,691			52,629,962			2,639,088			29,580,883
Class C		317,116			3,620,203			152,425			1,707,372
Class R		88,000			1,004,951			44,615			500,050
Class Y		3,290,612			37,646,156			1,882,112			21,116,361
Class R5		45,054			514,667			25,638			287,231
Class R6		10,552,546			120,535,920			6,003,372			67,247,139
Automatic conversion of Class C shares to Class A shares:
Class A		684,864			7,823,780			647,755			7,423,853
Class C		(685,423	)		(7,823,780	)		(648,230	)		(7,423,853	)
Reacquired:
Class A		(12,599,434	)		(145,301,343	)		(20,130,549	)		(223,383,354	)
Class C		(1,156,117	)		(13,294,893	)		(2,829,674	)		(31,312,322	)
Class R		(339,888	)		(3,898,990	)		(585,134	)		(6,530,616	)
Class Y		(18,673,725	)		(214,816,258	)		(44,324,077	)		(491,849,946	)
Class R5		(123,460	)		(1,413,908	)		(298,357	)		(3,290,355	)
Class R6		(12,790,762	)		(147,185,414	)		(45,614,367	)		(505,471,547	)
Net increase in share activity		46,899,442		$	538,882,881			85,759,649		$	988,573,262

^(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.

In addition, 11% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

37                     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, 2020 through February 28, 2021.

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)
	Beginning   Account Value   (09/01/20)	Ending   Account Value   (02/28/21)1	Expenses   Paid During   Period2	Ending   Account Value   (02/28/21)	Expenses   Paid During   Period2	Annualized   Expense   Ratio
Class A	$1,000.00	$1,009.90	$3.69	$1,021.12	$3.71	0.74%
Class C	1,000.00	1,005.20	7.41	1,017.41	7.45	1.49
Class R	1,000.00	1,007.70	4.93	1,019.89	4.96	0.99
Class Y	1,000.00	1,011.10	2.44	1,022.36	2.46	0.49
Class R5	1,000.00	1,010.30	2.44	1,022.36	2.46	0.49
Class R6	1,000.00	1,011.50	2.04	1,022.76	2.06	0.41

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.

38                     Invesco Core Plus Bond Fund

Distribution Information

The following table sets forth on a per share basis the distribution that was paid in October 2020. Included in the table is a written statement of the sources of the distribution on a GAAP basis.

		Net Income	Gain from Sale of Securities	Return of Principal	Total Distribution
10/31/2020	Class A	$0.0180	$0.0000	$0.0021	$0.0201
10/31/2020	Class C	$0.0107	$0.0000	$0.0021	$0.0128
10/31/2020	Class R	$0.0156	$0.0000	$0.0021	$0.0177
10/31/2020	Class Y	$0.0204	$0.0000	$0.0021	$0.0225
10/31/2020	Class R5	$0.0204	$0.0000	$0.0021	$0.0225
10/31/2020	Class R6	$0.0211	$0.0000	$0.0021	$0.0232

Please note that the information in the preceding chart is for financial accounting purposes only. Shareholders should be aware that the tax treatment of distributions likely differs from GAAP treatment. Form 1099-DIV for the calendar year will report distributions for U.S. federal income tax purposes. This notice is sent to comply with certain U.S. Securities and Exchange Commission requirements.

39                     Invesco Core Plus Bond Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Discovery Fund
	Nasdaq:
	A: OPOCX ∎ C: ODICX ∎ R: ODINX ∎ Y: ODIYX ∎ R5: DIGGX ∎ R6: ODIIX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	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, 8/31/20 to 2/28/21, 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	29.48	%
Class C Shares	29.01
Class R Shares	29.32
Class Y Shares	29.65
Class R5 Shares	29.68
Class R6 Shares	29.75
S&P 500 Index▼	9.74
Russell 2000 Growth Index▼	37.33
Russell 2000 Index▼	41.69
Source(s): ▼RIMES Technologies Corp.
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 Russell 2000® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.   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 Discovery Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable  sales charges
Class A Shares
Inception (9/11/86)	11.77	%
10 Years	15.59
5 Years	24.91
1 Year	55.63
Class C Shares
Inception (10/2/95)	9.63	%
10 Years	15.54
5 Years	25.38
1 Year	62.47
Class R Shares
Inception (3/1/01)	10.16	%
10 Years	15.93
5 Years	26.00
1 Year	64.25
Class Y Shares
Inception (6/1/94)	10.79	%
10 Years	16.56
5 Years	26.63
1 Year	65.09
Class R5 Shares
10 Years	16.32	%
5 Years	26.49
1 Year	65.28
Class R6 Shares
Inception (1/27/12)	18.70	%
5 Years	26.85
1 Year	65.36

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Discovery Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Discovery Fund. The Fund was subsequently renamed the Invesco Discovery Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Discovery Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.09%
Agricultural & Farm Machinery–0.09%
Hydrofarm Holdings Group, Inc.(b)		65,100	$	4,132,548
Alternative Carriers–0.98%
Bandwidth, Inc., Class A(b)		274,829		43,521,920
Apparel Retail–0.31%
MYT Netherlands Parent B.V., ADR (Germany)(b)		482,294		13,933,474
Application Software–9.80%
Avalara, Inc.(b)		416,563		65,375,397
Bill.com Holdings, Inc.(b)		186,788		30,821,888
Cerence, Inc.(b)		230,109		25,592,723
Duck Creek Technologies, Inc.(b)		116,024		5,487,935
Everbridge, Inc.(b)		125,081		19,166,162
Five9, Inc.(b)		349,702		64,778,799
Lightspeed POS, Inc. (Canada)(b)		428,090		29,289,918
Manhattan Associates, Inc.(b)		550,595		67,695,655
Paylocity Holding Corp.(b)		210,100		40,169,019
Q2 Holdings, Inc.(b)		349,331		42,576,462
Sprout Social, Inc., Class A(b)		570,077		38,748,134
Viant Technology, Inc., Class A(b)		108,870		5,398,863
				435,100,955
Asset Management & Custody Banks–2.41%
Artisan Partners Asset Management, Inc., Class A		421,649		20,028,327
Cohen & Steers, Inc.		311,997		20,086,367
Hamilton Lane, Inc., Class A		642,420		57,432,348
StepStone Group, Inc., Class A(b)		263,955		9,505,020
				107,052,062
Auto Parts & Equipment–2.60%
Dana, Inc.		709,121		16,884,171
Fox Factory Holding Corp.(b)		330,705		42,049,141
Visteon Corp.(b)		444,883		56,575,771
				115,509,083
Automotive Retail–1.57%
Lithia Motors, Inc., Class A		186,697		69,815,343
Biotechnology–7.06%
Acceleron Pharma, Inc.(b)		272,395		37,089,303
Amicus Therapeutics, Inc.(b)		917,452		11,266,311
Apellis Pharmaceuticals, Inc.(b)		438,646		21,129,578
CareDx, Inc.(b)		651,284		51,503,539
Deciphera Pharmaceuticals, Inc.(b)		339,485		14,862,653
Halozyme Therapeutics, Inc.(b)		860,931		38,957,128
Insmed, Inc.(b)		276,769		9,900,027
TG Therapeutics, Inc.(b)		531,132		23,247,648
Turning Point Therapeutics, Inc.(b)		191,062		22,528,120
Ultragenyx Pharmaceutical, Inc.(b)		287,239		40,655,808
Veracyte, Inc.(b)		729,683		42,365,395
				313,505,510

	Shares		Value
Building Products–3.95%
Advanced Drainage Systems, Inc.		763,865	$	84,040,427
AZEK Co., Inc. (The)(b)		585,551		25,828,655
Trex Co., Inc.(b)		715,592		65,576,851
				175,445,933
Cable & Satellite–0.87%
Cable One, Inc.		20,152		38,588,057
Casinos & Gaming–2.43%
Boyd Gaming Corp.		841,689		49,407,144
Churchill Downs, Inc.		254,306		58,650,593
				108,057,737
Commodity Chemicals–0.46%
Olin Corp.		660,499		20,435,839
Construction Machinery & Heavy Trucks–0.70%
Federal Signal Corp.		850,087		30,951,668
Data Processing & Outsourced Services–0.35%
Shift4 Payments, Inc., Class A(b)		201,545		15,418,192
Diversified Support Services–0.50%
Driven Brands Holdings, Inc.(b)		782,928		22,313,448
Electrical Components & Equipment–2.43%
Array Technologies, Inc.(b)		770,955		28,587,011
Generac Holdings, Inc.(b)		49,183		16,208,750
Regal Beloit Corp.		324,804		44,390,963
Shoals Technologies Group, Inc., Class A(b)		567,444		18,510,023
				107,696,747
Electronic Equipment & Instruments–0.78%
Novanta, Inc.(b)		260,164		34,427,502
Environmental & Facilities Services–0.83%
Casella Waste Systems, Inc., Class A(b)		634,063		36,724,929
Forest Products–1.00%
Louisiana-Pacific Corp.		928,439		44,202,981
Health Care Equipment–6.56%
Acutus Medical, Inc.(b)		325,050		6,748,038
Axonics Modulation Technologies, Inc.(b)		637,821		32,088,775
CryoPort, Inc.(b)		558,103		33,173,642
Eargo, Inc.(b)		60,703		3,545,662
Globus Medical, Inc., Class A(b)		318,190		19,886,875
iRhythm Technologies, Inc.(b)		143,078		23,021,250
Masimo Corp.(b)		295,458		74,080,185
Penumbra, Inc.(b)		155,651		44,271,814
Tandem Diabetes Care, Inc.(b)		569,695		54,685,023
				291,501,264
Health Care Facilities–0.49%
Surgery Partners, Inc.(b)		547,000		21,590,090
Health Care Services–2.49%
1Life Healthcare, Inc.(b)		752,592		35,755,646

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

4 Invesco Discovery Fund

	Shares		Value
Health Care Services–(continued)
Amedisys, Inc.(b)		228,592	$	57,980,075
Signify Health, Inc., Class A(b)		515,538		17,023,065
				110,758,786
Health Care Supplies–1.07%
Quidel Corp.(b)		148,998		24,474,411
Silk Road Medical, Inc.(b)		423,935		23,218,920
				47,693,331
Health Care Technology–3.03%
Inspire Medical Systems, Inc.(b)		425,068		98,951,579
Phreesia, Inc.(b)		578,107		35,409,054
				134,360,633
Homebuilding–1.32%
TopBuild Corp.(b)		307,035		58,462,534
Hypermarkets & Super Centers–0.73%
BJ’s Wholesale Club Holdings, Inc.(b)		802,099		32,228,338
Industrial Machinery–6.40%
Altra Industrial Motion Corp.		510,916		29,592,255
Chart Industries, Inc.(b)		422,857		60,506,608
Colfax Corp.(b)		483,712		21,452,627
ITT, Inc.		725,299		60,185,311
Kornit Digital Ltd. (Israel)(b)		741,318		83,865,306
SPX Corp.(b)		514,568		28,604,835
				284,206,942
Interactive Home Entertainment–1.14%
Zynga, Inc., Class A(b)		4,534,325		50,557,724
Internet & Direct Marketing Retail–1.32%
Magnite, Inc.(b)		447,210		21,855,153
Poshmark, Inc., Class A(b)		152,250		8,839,635
Stamps.com, Inc.(b)		153,140		27,860,760
				58,555,548
Investment Banking & Brokerage–1.56%
Evercore, Inc., Class A		182,668		21,878,146
LPL Financial Holdings, Inc.		361,754		47,585,121
				69,463,267
IT Consulting & Other Services–1.88%
Globant S.A. (Argentina)(b)		230,214		49,431,550
LiveRamp Holdings, Inc.(b)		537,003		33,917,110
				83,348,660
Leisure Products–0.87%
YETI Holdings, Inc.(b)		564,972		38,853,124
Life Sciences Tools & Services–6.92%
Bio–Techne Corp.		123,852		44,796,030
Medpace Holdings, Inc.(b)		383,876		62,352,979
NeoGenomics, Inc.(b)		938,270		47,823,622
PRA Health Sciences, Inc.(b)		185,289		27,313,451
Quanterix Corp.(b)		224,112		16,976,484
Repligen Corp.(b)		483,284		102,644,689
Seer, Inc.(b)		116,120		5,600,467
				307,507,722
Multi–Sector Holdings–0.53%
ArcLight Clean Transition Corp., Class A(b)		595,772		12,386,100

	Shares		Value
Multi-Sector Holdings–(continued)
Star Peak Energy Transition Corp., Class A(b)		320,502	$	10,954,758
				23,340,858
Packaged Foods & Meats–2.22%
Freshpet, Inc.(b)		632,703		98,625,744
Property & Casualty Insurance–0.74%
Kinsale Capital Group, Inc.		187,102		32,941,178
Real Estate Services–0.29%
Redfin Corp.(b)		169,629		12,847,700
Regional Banks–1.02%
Pinnacle Financial Partners, Inc.		339,714		27,574,585
Silvergate Capital Corp., Class A(b)		139,603		17,807,759
				45,382,344
Restaurants–1.62%
Texas Roadhouse, Inc.		334,248		30,376,458
Wingstop, Inc.		305,279		41,563,736
				71,940,194
Semiconductor Equipment–3.12%
Entegris, Inc.		512,319		53,901,082
FormFactor, Inc.(b)		908,792		41,231,893
MKS Instruments, Inc.		263,511		43,452,964
				138,585,939
Semiconductors–5.64%
Ambarella, Inc.(b)		240,004		26,998,050
Lattice Semiconductor Corp.(b)		2,207,671		106,233,129
MACOM Technology Solutions Holdings, Inc.(b)		874,280		56,259,918
Monolithic Power Systems, Inc.		67,596		25,316,054
Power Integrations, Inc.		405,463		35,830,765
				250,637,916
Specialty Chemicals–0.95%
Danimer Scientific, Inc.(b)		307,305		11,717,540
Element Solutions, Inc.		1,692,064		30,541,755
				42,259,295
Specialty Stores–0.18%
Petco Health & Wellness Co., Inc.(b)		390,120		7,775,092
Systems Software–3.52%
CyberArk Software Ltd.(b)		296,011		43,463,295
SailPoint Technologies Holding, Inc.(b)		778,801		43,908,800
Varonis Systems, Inc.(b)		376,631		69,126,854
				156,498,949
Trading Companies & Distributors–2.20%
Herc Holdings, Inc.(b)		585,791		51,409,018
SiteOne Landscape Supply, Inc.(b)		292,741		46,402,376
				97,811,394
Trucking–1.16%
Saia, Inc.(b)		257,781		51,692,824
Total Common Stocks & Other Equity Interests (Cost $2,609,303,018)				4,356,261,318

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

5 Invesco Discovery Fund

	Shares		Value
Money Market Funds–2.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		33,940,446	$	33,940,446
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(d)		23,923,751		23,933,320
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		38,789,082		38,789,082
Total Money Market Funds (Cost $96,662,434)				96,662,848
TOTAL INVESTMENTS IN SECURITIES–100.27% (Cost $2,705,965,452)				4,452,924,166
OTHER ASSETS LESS LIABILITIES–(0.27)%				(11,874,088	)
NET ASSETS–100.00%			$	4,441,050,078

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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	38,389,157	$	183,680,375	$	(188,129,086	)	$	-		$	-		$	33,940,446	$	1,840
Invesco Liquid Assets Portfolio, Institutional Class		20,785,324		131,200,270		(128,051,045	)		(15	)		(1,214	)		23,933,320		3,118
Invesco Treasury Portfolio, Institutional Class		43,873,322		209,920,430		(215,004,670	)		-			-			38,789,082		1,064
Total	$	103,047,803	$	524,801,075	$	(531,184,801	)	$	(15	)	$	(1,214	)	$	96,662,848	$	6,022

^(d) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Health Care	27.63	%
Information Technology	25.08
Industrials	18.26
Consumer Discretionary	12.22
Financials	6.26
Communication Services	2.99
Consumer Staples	2.95
Materials	2.41
Real Estate	0.29
Money Market Funds Plus Other Assets Less Liabilities	1.91

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

6 Invesco Discovery Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 2,609,303,018)	$	4,356,261,318
Investments in affiliated money market funds, at value (Cost $ 96,662,434)		96,662,848
Cash		708,918
Receivable for:
Investments sold		23,211,436
Fund shares sold		6,027,662
Dividends		590,649
Investment for trustee deferred compensation and retirement plans		160,148
Other assets		76,307
Total assets		4,483,699,286
Liabilities:
Payable for:
Investments purchased		34,905,835
Fund shares reacquired		5,136,003
Accrued fees to affiliates		1,934,057
Accrued trustees’ and officers’ fees and benefits		38,432
Accrued other operating expenses		412,858
Trustee deferred compensation and retirement plans		222,023
Total liabilities		42,649,208
Net assets applicable to shares outstanding	$	4,441,050,078
Net assets consist of:
Shares of beneficial interest	$	2,326,252,788
Distributable earnings		2,114,797,290
	$	4,441,050,078

Net Assets:
Class A	$	2,074,550,584
Class C	$	61,901,891
Class R	$	64,714,228
Class Y	$	1,666,715,405
Class R5	$	15,470,169
Class R6	$	557,697,801
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,651,868
Class C		893,609
Class R		619,486
Class Y		11,950,014
Class R5		130,714
Class R6		3,895,644
Class A:
Net asset value per share	$	117.53
Maximum offering price per share (Net asset value of $117.53 ÷ 94.50%)	$	124.37
Class C:
Net asset value and offering price per share	$	69.27
Class R:
Net asset value and offering price per share	$	104.46
Class Y:
Net asset value and offering price per share	$	139.47
Class R5:
Net asset value and offering price per share	$	118.35
Class R6:
Net asset value and offering price per share	$	143.16

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

7 Invesco Discovery Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends	$	5,183,076
Dividends from affiliated money market funds		6,022
Total investment income		5,189,098
Expenses:
Advisory fees		11,489,447
Administrative services fees		281,163
Custodian fees		8,202
Distribution fees:
Class A		2,160,170
Class C		352,325
Class R		146,963
Transfer agent fees – A, C, R and Y		2,689,036
Transfer agent fees – R5		7,277
Transfer agent fees – R6		25,193
Trustees’ and officers’ fees and benefits		24,968
Registration and filing fees		89,890
Reports to shareholders		108,104
Professional services fees		28,028
Other		20,553
Total expenses		17,431,319
Less: Fees waived and/or expense offset arrangement(s)		(27,621	)
Net expenses		17,403,698
Net investment income (loss)		(12,214,600	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $ 41,751,785)		440,945,067
Affiliated investment securities		(1,214	)
		440,943,853
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		577,894,618
Affiliated investment securities		(15	)
		577,894,603
Net realized and unrealized gain		1,018,838,456
Net increase in net assets resulting from operations	$	1,006,623,856

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

8 Invesco Discovery Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income (loss)	$	(12,214,600	)	$	(16,776,906	)
Net realized gain		440,943,853			372,753,244
Change in net unrealized appreciation		577,894,603			377,346,043
Net increase in net assets resulting from operations		1,006,623,856			733,322,381
Distributions to shareholders from distributable earnings:
Class A		(197,210,023	)		(86,045,860	)
Class C		(12,946,210	)		(6,641,253	)
Class R		(6,999,670	)		(3,469,514	)
Class Y		(130,395,316	)		(48,063,048	)
Class R5		(1,378,872	)		(859,621	)
Class R6		(41,357,180	)		(12,807,773	)
Total distributions from distributable earnings		(390,287,271	)		(157,887,069	)
Share transactions–net:
Class A		136,467,416			(54,010,974	)
Class C		(18,200,975	)		(13,122,878	)
Class R		2,510,345			(8,387,487	)
Class Y		115,101,926			215,035,001
Class R5		(2,152,622	)		12,372,018
Class R6		143,901,326			3,702,674
Net increase in net assets resulting from share transactions		377,627,416			155,588,354
Net increase in net assets		993,964,001			731,023,666
Net assets:
Beginning of period		3,447,086,077			2,716,062,411
End of period	$	4,441,050,078		$	3,447,086,077

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

9 Invesco Discovery Fund

Financial Highlights

(Unaudited)

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(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover (d)
Class A
Six months ended 02/28/21	$	101.13	$	(0.41	)	$	29.12	$	28.71		$	(12.31	)	$	117.53		29.49	%(e)	$	2,074,551		1.01	%(e)(f)		1.01	%(e)(f)		(0.74	)%(e)(f)		30	%
Year ended 08/31/20		84.02		(0.59	)		22.93		22.34			(5.23	)		101.13		28.07	(e)		1,656,602		1.05	(e)		1.05	(e)		(0.71	)(e)		76
Eleven months ended 08/31/19		94.78		(0.50	)		1.69		1.19			(11.95	)		84.02		4.57			1,432,064	��	1.08	(g)		1.08	(g)		(0.70	)(g)		83
Year ended 09/30/18		81.76		(0.65	)		23.33		22.68			(9.66	)		94.78		30.77			1,442,859		1.07			1.07			(0.76	)		91
Year ended 09/30/17		71.38		(0.53	)		13.84		13.31			(2.93	)		81.76		19.44	(h)		1,208,643		1.10			1.11			(0.72	)		107
Year ended 09/30/16		71.30		(0.51	)		5.23		4.72			(4.64	)		71.38		6.81	(h)		1,202,463		1.11			1.11			(0.76	)		89
Year ended 09/30/15		72.35		(0.49	)(i)		6.45		5.96			(7.01	)		71.30		8.43			1,244,242		1.10			1.10			(0.66	)(i)		88
Class C
Six months ended 02/28/21		64.09		(0.51	)		18.00		17.49			(12.31	)		69.27		29.01			61,902		1.78	(f)		1.78	(f)		(1.51	)(f)		30
Year ended 08/31/20		55.50		(0.79	)		14.61		13.82			(5.23	)		64.09		27.08			74,315		1.82			1.82			(1.48	)		76
Eleven months ended 08/31/19		67.90		(0.70	)		0.25		(0.45	)		(11.95	)		55.50		3.84			78,075		1.84	(g)		1.84	(g)		(1.47	)(g)		83
Year ended 09/30/18		61.61		(0.94	)		16.89		15.95			(9.66	)		67.90		29.78			159,027		1.83			1.83			(1.52	)		91
Year ended 09/30/17		54.91		(0.83	)		10.46		9.63			(2.93	)		61.61		18.52	(h)		139,622		1.86			1.86			(1.48	)		107
Year ended 09/30/16		56.27		(0.79	)		4.07		3.28			(4.64	)		54.91		6.02	(h)		141,939		1.87			1.87			(1.52	)		89
Year ended 09/30/15		58.89		(0.84	)(i)		5.23		4.39			(7.01	)		56.27		7.62			156,114		1.86			1.86			(1.41	)(i)		88
Class R
Six months ended 02/28/21		91.16		(0.49	)		26.10		25.61			(12.31	)		104.46		29.32			64,714		1.28	(f)		1.28	(f)		(1.01	)(f)		30
Year ended 08/31/20		76.43		(0.74	)		20.70		19.96			(5.23	)		91.16		27.72			53,981		1.32			1.32			(0.98	)		76
Eleven months ended 08/31/19		87.70		(0.62	)		1.30		0.68			(11.95	)		76.43		4.32			53,737		1.33	(g)		1.33	(g)		(0.96	)(g)		83
Year ended 09/30/18		76.52		(0.81	)		21.65		20.84			(9.66	)		87.70		30.43			54,734		1.33			1.33			(1.02	)		91
Year ended 09/30/17		67.17		(0.68	)		12.96		12.28			(2.93	)		76.52		19.11	(h)		48,470		1.37			1.37			(0.98	)		107
Year ended 09/30/16		67.52		(0.65	)		4.94		4.29			(4.64	)		67.17		6.56	(h)		51,465		1.37			1.37			(1.02	)		89
Year ended 09/30/15		69.02		(0.65	)(i)		6.16		5.51			(7.01	)		67.52		8.13			52,500		1.36			1.36			(0.91	)(i)		88
Class Y
Six months ended 02/28/21		117.95		(0.33	)		34.16		33.83			(12.31	)		139.47		29.65			1,666,715		0.78	(f)		0.78	(f)		(0.51	)(f)		30
Year ended 08/31/20		96.93		(0.46	)		26.71		26.25			(5.23	)		117.95		28.37			1,316,860		0.82			0.82			(0.48	)		76
Eleven months ended 08/31/19		106.92		(0.38	)		2.34		1.96			(11.95	)		96.93		4.80			882,530		0.84	(g)		0.84	(g)		(0.47	)(g)		83
Year ended 09/30/18		90.84		(0.51	)		26.25		25.74			(9.66	)		106.92		31.07			791,784		0.84			0.84			(0.53	)		91
Year ended 09/30/17		78.81		(0.39	)		15.35		14.96			(2.93	)		90.84		19.70	(h)		518,827		0.87			0.87			(0.48	)		107
Year ended 09/30/16		78.08		(0.39	)		5.76		5.37			(4.64	)		78.81		7.08	(h)		433,404		0.87			0.87			(0.52	)		89
Year ended 09/30/15		78.42		(0.35	)(i)		7.02		6.67			(7.01	)		78.08		8.69			454,040		0.86			0.86			(0.42	)(i)		88
Class R5
Six months ended 02/28/21		101.62		(0.25	)		29.29		29.04			(12.31	)		118.35		29.68			15,470		0.72	(f)		0.72	(f)		(0.45	)(f)		30
Year ended 08/31/20		84.11		(0.27	)		23.01		22.74			(5.23	)		101.62		28.54			15,413		0.68			0.68			(0.34	)		76
Period ended 08/31/19(j)		77.56		(0.08	)		6.63		6.55			-			84.11		8.44			11		0.71	(g)		0.71	(g)		(0.34	)(g)		83
Class R6
Six months ended 02/28/21		120.70		(0.24	)		35.01		34.77			(12.31	)		143.16		29.75			557,698		0.63	(f)		0.63	(f)		(0.36	)(f)		30
Year ended 08/31/20		98.92		(0.30	)		27.31		27.01			(5.23	)		120.70		28.58			329,915		0.65			0.65			(0.31	)		76
Eleven months ended 08/31/19		108.66		(0.25	)		2.46		2.21			(11.95	)		98.92		4.96			269,645		0.67	(g)		0.67	(g)		(0.30	)(g)		83
Year ended 09/30/18		92.03		(0.35	)		26.64		26.29			(9.66	)		108.66		31.29			254,704		0.67			0.67			(0.36	)		91
Year ended 09/30/17		79.66		(0.25	)		15.55		15.30			(2.93	)		92.03		19.92	(h)		153,563		0.68			0.68			(0.30	)		107
Year ended 09/30/16		78.73		(0.24	)		5.81		5.57			(4.64	)		79.66		7.28	(h)		91,907		0.68			0.68			(0.33	)		89
Year ended 09/30/15		78.88		(0.19	)(i)		7.05		6.86			(7.01	)		78.73		8.88			76,083		0.67			0.67			(0.23	)(i)		88

^(a) Calculated using average shares outstanding.

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

^(c) Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the eleven months ended August 31, 2019 and years ended September 30, 2018, 2017, 2016 and 2015, respectively.

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

^(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 0.23% for the six months ended February 28, 2021 and year ended August 31, 2020.

^(f) Ratios are annualized and based on average daily net assets (000’s omitted) of $1,854,039, $71,049, $59,272, $1,436,279, $14,674 and $460,602 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g) Annualized.

^(h) The return does not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

⁽ⁱ⁾ Net investment loss per share and the net investment loss ratio include $0.10 and 0.13%, respectively, resulting from a special dividend from HSN, Inc. in February 2015.

^(j) Commencement date after the close of business on May 24, 2019.

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

10 Invesco Discovery Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

11 Invesco Discovery Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s 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.

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
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $700 million		0.600	%
Next $3.5 billion		0.580	%
Over $5 billion		0.550	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.59%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

12 Invesco Discovery Fund

The Adviser has contractually agreed, through May 31, 2021, 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 1.08%, 1.84%, 1.33%, 0.84%, 0.73% and 0.68%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has agreed to limit expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively of the Fund’s 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $21,401.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $39,018 in front-end sales commissions from the sale of Class A shares and $0 and $512 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.

As of February 28, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–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, 2021, the Fund engaged in securities purchases of $5,574,682 and securities sales of $43,772,190, which resulted in net realized gains of $41,751,785.

13 Invesco Discovery Fund

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,220.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

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, 2021 was $1,140,633,279 and $1,189,618,742, 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	$	1,765,902,272
Aggregate unrealized (depreciation) of investments		(27,203,933	)
Net unrealized appreciation of investments	$	1,738,698,339

Cost of investments for tax purposes is $2,714,225,827.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)				Year ended August 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		584,607	$	64,533,404		1,156,066	$	96,841,619
Class C		53,800		3,641,564		155,930		8,276,894
Class R		51,402		5,099,651		93,387		7,063,270
Class Y		2,684,064		349,393,153		5,517,525		543,575,040
Class R5(b)		19,456		2,171,486		186,090		15,172,671
Class R6		1,339,216		166,624,806		842,005		85,237,915
Issued as reinvestment of dividends:
Class A		1,764,924		190,029,402		1,020,906		83,453,886
Class C		200,359		12,734,807		125,765		6,549,888
Class R		72,892		6,980,172		46,861		3,459,278
Class Y		967,828		123,610,929		485,374		46,193,043
Class R5(b)		12,709		1,377,285		10,485		858,946
Class R6		306,916		40,224,371		125,718		12,231,140

14 Invesco Discovery Fund

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		218,114		$	24,415,232			97,760		$	8,348,142
Class C		(367,624	)		(24,415,232	)		(151,798	)		(8,348,142	)
Reacquired:
Class A		(1,296,564	)		(142,510,622	)		(2,937,700	)		(242,654,621	)
Class C		(152,395	)		(10,162,114	)		(377,214	)		(19,601,518	)
Class R		(96,958	)		(9,569,478	)		(251,162	)		(18,910,035	)
Class Y		(2,866,894	)		(357,902,156	)		(3,942,230	)		(374,733,082	)
Class R5(b)		(53,117	)		(5,701,393	)		(45,044	)		(3,659,599	)
Class R6		(483,768	)		(62,947,851	)		(960,330	)		(93,766,381	)
Net increase in share activity		2,958,967		$	377,627,416			1,198,394		$	155,588,354

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% 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 after the close of business on May 24, 2019.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

15 Invesco 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, 2020 through February 28, 2021.

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)
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)1	Expenses Paid During Period2	Ending Account Value (02/28/21)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,294.90	$5.75	$1,019.79	$5.06	1.01%
Class C	1,000.00	1,290.10	10.11	1,015.97	8.90	1.78
Class R	1,000.00	1,293.20	7.28	1,018.45	6.41	1.28
Class Y	1,000.00	1,296.50	4.44	1,020.93	3.91	0.78
Class R5	1,000.00	1,296.80	4.10	1,021.22	3.61	0.72
Class R6	1,000.00	1,297.50	3.59	1,021.67	3.16	0.63

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.

16 Invesco Discovery Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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. O-DIS-SAR-1

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Equally-Weighted S&P 500 Fund
	Nasdaq:
	A: VADAX ∎ C: VADCX ∎ R: VADRX ∎ Y: VADDX ∎ R6: VADFX

2	Fund Performance
4	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
23	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/20 to 2/28/21, 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	21.00	%
Class C Shares	20.62
Class R Shares	20.84
Class Y Shares	21.13
Class R6 Shares	21.20
S&P 500 Index▼ (Broad Market Index)	9.74
S&P 500 Equal Weight Index▼ (Style-Specific Index)	21.48
Lipper Multi-Cap Core Funds Index∎ (Peer Group Index)	15.12
Source(s): ▼RIMES Technologies Corp.; ∎ Lipper Inc.
The S&P500® Index is an unmanaged index considered representative of the US stock market.   The S&P500® Equal Weight Index is the equally weighted version of the S&P500® Index, which is considered representative of the US stock market.   The Lipper Multi-Cap Core Funds Index is an unmanaged index considered representative of multicap 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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.98	%
10 Years	11.29
5 Years	13.29
1 Year	24.95
Class C Shares
Inception (7/28/97)	8.97	%
10 Years	11.27
5 Years	13.76
1 Year	30.27
Class R Shares
Inception (3/31/08)	10.53	%
10 Years	11.64
5 Years	14.29
1 Year	31.89
Class Y Shares
Inception (7/28/97)	9.51	%
10 Years	12.20
5 Years	14.86
1 Year	32.54
Class R6 Shares
10 Years	12.26	%
5 Years	15.00
1 Year	32.72
Returns above include the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, average annual total returns for 1 Year, 5 Years, 10 Years and Inception (if applicable) were estimated at 30.51%, 14.58%, 11.78% and 9.18% for Class A shares; 29.50%, 13.45%, 11.13% and 8.96% for Class C shares; 30.17%, 13.99%, 11.49% and 10.42% for Class R shares; 30.85%, 14.57%, 12.20% and 9.51% for Class Y shares; and 31.03%, 14.71% and 12.20% for Class R6 shares, respectively.

Effective June 1, 2010, Class A, 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 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 C, Class R and Class Y shares are those for Class A, Class C and Class R and Class I shares of the predecessor 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 Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% 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 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

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.19%
Advertising–0.39%
Interpublic Group of Cos., Inc. (The)		507,432	$	13,254,124
Omnicom Group, Inc.		187,920		12,915,741
				26,169,865
Aerospace & Defense–1.97%
Boeing Co. (The)(b)		52,697		11,172,291
General Dynamics Corp.		80,207		13,111,438
Howmet Aerospace, Inc.(b)		459,242		12,909,293
Huntington Ingalls Industries, Inc.		68,304		12,015,357
L3Harris Technologies, Inc.		64,159		11,671,164
Lockheed Martin Corp.		33,556		11,081,869
Northrop Grumman Corp.		40,382		11,777,814
Raytheon Technologies Corp.		166,521		11,987,847
Teledyne Technologies, Inc.(b)		31,322		11,620,462
Textron, Inc.		254,834		12,828,343
TransDigm Group, Inc.(b)		20,169		11,630,857
				131,806,735
Agricultural & Farm Machinery–0.25%
Deere & Co.		47,455		16,567,490
Agricultural Products–0.21%
Archer-Daniels-Midland Co.		243,681		13,787,471
Air Freight & Logistics–0.69%
C.H. Robinson Worldwide, Inc.		130,275		11,835,484
Expeditors International of Washington, Inc.		134,133		12,318,775
FedEx Corp.		41,931		10,671,439
United Parcel Service, Inc., Class B		72,077		11,375,913
				46,201,611
Airlines–1.10%
Alaska Air Group, Inc.(b)		243,339		15,821,902
American Airlines Group, Inc.(b)		711,893		14,907,039
Delta Air Lines, Inc.(b)		290,794		13,940,664
Southwest Airlines Co.		264,554		15,378,524
United Airlines Holdings, Inc.(b)		250,988		13,222,048
				73,270,177
Alternative Carriers–0.22%
Lumen Technologies, Inc.		1,191,146		14,639,184
Apparel Retail–0.84%
Gap, Inc. (The)		582,147		14,524,568
L Brands, Inc.(b)		306,974		16,779,199
Ross Stores, Inc.		107,585		12,548,714
TJX Cos., Inc. (The)		183,738		12,124,871
				55,977,352
Apparel, Accessories & Luxury Goods–1.29%
Hanesbrands, Inc.		869,468		15,380,889
PVH Corp.		128,673		12,862,153
Ralph Lauren Corp.		119,772		14,022,906
Tapestry, Inc.		413,835		17,439,007
Under Armour, Inc., Class A(b)		370,674		8,114,054

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
Under Armour, Inc., Class C(b)		382,337	$	6,958,533
VF Corp.		140,062		11,083,106
				85,860,648
Application Software–1.85%
Adobe, Inc.(b)		25,504		11,723,424
ANSYS, Inc.(b)		36,212		12,347,930
Autodesk, Inc.(b)		43,398		11,977,848
Cadence Design Systems, Inc.(b)		102,411		14,449,168
Citrix Systems, Inc.		92,903		12,409,983
Intuit, Inc.		33,316		12,997,904
Paycom Software, Inc.(b)		28,634		10,715,988
salesforce.com, inc.(b)		54,571		11,814,621
Synopsys, Inc.(b)		51,346		12,590,553
Tyler Technologies, Inc.(b)		26,924		12,477,120
				123,504,539
Asset Management & Custody Banks–1.57%
Ameriprise Financial, Inc.		63,303		14,005,156
Bank of New York Mellon Corp. (The)		301,634		12,716,889
BlackRock, Inc.		17,459		12,125,275
Franklin Resources, Inc.		498,881		13,055,716
Invesco Ltd. (Acquired 12/21/2018-09/18/2020; Cost $0)(c)(d)		679,607		15,236,789
Northern Trust Corp.		134,714		12,815,343
State Street Corp.		166,727		12,132,724
T. Rowe Price Group, Inc.		80,122		12,990,981
				105,078,873
Auto Parts & Equipment–0.45%
Aptiv PLC(b)		99,294		14,878,213
BorgWarner, Inc.		332,359		14,956,155
				29,834,368
Automobile Manufacturers–0.66%
Ford Motor Co.(b)		1,345,652		15,744,129
General Motors Co.(b)(e)		289,546		14,862,396
Tesla, Inc.(b)		19,898		13,441,099
				44,047,624
Automotive Retail–0.78%
Advance Auto Parts, Inc.		76,987		12,344,865
AutoZone, Inc.(b)		10,506		12,186,119
CarMax, Inc.(b)		129,221		15,443,202
O’Reilly Automotive, Inc.(b)		27,096		12,120,854
				52,095,040
Biotechnology–1.50%
AbbVie, Inc.		114,141		12,297,551
Alexion Pharmaceuticals, Inc.(b)		100,328		15,325,102
Amgen, Inc.		53,376		12,005,330
Biogen, Inc.(b)		50,274		13,718,769
Gilead Sciences, Inc.		199,766		12,265,632
Incyte Corp.(b)		149,296		11,743,623
Regeneron Pharmaceuticals, Inc.(b)		25,299		11,398,971

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

4 Invesco Equally-Weighted S&P 500 Fund

	Shares		Value
Biotechnology–(continued)
Vertex Pharmaceuticals, Inc.(b)		54,145	$	11,508,520
				100,263,498
Brewers–0.17%
Molson Coors Beverage Co., Class B		256,612		11,406,403
Broadcasting–0.86%
Discovery, Inc., Class A(b)		155,287		8,234,870
Discovery, Inc., Class C(b)		300,051		13,502,295
Fox Corp., Class A		286,198		9,533,255
Fox Corp., Class B		130,447		4,165,173
ViacomCBS, Inc., Class B		340,948		21,987,736
				57,423,329
Building Products–1.33%
A.O. Smith Corp.		215,361		12,785,983
Allegion PLC		110,766		12,049,125
Carrier Global Corp.		326,635		11,931,977
Fortune Brands Home & Security, Inc.		145,834		12,124,639
Johnson Controls International PLC		266,471		14,866,417
Masco Corp.		223,326		11,885,410
Trane Technologies PLC		86,735		13,291,271
				88,934,822
Cable & Satellite–0.52%
Charter Communications, Inc., Class A(b)		18,623		11,423,721
Comcast Corp., Class A		238,322		12,564,336
DISH Network Corp., Class A(b)		337,067		10,620,981
				34,609,038
Casinos & Gaming–0.64%
Las Vegas Sands Corp.		213,881		13,388,951
MGM Resorts International		402,179		15,198,344
Wynn Resorts Ltd.(b)		109,369		14,407,178
				42,994,473
Commodity Chemicals–0.41%
Dow, Inc.		224,773		13,331,287
LyondellBasell Industries N.V., Class A		137,150		14,138,793
				27,470,080
Communications Equipment–0.95%
Arista Networks, Inc.(b)		43,764		12,246,918
Cisco Systems, Inc.		273,866		12,288,367
F5 Networks, Inc.(b)		70,408		13,376,112
Juniper Networks, Inc.		553,730		12,890,834
Motorola Solutions, Inc.		72,077		12,648,072
				63,450,303
Computer & Electronics Retail–0.18%
Best Buy Co., Inc.		120,653		12,107,529
Construction & Engineering–0.21%
Quanta Services, Inc.		168,416		14,121,682
Construction Machinery & Heavy Trucks–0.80%
Caterpillar, Inc.		67,699		14,614,860
Cummins, Inc.		55,509		14,054,879
PACCAR, Inc.		142,028		12,923,128
Wabtec Corp.		162,161		11,745,321
				53,338,188

	Shares		Value
Construction Materials–0.45%
Martin Marietta Materials, Inc.		45,425	$	15,302,320
Vulcan Materials Co.		87,397		14,594,425
				29,896,745
Consumer Electronics–0.19%
Garmin Ltd.		102,049		12,656,117
Consumer Finance–0.86%
American Express Co.		100,954		13,655,038
Capital One Financial Corp.		131,689		15,827,701
Discover Financial Services		145,432		13,680,788
Synchrony Financial		376,132		14,548,786
				57,712,313
Copper–0.25%
Freeport-McMoRan, Inc.(b)		493,205		16,724,582
Data Processing & Outsourced Services–2.23%
Automatic Data Processing, Inc.		69,946		12,172,003
Broadridge Financial Solutions, Inc.		82,217		11,715,100
Fidelity National Information Services, Inc.		82,111		11,331,318
Fiserv, Inc.(b)		105,711		12,195,878
FleetCor Technologies, Inc.(b)		44,350		12,298,699
Global Payments, Inc.		63,197		12,512,374
Jack Henry & Associates, Inc.		77,896		11,562,882
Mastercard, Inc., Class A		37,070		13,117,220
Paychex, Inc.		132,191		12,038,634
PayPal Holdings, Inc.(b)		56,702		14,734,015
Visa, Inc., Class A		58,852		12,499,576
Western Union Co. (The)		548,476		12,735,613
				148,913,312
Distillers & Vintners–0.36%
Brown-Forman Corp., Class B		158,933		11,376,424
Constellation Brands, Inc., Class A		59,125		12,661,028
				24,037,452
Distributors–0.57%
Genuine Parts Co.		125,054		13,174,439
LKQ Corp.(b)		331,090		13,041,635
Pool Corp.		35,932		12,028,956
				38,245,030
Diversified Banks–1.07%
Bank of America Corp.		424,843		14,746,300
Citigroup, Inc.		205,969		13,569,238
JPMorgan Chase & Co.		101,520		14,940,698
U.S. Bancorp		264,785		13,239,250
Wells Fargo & Co.		417,392		15,097,069
				71,592,555
Diversified Chemicals–0.19%
Eastman Chemical Co.		118,417		12,938,241
Diversified Support Services–0.34%
Cintas Corp.		34,767		11,276,329
Copart, Inc.(b)		103,759		11,326,332
				22,602,661
Drug Retail–0.21%
Walgreens Boots Alliance, Inc.		292,265		14,008,261

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
Electric Utilities–2.56%
Alliant Energy Corp.		234,750	$	10,836,060
American Electric Power Co., Inc.		146,662		10,977,651
Duke Energy Corp.		132,595		11,348,806
Edison International		193,276		10,434,971
Entergy Corp.		118,094		10,251,740
Evergy, Inc.		220,166		11,807,503
Eversource Energy		141,482		11,244,989
Exelon Corp.		294,677		11,374,532
FirstEnergy Corp.		399,532		13,240,490
NextEra Energy, Inc.(e)		164,468		12,085,109
NRG Energy, Inc.		365,816		13,355,942
Pinnacle West Capital Corp.		152,255		10,647,192
PPL Corp.		432,257		11,320,811
Southern Co. (The)		200,890		11,394,481
Xcel Energy, Inc.		186,735		10,940,804
				171,261,081
Electrical Components & Equipment–0.75%
AMETEK, Inc.		102,532		12,095,700
Eaton Corp. PLC		104,998		13,669,690
Emerson Electric Co.		147,267		12,650,235
Rockwell Automation, Inc.		49,196		11,968,403
				50,384,028
Electronic Components–0.37%
Amphenol Corp., Class A		92,647		11,643,875
Corning, Inc.		340,566		13,023,244
				24,667,119
Electronic Equipment & Instruments–1.06%
FLIR Systems, Inc.		290,030		15,487,602
Keysight Technologies, Inc.(b)		96,102		13,600,355
Trimble, Inc.(b)		177,888		13,188,616
Vontier Corp.(b)		389,281		12,223,424
Zebra Technologies Corp., Class A(b)		32,147		16,055,176
				70,555,173
Electronic Manufacturing Services–0.40%
IPG Photonics Corp.(b)		58,067		13,201,532
TE Connectivity Ltd.		102,792		13,366,044
				26,567,576
Environmental & Facilities Services–0.51%
Republic Services, Inc.		127,793		11,385,079
Rollins, Inc.		331,000		10,979,270
Waste Management, Inc.		105,170		11,662,301
				34,026,650
Fertilizers & Agricultural Chemicals–0.82%
CF Industries Holdings, Inc.		308,300		13,959,824
Corteva, Inc.		316,170		14,275,075
FMC Corp.		104,249		10,601,081
Mosaic Co. (The)(e)		546,009		16,052,665
				54,888,645
Financial Exchanges & Data–1.53%
Cboe Global Markets, Inc.		141,186		13,971,767
CME Group, Inc., Class A		67,331		13,446,001
Intercontinental Exchange, Inc.		111,540		12,303,977
MarketAxess Holdings, Inc.		22,162		12,320,742
Moody’s Corp.		44,195		12,148,764

	Shares		Value
Financial Exchanges & Data–(continued)
MSCI, Inc.		28,935	$	11,994,136
Nasdaq, Inc.		96,584		13,356,601
S&P Global, Inc.		37,367		12,307,195
				101,849,183
Food Distributors–0.19%
Sysco Corp.		159,960		12,737,615
Food Retail–0.19%
Kroger Co. (The)		387,293		12,474,708
Footwear–0.18%
NIKE, Inc., Class B		88,332		11,905,387
Gas Utilities–0.16%
Atmos Energy Corp.		122,517		10,366,163
General Merchandise Stores–0.53%
Dollar General Corp.		58,747		11,102,596
Dollar Tree, Inc.(b)		113,916		11,186,551
Target Corp.		70,687		12,966,823
				35,255,970
Gold–0.17%
Newmont Corp.		206,179		11,212,014
Health Care Distributors–0.70%
AmerisourceBergen Corp.		123,779		12,528,911
Cardinal Health, Inc.		223,614		11,520,593
Henry Schein, Inc.(b)		173,520		10,732,212
McKesson Corp.		69,493		11,780,453
				46,562,169
Health Care Equipment–3.43%
Abbott Laboratories		113,416		13,584,968
ABIOMED, Inc.(b)		46,963		15,241,842
Baxter International, Inc.		152,984		11,885,327
Becton, Dickinson and Co.		50,013		12,060,635
Boston Scientific Corp.(b)		361,243		14,009,004
Danaher Corp.		54,247		11,916,438
DexCom, Inc.(b)		34,907		13,885,306
Edwards Lifesciences Corp.(b)		144,188		11,982,023
Hologic, Inc.(b)		163,317		11,773,522
IDEXX Laboratories, Inc.(b)		26,604		13,838,603
Intuitive Surgical, Inc.(b)		15,970		11,766,696
Medtronic PLC		108,006		12,633,462
ResMed, Inc.		59,344		11,440,336
STERIS PLC		65,179		11,393,289
Stryker Corp.		52,272		12,685,892
Teleflex, Inc.		31,656		12,602,887
Varian Medical Systems, Inc.(b)		69,525		12,185,647
Zimmer Biomet Holdings, Inc.		85,670		13,969,350
				228,855,227
Health Care Facilities–0.37%
HCA Healthcare, Inc.		77,031		13,251,643
Universal Health Services, Inc., Class B		91,709		11,493,889
				24,745,532
Health Care REITs–0.57%
Healthpeak Properties, Inc.		413,835		12,038,460
Ventas, Inc.		247,457		13,090,475

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
Health Care REITs–(continued)
Welltower, Inc.		188,914		$	12,827,261
					37,956,196
Health Care Services–0.91%
Cigna Corp.		57,978			12,169,582
CVS Health Corp.		169,569			11,552,736
DaVita, Inc.(b)		112,054			11,444,075
Laboratory Corp. of America Holdings(b)		59,452			14,263,130
Quest Diagnostics, Inc.		99,441			11,494,385
					60,923,908
Health Care Supplies–0.79%
Align Technology, Inc.(b)		23,936			13,574,345
Cooper Cos., Inc. (The)		35,787			13,818,434
DENTSPLY SIRONA, Inc.		229,187			12,162,954
West Pharmaceutical Services, Inc.		45,979			12,904,007
					52,459,740
Health Care Technology–0.17%
Cerner Corp.		162,901			11,262,975
Home Furnishings–0.43%
Leggett & Platt, Inc.		294,821			12,756,905
Mohawk Industries, Inc.(b)		90,076			15,762,399
					28,519,304
Home Improvement Retail–0.36%
Home Depot, Inc. (The)		45,880			11,852,639
Lowe’s Cos., Inc.		76,909			12,286,213
					24,138,852
Homebuilding–0.80%
D.R. Horton, Inc.		173,620			13,346,169
Lennar Corp., Class A		166,819			13,840,973
NVR, Inc.(b)		3,031			13,642,046
PulteGroup, Inc.		286,606			12,928,797
					53,757,985
Hotel & Resort REITs–0.21%
Host Hotels & Resorts, Inc.		836,511			13,877,717
Hotels, Resorts & Cruise Lines–1.08%
Carnival Corp.(b)		569,314			15,229,150
Hilton Worldwide Holdings, Inc.(b)		115,884			14,332,533
Marriott International, Inc., Class A(b)		94,450			13,985,212
Norwegian Cruise Line Holdings Ltd.(b)		457,856	��		13,534,223
Royal Caribbean Cruises Ltd.		158,746			14,806,239
					71,887,357
Household Appliances–0.19%
Whirlpool Corp.		65,991			12,543,569
Household Products–0.83%
Church & Dwight Co., Inc.		141,383			11,133,911
Clorox Co. (The)		60,168			10,893,416
Colgate-Palmolive Co.		143,337			10,778,942
Kimberly-Clark Corp.		89,248			11,453,196
Procter & Gamble Co. (The)		88,914			10,983,547
					55,243,012
Housewares & Specialties–0.21%
Newell Brands, Inc.		591,798			13,711,960

	Shares		Value
Human Resource & Employment Services–0.22%
Robert Half International, Inc.		189,062	$	14,707,133
Hypermarkets & Super Centers–0.32%
Costco Wholesale Corp.		32,358		10,710,498
Walmart, Inc.		82,569		10,727,364
				21,437,862
Independent Power Producers & Energy Traders–0.23%
AES Corp. (The)		573,890		15,242,518
Industrial Conglomerates–0.72%
3M Co.		69,749		12,210,260
General Electric Co.		1,087,614		13,638,680
Honeywell International, Inc.		56,552		11,443,297
Roper Technologies, Inc.		28,868		10,901,134
				48,193,371
Industrial Gases–0.35%
Air Products and Chemicals, Inc.		45,398		11,604,637
Linde PLC (United Kingdom)		48,667		11,887,888
				23,492,525
Industrial Machinery–2.23%
Dover Corp.		100,006		12,326,740
Flowserve Corp.		327,252		12,108,324
Fortive Corp.		177,064		11,654,352
IDEX Corp.		62,912		12,278,535
Illinois Tool Works, Inc.		59,627		12,055,387
Ingersoll Rand, Inc.(b)		273,866		12,690,950
Otis Worldwide Corp.		190,456		12,133,952
Parker-Hannifin Corp.		44,188		12,680,188
Pentair PLC		235,868		13,192,097
Snap-on, Inc.		67,141		13,637,009
Stanley Black & Decker, Inc.		69,279		12,112,740
Xylem, Inc.		123,251		12,270,870
				149,141,144
Industrial REITs–0.37%
Duke Realty Corp.		316,582		12,425,843
Prologis, Inc.		124,656		12,349,670
				24,775,513
Insurance Brokers–0.76%
Aon PLC, Class A		59,466		13,541,003
Arthur J. Gallagher & Co.		101,198		12,123,520
Marsh & McLennan Cos., Inc.		105,143		12,114,576
Willis Towers Watson PLC		59,382		13,102,045
				50,881,144
Integrated Oil & Gas–0.65%
Chevron Corp.		131,290		13,129,000
Exxon Mobil Corp.		277,118		15,066,906
Occidental Petroleum Corp.		581,033		15,461,288
				43,657,194
Integrated Telecommunication Services–0.33%
AT&T, Inc.		391,415		10,916,564
Verizon Communications, Inc.		201,123		11,122,102
				22,038,666
Interactive Home Entertainment–0.56%
Activision Blizzard, Inc.		145,049		13,868,135

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
Interactive Home Entertainment–(continued)
Electronic Arts, Inc.			89,379	$	11,974,105
Take-Two Interactive Software, Inc.(b)			63,812		11,770,761
					37,613,001
Interactive Media & Services–0.65%
Alphabet, Inc., Class A(b)			3,452		6,979,633
Alphabet, Inc., Class C(b)			3,373		6,870,329
Facebook, Inc., Class A(b)			44,371		11,430,857
Twitter, Inc.(b)			235,960		18,183,078
					43,463,897
Internet & Direct Marketing Retail–1.06%
Amazon.com, Inc.(b)			3,894		12,043,869
Booking Holdings, Inc.(b)			5,809		13,526,315
eBay, Inc.			247,054		13,938,787
Etsy, Inc.(b)			71,390		15,725,075
Expedia Group, Inc.			98,665		15,885,065
					71,119,111
Internet Services & Infrastructure–0.33%
Akamai Technologies, Inc.(b)			117,239		11,079,086
VeriSign, Inc.(b)			57,801		11,215,128
					22,294,214
Investment Banking & Brokerage–0.92%
Charles Schwab Corp. (The)			245,554		15,155,593
Goldman Sachs Group, Inc. (The)			50,576		16,158,021
Morgan Stanley			191,689		14,735,133
Raymond James Financial, Inc.			131,446		15,345,006
					61,393,753
IT Consulting & Other Services–0.93%
Accenture PLC, Class A			49,374		12,387,937
Cognizant Technology Solutions Corp.,
Class A			154,601		11,360,081
DXC Technology Co.			507,220		12,792,088
Gartner, Inc.(b)			78,424		14,041,033
International Business Machines Corp.			97,672		11,616,131
					62,197,270
Leisure Products–0.19%
Hasbro, Inc.			136,379		12,780,076
Life & Health Insurance–1.42%
Aflac, Inc.			270,690		12,963,344
Globe Life, Inc.			129,538		12,098,849
Lincoln National Corp.			236,465		13,447,765
MetLife, Inc.			257,210		14,815,296
Principal Financial Group, Inc.			248,878		14,081,517
Prudential Financial, Inc.			154,464		13,395,118
Unum Group			521,606		13,812,127
					94,614,016
Life Sciences Tools & Services–1.53%
Agilent Technologies, Inc.	��		102,445		12,505,461
Bio-Rad Laboratories, Inc., Class A(b)			21,397		12,506,546
Illumina, Inc.(b)			35,489		15,594,221
IQVIA Holdings, Inc.(b)			72,330		13,944,501
Mettler-Toledo International, Inc.(b)			10,601		11,831,246
PerkinElmer, Inc.			83,095		10,477,449
Thermo Fisher Scientific, Inc.			25,748		11,588,660

	Shares		Value
Life Sciences Tools & Services–(continued)
Waters Corp.(b)		50,504	$	13,832,036
				102,280,120
Managed Health Care–0.71%
Anthem, Inc.		38,978		11,817,740
Centene Corp.(b)		199,930		11,703,902
Humana, Inc.		31,032		11,781,299
UnitedHealth Group, Inc.		36,009		11,962,910
				47,265,851
Metal & Glass Containers–0.17%
Ball Corp.		131,105		11,195,056
Movies & Entertainment–0.62%
Live Nation Entertainment, Inc.(b)		171,123		15,205,990
Netflix, Inc.(b)		24,120		12,997,062
Walt Disney Co. (The)(b)		69,074		13,057,749
				41,260,801
Multi-line Insurance–0.57%
American International Group, Inc.		312,910		13,752,394
Assurant, Inc.		91,799		11,311,473
Hartford Financial Services Group, Inc. (The)		262,495		13,305,872
				38,369,739
Multi-Sector Holdings–0.19%
Berkshire Hathaway, Inc., Class B(b)		53,614		12,894,703
Multi-Utilities–1.66%
Ameren Corp.		156,677		11,009,693
CenterPoint Energy, Inc.		558,058		10,848,647
CMS Energy Corp.		204,408		11,060,517
Consolidated Edison, Inc.		165,907		10,891,795
Dominion Energy, Inc.		162,031		11,069,958
DTE Energy Co.		97,047		11,424,373
NiSource, Inc.		530,265		11,453,724
Public Service Enterprise Group, Inc.		214,904		11,568,282
Sempra Energy		94,826		10,997,919
WEC Energy Group, Inc.		131,589		10,611,337
				110,936,245
Office REITs–0.76%
Alexandria Real Estate Equities, Inc.		70,331		11,231,158
Boston Properties, Inc.		121,402		12,034,580
SL Green Realty Corp.		198,702		13,724,347
Vornado Realty Trust		312,829		13,432,877
				50,422,962
Oil & Gas Equipment & Services–0.81%
Baker Hughes Co., Class A		535,411		13,106,861
Halliburton Co.		612,091		13,361,947
NOV, Inc.		847,610		12,798,911
Schlumberger Ltd.		529,109		14,767,432
				54,035,151
Oil & Gas Exploration & Production–2.08%
APA Corp.		753,899		14,874,427
Cabot Oil & Gas Corp.		713,987		13,215,899
ConocoPhillips		279,157		14,518,956
Devon Energy Corp.		751,100		16,178,694
Diamondback Energy, Inc.		242,222		16,781,140

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
Oil & Gas Exploration & Production–(continued)
EOG Resources, Inc.		226,451	$	14,619,677
Hess Corp.		214,334		14,045,307
Marathon Oil Corp.		1,719,232		19,083,475
Pioneer Natural Resources Co.		105,025		15,603,564
				138,921,139
Oil & Gas Refining & Marketing–0.94%
HollyFrontier Corp.		441,695		16,731,406
Marathon Petroleum Corp.		282,866		15,450,141
Phillips 66		174,619		14,502,108
Valero Energy Corp.		205,620		15,828,628
				62,512,283
Oil & Gas Storage & Transportation–0.56%
Kinder Morgan, Inc.		822,900		12,096,630
ONEOK, Inc.		291,984		12,931,971
Williams Cos., Inc. (The)		553,478		12,641,438
				37,670,039
Packaged Foods & Meats–2.11%
Campbell Soup Co.		257,101		11,692,953
Conagra Brands, Inc.		343,360		11,650,205
General Mills, Inc.		204,615		11,255,871
Hershey Co. (The)		81,401		11,856,056
Hormel Foods Corp.		257,156		11,924,324
JM Smucker Co. (The)		105,390		11,803,680
Kellogg Co.		195,423		11,277,861
Kraft Heinz Co. (The)		356,260		12,960,739
Lamb Weston Holdings, Inc.		157,062		12,528,836
McCormick & Co., Inc.		129,927		10,950,248
Mondelez International, Inc., Class A		211,459		11,241,160
Tyson Foods, Inc., Class A		175,173		11,853,957
				140,995,890
Paper Packaging–1.10%
Amcor PLC		1,060,995		11,607,285
Avery Dennison Corp.		80,913		14,176,767
International Paper Co.		249,594		12,392,342
Packaging Corp. of America		89,524		11,818,958
Sealed Air Corp.		271,114		11,359,677
Westrock Co.		278,837		12,154,505
				73,509,534
Personal Products–0.21%
Estee Lauder Cos., Inc. (The), Class A		49,390		14,118,625
Pharmaceuticals–1.61%
Bristol-Myers Squibb Co.		199,897		12,259,683
Catalent, Inc.(b)		127,457		14,493,136
Eli Lilly and Co.		75,842		15,539,267
Johnson & Johnson		79,357		12,574,910
Merck & Co., Inc.		146,308		10,624,887
Perrigo Co. PLC		253,875		10,246,395
Pfizer, Inc.		295,179		9,885,545
Viatris, Inc.(b)		699,987		10,394,807
Zoetis, Inc.		76,084		11,811,280
				107,829,910
Property & Casualty Insurance–1.35%
Allstate Corp. (The)		116,228		12,389,905
Chubb Ltd.		78,950		12,835,691

	Shares		Value
Property & Casualty Insurance–(continued)
Cincinnati Financial Corp.		151,400	$	14,817,518
Loews Corp.		278,006		13,291,467
Progressive Corp. (The)		128,591		11,052,396
Travelers Cos., Inc. (The)		89,942		13,086,561
W.R. Berkley Corp.		187,340		12,988,282
				90,461,820
Publishing–0.24%
News Corp., Class A		515,381		12,085,684
News Corp., Class B		161,339		3,697,890
				15,783,574
Railroads–0.76%
CSX Corp.		134,222		12,288,024
Kansas City Southern		61,747		13,111,358
Norfolk Southern Corp.		51,595		13,005,036
Union Pacific Corp.		59,774		12,311,053
				50,715,471
Real Estate Services–0.21%
CBRE Group, Inc., Class A(b)		183,488		13,902,886
Regional Banks–3.00%
Citizens Financial Group, Inc.		343,166		14,907,131
Comerica, Inc.		230,362		15,687,652
Fifth Third Bancorp		443,956		15,400,834
First Republic Bank		93,634		15,426,202
Huntington Bancshares, Inc.		938,730		14,400,118
KeyCorp		766,274		15,432,758
M&T Bank Corp.		96,454		14,558,767
People’s United Financial, Inc.		932,241		16,724,404
PNC Financial Services Group, Inc. (The)		84,489		14,224,568
Regions Financial Corp.		781,067		16,113,412
SVB Financial Group(b)		34,689		17,530,433
Truist Financial Corp.		258,195		14,706,787
Zions Bancorporation N.A.		291,213		15,483,795
				200,596,861
Reinsurance–0.19%
Everest Re Group Ltd.		52,403		12,671,569
Research & Consulting Services–1.05%
Equifax, Inc.		64,514		10,443,526
IHS Markit Ltd.		135,875		12,250,490
Jacobs Engineering Group, Inc.		111,714		12,856,047
Leidos Holdings, Inc.		115,137		10,183,868
Nielsen Holdings PLC		635,486		14,241,241
Verisk Analytics, Inc.		62,569		10,251,931
				70,227,103
Residential REITs–0.99%
AvalonBay Communities, Inc.		74,758		13,138,718
Equity Residential		205,934		13,470,143
Essex Property Trust, Inc.		49,757		12,677,586
Mid-America Apartment Communities, Inc.		99,768		13,441,743
UDR, Inc.		318,242		13,102,023
				65,830,213
Restaurants–1.14%
Chipotle Mexican Grill, Inc.(b)		9,336		13,462,512
Darden Restaurants, Inc.		107,680		14,787,694

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
Restaurants–(continued)
Domino’s Pizza, Inc.		31,660	$	10,970,507
McDonald’s Corp.		58,422		12,043,111
Starbucks Corp.		117,842		12,730,471
Yum! Brands, Inc.		114,518		11,856,049
				75,850,344
Retail REITs–1.06%
Federal Realty Investment Trust		134,639		13,621,428
Kimco Realty Corp.		822,900		15,083,757
Realty Income Corp.		200,757		12,097,617
Regency Centers Corp.		257,811		14,122,886
Simon Property Group, Inc.		138,086		15,592,671
				70,518,359
Semiconductor Equipment–1.03%
Applied Materials, Inc.		137,460		16,246,398
Enphase Energy, Inc.(b)		59,789		10,526,451
KLA Corp.		47,113		14,662,979
Lam Research Corp.		24,685		14,001,085
Teradyne, Inc.		105,207		13,530,672
				68,967,585
Semiconductors–2.79%
Advanced Micro Devices, Inc.(b)		132,436		11,192,166
Analog Devices, Inc.		85,992		13,399,274
Broadcom, Inc.		29,909		14,053,342
Intel Corp.		244,073		14,834,757
Maxim Integrated Products, Inc.		144,137		13,429,244
Microchip Technology, Inc.		86,322		13,175,327
Micron Technology, Inc.(b)		172,093		15,751,672
Monolithic Power Systems, Inc.		33,773		12,648,664
NVIDIA Corp.		23,318		12,791,788
Qorvo, Inc.(b)		79,519		13,894,355
QUALCOMM, Inc.		84,126		11,457,120
Skyworks Solutions, Inc.		87,171		15,500,747
Texas Instruments, Inc.		75,573		13,018,961
Xilinx, Inc.		84,389		10,995,887
				186,143,304
Soft Drinks–0.51%
Coca-Cola Co. (The)		227,512		11,145,813
Monster Beverage Corp.(b)		137,898		12,099,170
PepsiCo, Inc.		83,726		10,816,562
				34,061,545
Specialized REITs–1.69%
American Tower Corp.		55,216		11,933,834
Crown Castle International Corp.		76,977		11,989,168
Digital Realty Trust, Inc.		93,174		12,553,333
Equinix, Inc.		17,620		11,423,751
Extra Space Storage, Inc.		109,943		13,819,835
Iron Mountain, Inc.		399,532		13,899,718
Public Storage		55,156		12,903,195
SBA Communications Corp., Class A		44,038		11,235,415
Weyerhaeuser Co.		379,305		12,847,060
				112,605,309
Specialty Chemicals–1.33%
Albemarle Corp.		87,542		13,762,478
Celanese Corp.		92,654		12,870,567
DuPont de Nemours, Inc.		182,797		12,854,285

	Shares		Value
Specialty Chemicals–(continued)
Ecolab, Inc.		54,860	$	11,485,490
International Flavors & Fragrances, Inc.		109,310		14,812,598
PPG Industries, Inc.		84,921		11,449,049
Sherwin-Williams Co. (The)		16,890		11,490,943
				88,725,410
Specialty Stores–0.43%
Tractor Supply Co.		87,536		13,914,723
Ulta Beauty, Inc.(b)		45,735		14,741,762
				28,656,485
Steel–0.19%
Nucor Corp.		214,297		12,819,247
Systems Software–0.99%
Fortinet, Inc.(b)		94,560		15,966,456
Microsoft Corp.		56,915		13,225,908
NortonLifeLock, Inc.		619,590		12,088,201
Oracle Corp.		200,260		12,918,772
ServiceNow, Inc.(b)		22,587		12,049,261
				66,248,598
Technology Distributors–0.22%
CDW Corp.		92,867		14,569,904
Technology Hardware, Storage & Peripherals–1.47%
Apple, Inc.		99,156		12,023,657
Hewlett Packard Enterprise Co.		1,012,325		14,739,452
HP, Inc.		525,217		15,215,537
NetApp, Inc.		196,340		12,290,884
Seagate Technology PLC		187,427		13,725,279
Western Digital Corp.		237,576		16,281,083
Xerox Holdings Corp.		533,294		13,588,331
				97,864,223
Tobacco–0.36%
Altria Group, Inc.		282,274		12,307,146
Philip Morris International, Inc.		142,797		11,997,804
				24,304,950
Trading Companies & Distributors–0.56%
Fastenal Co.		246,652		11,437,253
United Rentals, Inc.(b)		50,414		14,992,116
W.W. Grainger, Inc.		30,079		11,210,744
				37,640,113
Trucking–0.39%
J.B. Hunt Transport Services, Inc.		87,391		12,835,116
Old Dominion Freight Line, Inc.		60,450		12,982,847
				25,817,963
Water Utilities–0.17%
American Water Works Co., Inc.		81,857		11,613,871
Wireless Telecommunication Services–0.17%
T-Mobile US, Inc.(b)		92,492		11,096,264
Total Common Stocks & Other Equity Interests (Cost $3,183,025,816)				6,489,837,833
Money Market Funds–2.76%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(f)		64,555,729		64,555,729

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
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(f)		46,067,182	$	46,085,609
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(f)		73,777,975		73,777,975
Total Money Market Funds (Cost $184,419,308)				184,419,313
TOTAL INVESTMENTS IN SECURITIES–99.95% (Cost $3,367,445,124)				6,674,257,146
OTHER ASSETS LESS LIABILITIES—0.05%				3,609,383
NET ASSETS–100.00%			$	6,677,866,529

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Invesco Ltd.	$	10,771,414	$	351,890	$	(6,987,411	)	$	12,868,737	$	(1,767,841	)	$	15,236,789	$	269,476
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		23,859,282		230,995,479		(190,299,032	)		-		-			64,555,729		3,876
Invesco Liquid Assets Portfolio, Institutional Class		17,021,275		164,996,771		(135,927,880	)		5		(4,562	)		46,085,609		9,012
Invesco Treasury Portfolio, Institutional Class		27,267,751		263,994,833		(217,484,609	)		-		-			73,777,975		2,383
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		6,203,085		58,818,451		(65,021,054	)		-		(482	)		-		904	*
Invesco Private Prime Fund		2,067,695		71,000,039		(73,069,160	)		-		1,426			-		4,497	*
Total	$	87,190,502	$	790,157,463	$	(688,789,146	)	$	12,868,742	$	(1,771,459	)	$	199,656,102	$	290,148

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(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 rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Equity Risk
E-Mini S&P 500 Index		1,003		March-2021	$	191,031,380	$	(2,565,623	)	$	(2,565,623	)

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

11 Invesco Equally-Weighted S&P 500 Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Information Technology	14.62	%
Industrials	13.89
Financials	13.45
Consumer Discretionary	12.19
Health Care	11.72
Real Estate	5.84
Consumer Staples	5.67
Materials	5.44
Energy	5.04
Utilities	4.78
Communication Services	4.55
Money Market Funds Plus Other Assets Less Liabilities	2.81

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

12 Invesco Equally-Weighted S&P 500 Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,175,973,819)	$	6,474,601,044
Investments in affiliates, at value (Cost $191,471,305)		199,656,102
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		1,622,636
Receivable for:
Fund shares sold		5,646,971
Dividends		9,507,545
Investment for trustee deferred compensation and retirement plans		208,522
Other assets		326,526
Total assets		6,691,569,346
Liabilities:
Other investments:
Variation margin payable - futures contracts		2,563,587
Payable for:
Fund shares reacquired		6,732,923
Amount due custodian		420,828
Accrued fees to affiliates		2,779,283
Accrued trustees’ and officers’ fees and benefits		7,518
Accrued other operating expenses		877,040
Trustee deferred compensation and retirement plans		321,638
Total liabilities		13,702,817
Net assets applicable to shares outstanding	$	6,677,866,529
Net assets consist of:
Shares of beneficial interest	$	3,271,807,028
Distributable earnings		3,406,059,501
	$	6,677,866,529

Net Assets:
Class A	$	2,525,238,283
Class C	$	894,093,951
Class R	$	123,469,321
Class Y	$	2,301,287,330
Class R6	$	833,777,644
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,776,439
Class C		13,302,680
Class R		1,759,721
Class Y		32,246,279
Class R6		11,667,082
Class A:
Net asset value per share	$	70.58
Maximum offering price per share (Net asset value of $70.58 ÷ 94.50%)	$	74.69
Class C:
Net asset value and offering price per share	$	67.21
Class R:
Net asset value and offering price per share	$	70.16
Class Y:
Net asset value and offering price per share	$	71.37
Class R6:
Net asset value and offering price per share	$	71.46

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

13 Invesco Equally-Weighted S&P 500 Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends	$	58,588,415
Non-cash dividend income		11,260,006
Dividends from affiliates (includes securities lending income of $111,415)		396,162
Total investment income		70,244,583
Expenses:
Advisory fees		3,314,335
Administrative services fees		421,932
Custodian fees		54,680
Distribution fees:
Class A		2,870,914
Class C		3,854,305
Class R		314,963
Transfer agent fees – A, C, R and Y		3,233,200
Transfer agent fees – R6		23,155
Trustees’ and officers’ fees and benefits		72,227
Registration and filing fees		77,130
Licensing fees		577,071
Reports to shareholders		229,924
Professional services fees		44,256
Other		55,394
Total expenses		15,143,486
Less: Fees waived and/or expense offset arrangement(s)		(51,565	)
Net expenses		15,091,921
Net investment income		55,152,662
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		291,120,775
Affiliated investment securities		(1,771,459	)
Futures contracts		10,225,251
		299,574,567
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		839,755,928
Affiliated investment securities		12,868,742
Futures contracts		(7,084,131	)
		845,540,539
Net realized and unrealized gain		1,145,115,106
Net increase in net assets resulting from operations	$	1,200,267,768

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

14 Invesco Equally-Weighted S&P 500 Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	55,152,662		$	115,447,191
Net realized gain		299,574,567			185,711,214
Change in net unrealized appreciation (depreciation)		845,540,539			(11,816,522	)
Net increase from payments by affiliates		–			100,850,807
Net increase in net assets resulting from operations		1,200,267,768			390,192,690
Distributions to shareholders from distributable earnings:
Class A		(141,712,092	)		(105,740,435	)
Class C		(50,356,611	)		(43,612,463	)
Class R		(7,807,554	)		(5,998,484	)
Class Y		(137,144,938	)		(139,949,695	)
Class R6		(50,006,979	)		(48,380,186	)
Total distributions from distributable earnings		(387,028,174	)		(343,681,263	)
Share transactions–net:
Class A		41,283,925			(96,688,100	)
Class C		(100,780,633	)		(214,494,266	)
Class R		(20,381,756	)		(10,353,423	)
Class Y		(85,137,027	)		(751,260,035	)
Class R6		(6,479,452	)		(319,331,527	)
Net increase (decrease) in net assets resulting from share transactions		(171,494,943	)		(1,392,127,351	)
Net increase (decrease) in net assets		641,744,651			(1,345,615,924	)
Net assets:
Beginning of period		6,036,121,878			7,381,737,802
End of period	$	6,677,866,529		$	6,036,121,878

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

15 Invesco Equally-Weighted S&P 500 Fund

Financial Highlights

(Unaudited)

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 02/28/21		$	62.02		$	0.57		$	12.16			$	12.73			$	(0.99	)		$	(3.18	)		$	(4.17	)		$	70.58		21.00	%		$	2,525,238		0.53	%(d)		0.53	%(d)		1.72	%(d)		13	%
Year ended 08/31/20			60.01			0.99			3.88				4.87				(1.03	)			(1.83	)			(2.86	)			62.02		8.08	(e)			2,182,945		0.53			0.53			1.67			26
Year ended 08/31/19			64.04			0.92			(1.38	)			(0.46	)			(0.82	)			(2.75	)			(3.57	)			60.01		(0.09	)			2,235,827		0.52			0.52			1.55			22
Year ended 08/31/18			56.49			0.75			8.45				9.20				(0.81	)			(0.84	)			(1.65	)			64.04		16.52				2,293,892		0.53			0.53			1.23			20
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
Class C
Six months ended 02/28/21			58.96			0.34			11.56				11.90				(0.47	)			(3.18	)			(3.65	)			67.21		20.62	(f)			894,094		1.16	(d)(f)		1.16	(d)(f)		1.09	(d)(f)		13
Year ended 08/31/20			57.18			0.52			3.66				4.18				(0.57	)			(1.83	)			(2.40	)			58.96		7.27	(e)			879,154		1.28			1.28			0.92			26
Year ended 08/31/19			61.18			0.46			(1.31	)			(0.85	)			(0.40	)			(2.75	)			(3.15	)			57.18		(0.83	)			1,083,024		1.27			1.27			0.80			22
Year ended 08/31/18			54.05			0.32			8.09				8.41				(0.44	)			(0.84	)			(1.28	)			61.18		15.75	(f)			1,252,161		1.21	(f)		1.21	(f)		0.55	(f)		20
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
Class R
Six months ended 02/28/21			61.60			0.48			12.07				12.55				(0.81	)			(3.18	)			(3.99	)			70.16		20.84				123,469		0.78	(d)		0.78	(d)		1.47	(d)		13
Year ended 08/31/20			59.63			0.83			3.84				4.67				(0.87	)			(1.83	)			(2.70	)			61.60		7.80	(e)			127,559		0.78			0.78			1.42			26
Year ended 08/31/19			63.64			0.77			(1.36	)			(0.59	)			(0.67	)			(2.75	)			(3.42	)			59.63		(0.33	)			135,225		0.77			0.77			1.30			22
Year ended 08/31/18			56.15			0.59			8.42				9.01				(0.68	)			(0.84	)			(1.52	)			63.64		16.25				137,036		0.78			0.78			0.98			20
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
Class Y
Six months ended 02/28/21			62.74			0.66			12.30				12.96				(1.15	)			(3.18	)			(4.33	)			71.37		21.15				2,301,287		0.28	(d)		0.28	(d)		1.97	(d)		13
Year ended 08/31/20			60.67			1.15			3.93				5.08				(1.18	)			(1.83	)			(3.01	)			62.74		8.35	(e)			2,106,008		0.28			0.28			1.92			26
Year ended 08/31/19			64.71			1.08			(1.40	)			(0.32	)			(0.97	)			(2.75	)			(3.72	)			60.67		0.18				2,902,956		0.27			0.27			1.80			22
Year ended 08/31/18			57.06			0.91			8.53				9.44				(0.95	)			(0.84	)			(1.79	)			64.71		16.80				3,444,820		0.28			0.28			1.48			20
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
Class R6
Six months ended 02/28/21			62.86			0.69			12.32				13.01				(1.23	)			(3.18	)			(4.41	)			71.46		21.20				833,778		0.17	(d)		0.17	(d)		2.08	(d)		13
Year ended 08/31/20			60.78			1.22			3.94				5.16				(1.25	)			(1.83	)			(3.08	)			62.86		8.47	(e)			740,456		0.16			0.16			2.04			26
Year ended 08/31/19			64.83			1.15			(1.40	)			(0.25	)			(1.05	)			(2.75	)			(3.80	)			60.78		0.29				1,024,706		0.16			0.16			1.91			22
Year ended 08/31/18			57.15			0.98			8.56				9.54				(1.02	)			(0.84	)			(1.86	)			64.83		16.96				1,000,614		0.16			0.16			1.60			20
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

^(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 $2,315,764, $884,404, $127,029, $2,174,074 and $782,332 for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)  Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 6.49%, 5.61%, 6.21%, 6.78% and 6.90% for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.88%, 0.93% and 0.94% for the six months ended February 28, 2021 and the years ended August 31, 2018 and 2016, respectively.

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

16 Invesco Equally-Weighted S&P 500 Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

17 Invesco Equally-Weighted S&P 500 Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

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 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 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,

18 Invesco Equally-Weighted S&P 500 Fund

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		0.120	%
Over $2 billion		0.100	%

For the six months ended February 28, 2021, the effective advisory fee rate 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 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, 2021, 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 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $49,623.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse 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. The fees are accrued daily and paid monthly. For the six months ended February 28, 2021, 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, 2021, IDI advised the Fund that IDI retained $190,194 in front-end sales commissions from the sale of Class A shares and $39,891 and $33,313 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.

19 Invesco Equally-Weighted S&P 500 Fund

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

The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1				Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$	6,489,837,833			$	–		$–	$6,489,837,833
Money Market Funds			184,419,313				–		–	184,419,313
Total Investments in Securities			6,674,257,146				–		–	6,674,257,146
Other Investments - Liabilities*
Futures Contracts			(2,565,623	)			–		–	(2,565,623)
Total Investments		$	6,671,691,523			$	–		$–	$6,671,691,523

* 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, 2021:

	Value
	Equity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(2,565,623	)
Derivatives not subject to master netting agreements		2,565,623
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended February 28, 2021

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		$	10,225,251
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(7,084,131	)
Total		$	3,141,120

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value		$126,599,001

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,942.

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

20 Invesco Equally-Weighted S&P 500 Fund

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8—Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

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 Trust during the six months ended February 28, 2021 was $791,475,427 and $1,410,132,635, 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	$	3,231,431,930
Aggregate unrealized (depreciation) of investments		(14,308,967	)
Net unrealized appreciation of investments	$	3,217,122,963

Cost of investments for tax purposes is $3,454,568,560.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,803,135		$	119,682,878			5,414,815		$	308,609,519
Class C		365,666			23,046,477			2,057,761			112,854,649
Class R		251,297			16,547,914			801,489			45,166,492
Class Y		2,666,919			179,426,059			8,279,721			482,266,167
Class R6		1,174,753			78,898,900			3,276,696			173,418,697
Issued as reinvestment of dividends:
Class A		1,911,320			126,089,770			1,495,729			93,303,553
Class C		732,292			46,061,167			661,131			39,423,256
Class R		118,900			7,801,024			96,523			5,991,150
Class Y		1,674,217			111,620,023			1,807,801			113,873,411
Class R6		737,007			49,187,886			753,856			47,538,155
Automatic conversion of Class C shares to Class A shares:
Class A		916,325			61,222,646			1,534,613			91,899,019
Class C		(962,442	)		(61,222,646	)		(1,611,869	)		(91,899,019	)

21 Invesco Equally-Weighted S&P 500 Fund

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(4,050,717	)	$	(265,711,369	)		(10,503,261	)	$	(590,500,191	)
Class C		(1,743,628	)		(108,665,631	)		(5,135,932	)		(274,873,152	)
Class R		(681,377	)		(44,730,694	)		(1,094,994	)		(61,511,065	)
Class Y		(5,664,666	)		(376,183,109	)		(24,364,027	)		(1,347,399,613	)
Class R6		(2,024,442	)		(134,566,238	)		(9,111,198	)		(540,288,379	)
Net increase (decrease) in share activity		(2,775,441	)	$	(171,494,943	)		(25,641,146	)	$	(1,392,127,351	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% 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.

NOTE 11—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

22 Invesco Equally-Weighted S&P 500 Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.

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)
	Beginning     Account Value     (09/01/20)			Ending     Account Value     (02/28/21)1			Expenses     Paid During     Period2			Ending     Account Value     (02/28/21)			Expenses     Paid During     Period2			Annualized         Expense     Ratio
Class A		$	1,000.00		$	1,210.00		$	2.90		$	1,022.17		$	2.66		0.53	%
Class C			1,000.00			1,206.20			6.35			1,019.04			5.81		1.16
Class R			1,000.00			1,208.40			4.27			1,020.93			3.91		0.78
Class Y			1,000.00			1,211.50			1.54			1,023.41			1.40		0.28
Class R6			1,000.00			1,212.00			0.93			1,023.95			0.85		0.17

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

23 Invesco Equally-Weighted S&P 500 Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/corporate/about-us/esg. 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. This 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                                                 

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Equity and Income Fund Nasdaq: A: ACEIX ∎ C: ACERX ∎ R: ACESX ∎ Y: ACETX ∎ R5: ACEKX ∎ R6: IEIFX

2	Fund Performance
4	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
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, 8/31/20 to 2/28/21, 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	19.79	%
Class C Shares	19.32
Class R Shares	19.62
Class Y Shares	19.82
Class R5 Shares	19.86
Class R6 Shares	20.03
Russell 1000 Value Index▼ (Broad Market Index)	19.15
Bloomberg Barclays U.S. Government/Credit Index▼ (Style-Specific Index)	-2.03
Lipper Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	11.06
Source(s): ▼RIMES Technologies Corp.; ∎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 2/28/21, including maximum  applicable  sales charges
Class A Shares
Inception (8/3/60)	10.02	%
10 Years	7.82
5 Years	9.81
1 Year	18.48
Class C Shares
Inception (7/6/93)	9.12	%
10 Years	7.80
5 Years	10.26
1 Year	23.46
Class R Shares
Inception (10/1/02)	8.10	%
10 Years	8.17
5 Years	10.80
1 Year	24.98
Class Y Shares
Inception (12/22/04)	7.53	%
10 Years	8.71
5 Years	11.35
1 Year	25.56
Class R5 Shares
Inception (6/1/10)	10.11	%
10 Years	8.78
5 Years	11.42
1 Year	25.66
Class R6 Shares
10 Years	8.80	%
5 Years	11.53
1 Year	25.90

Effective June 1, 2010, Class A, 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 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 C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I shares of the predecessor 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 Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Equity and Income Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–66.77%
Aerospace & Defense–3.54%
General Dynamics Corp.		1,048,927	$	171,468,097
Raytheon Technologies Corp.		2,345,100		168,823,749
Textron, Inc.		2,106,329		106,032,602
				446,324,448
Apparel Retail–0.97%
TJX Cos., Inc. (The)		1,845,421		121,779,332
Automobile Manufacturers–2.57%
General Motors Co.(b)		6,308,399		323,810,121
Building Products–1.81%
Johnson Controls International PLC		3,583,076		199,899,810
Trane Technologies PLC		179,340		27,482,062
				227,381,872
Cable & Satellite–1.74%
Charter Communications, Inc., Class A(b)		174,438		107,003,758
Comcast Corp., Class A		2,122,075		111,875,794
				218,879,552
Commodity Chemicals–0.72%
Dow, Inc.		1,539,815		91,326,428
Construction & Engineering–0.68%
Quanta Services, Inc.		1,023,488		85,819,469
Consumer Finance–0.96%
American Express Co.		892,455		120,713,463
Data Processing & Outsourced Services–0.68%
Fiserv, Inc.(b)		745,553		86,014,450
Diversified Banks–4.28%
Bank of America Corp.		7,789,411		270,370,456
Wells Fargo & Co.		7,410,809		268,048,961
				538,419,417
Electric Utilities–1.70%
Duke Energy Corp.		720,461		61,664,257
Exelon Corp.		1,852,195		71,494,727
FirstEnergy Corp.		2,447,511		81,110,515
				214,269,499
Electrical Components & Equipment–0.51%
Emerson Electric Co.		741,460		63,691,414
Electronic Components–0.66%
Corning, Inc.		2,191,359		83,797,568
Electronic Manufacturing Services–0.74%
TE Connectivity Ltd.		712,716		92,674,461
Fertilizers & Agricultural Chemicals–2.25%
Corteva, Inc.		4,640,787		209,531,533
Nutrien Ltd. (Canada)		1,380,674		74,501,169
				284,032,702

	Shares		Value
Food Distributors–1.67%
Sysco Corp.		1,525,934	$	121,510,124
US Foods Holding Corp.(b)		2,430,637		88,621,025
				210,131,149
Health Care Distributors–0.78%
McKesson Corp.		580,092		98,337,196
Health Care Equipment–1.79%
Medtronic PLC		1,222,386		142,982,490
Zimmer Biomet Holdings, Inc.		506,662		82,616,306
				225,598,796
Health Care Facilities–0.44%
Universal Health Services, Inc.,
Class B		439,528		55,086,044
Health Care Services–1.40%
Cigna Corp.		437,718		91,877,008
CVS Health Corp.		1,239,657		84,457,832
				176,334,840
Health Care Supplies–0.40%
Alcon, Inc. (Switzerland)		732,680		50,247,076
Home Improvement Retail–0.60%
Kingfisher PLC (United Kingdom)(b)		20,399,212		75,409,206
Human Resource & Employment Services–0.45%
Adecco Group AG (Switzerland)		905,882		56,828,667
Insurance Brokers–0.59%
Willis Towers Watson PLC		338,393		74,663,031
Integrated Oil & Gas–1.01%
Chevron Corp.		1,277,904		127,790,400
Internet & Direct Marketing Retail–1.11%
Booking Holdings, Inc.(b)		59,879		139,428,850
Investment Banking & Brokerage–4.23%
Charles Schwab Corp. (The)		1,795,662		110,828,259
Goldman Sachs Group, Inc. (The)		675,314		215,749,317
Morgan Stanley		2,681,960		206,162,265
				532,739,841
IT Consulting & Other Services–1.97%
Cognizant Technology Solutions Corp., Class A		3,371,667		247,750,091
Managed Health Care–0.94%
Anthem, Inc.		391,224		118,615,205
Movies & Entertainment–1.64%
Walt Disney Co. (The)(b)		1,092,105		206,451,529
Multi–line Insurance–1.59%
American International Group, Inc.		4,555,591		200,218,224

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

4 Invesco Equity and Income Fund

	Shares		Value
Oil & Gas Exploration & Production–3.13%
Canadian Natural Resources Ltd. (Canada)		2,453,608	$	66,921,840
ConocoPhillips		2,707,617		140,823,160
Devon Energy Corp.		4,059,858		87,449,342
Pioneer Natural Resources Co.		663,393		98,560,298
				393,754,640
Other Diversified Financial Services–0.73%
Voya Financial, Inc.		1,534,112		92,476,271
Pharmaceuticals–3.53%
Bristol–Myers Squibb Co.		2,278,415		139,735,192
GlaxoSmithKline PLC (United Kingdom)		3,997,736		66,309,349
Johnson & Johnson		445,357		70,571,270
Pfizer, Inc.		1,797,795		60,208,154
Sanofi (France)		1,172,836		107,357,266
				444,181,231
Railroads–1.51%
CSX Corp.		2,075,295		189,993,257
Real Estate Services–1.66%
CBRE Group, Inc., Class A(b)		2,767,854		209,720,298
Regional Banks–4.31%
Citizens Financial Group, Inc.		4,655,644		202,241,175
PNC Financial Services Group, Inc. (The)		975,318		164,204,538
Truist Financial Corp.		3,088,010		175,893,050
				542,338,763
Semiconductors–4.05%
Intel Corp.		3,092,743		187,976,920
Micron Technology, Inc.(b)		968,497		88,646,530
NXP Semiconductors N.V.
(Netherlands)		629,116		114,845,126
QUALCOMM, Inc.		872,144		118,777,291
				510,245,867
Systems Software–0.98%
Oracle Corp.		1,907,507		123,053,277
Tobacco–1.53%
Philip Morris International, Inc.		2,292,268		192,596,357
Wireless Telecommunication Services–0.92%
Vodafone Group PLC (United Kingdom)		67,893,265		115,436,579
Total Common Stocks & Other Equity Interests (Cost $5,676,873,049)				8,408,360,881
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–20.99%
Aerospace & Defense–0.21%
General Dynamics Corp., 3.88%, 07/15/2021	$	17,573,000		17,646,844
Precision Castparts Corp., 2.50%, 01/15/2023		4,150,000		4,296,285
Raytheon Technologies Corp., 4.45%, 11/16/2038		3,239,000		3,904,000
				25,847,129

	Principal Amount		Value
Agricultural & Farm Machinery–0.12%
Deere & Co., 2.60%, 06/08/2022	$	14,645,000	$	14,998,755
Agricultural Products–0.04%
Ingredion, Inc., 6.63%, 04/15/2037		3,940,000		5,389,359
Air Freight & Logistics–0.07%
FedEx Corp., 4.90%, 01/15/2034		4,310,000		5,374,409
United Parcel Service, Inc., 3.40%, 11/15/2046		2,608,000		2,835,753
				8,210,162
Airlines–0.13%
American Airlines Pass–Through Trust, Series 2014–1, Class A, 3.70%, 04/01/2028		3,060,270		3,019,747
Continental Airlines Pass–Through Trust, Series 2012–1, Class A, 4.15%, 04/11/2024		3,627,443		3,729,246
United Airlines Pass–Through Trust, Series 2014–2, Class A, 3.75%, 09/03/2026		3,917,240		4,069,458
Series 2018–1, Class AA, 3.50%, 03/01/2030		4,800,978		4,915,562
				15,734,013
Alternative Carriers–0.21%
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024		26,445,000		26,031,544
Application Software–0.74%
Nuance Communications, Inc., Conv., 1.00%, 12/15/2022(c)		14,513,000		27,537,109
1.25%, 04/01/2025		11,632,000		27,079,130
Workday, Inc., Conv., 0.25%, 10/01/2022		22,666,000		39,007,845
				93,624,084
Asset Management & Custody Banks–0.12%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(d)		4,260,000		4,700,644
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		4,515,000		4,971,318
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023(d)		1,033,000		1,095,536
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(d)		3,217,000		4,043,493
				14,810,991
Automobile Manufacturers–0.10%
General Motors Co., 6.60%, 04/01/2036		4,317,000		5,886,452
General Motors Financial Co., Inc., 5.25%, 03/01/2026		5,467,000		6,329,729
				12,216,181
Biotechnology–0.51%
AbbVie, Inc., 4.50%, 05/14/2035		7,233,000		8,722,004
4.05%, 11/21/2039		13,812,000		15,883,339
4.85%, 06/15/2044		5,815,000		7,219,895

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

5 Invesco Equity and Income Fund

	Principal Amount		Value
Biotechnology–(continued)
Gilead Sciences, Inc., 4.40%, 12/01/2021	$	4,988,000	$	5,090,409
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		17,930,000		26,869,317
				63,784,964
Brewers–0.28%
Anheuser–Busch Cos. LLC/Anheuser– Busch InBev Worldwide, Inc. (Belgium), 4.70%, 02/01/2036		10,870,000		13,064,324
4.90%, 02/01/2046		6,301,000		7,601,754
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(d)		9,734,000		10,786,253
Molson Coors Beverage Co., 4.20%, 07/15/2046		4,057,000		4,351,451
				35,803,782
Cable & Satellite–1.38%
BofA Finance LLC, Conv., 0.13%, 09/01/2022		22,511,000		25,486,954
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022		10,845,000		11,350,697
3.85%, 04/01/2061		10,845,000		10,050,436
Comcast Corp., 4.15%, 10/15/2028		9,915,000		11,539,781
6.45%, 03/15/2037		2,465,000		3,590,032
3.90%, 03/01/2038		8,010,000		9,274,095
Cox Communications, Inc., 2.95%, 10/01/2050(d)		2,044,000		1,889,750
DISH Network Corp., Conv., 3.38%, 08/15/2026		77,983,000		73,524,465
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023(c)(d)		22,652,000		22,677,959
NBCUniversal Media LLC, 5.95%, 04/01/2041		3,365,000		4,840,738
				174,224,907
Commodity Chemicals–0.05%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(d)		4,638,000		6,282,731
Communications Equipment–0.58%
Cisco Systems, Inc., 1.85%, 09/20/2021		16,236,000		16,356,348
Finisar Corp., Conv., 0.50%, 12/15/2021(c)		10,562,000		11,155,373
Viavi Solutions, Inc., Conv., 1.75%, 06/01/2023		14,372,000		18,714,586
1.00%, 03/01/2024		19,034,000		26,210,922
				72,437,229
Construction Machinery & Heavy Trucks–0.06%
Caterpillar Financial Services Corp., 1.70%, 08/09/2021		7,982,000		8,035,379
Consumer Finance–0.21%
American Express Co., 3.63%, 12/05/2024		3,423,000		3,790,947

	Principal Amount		Value
Consumer Finance–(continued)
Capital One Financial Corp., 3.20%, 01/30/2023	$	10,060,000	$	10,573,067
Discover Bank, 3.35%, 02/06/2023		5,380,000		5,666,183
Synchrony Financial, 3.95%, 12/01/2027		5,795,000		6,386,595
				26,416,792
Data Processing & Outsourced Services–0.04%
Fiserv, Inc., 3.80%, 10/01/2023		5,200,000		5,628,159
Diversified Banks–1.61%
ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.88%, 01/25/2022(d)		3,545,000		3,629,477
Australia & New Zealand Banking Group Ltd. (Australia), 2.30%, 06/01/2021		7,448,000		7,487,126
Bank of America Corp., 3.25%, 10/21/2027		5,705,000		6,257,895
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(d)		6,875,000		7,493,819
Citigroup, Inc., 3.67%, 07/24/2028(e)		5,405,000		6,020,272
6.68%, 09/13/2043		8,000,000		12,311,341
5.30%, 05/06/2044		2,765,000		3,653,802
4.75%, 05/18/2046		4,145,000		5,134,965
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(e)		18,945,000		20,050,869
JPMorgan Chase & Co., 3.20%, 06/15/2026		4,365,000		4,783,410
3.51%, 01/23/2029(e)		11,170,000		12,355,245
4.26%, 02/22/2048(e)		5,355,000		6,543,887
3.90%, 01/23/2049(e)		11,170,000		12,863,117
Series V, 3.56% (3 mo. USD LIBOR + 3.32%)(f)(g)		6,410,000		6,366,733
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(d)		545,000		598,682
National Australia Bank Ltd. (Australia), 1.88%, 07/12/2021		9,725,000		9,782,756
SMBC Aviation Capital Finance DAC (Ireland), 2.65%, 07/15/2021(d)		3,225,000		3,241,480
Societe Generale S.A. (France), 5.00%, 01/17/2024(d)		7,365,000		8,108,815
U.S. Bancorp, Series W, 3.10%, 04/27/2026		3,245,000		3,547,581
Wells Fargo & Co., 3.55%, 09/29/2025		6,840,000		7,553,284
4.10%, 06/03/2026		4,515,000		5,125,579
4.65%, 11/04/2044		9,115,000		10,915,290
Westpac Banking Corp. (Australia), 2.10%, 05/13/2021		38,570,000		38,710,777
				202,536,202

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

6 Invesco Equity and Income Fund

	Principal Amount		Value
Diversified Capital Markets–0.36%
Credit Suisse AG (Switzerland), 6.50%, 08/08/2023(d)	$	6,536,000	$	7,336,660
Conv., 0.50%, 06/24/2024(d)		38,065,000		37,790,932
				45,127,592
Diversified Metals & Mining–0.02%
Rio Tinto Finance USA Ltd. (Australia), 7.13%, 07/15/2028		2,175,000		3,006,331
Drug Retail–0.15%
CVS Pass–Through Trust, 6.04%, 12/10/2028		6,057,276		7,016,869
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		6,129,000		6,225,840
4.50%, 11/18/2034		4,519,000		5,227,675
				18,470,384
Electric Utilities–0.56%
Electricite de France S.A. (France), 4.88%, 01/22/2044(d)		9,110,000		11,036,166
Georgia Power Co., Series B, 3.70%, 01/30/2050		3,665,000		3,938,480
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		5,572,000		6,261,194
Oglethorpe Power Corp., 4.55%, 06/01/2044		5,806,000		6,336,325
Ohio Power Co., Series M, 5.38%, 10/01/2021		1,050,000		1,081,058
PPL Electric Utilities Corp., 6.25%, 05/15/2039		355,000		508,808
Southern Co. (The), 2.35%, 07/01/2021		24,298,000		24,418,260
Xcel Energy, Inc., 0.50%, 10/15/2023		5,750,000		5,764,083
3.50%, 12/01/2049		10,280,000		10,881,864
				70,226,238
Environmental & Facilities Services–0.04%
Waste Management, Inc., 3.90%, 03/01/2035		4,786,000		5,616,562
Food Retail–0.28%
Nestle Holdings, Inc., 3.10%, 09/24/2021(d)		34,380,000		34,859,798
General Merchandise Stores–0.03%
Dollar General Corp., 3.25%, 04/15/2023		3,650,000		3,846,059
Health Care Equipment–0.86%
Becton, Dickinson and Co., 4.88%, 05/15/2044		3,739,000		4,498,942
DexCom, Inc., Conv., 0.75%, 12/01/2023		30,543,000		74,855,505
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		18,416,000		20,937,150
Medtronic, Inc., 4.38%, 03/15/2035		2,601,000		3,273,936
Tandem Diabetes Care, Inc.,
Conv., 1.50%, 05/01/2025(d)		3,727,000		4,453,022
				108,018,555

	Principal Amount		Value
Health Care Services–0.14%
Cigna Corp., 4.80%, 08/15/2038	$	3,240,000	$	4,015,297
CVS Health Corp., 3.38%, 08/12/2024		3,740,000		4,053,849
Laboratory Corp. of America Holdings, 3.20%, 02/01/2022		6,132,000		6,290,411
4.70%, 02/01/2045		2,694,000		3,317,165
				17,676,722
Health Care Technology–0.38%
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027(d)		36,636,000		47,565,772
Home Improvement Retail–0.05%
Home Depot, Inc. (The), 2.00%, 04/01/2021		6,883,000		6,883,000
Homebuilding–0.02%
M.D.C. Holdings, Inc., 6.00%, 01/15/2043		2,117,000		2,798,409
Hotel & Resort REITs–0.01%
Service Properties Trust, 5.00%, 08/15/2022		1,310,000		1,331,261
Industrial Conglomerates–0.05%
Honeywell International, Inc., 0.41% (3 mo. USD LIBOR + 0.23%), 08/19/2022(g)		6,744,000		6,750,218
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		2,470,000		2,685,167
Integrated Oil & Gas–0.22%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		10,062,000		9,214,320
Chevron USA, Inc., 5.25%, 11/15/2043		7,940,000		10,735,290
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022		3,630,000		3,724,497
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024		3,379,000		3,702,897
				27,377,004
Integrated Telecommunication Services–0.53%
AT&T, Inc., 3.00%, 06/30/2022		5,334,000		5,498,910
4.30%, 02/15/2030		3,526,000		4,046,723
4.50%, 05/15/2035		4,755,000		5,484,720
3.50%, 09/15/2053(d)		7,328,000		6,734,730
3.55%, 09/15/2055(d)		4,562,000		4,196,581
3.80%, 12/01/2057(d)		3,619,000		3,447,295
Orange S.A. (France), 4.13%, 09/14/2021		15,235,000		15,546,126
Telefonica Emisiones S.A. (Spain), 4.67%, 03/06/2038		3,505,000		4,025,840
5.21%, 03/08/2047		6,725,000		8,145,376
Verizon Communications, Inc., 4.40%, 11/01/2034		3,285,000		3,900,965
4.81%, 03/15/2039		5,062,000		6,262,209
				67,289,475

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

7 Invesco Equity and Income Fund

	Principal Amount		Value
Interactive Home Entertainment–0.09%
Zynga, Inc., Conv., 0.00%, 12/15/2026(d)(h)	$	9,772,000	$	11,374,090
Internet & Direct Marketing Retail–0.95%
Booking Holdings, Inc., Conv., 0.90%, 09/15/2021		14,990,000		17,945,779
0.75%, 05/01/2025(d)		3,846,000		5,831,411
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(d)		33,949,000		66,449,450
Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		30,912,000		30,009,569
				120,236,209
Internet Services & Infrastructure–0.21%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		21,000,000		26,788,125
Investment Banking & Brokerage–0.65%
Goldman Sachs Group, Inc. (The), 5.25%, 07/27/2021		5,510,000		5,621,694
4.25%, 10/21/2025		5,807,000		6,553,696
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		56,790,000		62,224,803
Morgan Stanley, 4.00%, 07/23/2025		6,870,000		7,727,649
				82,127,842
IT Consulting & Other Services–0.04%
DXC Technology Co., 4.45%, 09/18/2022		4,954,000		5,212,038
Life & Health Insurance–0.44%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		8,671,000		9,775,073
Athene Global Funding, 4.00%, 01/25/2022(d)		12,280,000		12,680,925
2.75%, 06/25/2024(d)		2,890,000		3,062,309
Guardian Life Global Funding, 2.90%, 05/06/2024(d)		7,450,000		7,996,225
Jackson National Life Global Funding, 2.10%, 10/25/2021(d)		5,295,000		5,360,478
3.25%, 01/30/2024(d)		4,885,000		5,257,978
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(d)		4,250,000		5,079,953
Prudential Financial, Inc., 3.91%, 12/07/2047		4,898,000		5,592,609
				54,805,550
Managed Health Care–0.05%
UnitedHealth Group, Inc., 3.50%, 08/15/2039		5,806,000		6,428,247
Movies & Entertainment–0.99%
Liberty Media Corp., Conv., 2.25%, 10/05/2021(c)		14,987,000		7,035,139
1.38%, 10/15/2023		61,171,000		80,201,360
Liberty Formula One, Conv., 1.00%, 01/30/2023		5,397,000		6,998,063

	Principal Amount		Value
Movies & Entertainment–(continued)
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023	$	20,716,000	$	30,193,570
				124,428,132
Multi–line Insurance–0.15%
American International Group, Inc., 4.38%, 01/15/2055		7,405,000		8,752,277
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(d)		9,030,000		9,922,468
				18,674,745
Multi–Utilities–0.11%
NiSource, Inc., 4.38%, 05/15/2047		6,015,000		7,014,100
Sempra Energy, 3.80%, 02/01/2038		5,871,000		6,505,745
				13,519,845
Office REITs–0.06%
Highwoods Realty L.P., 3.20%, 06/15/2021		538,000		539,696
Office Properties Income Trust, 4.00%, 07/15/2022		7,200,000		7,399,420
				7,939,116
Oil & Gas Exploration & Production–0.08%
Cameron LNG LLC, 3.70%, 01/15/2039(d)		6,519,000		7,136,865
ConocoPhillips, 4.15%, 11/15/2034		2,403,000		2,749,376
				9,886,241
Oil & Gas Storage & Transportation–0.65%
Energy Transfer Operating L.P., 4.20%, 09/15/2023		1,638,000		1,765,758
4.90%, 03/15/2035		3,640,000		3,962,569
5.00%, 05/15/2050		7,684,000		8,155,102
Enterprise Products Operating LLC, 6.45%, 09/01/2040		555,000		770,946
4.25%, 02/15/2048		7,354,000		8,014,757
Kinder Morgan, Inc., 5.30%, 12/01/2034		4,203,000		5,084,655
MPLX L.P., 4.50%, 07/15/2023		18,525,000		20,011,322
4.50%, 04/15/2038		8,564,000		9,478,491
Plains All American Pipeline
L.P./PAA Finance Corp., 3.65%, 06/01/2022		4,275,000		4,391,186
Spectra Energy Partners L.P., 4.50%, 03/15/2045		5,468,000		6,067,615
Sunoco Logistics Partners Operations L.P., 5.30%, 04/01/2044		8,165,000		8,878,822
Texas Eastern Transmission L.P., 7.00%, 07/15/2032		3,835,000		5,267,191
				81,848,414
Other Diversified Financial Services–1.31%
Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044(d)		3,975,000		5,181,104
Convertible Trust – Energy, Series 2019–1, 0.33%, 09/19/2024		60,352,000		65,735,398

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

8 Invesco Equity and Income Fund

	Principal Amount		Value
Other Diversified Financial Services–(continued)
Convertible Trust–Media, Series 2019, Class 1, 0.25%, 12/04/2024	$	60,368,000	$	83,887,373
MassMutual Global Funding II, 2.00%, 04/15/2021(d)		10,205,000		10,227,370
				165,031,245
Packaged Foods & Meats–0.06%
Kraft Heinz Foods Co. (The), 4.63%, 10/01/2039		5,610,000		6,463,589
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		648,000		732,398
				7,195,987
Paper Packaging–0.13%
International Paper Co., 6.00%, 11/15/2041		2,855,000		4,025,612
Packaging Corp. of America, 4.50%, 11/01/2023		11,003,000		12,070,564
				16,096,176
Pharmaceuticals–0.84%
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(d)		9,800,000		11,379,073
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021(d)		6,079,000		6,175,129
Bristol–Myers Squibb Co., 4.13%, 06/15/2039		6,435,000		7,772,087
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026(d)		14,996,000		20,039,983
Pacira BioSciences, Inc., Conv., 2.38%, 04/01/2022		2,162,000		2,718,397
0.75%, 08/01/2025(d)		9,109,000		11,511,789
Pfizer, Inc., 3.00%, 09/15/2021		18,780,000		19,053,579
2.20%, 12/15/2021		6,010,000		6,098,801
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		11,008,000		10,735,044
Utah Acquisition Sub, Inc., 3.15%, 06/15/2021		4,535,000		4,562,064
Zoetis, Inc., 4.70%, 02/01/2043		4,101,000		5,227,643
				105,273,589
Property & Casualty Insurance–0.23%
Allstate Corp. (The), 3.28%, 12/15/2026		3,260,000		3,650,082
Markel Corp., 5.00%, 03/30/2043		4,185,000		5,166,431
5.00%, 05/20/2049		5,140,000		6,737,574
Travelers Cos., Inc. (The), 4.60%, 08/01/2043		6,455,000		8,282,728
W.R. Berkley Corp., 4.63%, 03/15/2022		5,040,000		5,253,959
				29,090,774
Railroads–0.15%
CSX Corp., 5.50%, 04/15/2041		1,660,000		2,251,711
Norfolk Southern Corp., 3.40%, 11/01/2049		4,879,000		5,147,651

	Principal Amount		Value
Railroads–(continued)
Union Pacific Corp., 4.15%, 01/15/2045	$	4,410,000	$	5,111,000
3.84%, 03/20/2060		5,560,000		6,217,627
				18,727,989
Real Estate Services–0.25%
Redfin Corp., Conv., 0.00%, 10/15/2025(d)(h)		24,398,000		31,749,117
Regional Banks–0.10%
Citizens Financial Group, Inc., 2.38%, 07/28/2021		4,700,000		4,731,182
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		7,450,000		8,370,944
				13,102,126
Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		5,795,000		6,510,338
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		3,711,000		4,095,847
				10,606,185
Restaurants–0.07%
Starbucks Corp., 3.55%, 08/15/2029		7,440,000		8,347,966
Retail REITs–0.09%
Regency Centers L.P., 2.95%, 09/15/2029		7,960,000		8,368,086
4.65%, 03/15/2049		2,970,000		3,447,234
				11,815,320
Semiconductors–1.23%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024		6,975,000		7,512,912
Cree, Inc., Conv., 0.88%, 09/01/2023		14,333,000		27,682,245
1.75%, 05/01/2026(d)		10,633,000		26,363,702
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		38,705,000		45,722,216
Micron Technology, Inc., 4.66%, 02/15/2030		7,270,000		8,550,152
NVIDIA Corp., 2.20%, 09/16/2021		7,515,000		7,580,060
NXP B.V./NXP Funding LLC (Netherlands), 3.88%, 09/01/2022(d)		19,562,000		20,487,131
5.35%, 03/01/2026(d)		7,660,000		9,033,660
Texas Instruments, Inc., 2.63%, 05/15/2024		2,275,000		2,420,116
				155,352,194
Soft Drinks–0.11%
PepsiCo, Inc., 3.00%, 08/25/2021		13,543,000		13,728,397
Specialized REITs–0.19%
Crown Castle International Corp., 4.75%, 05/15/2047		470,000		561,603
EPR Properties, 4.75%, 12/15/2026		17,525,000		18,223,247

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

9 Invesco Equity and Income Fund

	Principal Amount		Value
Specialized REITs–(continued)
LifeStorage L.P., 3.50%, 07/01/2026	$	4,667,000	$	5,164,953
				23,949,803
Specialty Chemicals–0.02%
Sherwin–Williams Co. (The), 4.50%, 06/01/2047		1,665,000		2,016,903
Systems Software–0.41%
FireEye, Inc., Series B, Conv., 1.63%, 06/01/2022(c)		17,616,000		17,548,996
Series A, Conv., 1.00%, 06/01/2025(c)		17,382,000		17,174,590
Microsoft Corp., 3.50%, 02/12/2035		4,259,000		4,987,254
Oracle Corp., 3.60%, 04/01/2040		10,910,000		11,828,134
				51,538,974
Technology Distributors–0.07%
Avnet, Inc., 4.63%, 04/15/2026		7,645,000		8,554,346
Technology Hardware, Storage & Peripherals–0.33%
Apple, Inc., 2.15%, 02/09/2022		7,303,000		7,437,148
3.35%, 02/09/2027		3,495,000		3,891,432
Dell International LLC/EMC Corp., 5.45%, 06/15/2023(d)		7,237,000		7,940,957
8.35%, 07/15/2046(d)		278,000		426,174
Western Digital Corp., Conv., 1.50%, 02/01/2024		20,616,000		21,774,104
				41,469,815
Tobacco–0.27%
Altria Group, Inc., 5.80%, 02/14/2039		12,541,000		15,621,204
Philip Morris International, Inc., 3.60%, 11/15/2023		3,940,000		4,285,631
4.88%, 11/15/2043		11,740,000		14,519,624
				34,426,459
Trading Companies & Distributors–0.09%
Air Lease Corp., 3.00%, 09/15/2023		627,000		658,368
4.25%, 09/15/2024		4,355,000		4,788,480
Aircastle Ltd., 4.40%, 09/25/2023		5,510,000		5,846,350
				11,293,198
Trucking–0.12%
Aviation Capital Group LLC, 2.88%, 01/20/2022(d)		6,230,000		6,333,850
4.88%, 10/01/2025(d)		7,745,000		8,543,974
				14,877,824
Wireless Telecommunication Services–0.19%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042		6,610,000		7,743,716

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Rogers Communications, Inc. (Canada), 4.50%, 03/15/2043	$	6,080,000	$	7,271,385
4.30%, 02/15/2048		8,020,000		9,516,009
				24,531,110
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,249,961,132)				2,643,585,001
U.S. Treasury Securities–7.49%
U.S. Treasury Bills–0.01%
0.05%, 07/15/2021(i)(j)		545,000		544,928
U.S. Treasury Bonds–0.87%
4.50%, 02/15/2036		5,525,000		7,596,443
1.88%, 02/15/2041		12,000,000		11,746,875
1.63%, 11/15/2050		101,675,700		90,443,713
				109,787,031
U.S. Treasury Notes–6.61%
0.13%, 01/31/2023		247,992,000		247,982,313
0.13%, 02/15/2024		180,298,000		179,530,325
0.38%, 01/31/2026		252,485,800		248,422,357
0.75%, 01/31/2028		50,628,000		49,445,361
1.13%, 02/15/2031		109,910,200		107,231,139
				832,611,495
Total U.S. Treasury Securities (Cost $948,787,224)				942,943,454
	Shares
Preferred Stocks–0.58%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, 5.15%, Conv. Pfd.		483,000		25,405,800
Diversified Banks–0.03%
Wells Fargo & Co., 5.85%, Series Q, Pfd.(e)		142,800		3,699,948
Oil & Gas Storage & Transportation–0.35%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		875,900		43,786,241
Total Preferred Stocks (Cost $63,824,605)				72,891,989
	Principal Amount
U.S. Government Sponsored Agency Mortgage–Backed Securities–0.16%
Federal Home Loan Mortgage Corp. (FHLMC)–0.08%
6.75%, 03/15/2031	$	7,000,000		10,447,988
5.50%, 02/01/2037		7		9
				10,447,997
Federal National Mortgage Association (FNMA)–0.08%
6.63%, 11/15/2030		6,315,000		9,236,561
7.00%, 07/01/2032		5,515		5,539
				9,242,100

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

10 Invesco Equity and Income Fund

	Principal Amount		Value
Government National Mortgage Association (GNMA)–0.00%
8.00%, 06/15/2026 to
01/20/2031	$	12,659	$	13,048
7.50%, 12/20/2030		774		938
				13,986
Total U.S. Government Sponsored Agency Mortgage–Backed Securities (Cost $17,472,294)				19,704,083
Municipal Obligations–0.06%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057 (Cost $4,887,000)		4,887,000		7,213,456

	Shares		Value
Money Market Funds–4.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(k)(l)		178,712,321	$	178,712,321
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(k)(l)		127,371,799		127,422,748
Invesco Treasury Portfolio, Institutional Class, 0.01%(k)(l)		204,242,652		204,242,652
Total Money Market Funds (Cost $510,283,465)				510,377,721
TOTAL INVESTMENTS IN SECURITIES–100.10% (Cost $9,472,088,769)				12,605,076,585
OTHER ASSETS LESS LIABILITIES–(0.10)%				(12,027,107	)
NET ASSETS–100.00%			$	12,593,049,478

Investment Abbreviations:

Conv.	– Convertible
LIBOR	– London Interbank Offered Rate
Pfd.	– Preferred
RB	– Revenue Bonds
REIT	– Real Estate Investment Trust
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)  Non–income producing security.

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

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $547,514,760, which represented 4.35% of the Fund’s Net Assets.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(h)  Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

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

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

^(k)  Affiliated issuer. The issuer and/or the Fund is a wholly–owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	142,147,129	$	474,384,161	$	(437,818,969)		$	–		$	–		$	178,712,321	$	16,054
Invesco Liquid Assets Portfolio, Institutional Class		101,317,516		338,845,829		(312,727,835)			(17,638	)		4,876			127,422,748		36,646
Invesco Treasury Portfolio, Institutional Class		162,453,861		542,153,327		(500,364,536)			–			–			204,242,652		9,764
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		–		104,597,561		(104,597,458)			–			(103	)		–		453	*
Invesco Private Prime Fund		–		118,033,845		(118,033,853	)		–			8			–		2,652	*
Total	$	405,918,506	$	1,578,014,723	$	(1,473,542,651	)	$	(17,638	)	$	4,781		$	510,377,721	$	65,569

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(l) The rate shown is the 7–day SEC standardized yield as of February 28, 2021.

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

11 Invesco Equity and Income Fund

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
U.S. Treasury 5 Year Notes		158		June-2021	$	(19,587,062	)	$	146,571	$	146,571
U.S. Treasury 10 Year Notes		293		June-2021		(38,886,594	)		468,637		468,637
Total Futures Contracts								$	615,208	$	615,208

Open Forward Foreign Currency Contracts
		Contract to					Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive
Currency Risk
03/26/2021	Bank of New York Mellon (The)		CHF    76,918,845		USD  86,320,338		$	1,704,571
03/26/2021	State Street Bank & Trust Co.		CAD    67,772,602		USD  53,440,946			181,952
03/26/2021	State Street Bank & Trust Co.		CHF          575,502		USD        645,691			12,602
03/26/2021	State Street Bank & Trust Co.		EUR    70,383,169		USD     5,237,806			269,250
Subtotal-Appreciation								2,168,375
Currency Risk
03/26/2021	State Street Bank & Trust Co.		GBP  153,243,261		USD 212,756,851			(772,920	)
03/26/2021	State Street Bank & Trust Co.		USD      2,067,228		CAD      2,629,309			(990	)
03/26/2021	State Street Bank & Trust Co.		USD      2,847,053		CHF      2,561,762			(28,947	)
03/26/2021	State Street Bank & Trust Co.		USD      3,630,403		EUR     2,986,149	��		(25,439	)
03/26/2021	State Street Bank & Trust Co.		USD    17,182,402		GBP    12,226,997			(145,255	)
Subtotal-Depreciation								(973,551	)
Total Forward Foreign Currency Contracts							$	1,194,824

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

Portfolio Composition

By security type, based on Net Assets as

of February 28, 2021

Common Stocks & Other Equity Interests	66.77	%
U.S. Dollar Denominated Bonds & Notes	20.99
U.S. Treasury Securities	7.49
Security Types Each Less Than 1% of Portfolio	0.80
Money Market Funds Plus Other Assets Less Liabilities	3.95

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

12 Invesco Equity and Income Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $8,961,805,304)	$	12,094,698,864
Investments in affiliated money market funds, at value (Cost $510,283,465)		510,377,721
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,168,375
Foreign currencies, at value (Cost $779)		790
Receivable for:
Fund shares sold		6,331,639
Dividends		16,348,379
Interest		16,620,663
Investment for trustee deferred compensation and retirement plans		1,364,883
Other assets		139,019
Total assets		12,648,050,333
Liabilities:
Other investments:
Variation margin payable - futures contracts		48,602
Unrealized depreciation on forward foreign currency contracts outstanding		973,551
Payable for:
Investments purchased		27,192,530
Dividends		116
Fund shares reacquired		16,257,990
Amount due custodian		1,234,811
Accrued fees to affiliates		6,779,219
Accrued trustees’ and officers’ fees and benefits		10,531
Accrued other operating expenses		939,700
Trustee deferred compensation and retirement plans		1,563,805
Total liabilities		55,000,855
Net assets applicable to shares outstanding	$	12,593,049,478
Net assets consist of:
Shares of beneficial interest	$	9,022,719,340
Distributable earnings		3,570,330,138
	$	12,593,049,478

Net Assets:
Class A	$	10,107,520,616
Class C	$	372,588,198
Class R	$	113,137,850
Class Y	$	825,257,326
Class R5	$	237,047,358
Class R6	$	937,498,130
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		878,178,896
Class C		33,066,173
Class R		9,770,456
Class Y		71,685,010
Class R5		20,590,538
Class R6		81,465,836
Class A:
Net asset value per share	$	11.51
Maximum offering price per share (Net asset value of $11.51 ÷ 94.50%)	$	12.18
Class C:
Net asset value and offering price per share	$	11.27
Class R:
Net asset value and offering price per share	$	11.58
Class Y:
Net asset value and offering price per share	$	11.51
Class R5:
Net asset value and offering price per share	$	11.51
Class R6:
Net asset value and offering price per share	$	11.51

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

13 Invesco Equity and Income Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $557,247)	$	83,412,355
Interest		31,138,322
Dividends from affiliated money market funds (includes securities lending income of $31,524)		93,988
Total investment income		114,644,665
Expenses:
Advisory fees		20,957,511
Administrative services fees		805,352
Custodian fees		97,586
Distribution fees:
Class A		11,684,132
Class C		1,890,956
Class R		295,578
Transfer agent fees – A, C, R and Y		9,061,743
Transfer agent fees – R5		117,870
Transfer agent fees – R6		47,299
Trustees’ and officers’ fees and benefits		129,720
Registration and filing fees		118,435
Reports to shareholders		627,371
Professional services fees		59,658
Other		100,401
Total expenses		45,993,612
Less: Fees waived and/or expense offset arrangement(s)		(207,256	)
Net expenses		45,786,356
Net investment income		68,858,309
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		608,807,723
Affiliated investment securities		4,781
Foreign currencies		143,828
Forward foreign currency contracts		(15,757,516	)
Futures contracts		1,162,282
		594,361,098
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,489,203,982
Affiliated investment securities		(17,638	)
Foreign currencies		(139,856	)
Forward foreign currency contracts		8,764,163
Futures contracts		672,400
		1,498,483,051
Net realized and unrealized gain		2,092,844,149
Net increase in net assets resulting from operations	$	2,161,702,458

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

14 Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	68,858,309		$	217,701,284
Net realized gain		594,361,098			58,383,769
Change in net unrealized appreciation		1,498,483,051			84,990,285
Net increase in net assets resulting from operations		2,161,702,458			361,075,338
Distributions to shareholders from distributable earnings:
Class A		(215,923,464	)		(616,344,387	)
Class C		(7,825,913	)		(30,463,427	)
Class R		(2,578,710	)		(8,634,289	)
Class Y		(20,159,898	)		(61,438,025	)
Class R5		(5,988,648	)		(25,377,327	)
Class R6		(24,558,260	)		(78,641,213	)
Total distributions from distributable earnings		(277,034,893	)		(820,898,668	)
Share transactions–net:
Class A		(414,963,371	)		(487,146,068	)
Class C		(90,761,480	)		(151,684,812	)
Class R		(23,864,520	)		(24,584,829	)
Class Y		(52,249,240	)		(197,788,316	)
Class R5		(35,686,930	)		(133,975,313	)
Class R6		(215,413,741	)		(137,632,828	)
Net increase (decrease) in net assets resulting from share transactions		(832,939,282	)		(1,132,812,166	)
Net increase (decrease) in net assets		1,051,728,283			(1,592,635,496	)
Net assets:
Beginning of period		11,541,321,195			13,133,956,691
End of period	$	12,593,049,478		$	11,541,321,195

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

15 Invesco Equity and Income Fund

Financial Highlights

(Unaudited)

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 02/28/21	$	9.83	$	0.06	$	1.86		$	1.92		$	(0.10	)	$	(0.14	)	$	(0.24	)	$	11.51		19.79	%	$	10,107,521		0.81	%(d)		0.81	%(d)		1.12	%(d)		49	%
Year ended 08/31/20		10.12		0.17		0.18			0.35			(0.19	)		(0.45	)		(0.64	)		9.83		3.53			9,034,006		0.78			0.79			1.75			133
Year ended 08/31/19		11.10		0.19		(0.36	)		(0.17	)		(0.21	)		(0.60	)		(0.81	)		10.12		(0.96	)		9,845,902		0.78			0.79			1.87			138
Year ended 08/31/18		10.96		0.17		0.70			0.87			(0.22	)		(0.51	)		(0.73	)		11.10		8.21			10,151,828		0.77			0.78			1.55			129
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
Class C
Six months ended 02/28/21		9.63		0.02		1.82			1.84			(0.06	)		(0.14	)		(0.20	)		11.27		19.32	(e)		372,588		1.54	(d)(e)		1.54	(d)(e)		0.39	(d)(e)		49
Year ended 08/31/20		9.91		0.10		0.19			0.29			(0.12	)		(0.45	)		(0.57	)		9.63		2.87			402,761		1.53			1.54			1.00			133
Year ended 08/31/19		10.89		0.12		(0.36	)		(0.24	)		(0.14	)		(0.60	)		(0.74	)		9.91		(1.75	)(e)		576,794		1.49	(e)		1.50	(e)		1.16	(e)		138
Year ended 08/31/18		10.76		0.09		0.69			0.78			(0.14	)		(0.51	)		(0.65	)		10.89		7.43	(e)		1,437,488		1.51	(e)		1.52	(e)		0.81	(e)		129
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	(e)		1,636,583		1.52	(e)		1.53	(e)		0.84	(e)		93
Class R
Six months ended 02/28/21		9.89		0.05		1.87			1.92			(0.09	)		(0.14	)		(0.23	)		11.58		19.62			113,138		1.06	(d)		1.06	(d)		0.87	(d)		49
Year ended 08/31/20		10.17		0.15		0.19			0.34			(0.17	)		(0.45	)		(0.62	)		9.89		3.35			118,249		1.03			1.04			1.50			133
Year ended 08/31/19		11.16		0.17		(0.37	)		(0.20	)		(0.19	)		(0.60	)		(0.79	)		10.17		(1.30	)		148,055		1.03			1.04			1.62			138
Year ended 08/31/18		11.01		0.14		0.72			0.86			(0.20	)		(0.51	)		(0.71	)		11.16		8.00			203,003		1.02			1.03			1.30			129
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
Class Y
Six months ended 02/28/21		9.84		0.07		1.85			1.92			(0.11	)		(0.14	)		(0.25	)		11.51		19.82			825,257		0.56	(d)		0.56	(d)		1.37	(d)		49
Year ended 08/31/20		10.12		0.19		0.20			0.39			(0.22	)		(0.45	)		(0.67	)		9.84		3.91			749,507		0.53			0.54			2.00			133
Year ended 08/31/19		11.11		0.22		(0.37	)		(0.15	)		(0.24	)		(0.60	)		(0.84	)		10.12		(0.81	)		987,287		0.53			0.54			2.12			138
Year ended 08/31/18		10.96		0.20		0.71			0.91			(0.25	)		(0.51	)		(0.76	)		11.11		8.58			1,192,995		0.52			0.53			1.80			129
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
Class R5
Six months ended 02/28/21		9.84		0.08		1.85			1.93			(0.12	)		(0.14	)		(0.26	)		11.51		19.86			237,047		0.49	(d)		0.49	(d)		1.44	(d)		49
Year ended 08/31/20		10.12		0.20		0.19			0.39			(0.22	)		(0.45	)		(0.67	)		9.84		3.98			235,461		0.47			0.48			2.06			133
Year ended 08/31/19		11.11		0.22		(0.36	)		(0.14	)		(0.25	)		(0.60	)		(0.85	)		10.12		(0.75	)		397,607		0.47			0.48			2.18			138
Year ended 08/31/18		10.96		0.20		0.72			0.92			(0.26	)		(0.51	)		(0.77	)		11.11		8.64			494,838		0.47			0.48			1.85			129
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
Class R6
Six months ended 02/28/21		9.83		0.08		1.86			1.94			(0.12	)		(0.14	)		(0.26	)		11.51		20.03			937,498		0.40	(d)		0.40	(d)		1.53	(d)		49
Year ended 08/31/20		10.12		0.21		0.18			0.39			(0.23	)		(0.45	)		(0.68	)		9.83		3.97			1,001,337		0.38			0.39			2.15			133
Year ended 08/31/19		11.10		0.23		(0.35	)		(0.12	)		(0.26	)		(0.60	)		(0.86	)		10.12		(0.56	)		1,178,312		0.38			0.39			2.27			138
Year ended 08/31/18		10.96		0.21		0.71			0.92			(0.27	)		(0.51	)		(0.78	)		11.10		8.64			1,193,501		0.38			0.39			1.94			129
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

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $9,432,315, $388,628, $119,211, $818,129, $237,693 and $971,849 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98%, 0.97%, 0.99% and 0.98% for the six months ended February 28, 2021 and years ended August 31, 2019, 2018 and 2016, respectively.

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

16 Invesco Equity and Income Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of six different classes of shares: Class A, Class 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

17 Invesco Equity and Income Fund

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.

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. 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 the 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

18 Invesco Equity and Income Fund

amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

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

M. Other Risks – Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

N. 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	0.500%
Next $100 million	0.450%
Next $100 million	0.400%
Over $350 million	0.350%

For the six months ended February 28, 2021, the effective advisory fee rate 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, 2021, 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 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $200,150.

19 Invesco Equity and Income Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 reimburse IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will reimburse 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. 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $804,332 in front-end sales commissions from the sale of Class A shares and $13,592 and $8,143 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2021, the Fund incurred $28,754 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$7,936,772,738		$ 471,588,143			$-		$ 8,408,360,881
U.S. Dollar Denominated Bonds & Notes		-		2,643,585,001			-		2,643,585,001
U.S. Treasury Securities		-		942,943,454			-		942,943,454
Preferred Stocks		72,891,989		-			-		72,891,989
U.S. Government Sponsored Agency Mortgage-Backed Securities		-		19,704,083			-		19,704,083
Municipal Obligations		-		7,213,456			-		7,213,456
Money Market Funds		510,377,721		-			-		510,377,721
Total Investments in Securities		8,520,042,448		4,085,034,137			-		12,605,076,585
Other Investments - Assets*
Futures Contracts		615,208		-			-		615,208
Forward Foreign Currency Contracts		-		2,168,375			-		2,168,375
		615,208		2,168,375			-		2,783,583
Other Investments - Liabilities*
Forward Foreign Currency Contracts		-		(973,551	)		-		(973,551	)
Total Other Investments		615,208		1,194,824			-		1,810,032
Total Investments		$8,520,657,656		$4,086,228,961			$-		$12,606,886,617

* Unrealized appreciation (depreciation).

20 Invesco Equity and Income Fund

NOTE 4–Derivative Investments

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

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

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, 2021:

	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	-	$	615,208		$	615,208
Unrealized appreciation on forward foreign currency contracts outstanding		2,168,375		-			2,168,375
Total Derivative Assets		2,168,375		615,208			2,783,583
Derivatives not subject to master netting agreements		-		(615,208	)		(615,208	)
Total Derivative Assets subject to master netting agreements	$	2,168,375	$	-		$	2,168,375

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

	Value
Derivative Liabilities	Currency Risk			Interest Rate Risk		Total
Unrealized depreciation on forward foreign currency contracts outstanding	$	(973,551	)	$	-	$	(973,551	)
Derivatives not subject to master netting agreements		-			-		-
Total Derivative Liabilities subject to master netting agreements	$	(973,551	)	$	-	$	(973,551	)

Offsetting Assets and Liabilities

	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)	$	1,704,571	$	-		$	1,704,571		$	-	$	-	$	1,704,571
State Street Bank & Trust Co.		463,804		(973,551	)		(509,747	)		-		-		(509,747	)
Total	$	2,168,375	$	(973,551	)	$	1,194,824		$	-	$	-	$	1,194,824

Effect of Derivative Investments for the six months ended February 28, 2021

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	$	(15,757,516	)	$	-	$	(15,757,516	)
Futures contracts		-			1,162,282		1,162,282
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		8,764,163			-		8,764,163
Futures contracts		-			672,400		672,400
Total	$	(6,993,353	)	$	1,834,682	$	(5,158,671	)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts		Futures Contracts
Average notional value	$	464,378,392	$	62,763,150

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,106.

21 Invesco Equity and Income Fund

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

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, 2021 was $1,910,129,428 and $3,387,626,017, respectively. During the same period, purchases and sales of U.S. Treasury obligations were $3,632,989,543 and $3,324,681,043, 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	$	3,041,089,452
Aggregate unrealized (depreciation) of investments		(51,968,439	)
Net unrealized appreciation of investments	$	2,989,121,013

Cost of investments for tax purposes is $9,617,765,604.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		25,497,088		$	270,812,555			68,784,007		$	663,704,131
Class C		1,138,561			11,894,635			5,809,453			55,527,016
Class R		800,552			8,603,600			1,785,967			17,409,877
Class Y		14,436,661			147,676,114			15,406,385			150,348,194
Class R5		925,365			9,781,700			2,909,650			28,575,125
Class R6		5,921,241			62,111,606			20,200,629			193,900,974
Issued as reinvestment of dividends:
Class A		18,813,089			200,051,808			57,689,540			571,984,286
Class C		689,442			7,229,552			2,855,543			28,049,019
Class R		240,489			2,576,274			861,443			8,627,747
Class Y		1,636,331			17,362,198			5,216,816			51,695,476
Class R5		565,097			5,988,567			2,548,607			25,219,954
Class R6		2,278,620			24,112,037			7,837,423			77,386,041
Automatic conversion of Class C shares to Class A shares:
Class A		4,870,947			52,633,746			5,888,040			57,112,865
Class C		(4,971,668	)		(52,633,746	)		(6,006,241	)		(57,112,865	)

22 Invesco Equity and Income Fund

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(89,669,335	)	$	(938,461,480	)		(186,965,291	)	$	(1,779,947,350	)
Class C		(5,616,020	)		(57,251,921	)		(19,017,796	)		(178,147,982	)
Class R		(3,223,328	)		(35,044,394	)		(5,249,093	)		(50,622,453	)
Class Y		(20,584,895	)		(217,287,552	)		(41,983,310	)		(399,831,986	)
Class R5		(4,836,596	)		(51,457,197	)		(20,808,840	)		(187,770,392	)
Class R6		(28,571,195	)		(301,637,384	)		(42,671,995	)		(408,919,843	)
Net increase (decrease) in share activity		(79,659,554	)	$	(832,939,282	)		(124,909,063	)	$	(1,132,812,166	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% 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.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

23 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, 2020 through February 28, 2021.

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.

										HYPOTHETICAL
										(5% annual return before
				ACTUAL						expenses)
	Beginning			Ending			Expenses			Ending			Expenses			Annualized
	Account Value			Account Value			Paid During			Account Value			Paid During			Expense
	(09/01/20)			(02/28/21)1			Period2			(02/28/21)			Period2			Ratio
Class A		$	1,000.00		$	1,197.90		$	4.41		$	1,020.78		$	4.06		0.81	%
Class C			1,000.00			1,193.20			8.37			1,017.16			7.70		1.54
Class R			1,000.00			1,196.20			5.77			1,019.54			5.31		1.06
Class Y			1,000.00			1,198.20			3.05			1,022.02			2.81		0.56
Class R5			1,000.00			1,198.60			2.67			1,022.36			2.46		0.49
Class R6			1,000.00			1,200.30			2.18			1,022.81			2.01		0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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 Equity and Income Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Floating Rate ESG Fund Nasdaq: A: AFRAX ∎ C: AFRCX ∎ R: AFRRX ∎ Y: AFRYX ∎ R5: AFRIX ∎ R6: AFRFX

2	Fund Performance
4	Schedule of Investments
24	Financial Statements
27	Financial Highlights
28	Notes to Financial Statements
36	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, 8/31/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.06	%
Class C Shares	6.82
Class R Shares	6.77
Class Y Shares	7.20
Class R5 Shares	7.07
Class R6 Shares	6.93
Bloomberg Barclays U.S. Aggregate Bond Index▼ (Broad Market Index)	-1.55
Credit Suisse Leveraged Loan Index∎ (Style-Specific Index)	6.38
Lipper Loan Participation Funds Classification Average◆ (Peer Group)	5.55
Source(s): ▼RIMES Technologies Corp.; ∎ 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, noninvestment-grade loans. The Lipper Loan Participation Funds Classification Average represents an average of all of the funds in the Lipper Loan Participation Funds classification average. 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 Floating Rate ESG Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	3.95	%
10 Years	3.59
5 Years	5.06
1 Year	2.66
Class C Shares
Inception (3/31/00)	3.66	%
10 Years	3.44
5 Years	5.08
1 Year	3.71
Class R Shares
Inception (4/13/06)	3.37	%
10 Years	3.58
5 Years	5.34
1 Year	4.96
Class Y Shares
Inception (10/3/08)	5.13	%
10 Years	4.10
5 Years	5.87
1 Year	5.49
Class R5 Shares
Inception (4/13/06)	3.93	%
10 Years	4.13
5 Years	5.88
1 Year	5.51
Class R6 Shares
10 Years	4.12	%
5 Years	5.91
1 Year	5.42

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 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.

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

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

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

3 Invesco Floating Rate ESG Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Variable Rate Senior Loan Interests–87.09%(b)(c)
Aerospace & Defense–3.65%
Aernnova Aerospace S.A.U. (Spain) Delayed Draw Term Loan (3 mo. EURIBOR + 3.00%)		3.00%		01/31/2027	EUR		92	$	105,950
Term Loan B-1 (3 mo. EURIBOR + 3.00%)		3.00%		01/31/2027	EUR		363		419,639
Atlantic Aviation FBO, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		3.87%		12/06/2025		$	3,191		3,204,609
CEP IV Investment 16 S.a.r.L (ADB Safegate) (Luxembourg), Term Loan B(d)		-		10/03/2024	EUR		2,349		2,669,806
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			5,371		5,214,076
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			2,885		2,800,625
IAP Worldwide Services, Inc.
Revolver Loan
(Acquired 07/22/2014-05/10/2019; Cost $836,351)(e)(f)(g)		0.00%		07/18/2021			836		836,351
Revolver Loan
(Acquired 07/22/2014-05/10/2019; Cost $92,928)(e)(f)		7.00%		07/18/2021			93		92,928
Second Lien Term Loan (3 mo. USD LIBOR + 6.50%)
(Acquired 08/18/2014-05/10/2019; Cost $962,949)(e)(f)		8.00%		07/18/2021			968		967,866
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		2.87%		10/04/2024			4,370		4,337,351
PAE Holdings Corp., Term Loan(d)		-		10/13/2027			358		360,679
Peraton Corp.
Delayed Draw Term Loan(d)		-		02/01/2028			7,598		7,597,536
Second Lien Term Loan(d)(e)		-		02/26/2029			2,805		2,762,868
Term Loan B(d)		-		02/01/2028			4,028		4,048,641
Perspecta, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		2.36%		05/30/2025			1,552		1,557,880
Spirit Aerosystems, Inc., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		01/15/2025			2,838		2,866,585
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)		2.36%		05/30/2025			9,257		9,154,352
Term Loan F (1 mo. USD LIBOR + 2.25%)		2.36%		12/09/2025			1,356		1,340,038
Term Loan G (1 mo. USD LIBOR + 2.25%)		2.36%		08/22/2024			2,936		2,906,346
									53,244,126
Air Transport–3.42%
Avolon TLB Borrower 1 (US) LLC
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.50%		01/15/2025			658		656,813
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		2.25%		02/10/2027			10,461		10,387,210
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)		3.25%		12/01/2027			3,588		3,601,035
Delta Air Lines, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.75%		05/01/2023			8,897		8,982,982
eTraveli Group Holding AB (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		08/02/2024	EUR		2,122		2,427,725
JetBlue Airways Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.25%		07/01/2024			2,235		2,306,051
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		06/21/2027			9,276		9,925,077
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		10/01/2027			10,707		11,353,041
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/01/2024			102		100,057
WestJet Airlines Ltd. (Canada), Term Loan B (3 mo. USD LIBOR + 3.00%)		4.00%		12/11/2026			137		133,229
									49,873,220
Automotive–3.72%
American Axle & Manufacturing, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/06/2024			1,938		1,938,990
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 5.75%)(e)		5.86%		05/22/2025			3,891		3,920,617
Belron Finance US LLC, Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		2.46%		10/30/2026			1,223		1,225,600
Ford Motor Co., Delayed Draw Term Loan (3 mo. USD LIBOR + 1.75%)		1.87%		12/31/2022			7,507		7,319,097
Garrett Borrowing LLC
DIP Term Loan (1 mo. USD LIBOR + 4.50%)(e)		5.50%		03/31/2021			3,793		3,802,948
Term Loan A(d)		-		09/27/2023	EUR		1,873		2,253,943
Term Loan B (3 mo. EURIBOR + 3.75%)(h)		3.75%		09/27/2025	EUR		306		368,648
Term Loan B (1 mo. PRIME + 2.50%)(h)		5.75%		09/27/2025			6,193		6,177,453
Goodyear Tire & Rubber Co. (The), Second Lien Term Loan (3 mo. USD LIBOR + 2.00%)		2.13%		03/03/2025			1,073		1,061,912

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

4 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Automotive–(continued)
Highline Aftermarket Acquisition LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.25%		10/28/2027		$	4,181	$	4,202,180
IAA Spinco, Inc., Term Loan (3 mo. USD LIBOR + 2.25%)		2.38%		06/28/2026			2,248		2,253,457
Les Schwab Tire Centers, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/26/2027			5,463		5,490,374
Mavis Tire Express Services Corp., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		03/20/2025			1,960		1,970,996
Navistar, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		3.62%		11/06/2024			933		935,246
Project Boost Purchaser LLC, Term Loan C (1 mo. USD LIBOR + 4.25%)		5.00%		06/01/2026			708		714,806
TI Group Automotive Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		4.00%		12/31/2024			812		815,786
Transtar Holding Co.
Delayed Draw Term Loan
(Acquired 07/06/2017; Cost $243,131)(e)(f)(g)		0.00%		04/11/2022			243		243,737
Term Loan
(Acquired 04/11/2017-01/22/2021; Cost $880,904)(d)(e)(f)		-		04/11/2022			926		930,818
Truck Hero, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/20/2028			1,678		1,682,085
Visteon Corp., Term Loan (3 mo. USD LIBOR + 1.75%)		1.94%		03/25/2024			495		492,874
Wand NewCo 3, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		3.11%		02/05/2026			1,328		1,320,753
Winter Park Intermediate, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/06/2027			5,185		5,187,035
									54,309,355
Beverage & Tobacco–0.07%
AI Aqua Merger Sub, Inc., First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		12/13/2023			216		217,852
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2024			809		763,746
									981,598
Building & Development–1.80%
ACProducts, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		08/18/2025			2,426		2,489,299
Advanced Drainage Systems, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		2.38%		09/30/2026			1,123		1,126,823
American Builders & Contractors Supply Co., Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		01/15/2027			4,149		4,138,413
American Residential Services LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/07/2027			847		853,265
Apcoa Parking Holdings GmbH (Germany), Term Loan B-2 (3 mo. EURIBOR + 7.25%)		7.25%		03/20/2024	EUR		370		444,965
Brookfield Retail Holdings VII Sub 3 LLC
Term Loan A-2 (3 mo. USD LIBOR + 3.00%)		3.11%		08/28/2023			1,016		998,707
Term Loan B (3 mo. USD LIBOR + 2.50%)		2.61%		08/27/2025			1,257		1,227,289
DiversiTech Holdings, Inc., Term Loan B-1(d)		-		06/03/2024			1,594		1,601,450
LBM Holdings LLC
Delayed Draw Term Loan(d)		-		12/08/2027			247		248,326
Term Loan(d)		-		12/08/2027			1,114		1,117,469
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		2.61%		02/01/2027			1,026		1,025,422
Re/Max LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		3.50%		12/15/2023			4,696		4,710,180
Realogy Group LLC, Term Loan (3 mo. USD LIBOR + 2.25%)		3.00%		02/08/2025			367		366,553
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		07/24/2024			2,895		2,897,072
White Cap Buyer LLC, Term Loan(d)		-		10/31/2027			3,000		3,016,200
									26,261,433
Business Equipment & Services–9.65%
Adevinta ASA (Norway), Term Loan B (d)		-		10/22/2027			1,399		1,411,405
AlixPartners, LLP, Term Loan B(d)		-		02/15/2028			2,174		2,176,113
Asurion LLC, Term Loan B-8(d)		-		12/31/2026			1,480		1,477,834
AutoScout24 (Speedster Bidco GmbH) (Germany), Second Lien Term Loan (3 mo. EURIBOR + 6.25%)		6.25%		02/14/2028	EUR		470		569,669
AVS Group GmbH (Germany), Term Loan B-2 (6 mo. EURIBOR + 3.75%)		3.75%		09/10/2026	EUR		997		1,191,343
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		05/22/2024			3,067		3,078,133
Camelot Finance L.P.
Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)		4.00%		10/30/2026			3,894		3,914,049
Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		10/30/2026			4,210		4,213,191
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate
(Acquired 02/15/2019-02/26/2021; Cost $1,098,731)(f)(i)		9.50%		08/15/2023			1,121		400,808
Term Loan (3 mo. USD LIBOR + 7.50%)
(Acquired 02/15/2019-11/12/2020; Cost $765,331)(f)		8.50%		02/15/2023			818		711,720
Ciox, Term Loan (1 mo. USD LIBOR + 5.00%)		6.00%		12/16/2025			2,745		2,761,915

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

5 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Business Equipment & Services–(continued)
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(e)		7.62%		02/15/2029		$	1,980	$	1,945,371
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		7.36%		08/08/2026			234		228,839
Crossmark Holdings, Inc., Term Loan (3 mo. USD LIBOR + 10.00%)
(Acquired 07/26/2019-01/06/2021; Cost $979,405)(f)		11.00%		07/26/2023			998		980,331
Dakota Holding Corp., Second Lien Term Loan B (1 mo. USD LIBOR + 8.00%)(e)		9.00%		03/06/2028			2,020		2,065,868
Dun & Bradstreet Corp. (The)
Incremental Term Loan(d)		-		02/06/2026			1,710		1,714,855
Term Loan(d)		-		02/06/2026			3,000		3,009,375
FleetCor Technologies Operating Co. LLC, Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.86%		08/02/2024			785		785,131
GI Revelation Acquisition LLC
First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		5.11%		04/16/2025			2,835		2,827,920
Second Lien Term Loan (3 mo. USD LIBOR + 9.00%)		9.11%		04/16/2026			1,148		1,154,082
GlobalLogic Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		4.50%		09/14/2027			1,985		2,002,276
Hillman Group, Inc. (The)
Delayed Draw Term Loan(d)		-		02/23/2028			468		468,896
Term Loan B-1(d)		-		02/23/2028			2,130		2,135,008
Term Loan B-2(d)		-		02/23/2028			174		174,305
Holding Socotec (France), Term Loan B-2(d)		-		07/29/2024	GBP		1,000		1,386,234
I-Logic Technologies Bidco Ltd. (United Kingdom)
First Lien Term Loan B(d)		-		10/31/2027	EUR		373		453,121
First Lien Term Loan B (1 mo. USD LIBOR + 4.00%)		4.50%		02/04/2028			1,581		1,592,160
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		4.81%		06/23/2024	GBP		3,856		5,076,584
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan (3 mo. USD LIBOR + 4.00%)
(Acquired 06/01/2018-05/10/2019; Cost $448,203)(f)		5.00%		11/21/2024			451		452,562
KAR Auction Services, Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.25%)		2.38%		09/15/2026			3,782		3,734,732
Karman Buyer Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		10/31/2027			5,047		5,085,825
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		2.86%		02/05/2027			3,853		3,875,965
Learning Care Group (US) No. 2, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		03/13/2025			2		2,221
Monitronics International, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.75%		03/29/2024			13,456		12,778,540
Term Loan (1 mo. USD LIBOR + 5.00%)		6.50%		08/30/2024			9,269		9,306,524
NielsenIQ, Inc.
Term Loan B(d)		-		02/05/2028			3,050		3,060,451
Term Loan B(d)		-		02/05/2028	EUR		912		1,104,920
OCM System One Buyer CTB LLC, Term Loan B(d)(e)		-		02/28/2028			1,578		1,585,524
On Assignment, Inc., Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		1.86%		04/02/2025			1,067		1,072,146
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		1.86%		11/18/2026			4,003		3,989,805
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		3.50%		09/23/2026			9,425		9,446,528
Prometric Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		01/29/2025			127		124,173
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-3 (1 mo. USD LIBOR + 3.50%)		4.25%		11/08/2024			2,423		2,431,949
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)		4.25%		11/14/2022			11,431		11,438,255
Sportradar Capital (Switzerland), Term Loan (3 mo. EURIBOR + 4.25%)		4.25%		11/22/2027	EUR		653		792,856
Tech Data Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		3.61%		06/30/2025			5,267		5,310,409
Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		11/02/2026			2		1,691
Trans Union LLC, Term Loan B-5 (1 mo. USD LIBOR + 1.75%)		1.86%		11/16/2026			489		490,364
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(e)		5.99%		03/20/2027			1,496		1,495,558
Ventia Deco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		05/21/2026			5,737		5,762,480
Verra Mobility Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		3.36%		02/28/2025			2,409		2,413,855
Virtusa Corp., Term Loan B(d)		-		12/09/2027			1,619		1,632,246
Wash MultiFamily Acquisition, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022			1,481		1,481,166
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022			283		282,712
WEX, Inc., Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.36%		05/17/2026			678		677,365
WowMidco S.A.S. (France), Term Loan B (3 mo. GBP LIBOR + 4.50%)		4.53%		08/08/2026	GBP		704		983,893
									140,721,251
Cable & Satellite Television–2.52%
Atlantic Broadband Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		2.11%		01/03/2025			5,654		5,643,380
Charter Communications Operating LLC, Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.87%		04/30/2025			38		37,967

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

6 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Cable & Satellite Television–(continued)
CSC Holdings LLC
Incremental Term Loan (3 mo. USD LIBOR + 2.25%)		2.36%		01/15/2026		$	529	$	526,887
Term Loan (3 mo. USD LIBOR + 2.25%)		2.36%		07/17/2025			2,906		2,897,404
Term Loan (1 mo. USD LIBOR + 2.50%)		2.61%		04/15/2027			567		566,570
Mediacom Illinois LLC, Term Loan N (3 mo. USD LIBOR + 1.75%)		1.84%		02/15/2024			336		336,924
Numericable-SFR S.A. (France), Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		4.20%		08/14/2026			3,681		3,690,322
UPC Financing Partnership
Term Loan AT (1 mo. USD LIBOR + 2.25%)		2.36%		04/30/2028			154		153,609
Term Loan B-1(d)		-		01/31/2029			4,434		4,448,237
Term Loan B-2(d)		-		01/31/2029			4,434		4,448,237
Virgin Media Bristol LLC (United Kingdom)
Term Loan(d)		-		01/15/2029			5,558		5,572,230
Term Loan N (1 mo. USD LIBOR + 2.50%)		2.61%		01/31/2028			8,441		8,435,045
									36,756,812
Chemicals & Plastics–3.99%
Aruba Investments, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		11/24/2027			1,720		1,741,915
Second Lien Term Loan (6 mo. USD LIBOR + 7.75%)		8.50%		11/24/2028			2,282		2,308,549
Ascend Performance Materials Operations LLC, Term Loan (3 mo. USD LIBOR + 4.75%)		5.50%		08/27/2026			7,387		7,497,216
Axalta Coating Systems US Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.00%		06/01/2024			85		84,579
BASF Construction Chemicals (Germany), Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		07/30/2027	EUR		512		622,180
BCPE Max Dutch Bidco B.V. (Netherlands)
Term Loan B(d)		-		10/31/2025	EUR		318		384,169
Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		10/31/2025	EUR		750		908,609
Colouroz Investment LLC (Germany)
First Lien Term Loan B-5
(Acquired 06/24/2020-09/30/2020; Cost $347,179)(d)(f)		-		09/21/2023	EUR		332		391,539
First Lien Term Loan B-6
(Acquired 08/13/2020-09/30/2020; Cost $48,938)(d)(f)		-		09/21/2023	EUR		47		55,048
First Lien Term Loan B-7
(Acquired 08/13/2020-09/30/2020; Cost $119,694)(d)(f)		-		09/21/2023	EUR		114		134,642
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate(i)		0.75%		09/21/2023			4,215		4,102,497
PIK First Lien Term Loan B-4, 0.75% PIK Rate, 5.00% Cash Rate
(Acquired 06/09/2020-12/31/2020; Cost $72,824)(f)(i)		0.75%		09/21/2023	EUR		69		81,629
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate(i)		0.75%		09/21/2023			619		602,326
PIK First Lien Term Loan, 0.75% PIK Rate, 5.00% Cash Rate
(Acquired 06/09/2020-12/31/2020; Cost $3,627,564)(f)(i)		0.75%		09/21/2023	EUR		3,438		4,058,859
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate(i)		5.75%		09/05/2022			52		44,694
Term Loan B-3(d)		-		09/21/2023	EUR		1		1,522
Emerald Performance Materials LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		08/11/2025			716		720,211
Encapsys LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		4.25%		11/07/2024			15		15,443
Ferro Corp.
Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			42		41,957
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			136		135,713
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			133		132,824
Fusion, Term Loan(d)(e)		-		01/07/2026			2,136		2,115,055
H.B. Fuller Co., Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		10/20/2024			332		332,044
ICP Group Holdings LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/14/2028			1,604		1,607,844
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		01/14/2029			342		346,757
Ineos Quattro Holdings Ltd. (United Kingdom), Term Loan B(d)		-		01/21/2026			4,637		4,663,519
Invictus US NewCo LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		03/28/2025			3,479		3,478,384
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		6.86%		03/30/2026			1,606		1,594,591
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		11/30/2027	EUR		528		639,164
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		2.75%		03/02/2026			7,679		7,688,596
Oxea Corp.
Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		10/11/2024	EUR		1,460		1,743,734
Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		3.63%		10/14/2024			3,849		3,840,745

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

7 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Chemicals & Plastics–(continued)
Perstorp Holding AB (Sweden)
Term Loan B (3 mo. EURIBOR + 4.75%)		4.75%		02/26/2026	EUR		408	$	484,370
Term Loan B (3 mo. USD LIBOR + 4.75%)		5.02%		02/27/2026		$	1,124		1,098,324
Potters Industries LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(e)		4.75%		11/19/2027			2,709		2,726,012
Proampac PG Borrower LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		11/03/2025			1,056		1,059,874
Tronox Finance LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.25%		09/23/2024			40		39,620
Univar, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.00%)		2.11%		07/01/2026			659		658,339
									58,183,093
Clothing & Textiles–0.87%
ABG Intermediate Holdings 2 LLC, Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		09/29/2024			426		430,458
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		01/20/2028			1,334		1,337,312
Kontoor Brands, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)(e)		4.36%		05/17/2026			695		697,207
Mascot Bidco Oy (Finland)
Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		03/30/2026	EUR		1,183		1,413,816
Term Loan B-2 (3 mo. EURIBOR + 6.25%)		6.25%		03/30/2026	EUR		619		747,488
New Trojan Parent, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		3.75%		02/01/2028			634		636,237
Tumi, Inc.
Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		04/25/2025			7,205		7,290,946
Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		04/25/2025			85		84,054
									12,637,518
Conglomerates–0.41%
APi Group DE, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		10/01/2026			1,308		1,314,129
Safe Fleet Holdings LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		02/03/2025			3,380		3,334,452
First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.75%)(e)		4.75%		02/03/2025			841		838,536
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		7.75%		02/02/2026			580		526,711
									6,013,828
Containers & Glass Products–3.64%
Berlin Packaging LLC
Term Loan (3 mo. USD LIBOR + 3.00%)		3.13%		11/07/2025			3,113		3,096,995
Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		3.26%		11/07/2025			889		884,537
Berry Global, Inc.
Term Loan X (1 mo. USD LIBOR + 2.00%)		2.12%		01/19/2024			668		668,773
Term Loan Y (1 mo. USD LIBOR + 2.00%)		2.12%		07/01/2026			10,519		10,528,984
Consolidated Container Co. LLC, Term Loan B(d)		-		01/29/2028			2,464		2,463,631
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 4.25%)		5.00%		03/29/2024			9,423		9,117,098
Flex Acquisition Co., Inc., Incremental Term Loan B (3 mo. USD LIBOR + 3.00%)		3.24%		06/29/2025			1,448		1,439,839
Fort Dearborn Holding Co., Inc.
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/19/2023			2,417		2,415,349
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)		9.50%		10/21/2024			393		391,425
Graham Packaging Co., Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		3.75%		07/29/2027			1,014		1,017,245
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)		5.00%		11/21/2023			5,874		5,435,742
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)		5.25%		10/31/2023	EUR		3,526		4,212,988
Term Loan B-3 (3 mo. EURIBOR + 4.25%)		5.25%		10/31/2023	EUR		1,352		1,615,616
Klockner Pentaplast of America, Inc.
Term Loan B(d)		-		03/01/2026	EUR		759		913,816
Term Loan B(d)		-		03/01/2026			772		775,343
Libbey Glass, Inc., Term Loan
(Acquired 11/13/2020; Cost $2,848,226)(d)(f)		-		11/12/2025			3,152		3,123,870
Pretium PKG Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/14/2027			2,153		2,165,883
Reynolds Group Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		3.36%		02/16/2026			1,329		1,326,089
TricorBraun, Inc., Term Loan (1 mo. PRIME +2.75%)		6.00%		11/30/2023			231		230,873
Trident TPI Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.00%		10/17/2024			1,268		1,268,853
									53,092,949

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

8 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Cosmetics & Toiletries–1.16%
Alphabet Holding Co., Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		7.86%		09/26/2025			$	3,043	$	3,060,133
Anastasia Parent LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		4.00%		08/11/2025				1,520		1,051,860
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		04/05/2025				8,743		8,483,099
Domtar Personal Care, Term Loan B(d)(e)		-		03/01/2028				2,132		2,139,747
KDC/One (Canada), Term Loan (3 mo. EURIBOR + 5.00%)		5.00%		12/22/2025		EUR		274		332,493
Parfums Holding Co., Inc., First Lien Term Loan(d)		-		06/30/2024				632		630,408
Rodenstock GmbH (Germany), Term Loan B (3 mo. EURIBOR + 5.25%)		5.25%		06/05/2026		EUR		1,052		1,278,181
										16,975,921
Drugs–0.06%
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		2.09%		11/15/2027				207		206,506
Pharmaceutical Product Development, Inc., Term Loan(d)		-		01/06/2028				704		707,753
										914,259
Ecological Services & Equipment–0.20%
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		3.50%		05/30/2025				1,566		1,575,049
Patriot Container Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2025				533		532,306
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		8.75%		03/20/2026				322		301,016
Tunnel Hill Partners L.P., Term Loan (3 mo. USD LIBOR + 3.50%)
(Acquired 10/01/2018-05/10/2019; Cost $497,403)(f)		3.61%		02/06/2026				496		486,680
										2,895,051
Electronics & Electrical–13.34%
Applied Systems, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		09/19/2024				21		20,987
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/30/2028				313		319,807
Boxer Parent Co., Inc., Term Loan B(d)		-		10/02/2025		EUR		465		561,659
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		04/18/2025				3,880		3,902,417
Cambium Learning Group, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.75%		12/18/2025				1,647		1,652,483
Camelia Bidco Ltd. (United Kingdom), Term Loan B-1 (3 mo. GBP LIBOR + 4.75%)		4.78%		10/14/2024		GBP		2,136		2,960,103
CDK International (Concorde Lux) (Luxembourg), Term Loan B(d)		-		02/19/2028		EUR		404		489,402
Clodera, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)(e)		3.25%		12/20/2027				1,420		1,426,747
CommerceHub, Inc., Term Loan B(d)		-		01/01/2028				2,041		2,053,995
CommScope, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		04/06/2026				2,586		2,589,126
Cornerstone OnDemand, Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		4.36%		04/22/2027				2,851		2,870,163
Dedalus Finance GmbH (Germany), Term Loan(d)		-		07/16/2027		EUR		735		892,494
Delta Topco, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/01/2027				7,248		7,294,463
Devoteam (Castillon S.A.S. - Bidco) (France)
Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		10/09/2027		EUR		478		577,294
Term Loan B-2(d)		-		10/09/2027		EUR		134		161,210
Diebold Nixdorf, Inc., Term Loan B (3 mo. EURIBOR + 3.00%)		3.00%		11/06/2023		EUR		2,445		2,926,353
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.00%		02/04/2028				3,568		3,579,303
Energizer Holdings, Inc., Term Loan(d)		-		12/22/2027				2,737		2,745,103
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/06/2026				2,740		2,733,533
Everest Bidco S.A.S. (France), First Lien Term Loan B (3 mo. EURIBOR + 3.25%)		3.25%		07/04/2025		EUR		2,794		3,334,475
Exact Holding N.V., Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		11/09/2027				548		550,489
Finastra USA, Inc. (United Kingdom), First Lien Term Loan(d)		-		06/13/2024				5,450		5,406,303
Forcepoint, Term Loan B (1 mo. USD LIBOR + 4.50%)		4.71%		02/01/2028				2,190		2,192,340
Go Daddy Operating Co. LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		2.61%		08/12/2027				7,237		7,256,190
Hyland Software, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		07/01/2024				1,184		1,190,358
Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		7.75%		07/07/2025				585		592,605
IGT Holding IV AB (Sweden), Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		4.25%		07/29/2024				1,676		1,657,178
Imperva, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		8.75%		01/11/2027				1,845		1,813,487
Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		01/10/2026				2,132		2,143,172

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

9 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Electronics & Electrical–(continued)
Infinite Electronics
Second Lien Term Loan(d)		-		02/24/2029			$	586	$	588,557
Term Loan B(d)		-		02/24/2028				1,524		1,527,330
ION Corp., Term Loan (1 mo. USD LIBOR + 4.25%)		4.52%		10/02/2025				1,851		1,859,061
Liftoff Mobile, Inc., Term Loan B(d)		-		02/17/2028				1,385		1,384,950
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		4.87%		08/28/2027				10,562		10,573,920
Marcel Bidco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(e)		4.75%		12/31/2027				2,153		2,166,728
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		05/08/2025				5,235		5,248,505
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		09/13/2024				3,242		3,256,790
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.27%		03/06/2026				1,288		1,293,214
MTS Systems Corp., Term Loan B (3 mo. USD LIBOR + 3.25%)		4.00%		07/05/2023				746		747,080
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		04/29/2026				4,752		4,535,566
NCR Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.72%		08/28/2026				4,672		4,646,853
Neustar, Inc.
Term Loan B-4 (3 mo. USD LIBOR + 3.50%)		4.50%		08/08/2024				4,552		4,400,978
Term Loan B-5 (3 mo. USD LIBOR + 4.50%)		5.50%		08/08/2024				958		935,256
Oberthur Technologies of America Corp., Term Loan B (3 mo. EURIBOR + 3.75%)
(Acquired 01/09/2018; Cost $1,505,827)(f)		3.75%		01/10/2024		EUR		1,267		1,525,765
ON Semiconductor Corp., Term Loan B-4 (1 mo. USD LIBOR + 2.00%)		2.11%		09/19/2026				1,338		1,342,059
Open Text Corp. (Canada), Term Loan (3 mo. USD LIBOR + 1.75%)		1.86%		05/30/2025				72		71,785
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		8.25%		01/31/2025				1,215		1,033,103
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		02/01/2024				7,426		7,112,687
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		01/02/2025				3,588		3,444,352
Project Leopard Holdings, Inc.
Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/07/2023				4,206		4,231,400
Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		07/07/2023				845		847,570
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.46%		05/16/2025				10,931		10,974,540
RealPage, Inc., Term Loan B(d)		-		02/15/2028				4,859		4,870,842
Renaissance Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		05/30/2025				45		44,582
Second Lien Term Loan(d)		-		05/29/2026				525		525,177
Resideo Funding, Inc., Term Loan B(d)		-		02/08/2028				911		911,202
Riverbed Technology, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		12/31/2025				8,235		8,024,381
PIK Second Lien Term Loan, 4.50% PIK Rate, 7.50% Cash Rate(i)		4.50%		12/31/2026				3,943		3,209,946
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		04/24/2022				321		315,155
Severin Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.36%		08/01/2025				8		8,016
SkillSoft Corp., Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		04/27/2025				4,736		4,734,888
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B(d)(e)		-		12/01/2027				1,430		1,435,138
SonicWall U.S. Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		3.68%		05/16/2025				3,145		3,121,116
Sophos (Surf Holdings LLC) (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		3.73%		03/05/2027				829		827,425
SS&C Technologies, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025				3,930		3,924,737
Term Loan B-4 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025				2,992		2,988,609
Term Loan B-5 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025				3,900		3,894,911
Sybil Software LLC, Term Loan (3 mo. USD LIBOR + 2.25%)		3.25%		09/29/2023				737		739,925
TTM Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 2.50%)		2.62%		09/28/2024				1,843		1,848,047
Ultimate Software Group, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.86%		05/04/2026				6,587		6,625,336
Incremental Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		05/01/2026				1,037		1,044,674
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		05/10/2027				198		205,200
Veritas US, Inc., Term Loan B-1 (3 mo. EURIBOR + 5.50%)		6.50%		08/13/2025		EUR		602		734,192
WebPros, Term Loan (1 mo. USD LIBOR + 5.25%)(e)		5.75%		02/18/2027				2,919		2,947,760
Weld North Education LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/17/2027				1,899		1,904,920
										194,527,467
Equipment Leasing–0.14%
Delos Finance S.a.r.l. (Luxembourg), Term Loan (3 mo. USD LIBOR + 1.75%)		2.00%		10/06/2023				2,071		2,073,817

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

10 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Financial Intermediaries–0.74%
Alter Domus (Participations S.a.r.l.) (Luxembourg)
Term Loan B(d)		-		02/28/2028		EUR		403	$	488,511
Term Loan B(d)		-		02/28/2028			$	943		946,121
Evergood 4 APS (Denmark), Second Lien Term Loan (3 mo. EURIBOR + 7.00%)		8.00%		02/06/2027		EUR		1,154		1,395,492
Everi Payments, Inc. Term Loan B (3 mo. USD LIBOR + 2.75%)		3.50%		05/09/2024				2,000		1,997,080
Term Loan B (1 mo. USD LIBOR + 10.50%)(e)		11.50%		05/09/2024				408		430,662
SGG Holdings S.A. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		07/11/2025		EUR		695		838,716
Stiphout Finance LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/26/2025				486		486,858
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		4.94%		02/10/2027				1,353		1,359,848
Washington Prime Group L.P. Revolver Loan(d)		-		12/30/2021				2,390		2,210,803
Term Loan(d)		-		12/30/2022				669		619,025
										10,773,116
Food Products–1.12%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		12/18/2026				762		768,673
Biscuit International S.A.S. (France), First Lien Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		02/07/2027		EUR		685		819,447
CSM Bakery Supplies LLC, First Lien Term Loan (1 mo. USD LIBOR + 6.25%)		7.25%		01/04/2022				6,189		6,160,797
Dole Food Co., Inc., Term Loan B(d)		-		04/06/2024				2,000		2,004,660
Froneri International PLC (United Kingdom), Second Lien Term Loan (3 mo. EURIBOR + 5.75%)		5.75%		01/28/2028		EUR		127		154,483
H-Food Holdings LLC Incremental Term Loan B-2(d)		-		05/23/2025				1,500		1,503,757
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		6.00%		05/23/2025				500		504,197
Hostess Brands LLC, First Lien Term Loan B (1 mo. USD LIBOR + 2.25%)		3.00%		08/03/2025				148		147,928
Shearer’s Foods LLC First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		09/15/2027				3,884		3,908,895
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.75%		09/15/2028				422		422,184
										16,395,021
Food Service–2.08%
Aramark Services, Inc. Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		1.86%		03/11/2025				418		414,007
Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.86%		01/15/2027				1,317		1,306,795
Carlisle FoodService Products, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		03/20/2025				1,240		1,195,656
Euro Garages (Netherlands) Term Loan (3 mo. USD LIBOR + 4.00%)		4.25%		02/06/2025				925		924,083
Term Loan B (3 mo. USD LIBOR + 4.00%)		4.25%		02/06/2025				1,236		1,234,579
Term Loan B (3 mo. GBP LIBOR + 4.75%)		4.77%		02/07/2025		GBP		1,098		1,519,327
Financiere Pax SAS, Term Loan B(d)		-		07/01/2026		EUR		2,822		3,149,569
IRB Holding Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/01/2027				2,803		2,817,644
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.86%		11/19/2026				14,847		14,725,315
NPC International, Inc., Second Lien Term Loan(h)(j)		0.00%		04/18/2025				669		13,371
Pizza Hut Holdings LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		04/03/2025				24		23,690
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%)		5.50%		11/29/2024				2,945		2,955,604
										30,279,640
Health Care–3.68%
athenahealth, Inc., Term Loan B (d)		-		02/11/2026				1,028		1,036,629
Dentalcorp Perfect Smile ULC (Canada), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		06/06/2025				100		99,527
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		1.87%		07/30/2027				310		309,434
Explorer Holdings, Inc. First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		02/04/2027				1,382		1,390,197
Incremental Term Loan(d)		-		02/04/2027				1,293		1,301,128
EyeCare Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		3.87%		02/05/2027				38		37,891
Femur Buyer, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		4.75%		03/05/2026				35		34,167
Gainwell Holding Corp. Term Loan B(d)		-		10/01/2027				3,156		3,151,796
Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/01/2027				3,229		3,225,837

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

11 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Health Care–(continued)
Global Medical Response, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/02/2025			$	4,692	$	4,705,264
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		3.86%		08/06/2026				4,923		4,935,552
IQVIA, Inc. Incremental Term Loan B-2 (3 mo. USD LIBOR + 1.75%)		1.86%		01/17/2025				418		418,509
Incremental Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		2.00%		06/11/2025				53		52,632
Term Loan B-1 (3 mo. USD LIBOR + 1.75%)		1.86%		03/07/2024				155		155,424
IWH UK Midco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		01/31/2025		EUR		2,795		3,246,830
MedAssets Sotware Intermediate Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/28/2028				2,067		2,075,032
Nemera (Financiere N BidCo) (France), Incremental Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		01/22/2026		EUR		222		266,663
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany) Term Loan B (3 mo. EURIBOR + 4.25%)		4.25%		10/29/2027		EUR		388		472,145
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		4.25%		10/29/2027		EUR		224		272,731
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		06/30/2025				2,158		2,164,214
Prophylaxis B.V. (Netherlands) PIK Term Loan B, 9.75% PIK Rate, 0.50% Cash Rate(e)(i)		9.75%		06/30/2025		EUR		584		712,356
Term Loan A (3 mo. EURIBOR + 4.50%)(e)		4.50%		06/30/2025		EUR		1,519		1,821,842
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%		10/08/2027				5,240		5,283,744
Sunshine Luxembourg VII S.a.r.l. (Switzerland), Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		07/23/2026				185		185,956
Terveys-ja hoivapalvelut Suomi Oy (Finland), Second Lien Term Loan (3 mo. EURIBOR + 7.25%)		7.25%		07/19/2026		EUR		986		1,189,848
Unified Womens Healthcare, L.P., Term Loan B(d)		-		12/17/2027				2,595		2,614,800
Unilabs Diagnostics AB (Sweden), Revolver Loan(e)(g)		0.00%		04/01/2021		EUR		1,850		2,217,874
Upstream Newco, Inc., Term Loan (1 mo. USD LIBOR + 4.50%)		4.61%		10/22/2026				82		82,599
Verscend Holding Corp., Term Loan B-1(d)		-		08/07/2025				1,155		1,162,867
Waystar, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)(e)		4.75%		10/20/2026				1,661		1,669,277
Women’s Care Holdings, Inc. LLC First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		01/15/2028				1,286		1,289,975
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%		01/15/2029				551		551,438
WP CityMD Bidco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/13/2026				5,498		5,521,508
										53,655,686
Home Furnishings–1.27%
Hayward Industries, Inc. First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/04/2026				277		278,013
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		08/05/2024				733		734,790
Hilding Anders AB (Sweden), PIK Term Loan B, 0.75% PIK Rate, 5.00% Cash Rate(i)		0.75%		11/29/2024		EUR		2,209		2,026,314
Serta Simmons Bedding LLC First Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023				1,941		1,969,550
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023				5,485		5,188,386
TGP Holdings III LLC First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		09/25/2024				4,391		4,407,920
Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)		9.50%		09/25/2025				1,002		991,539
Webster-Stephen Products LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		10/20/2027				2,955		2,971,091
										18,567,603
Industrial Equipment–1.80%
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/30/2027				2,763		2,776,375
Alpha AB Bidco B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		07/30/2025		EUR		1,073		1,293,473
Altra Industrial Motion Corp., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11%		10/01/2025				45		45,043
CIRCOR International, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/11/2024				372		369,314
Columbus McKinnon Corp., Term Loan (3 mo. USD LIBOR + 2.50%)		3.50%		01/31/2024				85		85,264
Crosby US Acquisition Corp., Term Loan B (3 mo. USD LIBOR + 4.75%)		4.86%		06/27/2026				1,249		1,245,082
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		12/16/2027				1,896		1,900,875
Engineered Machinery Holdings, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/19/2024				170		170,100
Gardner Denver, Inc. Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		03/01/2027				1,154		1,153,043
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.86%		03/31/2027				1,866		1,865,862
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027				1,726		1,725,895

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

12 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Industrial Equipment–(continued)
Kantar (United Kingdom) Revolver Loan(d)(e)		-		06/04/2026			$	4,240	$	3,858,416
Term Loan B (1 mo. USD LIBOR + 4.75%)		4.98%		11/26/2026				3,233		3,235,326
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 2.75%)		3.50%		07/31/2025				383		384,736
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)(e)		5.00%		03/08/2025				1,265		1,037,250
North American Lifting Holdings, Inc. Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		10/16/2024				136		142,100
Term Loan (1 mo. USD LIBOR + 11.00%)		12.00%		04/16/2025				62		60,036
Robertshaw US Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		9.00%		02/28/2026				1,177		1,026,775
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		08/14/2026				3,711		3,724,765
Terex Corp., Term Loan (3 mo. USD LIBOR + 2.00%)		2.75%		01/31/2024				190		189,666
										26,289,396
Insurance–1.26%
Acrisure LLC, Term Loan (d)		-		01/31/2027				3,966		3,948,174
Alliant Holdings Intermediate LLC Term Loan(d)		-		05/09/2025				2,000		1,988,760
Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		4.25%		10/15/2027				475		477,326
AmWINS Group LLC, Term Loan(d)		-		02/17/2028				870		871,392
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		09/01/2027				3,115		3,129,913
Sedgwick Claims Management Services, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		12/31/2025				721		717,126
USI, Inc. Term Loan (3 mo. USD LIBOR + 3.00%)		3.25%		05/16/2024				5,000		4,969,625
Term Loan (1 mo. USD LIBOR + 4.00%)		4.25%		12/02/2026				2,233		2,224,161
										18,326,477
Leisure Goods, Activities & Movies–3.88%
Alpha Topco Ltd. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.50%)		3.50%		02/01/2024				9,177		9,160,401
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		3.20%		04/22/2026				3,205		2,765,250
Banijay Entertainment S.A.S. (France), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		03/01/2025		EUR		410		496,594
Bright Horizons Family Solutions, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		2.50%		11/07/2023				133		132,808
Crown Finance US, Inc. Term Loan(d)		-		05/23/2024				1,606		2,056,359
Term Loan(d)		-		02/28/2025		EUR		356		368,178
Term Loan (1 mo. USD LIBOR + 2.50%)		3.50%		02/28/2025				649		564,509
Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		09/20/2026				5,664		4,866,445
CWGS Group LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		3.50%		11/08/2023				5,133		5,136,558
Dorna Sports S.L. (Spain) Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		3.76%		04/12/2024				3,799		3,746,422
Term Loan B-2 (3 mo. EURIBOR + 3.25%)		3.25%		05/03/2024		EUR		347		417,703
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		04/18/2025				728		661,271
HNVR Holdco Ltd. (United Kingdom) Term Loan B(d)		-		09/12/2025		EUR		3,202		3,528,957
Term Loan C(d)		-		09/12/2027		EUR		2,534		2,777,609
Invictus Media S.L.U. (Spain) Term Loan A-1 (3 mo. EURIBOR + 4.25%)		4.25%		06/26/2024		EUR		458		525,697
Term Loan A-2 (3 mo. EURIBOR + 4.25%)		4.25%		06/26/2024		EUR		284		326,044
Term Loan B-1 (3 mo. EURIBOR + 4.75%)		4.75%		06/26/2025		EUR		1,357		1,542,115
Term Loan B-2 (3 mo. EURIBOR + 4.75%)		4.75%		06/26/2025		EUR		816		927,319
Lakeland Tours LLC PIK Term Loan, 13.25% PIK Rate(i)		13.25%		09/30/2027				760		293,842
PIK Term Loan, 6.00% PIK Rate, 2.75% Cash Rate(i)		6.00%		09/25/2025				604		549,763
PIK Term Loan, 6.00% PIK Rate, 2.75% Cash Rate(i)		6.00%		09/30/2025				758		520,768
PIK Term Loan, 6.00% PIK Rate, 7.25% Cash Rate(i)		6.00%		09/25/2023				349		350,826
Live Nation Entertainment, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.88%		10/19/2026				445		436,573
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom), Term Loan B (3 mo. EURIBOR + 3.00%)		3.00%		10/16/2026		EUR		2,928		3,444,908
Parques Reunidos (Spain), Incremental Term Loan B-2 (3 mo. EURIBOR + 7.50%)		7.50%		09/16/2026		EUR		1,704		2,045,497
Sabre GLBL, Inc., Term Loan B(d)		-		12/31/2027				998		1,010,699

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

13 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Leisure Goods, Activities & Movies–(continued)
Seaworld Parks & Entertainment, Inc., Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		3.75%		04/01/2024			$	4,003	$	3,956,651
Six Flage Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/17/2026				1,229		1,203,630
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%)		4.75%		06/21/2026		EUR		2,541		2,800,947
										56,614,343
Lodging & Casinos–3.36%
Aimbridge Acquisition Co., Inc. Incremental Term Loan (1 mo. USD LIBOR + 6.00%)		6.75%		02/01/2026				2,656		2,676,423
Term Loan (1 mo. USD LIBOR + 3.75%)		3.86%		02/01/2026				1,340		1,293,621
Aristocrat Technologies, Inc. Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/19/2024				2,603		2,624,466
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.97%		10/19/2024				15		15,303
B&B Hotels S.A.S. (France) Second Lien Term Loan B (3 mo. EURIBOR + 8.50%)		8.50%		07/31/2027		EUR		1,204		1,361,161
Term Loan B-3-A (3 mo. EURIBOR + 3.88%)		3.88%		07/31/2026		EUR		5,920		6,753,323
Bally’s Corp., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.00%		05/10/2026				2,063		2,049,229
Caesars Resort Collection LLC Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.61%		06/30/2025				1,303		1,308,463
Term Loan B (3 mo. USD LIBOR + 2.75%)		2.86%		12/23/2024				8,184		8,126,856
CityCenter Holdings LLC, Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/18/2024				4,952		4,920,591
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		09/18/2026				1,278		1,273,009
Four Seasons Hotels Ltd. (Canada), First Lien Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		11/30/2023				205		204,736
Hilton Worldwide Finance LLC, Term Loan B-2 (3 mo. USD LIBOR + 1.75%)		1.87%		06/22/2026				1,763		1,760,811
PCI Gaming Authority, Term Loan B (3 mo. USD LIBOR + 2.50%)		2.61%		05/29/2026				2,283		2,283,611
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.12%		05/11/2024				603		600,689
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.86%		08/14/2024				56		54,758
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		3.75%		07/10/2025				4,407		4,428,917
Station Casinos LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		2.50%		02/08/2027				3,708		3,673,783
VICI Properties 1 LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		12/20/2024				3,530		3,512,511
										48,922,261
Nonferrous Metals & Minerals–0.75%
American Rock Salt Co. LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/21/2025				1,791		1,797,848
Covia Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		07/31/2026				1,221		1,177,431
Form Technologies LLC Second Lien Term Loan (3 mo. USD LIBOR + 8.50%)		9.50%		01/30/2023				25		25,230
Term Loan (1 mo. USD LIBOR + 5.00%)(e)		6.00%		07/19/2025				3,241		3,257,327
Term Loan(d)(e)		-		10/27/2025				1,402		1,418,995
Kissner Group, Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		03/01/2027				3,176		3,184,397
										10,861,228
Oil & Gas–2.90%
Brazos Delaware II LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/21/2025				4,662		4,317,842
Crestwood Holdings LLC, Term Loan (3 mo. USD LIBOR + 7.50%)		7.62%		03/06/2023				5,850		5,269,727
Encino Acquisition Partners Holdings LLC, Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		7.75%		10/29/2025				3,460		3,234,788
Fieldwood Energy LLC DIP Delayed Draw Term Loan (1 mo. USD LIBOR + 8.75%) (Acquired 07/30/2020; Cost $121,339)(f)		9.75%		08/04/2021				141		190,895
DIP Delayed Draw Term
Loan Acquired 07/30/2020; Cost $1,272,635)(f)(g)		0.00%		08/04/2021				1,273		1,272,635
First Lien Term Loan
(Acquired 04/11/2018-05/29/2020; Cost $7,804,137)(f)(j)		0.00%		04/11/2022				9,458		2,853,149
Second Lien Term Loan
(Acquired 06/01/2018-05/10/2019; Cost $8,087,416)(f)(j)		0.00%		04/11/2023				8,514		20,433
Glass Mountain Pipeline Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		12/23/2024				1,795		762,711
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00%		07/02/2023				3,410		1,995,113

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

14 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Oil & Gas–(continued)
McDermott International Ltd. LOC (1 mo. USD LIBOR + 4.00%)		4.00%		06/30/2024			$	2,890	$	2,528,370
LOC(g)		0.00%		06/30/2024				6,610		5,982,339
Term Loan (1 mo. USD LIBOR + 3.00%)(e)		3.11%		06/30/2024				279		224,600
Term Loan (1 mo. USD LIBOR + 1.00%)		1.11%		06/30/2025				1,439		950,230
Osum Production Corp. (Canada), Term Loan (3 mo. USD LIBOR + 7.50%)(e)		8.50%		07/31/2022				3,533		3,515,020
Paragon Offshore Finance Co. (Cayman Islands), Term Loan(e)(h)(j)		0.00%		07/16/2021				17		0
Petroleum GEO-Services ASA (Norway) Revolver Loan(d)(e)		-		09/18/2023				3,365		2,584,345
Term Loan (1 mo. USD LIBOR + 7.50%)		7.76%		03/19/2024				6,544		5,327,920
Seadrill Operating L.P., PIK Term Loan, 13.00% PIK Rate (Acquired 07/30/2020-10/30/2020; Cost $1,009,738)(e)(f)(i)		13.00%		03/31/2021				1,010		1,090,734
Southcross Energy Partners L.P., Revolver Loan(e)(g)		0.00%		01/31/2025				157		152,800
										42,273,651
Publishing–2.08%
Adtalem Global Education, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%)		3.11%		04/11/2025				1,703		1,693,254
Cengage Learning, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)		5.25%		06/07/2023				10,820		10,689,653
Clear Channel Worldwide Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		3.71%		08/21/2026				9,590		9,352,988
Lamar Media Corp., Term Loan B (1 mo. USD LIBOR + 1.50%)		1.62%		01/09/2027				2,217		2,208,861
Nielsen Finance LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		4.75%		06/30/2025				6,288		6,365,466
										30,310,222
Radio & Television–1.70%
E.W. Scripps Co. (The), Term Loan B (d)		-		12/15/2027				6,952		6,974,251
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%)		2.62%		01/02/2026				364		364,611
Nexstar Broadcasting, Inc. Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.36%		01/17/2024				1,127		1,128,525
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		2.87%		09/18/2026				7,911		7,934,941
Sinclair Television Group, Inc. Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		01/03/2024				5,479		5,466,090
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		2.62%		09/30/2026				2,852		2,848,997
										24,717,415
Rail Industries–0.02%
Genesee & Wyoming, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.25%		12/30/2026				356		356,616
Retailers (except Food & Drug)–1.99%
BJ’s Wholesale Club, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11%		02/03/2024				52		51,846
Claire’s Stores, Inc., Term Loan B (1 mo. USD LIBOR + 6.50%)		6.61%		12/18/2026				533		508,905
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		10/16/2027				4,791		4,820,669
Harbor Freight Tools USA, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		10/15/2027				2,143		2,155,125
Kirk Beauty One GmbH (Germany) Term Loan B-1 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		1,276		1,518,091
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		563		669,047
Term Loan B-3 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		1,788		2,125,825
Term Loan B-4 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		1,187		1,411,963
Term Loan B-5 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		271		322,208
Term Loan B-6 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		941		1,118,827
Term Loan B-7 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022		EUR		823		979,425
Petco Animal Supplies, Inc., First Lien Term Loan(d)		-		02/25/2028				3,143		3,144,861
PetSmart, Inc., First Lien Term Loan B(d)		-		01/28/2028				10,030		10,113,204
										28,939,996
Surface Transport–0.83%
American Trailer World Corp., Term Loan B (d)(e)		-		02/28/2028				1,252		1,250,607
Kenan Advantage Group, Inc. (The) Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		07/29/2022				1,074		1,068,388
Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		07/29/2022				3,612		3,594,062
Odyssey Logistics & Technology Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/12/2024				1,117		1,106,215

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

15 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)				Value
Surface Transport–(continued)
PODS LLC, Term Loan B-4 (3 mo. USD LIBOR + 2.75%)		3.75%		12/06/2024			$	3,397	$	3,410,890
XPO Logistics, Inc. Term Loan B(d)		-		02/24/2025				533		533,679
Term Loan B-1 (1 mo. USD LIBOR + 2.50%)		2.61%		02/24/2025				1,203		1,205,972
										12,169,813
Telecommunications–6.09%
Avaya, Inc., Term Loan B-2 (d)		-		12/15/2027				659		662,234
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		11/30/2027				1,536		1,542,017
CCI Buyer, Inc., Term Loan(d)		-		12/13/2027				4,006		4,040,941
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		2.36%		03/15/2027				3,050		3,045,448
Ciena Corp., Term Loan (1 mo. USD LIBOR + 1.75%)		1.86%		09/26/2025				335		336,097
Colorado Buyer, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		05/01/2024				3,549		3,513,498
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/18/2027				5,763		5,806,231
Eagle Broadband Investments LLC (Mega Broadband), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		10/29/2027				1,349		1,357,913
Frontier Communications Corp., DIP Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/08/2021				3,192		3,228,117
GCI Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.50%		10/15/2025				2,304		2,320,254
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		05/16/2024				1,924		1,932,410
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		4.50%		12/12/2026				6,342		6,377,736
Intelsat Jackson Holdings S.A. (Luxembourg) DIP Term Loan (1 mo. USD LIBOR + 5.50%)		6.50%		07/13/2021				2,022		2,060,413
Term Loan B-3 (1 mo. PRIME + 4.75%)(h)		8.00%		11/27/2023				13,519		13,766,400
Term Loan B-5(h)		8.63%		01/02/2024				3,437		3,515,514
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		11/04/2026				168		169,240
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027				4,264		4,255,026
Midcontinent Communications, Term Loan (3 mo. USD LIBOR + 1.75%)		1.86%		08/15/2026				171		171,032
MLN US HoldCo LLC First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61%		11/30/2025				6,027		5,649,336
Second Lien Term Loan B (3 mo. USD LIBOR + 8.75%)		8.86%		11/30/2026				3,095		1,729,543
MTN Infrastructure TopCo, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		11/17/2024				1,073		1,079,063
Project Jerico (France), Term Loan B (6 mo. EURIBOR + 4.25%)		4.25%		11/22/2026		EUR		872		1,053,927
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/10/2026				1,844		1,853,587
SBA Senior Finance II LLC, Term Loan (3 mo. USD LIBOR + 1.75%)		1.87%		04/11/2025				1,137		1,134,866
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.87%		12/07/2026				12,309		12,213,599
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)		7.25%		09/21/2027				4,463		4,489,790
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		03/09/2027				1,466		1,466,875
										88,771,107
Utilities–2.90%
AI Alpine US Bidco, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		3.23%		10/25/2025				33		32,737
APLP Holdings L.P. (Canada), Term Loan B (1 mo. USD LIBOR + 2.50%)		3.50%		04/19/2025				277		277,855
Aria Energy Operating LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		05/27/2022				860		853,542
Brookfield WEC Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.25%		08/01/2025				659		658,248
Calpine Construction Finance Co. L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11%		01/15/2025				7,418		7,391,859
Calpine Corp. Term Loan (1 mo. USD LIBOR + 2.00%)		2.12%		04/05/2026				3,334		3,319,066
Term Loan (1 mo. USD LIBOR + 2.50%)		2.62%		12/16/2027				4,784		4,783,324
Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		08/12/2026				2,365		2,355,497
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/02/2025				1,854		1,762,857
ExGen Renewables IV LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		12/15/2027				1,025		1,032,742
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/31/2026				8,694		8,720,783
KAMC Holdings, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		4.19%		08/14/2026				1,853		1,772,447
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		05/16/2024				4,132		4,110,575
Pike Corp. Delayed Draw Term Loan B(d)		-		01/15/2028				562		563,133
Incremental Term Loan B(d)		-		01/15/2028				739		741,123
Term Loan B (1 mo. USD LIBOR + 3.97%)		4.10%		07/24/2026				431		433,037

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

16 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Utilities–(continued)
USIC Holding, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		12/08/2023	$	3,507	$	3,509,503
								42,318,328
Total Variable Rate Senior Loan Interests (Cost $1,278,106,428)								1,270,003,617
U.S. Dollar Denominated Bonds & Notes–6.30%
Aerospace & Defense–0.64%
Spirit AeroSystems, Inc.(k)		5.50%		01/15/2025		574		597,517
TransDigm, Inc.(k)		8.00%		12/15/2025		3,353		3,653,932
TransDigm, Inc.(k)		6.25%		03/15/2026		4,836		5,102,681
								9,354,130
Air Transport–0.18%
Mesa Airlines, Inc., Class B(e)		5.75%		07/15/2025		2,437		2,640,916
Building & Development–0.65%
American Builders & Contractors Supply Co., Inc.(k)		4.00%		01/15/2028		1,479		1,496,290
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC(k)		5.75%		05/15/2026		7,366		7,591,584
Forterra Finance LLC/FRTA Finance Corp.(k)		6.50%		07/15/2025		332		357,522
								9,445,396
Business Equipment & Services–0.34%
Advantage Sales & Marketing, Inc.(k)		6.50%		11/15/2028		2,060		2,115,363
Prime Security Services Borrower LLC/Prime Finance, Inc.(k)		3.38%		08/31/2027		2,878		2,809,302
								4,924,665
Cable & Satellite Television–0.69%
Altice Financing S.A. (Luxembourg)(k)		5.00%		01/15/2028		5,555		5,562,916
Altice France S.A. (France)(k)		5.50%		01/15/2028		994		1,015,123
CSC Holdings LLC(k)		5.75%		01/15/2030		551		588,719
Virgin Media Secured Finance PLC (United Kingdom)(k)		4.50%		08/15/2030		2,859		2,926,186
								10,092,944
Chemicals & Plastics–0.03%
INEOS Quattro Finance 2 PLC (United Kingdom)(k)		3.38%		01/15/2026		482		481,397
Electronics & Electrical–0.40%
Diebold Nixdorf, Inc.(k)		9.38%		07/15/2025		3,146		3,521,554
Energizer Holdings, Inc.(k)		4.38%		03/31/2029		1,457		1,455,543
TTM Technologies, Inc.(k)		4.00%		03/01/2029		851		861,637
								5,838,734
Food Service–0.18%
eG Global Finance PLC (United Kingdom)(k)		6.75%		02/07/2025		2,476		2,547,433
Health Care–0.06%
Global Medical Response, Inc.(k)		6.50%		10/01/2025		873		909,011
Industrial Equipment–0.78%
F-Brasile S.p.A./F-Brasile US LLC, Series XR (Italy)(k)		7.38%		08/15/2026		9,234		9,372,510
Vertical Holdco GmbH (Germany)(k)		7.63%		07/15/2028		1,173		1,269,907
Vertical US Newco, Inc. (Germany)(k)		5.25%		07/15/2027		751		784,326
								11,426,743
Insurance–0.09%
Acrisure LLC/Acrisure Finance, Inc.(k)		4.25%		02/15/2029		1,367		1,345,073
Leisure Goods, Activities & Movies–0.14%
AMC Entertainment Holdings, Inc.(k)		10.50%		04/15/2025		1,238		1,304,945
Seaworld Parks & Entertainment, Inc.(k)		8.75%		05/01/2025		693		751,472
								2,056,417

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

17 Invesco Floating Rate ESG Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Lodging & Casinos–0.59%
Caesars Entertainment, Inc.(k)		6.25%		07/01/2025	$	5,778	$	6,124,680
ESH Hospitality, Inc.(k)		4.63%		10/01/2027		2,425		2,465,910
								8,590,590
Radio & Television–0.71%
Diamond Sports Group LLC/Diamond Sports Finance Co.(k)		5.38%		08/15/2026		12,429		8,805,325
iHeartCommunications, Inc.(k)		5.25%		08/15/2027		1,321		1,356,257
Scripps Escrow II, Inc.(k)		3.88%		01/15/2029		230		226,320
								10,387,902
Retailers (except Food & Drug)–0.02%
PetSmart, Inc./PetSmart Finance Corp.(k)		4.75%		02/15/2028		205		212,259
Telecommunications–0.62%
Avaya, Inc.(k)		6.13%		09/15/2028		1,904		2,052,750
Cablevision Lightpath LLC(k)		3.88%		09/15/2027		685		680,719
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(k)		6.75%		10/01/2026		1,053		1,093,146
Consolidated Communications, Inc.(k)		6.50%		10/01/2028		762		817,436
Frontier Communications Corp.(k)		5.88%		10/15/2027		1,093		1,171,559
Radiate Holdco LLC/Radiate Finance, Inc.(k)		4.50%		09/15/2026		223		226,345
Windstream Escrow LLC/Windstream Escrow Finance Corp.(k)		7.75%		08/15/2028		2,919		2,993,799
								9,035,754
Utilities–0.18%
Calpine Corp.(k)		4.50%		02/15/2028		926		952,854
Calpine Corp.(k)		3.75%		03/01/2031		1,751		1,692,709
								2,645,563
Total U.S. Dollar Denominated Bonds & Notes (Cost $86,374,368)								91,934,927
					Shares
Common Stocks & Other Equity Interests–2.65%(l)
Aerospace & Defense–0.19%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $145,528)(e)(f)						134		2,781,311
Automotive–0.02%
Dayco Products LLC						3,261		10,191
Dayco Products LLC						3,266		10,206
ThermaSys Corp.(e)						1,949,645		58,489
Transtar Holding Co., Class A (Acquired 04/11/2017; Cost $194,417)(e)(f)						3,149,478		283,453
								362,339
Building & Development–0.00%
Lake at Las Vegas Joint Venture LLC, Class A(e)						518		0
Lake at Las Vegas Joint Venture LLC, Class B(e)						4		0
								0
Business Equipment & Services–0.18%
Atlas Acquisition Holdings Corp.						43,971		436,962
Checkout Holding Corp. (Acquired 02/15/2019; Cost $4,932,126)(f)						15,070		26,874
Crossmark Holdings, Inc.(e)						11,489		2,104,325
Crossmark Holdings, Inc., Wts., expiring 07/26/2024 (Acquired 07/26/2019; Cost $6,485)(e)(f)						519		0
								2,568,161
Cable & Satellite Television–0.23%
ION Media Networks, Inc.(e)						4,471		3,409,138
Containers & Glass Products–0.01%
Libbey Glass, Inc. (Acquired 11/13/2020; Cost $137,780)(f)						34,445		86,113

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

18 Invesco Floating Rate ESG Fund

	Shares		Value
Drugs–0.00%
Envigo RMS Holding Corp., Class B(e)		9,085	$	59,325
Food Products–0.00%
QCE LLC(e)		17		0
Industrial Equipment–0.01%
North American Lifting Holdings, Inc.		7,347		111,737
Lodging & Casinos–0.43%
Bally’s Corp.		74,467		4,432,276
Caesars Entertainment, Inc.(m)		19,983		1,867,211
				6,299,487
Nonferrous Metals & Minerals–0.07%
Covia Holdings Corp.		121,218		977,320
Oil & Gas–0.74%
AF Global, Inc.(e)		1,049		24,652
California Resources Corp.(m)		137,011		3,600,649
California Resources Corp.		59,924		1,574,803
California Resources Corp., Wts., expiring 10/27/2024(m)		1,911		9,440
Fieldwood Energy LLC (Acquired 04/11/2018; Cost $1,242,183)(e)(f)		53,244		5,324
Fieldwood Energy LLC (Acquired 11/04/2018; Cost $692,566)(e)(f)		14,375		1,438
HGIM Corp.		6,310		33,127
HGIM Corp., Wts., expiring 07/02/2043		28,193		148,013
McDermott International Ltd.(m)		2,531,705		2,151,949
NexTier Oilfield Solutions, Inc.(m)		77,159		358,789
Paragon Offshore Finance Co., Class A(e)(h)		4,595		1,379
Paragon Offshore Finance Co., Class B(e)(h)		2,298		15,512
Samson Investment Co., Class A		261,209		1,338,696
Southcross Energy Partners L.P.(e)		145,102		4,353
Transocean Ltd.(m)		428,980		1,488,561
				10,756,685
Publishing–0.08%
Clear Channel Outdoor Holdings, Inc.(m)		722,969		1,243,507
F&W Publications, Inc.(e)		288		0
				1,243,507
Radio & Television–0.30%
iHeartMedia, Inc., Class A(m)		307,427		4,325,498
iHeartMedia, Inc., Class B(e)		29		399
				4,325,897
Retailers (except Food & Drug)–0.03%
Claire’s Stores, Inc.		692		156,277
Toys ‘R’ Us-Delaware, Inc.(e)		11		287
Toys ‘R’ Us-Delaware, Inc.(e)		11		27,643
Vivarte S.A.S.(e)		233,415		187,845
				372,052
Surface Transport–0.31%
Commercial Barge Line Co.		14,574		408,072
Commercial Barge Line Co., Series A, Wts., expiring 04/27/2045		57,006		1,809,940
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030		171,018		54,334
Commercial Barge Line Co., Series B, Wts., expiring 04/27/2045		48,119		1,720,254
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045		144,357		61,151
Commercial Barge Line Co., Wts., expiring 04/27/2045		15,321		428,988
U.S. Shipping Corp. (Acquired 09/28/2007-09/30/2009; Cost $0)(e)(f)		6,189		62
U.S. Shipping Corp., CPR (Acquired 09/28/2007-09/30/2009; Cost $87,805)(e)(f)		87,805		48,293
				4,531,094

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

19 Invesco Floating Rate ESG Fund

	Shares		Value
Telecommunications–0.01%
Consolidated Communications Holdings, Inc.(m)		32,797	$	172,512
Goodman Networks, Inc.(e)(m)		159,473		0
				172,512
Utilities–0.04%
Bicent Power LLC, Series A, Wts., expiring 08/22/2022(e)		101		0
Bicent Power LLC, Series B, Wts., expiring 08/22/2022(e)		165		0
Vistra Corp.		7,607		131,221
Vistra Operations Co. LLC(e)		605,602		0
Vistra Operations Co. LLC, Rts., expiring 12/31/2046		418,616		497,106
				628,327
Total Common Stocks & Other Equity Interests (Cost $74,950,767)				38,685,005

	Interest Rate			Maturity Date		Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes-1.20%(n)
Automotive–0.09%
Tenneco, Inc. (3 mo. EURIBOR + 4.88%)(k)(o)		4.88	%		04/15/2024		EUR		1,118	1,358,818
Building & Development–0.08%
Haya Real Estate S.A. (Spain) (3 mo. EURIBOR + 5.13%)(k)(o)		5.13	%		11/15/2022		EUR		291	309,851
Haya Real Estate S.A. (Spain)(k)		5.25	%		11/15/2022		EUR		780	831,329
										1,141,180
Cable & Satellite Television–0.15%
Altice Finco S.A. (Luxembourg)(k)		4.75	%		01/15/2028		EUR		1,890	2,203,051
Financial Intermediaries–0.58%
AnaCap Financial Europe S.A. SICAV-RAIF (Luxembourg) (3 mo. EURIBOR + 5.00%)(k)(o)		5.00	%		08/01/2024		EUR		500	541,440
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(o)		6.25	%		05/01/2026		EUR		1,945	2,364,388
Newday Bondco PLC (Jersey)(k)		7.38	%		02/01/2024		GBP		1,370	1,892,699
Newday Bondco PLC (Jersey) (3 mo. GBP LIBOR + 6.50%)(k)(o)		6.54	%		02/01/2023		GBP		2,615	3,603,143
										8,401,670
Leisure Goods, Activities & Movies-0.10%
Banijay Group S.A.S (France)(k)		6.50	%		03/01/2026		EUR		141	167,699
Marcolin S.p.A. (Italy) (3 mo. EURIBOR + 4.13%)(k)(o)		4.13	%		02/15/2023		EUR		1,140	1,323,921
										1,491,620
Lodging & Casinos–0.20%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%) (Acquired 06/28/2019-06/05/2020; Cost $2,758,843)(f)(k)(o)		5.40	%		07/15/2025		GBP		2,234	2,864,972
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $16,630,564)										17,461,311
								Shares
Preferred Stocks-0.45%(l)
Automotive–0.00%
ThermaSys Corp., Series A, Pfd.									415,320	12,460
Containers & Glass Products–0.05%
Libbey Glass, Inc., Pfd. (Acquired 11/13/2020; Cost $837,678)(f)									10,278	760,591
Oil & Gas–0.11%
McDermott International Ltd., Pfd.									1,631,894	1,142,326
Southcross Energy Partners L.P., Series A, Pfd.(e)									577,315	294,431
Southcross Energy Partners L.P., Series B, Pfd.(e)									152,489	217,296
										1,654,053
Surface Transport–0.29%
Commercial Barge Line Co., Series A, Pfd.									54,230	1,721,802
Commercial Barge Line Co., Series B, Pfd.									68,517	2,449,483
										4,171,285

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

20 Invesco Floating Rate ESG Fund

	Shares		Value
Telecommunications–0.00%
Goodman Networks, Inc., Series A-1, Pfd.(e)		189,735	$	0
Total Preferred Stocks (Cost $6,134,204)				6,598,389
Money Market Funds–15.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(p)(q)		77,197,611		77,197,611
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(p)(q)		55,119,103		55,141,151
Invesco Treasury Portfolio, Institutional Class, 0.01%(p)(q)		88,225,841		88,225,841
Total Money Market Funds (Cost $220,564,603)				220,564,603
TOTAL INVESTMENTS IN SECURITIES-112.82% (Cost $1,682,760,934)				1,645,247,852
OTHER ASSETS LESS LIABILITIES-(12.82)%				(186,977,473	)
NET ASSETS-100.00%			$	1,458,270,379

Investment Abbreviations:

DIP	– Debtor-in-Possession
EUR	– Euro
EURIBOR	– Euro Interbank Offered Rate
GBP	– British Pound Sterling
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
Pfd.	– Preferred
PIK	– Pay-in-Kind
REIT	– Real Estate Investment Trust
Rts.	– Rights
USD	– U.S. Dollar
Wts.	– Warrants

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 any 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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  This variable rate interest will settle after February 28, 2021, at which time the interest rate will be determined.

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

^(f)  Restricted security. The aggregate value of these securities at February 28, 2021 was $27,761,430, which represented 1.90% of the Fund’s Net Assets.

^(g)  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.

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

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

^(j)  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, 2021 was $2,886,953, which represented less than 1% of the Fund’s Net Assets.

^(k)  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, 2021 was $106,755,322, which represented 7.32% of the Fund’s Net Assets.

^(l)  Securities acquired through the restructuring of senior loans.

^(m)  Non-income producing security.

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

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(p)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	14,858,849	$	167,155,973	$	(104,817,211	)	$	-	$	-		$	77,197,611	$	3,062
Invesco Liquid Assets Portfolio, Institutional Class		13,009,175		119,397,124		(77,263,706	)		-		(1,442	)		55,141,151		6,807
Invesco Treasury Portfolio, Institutional Class		16,981,542		191,035,398		(119,791,099	)		-		-			88,225,841		1,815
Total	$	44,849,566	$	477,588,495	$	(301,872,016	)	$	-	$	(1,442	)	$	220,564,603	$	11,684

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

21 Invesco Floating Rate ESG Fund

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
Currency Risk
03/16/2021	BNP Paribas S.A.		EUR	30,187,661		USD	36,600,396	$	165,836
03/16/2021	BNP Paribas S.A.		USD	7,830,942		GBP	5,665,309		62,575
04/16/2021	Canadian Imperial Bank of Commerce		EUR	30,406,165		USD	36,907,611		182,861
03/16/2021	Deutsche Bank AG		SEK	46,453		USD	5,566		64
04/16/2021	Goldman Sachs International		GBP	161,277		USD	228,304		3,557
03/16/2021	Morgan Stanley Capital Services LLC		CHF	71,613		USD	80,494		1,737
03/16/2021	Morgan Stanley Capital Services LLC		USD	15,018,874		GBP	10,865,308		119,842
04/16/2021	Morgan Stanley Capital Services LLC		EUR	30,866,864		USD	37,457,650		176,464
04/16/2021	Morgan Stanley Capital Services LLC		USD	3,455,835		GBP	2,500,000		28,029
03/16/2021	Royal Bank of Canada		EUR	30,187,661		USD	36,578,902		144,342
03/16/2021	State Street Bank & Trust Co.		EUR	30,595,082		USD	37,086,491		160,200
04/16/2021	State Street Bank & Trust Co.		CHF	71,614		USD	80,574		1,749
04/16/2021	State Street Bank & Trust Co.		EUR	30,866,864		USD	37,457,557		176,371
04/16/2021	State Street Bank & Trust Co.		SEK	46,453		USD	5,584		80
03/16/2021	UBS AG		EUR	1,169,489		USD	1,422,786		11,289
04/16/2021	UBS AG		EUR	959,686		USD	1,166,875		7,760
Subtotal–Appreciation									1,242,756
Currency Risk
03/16/2021	Barclays Bank PLC		GBP	8,126,500		USD	11,087,942		(234,772	)
04/16/2021	BNP Paribas S.A.		GBP	5,665,309		USD	7,832,054		(62,813	)
03/16/2021	Canadian Imperial Bank of Commerce		USD	36,882,678		EUR	30,406,165		(184,398	)
03/16/2021	J.P. Morgan Chase Bank, N.A.		GBP	505,644		USD	694,125		(10,392	)
03/16/2021	Morgan Stanley Capital Services LLC		GBP	7,898,473		USD	10,776,699		(228,303	)
03/16/2021	Morgan Stanley Capital Services LLC		USD	37,432,246		EUR	30,866,864		(177,932	)
04/16/2021	Morgan Stanley Capital Services LLC		GBP	10,865,308		USD	15,021,039		(120,266	)
03/16/2021	State Street Bank & Trust Co.		USD	80,505		CHF	71,614		(1,748	)
03/16/2021	State Street Bank & Trust Co.		USD	37,432,246		EUR	30,866,864		(177,932	)
03/16/2021	State Street Bank & Trust Co.		USD	5,582		SEK	46,453		(80	)
Subtotal–Depreciation									(1,198,636	)
Total Forward Foreign Currency Contracts								$	44,120

Abbreviations:

CHF – Swiss Franc

EUR – Euro

GBP – British Pound Sterling

SEK – Swedish Krona

USD – U.S. Dollar

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

22 Invesco Floating Rate ESG Fund

Portfolio Composition^†*

By credit quality, based on total investments as of February 28, 2021
BBB	0.17	%
BBB-	4.46
BB+	8.08
BB	4.41
BB-	9.52
B+	11.25
B	20.17
B-	19.91
CCC+	7.37
CCC	2.10
CCC-	0.38
D	0.87
Non-Rated	8.11
Equity	3.20

^†  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 & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

* Excluding money market fund holdings, if any.

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

23 Invesco Floating Rate ESG Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,462,196,331)	$	1,424,683,249
Investments in affiliated money market funds, at value (Cost $220,564,603)		220,564,603
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,242,756
Cash		17,492,907
Foreign currencies, at value (Cost $13,437,416)		13,460,913
Receivable for:
Investments sold		70,470,174
Fund shares sold		7,622,075
Dividends		2,410
Interest		6,409,824
Investments matured, at value (Cost $18,416,664)		2,090,915
Investment for trustee deferred compensation and retirement plans		179,573
Other assets		584,712
Total assets		1,764,804,111
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,198,636
Payable for:
Investments purchased		290,951,366
Dividends		987,170
Fund shares reacquired		2,196,344
Accrued fees to affiliates		76,851
Accrued other operating expenses		210,790
Trustee deferred compensation and retirement plans		206,839
Unfunded loan commitments		10,705,736
Total liabilities		306,533,732
Net assets applicable to shares outstanding	$	1,458,270,379

Net assets consist of:
Shares of beneficial interest	$	1,721,513,943
Distributable earnings (loss)		(263,243,564	)
	$	1,458,270,379
Net Assets:
Class A	$	467,340,168
Class C	$	94,622,595
Class R	$	5,136,725
Class Y	$	478,348,460
Class R5	$	2,960,237
Class R6	$	409,862,194
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		64,308,206
Class C		13,076,918
Class R		705,368
Class Y		65,911,648
Class R5		407,362
Class R6		56,520,975
Class A:
Net asset value per share	$	7.27
Maximum offering price per share (Net asset value of $7.27 ÷ 97.50%)	$	7.46
Class C:
Net asset value and offering price per share	$	7.24
Class R:
Net asset value and offering price per share	$	7.28
Class Y:
Net asset value and offering price per share	$	7.26
Class R5:
Net asset value and offering price per share	$	7.27
Class R6:
Net asset value and offering price per share	$	7.25

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

24 Invesco Floating Rate ESG Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest	$	33,838,293
Dividends		205,636
Dividends from affiliated money market funds		11,684
Other income		1,441
Total investment income		34,057,054
Expenses:
Advisory fees		4,591,545
Administrative services fees		111,051
Custodian fees		139,370
Distribution fees:
Class A		537,535
Class C		384,159
Class R		12,251
Interest, facilities and maintenance fees		476,125
Transfer agent fees – A, C, R & Y		100,300
Transfer agent fees – R5		75
Transfer agent fees – R6		8,938
Trustees’ and officers’ fees and benefits		25,857
Registration and filing fees		55,796
Reports to shareholders		59,252
Professional services fees		51,207
Taxes		616
Other		32,077
Total expenses		6,586,154
Less: Fees waived and/or expense offset arrangement(s)		(34,051	)
Net expenses		6,552,103
Net investment income		27,504,951
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		447,804
Affiliated investment securities		(1,442	)
Foreign currencies		1,607,258
Forward foreign currency contracts		(11,998,547	)
		(9,944,927	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		74,237,682
Foreign currencies		(530,447	)
Forward foreign currency contracts		8,893,831
		82,601,066
Net realized and unrealized gain		72,656,139
Net increase in net assets resulting from operations	$	100,161,090

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

25 Invesco Floating Rate ESG Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	27,504,951		$	82,734,273
Net realized gain (loss)		(9,944,927	)		(72,597,262	)
Change in net unrealized appreciation (depreciation)		82,601,066			(52,003,702	)
Net increase (decrease) in net assets resulting from operations		100,161,090			(41,866,691	)
Distributions to shareholders from distributable earnings:
Class A		(8,842,901	)		(22,085,707	)
Class C		(1,859,797	)		(6,810,670	)
Class R		(94,592	)		(242,180	)
Class Y		(8,011,427	)		(22,818,083	)
Class R5		(106,971	)		(276,349	)
Class R6		(13,021,845	)		(37,011,031	)
Total distributions from distributable earnings		(31,937,533	)		(89,244,020	)
Return of capital:
Class A		–			(2,351,158	)
Class C		–			(803,482	)
Class R		–			(27,286	)
Class Y		–			(2,269,362	)
Class R5		–			(28,240	)
Class R6		–			(3,722,615	)
Total return of capital		–			(9,202,143	)
Total distributions		(31,937,533	)		(98,446,163	)
Share transactions–net:
Class A		18,928,134			(74,058,194	)
Class C		(21,457,600	)		(89,051,258	)
Class R		32,277			(296,159	)
Class Y		110,682,256			(200,765,957	)
Class R5		(2,783,429	)		263,709
Class R6		(268,735,011	)		(110,676,897	)
Net increase (decrease) in net assets resulting from share transactions		(163,333,373	)		(474,584,756	)
Net increase (decrease) in net assets		(95,109,816	)		(614,897,610	)
Net assets:
Beginning of period		1,553,380,195			2,168,277,805
End of period	$	1,458,270,379		$	1,553,380,195

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

26 Invesco Floating Rate ESG Fund

Financial Highlights

(Unaudited)

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			Return of capital			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			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 02/28/21	$	6.94	$	0.13	$	0.34		$	0.47		$	(0.14	)	$	–		$	(0.14	)	$	7.27		6.91	%	$	467,340		1.01	%(d)(e)		1.01	%(d)(e)		0.95	%(d)		3.56	%(d)		44	%
Year ended 08/31/20		7.40		0.30		(0.40	)		(0.10	)		(0.32	)		(0.04	)		(0.36	)		6.94		(1.33	)		428,277		1.07	(e)		1.08	(e)		1.00			4.33			55
Year ended 08/31/19		7.57		0.35		(0.17	)		0.18			(0.35	)		–			(0.35	)		7.40		2.50			539,003		1.08	(e)		1.08	(e)		1.03			4.71			55
Year ended 08/31/18		7.56		0.31		0.02			0.33			(0.32	)		–			(0.32	)		7.57		4.47			585,865		1.07	(e)		1.08	(e)		–			4.15			51
Year ended 08/31/17		7.42		0.31		0.14			0.45			(0.31	)		–			(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	)		–			(0.36	)		7.42		3.12			661,442		1.10	(e)		1.11	(e)		–			4.93			70
Class C
Six months ended 02/28/21		6.91		0.11		0.35			0.46			(0.13	)		–			(0.13	)		7.24		6.67			94,623		1.51	(d)(e)		1.51	(d)(e)		1.45	(d)		3.06	(d)		44
Year ended 08/31/20		7.37		0.27		(0.41	)		(0.14	)		(0.28	)		(0.04	)		(0.32	)		6.91		(1.84	)		111,318		1.57	(e)		1.58	(e)		1.50			3.83			55
Year ended 08/31/19		7.53		0.31		(0.16	)		0.15			(0.31	)		–			(0.31	)		7.37		2.12			213,446		1.58	(e)		1.58	(e)		1.53			4.21			55
Year ended 08/31/18		7.53		0.28		0.00			0.28			(0.28	)		–			(0.28	)		7.53		3.81			387,685		1.57	(e)		1.58	(e)		–			3.65			51
Year ended 08/31/17		7.39		0.27		0.14			0.41			(0.27	)		–			(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	)		–			(0.32	)		7.39		2.74			458,340		1.60	(e)		1.61	(e)		–			4.43			70
Class R
Six months ended 02/28/21		6.95		0.12		0.35			0.47			(0.14	)		–			(0.14	)		7.28		6.77			5,137		1.26	(d)(e)		1.26	(d)(e)		1.20	(d)		3.31	(d)		44
Year ended 08/31/20		7.41		0.29		(0.41	)		(0.12	)		(0.30	)		(0.04	)		(0.34	)		6.95		(1.57	)		4,874		1.32	(e)		1.33	(e)		1.25			4.08			55
Year ended 08/31/19		7.58		0.33		(0.16	)		0.17			(0.34	)		–			(0.34	)		7.41		2.25			5,604		1.33	(e)		1.33	(e)		1.28			4.46			55
Year ended 08/31/18		7.57		0.30		0.01			0.31			(0.30	)		–			(0.30	)		7.58		4.21			5,583		1.32	(e)		1.33	(e)		–			3.90			51
Year ended 08/31/17		7.44		0.29		0.13			0.42			(0.29	)		–			(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	)		–			(0.34	)		7.44		3.00			6,191		1.35	(e)		1.36	(e)		–			4.68			70
Class Y
Six months ended 02/28/21		6.93		0.13		0.35			0.48			(0.15	)		–			(0.15	)		7.26		7.05			478,348		0.76	(d)(e)		0.76	(d)(e)		0.70	(d)		3.81	(d)		44
Year ended 08/31/20		7.39		0.32		(0.40	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(1.09	)		350,943		0.82	(e)		0.83	(e)		0.75			4.58			55
Year ended 08/31/19		7.56		0.37		(0.17	)		0.20			(0.37	)		–			(0.37	)		7.39		2.76			592,107		0.83	(e)		0.83	(e)		0.78			4.96			55
Year ended 08/31/18		7.55		0.33		0.02			0.35			(0.34	)		–			(0.34	)		7.56		4.72			963,386		0.82	(e)		0.83	(e)		–			4.40			51
Year ended 08/31/17		7.41		0.32		0.15			0.47			(0.33	)		–			(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	)		–			(0.38	)		7.41		3.51			648,603		0.85	(e)		0.86	(e)		–			5.18			70
Class R5
Six months ended 02/28/21		6.94		0.13		0.36			0.49			(0.16	)		–			(0.16	)		7.27		7.07			2,960		0.79	(d)(e)		0.79	(d)(e)		0.73	(d)		3.78	(d)		44
Year ended 08/31/20		7.41		0.32		(0.41	)		(0.09	)		(0.34	)		(0.04	)		(0.38	)		6.94		(1.21	)		5,515		0.81	(e)		0.82	(e)		0.74			4.59			55
Year ended 08/31/19		7.58		0.37		(0.16	)		0.21			(0.38	)		–			(0.38	)		7.41		2.80			5,672		0.83	(e)		0.83	(e)		0.78			4.96			55
Year ended 08/31/18		7.57		0.33		0.02			0.35			(0.34	)		–			(0.34	)		7.58		4.73			4,696		0.81	(e)		0.82	(e)		–			4.41			51
Year ended 08/31/17		7.43		0.32		0.15			0.47			(0.33	)		–			(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	)		–			(0.38	)		7.43		3.52			1,858		0.84	(e)		0.85	(e)		–			5.19			70
Class R6
Six months ended 02/28/21		6.93		0.13		0.35			0.48			(0.16	)		–			(0.16	)		7.25		6.93			409,862		0.74	(d)(e)		0.74	(d)(e)		0.68	(d)		3.83	(d)		44
Year ended 08/31/20		7.39		0.33		(0.41	)		(0.08	)		(0.34	)		(0.04	)		(0.38	)		6.93		(0.99	)		652,453		0.71	(e)		0.72	(e)		0.64			4.69			55
Year ended 08/31/19		7.56		0.38		(0.17	)		0.21			(0.38	)		–			(0.38	)		7.39		2.86			812,446		0.74	(e)		0.74	(e)		0.69			5.05			55
Year ended 08/31/18		7.55		0.34		0.02			0.36			(0.35	)		–			(0.35	)		7.56		4.83			614,302		0.73	(e)		0.74	(e)		–			4.49			51
Year ended 08/31/17		7.41		0.33		0.15			0.48			(0.34	)		–			(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	)		–			(0.38	)		7.41		3.34			555,172		0.75	(e)		0.76	(e)		–			5.28			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)  Ratios are annualized and based on average daily net assets (000’s omitted) of $433,592, $103,291, $4,941, $369,549, $4,901 and $585,258 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Ratio includes line of credit expense of 0.06%, 0.07%, 0.05%, 0.05%, 0.05%, and 0.05% for the six months ended February 28, 2021 and the years ended August 31, 2020, 2019, 2018, 2017 and 2016, respectively.

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

27 Invesco Floating Rate ESG Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Floating Rate ESG 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

28 Invesco Floating Rate ESG Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. 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 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 the 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)

29 Invesco Floating Rate ESG Fund

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to 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. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Q. 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”.

Because the Fund evaluates environmental, social and governance (“ESG”) factors to assess and exclude certain investments for non-financial reasons, it may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s ESG score, may differ from that of other funds or an investor. As a result, the companies deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

R. 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 common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

30 Invesco Floating Rate ESG Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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		0.650	%
Next $4.5 billion		0.600	%
Next $5 billion		0.575	%
Over $10 billion		0.550	%

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.62%.

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 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, 2021, 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $33,590.

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, 2021, 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 custodian and 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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $28,698 in front-end sales commissions from the sale of Class A shares and $6,944 and $1,203 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.

31 Invesco Floating Rate ESG Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended February 28, 2021, there were transfers from Level 3 to Level 2 of $52,097,588, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $11,207,270, 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	$	–	$	1,207,618,128		$	62,385,489	$	1,270,003,617
U.S. Dollar Denominated Bonds & Notes		–		89,294,011			2,640,916		91,934,927
Common Stocks & Other Equity Interests		21,356,416		8,315,361			9,013,228		38,685,005
Non-U.S. Dollar Denominated Bonds & Notes		–		17,461,311			–		17,461,311
Preferred Stocks		1,142,326		4,944,336			511,727		6,598,389
Money Market Funds		220,564,603		–			–		220,564,603
Total Investments in Securities		243,063,345		1,327,633,147			74,551,360		1,645,247,852
Other Investments - Assets*
Investments Matured		–		1,972,011			118,904		2,090,915
Forward Foreign Currency Contracts		–		1,242,756			–		1,242,756
		–		3,214,767			118,904		3,333,671
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,198,636	)		–		(1,198,636	)
Total Other Investments		–		2,016,131			118,904		2,135,035
Total Investments	$	243,063,345	$	1,329,649,278		$	74,670,264	$	1,647,382,887

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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, 2021:

	Value 08/31/20		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3			Value 02/28/21
Variable Rate Senior Loan Interests	$	109,168,083	$	59,626,192	$	(61,008,132	)	$	274,763		$	432,873		$	1,230,145	$	4,759,153	$	(52,097,588	)	$	62,385,489
U.S. Dollar Denominated Bonds & Notes		2,445,489		–		(443,067	)		–			–			638,494		–		–			2,640,916
Common Stocks & Other Equity Interests		5,768,560		–		(3,677,581	)		–			(2,910,150	)		3,896,009		5,936,390		–			9,013,228
Preferred Stocks		0		–		(35,808	)		–			35,808			–		511,727		–			511,727
Investments Matured		118,904		–		–			(1,014	)		–			1,014		–		–			118,904
Total	$	117,501,036	$	59,626,192	$	(65,164,588	)	$	273,749		$	(2,441,469	)	$	5,765,662	$	11,207,270	$	(52,097,588	)	$	74,670,264

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.

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, 2021:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,242,756
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	1,242,756

32 Invesco Floating Rate ESG Fund

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,198,636	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(1,198,636	)

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, 2021.

	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	$	–	$	(234,772	)	$	(234,772	)	$	–	$	–	$	(234,772	)
BNP Paribas S.A.		228,411		(62,813	)		165,598			–		–		165,598
Canadian Imperial Bank of
Commerce		182,861		(184,398	)		(1,537	)		–		–		(1,537	)
Deutsche Bank AG		64		–			64			–		–		64
Goldman Sachs International		3,557		–			3,557			–		–		3,557
J.P. Morgan Chase Bank, N.A.		–		(10,392	)		(10,392	)		–		–		(10,392	)
Morgan Stanley Capital
Services LLC		326,072		(526,501	)		(200,429	)		–		–		(200,429	)
Royal Bank of Canada		144,342		–			144,342			–		–		144,342
State Street Bank &
Trust Co.		338,400		(179,760	)		158,640			–		–		158,640
UBS AG		19,049		–			19,049			–		–		19,049
Total	$	1,242,756	$	(1,198,636	)	$	44,120		$	–	$	–	$	44,120

Effect of Derivative Investments for the six months ended February 28, 2021

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		$(11,998,547)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		8,893,831
Total		$(3,104,716)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$530,841,159

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $461.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

33 Invesco Floating Rate ESG Fund

NOTE 7–Cash Balances and Borrowings

Effective February 19, 2021, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $900 million, collectively by certain Funds, and which will expire on February 18, 2022. Prior to February 19, 2021, the credit agreement permitted borrowings up to $1.5 billion. The credit agreement is secured by the assets of the Fund. During the six months ended February 28, 2021, the Fund did not borrow under the credit agreement.

Additionally, 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.

The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement.

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Borrower	Type	Principal Amount(a)	Value
Fieldwood Energy LLC	DIP Delayed Draw Term Loan	$1,272,635	$	1,272,635
IAP Worldwide Services, Inc.	Revolver Loan	836,351		836,351
McDermott International Ltd.	LOC	6,610,320		5,982,339
Southcross Energy Partners L.P.	Revolver Loan	156,718		152,800
Transtar Holding Co.	Delayed Draw Term Loan	243,737		243,737
Unilabs Diagnostics AB	Revolver Loan	EUR 1,849,988		2,217,874
			$	10,705,736

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

Currency Abbreviations:

EUR – Euro

NOTE 9–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. 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, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	21,235,977	$	176,470,657	$	197,706,634

* Capital loss carryforward 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, 2021 was $633,894,998 and $797,942,927, 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	$	46,073,953
Aggregate unrealized (depreciation) of investments		(96,533,014	)
Net unrealized appreciation (depreciation) of investments	$	(50,459,061	)

Cost of investments for tax purposes is $1,697,841,948.

NOTE 11–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.

34 Invesco Floating Rate ESG Fund

At the six months ended February 28, 2021, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount		Value
Barclays Bank PLC	$	6,610,320	$	5,982,339

NOTE 12–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		8,494,002		$	60,758,439			24,289,062		$	168,723,465
Class C		1,221,825			8,701,775			2,446,275			17,397,189
Class R		80,544			569,449			177,746			1,240,143
Class Y		25,683,201			184,158,729			22,339,856			155,851,586
Class R5		37,737			270,789			237,581			1,667,073
Class R6		5,479,378			38,334,718			12,049,270			82,430,364
Issued as reinvestment of dividends:
Class A		921,569			6,543,551			2,547,035			18,014,698
Class C		180,099			1,271,875			741,680			5,236,437
Class R		12,180			86,660			60,456			435,956
Class Y		640,160			4,540,010			2,131,888			15,108,870
Class R5		15,025			106,524			43,146			304,459
Class R6		1,605,881			11,332,084			5,729,428			40,351,762
Automatic conversion of Class C shares to Class A shares:
Class A		2,645,377			18,861,117			6,406,180			45,080,741
Class C		(2,656,617	)		(18,861,117	)		(6,434,295	)		(45,080,741	)
Reacquired:
Class A		(9,489,202	)		(67,234,973	)		(44,305,272	)		(305,877,098	)
Class C		(1,786,681	)		(12,570,133	)		(9,592,468	)		(66,604,143	)
Class R		(88,533	)		(623,832	)		(292,827	)		(1,972,258	)
Class Y		(11,072,981	)		(78,016,483	)		(53,897,734	)		(371,726,413	)
Class R5		(440,209	)		(3,160,742	)		(251,494	)		(1,707,823	)
Class R6		(44,736,231	)		(318,401,813	)		(33,521,408	)		(233,459,023	)
Net increase (decrease) in share activity		(23,253,476	)	$	(163,333,373	)		(69,095,895	)	$	(474,584,756	)

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% 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.

NOTE 13–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

35 Invesco Floating Rate ESG 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, 2020 through February 28, 2021.

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.

	Beginning Account Value (09/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (02/28/21)1	Expenses Paid During Period2	Ending Account Value (02/28/21)	Expenses Paid During Period2
Class A	$1,000.00	$1,070.60	$5.19	$1,019.79	$5.06	1.01%
Class C	1,000.00	1,068.20	7.74	1,017.31	7.55	1.51
Class R	1,000.00	1,067.70	6.46	1,018.55	6.31	1.26
Class Y	1,000.00	1,072.00	3.90	1,021.03	3.81	0.76
Class R5	1,000.00	1,070.70	4.06	1,020.88	3.96	0.79
Class R6	1,000.00	1,069.30	3.80	1,021.12	3.71	0.74

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.

36 Invesco Floating Rate ESG Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Global Real Estate Income Fund
	Nasdaq:
	A: ASRAX ∎ C: ASRCX ∎ Y: ASRYX ∎ R5: ASRIX ∎ R6: ASRFX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/20 to 2/28/21, 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	8.29%
Class C Shares	7.90
Class Y Shares	8.58
Class R5 Shares	8.59
Class R6 Shares	8.64
MSCI World Index▼ (Broad Market Index)	11.73
Custom Invesco Global Real Estate Income Index∎ (Style-Specific Index)	12.88
Lipper Global Real Estate Funds Classification Averaget (Peer Group)	11.76
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; tLipper Inc.
The MSCI World Index 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 composed of FTSE NAREIT All Equity REIT Index through August 31, 2011, and 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 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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	7.24	%
10 Years	4.54
5 Years	3.53
1 Year	-4.79
Class C Shares
Inception (3/9/07)	3.14	%
10 Years	4.51
5 Years	3.92
1 Year	-0.96
Class Y Shares
Inception (10/3/08)	6.61	%
10 Years	5.40
5 Years	4.99
1 Year	1.11
Class R5 Shares
Inception (3/9/07)	3.98	%
10 Years	5.49
5 Years	5.07
1 Year	1.17
Class R6 Shares
10 Years	5.52	%
5 Years	5.17
1 Year	1.27

On March 12, 2007, the Fund reorganized from a Closed-End Fund to an Open-End Fund. Performance shown prior to that date is that of the Closed-End Fund’s Common shares and includes the fees applicable to Common shares.

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions (reinvested at net asset value, except for periods prior to March 12, 2007 where reinvestments were made at the lower of the Closed-End Fund’s net asset value or market price), changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% 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.

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.

3                                 Invesco Global Real Estate Income Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-78.44%
Australia-2.33%
Charter Hall Long Wale REIT		1,843,154	$	6,557,313
Dexus		1,010,121		6,928,570
Mirvac Group		1,351,967		2,325,020
				15,810,903
Belgium-0.92%
Cofinimmo S.A.		30,602		4,730,565
VGP N.V.		8,787		1,516,276
				6,246,841
Canada-3.23%
Allied Properties REIT		191,400		5,769,373
Canadian Apartment Properties REIT		71,300		2,859,620
Chartwell Retirement Residences		230,131		1,980,147
Killam Apartment REIT		150,100		2,118,337
SmartCentres REIT		368,600		7,614,721
Summit Industrial Income REIT		147,300		1,564,903
				21,907,101
China-0.19%
China Overseas Land & Investment Ltd.		508,500		1,291,247
Denmark-0.38%
Orsted A/S(a)		15,749		2,541,986
France-1.09%
Gecina S.A.		7,358		1,015,797
ICADE		48,176		3,545,531
Klepierre S.A.		121,577		2,866,418
				7,427,746
Germany-4.74%
Aroundtown S.A.		681,078		4,938,684
Deutsche Wohnen SE		71,875		3,375,530
Grand City Properties S.A.		121,142		2,967,275
Vonovia SE		327,872		20,880,786
				32,162,275
Hong Kong-4.16%
CK Asset Holdings Ltd.		1,258,000		7,403,255
Hang Lung Properties Ltd.		1,327,000		3,434,117
New World Development Co. Ltd.		258,000		1,314,380
Sino Land Co. Ltd.		2,146,000		3,246,828
Sun Hung Kai Properties Ltd.		722,000		11,641,042
Wharf Real Estate Investment Co. Ltd.		195,000		1,170,115
				28,209,737
Italy-0.49%
Infrastrutture Wireless Italiane S.p.A.(a)		319,144		3,314,611
Japan-9.05%
Activia Properties, Inc.		1,132		4,989,049
Comforia Residential REIT, Inc.		367		1,090,741
Daiwa House REIT Investment Corp.		1,632		4,293,949
Daiwa Office Investment Corp.		429		2,942,735

	Shares		Value
Japan-(continued)
Daiwa Securities Living Investments Corp.		2,246	$	2,193,183
GLP J-REIT		995		1,583,146
Japan Metropolitan Fund Investment Corp.		2,140		2,134,713
Japan Prime Realty Investment Corp.		926		3,345,945
Japan Real Estate Investment Corp.		444		2,702,400
LaSalle Logiport REIT		4,287		6,460,371
Mitsui Fudosan Co. Ltd.		529,500		12,098,512
Mitsui Fudosan Logistics Park, Inc.		1,063		5,174,312
Mori Hills REIT Investment Corp.		1,295		1,795,942
Nippon Accommodations Fund, Inc.		356		1,982,913
Nippon Prologis REIT, Inc.		594		1,816,077
Sumitomo Realty & Development Co. Ltd.		89,500		3,115,822
Tokyu Fudosan Holdings Corp.		587,300		3,715,269
				61,435,079
Mexico-0.84%
Macquarie Mexico Real Estate Management S.A. de C.V.(a)		1,654,000		1,995,457
PLA Administradora Industrial, S. de R.L. de C.V.		1,357,000		1,912,811
Prologis Property Mexico S.A. de C.V.		868,484		1,775,492
				5,683,760
Singapore-2.45%
Ascendas REIT		2,005,798		4,422,589
CapitaLand Ltd.		622,200		1,475,659
City Developments Ltd.		971,400		5,351,817
Keppel DC REIT		1,299,300		2,654,232
Mapletree Commercial Trust		1,768,279		2,699,508
				16,603,805
South Africa-0.10%
Equites Property Fund Ltd.		575,956		695,893
Spain-1.75%
Atlantica Sustainable Infrastructure PLC		99,904		3,611,530
Cellnex Telecom S.A.(a)		88,958		4,834,611
Merlin Properties SOCIMI S.A.		333,905		3,457,923
				11,904,064
Sweden-0.82%
Fabege AB		160,122		2,226,910
Wihlborgs Fastigheter AB		174,127		3,361,508
				5,588,418
Switzerland-0.64%
Swiss Prime Site AG		46,837		4,373,326
United Kingdom-2.54%
Assura PLC		3,222,652		3,333,092
Big Yellow Group PLC		227,936		3,590,391
Derwent London PLC		21,506		991,475
GCP Student Living PLC		769,545		1,648,632
Segro PLC		256,607		3,251,997
Stenprop Ltd.		542,343		1,025,426
Tritax Big Box REIT PLC		1,347,442		3,376,170
				17,217,183

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

4                                 Invesco Global Real Estate Income Fund

	Shares		Value
United States-42.72%
Agree Realty Corp.		91,589	$	5,912,986
American Homes 4 Rent, Class A		351,357		10,941,257
American Tower Corp.		15,946		3,446,409
Americold Realty Trust		259,564		9,095,123
Apple Hospitality REIT, Inc.		246,043		3,506,113
AvalonBay Communities, Inc.		79,797		14,024,323
Boston Properties, Inc.		114,023		11,303,100
CoreSite Realty Corp.		10,816		1,316,415
Crown Castle International Corp.		32,620		5,080,565
CyrusOne, Inc.		52,360		3,436,387
DiamondRock Hospitality Co.		611,969		6,193,126
Digital Realty Trust, Inc.		63,869		8,605,070
Duke Realty Corp.		197,036		7,733,663
Equity Residential		46,282		3,027,306
Essential Properties Realty Trust, Inc.		85,896		1,992,787
Extra Space Storage, Inc.		19,754		2,483,078
Four Corners Property Trust, Inc.		82,227		2,227,529
Healthcare Trust of America, Inc., Class A		48,729		1,323,480
Healthpeak Properties, Inc.		306,929		8,928,565
Highwoods Properties, Inc.		66,081		2,640,597
Hilton Worldwide Holdings, Inc.		30,653		3,791,163
Host Hotels & Resorts, Inc.		367,019		6,088,845
Hudson Pacific Properties, Inc.		434,278		11,113,174
Invitation Homes, Inc.		324,655		9,460,447
JBG SMITH Properties		191,599		6,083,268
Kilroy Realty Corp.		88,493		5,615,766
Life Storage, Inc.		133,335		11,186,806
Marriott International, Inc., Class A(b)		25,745		3,812,062
Medical Properties Trust, Inc.		98,953		2,136,395
Mid-America Apartment Communities, Inc.		30,248		4,075,313
National Retail Properties, Inc.		80,377		3,523,728
Omega Healthcare Investors, Inc.		111,978		4,158,863
Prologis, Inc.		250,276		24,794,843
Public Storage		15,183		3,551,911
QTS Realty Trust, Inc., Class A		40,304		2,503,684
Regency Centers Corp.		188,129		10,305,707
RLJ Lodging Trust		165,853		2,603,892
SITE Centers Corp.		197,002		2,628,007
STAG Industrial, Inc.		151,601		4,783,011
Sun Communities, Inc.		38,882		5,908,120
Sunstone Hotel Investors, Inc.		728,100		9,618,201
UDR, Inc.		227,728		9,375,562
Ventas, Inc.		371,354		19,644,627
VICI Properties, Inc.		217,775		6,206,587
Welltower, Inc.		54,489		3,699,803
				289,887,664
Total Common Stocks & Other Equity Interests (Cost $465,119,303)				532,301,639
Preferred Stocks-20.03%
United States-20.03%
American Homes 4 Rent, 6.50%, Series D, Pfd.		481,166		12,303,415
American Homes 4 Rent, 6.35%, Series E, Pfd.		402,532		10,288,718
American Homes 4 Rent, 5.88%, Series F, Pfd.		262,346		6,737,045

	Shares		Value
United States-(continued)
American Homes 4 Rent, 5.88%, Series G, Pfd.		84,200	$	2,165,624
American Homes 4 Rent, 6.25%, Series H, Pfd.		200,100		5,306,652
DiamondRock Hospitality Co., 8.25%, Pfd.		130,513		3,482,087
Digital Realty Trust, Inc., 6.63%, Series C, Pfd.		116,400		2,972,856
Digital Realty Trust, Inc., 5.25%, Series J, Pfd.		144,600		3,732,126
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		121,800		3,168,018
Dominion Energy, Inc., 7.25%, Series A, Conv. Pfd.		34,560		3,208,205
Eagle Hospitality Properties Trust, Inc., 8.25%, Series A, Pfd.(c)		195,800		0
National Retail Properties, Inc., 5.20%, Series F, Pfd.		389,108		9,875,561
National Storage Affiliates Trust, 6.00%, Series A, Pfd.		174,000		4,611,000
Pebblebrook Hotel Trust, 6.50%, Series C, Pfd.		226,070		5,260,649
Pebblebrook Hotel Trust, 6.38%, Series E, Pfd.		223,861		5,184,621
Pebblebrook Hotel Trust, 6.30%, Series F, Pfd.		173,676		3,928,551
Public Storage, 4.95%, Series D, Pfd.		88,546		2,262,350
Public Storage, 5.15%, Series F, Pfd.		14,600		376,388
QTS Realty Trust, Inc., 7.13%, Series A, Pfd.		264,973		7,085,378
QTS Realty Trust, Inc., 6.50%, Series B, Conv. Pfd.		19,200		2,704,512
Rexford Industrial Realty, Inc., 5.63%, Series C, Pfd.		100,500		2,566,770
Saul Centers, Inc., 6.13%, Series D, Pfd.		2,347		56,905
SL Green Realty Corp., 6.50%, Series I, Pfd.		217,900		5,530,302
STAG Industrial, Inc., 6.88%, Series C, Pfd.		124,100		3,144,694
Summit Hotel Properties, Inc., 6.25%, Series E, Pfd.		319,949		7,294,837
Sunstone Hotel Investors, Inc., 6.95%, Series E, Pfd.		157,000		3,899,880
Sunstone Hotel Investors, Inc., 6.45%, Series F, Pfd.		116,300		2,887,147
VEREIT, Inc., 6.70%, Series F, Pfd.		221,293		5,594,287
Vornado Realty Trust, 5.40%, Series L, Pfd.		213,400		5,313,660
Vornado Realty Trust, 5.25%, Series M, Pfd.		200,000		5,000,000
Total Preferred Stocks (Cost $135,444,510)				135,942,238
Money Market Funds-1.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		2,569,955		2,569,955
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(d)(e)		2,833,526		2,834,660
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		2,937,092		2,937,092
Total Money Market Funds (Cost $8,340,490)				8,341,707
TOTAL INVESTMENTS IN SECURITIES-99.70% (Cost $608,904,303)				676,585,584
OTHER ASSETS LESS LIABILITIES-0.30%				2,043,648
NET ASSETS-100.00%			$	678,629,232

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

5                                 Invesco Global Real Estate Income Fund

Investment Abbreviations:

Conv.	- Convertible
Pfd.	- Preferred
REIT	- Real Estate Investment Trust

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, 2021 was $12,686,665, which represented 1.87% of the Fund’s Net Assets.

^(b)  Non-income producing security.

^(c)  Securities valued using significant unobservable inputs (Level 3). See Note 3.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$2,763,737		$16,535,278		$(16,729,060	)		$    -			$     -			$2,569,955		$  310
Invesco Liquid Assets Portfolio, Institutional Class		2,973,652		11,810,913		(11,949,328	)		(56	)		(521	)		2,834,660		1,063
Invesco Treasury Portfolio, Institutional Class		3,158,557		18,897,461		(19,118,926	)		-			-			2,937,092		176
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		14,371,507		(14,371,507	)		-			-			-		168	*
Invesco Private Prime Fund		-		17,344,030		(17,344,235	)		-			205			-		927	*
Total		$8,895,946		$78,959,189		$(79,513,056	)		$(56	)		$(316	)		$8,341,707		$2,644

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Portfolio Composition

By country, based on Net Assets

as of February 28, 2021

United States	62.75	%
Japan	9.05
Germany	4.74
Hong Kong	4.16
Canada	3.23
United Kingdom	2.54
Singapore	2.45
Australia	2.33
Countries each less than 2% of portfolio	7.22
Money Market Funds Plus Other Assets Less Liabilities	1.53

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

6                                 Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $600,563,813)	$	668,243,877
Investments in affiliated money market funds, at value (Cost $8,340,490)		8,341,707
Foreign currencies, at value (Cost $555,216)		549,786
Receivable for:
Investments sold		1,163,007
Fund shares sold		719,681
Dividends		1,186,760
Interest		2,444
Investment for trustee deferred compensation and retirement plans		132,598
Other assets		33,494
Total assets		680,373,354
Liabilities:
Payable for:
Fund shares reacquired		1,119,186
Amount due custodian		51,792
Accrued fees to affiliates		259,475
Accrued trustees’ and officers’ fees and benefits		384
Accrued other operating expenses		166,473
Trustee deferred compensation and retirement plans		146,812
Total liabilities		1,744,122
Net assets applicable to shares outstanding	$	678,629,232
Net assets consist of:
Shares of beneficial interest	$	680,877,559
Distributable earnings (loss)		(2,248,327	)
	$	678,629,232

Net Assets:
Class A	$	134,378,084
Class C	$	11,940,744
Class Y	$	304,722,581
Class R5	$	2,992,651
Class R6	$	224,595,172
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		15,546,068
Class C		1,383,108
Class Y		35,368,330
Class R5		346,468
Class R6		26,003,637
Class A:
Net asset value per share	$	8.64
Maximum offering price per share (Net asset value of $8.64 ÷ 94.50%)	$	9.14
Class C:
Net asset value and offering price per share	$	8.63
Class Y:
Net asset value and offering price per share	$	8.62
Class R5:
Net asset value and offering price per share	$	8.64
Class R6:
Net asset value and offering price per share	$	8.64

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

7                                 Invesco Global Real Estate Income Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $360,829)	$	11,660,710
Dividends from affiliates (includes securities lending income of $24,396)		27,040
Total investment income		11,687,750
Expenses:
Advisory fees		2,430,678
Administrative services fees		43,884
Custodian fees		28,375
Distribution fees:
Class A		165,560
Class C		87,862
Transfer agent fees – A, C and Y		350,360
Transfer agent fees – R5		1,448
Transfer agent fees – R6		6,268
Trustees’ and officers’ fees and benefits		15,537
Registration and filing fees		31,382
Reports to shareholders		30,759
Professional services fees		24,764
Other		8,930
Total expenses		3,225,807
Less: Fees waived and/or expense offset arrangement(s)		(5,028	)
Net expenses		3,220,779
Net investment income		8,466,971
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		4,733,239
Affiliated investment securities		(316	)
Foreign currencies		47,134
		4,780,057
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		40,545,878
Affiliated investment securities		(56	)
Foreign currencies		(7,799	)
		40,538,023
Net realized and unrealized gain		45,318,080
Net increase in net assets resulting from operations	$	53,785,051

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

8                                 Invesco Global Real Estate Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	8,466,971		$	18,131,856
Net realized gain (loss)		4,780,057			(40,115,545	)
Change in net unrealized appreciation (depreciation)		40,538,023			(44,591,087	)
Net increase (decrease) in net assets resulting from operations		53,785,051			(66,574,776	)
Distributions to shareholders from distributable earnings:
Class A		(1,369,082	)		(13,370,176	)
Class C		(126,509	)		(2,379,521	)
Class Y		(3,372,682	)		(30,825,099	)
Class R5		(34,401	)		(356,023	)
Class R6		(2,536,493	)		(11,211,475	)
Total distributions from distributable earnings		(7,439,167	)		(58,142,294	)
Share transactions-net:
Class A		(9,880,383	)		(11,271,105	)
Class C		(10,666,384	)		(12,003,682	)
Class Y		(12,974,269	)		(21,873,167	)
Class R5		(149,843	)		(846,470	)
Class R6		3,811,471			87,434,080
Net increase (decrease) in net assets resulting from share transactions		(29,859,408	)		41,439,656
Net increase (decrease) in net assets		16,486,476			(83,277,414	)
Net assets:
Beginning of period		662,142,756			745,420,170
End of period	$	678,629,232		$	662,142,756

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

9                                 Invesco Global Real Estate Income Fund

Financial Highlights

(Unaudited)

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 02/28/21		$	8.06		$	0.10		$	0.56			$	0.66			$	(0.08	)		$	–			$	(0.08	)		$	8.64		8.29	%		$	134,378		1.21	%(d)		1.21	%(d)		2.35	%(d)		14	%
Year ended 08/31/20			9.57			0.21			(0.99	)			(0.78	)			(0.48	)			(0.25	)			(0.73	)			8.06		(8.55	)			135,022		1.22			1.22			2.48			72
Year ended 08/31/19			9.11			0.28			0.49				0.77				(0.31	)			–				(0.31	)			9.57		8.69				175,013		1.25			1.25			3.05			41
Year ended 08/31/18			9.18			0.30			(0.02	)			0.28				(0.35	)			–				(0.35	)			9.11		3.11				188,658		1.24			1.24			3.33			59
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
Class C
Six months ended 02/28/21			8.05			0.07			0.56				0.63				(0.05	)			–				(0.05	)			8.63		7.90				11,941		1.96	(d)		1.96	(d)		1.60	(d)		14
Year ended 08/31/20			9.55			0.15			(0.99	)			(0.84	)			(0.41	)			(0.25	)			(0.66	)			8.05		(9.22	)			21,394		1.97			1.97			1.73			72
Year ended 08/31/19			9.09			0.21			0.49				0.70				(0.24	)			–				(0.24	)			9.55		7.89				39,088		2.00			2.00			2.30			41
Year ended 08/31/18			9.16			0.23			(0.02	)			0.21				(0.28	)			–				(0.28	)			9.09		2.34				51,925		1.99			1.99			2.58			59
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
Class Y
Six months ended 02/28/21			8.03			0.11			0.57				0.68				(0.09	)			–				(0.09	)			8.62		8.58				304,723		0.96	(d)		0.96	(d)		2.60	(d)		14
Year ended 08/31/20			9.54			0.23			(0.99	)			(0.76	)			(0.50	)			(0.25	)			(0.75	)			8.03		(8.34	)			296,997		0.97			0.97			2.73			72
Year ended 08/31/19			9.08			0.30			0.49				0.79				(0.33	)			–				(0.33	)			9.54		8.98				389,619		1.00			1.00			3.30			41
Year ended 08/31/18			9.15			0.32			(0.02	)			0.30				(0.37	)			–				(0.37	)			9.08		3.37				670,338		0.99			0.99			3.58			59
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
Class R5
Six months ended 02/28/21			8.05			0.11			0.58				0.69				(0.10	)			–				(0.10	)			8.64		8.59				2,993		0.90	(d)		0.90	(d)		2.66	(d)		14
Year ended 08/31/20			9.56			0.24			(1.00	)			(0.76	)			(0.50	)			(0.25	)			(0.75	)			8.05		(8.27	)			2,940		0.91			0.91			2.79			72
Year ended 08/31/19			9.11			0.31			0.48				0.79				(0.34	)			–				(0.34	)			9.56		8.98				4,517		0.90			0.90			3.40			41
Year ended 08/31/18			9.18			0.33			(0.02	)			0.31				(0.38	)			–				(0.38	)			9.11		3.46				5,745		0.92			0.92			3.65			59
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
Class R6
Six months ended 02/28/21			8.05			0.11			0.58				0.69				(0.10	)			–				(0.10	)			8.64		8.64				224,595		0.81	(d)		0.81	(d)		2.75	(d)		14
Year ended 08/31/20			9.56			0.24			(0.99	)			(0.75	)			(0.51	)			(0.25	)			(0.76	)			8.05		(8.17	)			205,791		0.82			0.82			2.88			72
Year ended 08/31/19			9.11			0.32			0.48				0.80				(0.35	)			–				(0.35	)			9.56		9.08				137,183		0.81			0.81			3.49			41
Year ended 08/31/18			9.17			0.34			(0.02	)			0.32				(0.38	)			–				(0.38	)			9.11		3.66				135,878		0.82			0.82			3.75			59
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

^(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 $133,546, $17,718, $295,498, $2,919 and $211,503 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

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

10                                 Invesco Global Real Estate Income Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

11                                 Invesco Global Real Estate Income Fund

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.

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. 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 the 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

12                                 Invesco Global Real Estate Income Fund

amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

L. 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		0.750%
Next $250 million		0.740%
Next $500 million		0.730%
Next $1.5 billion		0.720%
Next $2.5 billion		0.710%
Next $2.5 billion		0.700%
Next $2.5 billion		0.690%
Over $10 billion		0.680%

For the six months ended February 28, 2021, the effective advisory fee rate 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, 2021, 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, 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $4,827.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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.

13                                 Invesco Global Real Estate Income Fund

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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $4,811 in front-end sales commissions from the sale of Class A shares and $11 and $480 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	15,810,903		$–	$ 15,810,903
Belgium		–		6,246,841		–	6,246,841
Canada		21,907,101		–		–	21,907,101
China		–		1,291,247		–	1,291,247
Denmark		–		2,541,986		–	2,541,986
France		–		7,427,746		–	7,427,746
Germany		–		32,162,275		–	32,162,275
Hong Kong		–		28,209,737		–	28,209,737
Italy		–		3,314,611		–	3,314,611
Japan		–		61,435,079		–	61,435,079
Mexico		5,683,760		–		–	5,683,760
Singapore		–		16,603,805		–	16,603,805
South Africa		–		695,893		–	695,893
Spain		3,611,530		8,292,534		–	11,904,064
Sweden		–		5,588,418		–	5,588,418
Switzerland		–		4,373,326		–	4,373,326
United Kingdom		–		17,217,183		–	17,217,183
United States		425,829,902		–		0	425,829,902
Money Market Funds		8,341,707		–		–	8,341,707
Total Investments	$	465,374,000	$	211,211,584		$0	$676,585,584

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $201.

14                                 Invesco Global Real Estate Income Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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. 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, 2020.

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, 2021 was $88,258,069 and $115,103,615, 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	$	71,502,208
Aggregate unrealized (depreciation) of investments		(14,339,070	)
Net unrealized appreciation of investments	$	57,163,138

Cost of investments for tax purposes is $619,422,446.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		418,599		$	3,477,021			1,618,381		$	14,000,910
Class C		35,919			296,848			283,987			2,453,870
Class Y		4,971,377			41,017,311			13,861,809			117,244,563
Class R5		34,224			281,101			96,779			826,089
Class R6		1,340,724			11,197,902			13,961,447			108,953,332
Issued as reinvestment of dividends:
Class A		127,885			1,047,626			1,242,818			10,788,902
Class C		11,236			91,895			208,175			1,827,120
Class Y		337,869			2,759,346			2,763,679			23,808,555
Class R5		4,072			33,329			37,117			321,599
Class R6		308,949			2,530,188			1,299,596			11,175,361
Automatic conversion of Class C shares to Class A shares:
Class A		836,590			7,005,409			866,117			7,578,281
Class C		(837,046	)		(7,005,409	)		(866,760	)		(7,578,281	)

15                                 Invesco Global Real Estate Income Fund

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(2,592,168	)	$	(21,410,439	)		(5,259,263	)	$	(43,639,198	)
Class C		(485,123	)		(4,049,718	)		(1,059,936	)		(8,706,391	)
Class Y		(6,917,182	)		(56,750,926	)		(20,479,769	)		(162,926,285	)
Class R5		(56,909	)		(464,273	)		(241,096	)		(1,994,158	)
Class R6		(1,203,405	)		(9,916,619	)		(4,046,574	)		(32,694,613	)
Net increase (decrease) in share activity		(3,664,389	)	$	(29,859,408	)		4,286,507		$	41,439,656

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% 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, 25% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                                 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, 2020 through February 28, 2021.

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.

	Beginning      Account Value      (09/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending      Account Value      (02/28/21)1	Expenses         Paid During         Period2	Ending     Account Value     (02/28/21)	Expenses      Paid During      Period2	Annualized         Expense Ratio
Class A	$1,000.00	$1,082.90	$6.25	$1,018.79	$6.06	1.21%
Class C	1,000.00	1,079.00	10.10	1,015.08	9.79	1.96
Class Y	1,000.00	1,085.80	4.96	1,020.03	4.81	0.96
Class R5	1,000.00	1,085.90	4.65	1,020.33	4.51	0.90
Class R6	1,000.00	1,086.40	4.19	1,020.78	4.06	0.81

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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 Global Real Estate Income Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Growth and Income Fund
	Nasdaq:
	A: ACGIX  ∎  C: ACGKX  ∎  R: ACGLX  ∎  Y: ACGMX  ∎  R5: ACGQX  ∎  R6: GIFFX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 8/31/20 to 2/28/21, 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	27.85	%
Class C Shares	27.40
Class R Shares	27.59
Class Y Shares	27.98
Class R5 Shares	28.00
Class R6 Shares	28.06
S&P 500 Index▼ (Broad Market Index)	9.74
Russell 1000 Value Index▼ (Style-Specific Index)	19.15
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	18.57
Source(s): ▼RIMES Technologies Corp.; ∎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 represenative 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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.39	%
10 Years	8.76
5 Years	10.95
1 Year	20.52
Class C Shares
Inception (8/2/93)	9.38	%
10 Years	8.73
5 Years	11.40
1 Year	25.69
Class R Shares
Inception (10/1/02)	8.79	%
10 Years	9.10
5 Years	11.91
1 Year	27.20
Class Y Shares
Inception (10/19/04)	8.42	%
10 Years	9.65
5 Years	12.49
1 Year	27.84
Class R5 Shares
Inception (6/1/10)	11.42	%
10 Years	9.76
5 Years	12.57
1 Year	27.94
Class R6 Shares
10 Years	9.77	%
5 Years	12.68
1 Year	28.07

Effective June 1, 2010, Class A, 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 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 C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I shares of the predecessor 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 Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Growth and Income Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.09%
Aerospace & Defense-5.05%
General Dynamics Corp.		591,455	$	96,685,149
Raytheon Technologies Corp.		1,356,796		97,675,744
Textron, Inc.		1,284,533		64,663,391
				259,024,284
Apparel Retail-1.41%
TJX Cos., Inc. (The)		1,095,544		72,294,949
Automobile Manufacturers-3.73%
General Motors Co.(b)		3,723,643		191,134,595
Building Products-2.63%
Johnson Controls International PLC		2,127,110		118,671,467
Trane Technologies PLC		105,112		16,107,363
				134,778,830
Cable & Satellite-2.55%
Charter Communications, Inc., Class A(b)		105,542		64,741,573
Comcast Corp., Class A		1,252,933		66,054,628
				130,796,201
Commodity Chemicals-1.08%
Dow, Inc.		932,034		55,278,937
Construction & Engineering-0.96%
Quanta Services, Inc.		589,067		49,393,268
Consumer Finance-1.38%
American Express Co.		521,046		70,476,682
Data Processing & Outsourced Services-1.00%
Fiserv, Inc.(b)		443,836		51,205,359
Diversified Banks-6.18%
Bank of America Corp.		4,650,990		161,435,863
Wells Fargo & Co.		4,298,434		155,474,358
				316,910,221
Electric Utilities-2.44%
Duke Energy Corp.		418,125		35,787,319
Exelon Corp.		1,087,912		41,993,403
FirstEnergy Corp.		1,433,008		47,489,885
				125,270,607
Electrical Components & Equipment-0.74%
Emerson Electric Co.		442,587		38,018,223
Electronic Components-0.97%
Corning, Inc.		1,303,233		49,835,630
Electronic Manufacturing Services-1.10%
TE Connectivity Ltd.		432,861		56,284,916
Fertilizers & Agricultural Chemicals-3.31%
Corteva, Inc.		2,733,754		123,428,993
Nutrien Ltd. (Canada)		855,885		46,183,555
				169,612,548

	Shares		Value
Food Distributors-2.45%
Sysco Corp.		905,296	$	72,088,721
US Foods Holding Corp.(b)		1,464,740		53,404,420
				125,493,141
Health Care Distributors-1.21%
McKesson Corp.		366,264		62,089,073
Health Care Equipment-2.68%
Medtronic PLC		760,565		88,963,288
Zimmer Biomet Holdings, Inc.		295,421		48,171,348
				137,134,636
Health Care Facilities-0.64%
Universal Health Services, Inc., Class B		260,089		32,596,954
Health Care Services-2.09%
Cigna Corp.		264,203		55,456,210
CVS Health Corp.		759,784		51,764,084
				107,220,294
Health Care Supplies-0.69%
Alcon, Inc. (Switzerland)		516,103		35,394,260
Home Improvement Retail-0.86%
Kingfisher PLC (United Kingdom)		11,935,549		44,121,815
Human Resource & Employment Services-0.67%
Adecco Group AG (Switzerland)		549,744		34,487,073
Insurance Brokers-0.88%
Willis Towers Watson PLC		205,160		45,266,502
Integrated Oil & Gas-1.48%
Chevron Corp.		758,649		75,864,900
Internet & Direct Marketing Retail-1.63%
Booking Holdings, Inc.(b)		35,776		83,304,774
Investment Banking & Brokerage-6.07%
Charles Schwab Corp. (The)		1,061,124		65,492,573
Goldman Sachs Group, Inc. (The)		394,276		125,963,297
Morgan Stanley		1,554,029		119,458,209
				310,914,079
IT Consulting & Other Services-3.12%
Cognizant Technology Solutions Corp., Class A		2,175,163		159,830,977
Managed Health Care-1.41%
Anthem, Inc.		238,518		72,316,272
Movies & Entertainment-2.41%
Walt Disney Co. (The)		654,506		123,727,814
Multi-line Insurance-2.28%
American International Group, Inc.		2,660,533		116,930,425
Oil & Gas Exploration & Production-4.74%
Canadian Natural Resources Ltd. (Canada)		1,743,040		47,541,190
ConocoPhillips		1,627,724		84,657,925
Devon Energy Corp.		2,342,544		50,458,398

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

4 Invesco Growth and Income Fund

	Shares		Value
Oil & Gas Exploration & Production-(continued)
Pioneer Natural Resources Co.		404,929	$	60,160,301
				242,817,814
Other Diversified Financial Services-1.05%
Voya Financial, Inc.		889,704		53,631,357
Pharmaceuticals-5.32%
Bristol-Myers Squibb Co.		1,350,068		82,799,671
GlaxoSmithKline PLC (United Kingdom)		2,390,910		39,657,367
Johnson & Johnson		268,002		42,467,597
Pfizer, Inc.		1,066,526		35,717,956
Sanofi (France)		788,729		72,197,467
				272,840,058
Railroads-2.08%
CSX Corp.		1,163,081		106,480,066
Real Estate Services-2.49%
CBRE Group, Inc., Class A(b)		1,687,410		127,855,056
Regional Banks-6.29%
Citizens Financial Group, Inc.		2,731,659		118,663,267
PNC Financial Services Group, Inc. (The)		580,513		97,735,169
Truist Financial Corp.		1,860,312		105,963,371
				322,361,807
Semiconductors-5.96%
Intel Corp.		1,840,634		111,873,734
Micron Technology, Inc.(b)		577,901		52,895,279

	Shares		Value
Semiconductors-(continued)
NXP Semiconductors N.V. (Netherlands)		373,040	$	68,098,452
QUALCOMM, Inc.		531,924		72,442,730
				305,310,195
Systems Software-1.49%
Oracle Corp.		1,184,833		76,433,577
Tobacco-2.20%
Philip Morris International, Inc.		1,341,439		112,707,705
Wireless Telecommunication Services-1.37%
Vodafone Group PLC (United Kingdom)		41,175,174		70,008,730
Total Common Stocks & Other Equity Interests (Cost $3,404,661,783)				5,027,454,604
Money Market Funds-2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		37,744,524		37,744,524
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(d)		26,710,039		26,720,723
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		43,136,599		43,136,599
Total Money Market Funds (Cost $107,596,564)				107,601,846
TOTAL INVESTMENTS IN SECURITIES-100.19% (Cost $3,512,258,347)				5,135,056,450
OTHER ASSETS LESS LIABILITIES-(0.19)%				(9,872,208	)
NET ASSETS-100.00%			$	5,125,184,242

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$35,386,014		$   288,505,178		$   (286,146,668)			$          -			$          -		$37,744,524		$  3,056
Invesco Liquid Assets Portfolio, Institutional Class		25,039,016		206,075,127		(204,390,476	)		(11,476	)		8,532		26,720,723		6,971
Invesco Treasury Portfolio, Institutional Class		40,441,159		329,720,204		(327,024,764	)		-			-		43,136,599		1,874
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		71,943,691		(71,943,691	)		-			-		-		333*
Invesco Private Prime Fund		-		49,287,783		(49,288,265	)		-			482		-		1,199*
Total		$100,866,189		$945,531,983		$(938,793,864)			$	(11,476)		$9,014		$107,601,846		$13,433

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Forward Foreign Currency Contracts
Settlement Date				Contract to					Unrealized Appreciation (Depreciation)
	Counterparty		Deliver			Receive
Currency Risk
03/26/2021	Bank of New York Mellon (The)	CHF		50,227,715	USD		56,366,854	$	1,113,079

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

5 Invesco Growth and Income Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date				Contract to					Unrealized Appreciation (Depreciation)
	Counterparty		Deliver			Receive
03/26/2021	State Street Bank & Trust Co.	CAD		47,697,259	USD		37,608,520	$	125,702
03/26/2021	State Street Bank & Trust Co.	CHF		375,801	USD		421,634		8,229
03/26/2021	State Street Bank & Trust Co.	EUR		47,272,852	USD		57,249,968		180,841
Subtotal–Appreciation									1,427,851
Currency Risk
03/26/2021	State Street Bank & Trust Co.	GBP		91,560,041	USD		127,118,321		(461,805	)
03/26/2021	State Street Bank & Trust Co.	USD		1,116,083	CAD		1,419,547		(534	)
03/26/2021	State Street Bank & Trust Co.	USD		1,579,881	CHF		1,414,910		(23,387	)
03/26/2021	State Street Bank & Trust Co.	USD		2,369,452	EUR		1,948,541		(17,118	)
03/26/2021	State Street Bank & Trust Co.	USD		10,114,296	GBP		7,214,330		(61,820	)
Subtotal–Depreciation									(564,664	)
Total Forward Foreign Currency Contracts									$ 863,187

Abbreviations:

CAD –Canadian Dollar

CHF –Swiss Franc

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Financials	24.12	%
Health Care	14.04
Information Technology	13.64
Industrials	12.14
Consumer Discretionary	7.63
Communication Services	6.33
Energy	6.22
Consumer Staples	4.65
Materials	4.39
Real Estate	2.49
Utilities	2.44
Money Market Funds Plus Other Assets Less Liabilities	1.91

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

6 Invesco Growth and Income Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,404,661,783)	$	5,027,454,604
Investments in affiliated money market funds, at value (Cost $107,596,564)		107,601,846
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,427,851
Cash		474,592
Foreign currencies, at value (Cost $599)		608
Receivable for:
Fund shares sold		3,720,806
Dividends		10,809,185
Investment for trustee deferred compensation and retirement plans		716,749
Other assets		79,198
Total assets		5,152,285,439
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		564,664
Payable for:
Investments purchased		10,695,609
Fund shares reacquired		11,978,448
Accrued fees to affiliates		2,616,864
Accrued trustees’ and officers’ fees and benefits		6,650
Accrued other operating expenses		422,557
Trustee deferred compensation and retirement plans		816,405
Total liabilities		27,101,197
Net assets applicable to shares outstanding	$	5,125,184,242
Net assets consist of:
Shares of beneficial interest	$	3,214,922,570
Distributable earnings		1,910,261,672
	$	5,125,184,242

Net Assets:
Class A	$	2,951,478,916
Class C	$	37,494,006
Class R	$	58,423,865
Class Y	$	530,269,794
Class R5	$	397,639,604
Class R6	$	1,149,878,057
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		119,026,051
Class C		1,533,748
Class R		2,353,548
Class Y		21,366,552
Class R5		16,000,912
Class R6		46,263,830
Class A:
Net asset value per share	$	24.80
Maximum offering price per share (Net asset value of $24.80 ÷ 94.50%)	$	26.24
Class C:
Net asset value and offering price per share	$	24.45
Class R:
Net asset value and offering price per share	$	24.82
Class Y:
Net asset value and offering price per share	$	24.82
Class R5:
Net asset value and offering price per share	$	24.85
Class R6:
Net asset value and offering price per share	$	24.85

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

7 Invesco Growth and Income Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $345,669)	$	49,566,400
Dividends from affiliated money market funds (includes securities lending income of $12,111)		24,012
Total investment income		49,590,412
Expenses:
Advisory fees		8,739,308
Administrative services fees		329,215
Custodian fees		64,575
Distribution fees:
Class A		3,396,516
Class C		172,769
Class R		152,262
Transfer agent fees – A, C, R and Y		3,099,556
Transfer agent fees – R5		196,399
Transfer agent fees – R6		33,638
Trustees’ and officers’ fees and benefits		59,442
Registration and filing fees		68,606
Reports to shareholders		185,648
Professional services fees		42,104
Other		63,248
Total expenses		16,603,286
Less: Fees waived and/or expense offset arrangement(s)		(39,967	)
Net expenses		16,563,319
Net investment income		33,027,093
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		366,269,428
Affiliated investment securities		9,014
Foreign currencies		92,356
Forward foreign currency contracts		(10,007,162	)
		356,363,636
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		822,836,480
Affiliated investment securities		(11,476	)
Foreign currencies		(52,451	)
Forward foreign currency contracts		5,738,036
		828,510,589
Net realized and unrealized gain		1,184,874,225
Net increase in net assets resulting from operations	$	1,217,901,318

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

8 Invesco Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	33,027,093		$	120,982,478
Net realized gain		356,363,636			64,710,028
Change in net unrealized appreciation (depreciation)		828,510,589			(387,598,565	)
Net increase (decrease) in net assets resulting from operations		1,217,901,318			(201,906,059	)
Distributions to shareholders from distributable earnings:
Class A		(86,311,723	)		(289,228,828	)
Class C		(1,112,729	)		(5,035,411	)
Class R		(1,898,844	)		(6,622,540	)
Class Y		(16,653,399	)		(76,722,911	)
Class R5		(14,838,516	)		(62,028,594	)
Class R6		(38,620,698	)		(136,731,969	)
Total distributions from distributable earnings		(159,435,909	)		(576,370,253	)
Share transactions–net:
Class A		(248,163,292	)		(369,392,082	)
Class C		(9,474,514	)		(30,063,112	)
Class R		(15,044,595	)		(13,559,679	)
Class Y		(54,674,651	)		(363,147,856	)
Class R5		(136,164,650	)		(221,668,392	)
Class R6		(247,184,614	)		(173,456,283	)
Net increase (decrease) in net assets resulting from share transactions		(710,706,316	)		(1,171,287,404	)
Net increase (decrease) in net assets		347,759,093			(1,949,563,716	)
Net assets:
Beginning of period		4,777,425,149			6,726,988,865
End of period	$	5,125,184,242		$	4,777,425,149

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

9 Invesco Growth and Income Fund

Financial Highlights

(Unaudited)

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 02/28/21	$	20.01	$	0.13			$5.36		$5.49		$(0.21)		$(0.49)		$(0.70)	$	24.80		27.85	%	$	2,951,479		0.83	%(d)		0.83	%(d)		1.20	%(d)		21	%
Year ended 08/31/20		22.89		0.41			(1.24)		(0.83)		(0.44)		(1.61)		(2.05)		20.01		(4.39	)		2,609,002		0.81			0.81			1.97			26
Year ended 08/31/19		27.50		0.44			(2.02)		(1.58)		(0.43)		(2.60)		(3.03)		22.89		(4.99	)		3,386,466		0.81			0.81			1.84			23
Year ended 08/31/18		27.42		0.40			2.76		3.16		(0.52)		(2.56)		(3.08)		27.50		11.96			3,954,641		0.80			0.80			1.44			29
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
Class C
Six months ended 02/28/21		19.73		0.06			5.28		5.34		(0.13)		(0.49)		(0.62)		24.45		27.40	(f)		37,494		1.49	(d)(f)		1.49	(d)(f)		0.54	(d)(f)		21
Year ended 08/31/20		22.57		0.25			(1.20)		(0.95)		(0.28)		(1.61)		(1.89)		19.73		(5.05	)		38,808		1.56			1.56			1.22			26
Year ended 08/31/19		27.15		0.27			(2.00)		(1.73)		(0.25)		(2.60)		(2.85)		22.57		(5.67	)(f)		76,522		1.53	(f)		1.53	(f)		1.12	(f)		23
Year ended 08/31/18		27.09		0.19			2.74		2.93		(0.31)		(2.56)		(2.87)		27.15		11.17	(f)		243,564		1.53	(f)		1.53	(f)		0.71	(f)		29
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	(f)		290,579		1.55	(f)		1.55	(f)		0.87	(f)		18
Class R
Six months ended 02/28/21		20.03		0.10			5.37		5.47		(0.19)		(0.49)		(0.68)		24.82		27.66			58,424		1.08	(d)		1.08	(d)		0.95	(d)		21
Year ended 08/31/20		22.90		0.36			(1.23)		(0.87)		(0.39)		(1.61)		(2.00)		20.03		(4.60	)		61,342		1.06			1.06			1.72			26
Year ended 08/31/19		27.52		0.38			(2.03)		(1.65)		(0.37)		(2.60)		(2.97)		22.90		(5.27	)		84,224		1.06			1.06			1.59			23
Year ended 08/31/18		27.43		0.33			2.77		3.10		(0.45)		(2.56)		(3.01)		27.52		11.71			115,360		1.05			1.05			1.19			29
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
Class Y
Six months ended 02/28/21		20.03		0.16			5.36		5.52		(0.24)		(0.49)		(0.73)		24.82		27.98			530,270		0.58	(d)		0.58	(d)		1.45	(d)		21
Year ended 08/31/20		22.91		0.47			(1.24)		(0.77)		(0.50)		(1.61)		(2.11)		20.03		(4.12	)		477,858		0.56			0.56			2.22			26
Year ended 08/31/19		27.53		0.50			(2.03)		(1.53)		(0.49)		(2.60)		(3.09)		22.91		(4.78	)		938,866		0.56			0.56			2.09			23
Year ended 08/31/18		27.44		0.47			2.77		3.24		(0.59)		(2.56)		(3.15)		27.53		12.27			1,266,205		0.55			0.55			1.69			29
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
Class R5
Six months ended 02/28/21		20.06		0.17			5.36		5.53		(0.25)		(0.49)		(0.74)		24.85		28.00			397,640		0.49	(d)		0.49	(d)		1.54	(d)		21
Year ended 08/31/20		22.94		0.49			(1.24)		(0.75)		(0.52)		(1.61)		(2.13)		20.06		(4.03	)		443,315		0.48			0.48			2.30			26
Year ended 08/31/19		27.56		0.52			(2.03)		(1.51)		(0.51)		(2.60)		(3.11)		22.94		(4.70	)		746,385		0.48			0.48			2.17			23
Year ended 08/31/18		27.47		0.49			2.77		3.26		(0.61)		(2.56)		(3.17)		27.56		12.35			932,196		0.48			0.48			1.76			29
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
Class R6
Six months ended 02/28/21		20.06		0.18			5.36		5.54		(0.26)		(0.49)		(0.75)		24.85		28.06			1,149,878		0.40	(d)		0.40	(d)		1.63	(d)		21
Year ended 08/31/20		22.94		0.50			(1.23)		(0.73)		(0.54)		(1.61)		(2.15)		20.06		(3.93	)		1,147,101		0.39			0.39			2.39			26
Year ended 08/31/19		27.57		0.54			(2.04)		(1.50)		(0.53)		(2.60)		(3.13)		22.94		(4.64	)		1,494,527		0.38			0.38			2.27			23
Year ended 08/31/18		27.48		0.51			2.77		3.28		(0.63)		(2.56)		(3.19)		27.57		12.46			1,666,520		0.38			0.38			1.86			29
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

^(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 $2,741,925, $38,366, $61,409, $499,265, $426,384 and $1,160,784 for Class A, 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%, $0.19 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 C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.91%, 0.96%, 0.98% and 0.98% for the six months ended February 28, 2021 and the years ended August 31, 2019, 2018 and 2016, respectively.

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

10 Invesco Growth and Income Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

    The Fund currently consists of six different classes of shares: Class A, Class 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

11 Invesco Growth and Income Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. 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 the 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

12 Invesco Growth and Income Fund

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 $150 million		0.500%
Next $100 million		0.450%
Next $100 million		0.400%
Over $350 million		0.350%

    For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.36%.

    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, 2021, 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $37,847.

    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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Trust has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Trust 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 Trust, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended February 28, 2021, 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. 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, 2021, 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

13 Invesco Growth and Income Fund

shareholder. During the six months ended February 28, 2021, IDI advised the Fund that IDI retained $101,377 in front-end sales commissions from the sale of Class A shares and $4,451 and $905 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    For the six months ended February 28, 2021, the Fund incurred $17,114 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	4,731,587,892	$	295,866,712			$–	$	5,027,454,604
Money Market Funds		107,601,846		–			–		107,601,846
Total Investments in Securities		4,839,189,738		295,866,712			–		5,135,056,450
Other Investments - Assets*
Forward Foreign Currency Contracts		–		1,427,851			–		1,427,851
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(564,664	)		–		(564,664	)
Total Other Investments		–		863,187			–		863,187
Total Investments	$	4,839,189,738	$	296,729,899			$–	$	5,135,919,637

* 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, 2021:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,427,851
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	1,427,851
	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(564,664	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(564,664	)

14 Invesco Growth 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, 2021.

	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)		$1,113,079		$              -		$	1,113,079			$-		$-	$	1,113,079
State Street Bank & Trust Co.		314,772		(564,664	)		(249,892	)		-		-		(249,892	)
Total		$1,427,851		$(564,664)		$	863,187			$-		$-	$	863,187

Effect of Derivative Investments for the six months ended February 28, 2021

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		$ (10,007,162)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		5,738,036
Total		$  (4,269,126)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$299,992,822

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,120.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

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

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund did not have a capital loss carryforward as of August 31, 2020.

15 Invesco Growth and Income Fund

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, 2021 was $990,680,703 and $1,838,811,190, 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	$	1,606,807,092
Aggregate unrealized (depreciation) of investments		(40,230,326	)
Net unrealized appreciation of investments	$	1,566,576,766

Cost of investments for tax purposes is $3,569,342,871.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,925,627		$	65,330,598			12,252,927		$	232,624,775
Class C		76,887			1,684,721			464,832			8,961,437
Class R		463,932			10,203,028			504,338			9,657,016
Class Y		3,074,937			69,347,050			5,677,509			117,085,192
Class R5		2,203,146			48,201,074			5,727,613			114,472,525
Class R6		3,955,626			88,960,972			13,470,737			257,299,949
Issued as reinvestment of dividends:
Class A		3,600,254			80,078,663			12,074,275			268,677,218
Class C		46,360			1,023,036			207,024			4,601,683
Class R		85,105			1,898,496			295,518			6,606,142
Class Y		663,390			14,750,327			3,053,556			68,316,325
Class R5		667,478			14,818,663			2,777,517			61,811,878
Class R6		1,708,501			37,906,204			6,064,881			134,330,419
Automatic conversion of Class C shares to Class A shares:
Class A		252,546			5,702,755			545,424			11,370,130
Class C		(255,957	)		(5,702,755	)		(552,872	)		(11,370,130	)
Reacquired:
Class A		(18,115,151	)		(399,275,308	)		(42,486,440	)		(882,064,205	)
Class C		(300,837	)		(6,479,516	)		(1,542,253	)		(32,256,102	)
Class R		(1,257,288	)		(27,146,119	)		(1,415,461	)		(29,822,837	)
Class Y		(6,228,356	)		(138,772,028	)		(25,855,073	)		(548,549,373	)
Class R5		(8,972,699	)		(199,184,387	)		(18,942,596	)		(397,952,795	)
Class R6		(16,582,661	)		(374,051,790	)		(27,493,365	)		(565,086,651	)
Net increase (decrease) in share activity		(31,989,160	)	$	(710,706,316	)		(55,171,909	)	$	(1,171,287,404	)

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16 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, 2020 through February 28, 2021.

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)
	Beginning     Account Value     (09/01/20)	Ending     Account Value     (02/28/21)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/21)	Expenses     Paid During     Period2	Annualized       Expense       Ratio
Class A	$1,000.00	$1,278.50	$4.69	$1,020.68	$4.16		0.83	%
Class C	1,000.00	1,274.00	8.40	1,017.41	7.45		1.49
Class R	1,000.00	1,275.90	6.09	1,019.44	5.41		1.08
Class Y	1,000.00	1,279.80	3.28	1,021.92	2.91		0.58
Class R5	1,000.00	1,280.00	2.77	1,022.36	2.46		0.49
Class R6	1,000.00	1,280.60	2.26	1,022.81	2.01		0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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 Growth and Income Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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

	Semiannual Report to Shareholders	February 28, 2021
	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	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
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, 8/31/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	5.35	%
Class C Shares	4.93
Class R Shares	5.24
Class Y Shares	5.46
Investor Class Shares	5.33
Class R5 Shares	5.58
Class R6 Shares	5.58
S&P 500 Indexq (Broad Market Index)	9.74
Russell 1000 Indexq (Style-Specific Index)	11.78
Lipper Equity Income Funds Index∎ (Peer Group Index)	12.83
Source(s): qRIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Equity Income Funds Index is an unmanaged index considered representative of equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. 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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.96	%
10 Years	5.59
5 Years	4.15
1 Year	3.71
Class C Shares
Inception (3/31/06)	3.93	%
10 Years	5.55
5 Years	4.55
1 Year	7.94
Class R Shares
Inception (3/31/06)	4.10	%
10 Years	5.94
5 Years	5.07
1 Year	9.41
Class Y Shares
Inception (10/3/08)	6.94	%
10 Years	6.47
5 Years	5.62
1 Year	10.03
Investor Class Shares
Inception (4/25/08)	4.33	%
10 Years	6.20
5 Years	5.35
1 Year	9.74
Class R5 Shares
Inception (3/31/06)	4.72	%
10 Years	6.61
5 Years	5.79
1 Year	10.27
Class R6 Shares
10 Years	6.37	%
5 Years	5.71
1 Year	10.27

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 5.50% 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, 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

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.13%
Agricultural & Farm Machinery–3.72%
AGCO Corp.		25,800	$	3,340,584
Deere & Co.		10,600		3,700,672
				7,041,256
Air Freight & Logistics–3.03%
FedEx Corp.		11,500		2,926,750
United Parcel Service, Inc., Class B		17,750		2,801,482
				5,728,232
Alternative Carriers–2.07%
Liberty Global PLC, Class C (United Kingdom)(b)		29,200		709,560
Lumen Technologies, Inc.		261,400		3,212,606
				3,922,166
Application Software–3.37%
Cadence Design Systems, Inc.(b)		23,900		3,372,051
Citrix Systems, Inc.		22,500		3,005,550
				6,377,601
Asset Management & Custody Banks–0.86%
Federated Hermes, Inc., Class B		6,400		171,008
Janus Henderson Group PLC		24,300		710,289
T. Rowe Price Group, Inc.		4,600		745,844
				1,627,141
Automobile Manufacturers–1.02%
Ford Motor Co.(b)		164,300		1,922,310
Automotive Retail–1.10%
AutoNation, Inc.(b)		17,200		1,290,344
Murphy USA, Inc.		6,300		785,295
				2,075,639
Biotechnology–8.03%
Amgen, Inc.		14,300		3,216,356
Blueprint Medicines Corp.(b)		4,900		481,278
Emergent BioSolutions, Inc.(b)		17,200		1,651,200
Gilead Sciences, Inc.		44,500		2,732,300
Regeneron Pharmaceuticals, Inc.(b)		5,980		2,694,409
United Therapeutics Corp.(b)		21,200		3,544,216
Vertex Pharmaceuticals, Inc.(b)		4,150		882,082
				15,201,841
Commodity Chemicals–0.54%
Dow, Inc.		17,200		1,020,132
Communications Equipment–1.50%
Cisco Systems, Inc.		63,200		2,835,784
Computer & Electronics Retail–1.43%
Best Buy Co., Inc.		26,900		2,699,415
Construction & Engineering–0.41%
Dycom Industries, Inc.(b)		4,400		336,952

	Shares		Value
Construction & Engineering–(continued)
Quanta Services, Inc.		5,300	$	444,405
				781,357
Data Processing & Outsourced Services–1.17%
Western Union Co. (The)		95,100		2,208,222
Diversified Chemicals–0.20%
Eastman Chemical Co.		3,400		371,484
Electrical Components & Equipment–0.20%
Regal Beloit Corp.		2,800		382,676
Electronic Equipment & Instruments–0.16%
Vontier Corp.(b)		9,400		295,160
Food Retail–1.58%
Kroger Co. (The)		86,300		2,779,723
Sprouts Farmers Market, Inc.(b)		10,200		215,322
				2,995,045
Forest Products–0.14%
Louisiana-Pacific Corp.		5,400		257,094
Gas Utilities–0.11%
National Fuel Gas Co.		4,700		213,568
General Merchandise Stores–1.92%
Target Corp.		19,850		3,641,284
Health Care Distributors–4.86%
AmerisourceBergen Corp.		29,000		2,935,380
Cardinal Health, Inc.		57,500		2,962,400
McKesson Corp.		19,500		3,305,640
				9,203,420
Health Care Equipment-2.05%
Danaher Corp.		750		164,753
Hologic, Inc.(b)		38,400		2,768,256
IDEXX Laboratories, Inc.(b)		1,800		936,306
				3,869,315
Health Care Facilities–0.50%
HCA Healthcare, Inc.		5,500		946,165
Health Care REITs–0.28%
Omega Healthcare Investors, Inc.		7,800		289,692
Sabra Health Care REIT, Inc.		13,600		234,192
				523,884
Health Care Services–3.78%
DaVita, Inc.(b)		31,500		3,217,095
Laboratory Corp. of America Holdings(b)		8,850		2,123,203
Quest Diagnostics, Inc.		15,600		1,803,204
				7,143,502
Health Care Supplies–0.35%
Quidel Corp.(b)		4,000		657,040

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

4 Invesco Low Volatility Equity Yield Fund

	Shares		Value
Homefurnishing Retail–0.36%
Williams-Sonoma, Inc.		5,200	$	682,708
Household Products–0.28%
Spectrum Brands Holdings, Inc.		6,900		535,095
Housewares & Specialties–0.41%
Newell Brands, Inc.		33,800		783,146
Hypermarkets & Super Centers–1.92%
BJ’s Wholesale Club Holdings, Inc.(b)		28,100		1,129,058
Walmart, Inc.		19,200		2,494,464
				3,623,522
Industrial REITs–0.24%
Duke Realty Corp.		6,900		270,825
EastGroup Properties, Inc.		1,400		190,554
				461,379
Interactive Home Entertainment–4.10%
Activision Blizzard, Inc.		37,000		3,537,570
Electronic Arts, Inc.		10,800		1,446,876
Take-Two Interactive Software, Inc.(b)		15,050		2,776,123
				7,760,569
Interactive Media & Services–1.07%
Alphabet, Inc., Class A(b)		1,005		2,032,020
Internet & Direct Marketing Retail–1.67%
eBay, Inc.		29,900		1,686,958
Qurate Retail, Inc., Class A		118,100		1,466,802
				3,153,760
IT Consulting & Other Services–2.72%
Accenture PLC, Class A		1,700		426,530
Amdocs Ltd.		25,000		1,895,250
Cognizant Technology Solutions Corp., Class A		38,500		2,828,980
				5,150,760
Life Sciences Tools & Services–1.82%
Mettler-Toledo International, Inc.(b)		630		703,112
Thermo Fisher Scientific, Inc.		6,100		2,745,488
				3,448,600
Office REITs–0.20%
Equity Commonwealth		13,100		369,551
Oil & Gas Storage & Transportation–2.03%
Antero Midstream Corp.		104,100		918,162
Equitrans Midstream Corp.		25,700		185,811
Kinder Morgan, Inc.		48,200		708,540
Williams Cos., Inc. (The)		88,900		2,030,476
				3,842,989
Packaged Foods & Meats–9.63%
Campbell Soup Co.		58,800		2,674,224
Conagra Brands, Inc.		77,500		2,629,575
Flowers Foods, Inc.		35,500		772,125
General Mills, Inc.		56,400		3,102,564
Hain Celestial Group, Inc. (The)		29,500		1,244,310
JM Smucker Co. (The)		23,500		2,632,000
Kellogg Co.		32,000		1,846,720

	Shares		Value
Packaged Foods & Meats–(continued)
Kraft Heinz Co. (The)		91,400	$	3,325,132
				18,226,650
Paper Packaging–0.78%
International Paper Co.		29,700		1,474,605
Personal Products–0.29%
Nu Skin Enterprises, Inc., Class A		10,700		547,626
Pharmaceuticals–2.43%
Eli Lilly and Co.		7,500		1,536,675
Johnson & Johnson		17,450		2,765,127
Merck & Co., Inc.		4,000		290,480
				4,592,282
Property & Casualty Insurance–0.54%
Allstate Corp. (The)		9,500		1,012,700
Publishing–0.49%
News Corp., Class A		39,300		921,585
Regional Banks–0.27%
Umpqua Holdings Corp.		29,400		501,858
Research & Consulting Services–1.37%
Booz Allen Hamilton Holding Corp.		33,700		2,599,618
Restaurants–0.97%
Domino’s Pizza, Inc.		4,300		1,489,993
Papa John’s International, Inc.		3,800		342,722
				1,832,715
Semiconductors–3.41%
Broadcom, Inc.		6,180		2,903,797
Qorvo, Inc.(b)		4,350		760,075
Texas Instruments, Inc.		16,200		2,790,774
				6,454,646
Specialized Consumer Services–0.60%
Service Corp. International		8,100		386,856
Terminix Global Holdings, Inc.(b)		16,800		756,168
				1,143,024
Specialized REITs–3.68%
CubeSmart		14,600		539,616
Extra Space Storage, Inc.		23,900		3,004,230
Life Storage, Inc.		14,400		1,208,160
PotlatchDeltic Corp.		5,600		284,200
Public Storage		8,250		1,930,005
				6,966,211
Steel–0.83%
Reliance Steel & Aluminum Co.		11,900		1,573,180
Systems Software–3.70%
CommVault Systems, Inc.(b)		2,900		184,817
Microsoft Corp.		16,000		3,718,080
Oracle Corp.		48,100		3,102,931
				7,005,828
Technology Distributors–0.74%
Arrow Electronics, Inc.(b)		13,900		1,393,614

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

5 Invesco Low Volatility Equity Yield Fund

	Shares		Value
Technology Hardware, Storage & Peripherals–1.57%
HP, Inc.		102,400	$	2,966,528
Thrifts & Mortgage Finance–0.93%
New York Community Bancorp, Inc.		144,400		1,763,124
Tobacco–2.43%
Altria Group, Inc.		67,000		2,921,200
Philip Morris International, Inc.		20,000		1,680,400
				4,601,600
Trading Companies & Distributors–0.11%
MSC Industrial Direct Co., Inc., Class A		2,400		206,712
Trucking–1.16%
Ryder System, Inc.		9,200		623,484
Werner Enterprises, Inc.		36,700		1,575,164
				2,198,648
Total Common Stocks & Other Equity Interests (Cost $165,599,641)				183,767,586

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

	Principal Amount		Value
U.S. Treasury Securities–0.38%
U.S. Treasury Bills–0.38%
0.12%, 03/11/2021 (Cost $724,976)(c)(d)	$	725,000	$	724,975
	Shares
Money Market Funds–2.51%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		1,708,957		1,708,957
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(e)(f)		1,082,241		1,082,674
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		1,953,094		1,953,094
Total Money Market Funds (Cost $4,744,821)				4,744,725
TOTAL INVESTMENTS IN SECURITIES–100.02% (Cost $171,069,438)				189,237,286
OTHER ASSETS LESS LIABILITIES–(0.02)%				(29,959	)
NET ASSETS–100.00%			$	189,207,327

^(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 the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

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

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,571,826	$	3,964,878	$	(3,827,747	)	$	-		$	-	$	1,708,957	$	158
Invesco Liquid Assets Portfolio, Institutional Class		984,933		2,832,056		(2,734,105	)		(269	)		59		1,082,674		316
Invesco Treasury Portfolio, Institutional Class		1,796,373		4,531,289		(4,374,568	)		-			-		1,953,094		97
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		3,265,372		(3,265,372	)		-			-		-		7	*
Invesco Private Prime Fund		-		2,810,647		(2,810,647	)		-			-		-		24	*
Total	$	4,353,132	$	17,404,242	$	(17,012,439	)	$	(269	)	$	59	$	4,744,725	$	602

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		27		March-2021	$	5,142,420	$	26,522	$	26,522

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

6 Invesco Low Volatility Equity Yield Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Health Care	23.82	%
Information Technology	18.33
Consumer Staples	16.14
Industrials	10.01
Consumer Discretionary	9.48
Communication Services	7.74
Real Estate	4.40
Financials	2.59
Materials	2.48
Energy	2.03
Other Sectors, Each Less than 2% of Net Assets	0.49
Money Market Funds Plus Other Assets Less Liabilities	2.49

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

7 Invesco Low Volatility Equity Yield Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $166,324,617)	$	184,492,561
Investments in affiliated money market funds, at value (Cost $4,744,821)		4,744,725
Foreign currencies, at value (Cost $6,447)		6,486
Receivable for:
Fund shares sold		36,900
Dividends		239,073
Investment for trustee deferred compensation and retirement plans		165,309
Other assets		40,630
Total assets		189,725,684
Liabilities:
Other investments:
Variation margin payable - futures contracts		24,424
Payable for:
Fund shares reacquired		76,514
Amount due custodian		29,039
Accrued fees to affiliates		135,121
Accrued trustees’ and officers’ fees and benefits		374
Accrued other operating expenses		77,236
Trustee deferred compensation and retirement plans		175,649
Total liabilities		518,357
Net assets applicable to shares outstanding	$	189,207,327
Net assets consist of:
Shares of beneficial interest	$	188,402,889
Distributable earnings		804,438
	$	189,207,327

Net Assets:
Class A	$	135,372,518
Class C	$	3,339,001
Class R	$	568,806
Class Y	$	7,102,120
Investor Class	$	32,823,048
Class R5	$	9,970,032
Class R6	$	31,802
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,652,555
Class C		317,673
Class R		53,430
Class Y		660,714
Investor Class		3,056,772
Class R5		926,378
Class R6		2,956
Class A:
Net asset value per share	$	10.70
Maximum offering price per share (Net asset value of $10.70 ÷ 94.50%)	$	11.32
Class C:
Net asset value and offering price per share	$	10.51
Class R:
Net asset value and offering price per share	$	10.65
Class Y:
Net asset value and offering price per share	$	10.75
Investor Class:
Net asset value and offering price per share	$	10.74
Class R5:
Net asset value and offering price per share	$	10.76
Class R6:
Net asset value and offering price per share	$	10.76

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

8 Invesco Low Volatility Equity Yield Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $32,767)	$	1,822,921
Dividends from affiliated money market funds (includes securities lending income of $1,390)		1,961
Total investment income		1,824,882
Expenses:
Advisory fees		557,115
Administrative services fees		13,196
Custodian fees		3,727
Distribution fees:
Class A		165,763
Class C		18,216
Class R		1,441
Investor Class		40,448
Transfer agent fees – A, C, R, Y and Investor		206,305
Transfer agent fees – R5		223
Transfer agent fees – R6		1
Trustees’ and officers’ fees and benefits		11,077
Registration and filing fees		42,829
Reports to shareholders		15,668
Professional services fees		20,626
Other		9,923
Total expenses		1,106,558
Less: Fees waived and/or expense offset arrangement(s)		(2,769	)
Net expenses		1,103,789
Net investment income		721,093
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		9,618,729
Affiliated investment securities		59
Foreign currencies		1,500
Futures contracts		630,844
		10,251,132
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(995,477	)
Affiliated investment securities		(269	)
Foreign currencies		(596	)
Futures contracts		(290,713	)
		(1,287,055	)
Net realized and unrealized gain		8,964,077
Net increase in net assets resulting from operations	$	9,685,170

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

9 Invesco Low Volatility Equity Yield Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	721,093		$	3,283,711
Net realized gain (loss)		10,251,132			(17,297,802	)
Change in net unrealized appreciation (depreciation)		(1,287,055	)		13,183,519
Net increase (decrease) in net assets resulting from operations		9,685,170			(830,572	)
Distributions to shareholders from distributable earnings:
Class A		(1,077,668	)		(2,299,172	)
Class C		(16,572	)		(37,648	)
Class R		(4,212	)		(7,178	)
Class Y		(66,045	)		(144,838	)
Investor Class		(262,822	)		(550,080	)
Class R5		(98,835	)		(199,380	)
Class R6		(586	)		(25,084	)
Total distributions from distributable earnings		(1,526,740	)		(3,263,380	)
Share transactions–net:
Class A		(7,213,735	)		(13,944,439	)
Class C		(815,235	)		(515,101	)
Class R		(20,586	)		50,902
Class Y		(536,749	)		(761,311	)
Investor Class		(1,959,494	)		(2,681,988	)
Class R5		41,002			(1,434,753	)
Class R6		(74,358	)		(1,144,448	)
Net increase (decrease) in net assets resulting from share transactions		(10,579,155	)		(20,431,138	)
Net increase (decrease) in net assets		(2,420,725	)		(24,525,090	)
Net assets:
Beginning of period		191,628,052			216,153,142
End of period	$	189,207,327		$	191,628,052

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

10 Invesco Low Volatility Equity Yield Fund

Financial Highlights

(Unaudited)

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 02/28/21	$	10.24	$	0.04	$	0.50		$	0.54		$	(0.08	)	$	–		$	(0.08	)	$	10.70		5.35	%	$	135,373		1.21	%(d)		1.21	%(d)		0.76	%(d)		52	%
Year ended 08/31/20		10.43		0.17		(0.20	)		(0.03	)		(0.16	)		–			(0.16	)		10.24		(0.15	)		136,770		1.18			1.18			1.63			122
Year ended 08/31/19		12.13		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.43		(11.34	)		153,641		1.18			1.18			1.54			117
Year ended 08/31/18		10.86		0.15		1.31			1.46			(0.19	)		–			(0.19	)		12.13		13.57			175,074		1.21			1.21			1.35			119
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
Class C
Six months ended 02/28/21		10.06		0.00		0.49			0.49			(0.04	)		–			(0.04	)		10.51		4.93			3,339		1.96	(d)		1.96	(d)		0.01	(d)		52
Year ended 08/31/20		10.24		0.09		(0.19	)		(0.10	)		(0.08	)		–			(0.08	)		10.06		(0.87	)		4,001		1.93			1.93			0.88			122
Year ended 08/31/19		11.92		0.09		(1.53	)		(1.44	)		(0.04	)		(0.20	)		(0.24	)		10.24		(12.05	)		4,627		1.93			1.93			0.79			117
Year ended 08/31/18		10.68		0.07		1.27			1.34			(0.10	)		–			(0.10	)		11.92		12.64			24,319		1.96			1.96			0.60			119
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
Class R
Six months ended 02/28/21		10.19		0.03		0.50			0.53			(0.07	)		–			(0.07	)		10.65		5.24			569		1.46	(d)		1.46	(d)		0.51	(d)		52
Year ended 08/31/20		10.38		0.14		(0.19	)		(0.05	)		(0.14	)		–			(0.14	)		10.19		(0.42	)		565		1.43			1.43			1.38			122
Year ended 08/31/19		12.07		0.14		(1.53	)		(1.39	)		(0.10	)		(0.20	)		(0.30	)		10.38		(11.54	)		526		1.43			1.43			1.29			117
Year ended 08/31/18		10.81		0.13		1.29			1.42			(0.16	)		–			(0.16	)		12.07		13.25			271		1.46			1.46			1.10			119
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
Class Y
Six months ended 02/28/21		10.29		0.05		0.51			0.56			(0.10	)		–			(0.10	)		10.75		5.46			7,102		0.96	(d)		0.96	(d)		1.01	(d)		52
Year ended 08/31/20		10.48		0.19		(0.19	)		0.00			(0.19	)		–			(0.19	)		10.29		0.12			7,344		0.93			0.93			1.88			122
Year ended 08/31/19		12.19		0.20		(1.55	)		(1.35	)		(0.16	)		(0.20	)		(0.36	)		10.48		(11.14	)		8,322		0.93			0.93			1.79			117
Year ended 08/31/18		10.91		0.18		1.32			1.50			(0.22	)		–			(0.22	)		12.19		13.89			10,450		0.96			0.96			1.60			119
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
Investor Class
Six months ended 02/28/21		10.28		0.04		0.50			0.54			(0.08	)		–			(0.08	)		10.74		5.33			32,823		1.21	(d)		1.21	(d)		0.76	(d)		52
Year ended 08/31/20		10.47		0.17		(0.20	)		(0.03	)		(0.16	)		–			(0.16	)		10.28		(0.14	)		33,343		1.18			1.18			1.63			122
Year ended 08/31/19		12.17		0.17		(1.54	)		(1.37	)		(0.13	)		(0.20	)		(0.33	)		10.47		(11.30	)		36,647		1.18			1.18			1.54			117
Year ended 08/31/18		10.90		0.16		1.30			1.46			(0.19	)		–			(0.19	)		12.17		13.53			47,454		1.21			1.21			1.35			119
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
Class R5
Six months ended 02/28/21		10.30		0.06		0.51			0.57			(0.11	)		–			(0.11	)		10.76		5.58			9,970		0.74	(d)		0.74	(d)		1.23	(d)		52
Year ended 08/31/20		10.50		0.21		(0.20	)		0.01			(0.21	)		–			(0.21	)		10.30		0.26			9,498		0.74			0.74			2.07			122
Year ended 08/31/19		12.21		0.22		(1.56	)		(1.34	)		(0.17	)		(0.20	)		(0.37	)		10.50		(10.96	)		11,073		0.75			0.75			1.97			117
Year ended 08/31/18		10.93		0.20		1.32			1.52			(0.24	)		–			(0.24	)		12.21		14.06			12,374		0.79			0.79			1.77			119
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
Class R6
Six months ended 02/28/21		10.30		0.06		0.51			0.57			(0.11	)		–			(0.11	)		10.76		5.58			32		0.74	(d)		0.74	(d)		1.23	(d)		52
Year ended 08/31/20		10.49		0.21		(0.19	)		0.02			(0.21	)		–			(0.21	)		10.30		0.35			107		0.73			0.73			2.08			122
Year ended 08/31/19		12.20		0.22		(1.55	)		(1.33	)		(0.18	)		(0.20	)		(0.38	)		10.49		(10.96	)		1,317		0.73			0.73			1.99			117
Year ended 08/31/18		10.93		0.21		1.30			1.51			(0.24	)		–			(0.24	)		12.20		14.00			1,301		0.75			0.75			1.81			119
Period ended 08/31/17(e)		10.58		0.12		0.31			0.43			(0.08	)		–			(0.08	)		10.93		4.05			10		0.75	(f)		0.75	(f)		2.79	(f)		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 $133,709, $3,673, $581, $7,036, $32,626, $9,575 and $43 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of April 04, 2017.

^(f)  Annualized.

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

11 Invesco Low Volatility Equity Yield Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

12 Invesco Low Volatility Equity Yield Fund

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 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 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

13 Invesco Low Volatility Equity Yield Fund

(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 $ 250 million		0.600	%
Next $250 million		0.575	%
Next $500 million		0.550	%
Next $1.5 billion		0.525	%
Next $2.5 billion		0.500	%
Next $2.5 billion		0.475	%
Next $2.5 billion		0.450	%
Over $10 billion		0.425	%

    For the six months ended February 28, 2021, the effective advisory fee rate 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, 2021, 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $1,904.

    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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    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, 2021, 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 shares and 0.50% of the average daily net assets of Class R 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. 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $4,592 in front-end sales commissions from the sale of Class A shares and $13 and $87 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.

14 Invesco Low Volatility Equity Yield 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	183,767,586	$	–	$	–	$	183,767,586
U.S. Treasury Securities		–		724,975		–		724,975
Money Market Funds		4,744,725		–		–		4,744,725
Total Investments in Securities		188,512,311		724,975		–		189,237,286
Other Investments – Assets*
Futures Contracts		26,522		–		–		26,522
Total Investments	$	188,538,833	$	724,975	$	–	$	189,263,808

* 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, 2021:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded	$	26,522
Derivatives not subject to master netting agreements		(26,522	)
Total Derivative Assets subject to master netting agreements	$	-

Effect of Derivative Investments for the six months ended February 28, 2021

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		$ 630,844
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(290,713	)
Total		$ 340,131

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	4,692,159

15 Invesco Low Volatility Equity Yield Fund

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $865.

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 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	26,384,781	$	965,023	$	27,349,804

* Capital loss carryforward 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, 2021 was $94,193,245 and $105,250,161, 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	$	21,293,719
Aggregate unrealized (depreciation) of investments		(3,457,917	)
Net unrealized appreciation of investments	$	17,835,802

Cost of investments for tax purposes is $ 171,428,006.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)				Year ended August 31, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		190,291	$	1,993,583		405,698	$	4,181,447
Class C		17,120		174,652		98,559		1,000,091
Class R		13,921		137,610		21,376		217,592
Class Y		41,937		434,226		160,408		1,628,841
Investor Class		33,954		346,767		120,863		1,212,812
Class R5		-		-		1,903		20,781
Class R6		-		-		42,005		432,462

16 Invesco Low Volatility Equity Yield Fund

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		95,795		$	958,205			212,604		$	2,052,049
Class C		1,574			15,494			3,694			34,855
Class R		413			4,109			734			6,974
Class Y		5,227			52,479			12,032			116,664
Investor Class		25,412			255,209			55,137			533,980
Class R5		9,810			98,654			20,462			199,020
Class R6		23			224			2,372			23,288
Automatic conversion of Class C shares to Class A shares:
Class A		68,958			719,008			48,209			485,032
Class C		(70,108	)		(719,008	)		(49,070	)		(485,032	)
Reacquired:
Class A		(1,058,642	)		(10,884,531	)		(2,039,792	)		(20,662,967	)
Class C		(28,663	)		(286,373	)		(107,241	)		(1,065,015	)
Class R		(16,347	)		(162,305	)		(17,375	)		(173,664	)
Class Y		(100,288	)		(1,023,454	)		(252,547	)		(2,506,816	)
Investor Class		(246,985	)		(2,561,470	)		(432,748	)		(4,428,780	)
Class R5		(5,492	)		(57,652	)		(155,008	)		(1,654,554	)
Class R6		(7,446	)		(74,582	)		(159,516	)		(1,600,198	)
Net increase (decrease) in share activity		(1,029,536	)	$	(10,579,155	)		(2,007,241	)	$	(20,431,138	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 5% 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 are also owned beneficially.

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Subsequent Event

On April 26, 2021, the Board of Trustees approved changes to the investment strategy of the Fund in connection with repositioning the Fund to seek to provide shareholders with higher levels of income, consistent with the Fund’s current investment objective, while maintaining downside protection and providing upside equity market participation. In addition, the Fund’s name will be changing to Invesco Income Advantage U.S. Fund. These changes are anticipated to take place on or around mid-July 2021.

17 Invesco Low Volatility Equity Yield Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.

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)
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)1	Expenses Paid During Period2	Ending Account Value (02/28/21)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,053.50	$6.16	$1,018.79	$6.06	1.21%
Class C	1,000.00	1,049.30	9.96	1,015.08	9.79	1.96
Class R	1,000.00	1,052.40	7.43	1,017.55	7.30	1.46
Class Y	1,000.00	1,054.60	4.89	1,020.03	4.81	0.96
Investor Class	1,000.00	1,053.30	6.16	1,018.79	6.06	1.21
Class R5	1,000.00	1,055.80	3.77	1,021.12	3.71	0.74
Class R6	1,000.00	1,055.80	3.77	1,021.12	3.71	0.74

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

18 Invesco Low Volatility Equity Yield Fund

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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Master Loan Fund Nasdaq: R6: MLNFX

2	Fund Performance
4	Schedule of Investments
20	Financial Statements
23	Financial Highlights
24	Notes to Financial Statements
31	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
Total returns, 8/31/20 to 2/28/21, at net asset value (NAV).
Class R6 Shares	6.25%
JP Morgan Leveraged Loan Index▼	6.34
Credit Suisse Leveraged Loan Index▼	6.38
Source(s): ▼Bloomberg L.P.
The JP Morgan Leveraged Loan Index tracks the performance of the U.S. dollar-denominated senior floating rate bank loans.
The Credit Suisse Leveraged Loan Index represents tradable, senior-secured US-dollar-denominated, non-investment grade loans.
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 Master Loan Fund

Average Annual Total Returns
As of 2/28/21
Class R6 Shares
Inception (10/31/07)	3.89	%
10 Years	3.43
5 Years	3.42
1 Year	0.05

Effective May 24, 2019, Class A shares of the Oppenheimer Master Loan Fund LLC, (the predecessor fund), were reorganized into Class R6 shares of the Invesco Oppenheimer Master Loan Fund. The Fund was subsequently renamed the Invesco Master Loan Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class R6 shares are those for Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee 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.

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 Master Loan Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests-88.85%(b)(c)
Aerospace & Defense-3.52%
Atlantic Aviation FBO, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		3.90%		12/06/2025	$	401	$	402,284
CEP IV Investment 16 S.a.r.L (ADB Safegate) (Luxembourg), Term Loan B(d)		-		10/03/2024		EUR53		60,409
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.72%		04/08/2026		681		661,159
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.72%		04/08/2026		366		355,462
Greenrock Finance, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		4.50%		06/28/2024		301		298,862
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		2.90%		10/04/2024		1,077		1,068,616
PAE Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/13/2027		243		244,592
Peraton Corp.
Delayed Draw Term Loan(e)		0.00%		02/01/2028		984		989,152
Second Lien Term Loan(d)		-		02/01/2029		389		383,580
Term Loan B(d)		-		02/01/2028		559		562,048
Spirit Aerosystems, Inc., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		01/15/2025		326		329,536
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)		2.40%		05/30/2025		1,023		1,011,137
Term Loan F (1 mo. USD LIBOR + 2.25%)		2.40%		12/09/2025		683		674,554
Term Loan G (1 mo. USD LIBOR + 2.25%)		2.40%		08/22/2024		2		2,254
								7,043,645
Air Transport-3.01%
Avolon TLB Borrower 1 (US) LLC
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.50%		01/15/2025		122		121,413
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		2.25%		02/10/2027		1,004		996,427
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)		3.25%		12/01/2027		452		453,726
Delta Air Lines, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.75%		05/01/2023		1,504		1,518,680
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (1 mo. USD
LIBOR + 5.25%)		6.25%		06/21/2027		943		1,008,981
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		10/01/2027		1,346		1,427,210
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.90%		04/01/2024		312		305,929
WestJet Airlines Ltd. (Canada), Term Loan B (3 mo. USD LIBOR + 3.00%)		4.00%		12/11/2026		199		193,348
								6,025,714
Automotive-4.49%
American Axle & Manufacturing, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/06/2024		184		183,978
Belron Finance US LLC, Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		2.46%		10/30/2026		59		59,396
Ford Motor Co., Delayed Draw Term Loan (3 mo. USD LIBOR + 1.25%)		1.48%		12/31/2022		878		856,239
Garrett Borrowing LLC
DIP Term Loan (1 mo. USD LIBOR + 4.50%)(f)(g)		5.50%		03/31/2021		435		436,345
Term Loan A (3 mo. EURIBOR + 2.75%)(f)		2.75%		09/27/2023		EUR214		257,678
Term Loan B (3 mo. EURIBOR + 3.75%)(f)		3.75%		09/27/2025		EUR55		65,849
Term Loan B (3 mo. USD LIBOR + 3.50%)(f)		5.75%		09/27/2025		1,257		1,253,340
Goodyear Tire & Rubber Co. (The), Second Lien Term Loan (3 mo. USD LIBOR + 2.00%)		2.15%		03/03/2025		399		395,292
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/28/2027		495		497,436
Les Schwab Tire Centers, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/26/2027		623		626,003
Mavis Tire Express Services Corp., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		03/20/2025		229		230,251
Navistar, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		3.65%		11/06/2024		916		918,928
Panther BF Aggregator 2 L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		3.65%		04/30/2026		691		693,582
Project Boost Purchaser LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.65%		06/01/2026		188		187,796
Term Loan C (1 mo. USD LIBOR + 4.25%)		5.00%		06/01/2026		81		81,504
Superior Industries International, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.15%		05/22/2024		289		288,050
Tenneco, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%)		3.15%		10/01/2025		509		500,788
TI Group Automotive Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		4.50%		12/31/2024		8		7,999
Truck Hero, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/20/2028		242		242,845
Visteon Corp., Term Loan (3 mo. USD LIBOR + 1.75%)		1.98%		03/25/2024		100		99,794

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

4 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Automotive-(continued)
Wand NewCo 3, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		3.15%		02/05/2026	$	400	$	398,079
Winter Park Intermediate, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/06/2027		693		692,846
								8,974,018
Beverage & Tobacco-0.47%
AI Aqua Merger Sub, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		12/13/2023		837		837,055
First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		12/13/2023		25		25,097
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2024		92		87,358
								949,510
Building & Development-1.70%
ACProducts, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		08/18/2025		161		165,160
American Residential Services LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/07/2027		97		97,730
Apcoa Parking Holdings GmbH (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		03/20/2024	EUR	146		168,327
Brookfield Retail Holdings VII Sub 3 LLC
Term Loan A-2 (3 mo. USD LIBOR + 3.00%)		3.15%		08/28/2023		7		6,616
Term Loan B (3 mo. USD LIBOR + 2.50%)		2.65%		08/27/2025		527		514,397
DiversiTech Holdings, Inc., Term Loan B-1(d)		-		06/03/2024		127		127,280
LBM Holdings LLC
Delayed Draw Term Loan(e)		0.00%		12/08/2027		43		43,328
Term Loan(d)		-		12/08/2027		194		194,977
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		2.65%		02/01/2027		617		616,862
TAMKO Building Products LLC, Term Loan(d)		-		05/29/2026		400		400,750
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		07/24/2024		308		308,121
White Cap Buyer LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		4.50%		10/31/2027		757		760,687
								3,404,235
Business Equipment & Services-8.21%
Adevinta ASA (Norway), Term Loan B (d)		-		10/22/2027		160		160,999
Asurion LLC, Term Loan B-8 (1 mo. USD LIBOR + 3.25%)		3.36%		12/31/2026		177		176,328
AVS Group GmbH (Germany), Term Loan B-2(d)		-		09/10/2026	EUR	71		84,312
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		05/22/2024		325		326,289
Camelot Finance L.P., Term Loan (1 mo. USD LIBOR + 3.00%)		3.15%		10/30/2026		369		369,777
Cast & Crew Payroll LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.90%		02/09/2026		277		275,480
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		3.50%		03/01/2024		539		540,054
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate (Acquired 02/15/2019-02/26/2021; Cost $1,311,205)(h)(i)		9.50%		08/15/2023		1,472		526,275
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019 - 05/15/2019; Cost $1,110,163)(i)		8.50%		02/15/2023		1,142		993,564
Ciox, Term Loan (1 mo. USD LIBOR + 5.00%)		6.00%		12/16/2025		327		329,009
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(g)		7.62%		02/15/2029		278		273,398
Crossmark Holdings, Inc., Term Loan (3 mo. USD LIBOR + 10.00%) (Acquired 07/26/2019; Cost $674,285)(i)		11.00%		07/26/2023		669		656,804
Dakota Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.75%		04/09/2027		795		801,022
Second Lien Term Loan B (1 mo. USD LIBOR + 8.00%)(g)		9.00%		03/06/2028		377		385,178
Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		03/05/2027	EUR	58		70,030
Endure Digital, Inc (Eagle Company), Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		02/01/2028		63		62,481
FleetCor Technologies Operating Co. LLC, Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.90%		08/02/2024		152		151,817
Garda World Security Corp. (Canada), Term Loan (1 mo. USD LIBOR + 4.75%)		4.91%		10/30/2026		90		89,966
Genesys Telecom Holdings, U.S., Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/01/2027		60		60,386
GI Revelation Acquisition LLC, First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		5.15%		04/16/2025		376		375,177
GlobalLogic Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		4.50%		09/14/2027		218		219,423
Hillman Group, Inc. (The)
Delayed Draw Term Loan(e)		0.00%		02/23/2028		64		64,363
Term Loan B-1(d)		-		02/23/2028		292		292,921
Term Loan B-2(d)		-		02/23/2028		24		24,069

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

5 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Business Equipment & Services-(continued)
I-Logic Technologies Bidco Ltd. (United Kingdom)
First Lien Term Loan B(d)		-		10/31/2027	EUR	157	$	191,285
First Lien Term Loan B (1 mo. USD LIBOR + 4.00%)		4.50%		02/04/2028	$	214		215,347
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B(d)		-		06/23/2024	GBP	162		212,999
iQor US, Inc.
Term Loan(d)		-		11/20/2024		507		511,652
Term Loan(d)		-		11/20/2025		796		765,484
KAR Auction Services, Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.25%)		2.44%		09/15/2026		188		185,492
Karman Buyer Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		10/31/2027		406		409,160
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		2.90%		02/05/2027		243		244,113
Monitronics International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.75%		03/29/2024		1,416		1,344,898
NielsenIQ, Inc.
Term Loan B(d)		-		02/05/2028	EUR	128		155,194
Term Loan B(d)		-		02/05/2028		428		429,861
OCM System One Buyer CTB LLC, Term Loan B(d)(g)		-		02/28/2028		225		225,968
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		1.90%		11/18/2026		325		323,903
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		3.50%		09/23/2026		413		414,428
Solera LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		2.90%		03/03/2023		316		316,107
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)		4.25%		11/14/2022		1,322		1,322,717
Sportradar Capital (Switzerland), Term Loan (3 mo. EURIBOR + 4.25%)		4.25%		11/22/2027	EUR	74		90,410
Tech Data Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		3.65%		06/30/2025		485		489,393
Ventia Deco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		05/21/2026		750		753,273
Verra Mobility Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		3.40%		02/28/2025		232		232,542
Virtusa Corp., Term Loan B(d)		-		12/09/2027		193		194,439
Wash MultiFamily Acquisition, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022		63		63,418
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022		10		9,826
								16,411,031
Cable & Satellite Television-5.50%
Altice Financing S.A. (Luxembourg)
Term Loan (3 mo. USD LIBOR + 2.75%)		2.89%		07/15/2025		931		923,836
Term Loan (3 mo. USD LIBOR + 2.75%)		2.90%		01/31/2026		772		765,741
Atlantic Broadband Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		2.15%		01/03/2025		516		514,656
CSC Holdings LLC, Incremental Term Loan (3 mo. USD LIBOR + 2.25%)		2.39%		01/15/2026		57		56,754
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		4.24%		08/14/2026		710		712,126
Term Loan B-11 (3 mo. USD LIBOR + 2.75%)		2.90%		07/31/2025		209		206,929
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		3.83%		01/31/2026		1,203		1,204,756
Telenet Financing USD LLC, Term Loan AR (6 mo. USD LIBOR + 2.00%)		2.14%		04/15/2028		487		485,013
UPC Financing Partnership
Term Loan AT (1 mo. USD LIBOR + 2.25%)		2.39%		04/30/2028		99		98,820
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.65%		01/31/2029		509		510,637
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2029		509		510,637
Virgin Media Bristol LLC (United Kingdom)
Term Loan(d)		-		01/15/2029		634		635,807
Term Loan N (1 mo. USD LIBOR + 2.50%)		2.64%		01/31/2028		1,774		1,772,949
WideOpenWest Finance LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		08/18/2023		452		453,335
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)		2.64%		04/15/2028		2,163		2,153,706
								11,005,702
Chemicals & Plastics-4.16%
Aruba Investments, Inc.
First Lien Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		10/28/2027	EUR	70		84,763
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		11/24/2027		196		198,632
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		11/24/2028		260		263,246
BASF Construction Chemicals (Germany), Term Loan (3 mo. EURIBOR + 4.50%)		4.50%		08/07/2027	EUR	52		63,705
BCPE Max Dutch Bidco B.V. (Netherlands), Term Loan B(d)		-		10/31/2025	EUR	44		53,042
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		5.00%		12/01/2027		241		243,329

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

6 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Chemicals & Plastics-(continued)
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/21/2023	$	632	$	615,182
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/21/2023		104		101,112
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/05/2022		8		6,656
Emerald Performance Materials LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		08/11/2025		96		96,601
Encapsys LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		4.25%		11/07/2024		3		2,900
Ferro Corp.
Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		2.47%		02/14/2024		20		20,127
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)		2.47%		02/14/2024		91		90,782
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.47%		02/14/2024		89		88,850
Gemini HDPE LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		3.50%		12/11/2027		500		499,133
H.B. Fuller Co., Term Loan (3 mo. USD LIBOR + 2.00%)		2.15%		10/20/2024		45		45,494
Hexion International Holdings B.V. (Netherlands), Term Loan B (3 mo. USD LIBOR + 3.50%)		3.73%		07/01/2026		84		83,588
ICP Group Holdings LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/14/2028		232		232,871
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		01/14/2029		49		50,222
Ineos Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.75%)		3.25%		01/21/2026		669		672,617
Ineos US Finance LLC, Term Loan (3 mo. USD LIBOR + 2.00%)		2.15%		03/31/2024		582		579,894
Invictus US NewCo LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.15%		03/28/2025		500		499,756
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		6.86%		03/30/2026		127		125,785
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		11/30/2027	EUR	113		137,147
Lummus Technology, Term Loan (1 mo. USD LIBOR + 4.00%)		4.15%		06/30/2027		395		397,020
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		2.72%		03/02/2026		633		633,488
Oxea Corp.
Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		10/11/2024	EUR	56		66,805
Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		3.75%		10/14/2024		190		189,801
Potters Industries LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(g)		4.75%		11/19/2027		392		394,527
PQ Corp.
Term Loan B (1 mo. USD LIBOR + 3.00%)		4.00%		02/07/2027		453		455,805
Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		2.46%		02/07/2027		76		75,743
Proampac PG Borrower LLC, Term Loan(d)		-		11/03/2025		115		115,441
Starfruit US Holdco LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		3.14%		10/01/2025		1,031		1,029,460
Tronox Finance LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.22%		09/23/2024		111		111,134
								8,324,658
Clothing & Textiles-0.45%
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		01/20/2028		103		102,717
Mascot Bidco Oy (Finland), Term Loan B(d)		-		03/30/2026	EUR	60		72,098
Tumi, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		04/25/2025		711		719,266
								894,081
Conglomerates-0.23%
Safe Fleet Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		02/03/2025		457		450,645
Containers & Glass Products-1.92%
Berlin Packaging LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		3.23%		11/07/2025		503		500,631
Consolidated Container Co. LLC, Term Loan B(d)		-		01/29/2028		348		347,498
Flex Acquisition Co., Inc., Incremental Term Loan B (3 mo. USD LIBOR + 3.00%)		3.23%		06/29/2025		81		80,959
Fort Dearborn Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/19/2023		242		241,993
Graham Packaging Co., Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		07/29/2027		141		141,548
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)		5.00%		11/21/2023		706		653,063
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%)		5.25%		10/31/2023	EUR	745		890,418
Klockner Pentaplast of America, Inc.
Term Loan B(d)		-		03/01/2026	EUR	107		128,589
Term Loan B(d)		-		03/01/2026		115		115,522
Pretium PKG Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/14/2027		298		299,629
Reynolds Consumer Products LLC, Term Loan B (1 mo. USD LIBOR + 1.75%)		1.90%		01/29/2027		262		262,487

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

7 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Containers & Glass Products-(continued)
Trident TPI Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.00%		10/17/2024	$	178	$	178,021
								3,840,358
Cosmetics & Toiletries-0.96%
Alphabet Holding Co., Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		7.86%		09/26/2025		309		310,691
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		2.38%		04/05/2025		1,133		1,099,346
Domtar Personal Care, Term Loan B(d)(g)		-		03/01/2028		299		300,429
KDC/One (Canada), Term Loan(d)		-		12/22/2025	EUR	24		28,874
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		06/30/2024		188		187,545
								1,926,885
Drugs-0.64%
Bausch Health Americas, Inc. (Canada)
First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)		2.89%		11/27/2025		27		27,375
Term Loan (3 mo. USD LIBOR + 3.00%)		3.14%		06/02/2025		200		200,878
Endo LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.00%		04/29/2024		505		502,718
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		2.10%		11/15/2027		269		269,099
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		2.75%		01/06/2028		277		278,048
								1,278,118
Ecological Services & Equipment-0.24%
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		05/11/2025		196		195,522
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(g)		9.25%		11/02/2028		277		287,542
								483,064
Electronics & Electrical-11.38%
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/30/2028		36		36,480
Boxer Parent Co., Inc., Term Loan B(d)		-		10/02/2025	EUR	65		78,906
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.15%		04/18/2025		333		335,244
Cambium Learning Group, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.72%		12/18/2025		188		189,083
CDK International (Concorde Lux) (Luxembourg), Term Loan B(d)		-		02/19/2028	EUR	57		68,755
Clodera, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)(g)		3.25%		12/20/2027		169		170,233
CommerceHub, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		01/01/2028		244		245,166
CommScope, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.40%		04/06/2026		433		433,007
Delta Topco, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/01/2027		750		754,378
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.00%		12/01/2028		114		117,034
Devoteam (Castillon S.A.S. - Bidco) (France)
Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		10/09/2027	EUR	55		65,950
Term Loan B-2(d)		-		10/09/2027	EUR	15		18,417
Diebold Nixdorf, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)		2.97%		11/06/2023		182		178,992
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.00%		02/04/2028		231		231,916
Energizer Holdings, Inc.
Term Loan		0.03%		12/16/2027		177		177,380
Term Loan (1 mo. USD LIBOR + 2.25%)		2.75%		12/22/2027		327		327,657
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/06/2026		230		228,950
Finastra USA, Inc. (United Kingdom), First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		06/13/2024		622		617,331
Forcepoint, Term Loan B (1 mo. USD LIBOR + 4.50%)		4.71%		02/01/2028		238		238,450
Fusion Connect, Inc., Term Loan (3 mo. USD LIBOR + 9.50%)		11.50%		01/14/2025		141		142,067
Go Daddy Operating Co. LLC, Term Loan B (1 mo. USD LIBOR + 2.50%)		2.65%		08/12/2027		840		842,275
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		07/01/2024		330		331,465
Imperva, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		01/10/2026		186		187,087
Infinite Electronics
Second Lien Term Loan(d)		-		02/24/2029		81		81,712
Term Loan B(d)		-		02/24/2028		211		212,046
Internap Corp., PIK Term Loan, 5.50% PIK Rate, 2.00% Cash Rate(g)(h)		4.00%		05/08/2025		1,013		511,544
ION Corp., Term Loan (1 mo. USD LIBOR + 4.25%)		4.52%		10/02/2025		309		310,379
Liftoff Mobile, Inc., Term Loan B(d)		-		02/17/2028		195		195,380
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		4.89%		08/28/2027		1,485		1,486,884

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

8 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Electronics & Electrical-(continued)
Marcel Bidco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(g)		4.75%		12/31/2027	$	132	$	132,682
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		05/08/2025		430		431,327
McAfee LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		3.90%		09/30/2024		87		87,150
Micro Holding L.P.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.65%		09/13/2024		146		146,091
Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		09/13/2024		562		565,052
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.27%		03/06/2026		150		150,785
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		04/29/2026		612		584,344
NCR Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.65%		08/28/2026		523		520,288
Neustar, Inc., Term Loan B-4 (3 mo. USD LIBOR + 3.50%)		4.50%		08/08/2024		916		885,869
Oberthur Technologies of America Corp., Term Loan B (3 mo. EURIBOR + 3.75%) (Acquired 08/20/2020; Cost $73,846)(i)		3.75%		01/10/2024	EUR	65		78,327
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		02/01/2024		1,015		972,236
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		01/02/2025		373		357,913
Project Leopard Holdings, Inc., Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/07/2023		461		464,144
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.46%		05/16/2025		1,298		1,303,519
RealPage, Inc., Term Loan B(d)		-		02/15/2028		683		684,291
Renaissance Holding Corp., Second Lien Term Loan(d)		-		05/29/2026		72		72,510
Resideo Funding, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.75%		02/08/2028		126		126,076
Riverbed Technology, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		12/31/2025		1,291		1,257,510
PIK Second Lien Term Loan, 4.50% PIK Rate, 7.50% Cash Rate(h)		4.50%		12/31/2026		324		263,609
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		04/24/2022		45		44,266
Sandvine Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		4.65%		10/31/2025		152		149,698
SkillSoft Corp., Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		04/27/2025		565		564,463
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B(d)(g)		-		12/01/2027		167		167,653
SonicWall U.S. Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		3.68%		05/16/2025		492		488,808
Sophos (Surf Holdings LLC) (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		3.75%		03/05/2027		159		158,806
SS&C Technologies, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.90%		04/16/2025		493		492,224
Term Loan B-4 (3 mo. USD LIBOR + 1.75%)		1.90%		04/16/2025		375		374,927
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		3.90%		06/30/2026		181		180,869
TTM Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 2.50%)		2.65%		09/28/2024		110		110,308
Ultimate Software Group, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.90%		05/04/2026		661		664,590
Incremental Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		05/01/2026		187		188,178
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		05/10/2027		38		39,240
Veritas US, Inc.
Term Loan B-1 (3 mo. EURIBOR + 5.50%)		6.50%		08/13/2025	EUR	34		40,880
Term Loan B-1 (1 mo. USD LIBOR + 5.50%)		6.50%		08/13/2025		694		698,205
Weld North Education LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/17/2027		227		227,238
Xperi Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.15%		06/02/2025		265		267,037
								22,755,281
Financial Intermediaries-0.84%
Alter Domus (Participations S.a.r.l.) (Luxembourg), Term Loan B (d)		-		02/28/2028	EUR	57		68,916
Citadel Advisors Holdings L.P., Term Loan B(d)		-		02/15/2028		89		88,550
Edelman Financial Center LLC (The), First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.15%		07/19/2025		225		223,986
Everi Payments, Inc.
Term Loan B (3 mo. USD LIBOR + 2.75%)		3.75%		05/09/2024		894		892,914
Term Loan B (1 mo. USD LIBOR + 10.50%)(g)		11.50%		05/09/2024		54		57,293
Stiphout Finance LLC
Incremental Term Loan (EUR001M + 3.75%)		3.75%		10/26/2025	EUR	28		33,769
Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/26/2025		56		55,664
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		4.97%		02/10/2027		258		259,566
								1,680,658
Food Products-1.41%
Dole Food Co., Inc., Term Loan B (d)		-		04/06/2024		1,000		1,002,330

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

9 Invesco Master Loan Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Food Products-(continued)
Froneri International PLC (United Kingdom), Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		5.90%			01/29/2028	$	267	$	271,632
H-Food Holdings LLC, Term Loan (3 mo. USD LIBOR + 3.69%)		3.83%			05/23/2025		1,034		1,030,724
JBS USA Lux S.A., Term Loan (1 mo. USD LIBOR + 2.00%)		2.15%			05/01/2026		288		288,446
Mastronardi Produce-USA, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		2.90%			05/01/2025		8		7,810
Shearer’s Foods LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%			09/15/2027		210		211,131
									2,812,073
Food Service-0.89%
Euro Garages (Netherlands), Term Loan (3 mo. USD LIBOR + 4.00%)		4.22%			02/06/2025		50		50,015
IRB Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%			12/01/2027		327		328,765
Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%			02/05/2025		288		289,916
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.90%			11/19/2026		467		462,763
US Foods, Inc., Term Loan (3 mo. USD LIBOR + 1.75%)		1.90%			06/27/2023		328		326,196
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%)		5.50%			11/29/2024		317		317,897
									1,775,552
Forest Products-0.07%
Royal Oak Enterprises LLC, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		4.75	%		12/10/2027		144		144,434
Health Care-3.07%
AI Sirona (Luxembourg) Acquisition S.a.r.l. (Luxembourg), Term Loan B (d)		-			07/10/2025	EUR	17		20,856
athenahealth, Inc.
First Lien Term Loan B		4.45%			02/11/2026		556		561,313
Term Loan B (1 mo. USD LIBOR + 4.25%)		4.45%			02/11/2026		89		89,391
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%)(g)		5.00%			12/02/2027		236		234,753
Dentalcorp Perfect Smile ULC (Canada), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%			06/06/2025		14		13,529
Domus Vi (France), Term Loan(d)		-			10/31/2026	EUR	35		42,994
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		1.90%			07/30/2027		271		270,658
Explorer Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%			02/04/2027		44		44,054
Incremental Term Loan(d)		-			02/04/2027		181		182,365
EyeCare Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		3.90%			02/05/2027		40		39,645
Gainwell Holding Corp.
Term Loan B(d)		-			10/01/2027		479		478,594
Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%			10/01/2027		549		548,519
Global Medical Response, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%			10/02/2025		496		496,990
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		4.40%			08/06/2026		286		286,330
HCA, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.86%			03/13/2025		14		14,265
Inovie Group Bidco (Labosud) (France), Term Loan B(d)		-			12/08/2027	EUR	126		153,139
IQVIA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 1.75%)		1.90%			03/07/2024		189		189,512
MedAssets Sotware Intermediate Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%			01/28/2028		340		341,458
Nemera (Financiere N BidCo) (France), Incremental Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%			01/22/2026	EUR	25		30,486
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B(d)		-			10/29/2027	EUR	44		53,858
Term Loan B-2(d)		-			10/29/2027	EUR	26		31,111
Ortho-Clinical Diagnostics, Inc., Term Loan(d)		-			06/30/2025		345		345,739
Precision Medicine Group LLC, Delay Draw Term Loan		0.50%			11/18/2027		48		47,947
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%			10/08/2027		422		425,939
Synlab Bondco PLC (United Kingdom), Term Loan B-4 (3 mo. EURIBOR + 3.75%)		3.25%			11/27/2027	EUR	43		51,560
Unified Womens Healthcare, L.P., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%			12/17/2027		310		311,959
Verscend Holding Corp., Term Loan B-1(d)		-			08/07/2025		159		159,711
Waystar, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)(g)		4.75%			10/20/2026		190		191,405
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%			01/15/2028		186		186,587
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%			01/15/2029		80		79,762

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

10 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Health Care-(continued)
WP CityMD Bidco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/13/2026	$	212	$	212,817
								6,137,246
Home Furnishings-1.58%
Hayward Industries, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/04/2026		32		31,713
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.65%		08/05/2024		136		136,682
Mattress Holding Corp., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/24/2027		439		447,961
Serta Simmons Bedding LLC
First Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023		353		358,623
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023		878		830,464
SIWF Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.40%		06/15/2025		443		442,285
TGP Holdings III LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		09/25/2024		517		518,803
Webster-Stephen Products LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		10/20/2027		390		391,698
								3,158,229
Industrial Equipment-2.66%
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/30/2027		500		502,798
CIRCOR International, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/11/2024		30		30,221
Clark Equipment Co., Term Loan (1 mo. USD LIBOR + 1.75%)		1.97%		05/18/2024		49		48,523
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		12/16/2027		226		226,784
Engineered Machinery Holdings, Inc., First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/19/2024		49		49,011
Filtration Group Corp., Term Loan A (1 mo. USD LIBOR + 3.75%)		4.50%		03/29/2025		40		40,512
Gardner Denver, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.90%		03/01/2027		81		80,407
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.90%		03/31/2027		284		283,528
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.90%		03/01/2027		408		407,491
Hamilton Holdco LLC, Term Loan (3 mo. USD LIBOR + 2.00%)(g)		2.23%		01/02/2027		55		55,124
Kantar (United Kingdom), Term Loan B (1 mo. USD LIBOR + 4.75%)		5.00%		11/26/2026		181		180,881
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 2.75%)		3.50%		07/31/2025		29		29,221
North American Lifting Holdings, Inc.
Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		10/16/2024		635		665,577
Term Loan (1 mo. USD LIBOR + 11.00%)		10.00%		04/16/2025		284		275,671
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.15%		08/14/2026		427		428,318
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 4.25%)		4.57%		07/30/2027		1,992		2,012,015
								5,316,082
Insurance-1.96%
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2027		418		416,460
Alliant Holdings Intermediate LLC
Term Loan (1 mo. USD LIBOR + 3.25%)		3.36%		05/09/2025		250		248,245
Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		4.25%		10/15/2027		54		54,617
AmWINS Group LLC, Term Loan(d)		-		02/17/2028		123		122,931
HUB International Ltd., Term Loan (1 mo. USD LIBOR + 2.75%)		2.98%		04/25/2025		702		695,224
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		09/01/2027		600		603,130
Sedgwick Claims Management Services, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		3.86%		08/08/2026		251		251,873
Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		12/31/2025		383		380,822
USI, Inc.
Term Loan (3 mo. USD LIBOR + 3.00%)		3.22%		05/16/2024		1,060		1,053,545
Term Loan(d)		-		12/02/2026		86		85,560
								3,912,407
Leisure Goods, Activities & Movies-2.80%
Alpha Topco Ltd. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.50%)		3.50%		02/01/2024		935		933,264
AMC Entertainment, Inc., Term Loan B-1(d)		-		04/22/2026		344		296,948

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

11 Invesco Master Loan Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Leisure Goods, Activities & Movies-(continued)
Crown Finance US, Inc.
Term Loan(d)		-		05/23/2024	$	110	$	140,971
Term Loan(d)		-		02/28/2025	EUR	3		3,281
Term Loan (1 mo. USD LIBOR + 2.50%)		2.77%		02/28/2025		200		173,872
Term Loan (1 mo. USD LIBOR + 2.75%)		3.02%		09/20/2026		426		365,772
CWGS Group LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		3.50%		11/08/2023		329		328,883
Deluxe Entertainment Services Group, Inc.
First Lien PIK Term Loan, 1.50% PIK Rate, 6.00% Cash Rate
(Acquired 10/05/2019-02/01/2021; Cost $135,193)(g)(h)(i)		1.50%		03/25/2024		145		0
Second Lien PIK Term Loan, 2.50% PIK Rate, 7.00% Cash Rate
(Acquired 08/07/2019-12/31/2020; Cost $360,092)(g)(h)(i)		7.00%		09/25/2024		536		0
HNVR Holdco Ltd. (United Kingdom), Term Loan B(d)		-		09/12/2025	EUR	30		32,889
Invictus Media S.L.U. (Spain)
Term Loan B-1(d)		-		06/26/2025	EUR	122		138,632
Term Loan B-2(d)		-		06/26/2025	EUR	72		82,423
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom)
Term Loan B(d)		-		10/16/2026	EUR	1,000		1,176,640
Term Loan B-1(d)		-		11/12/2026		183		178,555
Term Loan B-2(d)		-		11/12/2026		25		24,456
Parques Reunidos (Spain), Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		09/27/2026	EUR	277		317,142
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/31/2027		119		120,398
Seaworld Parks & Entertainment, Inc., Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		3.75%		04/01/2024		594		586,668
Six Flage Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.90%		04/17/2026		272		266,055
UFC Holdings LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		3.75%		04/29/2026		57		56,940
Vue International Bidco PLC (United Kingdom), Term Loan B-1(d)		-		06/21/2026	EUR	349		385,249
								5,609,038
Lodging & Casinos-3.63%
Aimbridge Acquisition Co., Inc.
Incremental Term Loan (1 mo. USD LIBOR + 6.00%)		6.75%		02/01/2026		303		305,653
Term Loan (1 mo. USD LIBOR + 3.75%)		3.90%		02/01/2026		121		116,886
Aristocrat Technologies, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/19/2024		497		501,143
Caesars Resort Collection LLC
Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.65%		06/30/2025		384		385,615
Term Loan B (3 mo. USD LIBOR + 2.75%)		2.90%		12/23/2024		2,003		1,989,064
CityCenter Holdings LLC, Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/18/2024		463		459,839
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.15%		09/18/2026		197		195,818
GVC Finance LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		3.25%		03/29/2024		161		161,680
Hilton Worldwide Finance LLC, Term Loan B-2 (3 mo. USD LIBOR + 1.75%)		1.90%		06/22/2026		345		344,797
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.15%		05/11/2024		29		28,329
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.90%		08/14/2024		902		889,470
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		3.72%		07/10/2025		832		836,112
Station Casinos LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		2.50%		02/08/2027		780		772,628
VICI Properties 1 LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)		1.90%		12/20/2024		98		97,179
Wyndham Hotels & Resorts, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.90%		05/30/2025		174		173,625
								7,257,838
Nonferrous Metals & Minerals-1.31%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 14.00% Cash Rate (h)		14.00%		09/16/2025		1,755		1,731,174
Form Technologies LLC
Term Loan (1 mo. USD LIBOR + 5.00%)(g)		6.00%		07/19/2025		158		158,344
Term Loan(d)(g)		-		10/27/2025		45		45,525
Kissner Group, Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		03/01/2027		678		679,959
								2,615,002
Oil & Gas-2.36%
Brazos Delaware II LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.15%		05/21/2025		667		617,460
Crestwood Holdings LLC, Term Loan (3 mo. USD LIBOR + 7.50%)		7.62%		03/06/2023		75		67,393

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

12 Invesco Master Loan Fund

	Interest Rate		Maturity Date			Principal Amount (000)(a)		Value
Oil & Gas-(continued)
Fieldwood Energy LLC
DIP Delayed Draw Term Loan (1 mo. USD LIBOR + 8.75%) (Acquired 07/30/2020; Cost $599,158)(i)		9.75%		08/04/2021		$	61	$	62,904
DIP Delayed Draw Term Loan (Acquired 07/30/2020; Cost $599,158)(e)(i)		0.00%		08/04/2021			547		566,134
First Lien Term Loan
(Acquired 04/06/2020-07/31/2020; Cost $3,171,504)(i)(j)		0.00%		04/11/2022			4,065		1,226,308
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)		8.25%		07/02/2023			953		557,840
Larchmont Resources LLC, Term Loan A(d)		-		08/09/2021			102		46,129
Lower Cadence Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.15%		05/22/2026			66		64,669
McDermott International Ltd.
LOC(d)		-		06/30/2024			182		159,183
LOC(e)		0.00%		06/30/2024			342		309,613
Term Loan (1 mo. USD LIBOR + 3.00%)(g)		3.15%		06/30/2024			10		7,713
Term Loan (1 mo. USD LIBOR + 1.00%)		3.00%		06/30/2025			90		59,826
Navitas Midstream Midland Basin LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		12/13/2024			153		152,354
Petroleum GEO-Services ASA, Term Loan(e)		0.00%		03/19/2024			386		313,976
Seadrill Operating L.P., PIK Term Loan, 13.00% PIK Rate (Acquired 08/20/2020; Cost $219,075)(g)(h)(i)		11.00%		03/31/2021			219		236,601
Southcross Energy Partners L.P., Revolver Loan(e)(g)		0.00%		01/31/2025			271		264,387
									4,712,490
Publishing-2.06%
Cengage Learning, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)		5.25%		06/07/2023			1,494		1,475,620
Clear Channel Worldwide Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		3.67%		08/21/2026			1,184		1,154,959
Nielsen Finance LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		4.75%		06/30/2025			1,462		1,480,011
									4,110,590
Radio & Television-1.93%
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		12/15/2027			382		383,414
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%)		2.65%		01/02/2026			103		102,985
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		3.15%		05/01/2026			1,332		1,322,311
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		2.90%		09/18/2026			875		877,566
Sinclair Television Group, Inc., Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		2.65%		09/30/2026			1,180		1,178,698
									3,864,974
Retailers (except Food & Drug)-2.41%
Bass Pro Group LLC, Term Loan B (d)		-		02/26/2028			1,046		1,040,758
CNT Holdings I Corp. (1-800 Contacts)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		10/16/2027			603		606,755
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/16/2028			127		130,373
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		170		202,677
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		111		132,455
Term Loan B-3 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		184		218,401
Term Loan B-4 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		132		156,997
Term Loan B-5 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		28		33,944
Term Loan B-6 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		72		85,256
Term Loan B-7 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		58		68,579
Petco Animal Supplies, Inc., First Lien Term Loan(d)		-		02/25/2028			434		434,252
PetSmart, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.25%		01/28/2028			1,415		1,426,478
Rent-A-Center, Inc., Term Loan B(d)(g)		-		01/17/2028			276		278,244
									4,815,169
Surface Transport-3.90%
American Trailer World Corp., Term Loan B (d)(g)		-		02/28/2028			177		176,428
Daseke Cos, Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		02/27/2024			474		476,611
Kenan Advantage Group, Inc. (The), Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		07/29/2022			243		241,298
Odyssey Logistics & Technology Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/12/2024			124		123,243
PODS LLC, Term Loan B-4 (3 mo. USD LIBOR + 2.75%)		3.75%		12/06/2024			427		429,166

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

13 Invesco Master Loan Fund

	Interest     Rate		Maturity Date		Principal Amount (000)(a)		Value
Surface Transport-(continued)
Western Express, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 8.25%)(g)		8.48%		02/23/2022	$	6,233	$	6,274,840
XPO Logistics, Inc., Term Loan B(d)		-		02/24/2025		74		73,684
								7,795,270
Telecommunications-6.98%
Avaya, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		4.39%		12/15/2027		940		943,660
Term Loan B-2(d)		-		12/15/2027		93		93,424
Avaya, Inc. , Term Loan B		4.36%		12/15/2024		603		604,351
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		11/30/2027		176		176,813
CCI Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/13/2027		477		481,639
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		2.40%		03/15/2027		1,000		998,031
Cincinnati Bell, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		10/02/2024		1,074		1,076,217
Colorado Buyer, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		05/01/2024		156		154,307
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/18/2027		762		768,049
Eagle Broadband Investments LLC (Mega Broadband), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		10/29/2027		131		131,780
Frontier Communications Corp., DIP Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/08/2021		370		374,413
GCI Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.50%		10/15/2025		295		296,585
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		4.00%		05/16/2024		171		172,119
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		4.50%		12/12/2026		288		289,534
Intelsat Jackson Holdings S.A. (Luxembourg)
DIP Term Loan (1 mo. USD LIBOR + 5.50%)(f)		3.60%		07/13/2021		631		643,426
Term Loan B-3 (1 mo. USD LIBOR + 5.75%)(f)		8.00%		11/27/2023		1,651		1,681,034
IPC Systems, Inc., Second Lien Term Loan		12.50%		02/06/2022		2		665
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		11/04/2026		40		40,078
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.90%		03/01/2027		1,031		1,028,909
MLN US HoldCo LLC, First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.64%		11/30/2025		877		821,800
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/10/2026		977		982,080
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.90%		12/07/2026		541		536,422
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)		7.25%		09/21/2027		900		905,071
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.15%		03/09/2027		757		757,437
								13,957,844
Utilities-2.11%
Brookfield WEC Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.25%		08/01/2025		190		189,992
Calpine Construction Finance Co. L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.15%		01/15/2025		167		166,197
Calpine Corp.
Term Loan (1 mo. USD LIBOR + 2.50%)		2.62%		12/16/2027		63		62,621
Term Loan (3 mo. USD LIBOR + 2.00%)		2.15%		08/12/2026		483		481,134
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/02/2025		773		735,631
ExGen Renewables IV LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		12/15/2027		122		123,092
Frontera Generation Holdings LLC, Term Loan(j)		0.00%		05/02/2025		2,547		303,563
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		07/30/2026		442		425,407
Invenergy Thermal Operating I LLC, Term Loan (3 mo. USD LIBOR + 3.00%)(g)		3.15%		08/28/2025		3		3,072
Lightstone Holdco LLC
Term Loan B (3 mo. USD LIBOR + 3.75%)		4.75%		01/30/2024		680		588,039
Term Loan C (3 mo. USD LIBOR + 3.75%)		4.75%		01/30/2024		38		33,215
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		05/16/2024		178		176,820
Pike Corp.
Delayed Draw Term Loan B(d)		–		01/15/2028		81		81,404
Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)		3.12%		01/15/2028		107		107,199
Term Loan B (2 mo. USD LIBOR + 3.97%)		4.10%		07/24/2026		79		79,636
PowerTeam Services LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		03/06/2025		164		164,314
USIC Holding, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.15%		12/08/2023		500		500,133
								4,221,469
Total Variable Rate Senior Loan Interests (Cost $180,880,718)								177,663,310

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

14 Invesco Master Loan Fund

	Interest   Rate		Maturity Date		Principal Amount (000)(a)		Value
U.S. Dollar Denominated Bonds & Notes-4.62%
Aerospace & Defense-0.74%
Spirit AeroSystems, Inc.(k)		5.50%		01/15/2025	$	66	$	68,704
TransDigm, Inc.(k)		6.25%		03/15/2026		409		431,554
TransDigm, Inc.(k)		8.00%		12/15/2025		897		977,506
								1,477,764
Building & Development-0.47%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC(k)		5.75%		05/15/2026		848		873,970
Forterra Finance LLC/FRTA Finance Corp.(k)		6.50%		07/15/2025		64		68,920
								942,890
Business Equipment & Services-0.27%
Advantage Sales & Marketing, Inc.(k)		6.50%		11/15/2028		156		160,193
Prime Security Services Borrower LLC/Prime Finance, Inc.(k)		3.38%		08/31/2027		386		376,786
								536,979
Cable & Satellite Television-0.22%
Altice Financing S.A. (Luxembourg)(k)		5.00%		01/15/2028		111		111,158
Virgin Media Secured Finance PLC (United Kingdom)(k)		4.50%		08/15/2030		326		333,661
								444,819
Chemicals & Plastics-0.03%
INEOS Quattro Finance 2 PLC (United Kingdom)(k)		3.38%		01/15/2026		69		68,914
Electronics & Electrical-0.55%
CommScope, Inc.(k)		6.00%		03/01/2026		343		361,030
Diebold Nixdorf, Inc.(k)		9.38%		07/15/2025		512		573,120
Energizer Holdings, Inc.(k)		4.38%		03/31/2029		167		166,833
								1,100,983
Health Care-0.05%
Global Medical Response, Inc.(k)		6.50%		10/01/2025		100		104,125
Insurance-0.09%
Acrisure LLC/Acrisure Finance, Inc.(k)		4.25%		02/15/2029		193		189,904
Leisure Goods, Activities & Movies-0.20%
AMC Entertainment Holdings, Inc.(k)		10.50%		04/15/2025		246		259,302
Seaworld Parks & Entertainment, Inc.(k)		8.75%		05/01/2025		128		138,800
								398,102
Lodging & Casinos-0.32%
Caesars Entertainment, Inc.(k)		6.25%		07/01/2025		610		646,600
Radio & Television-0.56%
Diamond Sports Group LLC/Diamond Sports Finance Co.(k)		5.38%		08/15/2026		1,572		1,113,683
Retailers (except Food & Drug)-0.02%
PetSmart, Inc./PetSmart Finance Corp.(k)		4.75%		02/15/2028		29		30,027
Telecommunications-0.92%
Avaya, Inc.(k)		6.13%		09/15/2028		375		404,297
Cablevision Lightpath LLC(k)		3.88%		09/15/2027		85		84,469
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(k)		6.75%		10/01/2026		93		96,546
Consolidated Communications, Inc.(k)		6.50%		10/01/2028		87		93,329
Frontier Communications Corp.(k)		5.88%		10/15/2027		126		135,056
Lumen Technologies, Inc.(k)		4.00%		02/15/2027		657		672,486
Radiate Holdco LLC/Radiate Finance, Inc.(k)		4.50%		09/15/2026		25		25,375
Windstream Escrow LLC/Windstream Escrow Finance Corp.(k)		7.75%		08/15/2028		319		327,174
								1,838,732

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

15 Invesco Master Loan Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)(a)		Value
Utilities-0.18%
Calpine Corp.(k)		4.50%		02/15/2028		$        147	$       151,263
Calpine Corp.(k)		3.75%		03/01/2031		209	202,042
							353,305
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,842,609)							9,246,827
					Shares
Common Stocks & Other Equity Interests-3.68%(l)
Business Equipment & Services-1.48%
Crossmark Holdings, Inc.(g)						12,561	2,300,673
iQor US, Inc.						48,259	664,767
							2,965,440
Containers & Glass Products-0.04%
Libbey Glass, Inc. (Acquired 11/13/2020; Cost $126,950)(i)						28,145	70,363
Electronics & Electrical-0.10%
Fusion Connect, Inc.(g)						10	12
Fusion Connect, Inc., Wts., expiring 12/31/2021(g)						90,368	103,923
Internap Corp.(g)						218,015	55,594
Sunguard Availability Services Capital, Inc.(g)						3,420	32,490
							192,019
Industrial Equipment-0.26%
North American Lifting Holdings, Inc.						34,415	523,401
Leisure Goods, Activities & Movies-0.02%
Crown Finance US, Inc.						35,578	31,054
Nonferrous Metals & Minerals-0.89%
ACNR Holdings, Inc.						41,528	581,392
ACNR Holdings, Inc.						8,573	732,991
Arch Resources, Inc.						9,781	468,707
							1,783,090
Oil & Gas-0.32%
HGIM Corp.						6,360	33,390
Larchmont Resources LLC(g)						137	5,452
McDermott International Ltd.(m)						159,391	135,482
Pacific Drilling S.A.						19,788	35,288
Sabine Oil & Gas Holdings, Inc.(m)						1,419	19,866
Southcross Energy Partners L.P.(g)						251,018	7,531
Sunrise Oil & Gas, Inc.(g)						65,604	19,681
Tribune Resources, Inc.						606,015	381,789
Tribune Resources, Inc., Wts., expiring 04/03/2023(g)						156,901	3,923
Vantage Drilling International(m)						890	3,560
							645,962
Publishing-0.16%
Clear Channel Outdoor Holdings, Inc.(m)						189,788	326,435
Radio & Television-0.12%
iHeartMedia, Inc., Class A(m)						14,398	202,580
MGOC, Inc.(g)(m)						781,336	45,981
							248,561
Surface Transport-0.29%
Commercial Barge Line Co.						2,003	56,084
Commercial Barge Line Co., Series A, Wts., expiring 04/27/2045						7,833	248,698
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030						23,499	7,466
Commercial Barge Line Co., Series B, Wts., expiring 04/27/2045						5,672	202,774
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045						17,016	7,208

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

16                         Invesco Master Loan Fund

					Shares		Value
Surface Transport-(continued)
Commercial Barge Line Co., Wts., expiring 04/27/2045						2,105	$        58,940
							581,170
Total Common Stocks & Other Equity Interests (Cost $16,733,947)							7,367,495
	Interest Rate		Maturity   Date		Principal   Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes-0.85%(n)
Cable & Satellite Television-0.08%
Altice France Holding S.A. (Luxembourg)(k)		4.00%		02/15/2028	EUR	148	167,127
Financial Intermediaries-0.39%
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(o)		6.25%		05/01/2026	EUR	202	245,556
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)		6.75%		11/01/2025	EUR	290	360,214
Newday Bondco PLC (Jersey) (3 mo. GBP LIBOR + 6.50%)(k)(o)		6.54%		02/01/2023	GBP	120	165,345
							771,115
Home Furnishings-0.23%
Very Group Funding PLC (The) (United Kingdom)(k)		7.75%		11/15/2022	GBP	324	460,395
Lodging & Casinos-0.15%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%) (Acquired 11/13/2020-01/28/2021; Cost $269,737)(i)(k)(o)		5.40%		07/15/2025	GBP	229	293,679
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $1,580,066)							1,692,316
					Shares
Preferred Stocks-0.74%(l)
Oil & Gas-0.48%
McDermott International Ltd., Pfd.						102,742	71,919
Southcross Energy Partners L.P., Series A, Pfd.(g)						999,705	509,850
Southcross Energy Partners L.P., Series B, Pfd.(g)						263,848	375,983
							957,752
Surface Transport-0.26%
Commercial Barge Line Co., Series A, Pfd.						7,452	236,601
Commercial Barge Line Co., Series B, Pfd.						8,078	288,789
							525,390
Total Preferred Stocks (Cost $1,424,234)							1,483,142
Money Market Funds-7.31%
Invesco Government & Agency Portfolio,Institutional Class, 0.03%(p)(q)						8,766,814	8,766,814
Invesco Treasury Portfolio,Institutional Class, 0.01%(p)(q)						5,844,543	5,844,543
Total Money Market Funds (Cost $14,611,357)							14,611,357
TOTAL INVESTMENTS IN SECURITIES-106.05% (Cost $224,072,931)							212,064,447
OTHER ASSETS LESS LIABILITIES-(6.05)%							(12,096,166)
NET ASSETS-100.00%							$199,968,281

Investment Abbreviations:
DIP	- Debtor-in-Possession
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar
Wts.	- Warrants

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

17                         Invesco Master Loan 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 any accuracy. As a result, the actual remaining maturity maybe 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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  This variable rate interest will settle after February 28, 2021, at which time the interest rate will be determined.

^(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 7.

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

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

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

⁽ⁱ⁾  Restricted security. The aggregate value of these securities at February 28, 2021 was $4,710,959, which represented 2.36% of the Fund’s Net Assets.

^(j)  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, 2021 was $1,529,871, which represented less than 1% of the Fund’s Net Assets.

^(k)  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, 2021 was $10,939,143, which represented 5.47% of the Fund’s Net Assets.

^(l) Securities acquired through the restructuring of senior loans.

^(m)  Non-income producing security.

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

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(p)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	8,527,862		$	25,919,829		$	(25,680,877	)		$	-		$	-		$	8,766,814		$	795
Invesco Treasury Portfolio, Institutional Class			5,685,242			17,279,886			(17,120,585	)			-			-			5,844,543			292
Total		$	14,213,104		$	43,199,715		$	(42,801,462	)		$	-		$	-		$	14,611,357		$	1,087

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

	Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
03/16/2021	BNP Paribas S.A.	EUR	875,559	USD	1,061,553	$	4,810
03/16/2021	BNP Paribas S.A.	USD	550,154	GBP	398,010		4,396
04/16/2021	Canadian Imperial Bank of Commerce	EUR	969,027	USD	1,176,225		5,828
04/16/2021	Goldman Sachs & Co.	GBP	8,396	USD	11,886		185
03/16/2021	Morgan Stanley & Co.	USD	122,116	EUR	101,391		256
03/16/2021	Morgan Stanley & Co.	USD	550,177	GBP	398,009		4,372
04/16/2021	Morgan Stanley & Co.	EUR	983,709	USD	1,193,753		5,624
03/16/2021	Royal Bank of Canada	EUR	905,559	USD	1,097,451		4,498
03/16/2021	Royal Bank of Scotland plc	EUR	130,000	USD	158,233		1,332
04/16/2021	Royal Bank of Scotland plc	EUR	700,000	USD	849,730		4,266
03/16/2021	State Street Bank & Trust Co.	EUR	887,375	USD	1,075,651		4,646
04/16/2021	State Street Bank & Trust Co.	EUR	983,709	USD	1,193,750		5,621
03/16/2021	UBS AG	EUR	105,560	USD	128,423		1,019
04/16/2021	UBS AG	EUR	49,457	USD	60,134		400
Subtotal-Appreciation							47,253
Currency Risk
03/16/2021	Barclays Capital	GBP	399,992	USD	545,770		(11,542	)
03/16/2021	BNP Paribas S.A.	EUR	133,783	USD	161,234		(233	)

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

18                     Invesco Master Loan Fund

	Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
04/16/2021	BNP Paribas S.A.	GBP	398,010	USD	550,232		$  (4,413)
03/16/2021	Canadian Imperial Bank of Commerce	USD	1,175,428	EUR	969,025		(5,877)
03/16/2021	Morgan Stanley & Co.	GBP	396,027	USD	540,415		(11,372)
03/16/2021	Morgan Stanley & Co.	USD	1,192,945	EUR	983,710		(5,671)
04/16/2021	Morgan Stanley & Co.	GBP	398,009	USD	550,256		(4,387)
03/16/2021	State Street Bank & Trust Co.	USD	1,192,945	EUR	983,710		(5,671)
Subtotal-Depreciation							(49,166)
Total Forward Foreign Currency Contracts							$  (1,913)

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of February 28, 2021

BBB	0.15	%
BBB-	4.38
BB+	5.15
BB	3.75
BB-	8.34
B+	14.81
B	25.55
B-	14.63
CCC+	5.78
CCC	1.37
CCC-	0.02
CC	0.00
C	0.00
D	1.30
Not Rated	10.28
Equity	4.49

^†  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 & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

^*  Excluding money market fund holdings, if any.

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

19 Invesco Master Loan Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $209,461,574)	$	197,453,090
Investments in affiliated money market funds, at value (Cost $14,611,357)		14,611,357
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		47,253
Cash		2,347,006
Foreign currencies, at value (Cost $315,297)		314,923
Receivable for:
Investments sold		11,673,749
Dividends		225
Interest		1,158,882
Investments matured, at value (Cost $3,992,546)		434,622
Investment for trustee deferred compensation and retirement plans		87,352
Other assets		53,150
Total assets		228,181,609
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		49,166
Payable for:
Investments purchased		25,348,430
Accrued fees to affiliates		15,313
Accrued trustees’ and officers’ fees and benefits		701
Accrued other operating expenses		161,414
Trustee deferred compensation and retirement plans		87,350
Unfunded loan commitments		2,550,954
Total liabilities		28,213,328
Net assets applicable to shares outstanding	$199,968,281

Net assets consist of:
Shares of beneficial interest	$	(678,689,282	)
Distributable earnings		878,657,563
	$199,968,281
Net Assets:
Class R6	$	199,968,281
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		12,769,458
Class R6:
Net asset value and offering price per share	$	15.66

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

20 Invesco Master Loan Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest	$	5,314,783
Other income		55,220
Dividends		30,592
Dividends from affiliated money market funds		1,087
Total investment income		5,401,682
Expenses:
Advisory fees		262,043
Administrative services fees		13,353
Custodian fees		51,967
Interest, facilities and maintenance fees		166,862
Transfer agent fees		93
Trustees’ and officers’ fees and benefits		10,423
Registration and filing fees		20,706
Reports to shareholders		9,406
Professional services fees		72,942
Other		5,498
Total expenses		613,293
Less: Fees waived		(73,213	)
Net expenses		540,080
Net investment income		4,861,602
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(31,225,766	)
Foreign currencies		(48,624	)
Forward foreign currency contracts		(70,764	)
		(31,345,154	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		37,580,401
Foreign currencies		(4,927	)
Forward foreign currency contracts		(1,913	)
		37,573,561
Net realized and unrealized gain		6,228,407
Net increase in net assets resulting from operations	$	11,090,009

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

21 Invesco Master Loan Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income		$     4,861,602			$     22,173,861
Net realized gain (loss)		(31,345,154	)		(72,294,203	)
Change in net unrealized appreciation		37,573,561			12,181,300
Net increase (decrease) in net assets resulting from operations		11,090,009			(37,939,042	)
Distributions to shareholders from distributable earnings:
Class R6		(4,939,558	)		(10,859,810	)
Share transactions-net:
Class R6		14,536,112			(439,433,542	)
Net increase (decrease) in net assets		20,686,563			(488,232,394	)
Net assets:
Beginning of period		179,281,718			667,514,112
End of period		$199,968,281			$   179,281,718

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

22 Invesco Master Loan Fund

Financial Highlights

(Unaudited)

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(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class R6
Six months ended 02/28/21		$15.15		$0.40		$0.52			$0.92			$(0.41)			$15.66		6.18	%		$ 199,968		0.59	%(e)		0.67	%(e)		0.41	%(e)		5.29	%(e)		38	%
Year ended 08/31/20		17.21		0.85		(2.40	)		(1.55	)		(0.51	)		15.15		(8.97	)		179,282		0.69			0.69			0.50			5.17			53
Eleven months ended 08/31/19		17.56		0.94		(1.29	)		(0.35	)		–			17.21		(1.99	)		667,514		0.50	(f)		0.50	(f)		0.36	(f)		5.90	(f)		42
Year ended 09/30/18		16.58		0.94		0.04			0.98			–			17.56		5.91			1,352,914		0.36			0.37			0.36			5.52			66
Year ended 09/30/17		15.61		0.92		0.05			0.97			–			16.58		6.21			1,558,751		0.35			0.36			0.35			5.63			80
Year ended 09/30/16		14.64		0.84		0.13			0.97			–			15.61		6.63			1,406,679		0.36			0.36			0.36			5.70			74
Year ended 09/30/15		14.51		0.74		(0.61	)		0.13			–			14.64		0.90			1,271,836		0.35			0.35			0.35			5.06			57

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00%, 0.01%, 0.01%, 0.00% and 0.00% for the eleven months ended August 31, 2019 and the years ended September 30 2018, 2017, 2016 and 2015, 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 $185,119 for Class R6 shares.

^(f)  Annualized.

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

23 Invesco Master Loan Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Master Loan 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek income.

Shares of the Fund are sold only to other investment companies. The Fund currently offers Class R6 shares. Class R6 shares are sold at net asset value.

For federal income tax purposes, the Fund qualifies as a partnership, and each investor in the Fund is treated as the owner of its proportionate share of the net assets, income, expenses, and realized and unrealized gains and losses of the Fund. Accordingly, as a “pass-through” entity, the Fund pays no dividends or capital gain distributions.

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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

24 Invesco Master Loan Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

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, as an entity, will not be subject to U.S. federal income tax. The Fund will be treated for U.S. federal income tax purposes as a partnership, and not as an association taxable as a corporation. Therefore, a tax provision is not required. Each shareholder is required for U.S. federal income tax purposes to take into account, in its taxable year with which (or within which a taxable year of the Fund ends), it distributive share of all items of Fund income, gains, losses and deduction for such taxable year of the Fund. A shareholder must take such items into account even if the Fund does not distribute cash or other property to such shareholder during its taxable year.

Although the Fund is treated as a partnership for Federal tax purposes, it is intended that the Fund’s assets, income and distributions will be managed in such a way that investment in the Fund would not cause an investor that is a regulated investment company under Subchapter M of the Code to fail that qualification.

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 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. 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.

K. 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 the 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 investsand are shown in the Statement of Operations.

L. 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

25 Invesco Master Loan Fund

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.

M. 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.

N. 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.

O. 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”.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

P. 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 common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common 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 annual fee of 0.30% based on the average daily net assets of the 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 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, 2021, 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) to 0.38% of average daily net assets (the “expense limit”). 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 December 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2021, the Adviser waived advisory fees of $73,213.

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, 2021, 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 custodian and 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

26 Invesco Master Loan Fund

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended February 28, 2021, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $0 and $0 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended February 28, 2021, there were transfers from Level 3 to Level 2 of $6,286,641, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $1,114,438, 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	$	-	$	166,394,082		$	11,269,228	$	177,663,310
U.S. Dollar Denominated Bonds & Notes		-		9,246,827			-		9,246,827
Common Stocks & Other Equity Interests		1,136,764		3,655,471			2,575,260		7,367,495
Non-U.S. Dollar Denominated Bonds & Notes		-		1,692,316			-		1,692,316
Preferred Stocks		71,919		525,390			885,833		1,483,142
Money Market Funds		14,611,357		-			-		14,611,357
Total Investments in Securities		15,820,040		181,514,086			14,730,321		212,064,447
Other Investments - Assets*
Investments Matured		-		434,622			-		434,622
Forward Foreign Currency Contracts		-		47,253			-		47,253
		-		481,875			-		481,875
Other Investments - Liabilities*
Forward Foreign Currency Contracts		-		(49,166	)		-		(49,166	)
Total Other Investments		-		432,709			-		432,709
Total Investments	$	15,820,040	$	181,946,795		$	14,730,321	$	212,497,156

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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, 2021:

	Value 08/31/20		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Value 02/28/21
Variable Rate Senior Loan Interests	$	18,012,519	$	4,702,252	$	(5,177,857	)	$	(12,039	)	$	(802,044	)	$	833,038		$	-	$	(6,286,641	)	$	11,269,228
Common Stocks & Other Equity Interests		2,116,885		-		-			-			(16,703,516	)		16,933,286			228,605		-			2,575,260
Preferred Stocks		-		-		(61,957	)		-			61,957			-			885,833		-			885,833
Investments Matured		302,658		299,438		(598,877	)		-			-			(3,219	)		-		-			-
Total	$	20,432,062	$	5,001,690	$	(5,838,691	)	$	(12,039	)	$	(17,443,603	)	$	17,763,105		$	1,114,438	$	(6,286,641	)	$	14,730,321

    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.

27 Invesco Master Loan Fund

    The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 02/28/21		Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Western Express, Inc., Second Lien Term Loan		$6,274,840	Discounted Cash Flow Model	Illiquidity Premium Implied Rating	N/A	3.69%	(a)
					N/A	B+
Crossmark holdings, Inc.		2,300,673	Enterprise Value	Muliple	N/A	5.6x	(b)
				Last 12 Months Earnings, Before Interest, Taxes, Depreciation, and Amortization	N/A	$3.46 million

^(a)  The Fund fair values certain corporate loans using a discounted cash flow model which incorporates the company’s earnings before interest, taxes, depreciation, and amortization and leverage to determine an implied rating. The yield to maturity on other issues with similar leverage and rating is used as a basis for the discount rate, with an additional illiquidity premium applied. The illiquidity premium was determined based on the implied discount rate at origination. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. Such security’s fair valuation could increase (decrease) significantly based on a decrease (increase) in the illiquidity premium. Such security’s fair valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.

^(b)  The Fund fair values certain common equity securities using an enterprise value approach, which utilizes a multiple of the company’s last 12 months earnings before interest, taxes, depreciation, and amortization, which is then adjusted for outstanding debt and cash on hand. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

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, 2021:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	47,253
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	47,253
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(49,166	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(49,166	)

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, 2021.

	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 Capital		$            -		$  (11,542)		$  (11,542	)	$-	$-		$  (11,542	)
BNP Paribas S.A.		9,206		(4,646)		4,560		-	-		4,560
Canadian Imperial Bank of Commerce		5,828		(5,877)		(49)		-	-		(49)
Goldman Sachs & Co.		185		-		185		-	-		185
Morgan Stanley & Co.		10,252		(21,430)		(11,178)		-	-		(11,178)
Royal Bank of Canada		4,498		-		4,498		-	-		4,498
Royal Bank of Scotland plc		5,598		-		5,598		-	-		5,598
State Street Bank & Trust Co.		10,267		(5,671)		4,596		-	-		4,596
UBS		1,419		-		1,419		-	-		1,419
Total		$47,253		$(49,166)		$  (1,913	)	$-	$-		$  (1,913	)

28 Invesco Master Loan Fund

Effect of Derivative Investments for the six months ended February 28, 2021

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	$(70,764)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts	(1,913)
Total	$(72,677)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value	$8,362,755

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances and Borrowings

Effective February 19, 2021, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $900 million, collectively by certain Funds, and which will expire on February 18, 2022. Prior to February 19, 2021, the credit agreement permitted borrowings up to $1.5 billion. The credit agreement is secured by the assets of the Fund. During the six months ended February 28, 2021, the Fund did not borrow under the credit agreement.

    Additionally, 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.

    The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement.

NOTE 7–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Borrower	Type	Principal Amount		Value
Fieldwood Energy LLC	DIP Delayed Draw Term Loan	$	546,989	$	566,134
Hillman Group, Inc. (The)	Delayed Draw Term Loan		64,203		64,363
LBM Holdings LLC	Delayed Draw Term Loan		43,180		43,328
McDermott International Ltd.	LOC		342,114		309,614
Peraton Corp.	Delayed Draw Term Loan		984,231		989,152
Petroleum GEO-Services ASA	Term Loan		385,641		313,976
Southcross Energy Partners L.P.	Revolver Loan		271,166		264,387
				$	2,550,954

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, 2021 was $87,304,282 and $67,592,241, 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.

NOTE 9–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

29                           Invesco Master Loan Fund

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, 2021, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

Selling Participant	Principal Amount		Value
Barclays Bank PLC	$	342,114	$	313,034

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class R6		880,861		$	13,637,751			3,642,211		$	54,614,795
Issued as reinvestment of dividends:
Class R6		324,320			4,981,633			684,505			10,465,018
Reacquired:
Class R6		(267,856	)		(4,083,272	)		(31,282,219	)		(504,513,355	)
Net increase (decrease) in share activity		937,325		$	14,536,112			(26,955,503	)	$	(439,433,542	)

^(a)  100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

30 Invesco Master Loan 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, 2020 through February 28, 2021.

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.

	Beginning Account Value (09/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending Account Value (02/28/21)1	Expenses Paid During Period2	Ending Account Value (02/28/21)	Expenses Paid During Period2	Annualized   Expense   Ratio
Class R6	$1,000.00	$1,062.50	$3.02	$1,021.87	$2.96	0.59%

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.

31 Invesco Master Loan Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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.             O-MLF-SAR-1

	Semiannual Report to Shareholders	February 28, 2021
	Invesco NASDAQ 100 Index Fund
	Nasdaq: R6: IVNQX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
15	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 10/13/20 (inception date) to 2/28/21, 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 R6 Shares	7.09%
NASDAQ-100 Index▼ (Broad Market/Style-Specific Index)	6.98
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	6.73
Source(s): ▼Bloomberg L.P.; ∎Lipper Inc.
The NASDAQ-100® Index includes 100 of the largest domestic and international nonfinancial securities listed on The Nasdaq Stock Market, based on the market capitalization.
The Lipper Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth 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 in- sights about market and economic news and trends.

2 Invesco NASDAQ 100 Index Fund

Cumulative Annual Total Returns
As of 2/28/21, including maximum applicable  sales charges
Class R6 Shares
Inception (10/13/20)	7.09%

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Performance figures reflect reinvested distributions and changes in net asset value. Shares of the Fund are sold at net asset value without a sales charge. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund dis-tributions 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.

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 informa-tion.

3 Invesco NASDAQ 100 Index Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.13%
Apparel Retail–0.35%
Ross Stores, Inc.		69	$	8,048
Apparel, Accessories & Luxury Goods–0.32%
lululemon athletica, inc.(b)		24		7,480
Application Software–5.83%
Adobe, Inc.(b)		92		42,290
ANSYS, Inc.(b)		17		5,797
Atlassian Corp. PLC, Class A(b)		25		5,943
Autodesk, Inc.(b)		42		11,592
Cadence Design Systems, Inc.(b)		54		7,619
DocuSign, Inc.(b)		36		8,160
Intuit, Inc.		51		19,897
Splunk, Inc.(b)		31		4,433
Synopsys, Inc.(b)		29		7,111
Workday, Inc., Class A(b)		35		8,581
Zoom Video Communications, Inc.,
Class A(b)		38		14,197
				135,620
Automobile Manufacturers–4.30%
Tesla, Inc.(b)		148		99,974
Automotive Retail–0.27%
O’Reilly Automotive, Inc.(b)		14		6,263
Biotechnology–4.06%
Alexion Pharmaceuticals, Inc.(b)		42		6,416
Amgen, Inc.		112		25,191
Biogen, Inc.(b)		30		8,186
Gilead Sciences, Inc.		240		14,736
Incyte Corp.(b)		42		3,304
Moderna, Inc.(b)		76		11,766
Regeneron Pharmaceuticals, Inc.(b)		20		9,011
Seagen, Inc.(b)		35		5,289
Vertex Pharmaceuticals, Inc.(b)		50		10,627
				94,526
Broadcasting–0.16%
Fox Corp., Class A		65		2,165
Fox Corp., Class B		50		1,597
				3,762
Cable & Satellite–3.19%
Charter Communications, Inc.,
Class A(b)		38		23,310
Comcast Corp., Class A		875		46,130
Sirius XM Holdings, Inc.		815		4,768
				74,208
Communications Equipment–1.56%
Cisco Systems, Inc.		810		36,345
Construction Machinery & Heavy Trucks–0.26%
PACCAR, Inc.		67		6,096

	Shares		Value
Data Processing & Outsourced Services–4.04%
Automatic Data Processing, Inc.		83	$	14,443
Fiserv, Inc.(b)		129		14,883
Paychex, Inc.		69		6,284
PayPal Holdings, Inc.(b)		225		58,466
				94,076
Diversified Support Services–0.49%
Cintas Corp.		20		6,487
Copart, Inc.(b)		45		4,912
				11,399
Drug Retail–0.34%
Walgreens Boots Alliance, Inc.		167		8,004
Electric Utilities–0.87%
American Electric Power Co., Inc.		96		7,186
Exelon Corp.		188		7,257
Xcel Energy, Inc.		101		5,917
				20,360
General Merchandise Stores–0.19%
Dollar Tree, Inc.(b)		45		4,419
Health Care Equipment–1.39%
DexCom, Inc.(b)		18		7,160
IDEXX Laboratories, Inc.(b)		16		8,323
Intuitive Surgical, Inc.(b)		23		16,946
				32,429
Health Care Supplies–0.37%
Align Technology, Inc.(b)		15		8,507
Health Care Technology–0.18%
Cerner Corp.		59		4,079
Hotels, Resorts & Cruise Lines–0.39%
Marriott International, Inc., Class A(b)		62		9,180
Hypermarkets & Super Centers–1.21%
Costco Wholesale Corp.		85		28,135
Interactive Home Entertainment–1.23%
Activision Blizzard, Inc.		149		14,246
Electronic Arts, Inc.		56		7,502
NetEase, Inc., ADR (China)		63		6,921
				28,669
Interactive Media & Services–11.30%
Alphabet, Inc., Class A(b)		38		76,833
Alphabet, Inc., Class C(b)		42		85,548
Baidu, Inc., ADR (China)(b)		53		15,024
Facebook, Inc., Class A(b)		302		77,801
Match Group, Inc.(b)		51		7,795
				263,001
Internet & Direct Marketing Retail–11.60%
Amazon.com, Inc.(b)		64		197,948
Booking Holdings, Inc.(b)		8		18,628
eBay, Inc.		133		7,504

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

4 Invesco NASDAQ 100 Index Fund

		Shares		Value
Internet & Direct Marketing Retail–(continued)
JD.com, Inc., ADR (China)(b)			168	$	15,770
MercadoLibre, Inc. (Argentina)(b)			10		16,381
Pinduoduo, Inc., ADR (China)(b)			57		9,756
Trip.com Group Ltd., ADR (China)(b)			101		3,984
					269,971
Internet Services & Infrastructure–0.44%
Okta, Inc.(b)			23		6,013
VeriSign, Inc.(b)			22		4,269
					10,282
IT Consulting & Other Services–0.33%
Cognizant Technology Solutions Corp., Class A			103		7,568
Leisure Products–0.25%
Peloton Interactive, Inc., Class A(b)			49		5,903
Life Sciences Tools & Services–0.53%
Illumina, Inc.(b)	��		28		12,304
Movies & Entertainment–1.97%
Netflix, Inc.(b)			85		45,802
Packaged Foods & Meats–0.99%
Kraft Heinz Co. (The)			234		8,513
Mondelez International, Inc., Class A			273		14,513
					23,026
Railroads–0.58%
CSX Corp.			147		13,458
Research & Consulting Services–0.22%
Verisk Analytics, Inc.			31		5,079
Restaurants–1.04%
Starbucks Corp.			225		24,307
Semiconductor Equipment–2.34%
Applied Materials, Inc.			176		20,802
ASML Holding N.V., New York Shares (Netherlands)			15		8,506
KLA Corp.			30		9,337
Lam Research Corp.			28		15,881
					54,526
Semiconductors–12.89%
Advanced Micro Devices, Inc.(b)			231		19,522
Analog Devices, Inc.			71		11,063
Broadcom, Inc.			78		36,650
Intel Corp.			785		47,712
Marvell Technology Group Ltd.			129		6,228

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Semiconductors–(continued)
Maxim Integrated Products, Inc.		51	$	4,752
Microchip Technology, Inc.		50		7,631
Micron Technology, Inc.(b)		213		19,496
NVIDIA Corp.		119		65,281
NXP Semiconductors N.V. (Netherlands)		54		9,858
QUALCOMM, Inc.		217		29,553
Skyworks Solutions, Inc.		32		5,690
Texas Instruments, Inc.		177		30,492
Xilinx, Inc.		47		6,124
				300,052
Soft Drinks–2.20%
Keurig Dr Pepper, Inc.		269		8,210
Monster Beverage Corp.(b)		102		8,950
PepsiCo, Inc.		264		34,106
				51,266
Systems Software–9.65%
Check Point Software Technologies Ltd. (Israel)(b)		27		2,976
Microsoft Corp.		954		221,691
				224,667
Technology Distributors–0.19%
CDW Corp.		28		4,393
Technology Hardware, Storage & Peripherals–11.16%
Apple, Inc.		2,143		259,860
Trading Companies & Distributors–0.22%
Fastenal Co.		111		5,147
Wireless Telecommunication Services–1.23%
T-Mobile US, Inc.(b)		238		28,553
Total Common Stocks & Other Equity Interests (Cost $2,204,657)				2,330,744
Money Market Funds–0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		1,432		1,432
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(d)		331		331
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		1,636		1,636
Total Money Market Funds (Cost $3,399)				3,399
TOTAL INVESTMENTS IN SECURITIES–100.27% (Cost $2,208,056)				2,334,143
OTHER ASSETS LESS LIABILITIES–(0.27)%				(6,367	)
NET ASSETS–100.00%			$	2,327,776

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

5 Invesco NASDAQ 100 Index Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	770,267	$	(768,835	)	$	-	$	-	$	1,432	$	-
Invesco Liquid Assets Portfolio, Institutional Class		-		550,191		(549,860	)		-		-		331		1
Invesco Treasury Portfolio, Institutional Class		-		880,305		(878,669	)		-		-		1,636		-
Total	$	-	$	2,200,763	$	(2,197,364	)	$	-	$	-	$	3,399	$	1

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Information Technology	48.43	%
Communication Services	19.07
Consumer Discretionary	18.71
Health Care	6.52
Consumer Staples	4.74
Other Sectors, Each Less than 2% of Net Assets	2.66
Money Market Funds Plus Other Assets Less Liabilities	(0.13	)

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

6 Invesco NASDAQ 100 Index Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 2,204,657)	$	2,330,744
Investments in affiliated money market funds, at value (Cost $ 3,399)		3,399
Receivable for:
Fund expense absorbed		47,138
Dividends		1,527
Investment for trustee deferred compensation and retirement plans		1,197
Other assets		3,312
Total assets		2,387,317
Liabilities:
Payable for:
Amount due custodian		3,302
Accrued fees to affiliates		1,205
Accrued trustees’ and officers’ fees and benefits		3,573
Accrued other operating expenses		50,264
Trustee deferred compensation and retirement plans		1,197
Total liabilities		59,541
Net assets applicable to shares outstanding	$	2,327,776

Net assets consist of:
Shares of beneficial interest	$	2,194,153
Distributable earnings		133,623
	$	2,327,776
Net Assets:
Class R6	$	2,327,776
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		87,128
Class R6:
Net asset value and offering price per share	$	26.72

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

7 Invesco NASDAQ 100 Index Fund

Statement of Operations

For the period October 13, 2020 (commencement date) through February 28, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $5)	$	6,900
Dividends from affiliated money market funds		1
Total investment income		6,901
Expenses:
Advisory fees		1,219
Administrative services fees		107
Custodian fees		224
Transfer agent fees – R6		81
Trustees’ and officers’ fees and benefits		7,550
Registration and filing fees		7,311
Licensing fees		594
Reports to shareholders		9,338
Professional services fees		34,897
Other		3,280
Total expenses		64,601
Less: Fees waived and/or expenses reimbursed		(62,243	)
Net expenses		2,358
Net investment income		4,543
Realized and unrealized gain from:
Net realized gain from unaffiliated investment securities		7,129
Change in net unrealized appreciation of unaffiliated investment securities		126,087
Net realized and unrealized gain		133,216
Net increase in net assets resulting from operations	$	137,759

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

8 Invesco NASDAQ 100 Index Fund

Statement of Changes in Net Assets

For the period October 13, 2020 (commencement date) through February 28, 2021

	February 28, 2021
Operations:
Net investment income	$	4,543
Net realized gain		7,129
Change in net unrealized appreciation		126,087
Net increase in net assets resulting from operations		137,759
Distributions to shareholders from distributable earnings:
Class R6		(4,136	)
Share transactions–net:
Class R6		2,194,153
Net increase in net assets		2,327,776
Net assets:
Beginning of period		–
End of period	$	2,327,776

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

9 Invesco NASDAQ 100 Index Fund

Financial Highlights

(Unaudited)

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 R6
Period ended 02/28/21(d)	$	25.00	$	0.06	$	1.71	$	1.77	$	(0.05	)	$	26.72		7.09	%	$	2,328		0.29	%(e)		7.95	%(e)		0.56	%(e)		7	%

^(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 not annualized for periods less than one year, if applicable.

^(d) Commencement date of October 13, 2020.

^(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $2,135 for Class R6.

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

10 Invesco NASDAQ 100 Index Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco NASDAQ 100 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek to track the investment results (before fees and expenses) of the NASDAQ-100 Index^® (the “Underlying Index”).

The Fund currently consists of one class of shares, Class R6. 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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

11 Invesco NASDAQ 100 Index Fund

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. 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.

G. 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.

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		0.150	%
Over $ 2 billion		0.140	%

For the period October 13, 2020 (commencement date) through February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.15%.

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, 2021, 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 R6 shares to 0.29% of the Fund’s average daily net assets (the “expense limit”). 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 December 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the period October 13, 2020 (commencement date) through February 28, 2021, the Adviser waived advisory fees of $1,219 and reimbursed fund level expenses of $61,024.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the period October 13, 2020 (commencement date) through February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Trust has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Trust 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 Trust, subject to certain limitations approved by the Trust’s Board of Trustees. For the period October 13, 2020 (commencement date) through February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund’s shares. The Fund does not pay a distribution fee to IDI under the agreement.

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

12 Invesco NASDAQ 100 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.

As of February 28, 2021, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–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 5–Cash Balances

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

NOTE 7–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 period October 13, 2020 (commencement date) through February 28, 2021 was $2,336,696 and $139,169, respectively. In a fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	200,708
Aggregate unrealized (depreciation) of investments		(74,621	)
Net unrealized appreciation of investments	$	126,087

Cost of investments for tax purposes is $2,208,056.

NOTE 8–Share Information

	Summary of Share Activity
	February 28, 2021(a)(b)
	Shares		Amount
Sold:
Class R6		87,126	$	2,194,105

13 Invesco NASDAQ 100 Index Fund

	Summary of Share Activity
	February 28, 2021(a)(b)
	Shares		Amount
Issued as reinvestment of dividends:
Class R6		2	$	48
Net increase in share activity		87,128	$	2,194,153

^(a)  Commencement date of October 13, 2020.

^(b) There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% 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 are also owned beneficially.

In addition, 92% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

14 Invesco NASDAQ 100 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 October 13, 2020 (commencement date) through February 28, 2021.

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.

	Beginning Account Value (09/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (02/28/21)1		Expenses Paid During Period2		Ending Account Value (02/28/21)		Expenses Paid During Period3
Class R6	$	1,000.00	$	1,070.90	$	1.14	$	1,023.36	$	1.45		0.29	%

¹ The actual ending account value is based on the actual total return of the Funds for the period October 13, 2020 (commencement date) through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 139 (as of close of business October 13, 2020 (commencement date) through February 28, 2021)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

³  Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

15 Invesco NASDAQ 100 Index Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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, indrect subsidiaries of Invesco Ltd.

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

	Semiannual Report to Shareholders	February 28, 2021
	Invesco S&P 500 Index Fund Nasdaq: A: SPIAX ∎ C: SPICX ∎ Y: SPIDX ∎ R6: SPISX

2	Fund Performance
4	Schedule of Investments
13	Financial Statements
16	Financial Highlights
17	Notes to Financial Statements
23	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/20 to 2/28/21, 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	9.45	%
Class C Shares	9.12
Class Y Shares	9.60
Class R6 Shares	9.61
S&P 500 Index▼ (Broad Market/Style-Specific Index)	9.74
Lipper S&P 500 Objective Funds Index∎ (Peer Group Index)	9.65
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Lipper S&P 500 Objective Funds Index is an unmanaged index considered representative of S&P 500 funds tracked by Lipper.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

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 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	7.27	%
10 Years	12.16
5 Years	14.88
1 Year	23.48
Class C Shares
Inception (9/26/97)	7.25	%
10 Years	12.13
5 Years	15.34
1 Year	28.75
Class Y Shares
Inception (9/26/97)	7.79	%
10 Years	13.07
5 Years	16.47
1 Year	30.98
Class R6 Shares
10 Years	12.93	%
5 Years	16.47
1 Year	31.06

Effective June 1, 2010, Class A, 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 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 C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor 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 the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee 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.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class 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 S&P 500 Index Fund

Schedule of Investments^(a)

February 28, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.20%
Advertising–0.08%
Interpublic Group of Cos., Inc. (The)		21,808	$	569,625
Omnicom Group, Inc.		12,020		826,135
				1,395,760
Aerospace & Defense–1.51%
Boeing Co. (The)(b)		29,671		6,290,549
General Dynamics Corp.		12,997		2,124,620
Howmet Aerospace, Inc.(b)		21,820		613,360
Huntington Ingalls Industries, Inc.		2,264		398,260
L3Harris Technologies, Inc.		11,748		2,137,079
Lockheed Martin Corp.		13,766		4,546,221
Northrop Grumman Corp.		8,669		2,528,400
Raytheon Technologies Corp.		84,919		6,113,319
Teledyne Technologies, Inc.(b)		2,062		765,002
Textron, Inc.		12,797		644,201
TransDigm Group, Inc.(b)		3,043		1,754,807
				27,915,818
Agricultural & Farm Machinery–0.33%
Deere & Co.		17,522		6,117,281
Agricultural Products–0.09%
Archer-Daniels-Midland Co.		31,110		1,760,204
Air Freight & Logistics–0.61%
C.H. Robinson Worldwide, Inc.		7,601		690,551
Expeditors International of Washington, Inc.		9,464		869,174
FedEx Corp.		13,508		3,437,786
United Parcel Service, Inc., Class B		39,991		6,311,779
				11,309,290
Airlines–0.31%
Alaska Air Group, Inc.(b)		6,914		449,548
American Airlines Group, Inc.(b)		34,151		715,122
Delta Air Lines, Inc.(b)		35,659		1,709,492
Southwest Airlines Co.		33,005		1,918,581
United Airlines Holdings, Inc.(b)		16,364		862,056
				5,654,799
Alternative Carriers–0.04%
Lumen Technologies, Inc.		55,211		678,543
Apparel Retail–0.42%
Gap, Inc. (The)		11,502		286,975
L Brands, Inc.(b)		13,062		713,969
Ross Stores, Inc.		19,906		2,321,836
TJX Cos., Inc. (The)		67,133		4,430,106
				7,752,886
Apparel, Accessories & Luxury Goods–0.19%
Hanesbrands, Inc.		19,476		344,530
PVH Corp.		3,975		397,341
Ralph Lauren Corp.		2,696		315,648
Tapestry, Inc.		15,511		653,634
Under Armour, Inc., Class A(b)		10,541		230,742

	Shares		Value
Apparel, Accessories & Luxury Goods–(continued)
Under Armour, Inc., Class C(b)		10,881	$	198,034
VF Corp.		17,881		1,414,924
				3,554,853
Application Software–2.24%
Adobe, Inc.(b)		26,823		12,329,728
ANSYS, Inc.(b)		4,802		1,637,434
Autodesk, Inc.(b)		12,295		3,393,420
Cadence Design Systems, Inc.(b)		15,596		2,200,439
Citrix Systems, Inc.		6,884		919,565
Intuit, Inc.		14,691		5,731,547
Paycom Software, Inc.(b)		2,739		1,025,043
salesforce.com, inc.(b)		51,162		11,076,573
Synopsys, Inc.(b)		8,533		2,092,377
Tyler Technologies, Inc.(b)		2,254		1,044,549
				41,450,675
Asset Management & Custody Banks–0.78%
Ameriprise Financial, Inc.		6,596		1,459,299
Bank of New York Mellon Corp. (The)		45,584		1,921,821
BlackRock, Inc.		7,930		5,507,385
Franklin Resources, Inc.		15,235		398,700
Invesco Ltd. (Acquired 08/22/2008-06/19/2020; Cost $488,732)(c)(d)		21,060		472,165
Northern Trust Corp.		11,637		1,107,028
State Street Corp.		19,726		1,435,461
T. Rowe Price Group, Inc.		12,661		2,052,855
				14,354,714
Auto Parts & Equipment–0.16%
Aptiv PLC		15,098		2,262,284
BorgWarner, Inc.		13,672		615,240
				2,877,524
Automobile Manufacturers–1.88%
Ford Motor Co.(b)		218,493		2,556,368
General Motors Co.(b)		70,428		3,615,069
Tesla, Inc.(b)		42,401		28,641,876
				34,813,313
Automotive Retail–0.27%
Advance Auto Parts, Inc.		3,794		608,368
AutoZone, Inc.(b)		1,295		1,502,096
CarMax, Inc.(b)		9,174		1,096,385
O’Reilly Automotive, Inc.(b)		4,050		1,811,686
				5,018,535
Biotechnology–1.78%
AbbVie, Inc.		98,717		10,635,770
Alexion Pharmaceuticals, Inc.(b)		12,236		1,869,049
Amgen, Inc.		32,552		7,321,596
Biogen, Inc.(b)		8,604		2,347,859
Gilead Sciences, Inc.		70,091		4,303,587
Incyte Corp.(b)		10,408		818,693
Regeneron Pharmaceuticals, Inc.(b)		5,863		2,641,692

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

4 Invesco S&P 500 Index Fund

	Shares		Value
Biotechnology–(continued)
Vertex Pharmaceuticals, Inc.(b)		14,540	$	3,090,477
				33,028,723
Brewers–0.03%
Molson Coors Beverage Co., Class B		10,520		467,614
Broadcasting–0.22%
Discovery, Inc., Class A(b)		8,964		475,361
Discovery, Inc., Class C(b)		16,494		742,230
Fox Corp., Class A		18,873		628,660
Fox Corp., Class B		8,649		276,162
ViacomCBS, Inc., Class B		31,591		2,037,304
				4,159,717
Building Products–0.45%
A.O. Smith Corp.		7,572		449,550
Allegion PLC		5,146		559,782
Carrier Global Corp.		45,553		1,664,051
Fortune Brands Home & Security, Inc.		7,768		645,831
Johnson Controls International PLC		40,477		2,258,212
Masco Corp.		14,631		778,662
Trane Technologies PLC		13,426		2,057,400
				8,413,488
Cable & Satellite–1.02%
Charter Communications, Inc., Class A(b)		8,158		5,004,280
Comcast Corp., Class A		255,302		13,459,522
DISH Network Corp., Class A(b)		13,826		435,657
				18,899,459
Casinos & Gaming–0.15%
Las Vegas Sands Corp.		18,365		1,149,649
MGM Resorts International		22,923		866,260
Wynn Resorts Ltd.(b)		5,428		715,031
				2,730,940
Commodity Chemicals–0.21%
Dow, Inc.		41,475		2,459,882
LyondellBasell Industries N.V., Class A		14,376		1,482,022
				3,941,904
Communications Equipment–0.77%
Arista Networks, Inc.(b)		3,046		852,393
Cisco Systems, Inc.		236,271		10,601,480
F5 Networks, Inc.(b)		3,444		654,291
Juniper Networks, Inc.		18,437		429,213
Motorola Solutions, Inc.		9,478		1,663,199
				14,200,576
Computer & Electronics Retail–0.07%
Best Buy Co., Inc.		12,886		1,293,110
Construction & Engineering–0.03%
Quanta Services, Inc.		7,764		651,011
Construction Machinery & Heavy Trucks–0.60%
Caterpillar, Inc.		30,376		6,557,571
Cummins, Inc.		8,275		2,095,230
PACCAR, Inc.		19,371		1,762,567
Wabtec Corp.		10,003		724,517
				11,139,885

	Shares		Value
Construction Materials–0.13%
Martin Marietta Materials, Inc.		3,482	$	1,172,981
Vulcan Materials Co.		7,409		1,237,229
				2,410,210
Consumer Electronics–0.06%
Garmin Ltd.		8,340		1,034,327
Consumer Finance–0.58%
American Express Co.		36,468		4,932,662
Capital One Financial Corp.		25,575		3,073,859
Discover Financial Services		17,137		1,612,078
Synchrony Financial		30,358		1,174,247
				10,792,846
Copper–0.15%
Freeport-McMoRan, Inc.		81,237		2,754,747
Data Processing & Outsourced Services–4.08%
Automatic Data Processing, Inc.		23,977		4,172,478
Broadridge Financial Solutions, Inc.		6,464		921,055
Fidelity National Information Services, Inc.		34,695		4,787,910
Fiserv, Inc.(b)		32,152		3,709,376
FleetCor Technologies, Inc.(b)		4,663		1,293,097
Global Payments, Inc.		16,737		3,313,759
Jack Henry & Associates, Inc.		4,267		633,393
Mastercard, Inc., Class A		49,190		17,405,882
Paychex, Inc.		17,890		1,629,242
PayPal Holdings, Inc.(b)		65,515		17,024,073
Visa, Inc., Class A		94,814		20,137,545
Western Union Co. (The)		22,987		533,758
				75,561,568
Distillers & Vintners–0.15%
Brown-Forman Corp., Class B		10,205		730,474
Constellation Brands, Inc., Class A		9,477		2,029,405
				2,759,879
Distributors–0.12%
Genuine Parts Co.		8,066		849,753
LKQ Corp.(b)		15,656		616,690
Pool Corp.		2,245		751,559
				2,218,002
Diversified Banks–3.23%
Bank of America Corp.		425,666		14,774,867
Citigroup, Inc.		116,413		7,669,288
JPMorgan Chase & Co.		170,441		25,083,802
U.S. Bancorp		76,652		3,832,600
Wells Fargo & Co.		231,181		8,361,817
				59,722,374
Diversified Chemicals–0.04%
Eastman Chemical Co.		7,574		827,535
Diversified Support Services–0.15%
Cintas Corp.		4,914		1,593,807
Copart, Inc.(b)		11,619		1,268,330
				2,862,137
Drug Retail–0.10%
Walgreens Boots Alliance, Inc.		40,186		1,926,115

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

5 Invesco S&P 500 Index Fund

	Shares		Value
Electric Utilities–1.56%
Alliant Energy Corp.		13,965	$	644,624
American Electric Power Co., Inc.		27,755		2,077,462
Duke Energy Corp.		41,151		3,522,114
Edison International		21,164		1,142,644
Entergy Corp.		11,196		971,925
Evergy, Inc.		12,683		680,189
Eversource Energy		19,169		1,523,552
Exelon Corp.		54,549		2,105,592
FirstEnergy Corp.		30,339		1,005,435
NextEra Energy, Inc.		109,542		8,049,146
NRG Energy, Inc.		13,655		498,544
Pinnacle West Capital Corp.		6,295		440,209
PPL Corp.		42,989		1,125,882
Southern Co. (The)		59,060		3,349,883
Xcel Energy, Inc.		29,381		1,721,433
				28,858,634
Electrical Components & Equipment–0.48%
AMETEK, Inc.		12,864		1,517,566
Eaton Corp. PLC		22,287		2,901,545
Emerson Electric Co.		33,439		2,872,410
Rockwell Automation, Inc.		6,496		1,580,347
				8,871,868
Electronic Components–0.20%
Amphenol Corp., Class A		16,727		2,102,249
Corning, Inc.		42,719		1,633,575
				3,735,824
Electronic Equipment & Instruments–0.25%
FLIR Systems, Inc.		7,333		391,582
Keysight Technologies, Inc.(b)		10,361		1,466,289
Trimble, Inc.(b)		13,941		1,033,586
Vontier Corp.(b)		7,531		236,473
Zebra Technologies Corp., Class A(b)		2,981		1,488,801
				4,616,731
Electronic Manufacturing Services–0.15%
IPG Photonics Corp.(b)		1,996		453,790
TE Connectivity Ltd.		18,493		2,404,645
				2,858,435
Environmental & Facilities Services–0.21%
Republic Services, Inc.		11,762		1,047,876
Rollins, Inc.		12,370		410,313
Waste Management, Inc.		21,739		2,410,638
				3,868,827
Fertilizers & Agricultural Chemicals–0.20%
CF Industries Holdings, Inc.		11,961		541,594
Corteva, Inc.		41,657		1,880,813
FMC Corp.		7,255		737,761
Mosaic Co. (The)		19,289		567,097
				3,727,265
Financial Exchanges & Data–1.02%
Cboe Global Markets, Inc.		6,041		597,817
CME Group, Inc., Class A		20,072		4,008,378
Intercontinental Exchange, Inc.		31,384		3,461,969
MarketAxess Holdings, Inc.		2,122		1,179,705
Moody’s Corp.		9,030		2,482,257

	Shares		Value
Financial Exchanges & Data–(continued)
MSCI, Inc.		4,635	$	1,921,300
Nasdaq, Inc.		6,420		887,822
S&P Global, Inc.		13,453		4,430,880
				18,970,128
Food Distributors–0.12%
Sysco Corp.		28,480		2,267,862
Food Retail–0.08%
Kroger Co. (The)		43,296		1,394,564
Footwear–0.51%
NIKE, Inc., Class B		70,163		9,456,569
Gas Utilities–0.03%
Atmos Energy Corp.		7,039		595,570
General Merchandise Stores–0.49%
Dollar General Corp.		13,699		2,588,974
Dollar Tree, Inc.(b)		13,150		1,291,330
Target Corp.		28,000		5,136,320
				9,016,624
Gold–0.13%
Newmont Corp.		44,920		2,442,750
Health Care Distributors–0.20%
AmerisourceBergen Corp.		8,222		832,231
Cardinal Health, Inc.		16,406		845,237
Henry Schein, Inc.(b)		7,983		493,749
McKesson Corp.		8,977		1,521,781
				3,692,998
Health Care Equipment–3.38%
Abbott Laboratories		99,102		11,870,438
ABIOMED, Inc.(b)		2,526		819,813
Baxter International, Inc.		28,562		2,218,982
Becton, Dickinson and Co.		16,217		3,910,730
Boston Scientific Corp.(b)		80,066		3,104,960
Danaher Corp.		35,351		7,765,554
DexCom, Inc.(b)		5,369		2,135,681
Edwards Lifesciences Corp. (b)		34,849		2,895,952
Hologic, Inc.(b)		14,370		1,035,933
IDEXX Laboratories, Inc.(b)		4,769		2,480,691
Intuitive Surgical, Inc.(b)		6,573		4,842,986
Medtronic PLC		75,263		8,803,513
ResMed, Inc.		8,102		1,561,904
STERIS PLC		4,770		833,796
Stryker Corp.		18,280		4,436,373
Teleflex, Inc.		2,603		1,036,306
Varian Medical Systems, Inc.(b)		5,108		895,279
Zimmer Biomet Holdings, Inc.		11,590		1,889,865
				62,538,756
Health Care Facilities–0.17%
HCA Healthcare, Inc.		14,757		2,538,647
Universal Health Services, Inc., Class B		4,345		544,559
				3,083,206
Health Care REITs–0.19%
Healthpeak Properties, Inc.		30,102		875,667
Ventas, Inc.		20,944		1,107,937

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

6 Invesco S&P 500 Index Fund

	Shares		Value
Health Care REITs–(continued)
Welltower, Inc.		23,333	$	1,584,311
				3,567,915
Health Care Services–0.64%
Cigna Corp.		20,200		4,239,980
CVS Health Corp.		73,188		4,986,298
DaVita, Inc.(b)		4,133		422,103
Laboratory Corp. of America Holdings(b)		5,446		1,306,550
Quest Diagnostics, Inc.		7,535		870,971
				11,825,902
Health Care Supplies–0.28%
Align Technology, Inc.(b)		4,012		2,275,245
Cooper Cos., Inc. (The)		2,742		1,058,769
DENTSPLY SIRONA, Inc.		12,220		648,515
West Pharmaceutical Services, Inc.		4,133		1,159,927
				5,142,456
Health Care Technology–0.06%
Cerner Corp.		17,143		1,185,267
Home Furnishings–0.05%
Leggett & Platt, Inc.		7,408		320,544
Mohawk Industries, Inc.(b)		3,344		585,167
				905,711
Home Improvement Retail–1.19%
Home Depot, Inc. (The)		60,198		15,551,551
Lowe’s Cos., Inc.		40,970		6,544,958
				22,096,509
Homebuilding–0.23%
D.R. Horton, Inc.		18,541		1,425,247
Lennar Corp., Class A		15,383		1,276,327
NVR, Inc.(b)		195		877,664
PulteGroup, Inc.		14,990		676,199
				4,255,437
Hotel & Resort REITs–0.04%
Host Hotels & Resorts, Inc.		39,438		654,276
Hotels, Resorts & Cruise Lines–0.36%
Carnival Corp.(b)		41,584		1,112,372
Hilton Worldwide Holdings, Inc.		15,513		1,918,648
Marriott International, Inc., Class A(b)		14,870		2,201,801
Norwegian Cruise Line Holdings Ltd.(b)		17,648		521,675
Royal Caribbean Cruises Ltd.		10,411		971,034
				6,725,530
Household Appliances–0.04%
Whirlpool Corp.		3,497		664,710
Household Products–1.38%
Church & Dwight Co., Inc.		13,892		1,093,995
Clorox Co. (The)		7,048		1,276,040
Colgate-Palmolive Co.		47,928		3,604,186
Kimberly-Clark Corp.		19,018		2,440,580
Procter & Gamble Co. (The)		138,648		17,127,187
				25,541,988
Housewares & Specialties–0.03%
Newell Brands, Inc.		21,115		489,235

	Shares		Value
Human Resource & Employment Services–0.03%
Robert Half International, Inc.		6,373	$	495,756
Hypermarkets & Super Centers–0.98%
Costco Wholesale Corp.		24,671		8,166,101
Walmart, Inc.		77,518		10,071,139
				18,237,240
Independent Power Producers & Energy Traders–0.05%
AES Corp. (The)		37,191		987,793
Industrial Conglomerates–1.18%
3M Co.		32,253		5,646,210
General Electric Co.		489,811		6,142,230
Honeywell International, Inc.		39,235		7,939,202
Roper Technologies, Inc.		5,863		2,213,986
				21,941,628
Industrial Gases–0.56%
Air Products and Chemicals, Inc.		12,358		3,158,952
Linde PLC (United Kingdom)		29,347		7,168,592
				10,327,544
Industrial Machinery–0.80%
Dover Corp.		8,057		993,106
Flowserve Corp.		7,283		269,471
Fortive Corp.		18,854		1,240,970
IDEX Corp.		4,233		826,155
Illinois Tool Works, Inc.		16,105		3,256,109
Ingersoll Rand, Inc.(b)		20,784		963,131
Otis Worldwide Corp.		22,768		1,450,549
Parker-Hannifin Corp.		7,201		2,066,399
Pentair PLC		9,301		520,205
Snap-on, Inc.		3,031		615,626
Stanley Black & Decker, Inc.		8,958		1,566,217
Xylem, Inc.		10,077		1,003,266
				14,771,204
Industrial REITs–0.27%
Duke Realty Corp.		20,797		816,282
Prologis, Inc.		41,333		4,094,861
				4,911,143
Insurance Brokers–0.49%
Aon PLC, Class A		12,783		2,910,817
Arthur J. Gallagher & Co.		10,753		1,288,209
Marsh & McLennan Cos., Inc.		28,359		3,267,524
Willis Towers Watson PLC		7,207		1,590,153
				9,056,703
Integrated Oil & Gas–1.34%
Chevron Corp.		107,639		10,763,900
Exxon Mobil Corp.(e)		236,423		12,854,318
Occidental Petroleum Corp.		46,862		1,246,998
				24,865,216
Integrated Telecommunication Services–1.29%
AT&T, Inc.		398,452		11,112,826
Verizon Communications, Inc.		231,383		12,795,480
				23,908,306
Interactive Home Entertainment–0.40%
Activision Blizzard, Inc.		43,214		4,131,691

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

7 Invesco S&P 500 Index Fund

`	Shares		Value
Interactive Home Entertainment–(continued)
Electronic Arts, Inc.		16,219	$	2,172,859
Take-Two Interactive Software, Inc.(b)		6,431		1,186,262
				7,490,812
Interactive Media & Services–5.68%
Alphabet, Inc., Class A(b)		16,810		33,988,307
Alphabet, Inc., Class C(b)		16,231		33,060,275
Facebook, Inc., Class A(b)		134,418		34,628,765
Twitter, Inc.(b)		44,472		3,427,012
				105,104,359
Internet & Direct Marketing Retail–4.53%
Amazon.com, Inc.(b)		23,847		73,757,102
Booking Holdings, Inc.(b)		2,290		5,332,288
eBay, Inc.		36,617		2,065,931
Etsy, Inc.(b)		7,050		1,552,903
Expedia Group, Inc.		7,601		1,223,761
				83,931,985
Internet Services & Infrastructure–0.11%
Akamai Technologies, Inc.(b)		9,102		860,139
VeriSign, Inc.(b)		5,614		1,089,284
				1,949,423
Investment Banking & Brokerage–1.00%
Charles Schwab Corp. (The)		83,408		5,147,942
Goldman Sachs Group, Inc. (The)		19,238		6,146,156
Morgan Stanley		83,888		6,448,471
Raymond James Financial, Inc.		6,814		795,466
				18,538,035
IT Consulting & Other Services–0.99%
Accenture PLC, Class A		35,426		8,888,383
Cognizant Technology Solutions Corp., Class A		29,894		2,196,611
DXC Technology Co.		14,225		358,755
Gartner, Inc.(b)		4,992		893,768
International Business Machines Corp.		49,823		5,925,449
				18,262,966
Leisure Products–0.04%
Hasbro, Inc.		7,125		667,684
Life & Health Insurance–0.45%
Aflac, Inc.		36,528		1,749,326
Globe Life, Inc.		5,384		502,866
Lincoln National Corp.		10,158		577,685
MetLife, Inc.		42,772		2,463,667
Principal Financial Group, Inc.		14,286		808,302
Prudential Financial, Inc.		22,142		1,920,154
Unum Group		11,387		301,528
				8,323,528
Life Sciences Tools & Services–1.17%
Agilent Technologies, Inc.		17,110		2,088,618
Bio-Rad Laboratories, Inc., Class A(b)		1,203		703,153
Illumina, Inc.(b)		8,163		3,586,904
IQVIA Holdings, Inc.(b)		10,720		2,066,709
Mettler-Toledo International, Inc.(b)		1,330		1,484,346
PerkinElmer, Inc.		6,261		789,449
Thermo Fisher Scientific, Inc.		22,161		9,974,223

	Shares		Value
Life Sciences Tools & Services–(continued)
Waters Corp.(b)		3,469	$	950,090
				21,643,492
Managed Health Care–1.43%
Anthem, Inc.		13,906		4,216,160
Centene Corp.(b)		32,419		1,897,808
Humana, Inc.		7,399		2,809,030
UnitedHealth Group, Inc.		53,053		17,625,268
				26,548,266
Metal & Glass Containers–0.08%
Ball Corp.		18,290		1,561,783
Movies & Entertainment–1.79%
Live Nation Entertainment, Inc.(b)		7,995		710,436
Netflix, Inc.(b)		24,703		13,311,212
Walt Disney Co. (The)		101,233		19,137,086
				33,158,734
Multi-line Insurance–0.19%
American International Group, Inc.		48,172		2,117,159
Assurant, Inc.		3,316		408,598
Hartford Financial Services Group, Inc. (The)		20,036		1,015,625
				3,541,382
Multi-Sector Holdings–1.41%
Berkshire Hathaway, Inc., Class B(b)		108,818		26,171,817
Multi-Utilities–0.72%
Ameren Corp.		13,822		971,272
CenterPoint Energy, Inc.		30,463		592,201
CMS Energy Corp.		16,010		866,301
Consolidated Edison, Inc.		19,129		1,255,819
Dominion Energy, Inc.		45,616		3,116,485
DTE Energy Co.		10,822		1,273,966
NiSource, Inc.		21,427		462,823
Public Service Enterprise Group, Inc.		28,284		1,522,528
Sempra Energy		16,129		1,870,641
WEC Energy Group, Inc.		17,637		1,422,248
				13,354,284
Office REITs–0.14%
Alexandria Real Estate Equities, Inc.		6,923		1,105,534
Boston Properties, Inc.		7,920		785,110
SL Green Realty Corp.		4,062		280,562
Vornado Realty Trust		8,769		376,541
				2,547,747
Oil & Gas Equipment & Services–0.24%
Baker Hughes Co., Class A		38,347		938,734
Halliburton Co.		49,429		1,079,035
NOV, Inc.		21,709		327,806
Schlumberger Ltd.		77,835		2,172,375
				4,517,950
Oil & Gas Exploration & Production–0.61%
APA Corp.		21,106		416,421
Cabot Oil & Gas Corp.		22,286		412,514
ConocoPhillips		75,739		3,939,186
Devon Energy Corp.		33,080		712,543
Diamondback Energy, Inc.		8,833		611,950

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

8 Invesco S&P 500 Index Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
EOG Resources, Inc.		32,619	$	2,105,883
Hess Corp.		15,281		1,001,364
Marathon Oil Corp.		44,139		489,943
Pioneer Natural Resources Co.		11,316		1,681,218
				11,371,022
Oil & Gas Refining & Marketing–0.33%
HollyFrontier Corp.		8,334		315,692
Marathon Petroleum Corp.		36,381		1,987,130
Phillips 66		24,423		2,028,330
Valero Energy Corp.		22,801		1,755,221
				6,086,373
Oil & Gas Storage & Transportation–0.23%
Kinder Morgan, Inc.		108,859		1,600,227
ONEOK, Inc.		24,848		1,100,518
Williams Cos., Inc. (The)		67,858		1,549,877
				4,250,622
Packaged Foods & Meats–0.83%
Campbell Soup Co.		11,324		515,016
Conagra Brands, Inc.		27,315		926,798
General Mills, Inc.		34,181		1,880,297
Hershey Co. (The)		8,249		1,201,467
Hormel Foods Corp.		15,698		727,916
JM Smucker Co. (The)		6,379		714,448
Kellogg Co.		14,221		820,694
Kraft Heinz Co. (The)		36,232		1,318,120
Lamb Weston Holdings, Inc.		8,182		652,678
McCormick & Co., Inc.		13,905		1,171,913
Mondelez International, Inc., Class A		79,968		4,251,099
Tyson Foods, Inc., Class A		16,446		1,112,901
				15,293,347
Paper Packaging–0.25%
Amcor PLC		87,702		959,460
Avery Dennison Corp.		4,664		817,179
International Paper Co.		21,980		1,091,307
Packaging Corp. of America		5,302		699,970
Sealed Air Corp.		8,675		363,483
Westrock Co.		14,686		640,163
				4,571,562
Personal Products–0.20%
Estee Lauder Cos., Inc. (The), Class A		12,666		3,620,703
Pharmaceuticals–3.64%
Bristol-Myers Squibb Co.		126,354		7,749,291
Catalent, Inc.(b)		9,209		1,047,155
Eli Lilly and Co.		44,394		9,095,887
Johnson & Johnson		147,199		23,325,154
Merck & Co., Inc.		141,467		10,273,334
Perrigo Co. PLC		7,631		307,987
Pfizer, Inc.		310,799		10,408,658
Viatris, Inc.(b)		67,458		1,001,751
Zoetis, Inc.		26,574		4,125,348
				67,334,565
Property & Casualty Insurance–0.69%
Allstate Corp. (The)		17,002		1,812,413
Chubb Ltd.		25,238		4,103,194

	Shares		Value
Property & Casualty Insurance–(continued)
Cincinnati Financial Corp.		8,366	$	818,780
Loews Corp.		13,064		624,590
Progressive Corp. (The)		32,743		2,814,261
Travelers Cos., Inc. (The)		14,163		2,060,717
W.R. Berkley Corp.		7,872		545,766
				12,779,721
Publishing–0.04%
News Corp., Class A		21,860		512,617
News Corp., Class B		6,809		156,062
				668,679
Railroads–0.88%
CSX Corp.		42,762		3,914,861
Kansas City Southern		5,233		1,111,175
Norfolk Southern Corp.		14,201		3,579,504
Union Pacific Corp.		37,679		7,760,367
				16,365,907
Real Estate Services–0.08%
CBRE Group, Inc., Class A(b)		18,757		1,421,218
Regional Banks–1.05%
Citizens Financial Group, Inc.		23,879		1,037,304
Comerica, Inc.		7,777		529,614
Fifth Third Bancorp		39,835		1,381,876
First Republic Bank		9,726		1,602,358
Huntington Bancshares, Inc.		56,883		872,585
KeyCorp		54,599		1,099,624
M&T Bank Corp.		7,173		1,082,692
People’s United Financial, Inc.		23,756		426,183
PNC Financial Services Group, Inc. (The)		23,691		3,988,617
Regions Financial Corp.		53,703		1,107,893
SVB Financial Group(b)		2,896		1,463,522
Truist Financial Corp.		75,380		4,293,645
Zions Bancorporation N.A.		9,170		487,569
				19,373,482
Reinsurance–0.03%
Everest Re Group Ltd.		2,234		540,204
Research & Consulting Services–0.35%
Equifax, Inc.		6,801		1,100,946
IHS Markit Ltd.		20,839		1,878,844
Jacobs Engineering Group, Inc.		7,247		833,985
Leidos Holdings, Inc.		7,480		661,606
Nielsen Holdings PLC		19,961		447,326
Verisk Analytics, Inc.		9,091		1,489,560
				6,412,267
Residential REITs–0.27%
AvalonBay Communities, Inc.		7,806		1,371,905
Equity Residential		19,149		1,252,536
Essex Property Trust, Inc.		3,645		928,710
Mid-America Apartment Communities, Inc.		6,395		861,598
UDR, Inc.		16,466		677,905
				5,092,654
Restaurants–1.16%
Chipotle Mexican Grill, Inc.(b)		1,564		2,255,288
Darden Restaurants, Inc.		7,280		999,762

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

9 Invesco S&P 500 Index Fund

	Shares		Value
Restaurants–(continued)
Domino’s Pizza, Inc.		2,203	$	763,362
McDonald’s Corp.		41,663		8,588,411
Starbucks Corp.		65,627		7,089,685
Yum! Brands, Inc.		16,867		1,746,240
				21,442,748
Retail REITs–0.25%
Federal Realty Investment Trust		3,849		389,403
Kimco Realty Corp.		24,183		443,274
Realty Income Corp.		19,625		1,182,603
Regency Centers Corp.		8,823		483,324
Simon Property Group, Inc.		18,334		2,070,275
				4,568,879
Semiconductor Equipment–0.85%
Applied Materials, Inc.		51,066		6,035,490
Enphase Energy, Inc.(b)		7,063		1,243,512
KLA Corp.		8,636		2,687,782
Lam Research Corp.		8,052		4,567,014
Teradyne, Inc.		9,285		1,194,144
				15,727,942
Semiconductors–4.57%
Advanced Micro Devices, Inc.(b)		67,250		5,683,297
Analog Devices, Inc.		20,659		3,219,085
Broadcom, Inc.		22,617		10,627,050
Intel Corp.		229,141		13,927,190
Maxim Integrated Products, Inc.		14,946		1,392,519
Microchip Technology, Inc.		14,559		2,222,140
Micron Technology, Inc.(b)		62,246		5,697,376
Monolithic Power Systems, Inc.		2,359		883,493
NVIDIA Corp.		34,611		18,986,902
Qorvo, Inc.(b)		6,377		1,114,253
QUALCOMM, Inc.		63,240		8,612,656
Skyworks Solutions, Inc.		9,286		1,651,237
Texas Instruments, Inc.		51,327		8,842,102
Xilinx, Inc.		13,706		1,785,892
				84,645,192
Soft Drinks–1.21%
Coca-Cola Co. (The)		216,263		10,594,724
Monster Beverage Corp.(b)		20,663		1,812,972
PepsiCo, Inc.		77,272		9,982,770
				22,390,466
Specialized REITs–1.13%
American Tower Corp.		24,838		5,368,237
Crown Castle International Corp.		24,116		3,756,067
Digital Realty Trust, Inc.		15,665		2,110,545
Equinix, Inc.		4,982		3,230,030
Extra Space Storage, Inc.		7,226		908,308
Iron Mountain, Inc.		16,113		560,571
Public Storage		8,504		1,989,426
SBA Communications Corp., Class A		6,213		1,585,123
Weyerhaeuser Co.		41,736		1,413,598
				20,921,905
Specialty Chemicals–0.74%
Albemarle Corp.		5,952		935,714
Celanese Corp.		6,536		907,916
DuPont de Nemours, Inc.		29,904		2,102,849

	Shares		Value
Specialty Chemicals–(continued)
Ecolab, Inc.		13,885	$	2,906,963
International Flavors & Fragrances, Inc.		13,841		1,875,594
PPG Industries, Inc.		13,207		1,780,568
Sherwin-Williams Co. (The)		4,570		3,109,154
				13,618,758
Specialty Stores–0.11%
Tractor Supply Co.		6,513		1,035,306
Ulta Beauty, Inc.(b)		3,150		1,015,340
				2,050,646
Steel–0.05%
Nucor Corp.		16,882		1,009,881
Systems Software–6.09%
Fortinet, Inc.(b)		7,533		1,271,947
Microsoft Corp.		422,747		98,237,948
NortonLifeLock, Inc.		33,094		645,664
Oracle Corp.		106,063		6,842,124
ServiceNow, Inc.(b)		10,909		5,819,515
				112,817,198
Technology Distributors–0.07%
CDW Corp.		7,995		1,254,336
Technology Hardware, Storage & Peripherals–6.20%
Apple, Inc.(e)		893,622		108,360,604
Hewlett Packard Enterprise Co.		71,963		1,047,781
HP, Inc.		76,799		2,224,867
NetApp, Inc.		12,490		781,874
Seagate Technology PLC		12,498		915,229
Western Digital Corp.		17,011		1,165,764
Xerox Holdings Corp.		9,317		237,397
				114,733,516
Tobacco–0.64%
Altria Group, Inc.		103,914		4,530,650
Philip Morris International, Inc.		87,077		7,316,210
				11,846,860
Trading Companies & Distributors–0.20%
Fastenal Co.		32,101		1,488,523
United Rentals, Inc.(b)		4,033		1,199,334
W.W. Grainger, Inc.		2,520		939,229
				3,627,086
Trucking–0.10%
J.B. Hunt Transport Services, Inc.		4,668		685,589
Old Dominion Freight Line, Inc.		5,379		1,155,248
				1,840,837
Water Utilities–0.08%
American Water Works Co., Inc.		10,135		1,437,954
Wireless Telecommunication Services–0.21%
T-Mobile US, Inc.(b)		32,618		3,913,180
Total Common Stocks & Other Equity Interests (Cost $678,663,255)				1,799,348,399
Money Market Funds–2.82%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(f)		18,819,505		18,819,505

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

10 Invesco S&P 500 Index Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.02%(c)(f)		11,895,034	$	11,899,793
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(f)		21,508,006		21,508,006
Total Money Market Funds (Cost $52,224,195)				52,227,304
TOTAL INVESTMENTS IN SECURITIES–100.02% (Cost $730,887,450)				1,851,575,703
OTHER ASSETS LESS LIABILITIES–(0.02)%				(316,899	)
NET ASSETS–100.00%			$	1,851,258,804

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Invesco Ltd.		$     222,809		$                -		$       (14,428	)		$275,779			$(11,995	)		$     472,165		$  6,650
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		11,461,019		25,144,807		(17,786,321	)		-			-			18,819,505		1,373
Invesco Liquid Assets Portfolio, Institutional Class		6,644,757		17,960,577		(12,704,515	)		(3,716	)		2,690			11,899,793		1,985
Invesco Treasury Portfolio, Institutional Class		13,098,307		28,736,922		(20,327,223	)		-			-			21,508,006		763
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		4,268,314		(4,268,314	)		-			-			-		17*
Invesco Private Prime Fund		-		5,157,989		(5,158,038	)		-			49			-		137*
Total		$31,426,892		$81,268,609		$(60,258,839	)		$272,063			$  (9,256	)		$52,699,469		$10,925

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2021 was $472,165, which represented less than 1% of the Fund’s Net Assets.

^(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 rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation
Equity Risk
E-Mini S&P 500 Index		283		March-2021		$	53,900,180		$	758,270		$	758,270

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

11 Invesco S&P 500 Index Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2021

Information Technology	26.57	%
Health Care	12.75
Consumer Discretionary	12.05
Financials	10.92
Communication Services	10.77
Industrials	8.22
Consumer Staples	5.81
Energy	2.76
Materials	2.55
Utilities	2.44
Real Estate	2.36
Money Market Funds Plus Other Assets Less Liabilities	2.80

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

12 Invesco S&P 500 Index Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 678,174,523)	$	1,798,876,234
Investments in affiliates, at value (Cost $ 52,712,927)		52,699,469
Receivable for:
Fund shares sold		3,191,722
Dividends		2,476,857
Investment for trustee deferred compensation and retirement plans		87,537
Other assets		59,329
Total assets		1,857,391,148
Liabilities:
Other investments:
Variation margin payable - futures contracts		267,833
Payable for:
Investments purchased		305,245
Fund shares reacquired		4,068,092
Amount due custodian		167,214
Accrued fees to affiliates		955,781
Accrued other operating expenses		261,508
Trustee deferred compensation and retirement plans		106,671
Total liabilities		6,132,344
Net assets applicable to shares outstanding	$	1,851,258,804
Net assets consist of:
Shares of beneficial interest	$	734,925,536
Distributable earnings		1,116,333,268
	$	1,851,258,804

Net Assets:
Class A	$	1,274,756,989
Class C	$	356,978,022
Class Y	$	209,810,022
Class R6	$	9,713,771
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		31,382,107
Class C		9,125,046
Class Y		5,097,990
Class R6		235,963
Class A:
Net asset value per share	$	40.62
Maximum offering price per share (Net asset value of $40.62 ÷ 94.50%)	$	42.98
Class C:
Net asset value and offering price per share	$	39.12
Class Y:
Net asset value and offering price per share	$	41.16
Class R6:
Net asset value and offering price per share	$	41.17

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

13 Invesco S&P 500 Index Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Dividends	$	14,115,834
Dividends from affiliated money market funds (includes securities lending income of $3,443)		14,214
Total investment income		14,130,048
Expenses:
Advisory fees		1,045,514
Administrative services fees		112,299
Custodian fees		9,665
Distribution fees:
Class A		1,476,577
Class C		1,497,323
Transfer agent fees – A, C and Y		1,040,109
Transfer agent fees – R6		3,982
Trustees’ and officers’ fees and benefits		24,405
Registration and filing fees		54,623
Licensing fees		158,872
Reports to shareholders		37,610
Professional services fees		26,145
Other		26,090
Total expenses		5,513,214
Less: Fees waived and/or expense offset arrangement(s)		(14,527	)
Net expenses		5,498,687
Net investment income		8,631,361
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		9,453,364
Affiliated investment securities		(9,294	)
Futures contracts		4,909,000
		14,353,070
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		138,644,189
Affiliated investment securities		272,063
Futures contracts		(3,065,905	)
		135,850,347
Net realized and unrealized gain		150,203,417
Net increase in net assets resulting from operations	$	158,834,778

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

14 Invesco S&P 500 Index Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	8,631,361		$	18,394,293
Net realized gain		14,353,070			346,837
Change in net unrealized appreciation		135,850,347			278,175,054
Net increase in net assets resulting from operations		158,834,778			296,916,184
Distributions to shareholders from distributable earnings:
Class A		(15,460,691	)		(19,509,130	)
Class C		(2,399,876	)		(3,981,278	)
Class Y		(2,976,747	)		(4,310,430	)
Class R6		(135,315	)		(135,802	)
Total distributions from distributable earnings		(20,972,629	)		(27,936,640	)
Share transactions-net:
Class A		34,398,405			58,514,151
Class C		(25,108,474	)		2,402,675
Class Y		(8,749,256	)		(6,537,945	)
Class R6		973,526			1,080,892
Net increase in net assets resulting from share transactions		1,514,201			55,459,773
Net increase in net assets		139,376,350			324,439,317
Net assets:
Beginning of period		1,711,882,454			1,387,443,137
End of period	$	1,851,258,804		$	1,711,882,454

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

15 Invesco S&P 500 Index Fund

Financial Highlights

(Unaudited)

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 02/28/21		$37.59		$0.21		$3.32		$3.53		$(0.43)			$(0.07)			$(0.50)			$40.62		9.45	%		$1,274,757		0.54	%(d)		0.54	%(d)		1.08	%(d)		3	%
Year ended 08/31/20		31.59		0.45		6.21		6.66		(0.45	)		(0.21	)		(0.66	)		37.59		21.33	(e)		1,147,062		0.54	(e)		0.54	(e)		1.36	(e)		2
Year ended 08/31/19		31.63		0.45		0.20		0.65		(0.42	)		(0.27	)		(0.69	)		31.59		2.36	(e)		906,581		0.55	(e)		0.55	(e)		1.47	(e)		3
Year ended 08/31/18		26.93		0.38		4.69		5.07		(0.37	)		–			(0.37	)		31.63		18.96			805,009		0.57			0.57			1.30			4
Year ended 08/31/17		23.60		0.38		3.26		3.64		(0.31	)		–			(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	)		–			(0.34	)		23.60		11.89			600,869		0.59			0.59			1.62			6
Class C
Six months ended 02/28/21		36.09		0.09		3.19		3.28		(0.18)			(0.07)			(0.25)			39.12		9.12	(f)		356,978		1.14	(d)(f)		1.14	(d)(f)		0.48	(d)(f)		3
Year ended 08/31/20		30.36		0.19		5.96		6.15		(0.21	)		(0.21	)		(0.42	)		36.09		20.41			353,371		1.30			1.30			0.60			2
Year ended 08/31/19		30.43		0.21		0.21		0.42		(0.22	)		(0.27	)		(0.49	)		30.36		1.60			294,011		1.31			1.31			0.71			3
Year ended 08/31/18		25.95		0.17		4.51		4.68		(0.20	)		–			(0.20	)		30.43		18.11	(f)		345,823		1.29	(f)		1.29	(f)		0.58	(f)		4
Year ended 08/31/17		22.77		0.19		3.14		3.33		(0.15	)		–			(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	)		–			(0.20	)		22.77		11.05	(f)		222,221		1.32	(f)		1.32	(f)		0.89	(f)		6
Class Y
Six months ended 02/28/21		38.11		0.26		3.38		3.64		(0.52)			(0.07)			(0.59)			41.16		9.60			209,810		0.29	(d)		0.29	(d)		1.33	(d)		3
Year ended 08/31/20		32.01		0.53		6.30		6.83		(0.52	)		(0.21	)		(0.73	)		38.11		21.62			203,430		0.30			0.30			1.60			2
Year ended 08/31/19		32.04		0.53		0.20		0.73		(0.49	)		(0.27	)		(0.76	)		32.01		2.62			181,204		0.31			0.31			1.71			3
Year ended 08/31/18		27.26		0.46		4.75		5.21		(0.43	)		–			(0.43	)		32.04		19.29			152,974		0.32			0.32			1.55			4
Year ended 08/31/17		23.88		0.45		3.29		3.74		(0.36	)		–			(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	)		–			(0.39	)		23.88		12.15			87,687		0.34			0.34			1.87			6
Class R6
Six months ended 02/28/21		38.13		0.26		3.38		3.64		(0.53	)		(0.07	)		(0.60	)		41.17		9.61			9,714		0.26	(d)		0.26	(d)		1.36	(d)		3
Year ended 08/31/20		32.02		0.55		6.31		6.86		(0.54	)		(0.21	)		(0.75	)		38.13		21.70			8,020		0.24			0.24			1.66			2
Year ended 08/31/19		32.05		0.54		0.20		0.74		(0.50	)		(0.27	)		(0.77	)		32.02		2.65			5,646		0.26			0.26			1.76			3
Year ended 08/31/18		27.28		0.48		4.75		5.23		(0.46	)		–			(0.46	)		32.05		19.33			4,186		0.29			0.29			1.58			4
Period ended 08/31/17(g)		25.85		0.20		1.23		1.43		–			–			–			27.28		5.53			284		0.26	(h)		0.26	(h)		1.84	(h)		4

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,193,549, $353,726, $200,746 and $8,942 for Class A, 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 years ended August 31, 2020 and 2019, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.85%, 0.97%, 0.98% and 0.98% for the six months ended February 28, 2021 and the years ended August 31, 2018, August 31, 2017 and August 31, 2016, respectively.

^(g)  Commencement date of April 04, 2017.

^(h)  Annualized.

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

16 Invesco S&P 500 Index Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from

17 Invesco S&P 500 Index Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

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 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

18 Invesco S&P 500 Index Fund

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. 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		0.120	%
Over $2 billion		0.100	%

For the six months ended February 28, 2021, the effective advisory fee rate 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, 2021, 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”). 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, 2021. 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, 2022, 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, 2021, the Adviser waived advisory fees of $12,877.

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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly.

For the six months ended February 28, 2021, 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, 2021, IDI advised the Fund that IDI retained $124,386 in front-end sales commissions from the sale of Class A shares and $751 and $22,971 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

Generally Accepted Accounting Principles (“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 S&P 500 Index Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,799,348,399	$	–	$	–	$	1,799,348,399
Money Market Funds		52,227,304		–		–		52,227,304
Total Investments in Securities		1,851,575,703		–		–		1,851,575,703
Other Investments—Assets*
Futures Contracts		758,270		–		–		758,270
Total Investments	$	1,852,333,973	$	–	$	–	$	1,852,333,973

* 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, 2021:

	Value
Derivative Assets	Equity Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	758,270
Derivatives not subject to master netting agreements		(758,270	)
Total Derivative Assets subject to master netting agreements	$	-

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

Effect of Derivative Investments for the six months ended February 28, 2021

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		$	4,909,000
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(3,065,905	)
Total		$	1,843,095

The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	31,849,869

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,650.

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.

20 Invesco S&P 500 Index Fund

NOTE 7–Cash Balances

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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of August 31, 2020.

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, 2021 was $44,047,892 and $72,935,971, 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	$1,118,782,213
Aggregate unrealized (depreciation) of investments	(20,141,764	)
Net unrealized appreciation of investments	$1,098,640,449

Cost of investments for tax purposes is $753,693,524.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,700,574			$104,726,857			7,110,271			$227,022,278
Class C		746,225			27,677,412			3,453,711			105,225,035
Class Y		670,889			26,421,504			2,834,399			91,865,482
Class R6		68,418			2,642,280			107,578			3,504,077
Issued as reinvestment of dividends:
Class A		348,317			13,688,868			515,346			17,362,011
Class C		56,357			2,135,377			109,173			3,550,313
Class Y		61,921			2,464,442			101,388			3,457,323
Class R6		3,297			131,244			3,891			132,670
Automatic conversion of Class C shares to Class A shares:
Class A		524,536			20,657,427			756,105			24,756,332
Class C		(545,045	)		(20,657,427	)		(786,554	)		(24,756,332	)
Reacquired:
Class A		(2,705,704	)		(104,674,747	)		(6,563,671	)		(210,626,470	)
Class C		(923,752	)		(34,263,836	)		(2,668,388	)		(81,616,341	)
Class Y		(972,588	)		(37,635,202	)		(3,258,586	)		(101,860,750	)
Class R6		(46,073	)		(1,799,998	)		(77,455	)		(2,555,855	)
Net increase (decrease) in share activity		(12,628	)		$    1,514,201			1,637,208			$  55,459,773

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% 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.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its

21 Invesco S&P 500 Index Fund

investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

22 Invesco S&P 500 Index Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2020 through February 28, 2021.

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)
	Beginning     Account Value     (09/01/20)	Ending     Account Value     (02/28/21)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,094.50	$2.80	$1,022.12	$2.71	0.54%
Class C	1,000.00	1,091.20	5.91	1,019.14	5.71	1.14
Class Y	1,000.00	1,096.00	1.51	1,023.36	1.45	0.29
Class R6	1,000.00	1,096.10	1.35	1,023.51	1.30	0.26

¹ The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

23 Invesco S&P 500 Index Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/corporate/about-us/esg. 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. This 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        

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Senior Floating Rate Fund
	Nasdaq:
	A: OOSAX  ∎ C: OOSCX  ∎ R: OOSNX  ∎ Y: OOSYX  ∎ R5: SFRRX  ∎ R6: OOSIX

2	Fund Performance
4	Schedule of Investments
22	Financial Statements
25	Financial Highlights
26	Notes to Financial Statements
35	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, 8/31/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.06%
Class C Shares	6.65
Class R Shares	6.93
Class Y Shares	7.19
Class R5 Shares	7.17
Class R6 Shares	7.10
Custom Invesco Senior Floating Rate Index▼	6.34
JP Morgan Leveraged Loan Index∎	6.34
Source(s): ▼Invesco, Bloomberg L.P.; ∎Bloomberg L.P. The Custom Invesco Senior Floating Rate Index is composed of the Credit Suisse leveraged Loan Index through September 30, 2014, and the JP Morgan Leveraged Loan Index from October 1, 2014 to present. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US-dollar-denominated, noninvestment-grade loans. The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior float-ing rate bank loans.     The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.     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 in- sights about market and economic news and trends.

2 Invesco Senior Floating Rate Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (9/8/99)	3.94	%
10 Years	2.43
5 Years	2.67
1 Year	-2.54
Class C Shares
Inception (9/8/99)	3.91	%
10 Years	2.23
5 Years	2.62
1 Year	-1.00
Class R Shares
Inception (10/26/12)	2.19	%
5 Years	3.13
1 Year	0.46
Class Y Shares
Inception (11/28/05)	3.74	%
10 Years	3.04
5 Years	3.64
1 Year	0.95
Class R5 Shares
10 Years	2.83	%
5 Years	3.48
1 Year	1.00
Class R6 Shares
Inception (10/26/12)	2.79	%
5 Years	3.71
1 Year	0.93

Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Senior Floating Rate Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the In-vesco Oppenheimer Senior Floating Rate Fund. The Fund was subsequently renamed the Invesco Senior Floating Rate Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 3.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Senior Floating Rate Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Variable Rate Senior Loan Interests–89.53%(b)(c)
Aerospace & Defense–4.77%
Atlantic Aviation FBO, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		3.87%		12/06/2025		$	8,732	$       8,770,421
CEP IV Investment 16 S.a.r.L (ADB Safegate) (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)		3.50%		10/03/2024	EUR		12,092	13,741,551
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			15,998	15,531,155
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			8,595	8,343,546
Greenrock Finance, Inc. (Luxembourg)
First Lien Term Loan(d)		-		06/28/2024	GBP		1,000	1,377,095
Term Loan B (3 mo. USD LIBOR + 3.50%)		4.50%		06/28/2024			5,676	5,630,636
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		2.87%		10/04/2024			20,361	20,208,492
PAE Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/13/2027			5,369	5,411,750
Peraton Corp.
Delayed Draw Term Loan(e)		0.00%		02/01/2028			17,433	17,432,877
Second Lien Term Loan(d)		-		02/01/2029			6,855	6,752,030
Term Loan B(d)		-		02/01/2028			9,856	9,905,569
Spirit Aerosystems, Inc., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		01/15/2025			7,333	7,406,303
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)		2.36%		05/30/2025			19,866	19,644,628
Term Loan F (1 mo. USD LIBOR + 2.25%)		2.36%		12/09/2025			15,587	15,407,340
Term Loan G (1 mo. USD LIBOR + 2.25%)		2.36%		08/22/2024			12,888	12,758,022
								168,321,415
Air Transport–3.79%
Avolon TLB Borrower 1 (US) LLC
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.50%		01/15/2025			311	310,820
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		2.25%		02/10/2027			19,969	19,827,151
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)		3.25%		12/01/2027			5,713	5,733,631
Delta Air Lines, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.75%		05/01/2023			34,945	35,283,647
eTraveli Group Holding AB (Sweden), Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		08/02/2024	EUR		2,000	2,288,682
JetBlue Airways Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.25%		07/01/2024			6,125	6,318,521
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		06/21/2027			21,463	22,965,576
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		10/01/2027			25,167	26,684,758
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/01/2024			6,836	6,693,937
WestJet Airlines Ltd. (Canada), Term Loan B (3 mo. USD LIBOR + 3.00%)		4.00%		12/11/2026			7,639	7,428,818
								133,535,541
Automotive–4.33%
Belron Finance US LLC, Incremental Term Loan (1 mo. USD LIBOR + 2.25%)		2.46%		10/30/2026			288	288,038
Ford Motor Co., Delayed Draw Term Loan (3 mo. USD LIBOR + 1.25%)		1.87%		12/31/2022			18,316	17,857,833
Garrett Borrowing LLC
DIP Term Loan (1 mo. USD LIBOR + 4.50%)(f)(g)		5.50%		03/31/2021			10,065	10,090,113
Term Loan A(d)(f)		-		09/27/2023	EUR		4,783	5,757,013
Term Loan B(d)(f)		-		09/27/2025	EUR		524	631,186
Term Loan B(d)(f)		-		09/27/2025			15,341	15,302,462
Goodyear Tire & Rubber Co. (The), Second Lien Term Loan (3 mo. USD LIBOR + 2.00%)		2.13%		03/03/2025			8,279	8,193,393
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/28/2027			10,501	10,553,261
Les Schwab Tire Centers, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/26/2027			13,628	13,696,600
Mavis Tire Express Services Corp., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		03/20/2025			4,722	4,748,390
Navistar, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		3.62%		11/06/2024			16,568	16,616,111
Panther BF Aggregator 2 L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		04/30/2026			5,229	5,246,723
Project Boost Purchaser LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		06/01/2026			2,763	2,761,301
Term Loan C (1 mo. USD LIBOR + 4.25%)		5.00%		06/01/2026			1,763	1,779,401
Superior Industries International, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/22/2024			2,957	2,951,728

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

4 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Automotive–(continued)
Tenneco, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%)		3.11%		10/01/2025		$	16,541	$     16,260,047
TI Group Automotive Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		4.00%		12/31/2024			187	187,369
Truck Hero, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/20/2028			4,520	4,532,136
Visteon Corp., Term Loan (3 mo. USD LIBOR + 1.75%)		1.94%		03/25/2024			2,197	2,189,559
Wand NewCo 3, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		3.11%		02/05/2026			809	804,622
Winter Park Intermediate, Inc., First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/06/2027			12,176	12,179,803
								152,627,089
Beverage & Tobacco–0.41%
AI Aqua Merger Sub, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		12/13/2023			11,932	11,932,469
First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		12/13/2023			496	499,197
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2024			2,106	1,988,885
								14,420,551
Building & Development–1.65%
ACProducts, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		08/18/2025			6,738	6,912,606
American Builders & Contractors Supply Co., Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.12%		01/15/2027			188	187,644
Apcoa Parking Holdings GmbH (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		03/20/2024	EUR		3,467	3,980,856
Brookfield Retail Holdings VII Sub 3 LLC
Term Loan A-2 (3 mo. USD LIBOR + 3.00%)		3.11%		08/28/2023			143	140,882
Term Loan B (3 mo. USD LIBOR + 2.50%)		2.61%		08/27/2025			11,814	11,538,759
DiversiTech Holdings, Inc., Term Loan B-1(d)		-		06/03/2024			2,230	2,240,454
LBM Holdings LLC
Delayed Draw Term Loan(e)		0.00%		12/08/2027			860	859,855
Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/08/2027			3,856	3,869,346
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		2.61%		02/01/2027			13,969	13,958,775
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		07/24/2024			6,153	6,156,744
White Cap Buyer LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		4.50%		10/31/2027			8,275	8,319,699
								58,165,620
Business Equipment & Services–8.15%
Adevinta ASA (Norway), Term Loan B (d)		-		10/22/2027			2,391	2,411,267
AutoScout24 (Speedster Bidco GmbH) (Germany), Second Lien Term Loan(d)		-		02/14/2028	EUR		1,000	1,213,229
Blackhawk Network Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		06/15/2025			5	5,048
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		05/22/2024			3,335	3,347,802
Camelot Finance L.P., Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		10/30/2026			5,030	5,033,313
Cast & Crew Payroll LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.86%		02/09/2026			3,408	3,384,316
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		3.50%		03/01/2024			8,126	8,144,042
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate (Acquired 02/15/2019-12/30/2020; Cost $16,142,390)(h)(i)		2.00%		08/15/2023			18,123	6,479,028
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 02/15/2019-11/12/2020; Cost $18,993,908)(i)		8.50%		02/15/2023			20,053	17,446,171
Ciox, Term Loan (1 mo. USD LIBOR + 5.00%)		6.00%		12/16/2025			6,476	6,516,647
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(g)		7.62%		02/15/2029			5,163	5,072,660
Crossmark Holdings, Inc., Term Loan (3 mo. USD LIBOR + 10.00%) (Acquired 07/26/2019-01/06/2021; Cost $7,292,792)(i)(j)		11.00%		07/26/2023			7,297	7,169,082
Dakota Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.75%		04/09/2027			19,801	19,946,198
Second Lien Term Loan B (1 mo. USD LIBOR + 8.00%)(g)		9.00%		03/06/2028			6,580	6,727,550
Garda World Security Corp. (Canada), Term Loan (1 mo. USD LIBOR + 4.75%)		4.99%		10/30/2026			1,425	1,430,828
GI Revelation Acquisition LLC, First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		5.11%		04/16/2025			7,439	7,420,641
GlobalLogic Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		4.50%		09/14/2027			5,160	5,204,721
Hillman Group, Inc. (The)
Delayed Draw Term Loan(d)		-		02/23/2028			562	565,094
Delayed Draw Term Loan(e)		0.00%		02/23/2028			569	569,255
Term Loan B-1(d)		-		02/23/2028			5,159	5,162,847
Term Loan B-2(d)		-		02/23/2028			423	423,820

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

5 Invesco Senior Floating Rate Fund

		Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Business Equipment & Services–(continued)
I-Logic Technologies Bidco Ltd. (United Kingdom)
First Lien Term Loan B(d)			-		10/31/2027	EUR		969	$       1,177,600
First Lien Term Loan B (1 mo. USD LIBOR + 4.00%)	��		4.50%		02/04/2028		$	4,093	4,121,360
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B(d)			-		06/23/2024	GBP		7,249	9,544,056
iQor US, Inc.
Term Loan (1 mo. USD LIBOR + 7.50%)(j)			8.50%		11/20/2024			12,079	12,199,944
Term Loan (1 mo. USD LIBOR + 7.50%)(j)			8.50%		11/20/2025			15,708	15,105,713
KAR Auction Services, Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.25%)			2.38%		09/15/2026			5,957	5,882,517
Karman Buyer Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)			6.00%		10/31/2027			8,889	8,958,244
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)			2.86%		02/05/2027			313	315,101
Monitronics International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)			7.75%		03/29/2024			33,694	31,996,948
NielsenIQ, Inc., Term Loan B(d)			-		02/05/2028			8,121	8,148,425
OCM System One Buyer CTB LLC, Term Loan B(d)(g)			-		02/28/2028			4,194	4,214,647
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)			1.86%		11/18/2026			3,133	3,122,514
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)			3.50%		09/23/2026			4,681	4,692,068
Solera LLC, Term Loan (3 mo. USD LIBOR + 2.75%)			2.86%		03/03/2023			5,604	5,604,366
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)			4.25%		11/14/2022			27,923	27,940,098
Tech Data Corp., Term Loan (1 mo. USD LIBOR + 3.50%)			3.61%		06/30/2025			1,984	1,999,895
Ventia Deco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)			5.00%		05/21/2026			18,735	18,817,191
Verra Mobility Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)			3.36%		02/28/2025			4,308	4,316,444
Virtusa Corp., Term Loan B(d)			-		12/09/2027			3,821	3,851,229
Wash MultiFamily Acquisition, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)			4.25%		05/16/2022			1,403	1,403,155
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)			4.25%		05/16/2022			217	217,413
									287,302,487
Cable & Satellite Television–5.53%
Altice Financing S.A. (Luxembourg)
Term Loan (3 mo. USD LIBOR + 2.75%)			2.86%		07/15/2025			29,442	29,231,211
Term Loan (3 mo. USD LIBOR + 2.75%)			2.86%		01/31/2026			16,308	16,176,719
Atlantic Broadband Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)			2.11%		01/03/2025			2,939	2,933,465
CSC Holdings LLC
Incremental Term Loan (3 mo. USD LIBOR + 2.25%)			2.36%		01/15/2026			5,335	5,316,804
Term Loan (3 mo. USD LIBOR + 2.25%)			2.36%		07/17/2025			23,534	23,466,267
Term Loan (1 mo. USD LIBOR + 2.50%)			2.61%		04/15/2027			1,646	1,644,488
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)			4.20%		08/14/2026			19,940	19,990,036
Term Loan B-11 (3 mo. USD LIBOR + 2.75%)			2.86%		07/31/2025			5,610	5,557,486
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)			3.80%		01/31/2026			25,500	25,528,334
Telenet Financing USD LLC, Term Loan AR (6 mo. USD LIBOR + 2.00%)			2.11%		04/15/2028			1,144	1,139,329
UPC Financing Partnership
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)			3.61%		01/31/2029			8,262	8,288,404
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)			3.61%		01/31/2029			8,262	8,288,405
Virgin Media Bristol LLC (United Kingdom)
Term Loan(d)			-		01/15/2029			13,092	13,126,268
Term Loan N (1 mo. USD LIBOR + 2.50%)			2.61%		01/31/2028			22,662	22,645,265
WideOpenWest Finance LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)			4.25%		08/18/2023			2,937	2,944,694
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)			2.61%		04/15/2028			8,715	8,679,058
									194,956,233
Chemicals & Plastics–4.11%
Aruba Investments, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)			4.75%		11/24/2027			4,277	4,329,982
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)			8.50%		11/24/2028			5,672	5,738,497
Ascend Performance Materials Operations LLC, Term Loan			5.50%		08/27/2026			118	119,408
BCPE Max Dutch Bidco B.V. (Netherlands), Term Loan B(d)			-		10/31/2025	EUR		774	934,003
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%)			5.00%		12/01/2027			4,951	4,999,372

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

6 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Chemicals & Plastics–(continued)
Colouroz Investment LLC (Germany)
First Lien Term Loan B-5
(Acquired 11/20/2020; Cost $280,917)(d)(i)		-		09/21/2023	EUR		255	$          301,551
First Lien Term Loan B-6
(Acquired 11/20/2020; Cost $46,156)(d)(i)		-		09/21/2023	EUR		42	49,546
First Lien Term Loan B-7
(Acquired 11/20/2020; Cost $78,577)(d)(i)		-		09/21/2023	EUR		71	84,349
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/21/2023		$	10,915	10,623,315
PIK First Lien Term Loan B-4, 0.75% PIK Rate, 5.00% Cash Rate
(Acquired 11/20/2020; Cost $244,234)(h)(i)		5.00%		09/21/2023	EUR		222	262,173
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/21/2023			1,330	1,294,319
PIK First Lien Term Loan, 0.75% PIK Rate, 5.00% Cash Rate
(Acquired 08/19/2020-11/20/2020; Cost $4,907,042)(h)(i)		5.00%		09/21/2023	EUR		4,594	5,423,991
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/05/2022			136	116,461
Term Loan B-3(d)		-		09/21/2023	EUR		153	180,692
Emerald Performance Materials LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		08/11/2025			1,854	1,865,438
Encapsys LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		4.25%		11/07/2024			50	50,285
Ferro Corp.
Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			144	143,777
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			637	637,031
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			623	623,472
Fusion, Term Loan(d)(g)		-		01/07/2026			5,631	5,574,567
Gemini HDPE LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		3.50%		12/11/2027			13,260	13,247,935
H.B. Fuller Co., Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		10/20/2024			364	364,748
Hexion International Holdings B.V. (Netherlands), Term Loan B (3 mo. USD LIBOR + 3.50%)		3.74%		07/01/2026			244	243,197
ICP Group Holdings LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/14/2028			4,350	4,361,331
Second Lien Term Loan(d)		-		01/14/2029			928	940,590
Ineos Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.75%)		3.25%		01/21/2026			12,481	12,552,802
Ineos US Finance LLC, Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		03/31/2024			9,404	9,367,162
Invictus US NewCo LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		03/28/2025			6,749	6,746,562
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		6.86%		03/30/2026			2,360	2,342,882
Lummus Technology, Term Loan (1 mo. USD LIBOR + 4.00%)		3.61%		06/30/2027			8,877	8,910,933
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		2.75%		03/02/2026			7,737	7,746,392
Oxea Corp., Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		3.63%		10/14/2024			5,865	5,851,979
Potters Industries LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(g)		4.75%		11/19/2027			2,919	2,936,748
PQ Corp., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.00%		02/07/2027			6,334	6,369,527
Proampac PG Borrower LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		11/03/2025			6,540	6,566,517
Starfruit US Holdco LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		10/01/2025			13,157	13,141,513
								145,043,047
Clothing & Textiles–0.58%
ABG Intermediate Holdings 2 LLC, Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		09/29/2024			1,122	1,132,972
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		01/20/2028			1,912	1,916,977
Mascot Bidco Oy (Finland), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		03/30/2026	EUR		1,427	1,705,082
Tumi, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		04/25/2025			15,677	15,863,669
								20,618,700
Conglomerates–0.19%
Safe Fleet Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		02/03/2025			6,700	6,609,772
Containers & Glass Products–2.36%
Berlin Packaging LLC
Term Loan (3 mo. USD LIBOR + 3.00%)		3.13%		11/07/2025			11,896	11,835,669
Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		3.26%		11/07/2025			455	452,618
Consolidated Container Co. LLC, Term Loan B(d)		-		01/29/2028			6,474	6,473,805

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

7 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Containers & Glass Products–(continued)
Duran Group (Germany)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)		4.25%		03/29/2024	EUR		3,121	$       3,642,791
Term Loan B-3 (3 mo. EURIBOR + 4.25%)		4.25%		12/20/2024	EUR		879	1,026,560
Fort Dearborn Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/19/2023		$	9,102	9,096,398
Graham Packaging Co., Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		3.75%		07/29/2027			2,760	2,769,452
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)		5.00%		11/21/2023			14,065	13,015,777
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%)		5.25%		10/31/2023	EUR		15,957	19,065,640
Term Loan B-3(d)		-		10/31/2023	EUR		1,290	1,540,788
Klockner Pentaplast of America, Inc.
Term Loan B(d)		-		03/01/2026	EUR		1,973	2,374,887
Term Loan B(d)		-		03/01/2026			2,007	2,015,015
Libbey Glass, Inc., Term Loan
(Acquired 11/13/2020; Cost $3,704,294)(d)(i)		-		11/12/2025			4,099	4,062,786
Pretium PKG Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/14/2027			3,994	4,017,592
Trident TPI Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.00%		10/17/2024			1,827	1,828,234
								83,218,012
Cosmetics & Toiletries–1.16%
Alphabet Holding Co., Inc., Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		7.86%		09/26/2025			5,763	5,795,332
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		04/05/2025			23,306	22,612,764
Domtar Personal Care, Term Loan B(d)(g)		-		03/01/2028			5,291	5,310,798
KDC/One (Canada), Term Loan(d)		-		12/22/2025	EUR		446	539,740
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		06/30/2024			6,842	6,829,439
								41,088,073
Drugs–0.46%
Bausch Health Americas, Inc. (Canada)
First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)		2.86%		11/27/2025			151	151,025
Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		06/02/2025			2,063	2,068,513
Endo LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.00%		04/29/2024			9,793	9,755,886
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		2.09%		11/15/2027			2,649	2,646,063
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		2.75%		01/06/2028			1,764	1,772,672
								16,394,159
Ecological Services & Equipment–0.41%
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		3.50%		05/30/2025			4,273	4,297,776
OGF (France), Term Loan B (3 mo. EURIBOR + 3.50%)		3.50%		04/11/2023	EUR		3,838	4,565,391
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(g)		9.25%		11/02/2028			5,576	5,784,769
								14,647,936
Electronics & Electrical–9.68%
Barracuda Networks, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/30/2028			783	800,416
Boxer Parent Co., Inc., Term Loan B(d)		-		10/02/2025	EUR		1,157	1,395,894
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		04/18/2025			1,772	1,782,750
Cambium Learning Group, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.75%		12/18/2025			4,191	4,205,318
CDK International (Concorde Lux) (Luxembourg), Term Loan B(d)		-		02/19/2028	EUR		1,004	1,216,313
Clodera, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)(g)		3.25%		12/20/2027			3,310	3,326,296
CommerceHub, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		01/01/2028			4,784	4,815,344
CommScope, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		04/06/2026			1,422	1,423,243
Cornerstone OnDemand, Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		4.36%		04/22/2027			3,723	3,747,890
Dell International LLC, Term Loan B-1(d)		-		09/19/2025			640	642,248
Delta Topco, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/01/2027			13,933	14,022,345
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.00%		12/01/2028			2,537	2,605,204
Diebold Nixdorf, Inc., Term Loan B (3 mo. EURIBOR + 3.00%)		3.00%		11/06/2023	EUR		1,680	2,010,411
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.00%		02/04/2028			146	146,820
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/06/2026			2,951	2,943,711
Finastra USA, Inc. (United Kingdom), First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		06/13/2024			15,830	15,702,613

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

8 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Electronics & Electrical–(continued)
Forcepoint, Term Loan B (1 mo. USD LIBOR + 4.50%)		4.71%		02/01/2028		$	4,432	$       4,438,059
Fusion Connect, Inc., Term Loan (3 mo. USD LIBOR + 9.50%)		11.50%		01/14/2025			2,072	2,092,447
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		07/01/2024			3,830	3,849,318
Imperva, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		01/10/2026			4,058	4,078,317
Infinite Electronics
Second Lien Term Loan(d)		-		02/24/2029			1,431	1,438,345
Term Loan B(d)		-		02/24/2028			3,723	3,732,562
Internap Corp., PIK Term Loan, 5.50% PIK Rate, 2.00% Cash Rate(g)(h)		4.00%		05/08/2025			11,277	5,694,920
ION Corp., Term Loan (1 mo. USD LIBOR + 4.25%)		4.52%		10/02/2025			3,253	3,267,284
Liftoff Mobile, Inc., Term Loan B(d)		-		02/17/2028			3,461	3,460,864
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		4.87%		08/28/2027			24,164	24,191,905
Marcel Bidco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(g)		4.75%		12/31/2027			3,020	3,038,847
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		05/08/2025			8,671	8,692,619
Micro Holding L.P., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		09/13/2024			8,725	8,765,673
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.27%		03/06/2026			3,108	3,121,591
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		04/29/2026			11,096	10,589,876
NCR Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.72%		08/28/2026			7,886	7,843,178
Neustar, Inc., Term Loan B-4 (3 mo. USD LIBOR + 3.50%)		4.50%		08/08/2024			18,011	17,412,693
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		02/01/2024			19,296	18,482,458
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		01/02/2025			8,288	7,956,691
Project Leopard Holdings, Inc., Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/07/2023			8,440	8,489,930
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.46%		05/16/2025			26,178	26,282,906
RealPage, Inc., Term Loan B(d)		-		02/15/2028			12,077	12,105,525
Renaissance Holding Corp., Second Lien Term Loan(d)		-		05/29/2026			1,276	1,276,825
Resideo Funding, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.75%		02/08/2028			2,322	2,321,736
Riverbed Technology, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		12/31/2025			21,294	20,748,396
PIK Second Lien Term Loan, 4.50% PIK Rate, 7.50% Cash Rate(h)		4.50%		12/31/2026			7,900	6,430,952
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		04/24/2022			830	815,790
Sandvine Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		4.61%		10/31/2025			5,470	5,401,381
SkillSoft Corp., Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		04/27/2025			11,311	11,307,156
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B(d)(g)		-		12/01/2027			3,444	3,457,438
Sophos (Surf Holdings LLC) (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		3.73%		03/05/2027			133	132,251
SS&C Technologies, Inc., Term Loan B-5 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025			199	198,514
Ultimate Software Group, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.86%		05/04/2026			9,013	9,065,206
Incremental Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		05/01/2026			2,804	2,825,906
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		05/10/2027			535	555,199
Veritas US, Inc.
Term Loan B-1 (3 mo. EURIBOR + 5.50%)		6.50%		08/13/2025	EUR		796	969,667
Term Loan B-1 (1 mo. USD LIBOR + 5.50%)		6.50%		08/13/2025			11,921	11,999,544
WebPros, Term Loan (1 mo. USD LIBOR + 5.25%)(g)		5.75%		02/18/2027			8,318	8,401,507
Weld North Education LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/17/2027			4,461	4,473,849
Xperi Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.11%		06/02/2025			1,196	1,207,002
								341,401,143
Financial Intermediaries–1.27%
Alter Domus (Participations S.a.r.l.) (Luxembourg)
Term Loan B(d)		-		02/28/2028	EUR		1,008	1,220,744
Term Loan B(d)		-		02/28/2028			2,355	2,364,270
Citadel Advisors Holdings L.P., Term Loan B(d)		-		02/15/2028			1,656	1,649,672
Everi Payments, Inc.
Term Loan B (3 mo. USD LIBOR + 2.75%)		3.50%		05/09/2024			20,299	20,269,522
Term Loan B (1 mo. USD LIBOR + 10.50%)(g)		11.50%		05/09/2024			851	898,331
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00%		06/30/2023			4,473	4,482,600
Stiphout Finance LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/26/2025			1,272	1,274,893
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		4.94%		02/10/2027			4,221	4,241,636
TMF Group Holdco B.V. (Netherlands), Incremental Second Lien Term Loan (3 mo. EURIBOR + 6.88%)		6.88%		06/08/2026	EUR		1,156	1,382,035

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

9 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Financial Intermediaries–(continued)
Washington Prime Group L.P.
Revolver Loan(e)		0.00%		12/30/2021		$	5,806	$       5,370,219
Term Loan(d)		-		12/30/2022			1,626	1,503,661
								44,657,583
Food Products–0.85%
Biscuit International S.A.S. (France), First Lien Term Loan (d)		-		02/07/2027	EUR		1,000	1,196,428
H-Food Holdings LLC
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		6.00%		05/23/2025			1,379	1,391,773
Term Loan (3 mo. USD LIBOR + 3.69%)		3.80%		05/23/2025			20,984	20,915,194
JBS USA Lux S.A., Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		05/01/2026			3,140	3,139,252
Shearer’s Foods LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		09/15/2027			3,264	3,284,634
								29,927,281
Food Service–1.67%
Euro Garages (Netherlands)
Term Loan (3 mo. USD LIBOR + 4.00%)		4.25%		02/06/2025			1,149	1,147,994
Term Loan B (3 mo. USD LIBOR + 4.00%)		4.25%		02/06/2025			661	659,956
Term Loan B (3 mo. GBP LIBOR + 4.75%)		4.77%		02/07/2025	GBP		1,368	1,892,598
Financiere Pax SAS, Term Loan B(d)		-		07/01/2026	EUR		15,284	17,058,257
IRB Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/01/2027			6,766	6,801,296
Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		02/05/2025			3,682	3,707,374
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.86%		11/19/2026			13,617	13,505,468
US Foods, Inc., Term Loan (3 mo. USD LIBOR + 1.75%)		1.86%		06/27/2023			4,883	4,851,056
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%)		5.50%		11/29/2024			9,335	9,367,359
								58,991,358
Forest Products–0.08%
Royal Oak Enterprises LLC, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/10/2027			2,844	2,860,793
Health Care–2.98%
AI Sirona (Luxembourg) Acquisition S.a.r.l. (Luxembourg), Term Loan B (d)		-		07/10/2025	EUR		353	427,212
athenahealth, Inc.
First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.70%		02/11/2026			10,195	10,284,250
Term Loan B (1 mo. USD LIBOR + 4.25%)		4.45%		02/11/2026			1,669	1,682,827
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%)(g)		5.00%		12/02/2027			5,143	5,117,389
Dentalcorp Perfect Smile ULC (Canada), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		06/06/2025			244	243,153
Domus Vi (France), Term Loan(d)		-		10/31/2026	EUR		707	857,906
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		1.87%		07/30/2027			8,057	8,050,961
Explorer Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		02/04/2027			3,035	3,054,064
Incremental Term Loan(d)		-		02/04/2027			3,408	3,429,331
EyeCare Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		3.86%		02/05/2027			701	691,943
Gainwell Holding Corp.
Term Loan B(d)		-		10/01/2027			7,950	7,940,233
Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/01/2027			8,486	8,478,498
Global Medical Response, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/02/2025			10,086	10,114,796
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		3.86%		08/06/2026			2,617	2,623,333
IQVIA, Inc.
Incremental Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		2.00%		06/11/2025			96	96,014
Term Loan B-1 (3 mo. USD LIBOR + 1.75%)		1.86%		03/07/2024			2,784	2,786,534
IWH UK Midco Ltd. (United Kingdom), Term Loan B(d)		-		01/31/2025	EUR		3,000	3,485,055
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		4.25%		10/29/2027	EUR		963	1,171,682
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		4.25%		10/29/2027	EUR		556	676,814
Precision Medicine Group LLC, Delay Draw Term Loan(e)		0.00%		11/18/2027			1,041	1,040,532
Prophylaxis B.V. (Netherlands)
PIK Term Loan B, 9.75% PIK Rate, 0.50% Cash Rate(g)(h)		0.50%		06/30/2025	EUR		1,017	1,240,324
Term Loan A(d)(g)		-		06/30/2025	EUR		2,646	3,172,105

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

10 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Health Care–(continued)
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%		10/08/2027		$	9,394	$       9,473,141
Unified Womens Healthcare, L.P., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%		12/17/2027			6,070	6,115,185
Verscend Holding Corp.
Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61%		08/27/2025			665	669,285
Term Loan B-1(d)		-		08/07/2025			2,799	2,818,992
Waystar, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)(g)		4.75%		10/20/2026			4,392	4,414,280
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		01/15/2028			3,476	3,487,014
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%		01/15/2029			1,491	1,490,629
WP CityMD Bidco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/13/2026			57	57,280
								105,190,762
Home Furnishings–1.31%
Hayward Industries, Inc., First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/04/2026			692	694,330
Mattress Holding Corp., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/24/2027			9,029	9,203,688
Serta Simmons Bedding LLC
First Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023			6,133	6,223,196
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023			14,550	13,761,403
SIWF Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.36%		06/15/2025			3,070	3,066,490
TGP Holdings III LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		09/25/2024			9,089	9,123,447
Webster-Stephen Products LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		10/20/2027			3,980	4,002,350
								46,074,904
Industrial Equipment–2.50%
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/30/2027			3,246	3,262,587
CIRCOR International, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/11/2024			1,749	1,736,225
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		12/16/2027			4,434	4,445,541
Engineered Machinery Holdings, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/19/2024			852	853,748
First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.00%		07/19/2024			3,684	3,688,311
Filtration Group Corp., Term Loan A (1 mo. USD LIBOR + 3.75%)		4.50%		03/29/2025			888	893,578
Gardner Denver, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		03/01/2027			474	473,260
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.86%		03/31/2027			618	617,776
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027			566	565,675
Kantar (United Kingdom)
Revolver Loan(d)(g)		-		06/04/2026			332	302,635
Revolver Loan(e)(g)		0.00%		06/04/2026			10,024	9,121,862
Term Loan B (1 mo. USD LIBOR + 4.75%)		4.98%		11/26/2026			10,640	10,646,443
Term Loan B (3 mo. EURIBOR + 4.75%)		4.75%		12/04/2026	EUR		1,000	1,214,924
North American Lifting Holdings, Inc.
Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		10/16/2024			11,262	11,797,464
Term Loan (1 mo. USD LIBOR + 11.00%)		12.00%		04/16/2025			5,132	4,984,309
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		08/14/2026			3,873	3,887,520
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 4.25%)		4.48%		07/30/2027			29,258	29,544,818
								88,036,676
Insurance–0.88%
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2027			7,793	7,758,560
Alliant Holdings Intermediate LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		4.25%		10/15/2027			1,210	1,214,724
AmWINS Group LLC, Term Loan(d)		-		02/17/2028			2,174	2,177,528
HUB International Ltd., Term Loan (1 mo. USD LIBOR + 2.75%)		2.97%		04/25/2025			2,948	2,921,694
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		09/01/2027			11,383	11,437,002
Sedgwick Claims Management Services, Inc., First Lien Term Loan(d)		-		08/08/2026			802	803,243
USI, Inc.
Term Loan (3 mo. USD LIBOR + 3.00%)		3.25%		05/16/2024			3,291	3,270,879
Term Loan(d)		-		12/02/2026			1,593	1,587,492
								31,171,122

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

11 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Leisure Goods, Activities & Movies–3.25%
Alpha Topco Ltd. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.50%)		3.50%		02/01/2024		$	19,885	$     19,850,229
AMC Entertainment, Inc., Term Loan B-1(d)		-		04/22/2026			4,584	3,955,069
Crown Finance US, Inc.
Term Loan(d)		-		05/23/2024			2,396	3,067,572
Term Loan(d)		-		02/28/2025	EUR		256	264,576
Term Loan (1 mo. USD LIBOR + 2.50%)		2.76%		02/28/2025			5,356	4,658,175
Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		09/20/2026			8,079	6,940,553
HNVR Holdco Ltd. (United Kingdom)
Term Loan B(d)		-		09/12/2025	EUR		8,291	9,137,745
Term Loan C(d)		-		09/12/2027	EUR		6,722	7,369,053
Invictus Media S.L.U. (Spain)
Term Loan A-1 (3 mo. EURIBOR + 4.25%)		4.25%		06/26/2024	EUR		2,321	2,665,300
Term Loan A-2 (3 mo. EURIBOR + 4.25%)		4.25%		06/26/2024	EUR		1,457	1,672,488
Term Loan B-1(d)		-		06/26/2025	EUR		2,285	2,596,371
Term Loan B-2(d)		-		06/26/2025	EUR		1,359	1,543,666
Markermeer Finance B.V. (Netherlands), Term Loan B (3 mo. EURIBOR + 3.50%)		3.50%		01/25/2027	EUR		6,000	7,185,660
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom)
Term Loan B(d)		-		10/16/2026	EUR		7,308	8,599,294
Term Loan B-1(d)		-		11/12/2026			1,630	1,588,369
Term Loan B-2(d)		-		11/12/2026			214	208,757
Parques Reunidos (Spain)
Incremental Term Loan B-2 (3 mo. EURIBOR + 7.50%)		7.50%		09/16/2026	EUR		1,000	1,200,518
Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		09/27/2026	EUR		8,872	10,137,684
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/31/2027			2,354	2,384,711
Seaworld Parks & Entertainment, Inc., Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		3.75%		04/01/2024			10,127	10,009,321
Six Flage Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/17/2026			2,953	2,892,161
Vue International Bidco PLC (United Kingdom), Term Loan B-1(d)		-		06/21/2026	EUR		6,213	6,848,263
								114,775,535
Lodging & Casinos–4.20%
Aimbridge Acquisition Co., Inc.
Incremental Term Loan (1 mo. USD LIBOR + 6.00%)		6.75%		02/01/2026			6,960	7,011,767
Term Loan (1 mo. USD LIBOR + 3.75%)		3.86%		02/01/2026			2,078	2,006,021
Aristocrat Technologies, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/19/2024			7,397	7,457,716
B&B Hotels S.A.S. (France), Term Loan B-3-A (3 mo. EURIBOR + 3.88%)		3.88%		07/31/2026	EUR		7,559	8,622,184
Caesars Resort Collection LLC
Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.61%		06/30/2025			3,520	3,535,503
Term Loan B (3 mo. USD LIBOR + 2.75%)		2.86%		12/23/2024			39,618	39,339,005
CityCenter Holdings LLC, Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/18/2024			8,777	8,719,964
GVC Finance LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		3.25%		03/29/2024			3,724	3,733,809
Hilton Worldwide Finance LLC, Term Loan B-2 (3 mo. USD LIBOR + 1.75%)		1.87%		06/22/2026			4,244	4,238,790
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.12%		05/11/2024			3,457	3,441,769
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.86%		08/14/2024			23,942	23,598,228
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		3.75%		07/10/2025			18,896	18,992,052
Station Casinos LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		2.50%		02/08/2027			13,198	13,078,044
VICI Properties 1 LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		12/20/2024			4,031	4,011,432
Wyndham Hotels & Resorts, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		05/30/2025			417	415,990
								148,202,274
Nonferrous Metals & Minerals–1.38%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 14.00% Cash Rate (h)(j)		14.00%		09/16/2025			31,666	31,230,953
Form Technologies LLC
Term Loan (1 mo. USD LIBOR + 5.00%)(g)		6.00%		07/19/2025			4,542	4,564,810
Term Loan(d)(g)		-		10/27/2025			1,696	1,716,822
Kissner Group, Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		03/01/2027			11,065	11,094,634
								48,607,219
Oil & Gas–3.08%
Brazos Delaware II LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/21/2025			14,118	13,074,396

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

12 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Oil & Gas–(continued)
Crestwood Holdings LLC, Term Loan (3 mo. USD LIBOR + 7.50%)		7.62%		03/06/2023		$	1,396	$       1,257,754
Fieldwood Energy LLC
DIP Delayed Draw Term Loan (1 mo. USD LIBOR + 8.75%) (Acquired 07/30/2020; Cost $ 12,011,167)(i)		9.75%		08/04/2021			1,218	1,261,016
DIP Delayed Draw Term Loan (Acquired 07/30/2020; Cost $ 12,011,167)(e)(i)		0.00%		08/04/2021			11,349	11,349,139
First Lien Term Loan (Acquired 04/11/2018-07/31/2020; Cost $ 60,915,995)(i)(k)		0.00%		04/11/2022			81,491	24,583,476
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00%		07/02/2023			8,971	5,247,715
Larchmont Resources LLC, Term Loan A(d)(j)		-		08/09/2021			6,030	2,713,368
Lower Cadence Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/22/2026			1,274	1,251,907
McDermott International Ltd.
LOC(d)		-		06/30/2024			7,403	6,477,495
LOC(e)		0.00%		06/30/2024			15,080	13,647,844
Term Loan (1 mo. USD LIBOR + 3.00%)(g)		3.11%		06/30/2024			422	340,001
Term Loan (1 mo. USD LIBOR + 1.00%)		3.00%		06/30/2025			3,695	2,440,449
Navitas Midstream Midland Basin LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		12/13/2024			4,468	4,457,939
Petroleum GEO-Services ASA, Term Loan (1 mo. USD LIBOR + 7.50%)		7.76%		03/19/2024			8,316	6,770,833
Southcross Energy Partners L.P., Revolver Loan(e)(g)(j)		0.00%		01/31/2025			3,129	3,050,960
Sunrise Oil & Gas, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 7.00%)(g)		8.00%		01/17/2023			4,577	4,187,491
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(g)		8.00%		01/17/2023			4,743	3,699,134
Term Loan (1 mo. USD LIBOR + 7.00%)		8.00%		01/17/2023			5,522	2,691,736
								108,502,653
Publishing–2.36%
Cengage Learning, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)		5.25%		06/07/2023			28,020	27,682,255
Clear Channel Worldwide Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		3.66%		08/21/2026			23,818	23,229,430
Nielsen Finance LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		4.75%		06/30/2025			31,908	32,301,358
								83,213,043
Radio & Television–1.92%
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		12/15/2027			7,507	7,530,694
Gray Television, Inc., Term Loan C (3 mo. USD LIBOR + 2.50%)		2.62%		01/02/2026			195	195,885
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		05/01/2026			21,932	21,761,844
Nexstar Broadcasting, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.36%		01/17/2024			11,899	11,908,987
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		2.87%		09/18/2026			7,837	7,861,264
Sinclair Television Group, Inc.
Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		01/03/2024			12,843	12,812,771
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		2.62%		09/30/2026			5,704	5,697,862
								67,769,307
Retailers (except Food & Drug)–2.64%
Bass Pro Group LLC, Term Loan B (d)		-		02/26/2028			18,419	18,326,601
CNT Holdings I Corp. (1-800 Contacts)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		10/16/2027			11,040	11,107,727
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/16/2028			2,812	2,875,629
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		3,783	4,498,915
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		1,483	1,764,006
Term Loan B-3 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		4,591	5,458,989
Term Loan B-4 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		3,017	3,587,288
Term Loan B-5 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		674	801,823
Term Loan B-6 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		2,397	2,850,251
Term Loan B-7 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		2,001	2,379,666
Petco Animal Supplies, Inc., First Lien Term Loan(d)		-		02/25/2028			7,642	7,646,700
PetSmart, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.50%		01/28/2028			26,357	26,574,968
Rent-A-Center, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)(g)		4.75%		01/17/2028			5,094	5,138,818
								93,011,381

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

13 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date		Principal     Amount (000)(a)		Value
Surface Transport–3.12%
American Trailer World Corp., Term Loan B (d)(g)		-		02/28/2028	$	3,129	$       3,125,152
Daseke Cos, Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		02/27/2024		4,775	4,797,225
Kenan Advantage Group, Inc. (The), Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		07/29/2022		5,399	5,371,379
Odyssey Logistics & Technology Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/12/2024		2,458	2,433,596
PODS LLC, Term Loan B-4 (3 mo. USD LIBOR + 2.75%)		3.75%		12/06/2024		5,339	5,360,772
Western Express, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 8.25%)(g)		8.44%		02/23/2022		87,184	87,768,221
XPO Logistics, Inc., Term Loan B(d)		-		02/24/2025		1,295	1,297,496
							110,153,841
Telecommunications–5.72%
Avaya, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		4.36%		12/15/2027		20,208	20,297,673
Term Loan B-2(d)		-		12/15/2027		1,646	1,654,862
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		11/30/2027		1,892	1,899,454
CCI Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/13/2027		9,429	9,511,518
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		2.36%		03/15/2027		10,301	10,284,253
Cincinnati Bell, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		10/02/2024		26,448	26,494,070
Colorado Buyer, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		05/01/2024		2,941	2,907,743
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/18/2027		15,446	15,562,558
Eagle Broadband Investments LLC (Mega Broadband), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		10/29/2027		683	687,640
Frontier Communications Corp., DIP Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/08/2021		7,913	8,001,746
GCI Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.50%		10/15/2025		1,193	1,201,618
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		05/16/2024		988	992,207
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		4.50%		12/12/2026		8,478	8,525,312
Intelsat Jackson Holdings S.A. (Luxembourg)
DIP Term Loan (1 mo. USD LIBOR + 5.50%)(f)		6.50%		07/13/2021		5,272	5,372,302
Term Loan B-3 (1 mo. USD LIBOR + 5.75%)(f)		8.00%		11/27/2023		32,117	32,706,271
Term Loan B-5 (1 mo. USD LIBOR + 8.63%)(f)		8.63%		01/02/2024		1,924	1,968,295
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		11/04/2026		91	91,756
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027		8,998	8,980,001
MLN US HoldCo LLC, First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61%		11/30/2025		17,964	16,838,750
MTN Infrastructure TopCo, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		11/17/2024		995	1,000,592
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25%		09/10/2026		2,180	2,191,262
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.87%		12/07/2026		4,975	4,936,856
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)		7.25%		09/21/2027		18,241	18,350,558
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		03/09/2027		1,486	1,486,691
							201,943,988
Utilities–2.74%
Calpine Construction Finance Co. L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11%		01/15/2025		3,482	3,469,488
Calpine Corp.
Term Loan (3 mo. USD LIBOR + 2.00%)		2.12%		04/05/2026		5,528	5,502,454
Term Loan (1 mo. USD LIBOR + 2.50%)		2.62%		12/16/2027		4,265	4,264,022
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/02/2025		16,821	15,996,900
ExGen Renewables IV LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		12/15/2027		2,414	2,430,856
Frontera Generation Holdings LLC, Term Loan(k)		5.25%		05/02/2025		43,039	5,128,726
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		6.00%		10/31/2026		14,800	14,846,323
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		07/30/2026		10,913	10,511,783
Lightstone Holdco LLC
Term Loan B (3 mo. USD LIBOR + 3.75%)		4.75%		01/30/2024		15,390	13,310,178
Term Loan C (3 mo. USD LIBOR + 3.75%)		4.75%		01/30/2024		861	744,760
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		05/16/2024		6,983	6,947,417
Pike Corp.
Delayed Draw Term Loan B(d)		-		01/15/2028		1,515	1,519,239
Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)		3.12%		01/15/2028		1,998	2,003,376
Term Loan B		4.10%		07/24/2026		1,268	1,274,477
PowerTeam Services LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		03/06/2025		4,650	4,661,888

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

14 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date		Principal     Amount (000)(a)		Value
Utilities–(continued)
USIC Holding, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		12/08/2023	$	3,881	$       3,884,246
							96,496,133
Total Variable Rate Senior Loan Interests (Cost $3,202,314,613)							3,157,935,631
U.S. Dollar Denominated Bonds & Notes–4.43%
Aerospace & Defense–0.24%
Spirit AeroSystems, Inc.(l)		5.50%		01/15/2025		1,484	1,544,800
TransDigm, Inc.(l)		8.00%		12/15/2025		1,915	2,086,871
TransDigm, Inc.(l)		6.25%		03/15/2026		4,449	4,694,340
							8,326,011
Building & Development–0.56%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC(l)		5.75%		05/15/2026		18,332	18,893,417
Forterra Finance LLC/FRTA Finance Corp.(l)		6.50%		07/15/2025		883	950,881
							19,844,298
Business Equipment & Services–0.30%
Advantage Sales & Marketing, Inc.(l)		6.50%		11/15/2028		3,298	3,386,634
Prime Security Services Borrower LLC/Prime Finance, Inc.(l)		3.38%		08/31/2027		7,453	7,275,097
							10,661,731
Cable & Satellite Television–0.24%
Altice Financing S.A. (Luxembourg)(l)		5.00%		01/15/2028		1,000	1,001,425
Virgin Media Secured Finance PLC (United Kingdom)(l)		4.50%		08/15/2030		7,139	7,306,766
							8,308,191
Chemicals & Plastics–0.04%
INEOS Quattro Finance 2 PLC (United Kingdom)(l)		3.38%		01/15/2026		1,297	1,295,379
Electronics & Electrical–0.54%
CommScope, Inc.(l)		6.00%		03/01/2026		5,721	6,021,724
Diebold Nixdorf, Inc.(l)		9.38%		07/15/2025		8,321	9,314,320
Energizer Holdings, Inc.(l)		4.38%		03/31/2029		3,846	3,842,154
							19,178,198
Health Care–0.07%
Global Medical Response, Inc.(l)		6.50%		10/01/2025		2,282	2,376,133
Industrial Equipment–0.10%
Vertical US Newco, Inc. (Germany)(l)		5.25%		07/15/2027		3,452	3,605,182
Insurance–0.10%
Acrisure LLC/Acrisure Finance, Inc.(l)		4.25%		02/15/2029		3,591	3,533,400
Leisure Goods, Activities & Movies–0.20%
AMC Entertainment Holdings, Inc.(l)		10.50%		04/15/2025		4,588	4,836,096
Seaworld Parks & Entertainment, Inc.(l)		8.75%		05/01/2025		1,996	2,164,413
							7,000,509
Lodging & Casinos–0.46%
Caesars Entertainment, Inc.(l)		6.25%		07/01/2025		15,446	16,372,760
Radio & Television–0.63%
Diamond Sports Group LLC/Diamond Sports Finance Co.(l)		5.38%		08/15/2026		31,356	22,214,158
Retailers (except Food & Drug)–0.02%
PetSmart, Inc./PetSmart Finance Corp.(l)		4.75%		02/15/2028		539	558,086
Telecommunications–0.71%
Avaya, Inc.(l)		6.13%		09/15/2028		8,662	9,338,718
Cablevision Lightpath LLC(l)		3.88%		09/15/2027		1,317	1,308,769
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(l)		6.75%		10/01/2026		1,831	1,900,807

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

15 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date		Principal     Amount (000)(a)		Value
Telecommunications–(continued)
Consolidated Communications, Inc.(l)		6.50%		10/01/2028	$	2,005	$       2,150,864
Lumen Technologies, Inc.(l)		4.00%		02/15/2027		2,463	2,521,053
Windstream Escrow LLC/Windstream Escrow Finance Corp.(l)		7.75%		08/15/2028		7,595	7,789,622
							25,009,833
Utilities–0.22%
Calpine Corp.(l)		3.75%		03/01/2031		4,179	4,039,881
Calpine Corp.(l)		4.50%		02/15/2028		13,145	3,868,011
							7,907,892
Total U.S. Dollar Denominated Bonds & Notes (Cost $157,809,421)							156,191,761
					Shares
Common Stocks & Other Equity Interests–3.52%(m)
Business Equipment & Services–1.11%
Crossmark Holdings, Inc.(g)(j)						125,030	22,900,495
iQor US, Inc.(j)						1,171,102	16,131,930
							39,032,425
Containers & Glass Products–0.06%
Libbey Glass, Inc. (Acquired 11/13/2020; Cost $0)(i)						828,388	2,070,970
Electronics & Electrical–0.06%
Fusion Connect, Inc.(g)						112	129
Fusion Connect, Inc., Wts., expiring 12/31/2021(g)						1,046,740	1,203,751
Internap Corp.(g)						2,414,890	615,797
Sunguard Availability Services Capital, Inc.(g)						37,093	352,383
							2,172,060
Industrial Equipment–0.26%
North American Lifting Holdings, Inc.						610,003	9,277,231
Leisure Goods, Activities & Movies–0.02%
Crown Finance US, Inc.						773,670	675,290
Nonferrous Metals & Minerals–0.93%
ACNR Holdings, Inc.(j)						628,749	8,802,486
ACNR Holdings, Inc.(j)						176,360	15,078,780
Arch Resources, Inc.						185,917	8,909,143
							32,790,409
Oil & Gas–0.32%
HGIM Corp.						116,269	610,412
Larchmont Resources LLC(g)(j)						8,017	320,691
McDermott International Ltd.(n)						6,486,042	5,513,136
Pacific Drilling S.A.						243,609	434,428
Sabine Oil & Gas Holdings, Inc.(n)						17,931	251,034
Southcross Energy Partners L.P.(g)(j)						2,896,676	86,900
Sunrise Oil & Gas, Inc.(g)						699,391	209,817
Tribune Resources, Inc.(j)						5,777,075	3,639,557
Tribune Resources, Inc., Wts., expiring 04/03/2023(g)(j)						1,495,722	37,393
Vantage Drilling International(n)						7,265	29,060
							11,132,428
Publishing–0.17%
Clear Channel Outdoor Holdings, Inc.(n)						3,563,648	6,129,474
Radio & Television–0.30%
iHeartMedia, Inc., Class A(n)						718,838	10,114,050
MGOC, Inc.(g)(n)						6,554,344	385,723
							10,499,773

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

16 Invesco Senior Floating Rate Fund

							Shares		Value
Surface Transport–0.29%
Commercial Barge Line Co.								34,990	$          979,720
Commercial Barge Line Co., Series A, Wts., expiring 04/27/2045								136,865	4,345,464
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030								410,595	130,449
Commercial Barge Line Co., Series B, Wts., expiring 04/27/2045								98,967	3,538,070
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045								296,901	125,771
Commercial Barge Line Co., Wts., expiring 04/27/2045								36,784	1,029,952
									10,149,426
Total Common Stocks & Other Equity Interests (Cost $255,279,064)									123,929,486
	Interest Rate		Maturity Date		Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–1.06%(o)
Building & Development–0.13%
Haya Real Estate S.A. (Spain)(l)		5.25%		11/15/2022		EUR		4,350	4,636,258
Cable & Satellite Television–0.14%
Altice Finco S.A. (Luxembourg)(l)		4.75%		01/15/2028		EUR		1,566	1,825,385
Altice France Holding S.A. (Luxembourg)(l)		4.00%		02/15/2028		EUR		2,752	3,107,668
									4,933,053
Financial Intermediaries–0.48%
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(l)(p)		6.25%		05/01/2026		EUR		4,684	5,693,982
Newday Bondco PLC (Jersey)(l)		7.38%		02/01/2024		GBP		2,906	4,014,732
Newday Bondco PLC (Jersey) (3 mo. GBP LIBOR + 6.50%)(l)(p)		6.54%		02/01/2023		GBP		5,157	7,105,701
									16,814,415
Leisure Goods, Activities & Movies–0.10%
Banijay Group S.A.S (France)(l)		6.50%		03/01/2026		EUR		375	446,009
Marcolin S.p.A. (Italy) (3 mo. EURIBOR + 4.13%)(l)(p)		4.13%		02/15/2023		EUR		2,783	3,231,992
									3,678,001
Lodging & Casinos–0.21%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%) (Acquired 09/22/2020-01/28/2021; Cost $6,645,940)(i)(l)(p)		5.40%		07/15/2025		GBP		5,746	7,368,904
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $35,216,447)									37,430,631
					Shares
Preferred Stocks–0.66%(m)
Containers & Glass Products–0.03%
Libbey Glass, Inc., Pfd. (Acquired 11/13/2020; Cost $0)(i)								13,367	989,196
Oil & Gas–0.37%
McDermott International Ltd., Pfd.								4,180,791	2,926,555
Southcross Energy Partners L.P., Series A, Pfd.(g)(j)								11,536,345	5,883,536
Southcross Energy Partners L.P., Series B, Pfd.(g)(j)								3,044,740	4,338,754
									13,148,845
Surface Transport–0.26%
Commercial Barge Line Co., Series A, Pfd.								130,200	4,133,850
Commercial Barge Line Co., Series B, Pfd.								140,919	5,037,854
									9,171,704
Total Preferred Stocks (Cost $20,032,623)									23,309,745
	Interest Rate		Maturity Date		Principal Amount (000)
Asset-Backed Securities–0.59%
Structured Products–0.59%
Apidos CLO XXVI, Series 2017-26A, Class D (Cayman Islands) (3 mo. USD LIBOR + 6.10%)(l)(p)		6.32%		07/18/2029			$	1,059	1,021,932
Dryden 43 Senior Loan Fund, Series 2016-43A, Class ERR (Cayman Islands) (3 mo. USD LIBOR + 6.70%)(l)(p)		6.92%		07/20/2029				2,080	2,090,574

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

17 Invesco Senior Floating Rate Fund

	Interest Rate		Maturity Date		Principal Amount (000)				Value
Structured Products–(continued)
Dryden 54 Senior Loan Fund, Series 2017-54A, Class E (Cayman Islands) (3 mo. USD LIBOR + 6.20%)(l)(p)		6.42%		10/19/2029			$	2,000	$       1,954,660
Jubilee CLO, Series 2018-21, Class E (Netherlands) (3 mo. EURIBOR + 6.07%)(l)(p)		6.07%		04/15/2035		EUR		1,959	2,292,724
Madison Park Funding XXX Ltd., Series 2018-30A, Class E (Cayman Islands) (3 mo. USD LIBOR + 4.95%)(l)(p)		5.19%		04/15/2029				3,275	3,079,349
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class E (Cayman Islands) (3 mo. USD LIBOR + 5.90%)(l)(p)		6.12%		10/18/2030				533	528,278
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E (Cayman Islands) (3 mo. USD LIBOR + 7.15%)(l)(p)		7.37%		01/21/2030				7,625	7,666,192
Regatta XIV Funding Ltd., Series 2018-3A, Class E (Cayman Islands) (3 mo. USD LIBOR + 5.95%)(l)(p)		6.17%		10/25/2031				2,200	2,132,843
Total Asset-Backed Securities (Cost $19,628,263)									20,766,552
					Shares
Money Market Funds–5.54%
Invesco Government & Agency Portfolio,Institutional Class, 0.03%(j)(q)								119,502,052	119,502,052
Invesco Treasury Portfolio,Institutional Class, 0.01%(j)(q)								75,982,035	75,982,035
Total Money Market Funds (Cost $195,484,087)									195,484,087
TOTAL INVESTMENTS IN SECURITIES-105.33% (Cost $3,885,764,518)									3,715,047,893
OTHER ASSETS LESS LIABILITIES-(5.33)%									(187,900,801)
NET ASSETS-100.00%									$3,527,147,092

Investment Abbreviations:
DIP	- Debtor-in-Possession
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar
Wts.	- Warrants

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

18 Invesco Senior 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 any 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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  This variable rate interest will settle after February 28, 2021, at which time the interest rate will be determined.

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

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

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

⁽ⁱ⁾  Restricted security. The aggregate value of these securities at February 28, 2021 was $88,901,378, which represented 2.52% of the Fund’s Net Assets.

^(j)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	189,828,702		$	465,455,221		$	(535,781,871	)		$	-			$	-			$	119,502,052	$13,250
Invesco Treasury Portfolio, Institutional Class			119,786,041			313,383,908			(357,187,914	)			-				-				75,982,035	4,863
Investments in Other Affiliates:
ACNR Holdings, Inc.			-			7,230,613			-				1,571,873				-				8,802,486	-
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 14.00% Cash Rate			-			50,884,575			(39,086,852	)			8,706,739				10,726,491				31,230,953	-
ACNR Holdings, Inc.			-			2,645,400			-				12,433,380				-				15,078,780	-
Arch Resources, Inc.*			15,905,705			7,782			(10,976,515	)			13,562,731				(9,590,560	)			8,909,143	-
Crossmark Holdings, Inc., Term Loan			6,982,989			336,984			(99,638	)			(50,339	)			(914	)			7,169,082	-
Crossmark Holdings, Inc.			7,345,512			-			-				15,554,983				-				22,900,495	-
iQor US, Inc., Term Loan			-			11,399,046			-				800,898				-				12,199,944	-
iQor US, Inc., Term Loan			-			33,964,112			(19,754,858	)			450,876				445,583				15,105,713	-
iQor US, Inc.			-			14,053,224			-				2,078,706				-				16,131,930	-
Larchmont Resources LLC, Term Loan A			2,713,368			10,227			-				(10,227	)			-				2,713,368	-
Larchmont Resources LLC			320,691			-			-				-				-				320,691	-
Southcross Energy Partners L.P., Revolver Loan			2,925,793			-			-				125,167				-				3,050,960	-
Southcross Energy Partners L.P., Series A, Pfd.			8,075,441			-			-				(2,191,905	)			-				5,883,536	-
Southcross Energy Partners L.P.			255,212			-			-				(168,312	)			-				86,900	-
Southcross Energy Partners L.P., Series B, Pfd.			4,570,661			-			(714,970	)			(231,907	)			714,970				4,338,754	-
Tribune Resources, Inc., Wts., expiring 04/03/2023			44,872			-			-				(7,479	)			-				37,393	-
Tribune Resources, Inc.			5,054,940			-			-				(1,415,383	)			-				3,639,557	-
Total		$	363,809,927		$	899,371,092		$	(963,602,618	)		$	51,209,801			$	2,295,570			$	353,083,772	$18,113

* As of February 28, 2021, this security was not considered as an affiliate of the Fund.

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

19 Invesco Senior Floating Rate Fund

^(k)  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, 2021 was $29,712,202, which represented less than 1% of the Fund’s Net Assets.

^(l)  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, 2021 was $214,388,944, which represented 6.08% of the Fund’s Net Assets.

^(m)  Securities acquired through the restructuring of senior loans.

⁽ⁿ⁾  Non-income producing security.

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

^(p)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Forward Foreign Currency Contracts
			Contract to					Unrealized
Settlement								Appreciation
Date	Counterparty		Deliver			Receive		(Depreciation)
Currency Risk
03/16/2021	BNP Paribas S.A.	EUR		27,465,951	USD		33,301,410	$	151,777
03/16/2021	BNP Paribas S.A.	USD		10,738,832	GBP		7,769,027		85,812
04/16/2021	Canadian Imperial Bank of Commerce	EUR		30,877,506	USD		37,479,734		185,695
04/16/2021	Goldman Sachs International	GBP		238,788	USD		338,029		5,267
03/16/2021	Morgan Stanley Capital Services LLC	USD		3,924,369	EUR		3,258,337		8,234
03/16/2021	Morgan Stanley Capital Services LLC	USD		10,739,305	GBP		7,769,027		85,339
04/16/2021	Morgan Stanley Capital Services LLC	EUR		33,445,346	USD		40,583,487		187,996
03/16/2021	Royal Bank of Canada	EUR		26,665,951	USD		32,311,586		127,503
03/16/2021	State Street Bank & Trust Co.	EUR		37,025,842	USD		44,880,227		192,424
04/16/2021	State Street Bank & Trust Co.	EUR		35,345,346	USD		42,889,306		198,983
03/16/2021	UBS AG	EUR		1,433,744	USD		1,744,276		13,839
03/16/2021	UBS AG	USD		10,959,168	GBP		8,000,000		187,293
04/16/2021	UBS AG	EUR		1,183,014	USD		1,438,417		9,566
Subtotal-Appreciation									1,439,728
Currency Risk
03/16/2021	Barclays Bank PLC	GBP		11,858,731	USD		16,180,020		(342,839	)
03/16/2021	BNP Paribas S.A.	EUR		3,235,047	USD		3,898,845		(5,648	)
04/16/2021	BNP Paribas S.A.	GBP		7,769,027	USD		10,740,357		(86,137	)
04/16/2021	BNP Paribas S.A.	USD		1,459,174	EUR		1,200,000		(9,807	)
03/16/2021	Canadian Imperial Bank of Commerce	USD		37,454,415	EUR		30,877,506		(187,257	)
03/16/2021	Morgan Stanley Capital Services LLC	EUR		1,000,000	USD		1,206,309		(627	)
03/16/2021	Morgan Stanley Capital Services LLC	GBP		11,539,323	USD		15,744,726		(333,101	)
03/16/2021	Morgan Stanley Capital Services LLC	USD		38,012,501	EUR		31,345,346		(180,690	)
04/16/2021	Morgan Stanley Capital Services LLC	GBP		7,769,027	USD		10,740,851		(85,644	)
04/16/2021	Morgan Stanley Capital Services LLC	USD		1,457,840	EUR		1,200,000		(8,473	)
03/16/2021	Royal Bank of Canada	GBP		140,000	USD		193,150		(1,913	)
03/16/2021	State Street Bank & Trust Co.	USD		38,012,501	EUR		31,345,346		(180,690	)
04/16/2021	State Street Bank & Trust Co.	EUR		2,500,000	USD		3,012,209		(7,306	)
04/16/2021	UBS AG	USD		2,427,854	EUR		2,000,000		(12,242	)
Subtotal-Depreciation									(1,442,374	)
Total Forward Foreign Currency Contracts								$	(2,646	)

Abbreviations:

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.

20 Invesco Senior Floating Rate Fund

Portfolio Composition^†*

By credit quality, based on total investments

as of February 28, 2021

BBB	0.09	%
BBB-	3.63
BB+	4.48
BB	4.21
BB-	7.77
B+	14.37
B	24.29
B-	15.16
CCC+	7.72
CCC	1.53
CCC-	0.05
D	0.99
Non-Rated	11.49
Equity	4.22

^†  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 & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

* Excluding money market fund holdings, if any.

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

21 Invesco Senior Floating Rate Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,529,992,788)	$	3,370,873,264
Investments in affiliates, at value (Cost $355,771,730)		344,174,629
Other investments: Unrealized appreciation on forward foreign currency contracts outstanding		1,439,728
Cash		51,182,167
Foreign currencies, at value (Cost $13,049,991)		12,992,759
Receivable for:
Investments sold		275,825,752
Fund shares sold		10,493,197
Dividends		3,362
Interest		9,905,219
Investments matured, at value (Cost $71,725,007)		7,811,745
Investment for trustee deferred compensation and retirement plans		565,346
Other assets		882,427
Total assets		4,086,149,595
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		1,442,374
Payable for:
Investments purchased		472,533,772
Dividends		3,738,946
Fund shares reacquired		13,936,848
Accrued fees to affiliates		1,955,085
Accrued trustees’ and officers’ fees and benefits		16,965
Accrued other operating expenses		2,370,624
Trustee deferred compensation and retirement plans		565,346
Unfunded loan commitments		62,442,543
Total liabilities		559,002,503
Net assets applicable to shares outstanding	$	3,527,147,092

Net assets consist of:
Shares of beneficial interest	$	6,084,649,671
Distributable earnings (loss)		(2,557,502,579	)
	$	3,527,147,092
Net Assets:
Class A	$	1,631,392,660
Class C	$	480,126,660
Class R	$	57,116,197
Class Y	$	1,199,549,137
Class R5	$	8,759
Class R6	$	158,953,679
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		236,805,711
Class C		69,636,329
Class R		8,296,281
Class Y		174,546,731
Class R5		1,271
Class R6		23,135,205
Class A:
Net asset value per share	$	6.89
Maximum offering price per share (Net asset value of $6.89 ÷ 96.75%)	$	7.12
Class C:
Net asset value and offering price per share	$	6.89
Class R:
Net asset value and offering price per share	$	6.88
Class Y:
Net asset value and offering price per share	$	6.87
Class R5:
Net asset value and offering price per share	$	6.89
Class R6:
Net asset value and offering price per share	$	6.87

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

22 Invesco Senior Floating Rate Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $(187))	$	113,524,629
Dividends		496,817
Dividends from affiliates		18,113
Total investment income		114,039,559
Expenses:
Advisory fees		11,347,413
Administrative services fees		270,797
Custodian fees		592,503
Distribution fees:
Class A		1,939,062
Class C		3,093,844
Class R		145,114
Interest, facilities and maintenance fees		1,791,463
Transfer agent fees – A, C, R and Y		2,285,054
Transfer agent fees – R5		2
Transfer agent fees – R6		20,338
Trustees’ and officers’ fees and benefits		34,935
Registration and filing fees		97,811
Reports to shareholders		296,452
Professional services fees		107,046
Other		39,274
Total expenses		22,061,108
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,218,656	)
Net expenses		20,842,452
Net investment income		93,197,107
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(480,591,858	)
Affiliated investment securities		2,295,570
Foreign currencies		(1,985,782	)
Forward foreign currency contracts		(1,345,595	)
		(481,627,665	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		590,447,418
Affiliated investment securities		51,209,801
Foreign currencies		(943,112	)
Forward foreign currency contracts		(2,646	)
		640,711,461
Net realized and unrealized gain		159,083,796
Net increase in net assets resulting from operations	$	252,280,903

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

23 Invesco Senior Floating Rate Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	93,197,107		$	297,840,288
Net realized gain (loss)		(481,627,665	)		(1,018,267,404	)
Change in net unrealized appreciation		640,711,461			16,404,576
Net increase (decrease) in net assets resulting from operations		252,280,903			(704,022,540	)
Distributions to shareholders from distributable earnings:
Class A		(42,075,821	)		(94,094,572	)
Class C		(14,405,726	)		(43,466,409	)
Class R		(1,495,322	)		(3,162,931	)
Class Y		(36,928,104	)		(136,225,911	)
Class R5		(240	)		(440	)
Class R6		(4,936,753	)		(25,880,938	)
Total distributions from distributable earnings		(99,841,966	)		(302,831,201	)
Share transactions–net:
Class A		(18,661,910	)		(1,067,763,654	)
Class C		(278,544,102	)		(735,594,270	)
Class R		(4,491,658	)		(17,392,011	)
Class Y		(425,491,494	)		(2,726,277,360	)
Class R6		(42,951,240	)		(723,426,625	)
Net increase (decrease) in net assets resulting from share transactions		(770,140,404	)		(5,270,453,920	)
Net increase (decrease) in net assets		(617,701,467	)		(6,277,307,661	)
Net assets:
Beginning of period		4,144,848,559			10,422,156,220
End of period	$	3,527,147,092		$	4,144,848,559

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

24 Invesco Senior Floating Rate Fund

Financial Highlights

(Unaudited)

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(c)			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 02/28/21		$	6.61		$	0.17		$	0.29			$	0.46			$	(0.18	)		$	6.89		7.06	%		$	1,631,393		1.09	%(e)		1.16	%(e)		1.00	%(e)		5.02	%(e)		42	%
Year ended 08/31/20			7.63			0.32			(1.02	)			(0.70	)			(0.32	)			6.61		(9.23	)			1,586,129		1.13			1.16			1.02			4.59			53
One month ended 08/31/19			7.77			0.03			(0.14	)			(0.11	)			(0.03	)			7.63		(1.37	)			2,962,352		1.11	(f)		1.12	(f)		1.01	(f)		5.25	(f)		1
Year ended 07/31/19			8.13			0.41			(0.37	)			0.04				(0.40	)			7.77		0.58				3,104,336		1.10			1.10			1.00			5.12			25
Year ended 07/31/18			8.15			0.37			(0.05	)			0.32				(0.34	)			8.13		3.96				3,899,006		1.11			1.12			0.99			4.53			66
Year ended 07/31/17			7.85			0.37			0.27				0.64				(0.34	)			8.15		8.30				4,030,774		1.11			1.12			0.97			4.63			77
Year ended 07/31/16			8.08			0.37			(0.21	)			0.16				(0.39	)			7.85		2.12				3,883,693		1.11			1.11			0.97			4.83			28
Class C
Six months ended 02/28/21			6.62			0.14			0.29				0.43				(0.16	)			6.89		6.49				480,127		1.84	(e)		1.91	(e)		1.75	(e)		4.27	(e)		42
Year ended 08/31/20			7.64			0.27			(1.02	)			(0.75	)			(0.27	)			6.62		(9.90	)			733,122		1.88			1.91			1.77			3.84			53
One month ended 08/31/19			7.78			0.03			(0.14	)			(0.11	)			(0.03	)			7.64		(1.43	)			1,640,440		1.86	(f)		1.87	(f)		1.76	(f)		4.50	(f)		1
Year ended 07/31/19			8.14			0.35			(0.36	)			(0.01	)			(0.35	)			7.78		(0.17	)			1,734,118		1.85			1.85			1.75			4.37			25
Year ended 07/31/18			8.16			0.31			(0.06	)			0.25				(0.27	)			8.14		3.18				2,497,209		1.86			1.87			1.74			3.78			66
Year ended 07/31/17			7.86			0.32			0.26				0.58				(0.28	)			8.16		7.48				2,809,704		1.86			1.87			1.72			3.89			77
Year ended 07/31/16			8.09			0.32			(0.22	)			0.10				(0.33	)			7.86		1.37				2,833,205		1.86			1.86			1.72			4.09			28
Class R
Six months ended 02/28/21			6.61			0.16			0.28				0.44				(0.17	)			6.88		6.77				57,116		1.34	(e)		1.41	(e)		1.25	(e)		4.77	(e)		42
Year ended 08/31/20			7.62			0.31			(1.01	)			(0.70	)			(0.31	)			6.61		(9.34	)			59,212		1.38			1.41			1.27			4.34			53
One month ended 08/31/19			7.76			0.03			(0.14	)			(0.11	)			(0.03	)			7.62		(1.39	)			87,586		1.36	(f)		1.37	(f)		1.26	(f)		5.00	(f)		1
Year ended 07/31/19			8.13			0.39			(0.38	)			0.01				(0.38	)			7.76		0.20				91,419		1.35			1.35			1.25			4.87			25
Year ended 07/31/18			8.14			0.35			(0.04	)			0.31				(0.32	)			8.13		3.82				88,230		1.36			1.37			1.24			4.29			66
Year ended 07/31/17			7.85			0.35			0.26				0.61			��	(0.32	)			8.14		7.90				65,597		1.36			1.37			1.22			4.34			77
Year ended 07/31/16			8.08			0.36			(0.22	)			0.14				(0.37	)			7.85		1.87				42,546		1.37			1.37			1.23			4.63			28
Class Y
Six months ended 02/28/21			6.60			0.18			0.28				0.46				(0.19	)			6.87		7.04				1,199,549		0.84	(e)		0.91	(e)		0.75	(e)		5.27	(e)		42
Year ended 08/31/20			7.61			0.35			(1.02	)			(0.67	)			(0.34	)			6.60		(8.90	)			1,571,552		0.88			0.91			0.77			4.84			53
One month ended 08/31/19			7.75			0.04			(0.14	)			(0.10	)			(0.04	)			7.61		(1.35	)			4,734,607		0.86	(f)		0.87	(f)		0.76	(f)		5.50	(f)		1
Year ended 07/31/19			8.11			0.43			(0.37	)			0.06				(0.42	)			7.75		0.82				5,266,308		0.85			0.85			0.75			5.37			25
Year ended 07/31/18			8.13			0.39			(0.05	)			0.34				(0.36	)			8.11		4.21				7,495,276		0.86			0.87			0.74			4.78			66
Year ended 07/31/17			7.83			0.39			0.27				0.66				(0.36	)			8.13		8.58				6,715,590		0.86			0.87			0.72			4.82			77
Year ended 07/31/16			8.07			0.39			(0.23	)			0.16				(0.40	)			7.83		2.24				4,102,232		0.87			0.87			0.73			5.06			28
Class R5
Six months ended 02/28/21			6.62			0.18			0.28				0.46				(0.19	)			6.89		7.02				9		0.78	(e)		0.80	(e)		0.69	(e)		5.33	(e)		42
Year ended 08/31/20			7.63			0.34			(1.00	)			(0.66	)			(0.35	)			6.62		(8.80	)			8		0.80			0.80			0.69			4.92			53
One month ended 08/31/19			7.77			0.04			(0.14	)			(0.10	)			(0.04	)			7.63		(1.34	)			10		0.80	(f)		0.82	(f)		0.71	(f)		5.55	(f)		1
Period ended 07/31/19(g)			7.87			0.08			(0.10	)			(0.02	)			(0.08	)			7.77		(0.28	)			10		0.77	(f)		0.77	(f)		0.67	(f)		5.45	(f)		25
Class R6
Six months ended 02/28/21			6.60			0.18			0.28				0.46				(0.19	)			6.87		7.10				158,954		0.73	(e)		0.80	(e)		0.64	(e)		5.38	(e)		42
Year ended 08/31/20			7.61			0.36			(1.02	)			(0.66	)			(0.35	)			6.60		(8.80	)			194,825		0.77			0.79			0.66			4.95			53
One month ended 08/31/19			7.75			0.04			(0.14	)			(0.10	)			(0.04	)			7.61		(1.34	)			997,162		0.75	(f)		0.76	(f)		0.65	(f)		5.61	(f)		1
Year ended 07/31/19			8.11			0.43			(0.36	)			0.07				(0.43	)			7.75		0.93				1,056,032		0.74			0.74			0.64			5.48			25
Year ended 07/31/18			8.13			0.40			(0.06	)			0.34				(0.36	)			8.11		4.31				1,373,036		0.77			0.78			0.65			4.88			66
Year ended 07/31/17			7.83			0.40			0.27				0.67				(0.37	)			8.13		8.65				1,100,191		0.79			0.80			0.65			4.91			77
Year ended 07/31/16			8.06			0.40			(0.22	)			0.18				(0.41	)			7.83		2.44				915,631		0.80			0.80			0.66			5.15			28

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^(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 0.00%, 0.00%, 0.01%, 0.01% and 0.00% for the one month ended August 31, 2019 and the years ended July 31, 2019, 2018, 2017 and 2016, 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 $1,577,369, $623,897, $58,527, $1,330,505, $9 and $174,525 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

25 Invesco Senior Floating Rate Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Senior 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

26 Invesco Senior Floating Rate Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. 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 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. 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.

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 the 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

27 Invesco Senior Floating Rate Fund

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

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

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

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

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

L. 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.

M. 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.

N. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

O. 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”.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

P. 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 common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

28 Invesco Senior Floating Rate Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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
Up to $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $4.2 billion		0.600	%
Next $5 billion		0.580	%
Next $10 billion		0.560	%
Over $20 billion		0.550	%

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.61%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the 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 1.00%, 1.75%, 1.25%, 0.75%, 0.69% and 0.64%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least December 31, 2021, the Adviser has agreed to limit expenses for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.00%, 1.75%, 1.25%, 0.75%, 0.75% and 0.75% respectively, of the Fund’s 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 waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expenses 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 December 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2021, the Adviser waived advisory fees of $102,316 and reimbursed class level expenses of $453,629, $186,447, $17,437, $397,656, $1 and $56,801 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, 2021, 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 custodian and 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, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $22,039 in front-end sales commissions from the sale of Class A shares and $3,961 and $10,416 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.

29 Invesco Senior Floating Rate Fund

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended February 28, 2021, there were transfers from Level 3 to Level 2 of $116,963,506, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $35,949,646, 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	$	–	$	2,950,446,436		$	207,489,195	$	3,157,935,631
U.S. Dollar Denominated Bonds & Notes		–		156,191,761			–		156,191,761
Common Stocks & Other Equity Interests		30,694,863		67,121,544			26,113,079		123,929,486
Non-U.S. Dollar Denominated Bonds & Notes		–		37,430,631			–		37,430,631
Preferred Stocks		2,926,555		10,160,900			10,222,290		23,309,745
Asset-Backed Securities		–		20,766,552			–		20,766,552
Money Market Funds		195,484,087		–			–		195,484,087
Total Investments in Securities		229,105,505		3,242,117,824			243,824,564		3,715,047,893
Other Investments - Assets*
Investments Matured		–		7,811,745			–		7,811,745
Forward Foreign Currency Contracts		–		1,439,728			–		1,439,728
		–		9,251,473			–		9,251,473
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(1,442,374	)		–		(1,442,374	)
Total Other Investments		–		7,809,099			–		7,809,099
Total Investments	$	229,105,505	$	3,249,926,923		$	243,824,564	$	3,722,856,992

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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, 2021:

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3			Transfers out of Level 3				Value February 28, 2021
Variable Rate Senior Loan Interests		$	314,795,673		$	111,121,981		$	(102,711,684	)		$	495,506		$	(11,725,334	)		$	12,476,559			$	-		$	(116,963,506	)		$	207,489,195
Common Stocks & Other Equity Interests			1,356,260			-			-				-			(187,545,418	)			186,574,881				25,727,356			-				26,113,079
Preferred Stocks			-			-			(714,970	)			-			714,970				-				10,222,290			-				10,222,290
Investments Matured			5,047,489			-			(5,369,669	)			-			375,877				(53,697	)			-			-				-
Total		$	321,199,422		$	111,121,981		$	(108,796,323	)		$	495,506		$	(198,179,907	)		$	198,997,743			$	35,949,646		$	(116,963,506	)		$	243,824,564

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.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 02/28/21		Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
Western Express, Inc., Second Lien Term Loan	$	87,768,221	Discounted Cash Flow Model	Illiquidity Premium Implied Rating	N/A N/A	3.69% B+	(a)

^(a)  The Fund fair values certain corporate loans using a discounted cash flow model which incorporates the company’s earnings before interest, taxes, depreciation, and amortization and leverage to determine an implied rating. The yield to maturity on other issues with similar leverage and rating is used as a basis for the discount rate, with an additional illiquidity premium applied. The illiquidity premium was determined based on the implied discount rate at origination. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. Such security’s fair valuation could increase (decrease) significantly based on a decrease (increase) in the illiquidity premium. Such security’s fair valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.

30 Invesco Senior Floating Rate Fund

NOTE 4–Derivative Investments

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

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

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, 2021:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,439,728
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	1,439,728
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(1,442,374	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(1,442,374	)

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, 2021.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Foreign Forward Currency Contracts		Foreign Forward Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
Barclays Bank PLC		$               -		$(342,839	)		(342,839	)		$-		$-		$(342,839	)
BNP Paribas S.A.		237,589		(101,592	)		135,997			-		-		135,997
Canadian Imperial Bank of Commerce		185,695		(187,257	)		(1,562	)		-		-		(1,562	)
Goldman Sachs International		5,267		-			5,267			-		-		5,267
Morgan Stanley Capital Services LLC		281,569		(608,535	)		(326,966	)		-		-		(326,966	)
Royal Bank of Canada		127,503		(1,913	)		125,590			-		-		125,590
State Street Bank & Trust Co.		391,407		(187,996	)		203,411			-		-		203,411
UBS AG		210,698		(12,242	)		198,456			-		-		198,456
Total		$1,439,728		$(1,442,374	)		$    (2,646	)		$-		$-		$  (2,646	)

Effect of Derivative Investments for the six months ended February 28, 2021

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		$(1,345,595	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(2,646	)
Total		$(1,348,241	)

The table below summarizes the average notional value of derivatives held during the period.

	Forward Foreign Currency Contracts
Average notional value		$262,756,950

31 Invesco Senior Floating Rate Fund

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,369.

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

Effective February 19, 2021, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $900 million, collectively by certain Funds, and which will expire on February 18, 2022. Prior to February 19, 2021, the credit agreement permitted borrowings up to $1.5 billion. The credit agreement is secured by the assets of the Fund. During the six months ended February 28, 2021, the Fund did not borrow under the credit agreement.

Additionally, 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.

The Fund is subject to certain covenants relating to the credit agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the credit agreement.

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

		Principal
Borrower	Type	Amount		Value
Fieldwood Energy LLC	DIP Delayed Draw Term Loan	$	11,349,139	$	11,349,139
Hillman Group, Inc. (The)	Delayed Draw Term Loan		569,255		569,255
Kantar	Revolver Loan		10,024,024		9,121,862
LBM Holdings LLC	Delayed Draw Term Loan		859,855		859,855
McDermott International Ltd.	LOC		15,080,490		13,647,844
Peraton Corp.	Delayed Draw Term Loan		17,432,877		17,432,877
Precision Medicine Group LLC	Delay Draw Term Loan		1,040,532		1,040,532
Southcross Energy Partners L.P.	Revolver Loan		3,129,190		3,050,960
Washington Prime Group L.P.	Revolver Loan		5,805,642		5,370,219
				$	62,442,543

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, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$131,622,839	$1,697,927,204		$1,829,550,043

* Capital loss carryforward 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.

32 Invesco Senior Floating Rate 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, 2021 was $1,554,584,562 and $2,308,958,019, 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	$	143,190,131
Aggregate unrealized (depreciation) of investments		(388,326,612	)
Net unrealized appreciation (depreciation) of investments	$	(245,136,481	)

Cost of investments for tax purposes is $3,967,993,473.

NOTE 11–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, 2021, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

	Principal
Selling Participant	Amount		Value
Barclays Bank PLC	$	15,080,490	$	13,647,844

NOTE 12–Dividends

The Fund declared the following dividends from net investment income subsequent to February 28, 2021:

		Amount Per Share
Share Class	Record Date	Payable March 31, 2021
Class A	Daily	0.0193
Class C	Daily	0.0149
Class R	Daily	0.0178
Class Y	Daily	0.0207
Class R5	Daily	0.0212
Class R6	Daily	0.0213

NOTE 13–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		7,964,440		$	54,076,133			23,586,023		$	166,922,594
Class C		1,773,781			12,003,947			4,863,567			34,920,577
Class R		582,406			3,936,428			1,343,342			9,464,339
Class Y		22,400,001			151,884,343			80,890,310			570,015,544
Class R6		2,730,794			18,530,838			13,478,754			97,003,321
Issued as reinvestment of dividends:
Class A		4,353,619			29,446,899			9,330,334			65,191,356
Class C		1,454,135			9,825,858			4,295,010			30,113,061
Class R		213,156			1,440,715			436,338			3,035,189
Class Y		3,560,271			23,980,697			12,977,643			91,637,598
Class R6		507,777			3,418,129			2,512,537			17,877,709
Automatic conversion of Class C shares to Class A shares:
Class A		26,448,876			179,492,486			31,063,712			218,481,091
Class C		(26,415,706	)		(179,492,486	)		(31,019,788	)		(218,481,091	)

33 Invesco Senior Floating Rate Fund

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(41,780,831	)	$	(281,677,428	)		(212,612,017	)	$	(1,518,358,695	)
Class C		(17,935,958	)		(120,881,421	)		(82,229,678	)		(582,146,817	)
Class R		(1,458,489	)		(9,868,801	)		(4,309,626	)		(29,891,539	)
Class Y		(89,611,608	)		(601,356,534	)		(477,803,605	)		(3,387,930,502	)
Class R6		(9,640,324	)		(64,900,207	)		(117,501,160	)		(838,307,655	)
Net increase (decrease) in share activity		(114,853,660	)	$	(770,140,404	)		(740,698,304	)	$	(5,270,453,920	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 14–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 15–Subsequent Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would acquire all of the assets and liabilities of Invesco Senior Floating Rate Plus Fund (the “Target Fund”) in exchange for shares of the Fund.

The reorganization was consummated on April 23, 2021. Upon closing of the reorganization, shareholders of the Target Fund received shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund liquidated and ceased operations.

34 Invesco Senior 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, 2020 through February 28, 2021.

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.

						HYPOTHETICAL
						(5% annual return before
			ACTUAL			expenses)
	Beginning     Account Value     (09/01/20)		Ending     Account Value     (02/28/21)1		Expenses     Paid During     Period2, 3	Ending     Account Value     (02/28/21)		Expenses     Paid During     Period2, 4	Annualized     Expense     Ratio
Class A		$1,000.00		$1,070.60	$5.60		$1,019.39	$5.46	1.09%
Class C		1,000.00		1,064.90	9.42		1,015.67	9.20	1.84
Class R		1,000.00		1,067.70	6.87		1,018.15	6.71	1.34
Class Y		1,000.00		1,070.40	4.31		1,020.63	4.21	0.84
Class R5		1,000.00		1,070.20	4.00		1,020.93	3.91	0.78
Class R6		1,000.00		1,071.00	3.75		1,021.17	3.66	0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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. Effective June 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class R5 and Class R6 shares to 0.75% and 0.75% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are to 0.79% and 0.79% for of Class R5 and Class R6 shares, respectively

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.06 and $4.06 for of Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $3.96 and $3.96 for Class R5 and Class R6 shares, respectively.

35 Invesco Senior Floating Rate Fund

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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/corporate/about-us/esg. 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. This 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. O-SFLR-SAR-1

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Senior Floating Rate Plus Fund
	Nasdaq: A: OSFAX  ∎ C: OSFCX  ∎ R: SFRPX  ∎ Y: OSFYX  ∎ R5: SFPPX  ∎ R6: OSFIX

2	Fund Performance
4	Schedule of Investments
21	Financial Statements
24	Financial Highlights
25	Notes to Financial Statements
33	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, 8/31/20 to 2/28/21, 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	6.67%
Class C Shares	6.06
Class R Shares	6.54
Class Y Shares	6.79
Class R5 Shares	6.81
Class R6 Shares	6.80
Custom Invesco Senior Floating Rate Plus Index▼	6.34
JP Morgan Leveraged Loan Index∎	6.34
Source(s): ▼Invesco, Bloomberg L.P.; ∎Bloomberg L.P.
The Custom Invesco Senior Floating Rate Index is composed of the Credit Suisse Leveraged Loan Index through September 30, 2014, and the JP Morgan Leveraged Loan Index from October 1, 2014 to present. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US-dollar-denominated, noninvestment-grade loans.
The JP Morgan Leveraged Loan Index tracks the performance of US dollar-denominated senior floating rate bank loans.
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 Senior Floating Rate Plus Fund

Average Annual Total Returns
As of 2/28/21, including maximum  applicable sales charges
Class A Shares
Inception (8/23/13)	1.60	%
5 Years	3.06
1 Year	-2.56
Class C Shares
Inception (8/23/13)	1.20	%
5 Years	2.85
1 Year	-1.27
Class R Shares
Inception	1.77	%
5 Years	3.45
1 Year	0.47
Class Y Shares
Inception (8/23/13)	2.33	%
5 Years	4.01
1 Year	1.10
Class R5 Shares
Inception	2.09	%
5 Years	3.80
1 Year	0.85
Class R6 Shares
Inception (8/23/13)	2.41	%
5 Years	4.10
1 Year	0.88

Effective May 24, 2019, Class A, Class C, Class Y and Class I shares of the Oppenheimer Senior Floating Rate Plus Fund, (the predecessor fund), were reorganized into Class A, Class C, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Senior Floating Rate Plus Fund. The Fund was subsequently renamed the Invesco Senior Floating Rate Plus Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class Y and Class R6 shares are those for Class A, Class C, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value restated to reflect the higher 12b-1 fees applicable to Class R shares.

    Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    Class A share performance reflects the maximum 3.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

3 Invesco Senior Floating Rate Plus Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Variable Rate Senior Loan Interests–91.32%(b)(c)
Aerospace & Defense–3.68%
Atlantic Aviation FBO, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		3.87%		12/06/2025		$	81	$    81,119
CEP IV Investment 16 S.a.r.L (ADB Safegate) (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)		3.50%		10/03/2024	EUR		11	13,173
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			149	144,772
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.75%		04/08/2026			80	77,834
Maxar Technologies Ltd. (Canada), Term Loan B (1 mo. USD LIBOR + 2.75%)		2.87%		10/04/2024			269	266,916
PAE Holdings Corp., Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/13/2027			57	57,141
Peraton Corp.
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)(d)		4.50%		02/01/2028			207	206,807
Term Loan B (1 mo. USD LIBOR + 3.75%)		4.50%		02/01/2028			117	117,510
Spirit Aerosystems, Inc., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		01/15/2025			70	70,828
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)		2.36%		05/30/2025			210	207,683
Term Loan F (1 mo. USD LIBOR + 2.25%)		2.36%		12/09/2025			247	244,253
Term Loan G (1 mo. USD LIBOR + 2.25%)		2.36%		08/22/2024			57	56,446
								1,544,482
Air Transport–3.29%
Avolon TLB Borrower 1 (US) LLC
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		2.50%		01/15/2025			24	24,214
Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		2.25%		02/10/2027			248	246,618
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)		3.25%		12/01/2027			75	75,206
Delta Air Lines, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		5.75%		05/01/2023			329	332,287
JetBlue Airways Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.25%		07/01/2024			59	60,597
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		06/21/2027			218	233,391
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		10/01/2027			263	278,963
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/01/2024			64	62,790
WestJet Airlines Ltd. (Canada), Term Loan B (3 mo. USD LIBOR + 3.00%)		4.00%		12/11/2026			70	67,490
								1,381,556
Automotive–3.97%
Ford Motor Co., Delayed Draw Term Loan (3 mo. USD LIBOR + 1.25%)		1.87%		12/31/2022			196	190,717
Garrett Borrowing LLC
DIP Term Loan (1 mo. USD LIBOR + 4.50%)(e)(f)		5.50%		03/31/2021			92	92,552
Term Loan A (3 mo. EURIBOR + 2.75%)(e)		2.75%		09/27/2023	EUR		50	60,041
Term Loan B (3 mo. EURIBOR + 3.75%)(e)		3.75%		09/27/2025	EUR		6	7,116
Term Loan B (1 mo. USD LIBOR + 3.50%)(e)		5.75%		09/27/2025			180	180,019
Goodyear Tire & Rubber Co. (The), Second Lien Term Loan (3 mo. USD LIBOR + 2.00%)		2.13%		03/03/2025			83	81,760
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		10/28/2027			113	113,989
Les Schwab Tire Centers, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/26/2027			145	146,015
Mavis Tire Express Services Corp., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		03/20/2025			51	50,868
Navistar, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		3.62%		11/06/2024			177	177,378
Panther BF Aggregator 2 L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		04/30/2026			134	134,191
Project Boost Purchaser LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		06/01/2026			26	25,967
Term Loan C (1 mo. USD LIBOR + 4.25%)		5.00%		06/01/2026			19	18,997
Superior Industries International, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/22/2024			67	66,941
Tenneco, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%)		3.11%		10/01/2025			107	105,572
TI Group Automotive Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		4.00%		12/31/2024			2	1,765
Truck Hero, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/20/2028			51	51,146
Visteon Corp., Term Loan (3 mo. USD LIBOR + 1.75%)		1.94%		03/25/2024			21	20,725
Wand NewCo 3, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		3.11%		02/05/2026			9	9,256

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

4 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Automotive–(continued)
Winter Park Intermediate, Inc., First Lien Term Loan		6.25%		11/06/2027		$	132	$     131,656
								1,666,671
Beverage & Tobacco–0.47%
AI Aqua Merger Sub, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		12/13/2023			173	172,893
First Lien Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		12/13/2023			5	5,554
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2024			20	18,846
								197,293
Building & Development–1.65%
ACProducts, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		08/18/2025			64	65,554
American Residential Services LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		10/07/2027			21	20,928
Apcoa Parking Holdings GmbH (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		3.75%		03/20/2024	EUR		32	36,246
Brookfield Retail Holdings VII Sub 3 LLC
Term Loan A-2 (3 mo. USD LIBOR + 3.00%)		3.11%		08/28/2023			2	1,511
Term Loan B (3 mo. USD LIBOR + 2.50%)		2.61%		08/27/2025			14	13,268
DiversiTech Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.00%		06/03/2024			38	38,502
Forterra Finance LLC, Second Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		10/25/2023			30	30,626
LBM Holdings LLC
Delayed Draw Term Loan (1 mo. USD LIBOR + 3.75%)(d)		4.50%		12/08/2027			9	9,213
Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/08/2027			41	41,458
Quikrete Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		2.61%		02/01/2027			198	197,544
Realogy Group LLC, Term Loan (3 mo. USD LIBOR + 2.25%)		3.00%		02/08/2025			7	7,196
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		05/29/2026			8	8,400
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		07/24/2024			58	57,904
White Cap Buyer LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		4.50%		10/31/2027			162	162,982
								691,332
Business Equipment & Services–7.99%
Adevinta ASA (Norway), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		10/22/2027			25	25,626
Asurion LLC, Term Loan B-8 (1 mo. USD LIBOR + 3.25%)		3.36%		12/31/2026			37	37,129
AVS Group GmbH (Germany), Term Loan B-2(g)		-		09/10/2026	EUR		15	18,149
Blucora, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		05/22/2024			32	32,476
Camelot Finance L.P., Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		10/30/2026			109	109,453
Cast & Crew Payroll LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.86%		02/09/2026			60	60,004
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		3.50%		03/01/2024			112	111,897
Checkout Holding Corp.
PIK Term Loan, 9.50% PIK Rate, 2.00% Cash Rate
(Acquired 02/15/2019-02/26/2021; Cost $104,892)(h)(i)		9.50%		08/15/2023			118	42,100
Term Loan (3 mo. USD LIBOR + 7.50%)
(Acquired 02/15/2019-11/12/2020; Cost $146,645)(i)		8.50%		02/15/2023			157	136,274
Ciox, Term Loan (1 mo. USD LIBOR + 5.00%)		6.00%		12/16/2025			69	69,890
Constant Contact, Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(f)		7.62%		02/15/2029			59	58,066
Crossmark Holdings, Inc., Term Loan (3 mo. USD LIBOR + 10.00%)
(Acquired 07/26/2019-01/06/2021; Cost $41,768)(i)		11.00%		07/26/2023			42	41,276
Dakota Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		4.75%		04/09/2027			206	207,518
Second Lien Term Loan B (1 mo. USD LIBOR + 8.00%)(f)		9.00%		03/06/2028			69	70,209
Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		03/05/2027	EUR		13	15,471
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)		3.36%		02/06/2026			15	15,158
Garda World Security Corp. (Canada), Term Loan (1 mo. USD LIBOR + 4.75%)		4.99%		10/30/2026			13	12,806
GI Revelation Acquisition LLC, First Lien Term Loan (3 mo. USD LIBOR + 5.00%)		5.11%		04/16/2025			81	80,287
GlobalLogic Holdings, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		4.50%		09/14/2027			48	48,049
Hillman Group, Inc. (The)
Delayed Draw Term Loan(d)		0.00%		02/23/2028			14	13,505
Term Loan B-1(g)		-		02/23/2028			33	33,257
Term Loan B-2(g)		-		02/23/2028			5	5,100

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

5 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Business Equipment & Services–(continued)
I-Logic Technologies Bidco Ltd. (United Kingdom)
First Lien Term Loan B (3 mo. EURIBOR + 4.00%)		5.25%		10/31/2027	EUR		11	$    13,471
First Lien Term Loan B (1 mo. USD LIBOR + 4.00%)		4.50%		02/04/2028		$	45	45,502
INDIGOCYAN Midco Ltd. (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		4.81%		06/23/2024	GBP		35	46,376
iQor US, Inc.
Term Loan(g)		-		12/10/2020			4	4,099
Term Loan(g)		-		11/20/2024			106	106,664
Term Loan(g)		-		11/20/2025			168	161,941
KAR Auction Services, Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.25%)		2.38%		09/15/2026			101	99,640
Karman Buyer Corp., Term Loan B (1 mo. USD LIBOR + 5.25%)		6.00%		10/31/2027			95	95,265
KBR, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		2.86%		02/05/2027			16	15,646
Monitronics International, Inc., First Lien Term Loan (1 mo. USD LIBOR + 6.50%)		7.75%		03/29/2024			323	306,515
NielsenIQ, Inc.
Term Loan B (1 mo. USD LIBOR + 4.00%)		5.25%		02/05/2028			91	90,827
Term Loan B (3 mo. EURIBOR + 4.00%)		5.25%		02/05/2028	EUR		27	32,791
OCM System One Buyer CTB LLC, Term Loan B (1 mo. USD LIBOR + 4.50%)(f)		5.25%		02/28/2028			47	47,655
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		1.86%		11/18/2026			21	20,389
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		3.50%		09/23/2026			87	87,509
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. USD LIBOR + 2.50%)		2.61%		11/08/2024			135	133,194
Solera LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		2.86%		03/03/2023			85	84,521
Spin Holdco, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 3.25%)		4.25%		11/14/2022			264	264,354
Sportradar Capital (Switzerland), Term Loan (3 mo. EURIBOR + 4.25%)		4.25%		11/22/2027	EUR		17	21,073
Tech Data Corp., Term Loan (1 mo. USD LIBOR + 3.50%)		3.61%		06/30/2025			30	30,312
Ventia Deco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		05/21/2026			160	160,862
Verra Mobility Corp., Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		3.36%		02/28/2025			184	184,752
Virtusa Corp., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%		12/09/2027			41	41,304
Wash MultiFamily Acquisition, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022			15	14,815
First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		05/16/2022			2	2,296
								3,355,473
Cable & Satellite Television–6.71%
Altice Financing S.A. (Luxembourg)
Term Loan (3 mo. USD LIBOR + 2.75%)		2.86%		07/15/2025			292	289,717
Term Loan (3 mo. USD LIBOR + 2.75%)		2.86%		01/31/2026			154	153,354
Atlantic Broadband Finance LLC, Term Loan B (1 mo. USD LIBOR + 2.00%)		2.11%		01/03/2025			155	154,910
CSC Holdings LLC
Incremental Term Loan (3 mo. USD LIBOR + 2.25%)		2.36%		01/15/2026			128	127,195
Term Loan (3 mo. USD LIBOR + 2.25%)		2.36%		07/17/2025			232	231,152
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		4.20%		08/14/2026			178	179,051
Term Loan B-11 (3 mo. USD LIBOR + 2.75%)		2.86%		07/31/2025			47	46,374
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		3.80%		01/31/2026			342	342,004
Telenet Financing USD LLC, Term Loan AR (6 mo. USD LIBOR + 2.00%)		2.11%		04/15/2028			171	170,122
UPC Financing Partnership
Term Loan AT (1 mo. USD LIBOR + 2.25%)		2.36%		04/30/2028			33	33,076
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2029			110	109,957
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2029			109	109,957
Virgin Media Bristol LLC (United Kingdom)
Term Loan (1 mo. USD LIBOR + 3.25%)		3.25%		01/15/2029			138	138,132
Term Loan N (1 mo. USD LIBOR + 2.50%)		2.61%		01/31/2028			355	354,575
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)		2.61%		04/15/2028			378	376,851
								2,816,427
Chemicals & Plastics–4.92%
Aruba Investments, Inc.
First Lien Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		10/28/2027	EUR		16	19,757
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		11/24/2027			46	46,297
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		11/24/2028			61	61,358

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

6 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal Amount (000)(a)		Value
Chemicals & Plastics–(continued)
Ascend Performance Materials Operations LLC, Term Loan		5.50%		08/27/2026		$	1	$    1,138
BASF Construction Chemicals (Germany), Term Loan (3 mo. EURIBOR +  4.50%)		4.50%		08/07/2027	EUR		11	13,804
BCPE Max Dutch Bidco B.V. (Netherlands), Term Loan B (3 mo. EURIBOR  + 4.25%)		5.25%		10/31/2025	EUR		9	11,243
Charter NEX US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		5.00%		12/01/2027			53	53,657
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/21/2023			133	129,813
PIK First Lien Term Loan C, 0.75% PIK Rate, 5.25% Cash Rate(h)		0.75%		09/21/2023			19	18,292
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 5.25% Cash Rate(h)		5.25%		09/05/2022			2	1,412
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		03/16/2025			13	12,845
Emerald Performance Materials LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		5.00%		08/11/2025			17	17,162
Encapsys LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		4.25%		11/07/2024			1	580
Ferro Corp.
Term Loan B-1 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			1	1,228
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			6	5,705
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.50%		02/14/2024			6	5,584
Fusion, Term Loan(f)(g)		-		01/07/2026			63	62,131
Gemini HDPE LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		3.50%		12/11/2027			217	216,946
H.B. Fuller Co., Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		10/20/2024			14	14,377
Hexion International Holdings B.V. (Netherlands), Term Loan B (3 mo. USD  LIBOR + 3.50%)		3.74%		07/01/2026			61	61,090
ICP Group Holdings LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/14/2028			49	49,171
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		8.50%		01/14/2029			10	10,604
Ineos Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.75%)		5.25%		01/21/2026			141	142,340
Ineos US Finance LLC, Term Loan (3 mo. USD LIBOR + 2.00%)		2.11%		03/31/2024			103	102,173
Invictus US NewCo LLC
First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		03/28/2025			102	102,275
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		6.86%		03/30/2026			27	26,673
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		11/30/2027	EUR		14	16,505
Lummus Technology, Term Loan (1 mo. USD LIBOR + 4.00%)		3.61%		06/30/2027			97	97,699
Messer Industries USA, Inc., Term Loan B-1 (3 mo. USD LIBOR + 2.50%)		2.75%		03/02/2026			145	144,762
Momentive Performance Materials USA, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		3.37%		05/15/2024			74	73,201
Oxea Corp.
Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		10/11/2024	EUR		9	10,977
Term Loan B-2 (3 mo. USD LIBOR + 3.50%)		3.63%		10/14/2024			84	83,792
Potters Industries LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(f)		4.75%		11/19/2027			80	80,688
PQ Corp., Term Loan B (1 mo. USD LIBOR + 3.00%)		4.00%		02/07/2027			61	61,879
Proampac PG Borrower LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		5.00%		11/03/2025			75	75,253
Starfruit US Holdco LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		10/01/2025			228	227,760
Tronox Finance LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		3.25%		09/23/2024			4	3,648
								2,063,819
Clothing & Textiles–0.62%
ABG Intermediate Holdings 2 LLC, Incremental Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		09/29/2024			10	10,446
Gloves Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		01/20/2028			22	21,633
Mascot Bidco Oy (Finland), Term Loan B (3 mo. EURIBOR + 4.50%)		4.50%		03/30/2026	EUR		13	15,525
New Trojan Parent, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		3.75%		02/01/2028			19	19,397
Tumi, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		04/25/2025			191	192,734
								259,735
Conglomerates–0.53%
APi Group DE, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		10/01/2026			35	35,088
Term Loan (1 mo. USD LIBOR + 2.50%)		2.61%		09/30/2026			49	49,170
Gates Global LLC, Term Loan B-2 (3 mo. USD LIBOR + 2.75%)		3.75%		04/01/2024			75	74,634
Safe Fleet Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		02/03/2025			64	63,262
								222,154
Containers & Glass Products–2.09%
Berlin Packaging LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		3.13%		11/07/2025			112	111,216

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

7 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal Amount (000)(a)		Value
Containers & Glass Products–(continued)
Consolidated Container Co. LLC
First Lien Term Loan(g)		-		05/22/2024		$	36	$     36,160
Term Loan B (1 mo. USD LIBOR + 2.75%)		3.25%		01/29/2028			74	73,644
Flex Acquisition Co., Inc., Incremental Term Loan B (3 mo. USD LIBOR + 3.00%)		3.24%		06/29/2025			15	14,992
Fort Dearborn Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/19/2023			84	84,016
Graham Packaging Co., Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		3.75%		07/29/2027			25	25,429
Hoffmaster Group, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 4.00%)		5.00%		11/21/2023			151	139,158
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%)		5.25%		10/31/2023	EUR		17	20,694
Klockner Pentaplast of America, Inc.
Term Loan B (3 mo. EURIBOR + 4.75%)		4.75%		03/01/2026	EUR		23	27,168
Term Loan B (1 mo. USD LIBOR + 4.75%)		5.25%		03/01/2026			24	24,407
Libbey Glass, Inc., Term Loan (1 mo. USD LIBOR + 8.00%)
(Acquired 11/13/2020; Cost $33,505)(i)		9.00%		11/12/2025			37	36,748
Pretium PKG Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/14/2027			61	61,441
Refresco Group N.V. (Netherlands), Term Loan B-3 (3 mo. USD LIBOR + 3.25%)		3.45%		03/28/2025			68	68,244
Reynolds Consumer Products LLC, Term Loan B (1 mo. USD LIBOR + 1.75%)		1.86%		01/29/2027			79	79,085
Reynolds Group Holdings, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		02/05/2023			27	26,833
Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		3.36%		02/16/2026			33	33,038
Trident TPI Holdings, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		4.00%		10/17/2024			15	15,324
								877,597
Cosmetics & Toiletries–1.24%
Alphabet Holding Co., Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		09/26/2024			55	54,923
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		7.86%		09/26/2025			66	65,799
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		04/05/2025			252	244,268
Domtar Personal Care, Term Loan B(f)(g)		-		03/01/2028			62	62,660
KDC/One (Canada), Term Loan (3 mo. EURIBOR + 5.00%)		5.00%		12/22/2025	EUR		5	6,127
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		06/30/2024			87	86,798
								520,575
Drugs–1.11%
Bausch Health Americas, Inc. (Canada)
First Lien Incremental Term Loan (3 mo. USD LIBOR + 2.75%)		2.86%		11/27/2025			14	14,236
Term Loan (3 mo. USD LIBOR + 3.00%)		3.11%		06/02/2025			125	125,573
Endo LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.00%		04/29/2024			80	79,722
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		2.09%		11/15/2027			31	30,905
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		2.75%		01/06/2028			216	216,901
								467,337
Ecological Services & Equipment–0.35%
GFL Environmental, Inc. (Canada), Incremental Term Loan (1 mo. USD LIBOR  + 3.00%)		3.50%		05/30/2025			42	42,399
Patriot Container Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		03/20/2025			41	40,943
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)(f)		9.25%		11/02/2028			60	62,185
								145,527
Electronics & Electrical–11.01%
Barracuda Networks, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		02/12/2025			6	6,038
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/30/2028			8	8,507
Boxer Parent Co., Inc., Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		10/02/2025	EUR		14	16,449
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		04/18/2025			76	76,128
Cambium Learning Group, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.75%		12/18/2025			40	40,512
CDK International (Concorde Lux) (Luxembourg), Term Loan B (3 mo.  EURIBOR + 4.00%)		5.25%		02/19/2028	EUR		12	14,333
Clodera, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)(f)		3.25%		12/20/2027			36	35,846
CommerceHub, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		01/01/2028			52	51,885
CommScope, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		04/06/2026			99	99,086
Cornerstone OnDemand, Inc., Term Loan (1 mo. USD LIBOR + 4.25%)		4.36%		04/22/2027			41	41,058

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

8 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal Amount (000)(a)		Value
Electronics & Electrical–(continued)
Delta Topco, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		12/01/2027		$	161	$    161,540
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		8.00%		12/01/2028			24	25,061
Devoteam (Castillon S.A.S. - Bidco) (France)
Term Loan B-1 (3 mo. EURIBOR + 4.50%)		4.50%		10/09/2027	EUR		12	14,162
Term Loan B-2 (3 mo. EURIBOR + 4.50%)		5.25%		10/09/2027	EUR		0	528
Diebold Nixdorf, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)		3.00%		11/06/2023			32	31,364
E2Open LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		4.00%		02/04/2028			54	53,985
Energizer Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		2.75%		12/22/2027			69	69,342
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan  (3 mo. USD LIBOR + 4.00%)		4.11%		05/06/2026			26	26,175
Finastra USA, Inc. (United Kingdom), First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		4.50%		06/13/2024			190	188,813
Forcepoint, Term Loan B (1 mo. USD LIBOR + 4.50%)		4.71%		02/01/2028			51	50,675
Fusion Connect, Inc., Term Loan (3 mo. USD LIBOR + 9.50%)		11.50%		01/14/2025			19	19,630
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		4.25%		07/01/2024			59	59,255
Imperva, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		01/10/2026			43	43,606
Infinite Electronics
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)		5.25%		02/24/2029			17	17,104
Term Loan B (1 mo. USD LIBOR + 3.75%)		5.25%		02/24/2028			44	44,386
Internap Corp., PIK Term Loan, 5.50% PIK Rate, 2.00% Cash Rate(f)(h)		3.50%		05/08/2025			55	27,724
ION Corp., Term Loan (1 mo. USD LIBOR + 4.25%)		4.52%		10/02/2025			124	124,405
Liftoff Mobile, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		5.25%		02/17/2028			41	40,660
LogMeIn, Term Loan B (1 mo. USD LIBOR + 4.75%)		4.87%		08/28/2027			309	309,668
Marcel Bidco LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)(f)		4.75%		12/31/2027			29	28,626
Mavenir Systems, Inc., Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		05/08/2025			98	98,060
McAfee LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		3.86%		09/30/2024			66	66,600
Micro Holding L.P.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		09/13/2024			21	20,714
Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		09/13/2024			98	98,325
Mirion Technologies, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		4.27%		03/06/2026			33	33,357
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		04/29/2026			125	119,525
NCR Corp., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.72%		08/28/2026			90	89,706
Neustar, Inc., Term Loan B-4 (3 mo. USD LIBOR + 3.50%)		4.50%		08/08/2024			122	117,546
Oberthur Technologies of America Corp., Term Loan B (3 mo. EURIBOR + 3.75%)
(Acquired 08/20/2020; Cost $15,901)(i)		3.75%		01/10/2024	EUR		14	16,867
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		02/01/2024			216	206,825
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		01/02/2025			87	83,635
Project Leopard Holdings, Inc., Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/07/2023			98	98,619
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.46%		05/16/2025			306	306,909
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		5.25%		02/15/2028			142	142,654
Renaissance Holding Corp., Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		7.11%		05/29/2026			15	15,370
Resideo Funding, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.75%		02/08/2028			27	26,716
Riverbed Technology, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 6.00%)		7.00%		12/31/2025			246	239,758
PIK Second Lien Term Loan, 4.50% PIK Rate, 7.50% Cash Rate(h)		4.50%		12/31/2026			77	63,022
Term Loan (3 mo. USD LIBOR + 3.25%)		4.25%		04/24/2022			10	9,353
Sandvine Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		4.61%		10/31/2025			65	64,216
SkillSoft Corp., Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		04/27/2025			122	121,754
SmartBear (AQA Acquisition Holdings, Inc), Term Loan B (1 mo. USD LIBOR + 4.25%)(f)		4.75%		12/01/2027			37	37,039
Sophos (Surf Holdings LLC) (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		3.73%		03/05/2027			87	86,274
SS&C Technologies, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025			96	95,862
Term Loan B-4 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025			73	73,246
Term Loan B-5 (3 mo. USD LIBOR + 1.75%)		1.86%		04/16/2025			4	4,272
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		3.87%		06/30/2026			97	97,416
Ultimate Software Group, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		3.86%		05/04/2026			106	106,963
Incremental Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		05/01/2026			28	28,331
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		05/10/2027			5	5,348

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

9 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Electronics & Electrical–(continued)
Veritas US, Inc.
Term Loan B-1 (3 mo. EURIBOR + 5.50%)		6.50%		08/13/2025	EUR		7	$        8,952
Term Loan B-1 (1 mo. USD LIBOR + 5.50%)		6.50%		08/13/2025		$	117	117,900
WebPros, Term Loan (1 mo. USD LIBOR + 5.25%)(f)		5.75%		02/18/2027			78	78,607
Weld North Education LLC, Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/17/2027			48	48,222
Xperi Corp., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.11%		06/02/2025			65	65,561
								4,620,075
Financial Intermediaries–1.18%
Alter Domus (Participations S.a.r.l.) (Luxembourg)
Term Loan B (3 mo. EURIBOR + 3.50%)		3.50%		02/28/2028	EUR		12	14,342
Term Loan B (1 mo. USD LIBOR + 3.75%)		4.50%		02/28/2028			28	27,777
Citadel Advisors Holdings L.P., Term Loan B (1 mo. USD LIBOR + 2.50%)		2.62%		02/15/2028			19	18,766
Everi Payments, Inc.
Term Loan B (3 mo. USD LIBOR + 2.75%)		3.50%		05/09/2024			245	244,581
Term Loan B (1 mo. USD LIBOR + 10.50%)(f)		11.50%		05/09/2024			8	8,114
LPL Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.87%		11/12/2026			18	18,140
MoneyGram International, Inc., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00%		06/30/2023			95	95,799
Stiphout Finance LLC
Incremental Term Loan (1 mo. EURIBOR + 3.75%)		3.75%		10/26/2025	EUR		6	7,291
Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/26/2025			12	12,108
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		4.94%		02/10/2027			46	46,541
								493,459
Food Products–1.83%
CHG PPC Parent LLC, Term Loan (3 mo. USD LIBOR + 2.75%)(f)		2.86%		03/31/2025			54	53,473
Dole Food Co., Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)		5.00%		04/06/2024			113	113,671
Froneri International PLC (United Kingdom), Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		5.86%		01/29/2028			53	54,390
H-Food Holdings LLC
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		6.00%		05/23/2025			13	13,212
Term Loan (3 mo. USD LIBOR + 3.69%)		3.80%		05/23/2025			406	405,134
JBS USA Lux S.A., Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		05/01/2026			43	42,661
Nomad Foods US LLC (United Kingdom), Term Loan B-4 (3 mo. USD LIBOR + 2.25%)		2.36%		05/15/2024			56	55,525
Shearer’s Foods LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		09/15/2027			31	30,896
								768,962
Food Service–1.19%
Euro Garages (Netherlands), Term Loan (3 mo. USD LIBOR + 4.00%)		4.25%		02/06/2025			11	10,635
IRB Holding Corp.
First Lien Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/01/2027			72	72,677
Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		02/05/2025			35	35,678
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		1.86%		11/19/2026			246	243,627
US Foods, Inc., Term Loan (3 mo. USD LIBOR + 1.75%)		1.86%		06/27/2023			67	66,437
Weight Watchers International, Inc., Term Loan (3 mo. USD LIBOR + 4.75%)		5.50%		11/29/2024			70	70,579
								499,633
Forest Products–0.07%
Royal Oak Enterprises LLC, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/10/2027			31	30,682
Health Care–3.29%
athenahealth, Inc.
First Lien Term Loan B(g)		-		02/11/2026			93	93,710
Term Loan B (1 mo. USD LIBOR + 4.25%)		4.45%		02/11/2026			21	21,500
Colisee Patrimoine Group S.A.S. (France), Term Loan (3 mo. EURIBOR + 4.00%)		4.00%		10/08/2027	EUR		8	9,169
Curium BidCo S.a.r.l. (Luxembourg), Term Loan (1 mo. USD LIBOR + 4.25%)(f)		5.00%		12/02/2027			55	54,717
Dentalcorp Perfect Smile ULC (Canada), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		06/06/2025			3	3,347
Domus Vi (France), Term Loan (3 mo. EURIBOR + 3.75%)		5.25%		10/31/2026	EUR		8	9,242
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		1.87%		07/30/2027			135	135,275

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

10 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Health Care–(continued)
Explorer Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		02/04/2027		$	140	$   140,820
Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		5.50%		02/04/2027			38	38,222
EyeCare Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)		3.86%		02/05/2027			8	8,049
Gainwell Holding Corp.
Term Loan B (1 mo. USD LIBOR + 4.00%)		5.25%		10/01/2027			92	91,633
Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		10/01/2027			93	92,540
Global Medical Response, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/02/2025			106	105,804
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		3.86%		08/06/2026			101	101,046
Inovie Group Bidco (Labosud) (France), Term Loan B (3 mo. EURIBOR + 3.75%)		5.25%		12/08/2027	EUR		27	32,638
IQVIA, Inc.
Incremental Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		2.00%		06/11/2025			15	14,534
Term Loan B-1 (3 mo. USD LIBOR + 1.75%)		1.86%		03/07/2024			26	26,204
MedAssets Sotware Intermediate Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		01/28/2028			29	29,624
Nemera (Financiere N BidCo) (France), Incremental Term Loan B (3 mo. EURIBOR + 4.00%)		4.00%		01/22/2026	EUR		6	7,103
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		4.25%		10/29/2027	EUR		10	12,537
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		5.25%		10/29/2027	EUR		6	7,242
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		3.48%		06/30/2025			29	28,676
Precision Medicine Group LLC, Delay Draw Term Loan(g)		-		11/18/2027			11	11,087
Revint Intermediate II LLC, Term Loan (1 mo. USD LIBOR + 5.00%)		5.75%		10/08/2027			90	91,260
Synlab Bondco PLC (United Kingdom), Term Loan B-4 (3 mo. EURIBOR + 3.75%)		3.25%		11/27/2027	EUR		9	11,336
Unified Womens Healthcare, L.P., Term Loan B (1 mo. USD LIBOR + 4.25%)		5.00%		12/17/2027			65	65,918
Verscend Holding Corp.
Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61%		08/27/2025			8	7,639
Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		4.11%		08/07/2025			32	32,546
Waystar, Incremental Term Loan (1 mo. USD LIBOR + 4.00%)(f)		4.75%		10/20/2026			41	41,582
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		5.25%		01/15/2028			39	39,352
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		9.00%		01/15/2029			17	16,822
WP CityMD Bidco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/13/2026			1	646
								1,381,820
Home Furnishings–1.35%
Hayward Industries, Inc.
First Lien Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		08/04/2026			7	7,384
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		3.61%		08/05/2024			19	19,276
Mattress Holding Corp., Term Loan (1 mo. USD LIBOR + 5.25%)		6.25%		11/24/2027			97	98,781
Serta Simmons Bedding LLC
First Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023			63	63,566
Second Lien Term Loan (1 mo. USD LIBOR + 7.50%)		8.50%		08/10/2023			140	132,372
SIWF Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%)		4.36%		06/15/2025			50	50,032
TGP Holdings III LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		09/25/2024			119	118,914
Webster-Stephen Products LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		4.00%		10/20/2027			77	77,839
								568,164
Industrial Equipment–2.26%
Alliance Laundry Systems LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		3.69%		09/30/2027			118	118,984
CIRCOR International, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		4.25%		12/11/2024			4	4,208
DXP Enterprises, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		12/16/2027			48	47,920
Engineered Machinery Holdings, Inc.
First Lien Incremental Term Loan (3 mo. USD LIBOR + 4.25%)		5.25%		07/19/2024			23	22,663
First Lien Term Loan (1 mo. USD LIBOR + 3.00%)		4.00%		07/19/2024			42	42,168
Filtration Group Corp., Term Loan A (1 mo. USD LIBOR + 3.75%)		4.50%		03/29/2025			9	9,460
Gardner Denver, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		2.86%		03/01/2027			73	72,686
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		1.86%		03/31/2027			47	46,827
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027			84	83,728

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

11 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal     Amount (000)(a)		Value
Industrial Equipment–(continued)
North American Lifting Holdings, Inc.
Term Loan (1 mo. USD LIBOR + 6.50%)		7.50%		10/16/2024		$	88	$       92,235
Term Loan (1 mo. USD LIBOR + 11.00%)		12.00%		04/16/2025			40	38,968
S2P Acquisiton Borrower, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		08/14/2026			44	44,164
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (1 mo. USD LIBOR + 4.25%)		4.48%		07/30/2027			323	326,289
								950,300
Insurance–1.29%
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		3.61%		01/31/2027			89	88,259
Alliant Holdings Intermediate LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		4.25%		10/15/2027			12	11,702
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		5.25%		02/17/2028			25	25,583
HUB International Ltd., Term Loan (1 mo. USD LIBOR + 2.75%)		2.97%		04/25/2025			53	52,115
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		4.00%		09/01/2027			105	105,384
Sedgwick Claims Management Services, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		08/08/2026			9	9,452
Term Loan (3 mo. USD LIBOR + 3.25%)		3.36%		12/31/2025			24	23,894
USI, Inc.
Term Loan (3 mo. USD LIBOR + 3.00%)		3.25%		05/16/2024			207	205,668
Term Loan (1 mo. USD LIBOR + 4.00%)		4.25%		12/02/2026			18	18,172
								540,229
Leisure Goods, Activities & Movies–2.46%
Alpha Topco Ltd. (United Kingdom), Term Loan B (3 mo. USD LIBOR + 2.50%)		3.50%		02/01/2024			188	187,319
AMC Entertainment, Inc., Term Loan B-1 (3 mo. USD LIBOR + 3.00%)		3.20%		04/22/2026			72	61,934
Crown Finance US, Inc.
Term Loan(g)		-		05/23/2024			25	32,450
Term Loan (3 mo. EURIBOR + 2.63%)		2.38%		02/28/2025	EUR		2	2,312
Term Loan (1 mo. USD LIBOR + 2.50%)		2.76%		02/28/2025			50	43,328
Term Loan (1 mo. USD LIBOR + 2.75%)		3.01%		09/20/2026			93	79,680
CWGS Group LLC, Term Loan (3 mo. USD LIBOR + 2.75%)		3.50%		11/08/2023			54	53,757
Deluxe Entertainment Services Group, Inc.
First Lien PIK Term Loan, 1.50% PIK Rate, 6.00% Cash Rate (Acquired 10/04/2019-12/31/2020; Cost $13,098)(f)(h)(i)		6.00%		03/25/2024			14	0
Second Lien PIK Term Loan, 2.50% PIK Rate, 7.00% Cash Rate (Acquired 08/07/2019-12/31/2020; Cost $35,243)(f)(h)(i)		2.50%		09/25/2024			51	0
HNVR Holdco Ltd. (United Kingdom), Term Loan B (3 mo. EURIBOR + 4.25%)		4.25%		09/12/2025	EUR		7	7,500
Invictus Media S.L.U. (Spain)
Term Loan B-1 (3 mo. EURIBOR + 4.75%)		6.25%		06/26/2025	EUR		26	29,272
Term Loan B-2 (3 mo. EURIBOR + 4.75%)		6.25%		06/26/2025	EUR		15	17,403
Merlin (Motion Finco S.a.r.l. and LLC) (United Kingdom)
Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		6.25%		11/12/2026			19	18,718
Term Loan B-2 (1 mo. USD LIBOR + 3.25%)		1.00%		11/12/2026			2	2,460
Metro-Goldwyn-Mayer, Inc., First Lien Term Loan (3 mo. USD LIBOR + 2.50%)		2.62%		07/03/2025			48	48,446
Parques Reunidos (Spain), Term Loan B-1 (3 mo. EURIBOR + 3.75%)		3.75%		09/27/2026	EUR		62	70,387
Sabre GLBL, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		4.75%		12/31/2027			25	25,576
Seaworld Parks & Entertainment, Inc., Term Loan B-5 (3 mo. USD LIBOR + 3.00%)		3.75%		04/01/2024			170	168,296
Six Flage Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.87%		04/17/2026			72	70,198
UFC Holdings LLC, Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		3.75%		04/29/2026			28	28,143
Vue International Bidco PLC (United Kingdom), Term Loan B-1 (3 mo. EURIBOR + 4.75%)		4.75%		06/21/2026	EUR		76	83,544
								1,030,723
Lodging & Casinos–4.37%
Aimbridge Acquisition Co., Inc.
Incremental Term Loan (1 mo. USD LIBOR + 6.00%)		6.75%		02/01/2026			66	66,366
Term Loan (1 mo. USD LIBOR + 3.75%)		3.86%		02/01/2026			30	28,537
Aristocrat Technologies, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)		4.75%		10/19/2024			69	69,818
Caesars Resort Collection LLC
Incremental Term Loan (1 mo. USD LIBOR + 4.50%)		4.61%		06/30/2025			52	52,466
Term Loan B (3 mo. USD LIBOR + 2.75%)		2.86%		12/23/2024			535	530,805

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

12 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date		Principal Amount (000)(a)		Value
Lodging & Casinos-(continued)
CityCenter Holdings LLC, Term Loan B (3 mo. USD LIBOR + 2.25%)		3.00%		04/18/2024	$	136	$	135,406
ESH Hospitality, Inc., Term Loan (1 mo. USD LIBOR + 2.00%)		2.11%		09/18/2026		41		40,776
GVC Finance LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.25%)		3.25%		03/29/2024		46		46,034
Hilton Worldwide Finance LLC, Term Loan B-2 (3 mo. USD LIBOR + 1.75%)		1.87%		06/22/2026		72		72,275
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.12%		05/11/2024		43		43,206
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.86%		08/14/2024		222		218,845
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		3.75%		07/10/2025		202		203,345
Station Casinos LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%)		2.50%		02/08/2027		214		211,860
VICI Properties 1 LLC, Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		12/20/2024		44		43,511
Wyndham Hotels & Resorts, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		1.86%		05/30/2025		73		72,910
								1,836,160
Nonferrous Metals & Minerals-1.25%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 14.00% Cash Rate (h)		0.14%		09/16/2025		379		373,679
Form Technologies LLC
Term Loan (1 mo. USD LIBOR + 5.00%)(f)		6.00%		07/19/2025		48		47,968
Term Loan(f)(g)		-		10/27/2025		17		17,179
Kissner Group, Term Loan B (1 mo. USD LIBOR + 4.50%)		5.50%		03/01/2027		84		84,447
								523,273
Oil & Gas-2.22%
Brazos Delaware II LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/21/2025		130		120,604
Crestwood Holdings LLC, Term Loan (3 mo. USD LIBOR + 7.50%)		7.62%		03/06/2023		16		14,181
Fieldwood Energy LLC
DIP Delayed Draw Term Loan (1 mo. USD LIBOR + 8.75%)
(Acquired 07/30/2020; Cost $ 98,102)(i)		9.75%		08/04/2021		10		10,300
DIP Delayed Draw Term Loan
(Acquired 07/30/2020; Cost $ 98,102)(d)(i)		0.00%		08/04/2021		93		92,695
First Lien Term Loan
(Acquired 03/14/2018-07/31/2020; Cost $ 473,488)(i)(j)		6.25%		04/11/2022		666		200,788
HGIM Corp., Term Loan (3 mo. USD LIBOR + 6.00%)		7.00%		07/02/2023		51		29,638
Larchmont Resources LLC, Term Loan A(g)		-		08/09/2021		60		27,216
Lower Cadence Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.00%)		4.11%		05/22/2026		12		11,479
McDermott International Ltd.
LOC(g)		-		06/30/2024		52		45,267
LOC(d)		0.00%		06/30/2024		107		97,017
Term Loan (1 mo. USD LIBOR + 3.00%)(f)		3.11%		06/30/2024		3		2,417
Term Loan (1 mo. USD LIBOR + 1.00%)		3.00%		06/30/2025		26		17,056
Navitas Midstream Midland Basin LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		5.50%		12/13/2024		53		53,006
Petroleum GEO-Services ASA, Term Loan (1 mo. USD LIBOR + 7.50%)		7.76%		03/19/2024		95		77,669
Seadrill Operating L.P., PIK Term Loan, 13.00% PIK Rate(f)(h)(i)		11.00%		03/31/2021		42		45,869
Southcross Energy Partners L.P., Revolver Loan(d)(f)		0.00%		01/31/2025		20		19,232
Sunrise Oil & Gas, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 7.00%)(f)		8.00%		01/17/2023		29		26,388
Second Lien Term Loan (1 mo. USD LIBOR + 7.00%)(f)		8.00%		01/17/2023		30		23,311
Term Loan (1 mo. USD LIBOR + 7.00%)		8.00%		01/17/2023		35		16,962
								931,095
Publishing-2.10%
Cengage Learning, Inc., Term Loan B (3 mo. USD LIBOR + 4.25%)		5.25%		06/07/2023		317		313,405
Clear Channel Worldwide Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		3.71%		08/21/2026		254		247,432
Nielsen Finance LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		4.75%		06/30/2025		317		320,680
								881,517
Radio & Television-1.90%
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		12/15/2027		81		81,142
Gray Television, Inc.
Term Loan B-2 (3 mo. USD LIBOR + 2.25%)		2.37%		02/07/2024		24		23,654
Term Loan C (3 mo. USD LIBOR + 2.50%)		2.62%		01/02/2026		17		17,505
iHeartCommunications, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		3.11%		05/01/2026		249		246,954

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

13 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date			Principal Amount (000)(a)			Value
Radio & Television-(continued)
Nexstar Broadcasting, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 2.25%)		2.36%		01/17/2024		$	97		$	96,785
Term Loan B-4 (1 mo. USD LIBOR + 2.75%)		2.87%		09/18/2026			93			93,864
Sinclair Television Group, Inc.
Term Loan B (3 mo. USD LIBOR + 2.25%)		2.37%		01/03/2024			166			165,738
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		2.62%		09/30/2026			71			70,743
								��		796,385
Retailers (except Food & Drug)-2.54%
Bass Pro Group LLC, Term Loan B (1 mo. USD LIBOR + 4.25%)		5.25%		02/26/2028			222			220,614
CNT Holdings I Corp. (1-800 Contacts)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		4.50%		10/16/2027			162			163,450
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		7.50%		10/16/2028			30			30,442
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		37			44,655
Term Loan B-2 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		25			29,399
Term Loan B-3 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		41			48,302
Term Loan B-4 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		29			34,620
Term Loan B-5 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		6			7,456
Term Loan B-6 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		16			18,738
Term Loan B-7 (3 mo. EURIBOR + 3.50%)		3.50%		08/12/2022	EUR		13			15,087
Petco Animal Supplies, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		5.25%		02/25/2028			92			92,013
PetSmart, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		5.25%		01/28/2028			300			302,309
Rent-A-Center, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)(f)		5.25%		01/17/2028			58			58,787
										1,065,872
Surface Transport-2.07%
American Trailer World Corp., Term Loan B (1 mo. USD LIBOR + 3.75%)(f)		5.25%		02/28/2028			37			36,716
Daseke Cos, Inc., Term Loan (3 mo. USD LIBOR + 5.00%)		6.00%		02/27/2024			102			102,817
Kenan Advantage Group, Inc. (The), Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		07/29/2022			52			51,671
Odyssey Logistics & Technology Corp., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		5.00%		10/12/2024			26			26,161
PODS LLC, Term Loan B-4 (3 mo. USD LIBOR + 2.75%)		3.75%		12/06/2024			158			158,297
Western Express, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 8.25%)(f)		8.44%		02/23/2022			473			475,965
XPO Logistics, Inc., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11%		02/24/2025			16			15,619
										867,246
Telecommunications-7.66%
Avaya, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		4.36%		12/15/2027			175			175,816
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		5.25%		12/15/2027			19			19,442
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		11/30/2027			43			43,625
CCI Buyer, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		4.75%		12/13/2027			101			102,264
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		2.36%		03/15/2027			315			314,537
Cincinnati Bell, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		4.25%		10/02/2024			294			294,649
Colorado Buyer, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		4.00%		05/01/2024			28			27,567
Consolidated Communications, Inc., Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/18/2027			163			163,762
Eagle Broadband Investments LLC (Mega Broadband), Term Loan B (1 mo. USD LIBOR + 3.00%)		3.75%		10/29/2027			31			30,725
Frontier Communications Corp., DIP Term Loan (1 mo. USD LIBOR + 4.75%)		5.75%		10/08/2021			81			81,890
GCI Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		3.50%		10/15/2025			61			61,748
Hargray Communications Group, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)		3.75%		05/16/2024			17			17,376
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		4.50%		12/12/2026			72			71,896
Intelsat Jackson Holdings S.A. (Luxembourg)
DIP Term Loan (1 mo. USD LIBOR + 5.50%)(e)		3.60%		07/13/2021			80			81,698
Term Loan B-3 (1 mo. USD LIBOR + 5.75%)(e)		8.00%		11/27/2023			346			352,479
Term Loan B-4 (3 mo. USD LIBOR + 6.50%)(e)		8.75%		01/02/2024			50			51,007
Term Loan B-5(e)		8.63%		01/02/2024			19			18,962
IPC Systems, Inc., Second Lien Term Loan(g)		-		02/06/2022			3			684
Iridium Satellite LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75%		11/04/2026			1			1,113
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		1.86%		03/01/2027			327			325,932

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

14 Invesco Senior Floating Rate Plus Fund

	Interest Rate			Maturity Date		Principal Amount (000)(a)		Value
Telecommunications-(continued)
MLN US HoldCo LLC, First Lien Term Loan B (3 mo. USD LIBOR + 4.50%)		4.61	%		11/30/2025	$	210	$	197,271
MTN Infrastructure TopCo, Inc., Incremental Term Loan (1 mo. USD LIBOR + 4.00%)		5.00	%		11/17/2024		58		58,257
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		4.25	%		09/10/2026		211		212,539
SBA Senior Finance II LLC, Term Loan (3 mo. USD LIBOR + 1.75%)		1.87	%		04/11/2025		13		13,431
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		2.87	%		12/07/2026		203		200,962
Windstream Services LLC, Term Loan B (1 mo. USD LIBOR + 6.25%)		7.25	%		09/21/2027		193		193,962
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		3.11	%		03/09/2027		104		103,500
									3,217,094
Utilities-2.66%
Calpine Construction Finance Co. L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		2.11	%		01/15/2025		68		67,485
Calpine Corp.
Term Loan (3 mo. USD LIBOR + 2.00%)		2.12	%		04/05/2026		56		55,671
Term Loan (1 mo. USD LIBOR + 2.50%)		2.62	%		12/16/2027		31		31,366
Term Loan (3 mo. USD LIBOR + 2.00%)		2.11	%		08/12/2026		35		34,634
Eastern Power LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75	%		10/02/2025		197		187,283
ExGen Renewables IV LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		3.75	%		12/15/2027		26		26,135
Frontera Generation Holdings LLC
DIP Term Loan(f)		0.14	%		11/04/2021		26		26,321
Term Loan(j)		5.25	%		05/02/2025		269		32,049
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		4.75	%		10/31/2026		156		156,467
Heritage Power LLC, Term Loan (1 mo. USD LIBOR + 6.00%)		7.00	%		07/30/2026		173		166,452
Lightstone Holdco LLC
Term Loan B (3 mo. USD LIBOR + 3.75%)		4.75	%		01/30/2024		143		123,671
Term Loan C (3 mo. USD LIBOR + 3.75%)		4.75	%		01/30/2024		11		9,977
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%)		5.25	%		05/16/2024		66		65,488
Pike Corp.
Delayed Draw Term Loan B (1 mo. USD LIBOR + 3.00%)		3.12	%		01/15/2028		17		17,129
Incremental Term Loan B (1 mo. USD LIBOR + 3.00%)		3.12	%		01/15/2028		23		22,609
Term Loan B		4.10	%		07/24/2026		11		11,479
PowerTeam Services LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		4.25	%		03/06/2025		43		43,497
USIC Holding, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%)		4.00	%		12/08/2023		38		37,854
									1,115,567
Total Variable Rate Senior Loan Interests (Cost $38,371,771)									38,328,234
U.S. Dollar Denominated Bonds & Notes-5.98%
Aerospace & Defense-0.51%
Spirit AeroSystems, Inc.(k)		5.50	%		01/15/2025		14		14,574
TransDigm, Inc.(k)		6.25	%		03/15/2026		57		60,143
TransDigm, Inc.(k)		8.00	%		12/15/2025		127		138,398
									213,115
Building & Development-0.84%
American Builders & Contractors Supply Co., Inc.(k)		4.00	%		01/15/2028		42		42,491
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC(k)		5.75	%		05/15/2026		291		299,912
Forterra Finance LLC/FRTA Finance Corp.(k)		6.50	%		07/15/2025		8		8,615
									351,018
Business Equipment & Services-0.25%
Advantage Sales & Marketing, Inc.(k)		6.50	%		11/15/2028		36		36,968
Prime Security Services Borrower LLC/Prime Finance, Inc.(k)		3.38	%		08/31/2027		69		67,353
									104,321
Cable & Satellite Television-0.24%
Altice Financing S.A. (Luxembourg)(k)		5.00	%		01/15/2028		22		22,031
Virgin Media Secured Finance PLC (United Kingdom)(k)		4.50	%		08/15/2030		76		77,786
									99,817
Chemicals & Plastics-0.03%
INEOS Quattro Finance 2 PLC (United Kingdom)(k)		3.38	%		01/15/2026		15		14,981

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

15 Invesco Senior Floating Rate Plus Fund

	Interest Rate		Maturity Date		Principal     Amount (000)(a)		Value
Electronics & Electrical–0.50%
CommScope, Inc.(k)		6.00%		03/01/2026	$	61	$      64,206
Diebold Nixdorf, Inc.(k)		9.38%		07/15/2025		76	85,073
Energizer Holdings, Inc.(k)		4.38%		03/31/2029		36	35,964
TTM Technologies, Inc.(k)		4.00%		03/01/2029		25	25,313
							210,556
Health Care–0.05%
Global Medical Response, Inc.(k)		6.50%		10/01/2025		21	21,866
Industrial Equipment–0.08%
Vertical US Newco, Inc. (Germany)(k)		5.25%		07/15/2027		34	35,509
Insurance–0.10%
Acrisure LLC/Acrisure Finance, Inc.(k)		4.25%		02/15/2029		41	40,342
Leisure Goods, Activities & Movies–0.15%
AMC Entertainment Holdings, Inc.(k)		10.50%		04/15/2025		52	54,812
Seaworld Parks & Entertainment, Inc.(k)		8.75%		05/01/2025		7	7,591
							62,403
Lodging & Casinos–0.38%
Caesars Entertainment, Inc.(k)		6.25%		07/01/2025		150	159,000
Radio & Television–0.56%
Diamond Sports Group LLC/Diamond Sports Finance Co.(k)		5.38%		08/15/2026		333	235,914
Retailers (except Food & Drug)–0.01%
PetSmart, Inc./PetSmart Finance Corp.(k)		4.75%		02/15/2028		6	6,212
Telecommunications–1.58%
Avaya, Inc.(k)		6.13%		09/15/2028		81	87,328
Cablevision Lightpath LLC(k)		3.88%		09/15/2027		18	17,888
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom)(k)		6.75%		10/01/2026		88	91,355
Consolidated Communications, Inc.(k)		6.50%		10/01/2028		19	20,382
Frontier Communications Corp.(k)		5.88%		10/15/2027		150	160,781
Lumen Technologies, Inc.(k)		4.00%		02/15/2027		113	115,663
Radiate Holdco LLC/Radiate Finance, Inc.(k)		4.50%		09/15/2026		6	6,090
Windstream Escrow LLC/Windstream Escrow Finance Corp.(k)		7.75%		08/15/2028		161	165,126
							664,613
Utilities–0.70%
Calpine Corp.(k)		3.75%		03/01/2031		45	43,502
Calpine Corp.(k)		4.50%		02/15/2028		242	249,018
							292,520
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,417,304)							2,512,187
					Shares
Common Stocks & Other Equity Interests–2.65%(l)
Business Equipment & Services–0.65%
Crossmark Holdings, Inc.(f)						724	132,608
iQor US, Inc.						10,131	139,555
							272,163
Containers & Glass Products–0.05%
Libbey Glass, Inc. (Acquired 11/13/2020; Cost $0)(i)						8,281	20,702
Electronics & Electrical–0.03%
Fusion Connect, Inc.(f)						1	1
Fusion Connect, Inc., Wts., expiring 12/31/2021(f)						5,909	6,795
Internap Corp.(f)						11,816	3,013
Sunguard Availability Services Capital, Inc.(f)						225	2,138
							11,947

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

16 Invesco Senior Floating Rate Plus Fund

						Shares		Value
Industrial Equipment–0.17%
North American Lifting Holdings, Inc.							4,769	$      72,529
Leisure Goods, Activities & Movies–0.02%
Crown Finance US, Inc.							8,184	7,143
Nonferrous Metals & Minerals–0.79%
ACNR Holdings, Inc.							6,149	86,086
ACNR Holdings, Inc.							1,554	132,867
Arch Resources, Inc.							2,392	114,625
								333,578
Oil & Gas–0.17%
HGIM Corp.							657	3,449
Larchmont Resources LLC(f)							78	3,130
McDermott International Ltd.(m)							45,326	38,527
Pacific Drilling S.A.							1,583	2,823
Sabine Oil & Gas Holdings, Inc.(m)							94	1,316
Southcross Energy Partners L.P.(f)							18,259	548
Sunrise Oil & Gas, Inc.(f)							4,407	1,322
Tribune Resources, Inc.							34,124	21,498
Tribune Resources, Inc., Wts., expiring 04/03/2023(f)							8,835	221
Vantage Drilling International(m)							20	80
								72,914
Publishing–0.17%
Clear Channel Outdoor Holdings, Inc.(m)							40,782	70,145
Radio & Television–0.32%
iHeartMedia, Inc., Class A(m)							9,341	131,428
MGOC, Inc.(f)(m)							30,400	1,789
								133,217
Surface Transport–0.28%
Commercial Barge Line Co.							407	11,396
Commercial Barge Line Co., Series A, Wts., expiring 04/27/2045							1,591	50,514
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030							4,773	1,517
Commercial Barge Line Co., Series B, Wts., expiring 04/27/2045							1,148	41,041
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045							3,444	1,459
Commercial Barge Line Co., Wts., expiring 04/27/2045							427	11,956
								117,883
Total Common Stocks & Other Equity Interests (Cost $1,999,111)								1,112,221
	Interest Rate		Maturity Date			Principal     Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–1.50%
Cable & Satellite Television–0.27%
Altice France Holding S.A. (Luxembourg)(k)		4.00%		02/15/2028	EUR		100	112,924
Financial Intermediaries–0.59%
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)		6.75%		11/01/2025	EUR		100	124,212
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(n)		6.25%		05/01/2026	EUR		100	121,562
								245,774
Home Furnishings–0.34%
Very Group Funding PLC (The) (United Kingdom)(k)		7.75%		11/15/2022	GBP		100	142,097
Lodging & Casinos–0.30%
TVL Finance PLC (United Kingdom) (3 mo. GBP LIBOR + 5.38%) (Acquired 01/28/2021; Cost $123,806)(i)(k)(n)		5.40%		07/15/2025	GBP		100	128,244
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $604,200)								629,039

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

17 Invesco Senior Floating Rate Plus Fund

	Shares		Value
Preferred Stocks–0.48%(l)
Containers & Glass Products–0.02%
Libbey Glass, Inc., Pfd. (Acquired 11/13/2020; Cost $0)(i)		121	$	8,948
Oil & Gas–0.20%
McDermott International Ltd., Pfd.		29,217		20,452
Southcross Energy Partners L.P., Series A, Pfd.(f)		72,722		37,088
Southcross Energy Partners L.P., Series B, Pfd.(f)		19,193		27,350
				84,890
Surface Transport–0.26%
Commercial Barge Line Co., Series A, Pfd.		1,513		48,038
Commercial Barge Line Co., Series B, Pfd.		1,635		58,451
				106,489
Total Preferred Stocks (Cost $168,583)				200,327
Money Market Funds–6.99%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(o)(p)		1,760,263		1,760,263
Invesco Treasury Portfolio, Institutional Class, 0.01%(o)(p)		1,173,509		1,173,509
Total Money Market Funds (Cost $2,933,772)				2,933,772
TOTAL INVESTMENTS IN SECURITIES–108.92% (Cost $46,494,741)				45,715,780
OTHER ASSETS LESS LIABILITIES–(8.92)%				(3,742,822	)
NET ASSETS–100.00%			$	41,972,958

Investment Abbreviations:
DIP	- Debtor-in-Possession
EUR	- Euro
EURIBOR	- Euro Interbank Offered Rate
GBP	- British Pound Sterling
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
Pfd.	- Preferred
PIK	- Pay-in-Kind
REIT	- Real Estate Investment Trust
USD	- U.S. Dollar
Wts.	- Warrants

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

18 Invesco Senior Floating Rate Plus 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 any 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 margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(d)  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.

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

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

^(g)  This variable rate interest will settle after February 28, 2021, at which time the interest rate will be determined.

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

⁽ⁱ⁾  Restricted security. The aggregate value of these securities at February 28, 2021 was $780,811, which represented 1.86% of the Fund’s Net Assets.

^(j)  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, 2021 was $232,837, which represented less than 1% of the Fund’s Net Assets.

^(k)  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, 2021 was $3,141,226, which represented 7.48% of the Fund’s Net Assets.

^(l)  Securities acquired through the restructuring of senior loans.

^(m)  Non-income producing security.

⁽ⁿ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(o)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,164,347		$	7,391,467		$	(6,795,551	)		$	-		$	-		$	1,760,263	$   -
Invesco Treasury Portfolio, Institutional Class			776,232			4,927,645			(4,530,368	)			-			-			1,173,509	35
Total		$	1,940,579		$	12,319,112		$	(11,325,919	)		$	-		$	-		$	2,933,772	$35

^(p)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
03/16/2021	Barclays Capital	EUR	40,000	USD	48,739		$        462
03/16/2021	BNP Paribas S.A.	EUR	122,573	USD	148,611		673
03/16/2021	BNP Paribas S.A.	USD	153,396	GBP	110,975		1,226
04/16/2021	BNP Paribas S.A.	EUR	650,000	USD	790,386		5,312
04/16/2021	Canadian Imperial Bank of Commerce	EUR	182,598	USD	221,641		1,098
04/16/2021	Citibank N.A.	EUR	8,738	USD	10,689		135
04/16/2021	Goldman Sachs International	GBP	3,588	USD	5,079		79
03/16/2021	Morgan Stanley Capital Services LLC	EUR	140,000	USD	169,517		546
03/16/2021	Morgan Stanley Capital Services LLC	USD	25,875	EUR	21,484		54
03/16/2021	Morgan Stanley Capital Services LLC	USD	153,402	GBP	110,974		1,219
04/16/2021	Morgan Stanley Capital Services LLC	EUR	185,368	USD	224,948		1,060
03/16/2021	Royal Bank of Canada	EUR	122,573	USD	148,524		586
03/16/2021	State Street Bank & Trust Co.	EUR	124,227	USD	150,586		651
04/16/2021	State Street Bank & Trust Co.	EUR	185,368	USD	224,948		1,059
03/16/2021	UBS AG	EUR	143,842	USD	174,633		1,025
Subtotal–Appreciation							15,185
Currency Risk
03/16/2021	Barclays Capital	GBP	60,138	USD	82,038		(1,753)
03/16/2021	BNP Paribas S.A.	EUR	21,602	USD	26,035		(38)

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

19 Invesco Senior Floating Rate Plus Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
04/16/2021	BNP Paribas S.A.	GBP	110,975	USD	153,418		$  (1,230)
03/16/2021	Canadian Imperial Bank of Commerce	USD	221,494	EUR	182,600		(1,107)
03/16/2021	Citibank N.A.	GBP	1,673	USD	2,283		(48)
03/16/2021	Morgan Stanley Capital Services LLC	GBP	60,138	USD	82,053		(1,738)
03/16/2021	Morgan Stanley Capital Services LLC	USD	224,795	EUR	185,367		(1,069)
04/16/2021	Morgan Stanley Capital Services LLC	GBP	110,974	USD	153,424		(1,223)
04/16/2021	Morgan Stanley Capital Services LLC	USD	728,920	EUR	600,000		(4,236)
03/16/2021	Royal Bank of Scotland plc	USD	169,594	EUR	140,000		(623)
03/16/2021	State Street Bank & Trust Co.	USD	224,794	EUR	185,367		(1,069)
04/16/2021	State Street Bank & Trust Co.	EUR	100,000	USD	120,488		(292)
03/16/2021	UBS AG	GBP	100,000	USD	136,452		(2,879)
Subtotal–Depreciation							(17,305)
Total Forward Foreign Currency Contracts							$  (2,120)

Abbreviations:
EUR	- Euro
GBP	- British Pound Sterling
USD	- U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of February 28, 2021

BBB	0.10%
BBB-	4.76
BB+	6.09
BB	4.42
BB-	9.79
B+	16.68
B	25.32
B-	14.35
CCC+	5.35
CCC	1.30
CCC-	0.04
D	0.84
Non-Rated	7.88
Equity	3.08

^†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 & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Rating Resources on the homepage.

*  Excluding money market fund holdings, if any.

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

20 Invesco Senior Floating Rate Plus Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $43,560,969)	$	42,782,008
Investments in affiliated money market funds, at value (Cost $2,933,772)		2,933,772
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		15,185
Cash		694,416
Foreign currencies, at value (Cost $120,520)		120,117
Receivable for:
Investments sold		2,149,542
Fund shares sold		44,417
Dividends		27
Interest		147,210
Investments matured, at value (Cost $739,022)		83,641
Investment for trustee deferred compensation and retirement plans		19,794
Other assets		56,397
Total assets		49,046,526
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		17,305
Payable for:
Investments purchased		5,974,851
Dividends		21,930
Fund shares reacquired		508,917
Accrued fees to affiliates		35,551
Accrued trustees’ and officers’ fees and benefits		54
Accrued other operating expenses		56,697
Trustee deferred compensation and retirement plans		19,794
Unfunded loan commitments		438,469
Total liabilities		7,073,568
Net assets applicable to shares outstanding	$	41,972,958

Net assets consist of:
Shares of beneficial interest	$	58,540,127
Distributable earnings (loss)		(16,567,169	)
	$	41,972,958
Net Assets:
Class A	$	17,771,115
Class C	$	6,331,143
Class R	$	30,180
Class Y	$	17,608,212
Class R5	$	8,749
Class R6	$	223,559
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		2,229,370
Class C		794,701
Class R		3,789
Class Y		2,206,480
Class R5		1,099
Class R6		27,978
Class A:
Net asset value per share	$	7.97
Maximum offering price per share (Net asset value of $7.97 ÷ 96.75%)	$	8.24
Class C:
Net asset value and offering price per share	$	7.97
Class R:
Net asset value and offering price per share	$	7.97
Class Y:
Net asset value and offering price per share	$	7.98
Class R5:
Net asset value and offering price per share	$	7.96
Class R6:
Net asset value and offering price per share	$	7.99

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

21 Invesco Senior Floating Rate Plus Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest	$	1,133,093
Dividends		4,410
Other income		1,260
Dividends from affiliated money market funds		35
Total investment income		1,138,798
Expenses:
Advisory fees		155,852
Administrative services fees		2,884
Custodian fees		21,248
Distribution fees:
Class A		21,571
Class C		33,623
Class R		56
Interest, facilities and maintenance fees		19,217
Transfer agent fees – A, C, R and Y		40,917
Transfer agent fees – R5		4
Transfer agent fees – R6		117
Trustees’ and officers’ fees and benefits		9,546
Registration and filing fees		66,220
Reports to shareholders		2,933
Professional services fees		60,905
Other		21,297
Total expenses		456,390
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(208,491	)
Net expenses		247,899
Net investment income		890,899
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,433,410	)
Foreign currencies		18,857
Forward foreign currency contracts		(35,909	)
		(3,450,462	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		5,122,480
Foreign currencies		(3,138	)
Forward foreign currency contracts		(2,120	)
		5,117,222
Net realized and unrealized gain		1,666,760
Net increase in net assets resulting from operations	$	2,557,659

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

22 Invesco Senior Floating Rate Plus Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28,			August 31,
	2021			2020
Operations:
Net investment income	$	890,899		$	2,718,211
Net realized gain (loss)		(3,450,462	)		(8,546,417	)
Change in net unrealized appreciation (depreciation)		5,117,222			(1,000,388	)
Net increase (decrease) in net assets resulting from operations		2,557,659			(6,828,594	)
Distributions to shareholders from distributable earnings:
Class A		(418,540	)		(1,252,565	)
Class C		(130,190	)		(371,079	)
Class R		(529	)		(576	)
Class Y		(382,078	)		(1,093,408	)
Class R5		(214	)		(456	)
Class R6		(5,854	)		(21,410	)
Total distributions from distributable earnings		(937,405	)		(2,739,494	)
Share transactions–net:
Class A		(1,775,132	)		(11,139,609	)
Class C		(1,024,592	)		(3,458,573	)
Class R		14,581			6,131
Class Y		4,359,435			(9,143,568	)
Class R6		(42,017	)		(273,016	)
Net increase (decrease) in net assets resulting from share transactions		1,532,275			(24,008,635	)
Net increase (decrease) in net assets		3,152,529			(33,576,723	)
Net assets:
Beginning of period		38,820,429			72,397,152
End of period	$	41,972,958		$	38,820,429

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

23 Invesco Senior Floating Rate Plus Fund

Financial Highlights

(Unaudited)

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 with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 02/28/21	$	7.66	$	0.18	$	0.32		$	0.50		$	(0.19	)	$	7.97		6.53	%(d)	$	17,771		1.20	%(d)(e)		2.27	%(d)(e)		1.10	%(d)(e)		4.54	%(d)(e)		35	%
Year ended 08/31/20		8.83		0.40		(1.18	)		(0.78	)		(0.39	)		7.66		(8.88	)		18,833		1.39			2.08			1.10			4.88			71
One month ended 08/31/19		9.01		0.04		(0.17	)		(0.13	)		(0.05	)		8.83		(1.49	)		33,819		1.59	(f)		2.82	(f)		1.10	(f)		5.69	(f)		1
Year ended 07/31/19		9.39		0.51		(0.39	)		0.12			(0.50	)		9.01		1.39			35,079		2.00			2.31			1.14			5.52			44
Year ended 07/31/18		9.46		0.47		(0.12	)		0.35			(0.42	)		9.39		3.84			29,757		1.74			1.90			1.29			5.02			77
Year ended 07/31/17		9.13		0.45		0.30			0.75			(0.42	)		9.46		8.35			28,945		1.61			1.85			1.30			4.82			84
Year ended 07/31/16		9.58		0.49		(0.44	)		0.05			(0.50	)		9.13		0.77			18,042		1.78			2.05			1.30			5.38			69
Class C
Six months ended 02/28/21		7.65		0.14		0.33			0.47			(0.15	)		7.97		6.20			6,331		2.10	(e)		3.03	(e)		2.00	(e)		3.64	(e)		35
Year ended 08/31/20		8.83		0.32		(1.18	)		(0.86	)		(0.32	)		7.65		(9.82	)		7,084		2.29			2.84			2.00			3.98			71
One month ended 08/31/19		9.01		0.04		(0.18	)		(0.14	)		(0.04	)		8.83		(1.58	)		12,054		2.49	(f)		3.57	(f)		2.00	(f)		4.79	(f)		1
Year ended 07/31/19		9.39		0.43		(0.39	)		0.04			(0.42	)		9.01		0.51			12,486		2.88			3.07			2.02			4.64			44
Year ended 07/31/18		9.45		0.40		(0.11	)		0.29			(0.35	)		9.39		3.12			14,889		2.53			2.66			2.08			4.22			77
Year ended 07/31/17		9.13		0.38		0.29			0.67			(0.35	)		9.45		7.50			14,909		2.41			2.62			2.10			4.05			84
Year ended 07/31/16		9.57		0.41		(0.42	)		(0.01	)		(0.43	)		9.13		(0.03	)		11,401		2.56			2.81			2.08			4.60			69
Class R
Six months ended 02/28/21		7.65		0.17		0.33			0.50			(0.18	)		7.97		6.54			30		1.45	(e)		2.53	(e)		1.35	(e)		4.29	(e)		35
Year ended 08/31/20		8.83		0.36		(1.16	)		(0.80	)		(0.38	)		7.65		(9.19	)		15		1.64			2.34			1.35			4.63			71
One month ended 08/31/19		9.01		0.04		(0.18	)		(0.14	)		(0.04	)		8.83		(1.55	)		10		1.84	(f)		3.09	(f)		1.35	(f)		5.45	(f)		1
Year ended 07/31/19(g)		9.10		0.09		(0.09	)		0.00			(0.09	)		9.01		(0.03	)		10		2.03			2.54			1.17			5.49			44
Class Y
Six months ended 02/28/21		7.66		0.19		0.33			0.52			(0.20	)		7.98		6.80			17,608		0.95	(e)		2.03	(e)		0.85	(e)		4.79	(e)		35
Year ended 08/31/20		8.83		0.42		(1.18	)		(0.76	)		(0.41	)		7.66		(8.68	)		12,625		1.14			1.84			0.85			5.13			71
One month ended 08/31/19		9.01		0.04		(0.17	)		(0.13	)		(0.05	)		8.83		(1.46	)		25,903		1.34	(f)		2.57	(f)		0.85	(f)		5.94	(f)		1
Year ended 07/31/19		9.40		0.53		(0.39	)		0.14			(0.53	)		9.01		1.54			27,285		1.76			2.07			0.90			5.76			44
Year ended 07/31/18		9.46		0.50		(0.11	)		0.39			(0.45	)		9.40		4.21			28,691		1.48			1.66			1.03			5.27			77
Year ended 07/31/17		9.13		0.48		0.30			0.78			(0.45	)		9.46		8.62			25,676		1.36			1.59			1.05			5.06			84
Year ended 07/31/16		9.58		0.51		(0.43	)		0.08			(0.53	)		9.13		1.02			11,222		1.51			1.77			1.03			5.65			69
Class R5
Six months ended 02/28/21		7.65		0.18		0.33			0.51			(0.20	)		7.96		6.68			9		0.98	(e)		1.92	(e)		0.88	(e)		4.76	(e)		35
Year ended 08/31/20		8.83		0.41		(1.17	)		(0.76	)		(0.42	)		7.65		(8.76	)		8		1.17			1.80			0.88			5.10			71
One month ended 08/31/19		9.01		0.04		(0.18	)		(0.14	)		(0.04	)		8.83		(1.51	)		10		1.37	(f)		2.56	(f)		0.88	(f)		5.92	(f)		1
Year ended 07/31/19(g)		9.10		0.10		(0.10	)		0.00			(0.09	)		9.01		0.05			10		1.62	(f)		2.05	(f)		0.76	(f)		5.90	(f)		44
Class R6
Six months ended 02/28/21		7.67		0.19		0.33			0.52			(0.20	)		7.99		6.80			224		0.93	(e)		1.93	(e)		0.83	(e)		4.81	(e)		35
Year ended 08/31/20		8.86		0.42		(1.19	)		(0.77	)		(0.42	)		7.67		(8.82	)		256		1.12			1.74			0.83			5.15			71
One month ended 08/31/19		9.04		0.05		(0.18	)		(0.13	)		(0.05	)		8.86		(1.47	)		600		1.32	(f)		2.49	(f)		0.83	(f)		5.97	(f)		1
Year ended 07/31/19		9.43		0.53		(0.39	)		0.14			(0.53	)		9.04		1.59			609		1.72			2.00			0.86			5.80			44
Year ended 07/31/18		9.49		0.51		(0.11	)		0.40			(0.46	)		9.43		4.31			666		1.38			1.55			0.93			5.38			77
Year ended 07/31/17		9.14		0.48		0.32			0.80			(0.45	)		9.49		8.95			389		1.26			1.38			0.95			5.07			84
Year ended 07/31/16		9.58		0.53		(0.44	)		0.09			(0.53	)		9.14		1.23			12		1.40			1.56			0.92			5.77			69

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

^(d)  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 February 28, 2021.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $17,771, $6,780, $23, $15,194, $9 and $236 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

24 Invesco Senior Floating Rate Plus Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Senior Floating Rate Plus 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

25 Invesco Senior Floating Rate Plus Fund

other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. 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 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. 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.

J. 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.

K. 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

26 Invesco Senior Floating Rate Plus Fund

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.

L. LIBOR Risk – The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

M. 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”.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

N. 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 common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the NAV of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common 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
Up to $200 million		0.800	%
Next $200 million		0.770	%
Next $200 million		0.740	%
Next $200 million		0.710	%
Next $4.2 billion		0.650	%
Over $5 billion		0.630	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended February 28, 2021, the effective advisory fee rate 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. and separate sub-advisory agreements with Invesco 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through at least December 31, 2021, 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 1.10%, 2.00%, 1.35%, 0.85%, 0.88% and 0.83%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense 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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, 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, 2021, the Adviser waived advisory fees of $155,852, reimbursed fund level expenses of $11,461 and reimbursed class level expenses of $18,320, $7,004, $23, $15,570, $4 and $117 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

27 Invesco Senior Floating Rate Plus 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, 2021, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $596 in front-end sales commissions from the sale of Class A shares and $0 and $154 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended February 28, 2021, there were transfers from Level 3 to Level 2 of $1,090,611, due to third-party vendor quotations utilizing more than one market quote and from Level 2 to Level 3 of $214,213, 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	$	–	$	36,646,207		$	1,682,027	$	38,328,234
U.S. Dollar Denominated Bonds & Notes		–		2,512,187			–		2,512,187
Common Stocks & Other Equity Interests		354,805		605,851			151,565		1,112,221
Non-U.S. Dollar Denominated Bonds & Notes		–		629,039			–		629,039
Preferred Stocks		20,452		115,437			64,438		200,327
Money Market Funds		2,933,772		–			–		2,933,772
Total Investments in Securities		3,309,029		40,508,721			1,898,030		45,715,780
Other Investments - Assets*
Investments Matured		–		83,641			–		83,641
Forward Foreign Currency Contracts		–		15,185			–		15,185
		–		98,826			–		98,826
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(17,305	)		–		(17,305	)
Total Other Investments		–		81,521			–		81,521
Total Investments	$	3,309,029	$	40,590,242		$	1,898,030	$	45,797,301

* Forward foreign currency contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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.

28 Invesco Senior Floating Rate Plus Fund

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2021:

	Value 08/31/20			Purchases at Cost			Proceeds from Sales				Accrued Discounts/ Premiums			Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers into Level 3			Transfers out of Level 3				Value 02/28/21
Variable Rate Senior Loan Interests		$	2,176,987		$	997,865		$	(417,965	)		$	2,529		$	(54,985	)		$	68,207			$	–		$	(1,090,611	)		$	1,682,027
Common Stocks & Other Equity Interests			8,489			-			-				-			(1,003,529	)			996,830				149,775			-				151,565
Preferred Stocks			-			-			(4,507	)			-			4,507				-				64,438			-				64,438
Investments Matured			43,997			3,276			(46,731	)			3,276			(74	)			(3,744	)			-			-				-
Total		$	2,229,473		$	1,001,141		$	(469,203	)		$	5,805		$	(1,054,081	)		$	1,061,293			$	214,213		$	(1,090,611	)		$	1,898,030

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.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

	Fair Value at 02/28/21		Valuation Technique	Unobservable Inputs	Range of Unobservable Inputs	Unobservable Input Used
				Illiquidity Premium	N/A	3.69%
Western Express, Inc., Second Lien Term Loan	$	475,965	Discounted Cash Flow Model	Implied Rating	N/A	B+	(a)

^(a)  The Fund fair values certain corporate loans using a discounted cash flow model which incorporates the company’s earnings before interest, taxes, depreciation, and amortization and leverage to determine an implied rating. The yield to maturity on other issues with similar leverage and rating is used as a basis for the discount rate, with an additional illiquidity premium applied. The illiquidity premium was determined based on the implied discount rate at origination. The Adviser periodically reviews the financial statements and monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation. Such security’s fair valuation could increase (decrease) significantly based on a decrease (increase) in the illiquidity premium. Such security’s fair valuation could also increase (decrease) based on an increase (decrease) in the implied rating or a decrease (increase) in the yield to maturity on other issues.

NOTE 4–Derivative Investments

The Fund may enter into an 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, 2021:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	15,185
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	15,185
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(17,305	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(17,305	)

29 Invesco Senior Floating Rate Plus 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, 2021.

	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 Capital		$	462		$	(1,753	)		$	(1,291	)		$	-		$	-		$	(1,291	)
BNP Paribas S.A.			7,211			(1,268	)			5,943				-			-			5,943
Canadian Imperial Bank of Commerce			1,098			(1,107	)			(9	)			-			-			(9	)
Citibank N.A.			135			(48	)			87				-			-			87
Goldman Sachs International			79			-				79				-			-			79
Morgan Stanley Capital Services LLC			2,879			(8,266	)			(5,387	)			-			-			(5,387	)
Royal Bank of Canada			586			-				586				-			-			586
Royal Bank of Scotland plc			-			(623	)			(623	)			-			-			(623	)
State Street Bank & Trust Co.			1,710			(1,361	)			349				-			-			349
UBS AG			1,025			(2,879	)			(1,854	)			-			-			(1,854	)
Total		$	15,185		$	(17,305	)		$	(2,120	)		$	-		$	-		$	(2,120	)

Effect of Derivative Investments for the six months ended February 28, 2021    

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		$	(35,909	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts			(2,120	)
Total		$	(38,029	)
The table below summarizes the average notional value of derivatives held during the period.
	Forward Foreign Currency Contracts
Average notional value		$	7,839,090

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $140.

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 has entered into a $50 million loan and security agreement, which will expire on September 16, 2021. The loan and security agreement is secured by the assets of the Fund.

During the six months ended February 28, 2021, the average daily balance of borrowing under the loan and security agreement was $571,429 with an average interest rate of 1.94%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the loan and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the fund had no borrowings outstanding under this agreement.

30 Invesco Senior Floating Rate Plus Fund

Additionally, 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

The Fund is subject to certain covenants relating to the loan and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the loan and security agreement.

NOTE 8–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitments as of February 28, 2021. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

		Principal
Borrower	Type	Amount		Value
Fieldwood Energy LLC	DIP Delayed Draw Term Loan	$	92,695	$	92,695
Hillman Group, Inc. (The)	Delayed Draw Term Loan		13,505		13,505
LBM Holdings LLC	Delayed Draw Term Loan		9,213		9,213
McDermott International Ltd.	LOC		107,201		97,017
Peraton Corp.	Delayed Draw Term Loan		206,807		206,807
Southcross Energy Partners L.P.	Revolver Loan		19,725		19,232
				$	438,469

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, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,448,457	$	10,164,436	$	11,612,893

* Capital loss carryforward 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, 2021 was $16,791,110 and $14,431,968, 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	$	1,387,865
Aggregate unrealized (depreciation) of investments		(2,897,876	)
Net unrealized appreciation (depreciation) of investments	$	(1,510,011	)

Cost of investments for tax purposes is $47,307,312.

NOTE 11–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, 2021, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.

	Principal
Selling Participant	Amount		Value
Barclays Bank PLC	$	107,201	$	98,089

31 Invesco Senior Floating Rate Plus Fund

NOTE 12–Dividends    

The Fund declared the following dividends from net investment income subsequent to February 28, 2021:    

		Amount Per Share
Share Class	Record Date	Payable March 31, 2021
Class A	Daily	0.0192
Class C	Daily	0.0132
Class R	Daily	0.0176
Class Y	Daily	0.0208
Class R5	Daily	0.0207
Class R6	Daily	0.0210

NOTE 13–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		208,214		$	1,648,383			633,577		$	5,283,680
Class C		67,981			538,068			203,759			1,695,574
Class R		1,932			14,995			4,423			32,577
Class Y		979,028			7,664,749			2,014,026			16,700,480
Class R6		226			1,804			8,877			77,117
Issued as reinvestment of dividends:
Class A		43,515			340,620			124,196			1,007,828
Class C		13,844			108,177			37,903			305,099
Class R		52			404			19			141
Class Y		41,292			324,030			90,876			732,042
Class R6		627			4,902			2,494			20,458
Automatic conversion of Class C shares to Class A shares:
Class A		71,239			560,257			32,107			257,018
Class C		(71,250	)		(560,257	)		(32,117	)		(257,018	)
Reacquired:
Class A		(553,647	)		(4,324,392	)		(2,159,905	)		(17,688,135	)
Class C		(141,727	)		(1,110,580	)		(649,234	)		(5,202,228	)
Class R		(103	)		(818	)		(3,633	)		(26,587	)
Class Y		(461,577	)		(3,629,344	)		(3,390,205	)		(26,576,090	)
Class R6		(6,242	)		(48,723	)		(45,736	)		(370,591	)
Net increase (decrease) in share activity		193,404		$	1,532,275			(3,128,573	)	$	(24,008,635	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% 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.

NOTE 14–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 15–Significant Event

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the “Agreement”) pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Senior Floating Rate Fund (the “Acquiring Fund”).

The reorganization was consummated on April 23, 2021. Upon closing of the reorganization, shareholders of the Fund received shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund liquidated and ceased operations.

32 Invesco Senior Floating Rate Plus 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, 2020 through February 28, 2021.

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.

										HYPOTHETICAL
										(5% annual return before
				ACTUAL						expenses)
	Beginning         Account Value         (09/01/20)			Ending         Account Value         (02/28/21)1			Expenses         Paid During         Period2			Ending         Account Value         (02/28/21)			Expenses         Paid During         Period2			Annualized         Expense Ratio
Class A ��		$	1,000.00		$	1,066.70		$	6.15		$	1,018.84		$	6.01		1.20	%
Class C			1,000.00			1,060.60			10.73			1,014.38			10.49		2.10
Class R			1,000.00			1,065.40			7.43			1,017.60			7.25		1.45
Class Y			1,000.00			1,067.90			4.87			1,020.08			4.76		0.95
Class R5			1,000.00			1,068.10			5.03			1,019.93			4.91		0.98
Class R6			1,000.00			1,068.00			4.77			1,020.18			4.66		0.93

¹ The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.    

33 Invesco Senior Floating Rate Plus Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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. O-SFLRP-SAR-1

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Short Duration High Yield Municipal Fund
	Nasdaq: A: ISHAX ◾ C: ISHCX ◾ Y: ISHYX ◾ R5: ISHFX ◾ R6: ISHSX

2	Fund Performance
4	Schedule of Investments
27	Financial Statements
30	Financial Highlights
31	Notes to Financial Statements
38	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/20 to 2/28/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.61	%
Class C Shares	4.12
Class Y Shares	4.63
Class R5 Shares	4.76
Class R6 Shares	4.67
S&P Municipal Bond High Yield Indexq (Broad Market Index)	5.52
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	3.39
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	4.82
Source(s): qRIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc.
The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade.
The Custom Invesco Short Duration High Yield Municipal Index is composed of 60% S&P Municipal Bond High Yield Index and 40% S&P Municipal Bond Short Index. The S&P Municipal Bond High Yield Index is considered representative of municipal bonds that are not rated or are rated below investment grade. The S&P Municipal Bond Short Index is considered representative of US municipal bonds with maturities between six months and four years.
The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield 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 Short Duration High Yield Municipal Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (9/30/15)	3.62	%
5 Years	3.32
1 Year	-4.55
Class C Shares
Inception (9/30/15)	3.32	%
5 Years	3.06
1 Year	-3.82
Class Y Shares
Inception (9/30/15)	4.37	%
5 Years	4.10
1 Year	-1.98
Class R5 Shares
Inception (9/30/15)	4.43	%
5 Years	4.16
1 Year	-1.74
Class R6 Shares
Inception	4.31	%
5 Years	4.05
1 Year	-1.93

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    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.

3 Invesco Short Duration High Yield Municipal Fund

Schedule of Investments

February 28, 2021 (Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)			Value
Municipal Obligations–102.29%
Alabama–1.40%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.25	%		06/01/2025		$	1,350		$	1,394,469
Fairfield (City of), AL; Series 2012, GO Wts.		6.00	%		06/01/2031			3,585			2,868,000
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB(a)		5.50	%		01/01/2028			90			60,360
Series 2014, RB		3.50	%		07/01/2026			5,022			2,410,793
Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB		5.00	%		08/01/2025			1,300			1,340,898
Series 2016 A, RB		5.25	%		08/01/2030			200			208,350
Talladega (County of), AL; Series 2002 D, TAC (INS - NATL)(b)		5.25	%		01/01/2029			25			25,092
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(c)		4.50	%		05/01/2032			9,000			10,019,070
											18,327,032
Alaska–0.02%
Northern Tobacco Securitization Corp.; Series 2006 A, RB		4.63	%		06/01/2023			220			223,555
American Samoa–0.09%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.25	%		09/01/2029			1,000			1,151,260
Arizona–3.87%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB		5.00	%		07/01/2030			495			590,540
Series 2017 A, Ref. RB		5.00	%		07/01/2031			515			611,732
Series 2017 A, Ref. RB		5.00	%		07/01/2032			545			644,604
Series 2017 A, Ref. RB		5.00	%		07/01/2033			575			676,729
Series 2017 A, Ref. RB		5.00	%		07/01/2034			600			705,000
Arizona (State of) Industrial Development Authority (ACCEL Schools); Series 2018 A, RB(c)		5.00	%		08/01/2033			1,955			2,159,767
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(c)		5.00	%		07/01/2022			1,025			1,054,694
Series 2017, Ref. RB(c)		6.00	%		07/01/2037			3,440			4,181,217
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(c)		5.00	%		07/01/2026			500			551,760
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019, RB(c)		4.88	%		07/15/2021			120			120,156
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB		5.00	%		01/01/2034			1,875			1,850,419
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence);
Series 2017 A, Ref. RB(c)		4.38	%		07/01/2029			1,000			1,028,710
Series 2017 A, Ref. RB(c)		5.00	%		07/01/2032			500			517,600
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(c)		4.50	%		07/01/2029			765			802,294
Series 2019, RB(c)		5.00	%		07/01/2039			2,135			2,242,753
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(c)		5.00	%		06/01/2031			3,505			3,619,719
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(c)		4.75	%		12/15/2028			770			853,984
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(c)		5.00	%		07/15/2028			1,000			1,117,420
Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone Mountain Campus);
Series 2019 A, IDR(c)		5.00	%		12/15/2039			400			435,472
Series 2019 A, IDR(c)		5.00	%		12/15/2049			700			753,312
City of Phoenix Civic Improvement Corp.; Series 2019 B, RB(d)		4.00	%		07/01/2038			1,750			1,967,787
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix);
Series 2018 A, Ref. RB		3.60	%		07/01/2023			445			448,507
Series 2018 A, Ref. RB		5.00	%		07/01/2038			320			337,539
Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)(b)		4.38	%		08/01/2032			10			10,026

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

4 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)			Value
Arizona–(continued)
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB(c)		5.00	%		07/01/2035		$	1,000		$	1,095,510
Phoenix (City of), AZ Industrial Development Authority (Choice Academies); Series 2012, RB		5.63	%		09/01/2042			2,850			2,936,298
Phoenix (City of), AZ Industrial Development Authority (Leman Academy of Excellence - Oro Valley);
Series 2019 A, RB(c)		5.00	%		07/01/2034			250			258,368
Series 2019 A, RB(c)		5.00	%		07/01/2039			205			211,183
Series 2019 B, RB(c)		5.50	%		07/01/2024			155			156,432
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(c)		4.60	%		06/15/2025			315			329,723
Series 2015, Ref. RB(c)		5.38	%		06/15/2035			1,000			1,084,330
Series 2019, Ref. RB(c)		5.00	%		06/15/2034			730			779,786
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); Series 2013 Q, Ref. RB		5.38	%		07/01/2031			7,700			7,939,547
Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref. RB(c)		4.75	%		05/01/2030			2,295			2,404,701
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(c)		5.00	%		09/01/2026			330			349,143
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(c)		4.13	%		07/01/2026			1,225			1,251,534
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
Series 2019, RB(c)		5.00	%		07/01/2029			300			329,343
Series 2019, RB(c)		5.00	%		07/01/2034			400			430,136
Series 2019, RB(c)		5.00	%		07/01/2039			500			532,405
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13	%		07/01/2029			225			231,874
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(c)		6.13	%		10/01/2052			300			318,714
Series 2017 B, RB(c)		4.00	%		10/01/2023			2,780			2,780,389
											50,701,157
California–7.63%
Atwater (City of), CA;
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00	%		05/01/2030			590			720,355
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00	%		05/01/2033			700			838,712
California (State of);
Series 1996, GO Bonds (INS - FGIC)(b)		5.38	%		06/01/2026			2,360			2,390,515
Series 2020, GO Bonds(e)		3.00	%		03/01/2046			2,500			2,636,750
Series 2020, GO Bonds(e)		4.00	%		03/01/2046			2,500			2,884,750
California (State of) Community Housing Agency (Excelsior Charter Schools); Series 2020 A, RB(c)		5.00	%		06/15/2040			1,060			1,145,245
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB		6.00	%		06/01/2042			135			135,176
California (State of) County Tobacco Securitization Agency (Los Angeles County Securization Corp.);
Series 2020 A, Ref. RB		4.00	%		06/01/2034			600			720,150
Series 2020 A, Ref. RB		4.00	%		06/01/2035			450			538,434
Series 2020 A, Ref. RB		4.00	%		06/01/2036			375			446,565
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88	%		06/01/2043			2,215			2,217,879
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, RB(c)		5.00	%		06/01/2028			430			480,151
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(d)		4.00	%		07/15/2029			11,000			12,332,760
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/25/2017; Cost $707,500)(a)(c)(d)(f)		7.00	%		12/01/2027			710			355,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB(a)(c)(d)		7.50	%		07/01/2032			4,950			3,217,500
Series 2020, RB(c)(d)		7.50	%		07/01/2032			1,000			911,830
California (State of) Public Finance Authority; Series 2019 A, RB(c)		6.25	%		07/01/2054			3,000			3,426,870
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB(c)		5.00	%		07/01/2026			250			248,940
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.25	%		06/01/2032			1,000			1,030,900
California (State of) School Finance Authority (TEACH Public Schools);
Series 2019 A, RB(c)		5.00	%		06/01/2029			285			316,712
Series 2019 A, RB(c)		5.00	%		06/01/2039			740			800,488

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
California–(continued)
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB(c)		5.00	%		06/01/2022		$	205		$	206,890
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25	%		11/15/2034			1,000			1,042,290
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2016, Ref. RB(c)		4.00	%		06/01/2021			140			140,681
Series 2016, Ref. RB(c)		4.00	%		06/01/2026			500			529,045
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(c)		5.00	%		07/01/2029			900			994,599
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2002 B, RB		5.63	%		05/01/2029			50			50,192
El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB		6.00	%		11/01/2021			730			736,650
Golden State Tobacco Securitization Corp.;
Series 2007 A-2, RB		5.30	%		06/01/2037			20,000			20,808,000
Series 2007 B, RB(g)		0.00	%		06/01/2047			6,715			1,474,211
Series 2017 A-1, Ref. RB		5.00	%		06/01/2028			1,825			2,239,019
Series 2017 A-1, Ref. RB		5.00	%		06/01/2029			145			176,514
Series 2018 A-1, Ref. RB		3.50	%		06/01/2036			3,875			3,947,734
Huntington Park (City of), CA Public Financing Authority; Series 2004 A, Ref. RB (INS - AGM)(b)		5.00	%		09/01/2022			1,880			1,886,749
Irvine Unified School District (Community Facilities District No. 09-1); Series 2017 B, RB		5.00	%		09/01/2033			225			272,048
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB		7.00	%		09/01/2028			140			140,095
North City (City of), CA West School Facilities Financing Authority; Series 2012 A, RB (INS - AGM)(b)		5.00	%		09/01/2026			605			642,498
Northern California Energy Authority; Series 2018 A, RB(h)		4.00	%		07/01/2024			10,000			11,010,700
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB		6.00	%		12/01/2021			60			60,153
Redding (City of), CA Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, Ref. RB (INS - NATL)(b)		5.00	%		09/01/2022			2,000			2,006,460
Riverside (County of), CA Redevelopment Successor Agency (Interstate 215 Corridor Redevelopment); Series 2011 E, RB(i)		6.50	%		12/01/2021			30			31,392
Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)(b)		5.00	%		12/01/2034			5,405			5,419,053
San Bernardino (City of), CA Joint Powers Financing Authority;
Series 2005 A, Ref. RB (INS - AGM)(b)		5.75	%		10/01/2021			1,000			1,029,440
Series 2005 A, Ref. RB (INS - AGM)(b)		5.75	%		10/01/2022			125			135,215
Series 2005 B, Ref. RB (INS - AGM)(b)		5.75	%		10/01/2021			225			231,624
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB		5.00	%		06/01/2033			1,195			1,529,409
Vacaville Unified School District; Series 2020 D, GO Bonds		4.00	%		08/01/2045			1,850			2,115,567
West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB		5.00	%		06/01/2030			3,200			3,208,256
											99,860,166
Colorado–4.13%
3rd and Havana Metropolitan District; Series 2020 A, GO Bonds		4.50	%		12/01/2030			2,490			2,621,447
Amber Creak Metropolitan District; Series 2017 A, Ref. GO Bonds		5.00	%		12/01/2037			750			787,613
Arista Metroplitan District;
Series 2018 A, Ref. GO Bonds		4.38	%		12/01/2028			1,000			1,073,010
Series 2018 A, Ref. GO Bonds		5.00	%		12/01/2038			1,240			1,330,718
Arkansas (State of) River Power Authority; Series 2006, RB(i)		5.88	%		10/01/2021			350			361,267
Brighton Crossing Metropolitan District No. 6;
Series 2020 A, GO Bonds		5.00	%		12/01/2035			530			573,073
Series 2020 A, GO Bonds		5.00	%		12/01/2040			515			550,756
Centerra Metropolitan District No. 1; Series 2020 A, Ref. GO Bonds		4.00	%		12/01/2029			1,115			1,173,381
Clear Creek Station Metropolitan District No. 2; Series 2017 A, Ref. GO Bonds		4.38	%		12/01/2032			778			815,570
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);
Series 2017 A, Ref. RB		5.00	%		05/15/2025			525			579,023
Series 2017 A, Ref. RB		5.00	%		05/15/2026			475			534,309
Colorado (State of) Health Facilities Authority (Ralston Creek at Arvada); Series 2017 B, RB		4.00	%		11/01/2027			4,100			4,116,236
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB(c)		5.00	%		12/01/2025			150			152,433
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB		5.30	%		07/01/2037			545			513,150

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
Colorado–(continued)
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2020 A, Ref. RB		4.00	%		01/15/2033		$	500		$	594,945
Series 2020 A, Ref. RB		4.00	%		07/15/2034			1,250			1,476,525
Series 2020 A, Ref. RB		4.00	%		07/15/2036			700			819,266
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, Ref. RB		5.00	%		12/01/2033			1,000			1,074,760
Colorado International Center Metropolitan District No. 14; Series 2018, Ref. GO Bonds		5.63	%		12/01/2032			1,000			1,081,860
Copper Ridge Metropolitan District; Series 2019, RB		4.00	%		12/01/2029			3,300			3,206,874
Denver (City & County of), CO;
Series 1992 C, RB(d)(i)		6.13	%		11/15/2025			265			277,646
Series 2018 A, RB(d)(e)		5.00	%		12/01/2029			1,500			1,872,660
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(d)		5.00	%		10/01/2032			1,500			1,593,120
Denver (City & County of), CO Health & Hospital Authority (550 Acoma, Inc.);
Series 2018, COP		5.00	%		12/01/2028			310			392,345
Series 2018, COP		5.00	%		12/01/2029			500			629,615
Series 2018, COP		5.00	%		12/01/2030			350			438,347
Series 2018, COP		5.00	%		12/01/2031			375			467,483
Series 2018, COP		5.00	%		12/01/2032			455			564,851
Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds		5.50	%		12/01/2038			1,374			1,471,843
Frisco (Town of), CO (Marina Enterprise); Series 2019, RB		5.00	%		12/01/2036			600			651,984
Godding Hollow Metropolitan District (In The Town of Frederick); Series 2018, GO Bonds		6.50	%		12/01/2034			478			507,521
Grandby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(c)		4.88	%		12/01/2028			850			897,753
Independence Water & Sanitation District; Series 2019, RB		7.25	%		12/01/2038			1,500			1,625,865
Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds		4.63	%		12/01/2035			1,000			1,071,160
Mirabelle Metropolitan District No. 2; Series 2020, GO Bonds		5.00	%		12/01/2039			700			750,379
Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds		5.13	%		12/01/2031			1,500			1,596,225
Nine Mile Metropolitan District; Series 2020, RB		4.63	%		12/01/2030			2,265			2,402,825
North Park Metropolitan District No. 1; Seires 2018 A-2, RB		5.13	%		12/01/2028			1,500			1,619,040
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25	%		12/01/2048			2,250			2,363,805
Plaza Metropolitan District No. 1; Series 2013, Ref. RB(c)		5.00	%		12/01/2040			1,465			1,507,646
Solaris Metropolitan District No. 3; Series 2016 A, Ref. GO Bonds		5.00	%		12/01/2036			1,000			1,049,960
Southlands Metropolitan District No. 1; Series 2017 A-1, Ref. GO Bonds		5.00	%		12/01/2037			500			564,600
Thompson Crossing Metropolitan District No. 4; Series 2019, Ref. GO Bonds		3.50	%		12/01/2029			515			537,500
Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds		5.00	%		12/01/2041			2,700			2,879,442
Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)(b)		3.25	%		12/15/2050			1,000			1,054,730
Villages at Castle Rock Metropolitan District No. 6 (Cobblestone Ranch); Series 2007, GO Bonds(g)		0.00	%		12/01/2037			507			164,227
Westerly Metropolitan District No. 4;
Series 2021 A, GO Bonds		4.13	%		12/01/2031			615			613,647
Series 2021 A, GO Bonds		5.00	%		12/01/2040			1,000			1,034,630
											54,037,065
Connecticut–0.32%
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB		5.00	%		01/01/2030			3,890			4,159,888
Delaware–0.22%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB(c)		5.00	%		07/01/2028			2,627			2,822,817
District of Columbia–3.93%
District of Columbia (Howard University); Series 2011 A, RB(h)(i)		6.25	%		04/01/2021			100			100,485
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		4.13	%		07/01/2027			1,365			1,382,103
Series 2017 A, RB		5.00	%		07/01/2032			1,500			1,559,250
District of Columbia (Mandarin Oriental Hotel); Series 2002, RB (INS - AGM)(b)		5.25	%		07/01/2022			100			100,378
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB		6.50	%		05/15/2033			20,950			23,225,588
Series 2001, RB		6.75	%		05/15/2040			24,435			25,138,242
											51,506,046

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
Florida–5.37%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB		5.63	%		11/15/2029		$	185		$	184,920
Series 2014, RB		6.00	%		11/15/2029			1,000			1,003,840
Series 2014, RB		6.00	%		11/15/2034			1,500			1,486,035
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2011 A, RB		7.50	%		11/15/2021			100			100,498
Series 2011 A, RB		8.00	%		11/15/2031			900			903,231
Amelia Concourse Community Development District; Series 2019 B-1, RB		5.25	%		05/01/2029			1,715			1,872,952
Broward (County of), FL Housing Finance Authority (Golden Villas); Series 2008 B, RB(d)(h)		6.75	%		04/01/2025			45			45,173
Broward (County of), FL Housing Finance Authority (Heron Pointe Apartments);
Series 1997 A, RB(d)		5.65	%		11/01/2022			10			10,037
Series 1997 A, RB(d)		5.70	%		11/01/2029			20			20,081
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(c)		5.88	%		07/01/2040			250			264,885
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB(c)		5.38	%		08/01/2032			1,000			885,160
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(c)		5.00	%		12/15/2035			1,085			1,193,533
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 B, RB		4.00	%		07/01/2028			750			299,520
Series 2018 B, RB		4.25	%		07/01/2033			625			249,081
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(c)		5.00	%		07/01/2027			1,000			1,052,170
Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB(c)		4.00	%		12/01/2028			2,200			2,380,950
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB(c)		4.00	%		10/15/2029			1,810			1,911,088
Celebration Community Development District; Series 2002 A, RB (INS - NATL)(b)		5.00	%		05/01/2022			25			25,040
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); Series 2019, RB(c)(d)		5.00	%		10/01/2029			1,000			1,124,420
Florida (State of) Higher Educational Facilities Financial Authority (Nova Southeastern University); Series 2012, Ref. RB(i)		5.00	%		04/01/2022			1,000			1,052,010
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2020 C, Ref. RB(c)		4.00	%		09/15/2030			470			501,730
Series 2020 C, Ref. RB(c)		5.00	%		09/15/2040			400			438,448
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(c)(d)(h)		6.25	%		01/01/2024			3,405			3,353,653
Series 2019 A, Ref. RB(c)(d)(h)		6.38	%		01/01/2026			5,000			4,862,150
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65	%		07/01/2041			2,110			2,191,256
Jacksonville (City of), FL Economic Development Commission (Metropolitan Parking Solutions);
Series 2005 A, RB (INS - ACA)(b)(d)		5.88	%		06/01/2025			6,020			6,041,491
Series 2005 A, RB (INS - ACA)(b)(d)		5.88	%		06/01/2031			3,060			3,070,129
Series 2005, RB (INS - ACA)(b)(d)		5.75	%		10/01/2024			4,680			4,696,708
Series 2005, RB (INS - ACA)(b)(d)		5.50	%		10/01/2030			3,665			3,676,178
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.50	%		08/15/2030			4,000			4,426,280
Series 2020 B-3, Ref. RB		3.38	%		08/15/2026			2,500			2,514,325
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(c)		5.00	%		07/15/2028			600			664,362
Series 2018 A, RB(c)		5.38	%		07/15/2038			1,300			1,390,792
Lee (County of), FL Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB(i)		4.75	%		10/01/2022			135			141,268
Orlando (City of), FL Community Redevelopment Agency (Conroy Road District);
Series 2012, Ref. RB		5.00	%		04/01/2022			1,520			1,583,658
Series 2012, Ref. RB		5.00	%		04/01/2023			1,095			1,142,030
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); Series 2016, Ref. RB		5.00	%		11/15/2032			3,000			3,546,570
Palm Beach (County of), FL Health Facilities Authority (Harbour’s Edge); Series 2004 A, RB		6.00	%		11/15/2024			20			20,075
Pembroke Harbor Community Development District; Series 2008 A, RB		7.00	%		05/01/2038			1,150			1,155,647
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB		5.00	%		07/01/2029			2,000			2,279,740
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates);
Series 2019, Ref. IDR		5.00	%		01/01/2029			1,115			1,247,473
Series 2019, Ref. IDR		5.00	%		01/01/2039			1,750			1,921,867
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(c)(d)		5.88	%		01/01/2033			3,000			3,167,730

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
Florida–(continued)
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(b)		6.25	%		07/01/2028		$	187		$	187,352
											70,285,536
Georgia–1.91%
Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(d)		5.30	%		05/15/2026			810			813,005
Burke (County of), GA Development Authority (Oglethorpe Power Corp.); Series 2017 E, RB(h)		3.25	%		02/03/2025			3,000			3,275,070
DeKalb (County of), GA Housing Authority (Baptist Retirement Communities of Georgia, Inc. & Clairmont Crest, Inc.); Series 2019 A, Ref. RB(c)		4.25	%		01/01/2029			1,400			1,281,406
Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB		5.50	%		12/01/2028			1,900			1,873,951
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019 A, RB		5.00	%		01/01/2034			2,185			2,663,471
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b)		5.00	%		12/01/2023			10			10,035
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(h)(i)		5.13	%		03/15/2021			4,175			4,182,473
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(c)		5.00	%		06/15/2027			500			520,465
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(c)		5.00	%		11/01/2023			2,280			2,406,016
Series 2017 A, Ref. RB(c)		5.00	%		11/01/2037			2,000			2,159,560
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		5.75	%		12/01/2028			2,630			2,618,375
Series 2018, RB		5.50	%		12/01/2028			1,125			1,106,123
Private Colleges & Universities Authority (Mercer University); Series 2012 C, Ref. RB		5.25	%		10/01/2027			1,600			1,689,536
Randolph (County of), GA; Series 2012 A, GO Bonds		5.00	%		04/01/2022			435			446,602
											25,046,088
Guam–0.69%
Guam (Territory of); Series 2019, GO Bonds(d)		5.00	%		11/15/2031			2,525			2,750,609
Guam (Territory of) Department of Education (John F. Kennedy);
Series 2020, Ref. COP		4.25	%		02/01/2030			1,500			1,577,070
Series 2020, Ref. COP		5.00	%		02/01/2040			2,750			2,943,847
Guam (Territory of) Waterworks Authority; Series 2020 A, RB		5.00	%		01/01/2050			1,500			1,807,485
											9,079,011
Idaho–0.24%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		4.00	%		11/15/2027			1,105			1,126,481
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 A, RB(c)		4.63	%		07/01/2029			185			205,104
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2014 A, Ref. RB		6.75	%		07/01/2036			526			577,435
Series 2014 A, Ref. RB		6.75	%		07/01/2048			1,061			1,156,528
Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB(d)		6.45	%		08/01/2032			130			130,609
											3,196,157
Illinois–9.83%
Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB		5.00	%		12/30/2027			1,150			1,196,230
Aurora (City of), IL (River City TIF No. 3); Series 2018 B, Ref. RB		4.50	%		12/30/2023			1,230			1,253,788
Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB		4.00	%		01/01/2024			975			976,930
Berwyn (City of), IL; Series 2020, RB(c)		4.00	%		12/01/2028			1,610			1,630,624
Bradley (Village of), IL (Bradley Commons);
Series 2018 A, Ref. RB		5.00	%		01/01/2023			425			441,477
Series 2018 A, Ref. RB		5.00	%		01/01/2024			455			479,625
Series 2018 A, Ref. RB		5.00	%		01/01/2025			485			516,758
Series 2018 A, Ref. RB		5.00	%		01/01/2026			505			544,425
Series 2018 A, Ref. RB		5.00	%		01/01/2027			530			576,529
Centerpoint Intermodal Center Program Trust; Series 2004 A, RB(c)(h)		4.00	%		12/15/2022			1,135			1,148,075
Chicago (City of), IL;
Series 2017 A, Ref. GO Bonds		5.63	%		01/01/2029			1,000			1,195,950
Series 2017 A, Ref. GO Bonds		5.75	%		01/01/2034			1,500			1,767,675
Chicago (City of), IL (Hearts United Apartments); Series 1999 A, RB (CEP - GNMA)(d)		5.60	%		01/01/2041			70			70,350

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
Illinois–(continued)
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(b)(g)		0.00	%		12/01/2025		$	1,000		$	930,640
Series 2011 A, GO Bonds		5.00	%		12/01/2041			205			209,328
Series 2017 C, Ref. GO Bonds		5.00	%		12/01/2024			1,000			1,131,940
Series 2018 C, Ref. GO Bonds		5.00	%		12/01/2023			2,000			2,208,220
Series 2018 C, Ref. GO Bonds		5.00	%		12/01/2026			2,000			2,356,640
Chicago (State of) Board of Education;
Series 2019 A, Ref. GO Bonds(g)		0.00	%		12/01/2025			1,000			921,910
Series 2019 A, Ref. GO Bonds(g)		0.00	%		12/01/2026			1,000			891,100
Series 2021 B, Ref. GO Bonds		5.00	%		12/01/2030			2,250			2,769,232
Chicago O’Hare International Airport;
Series 2017 D, RB		5.25	%		01/01/2029			1,500			1,836,030
Series 2017 D, RB		5.25	%		01/01/2030			3,000			3,648,060
Series 2017 G, RB(d)		5.25	%		01/01/2028			250			305,393
Series 2017 G, RB(d)		5.25	%		01/01/2029			350			424,676
Series 2017 G, RB(d)		5.25	%		01/01/2030			400			482,176
Series 2017 G, RB(d)		5.25	%		01/01/2031			350			420,245
Cicero (Town of), IL;
Series 2012, Ref. GO Bonds		5.00	%		12/01/2023			1,295			1,398,963
Series 2012, Ref. GO Bonds		5.00	%		12/01/2024			1,005			1,085,310
Series 2012, Ref. GO Bonds		5.00	%		12/01/2025			725			782,804
Cook (County of), IL; Series 2018, RB(e)		5.25	%		11/15/2036			2,250			2,755,823
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB		5.25	%		12/01/2022			550			552,475
Hillside (Village of), IL (Mannheim Redevelopment);
Series 2018, Ref. RB		5.00	%		01/01/2024			925			956,986
Series 2018, Ref. RB		5.00	%		01/01/2030			2,195			2,315,045
Illinois (State of);
First Series 2020, GO Bonds (INS - NATL)(b)(e)(j)		6.00	%		11/01/2026			3,500			4,236,680
Series 2013, GO Bonds		5.50	%		07/01/2033			1,500			1,607,595
Series 2014, GO Bonds		5.00	%		05/01/2021			860			866,106
Series 2017 D, GO Bonds		5.00	%		11/01/2022			5,000			5,324,700
Series 2017 D, GO Bonds		5.00	%		11/01/2023			6,500			7,104,045
Series 2017 D, GO Bonds(e)(j)		5.00	%		11/01/2023			2,250			2,458,463
Series 2017 D, GO Bonds		5.00	%		11/01/2025			4,000			4,548,400
Series 2018 A, GO Bonds(e)(j)		6.00	%		05/01/2025			2,500			2,928,125
Series 2020, GO Bonds		5.38	%		05/01/2023			1,000			1,088,620
Series 2020, GO Bonds		5.50	%		05/01/2030			2,000			2,508,220
Illinois (State of) Finance Authority; Series 2007, RB		5.40	%		04/01/2027			140			140,302
Illinois (State of) Finance Authority (Benedictine University);
Series 2017, Ref. RB		5.00	%		10/01/2030			1,000			1,117,300
Series 2017, Ref. RB		5.00	%		10/01/2033			1,000			1,103,300
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d)		8.00	%		06/01/2032			11,805			11,817,749
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(c)		5.25	%		12/01/2025			400			428,924
Illinois (State of) Finance Authority (Lake Forest College); Series 2012 A, RB		5.00	%		10/01/2022			205			211,843
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB		5.00	%		11/01/2027			2,065			2,386,872
Illinois (State of) Finance Authority (Mercy Health System); Series 2016, Ref. RB		5.00	%		12/01/2026			2,700			3,207,141
Illinois (State of) Finance Authority (Montgomery Place); Series 2017, Ref. RB		5.00	%		05/15/2024			1,115			1,152,040
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(c)(h)		4.75	%		08/01/2030			6,500			6,942,065
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2016 A, RB (Acquired 04/25/2016-09/27/2016; Cost $686,232)(f)		6.20	%		05/15/2030			685			616,500
Series 2016 A, RB (Acquired 11/29/2018; Cost $282,030)(f)		6.33	%		05/15/2048			336			302,175
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(i)		5.25	%		08/15/2023			455			483,105
Illinois (State of) Finance Authority (Plymouth Place); Series 2015, Ref. RB		5.00	%		05/15/2025			250			262,330
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB		5.50	%		04/01/2037			2,000			2,003,440

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
Illinois–(continued)
Illinois (State of) Finance Authority (Rosalind Franklin University);
Series 2017, Ref. RB		5.00	%		08/01/2027	$	425	$	513,192
Series 2017, Ref. RB		5.00	%		08/01/2028		500		598,705
Series 2017, Ref. RB		5.00	%		08/01/2029		325		386,276
Series 2017, Ref. RB		5.00	%		08/01/2030		380		448,560
Series 2017, Ref. RB		5.00	%		08/01/2031		375		439,972
Series 2017, Ref. RB		5.00	%		08/01/2033		470		547,273
Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB		4.00	%		02/15/2027		1,795		1,753,123
Illinois (State of) Housing Development Authority (Lifelink Developments); Series 2006, RB (CEP - GNMA)(d)		4.70	%		10/20/2026		655		656,762
Illinois (State of) Medical District Commission;
Series 2002, COP (INS - NATL)(b)		5.13	%		06/01/2026		50		50,113
Series 2002, COP (INS - NATL)(b)		5.25	%		06/01/2032		140		140,260
Illinois (State of) Sports Facilities Authority (The); Series 2019, Ref. RB (INS - BAM)(b)		5.00	%		06/15/2029		1,000		1,263,660
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB		4.25	%		03/01/2024		234		239,066
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		4.25	%		01/01/2029		1,000		1,008,640
Quad Cities Regional Economic Development Authority (Augustana College);
Series 2012, Ref. RB		5.00	%		10/01/2023		295		312,408
Series 2012, Ref. RB		5.00	%		10/01/2024		275		290,414
Series 2012, Ref. RB		5.00	%		10/01/2025		445		468,923
Series 2012, Ref. RB		5.00	%		10/01/2026		400		420,776
Series 2012, Ref. RB		5.00	%		10/01/2027		450		472,351
Regional Transportation Authority; Series 2018 B, RB(e)		5.00	%		06/01/2030		3,000		3,820,410
Sales Tax Securitization Corp.; Series 2018 A, Ref. RB		5.00	%		01/01/2032		5,000		6,024,650
St. Clair County School District No. 189 (East St. Louis);
Series 2011, GO Bonds		5.38	%		01/01/2022		1,000		1,001,370
Series 2011, GO Bonds		5.50	%		01/01/2023		1,540		1,542,094
Yorkville (United City of), IL (United City Special Services Area); Series 2013, Ref. RB		4.60	%		03/01/2025		1,220		1,233,213
									128,659,683
Indiana–1.40%
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB		4.80	%		01/01/2028		400		404,080
Indiana (State of) Finance Authority (Butler University); Series 2012 A, Ref. RB		5.00	%		02/01/2022		500		520,300
Indiana (State of) Finance Authority (Deaconess Health System); Series 2011 A, Ref. RB(h)		6.00	%		09/01/2028		7,220		7,220,000
Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB(c)		5.50	%		07/01/2028		960		1,010,439
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.);
Series 2012 B, RB		3.00	%		11/01/2030		2,000		2,100,040
Series 2012 C, RB		3.00	%		11/01/2030		2,000		2,100,040
Lake County 2000 Building Corp.; Series 2012, RB		5.00	%		02/01/2024		4,200		4,300,506
Mishawaka (City of), IN; Series 2017, RB(c)		5.10	%		01/01/2032		615		621,242
									18,276,647
Iowa–0.54%
Ackley (City of), IA (Grand Jivante); Series 2018 A, RB		4.50	%		08/01/2033		600		601,614
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB		4.30	%		10/01/2028		660		654,086
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, RB		5.25	%		12/01/2025		1,000		1,098,540
Series 2013, Ref. RB(h)		5.25	%		12/01/2033		1,540		1,679,385
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB		4.13	%		05/15/2038		1,250		1,360,750
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.);
Series 2018, RB		4.45	%		08/01/2028		625		650,888
Series 2018, RB		5.00	%		08/01/2033		500		522,710
Iowa (State of) Tobacco Settlement Authority; Series 2005 B, RB		5.60	%		06/01/2034		500		507,065
									7,075,038
Kansas–0.83%
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB		5.00	%		05/15/2027		1,440		1,594,627
Pittsburg (City of), KS (North Broadway - Pittsburg Town Center); Series 2006, RB		4.80	%		04/01/2027		355		293,745

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
Kansas–(continued)
Wichita (City of), KS (Kansas Masonic Home);
Series 2016 II-A, RB		4.25	%		12/01/2024	$	500	$	498,600
Series 2016 II-A, RB		5.00	%		12/01/2031		1,800		1,817,766
Series 2016 II-A, RB		5.25	%		12/01/2036		1,000		1,016,270
Wichita (City of), KS (Larksfield Place); Series 2013 III, Ref. RB		7.13	%		12/15/2036		1,000		1,069,810
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB		5.00	%		05/15/2028		935		1,002,479
Series 2018 I, Ref. RB		5.00	%		05/15/2033		500		523,975
Series 2019, Ref. RB		4.00	%		05/15/2023		655		662,690
Series 2019, Ref. RB		5.00	%		05/15/2026		1,110		1,180,907
Series 2019, Ref. RB		5.00	%		05/15/2027		1,165		1,246,864
									10,907,733
Kentucky–0.41%
Ashland Kentucky (Ashland Hospital Corp. d/b/a King’s Daughters Medical Center); Series 2016 A, Ref. RB		5.00	%		02/01/2029		1,000		1,131,550
Christian (County of), KY (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. RB		5.00	%		02/01/2026		725		786,400
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); Series 2016 A, Ref. RB		5.00	%		05/15/2021		265		265,832
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB		5.00	%		07/01/2032		1,000		1,127,700
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB		5.00	%		11/15/2025		600		610,464
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2020 A, RB		4.00	%		10/01/2040		1,300		1,469,546
									5,391,492
Louisiana–2.35%
Calcasieu Parish Industrial Development Board, Inc. (Citgo Petroleum Corp.); Series 1993, RB(d)		6.00	%		07/01/2023		70		70,113
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston Parish Gomesha) (Green Bonds); Series 2018, Ref. RB(c)		5.38	%		11/01/2038		4,665		5,159,117
Louisiana (State of) Local Government Environmental Facilities and Community Development Authority (Vermilion (Parish of), LA Gomesa) (Green Bonds); Series 2019, RB(c)		4.63	%		11/01/2038		2,080		2,223,021
Louisiana Housing Corp.; Series 2009 A, RB		7.25	%		09/01/2039		360		322,830
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(b)		5.00	%		10/01/2034		540		662,888
Series 2018 A, RB (INS - AGM)(b)		5.00	%		10/01/2036		1,115		1,357,780
Series 2018 A, RB (INS - AGM)(b)		5.00	%		10/01/2037		755		916,751
Series 2018 A, RB (INS - AGM)(b)		5.00	%		10/01/2038		475		575,277
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00	%		10/01/2032		1,000		1,238,980
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00	%		10/01/2033		715		881,938
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00	%		10/01/2034		515		632,198
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB(c)(h)		5.85	%		06/01/2025		4,000		4,512,480
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(h)		2.10	%		07/01/2024		1,000		1,021,380
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood);
Series 2015, Ref. RB		5.00	%		11/15/2024		515		549,634
Series 2015, Ref. RB		5.25	%		11/15/2029		1,550		1,703,837
Tobacco Settlement Financing Corp.;
Series 2013 A, Ref. RB		5.50	%		05/15/2030		5,155		5,168,558
Series 2013 A, Ref. RB		5.25	%		05/15/2035		3,410		3,703,840
									30,700,622
Maine–0.13%
Maine (State of) Finance Authority (Supplemental Education Loan Program);
Series 2017 A-1, RB (INS - AGC)(b)(d)		5.00	%		12/01/2022		500		538,310
Series 2017 A-1, RB (INS - AGC)(b)(d)		5.00	%		12/01/2023		100		111,426
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB(h)(i)		7.50	%		07/01/2021		1,000		1,024,110
									1,673,846

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
Maryland–0.49%
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB		5.00	%		09/01/2026	$	2,160	$	2,238,041
Series 2017, Ref. RB		5.00	%		09/01/2027		1,100		1,144,121
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB		4.00	%		09/01/2027		425		453,063
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(c)		4.00	%		02/15/2028		480		507,691
Howard (County of), MD (Vantage House Facility);
Series 2016, Ref. RB		5.00	%		04/01/2021		85		85,109
Series 2017, Ref. RB		5.00	%		04/01/2021		132		132,168
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); Series 2017 A, RB(c)		5.00	%		07/01/2027		400		439,652
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical Institutions Parking Facilities); Series 1996, Ref. RB (INS - AMBAC)(b)		5.50	%		07/01/2026		60		60,119
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. RB(c)(d)		4.00	%		07/01/2024		1,360		1,413,067
									6,473,031
Massachusetts–0.59%
Collegiate Charter School of Lowell;
Series 2019, RB		5.00	%		06/15/2029		490		549,515
Series 2019, RB		5.00	%		06/15/2039		1,000		1,093,470
Lynn Housing Authority & Neighborhood Development;
Series 2018, Ref. RB		3.60	%		10/01/2023		200		208,650
Series 2018, Ref. RB		3.75	%		10/01/2024		250		262,423
Series 2018, Ref. RB		4.00	%		10/01/2025		200		212,172
Series 2018, Ref. RB		4.00	%		10/01/2026		100		105,922
Series 2018, Ref. RB		4.00	%		10/01/2027		150		158,565
Series 2018, Ref. RB		4.25	%		10/01/2028		320		340,064
Series 2018, Ref. RB		4.38	%		10/01/2029		385		409,097
Series 2018, Ref. RB		4.50	%		10/01/2030		690		733,691
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB		5.00	%		07/01/2028		675		678,200
Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2018, RB(c)		5.00	%		11/15/2033		1,500		1,651,530
Massachusetts (Commonwealth of) Development Finance Agency (Plantation Apartments L.P.); Series 2004 A, RB (LOC - Fleet National Bank)(d)(k)		5.00	%		12/15/2024		1,325		1,339,535
									7,742,834
Michigan–1.82%
Advanced Technology Academy;
Series 2019, Ref. RB		3.88	%		11/01/2029		810		831,894
Series 2019, Ref. RB		5.00	%		11/01/2034		400		434,972
Detroit (City of), MI;
Series 2018, GO Bonds		5.00	%		04/01/2023		1,000		1,075,840
Series 2018, GO Bonds		5.00	%		04/01/2026		1,000		1,157,560
Ecorse (City of), MI; Series 2011, GO Bonds		5.80	%		11/01/2026		2,035		2,099,713
Michigan (State of) Finance Authority (Cesar Chavez Academy);
Series 2019, Ref. RB		3.25	%		02/01/2024		295		300,676
Series 2019, Ref. RB		4.00	%		02/01/2029		700		746,431
Series 2019, Ref. RB		5.00	%		02/01/2033		830		917,955
Michigan (State of) Finance Authority (Lawrence Technological University); Series 2017, Ref. RB		5.25	%		02/01/2027		4,225		4,717,128
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2003 B-2, RB		6.00	%		11/01/2023		30		30,131
Michigan (State of) Finance Authority (McLaren Health Care); Series 2012 A, Ref. RB		5.00	%		06/01/2025		20		21,089
Michigan (State of) Finance Authority (Universal Learning Academy);
Series 2018, Ref. RB		5.00	%		11/01/2023		300		311,847
Series 2018, Ref. RB		5.50	%		11/01/2028		500		571,680
Series 2018, Ref. RB		6.00	%		11/01/2032		500		576,380
Michigan (State of) Strategic Fund (I-75 Improvement Project); Series 2018, RB(d)		5.00	%		12/31/2033		2,000		2,457,580
Michigan (State of) Strategic Fund (I-85 Improvement Project); Series 2018, RB(d)		5.00	%		12/31/2032		1,730		2,136,862
Michigan Strategic Fund (Evangelical Homes); Series 2013, Ref. RB		5.50	%		06/01/2047		3,000		3,068,370
Summit Academy North; Series 2016, Ref. RB		4.00	%		11/01/2021		550		554,367

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

13 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Michigan–(continued)
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. RB(c)		5.00	%		07/01/2026	$	1,835	$	1,860,690
									23,871,165
Minnesota–1.27%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB		5.00	%		12/01/2033		1,250		1,264,175
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB		5.75	%		08/01/2030		1,130		1,058,098
Deephaven (City of), MN (Seven Hills Preparatory Academy);
Series 2017, RB		4.38	%		10/01/2027		245		255,589
Series 2017, RB		5.00	%		10/01/2037		1,000		1,033,690
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB		4.25	%		11/01/2028		1,680		1,850,688
Series 2018 A, Ref. RB		5.00	%		11/01/2033		1,070		1,210,138
Minneapolis (City of), MN (Spero Academy);
Series 2017 A, RB(c)		5.50	%		07/01/2027		590		653,136
Series 2017 A, RB(c)		6.00	%		07/01/2032		1,080		1,220,292
Minnetonka (City of), MN (Preserve at Shady Oak); Series 2018 C, Ref. RB		4.50	%		03/01/2033		250		242,110
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2015, RB		5.00	%		12/01/2021		470		476,904
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB (Acquired 12/26/2018; Cost $2,000,000)(a)(c)(f)(h)		6.00	%		07/01/2027		2,000		2,106,120
St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, RB(c)		5.25	%		07/01/2033		140		157,090
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, RB		5.13	%		10/01/2023		225		234,506
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB		5.00	%		09/01/2026		1,000		1,113,240
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2018, Ref. RB		4.00	%		10/01/2031		250		250,297
Series 2018, Ref. RB		4.13	%		10/01/2033		250		250,630
St. Paul Park (City of), MN (Presbyterian Homes Bloomington);
Series 2017, Ref. RB		3.80	%		09/01/2029		350		362,411
Series 2017, Ref. RB		3.90	%		09/01/2030		565		585,380
Series 2017, Ref. RB		4.00	%		09/01/2031		585		606,850
Series 2017, Ref. RB		4.00	%		09/01/2032		400		413,992
Series 2017, Ref. RB		4.10	%		09/01/2033		500		518,300
Wayzata (City of), MN (Folkstone Senior Living Co.); Series 2019, Ref. RB		5.00	%		08/01/2035		100		106,762
West St. Paul (City of), MN (Walker Westwood Ridge Campus); Series 2017, Ref. RB		4.00	%		11/01/2030		650		642,785
									16,613,183
Mississippi–0.21%
Mississippi (State of) Development Bank (Hospital Construction & Ref.); Series 2014, Ref. RB		5.00	%		09/01/2030		720		812,894
Mississippi (State of) Development Bank (Jackson County Industrial Water System); Series 2009, VRD RB(l)		0.01	%		12/01/2039		850		850,000
Tunica (County of), MS; Series 2019, Ref. RB		6.00	%		10/01/2040		1,000		1,032,820
									2,695,714
Missouri–2.00%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00	%		11/01/2028		480		480,984
Branson (City of), MO Industrial Development Authority (Branson Shoppes Redevelopment);
Series 2017 A, Ref. RB		4.00	%		11/01/2025		1,440		1,492,488
Series 2017 A, Ref. RB		4.00	%		11/01/2026		750		773,483
Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(d)		5.30	%		05/15/2028		30		30,097
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(c)		4.50	%		12/01/2029		1,890		1,981,400
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District);
Series 2016 A, Ref. RB(c)		4.25	%		04/01/2026		410		425,543
Series 2016 A, Ref. RB(c)		5.00	%		04/01/2036		2,000		2,050,360
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(c)		4.38	%		02/01/2031		1,000		1,062,130

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

14 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Missouri–(continued)
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. IDR		5.00	%		05/15/2026	$	1,000	$	1,112,960
Series 2017 A, Ref. IDR		5.00	%		05/15/2027		800		902,456
Series 2017, Ref. RB		5.00	%		05/15/2023		1,000		1,054,980
Series 2017, Ref. RB		5.00	%		05/15/2024		1,500		1,616,115
Maryland Heights (City of), MO (Westport Plaza Redevelopment);
Series 2020, RB		3.63	%		11/01/2031		1,750		1,828,767
Series 2020, RB		4.13	%		11/01/2038		2,500		2,613,150
Missouri (State of) Development Finance Board (Crackneck Creek); Series 2013 B, Ref. RB		4.13	%		03/01/2029		75		75,131
Northpark Lane Community Improvement District; Series 2018, RB		4.50	%		11/01/2036		1,315		1,317,433
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(c)		4.25	%		10/01/2034		1,325		1,329,333
St. Louis (City of), MO (Lambert-St. Louis International Airport); Series 2012, Ref. RB(d)		5.00	%		07/01/2021		1,165		1,182,358
St. Louis (City of), MO Land Clearance Redevelopment Authority; Series 2019, RB		3.88	%		10/01/2035		2,570		2,504,182
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB		5.00	%		09/01/2025		1,000		1,133,020
Series 2018 A, RB		5.00	%		09/01/2026		1,000		1,153,750
									26,120,120
Nebraska–0.42%
Central Plains Energy Project (No. 4); Series 2018, RB(h)		5.00	%		01/01/2024		5,000		5,562,900
Nevada–0.38%
Director of the State of Nevada Department of Business & Industry (Somerset Academy); Series 2018 A, RB(c)		4.50	%		12/15/2029		640		680,423
Las Vegas (City of), NV Special Improvement District No. 607;
Series 2013, Ref. RB		5.00	%		06/01/2022		310		322,877
Series 2013, Ref. RB		5.00	%		06/01/2023		295		316,435
Series 2013, Ref. RB		5.00	%		06/01/2024		110		120,937
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB		4.75	%		12/01/2040		350		388,077
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada);
Series 2017 A, RB(c)		5.00	%		07/15/2027		335		375,498
Series 2017 A, RB(c)		5.00	%		07/15/2037		500		544,285
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(c)		2.75	%		06/15/2028		1,000		1,017,800
Tahoe-Douglas Visitors Authority; Series 2020, RB		5.00	%		07/01/2032		1,000		1,180,430
									4,946,762
New Hampshire–0.34%
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(c)(d)(h)		3.75	%		07/02/2040		420		434,247
New Hampshire (State of) Business Finance Authority (Covanta);
Series 2018 A, Ref. RB(c)(d)		4.00	%		11/01/2027		1,500		1,568,295
Series 2020 A, Ref. RB(c)(h)		3.63	%		07/02/2040		260		268,577
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,585,000)(a)(c)(f)		5.25	%		07/01/2027		1,585		1,188,750
Series 2017 B, RB (Acquired 06/12/2017; Cost $1,455,000)(a)(c)(f)		4.13	%		07/01/2024		1,455		945,750
									4,405,619
New Jersey–5.53%
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(b)		5.75	%		11/01/2028		180		222,948
New Jersey (State of); Series 2020 A, GO Bonds		5.00	%		06/01/2029		1,500		1,901,085
New Jersey (State of) Economic Development Authority;
Series 2005 N-1, Ref. RB (INS - NATL)(b)(e)(j)		5.50	%		09/01/2022		3,000		3,229,110
Series 2012 II, Ref. RB		5.00	%		03/01/2023		1,500		1,566,135
Series 2012, Ref. RB		5.00	%		06/15/2025		600		628,182
Series 2017 B, Ref. RB		5.00	%		11/01/2023		1,500		1,670,490
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); Series 2019 A, RB(c)		5.00	%		06/15/2039		825		894,985
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(d)		5.25	%		09/15/2029		3,000		3,188,550
Series 2012, RB(d)		5.75	%		09/15/2027		200		207,958

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

15 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(c)		5.13	%		11/01/2029	$	215	$	235,560
New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter School); Series 2017 A, RB(c)		5.00	%		07/01/2027		395		434,247
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); Series 2018 A, RB(c)		4.75	%		10/01/2028		1,650		1,756,590
New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds); Series 2020 A, RB		5.00	%		11/01/2030		3,225		4,002,838
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13	%		06/15/2037		560		689,707
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 C, RB		5.00	%		07/01/2022		215		219,805
Series 2012 C, RB		5.00	%		07/01/2032		1,385		1,419,168
New Jersey (State of) Economic Development Authority (School Facilities Construction); Series 2013, Ref. RB (SIFMA Municipal Swap Index + 1.60%)(m)		1.63	%		03/01/2028		1,000		1,001,670
New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); Series 2017 A, Ref. RB(c)		4.25	%		09/01/2027		210		221,995
New Jersey (State of) Higher Education Student Assistance Authority;
Series 2018 B, Ref. RB(d)		5.00	%		12/01/2026		1,000		1,204,470
Series 2018 B, Ref. RB(d)		5.00	%		12/01/2027		1,000		1,223,730
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB(g)		0.00	%		12/15/2028		715		615,286
Series 2008 A, RB(g)		0.00	%		12/15/2035		1,000		673,440
Series 2009 A, RB(g)		0.00	%		12/15/2032		1,465		1,098,530
Series 2010 A, RB (INS - BAM)(b)(g)		0.00	%		12/15/2028		4,850		4,337,889
Series 2010 A, RB(g)		0.00	%		12/15/2031		1,575		1,222,232
Series 2013 AA, RB		5.25	%		06/15/2031		1,150		1,247,532
Series 2018 A, Ref. RB		5.00	%		12/15/2024		1,000		1,153,170
Series 2018 A, Ref. RN(e)(j)		5.00	%		06/15/2029		1,000		1,173,270
Series 2018 A, Ref. RN(e)(j)		5.00	%		06/15/2030		2,845		3,314,368
Series 2018 A, Ref. RN(e)(j)		5.00	%		06/15/2031		4,680		5,434,510
Series 2019 BB, RB		5.00	%		06/15/2044		2,000		2,331,860
Series 2019, Ref. RB		5.00	%		12/15/2033		2,850		3,478,938
New Jersey Turnpike Authority; Series 2014 A, RB(e)		4.00	%		01/01/2035		10,000		10,878,400
Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB		3.20	%		06/01/2027		9,325		9,568,382
									72,447,030
New Mexico–0.25%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);
Series 2019 A, RB		5.00	%		07/01/2049		1,000		1,113,820
Series 2019 C, RB		2.25	%		07/01/2023		1,525		1,525,595
Santa Fe (City of), NM (El Castillo Retirement); Series 2019, RB		2.25	%		05/15/2024		650		648,394
									3,287,809
New York–6.17%
Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
Series 2018, Ref. RB(c)		5.00	%		10/01/2028		485		529,775
Series 2018, Ref. RB(c)		5.00	%		10/01/2038		2,445		2,658,424
Build NYC Resource Corp. (Brooklyn Navy Yard);
Series 2019, Ref. RB(c)(d)		5.25	%		12/31/2033		2,000		2,163,740
Series 2019, Ref. RB(c)(d)		5.50	%		12/31/2040		5,000		5,353,850
Metropolitan Transportation Authority;
Series 2012 D, Ref. RB		5.00	%		11/15/2030		2,000		2,124,180
Series 2020 A-2, RB		4.00	%		02/01/2022		2,500		2,572,675
Subseries 2020 A-1, RB (INS - AGM)(b)(e)		4.00	%		11/15/2043		10,000		11,346,700
Metropolitan Transportation Authority (Green Bonds); Series 2020 E, Ref. RB		5.00	%		11/15/2029		4,100		5,156,201
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); Series 2014 A, RB (Acquired 02/28/2018; Cost $1,056,683)(f)		6.50	%		01/01/2032		1,000		550,000
New York City Transitional Finance Authority; Series 2018 S-2, Ref. RB(e)		5.00	%		07/15/2036		11,000		13,359,170
New York Counties Tobacco Trust II; Series 2001, RB		5.63	%		06/01/2035		230		230,913

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

16 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York Counties Tobacco Trust III; Series 2003, RB		6.00	%		06/01/2043	$	300	$	300,516
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB		5.63	%		06/01/2035		1,690		1,829,408
Series 2016 A, Ref. RB		6.00	%		06/01/2043		3,935		4,431,164
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(c)		5.00	%		11/15/2044		3,000		3,263,550
New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, RB(d)(h)		2.75	%		09/02/2025		1,000		1,030,430
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(d)		5.25	%		08/01/2031		3,500		4,205,040
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(d)		5.00	%		08/01/2026		6,710		6,827,291
Series 2016, Ref. RB(d)		5.00	%		08/01/2031		1,500		1,524,900
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2018, RB(d)		5.00	%		01/01/2023		2,000		2,138,300
Series 2018, RB(d)		5.00	%		01/01/2030		2,000		2,398,860
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2018, RB(d)		5.00	%		01/01/2022		925		954,970
New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport);
Series 2020 A, Ref. RB(d)		5.00	%		12/01/2024		1,250		1,424,375
Series 2020 A, Ref. RB(d)		5.00	%		12/01/2025		1,200		1,401,924
Public Housing Capital Fund Revenue Trust I; Series 2012, RB(c)		4.50	%		07/01/2022		646		654,060
Public Housing Capital Fund Revenue Trust II; Series 2012, RB(c)		4.50	%		07/01/2022		195		194,528
Public Housing Capital Fund Revenue Trust III; Series 2012, RB(c)		5.00	%		07/01/2022		1,084		1,083,675
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB (Acquired 10/25/2017; Cost $ 1,022,025)(f)(n)		5.00	%		07/01/2027		1,000		500,000
Series 2013 A, RB (Acquired 02/21/2019; Cost $982,500)(f)(n)		5.00	%		07/01/2032		1,000		500,000
									80,708,619
North Dakota–0.08%
Burleigh (County of), ND (University of Mary); Series 2016, RB		4.38	%		04/15/2026		1,020		1,060,198
Ohio–4.11%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		4.00	%		06/01/2039		815		935,750
Series 2020 A-2, Ref. RB		4.00	%		06/01/2048		5,000		5,589,350
Cleveland (City of) & Cuyahoga (County of), OH Port Authority; Series 2010, RB		6.00	%		11/15/2035		1,000		1,004,250
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB		5.00	%		08/01/2029		600		671,178
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(d)		5.38	%		09/15/2027		450		451,080
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB		5.00	%		02/15/2031		2,500		2,899,700
Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB		5.25	%		11/15/2040		1,500		1,683,495
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB(h)(i)		8.00	%		07/01/2022		3,845		4,207,122
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB		6.30	%		02/15/2024		475		461,572
Series 2004, RB		6.40	%		02/15/2034		1,950		1,737,080
Lorain (County of), OH Port Authority (Kendal at Oberlin); Series 2013 A, Ref. RB		5.00	%		11/15/2030		1,500		1,613,700
Lucas Metropolitan Housing Authority;
Series 2012, RB		5.25	%		09/01/2022		205		215,814
Series 2012, RB		5.25	%		09/01/2023		260		273,824
Series 2012, RB		5.25	%		09/01/2024		275		289,479
Series 2012, RB		5.25	%		09/01/2025		290		305,996
Series 2012, RB		5.25	%		09/01/2026		305		321,824
Series 2012, RB		5.25	%		09/01/2027		320		337,651
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB		4.00	%		11/15/2038		4,470		4,968,763
Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2017 A, Ref. RB(e)		4.00	%		01/01/2036		8,675		10,032,811
Series 2018, Ref. RB(c)		5.00	%		12/01/2023		4,185		4,434,928
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(d)		5.00	%		12/31/2025		340		397,644

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

17 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Ohio–(continued)
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 D, Ref. PCR(h)		4.25	%		09/15/2021	$	1,975	$	2,010,293
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2019 A, Ref. PCR		3.25	%		09/01/2029		2,000		2,141,460
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC);
Series 2017, RB(c)(d)		3.75	%		01/15/2028		1,110		1,225,751
Series 2017, RB(c)(d)		4.25	%		01/15/2038		250		276,620
Ohio (State of) Housing Finance Agency (Mortgage-Backed Securities Program); Series 1999 A1, RB (CEP - GNMA)(d)		5.25	%		09/01/2030		10		10,025
Ohio (State of) Housing Finance Agency (Sanctuary at Springboro); Series 2017, RB(c)		5.13	%		01/01/2032		500		497,295
RiverSouth Authority; Series 2007 A, RB		5.75	%		12/01/2027		735		736,007
Southern Ohio Port Authority (Purecycle); Series 2020 A, RB(c)(d)		6.25	%		12/01/2025		3,620		3,756,148
Youngstown (City of), OH Metropolitan Housing Authority;
Series 2014, RB		3.20	%		06/15/2023		100		100,080
Series 2014, RB		4.00	%		12/15/2024		210		210,378
									53,797,068
Oklahoma–0.42%
Comanche (County of), OK Hospital Authority;
Series 2012 A, Ref. RB		5.00	%		07/01/2021		165		166,992
Series 2015, Ref. RB		5.00	%		07/01/2023		1,000		1,081,020
Oklahoma (State of) Development Finance Authority (Inverness Village Community); Series 2012, Ref. RB (Acquired 12/29/2016; Cost $158,194)(a)(f)(o)		5.25	%		01/01/2022		158		1,812
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017 A, RB (Acquired 03/06/2019; Cost $1,538,625)(a)(f)		5.00	%		08/01/2037		1,650		684,750
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(a)		4.75	%		11/01/2023		978		4,891
Tulsa (City of), OK Municipal Airport Trust; Series 2001 B, Ref. RB(d)		5.50	%		12/01/2035		2,000		2,134,880
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(d)(h)		5.00	%		06/01/2025		1,340		1,473,866
									5,548,211
Oregon–0.01%
Local Oregon Capital Assets Program; Series 2011 C, COP		4.60	%		06/01/2031		125		125,169
Oregon (State of) (Elderly & Disabled Housing); Series 1993 C, Ref. GO Bonds(d)		5.65	%		08/01/2026		20		20,071
									145,240
Pennsylvania–4.70%
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB		4.88	%		11/01/2024		3,000		3,214,110
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB (Acquired 08/10/2017; Cost $714,125)(f)		5.60	%		07/01/2023		725		652,500
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2017, Ref. RB(c)		5.00	%		05/01/2027		2,750		3,247,887
Allentown Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(c)		6.00	%		05/01/2042		725		879,113
Allentown Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB(c)		5.00	%		05/01/2023		570		611,496
Series 2018, RB(c)		5.00	%		05/01/2028		1,250		1,494,487
Series 2018, RB(c)		5.00	%		05/01/2033		500		582,575
Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00	%		11/01/2040		4,000		4,090,760
Berks (County of), PA Municipal Authority (The) (Tower Health); Series 2020 B-3, Ref. RB(h)		5.00	%		02/01/2030		5,000		5,819,650
Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); Series 2018, RB(c)		4.38	%		03/01/2028		275		280,588
Delaware Valley Regional Finance Authority; Series 1997 B, RB (INS - AMBAC)(b)		5.70	%		07/01/2027		1,000		1,271,210
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(k)(l)		0.04	%		06/01/2037		3,700		3,700,000
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00	%		12/01/2028		630		708,051
Series 2018, Ref. RB		5.00	%		12/01/2030		910		1,010,191
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b)		5.00	%		11/15/2029		5,000		5,887,250

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

18 Invesco Short Duration High Yield Municipal Fund

	Interest Rate				Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)(f)(n)(o)		5.00	%			12/31/2023	$	350	$	87,535
Series 2013, RB(n)(o)		5.00	%			12/31/2023		118		29,522
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB		5.00	%			07/01/2027		1,500		1,535,220
Pennsylvania (Commonwealth of) Economic Development Financing Authority (CarbonLite P, LLC); Series 2019, RB(c)(d)		5.25	%			06/01/2026		2,000		1,784,540
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PPL Energy Supply); Series 2009 A, Ref. RB		6.40	%			12/01/2038		3,250		2,866,370
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Ursinus College);
Series 2012 A, Ref. RB		5.00	%			01/01/2025		785		806,588
Series 2019, RB(e)		4.00	%			08/15/2049		7,500		8,434,500
Series 2019, RB(e)		5.00	%			08/15/2049		2,500		3,055,600
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.);
Series 2019 A, RB		4.00	%			06/15/2029		765		808,636
Series 2019 A, RB		5.00	%			06/15/2039		920		991,088
Philadelphia (City of), PA Authority for Industrial Development (La Salle University);
Series 2017, Ref. RB		5.00	%			05/01/2027		1,735		1,931,975
Series 2017, Ref. RB		5.00	%			05/01/2028		1,810		2,016,702
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00	%			07/01/2031		500		536,655
Series 2017, Ref. RB		5.00	%			07/01/2032		1,000		1,066,910
Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(c)		5.00	%			03/15/2045		2,000		2,114,000
										61,515,709
Puerto Rico–13.10%
Children’s Trust Fund;
Series 2002, RB		5.38	%			05/15/2033		5,360		5,392,910
Series 2002, RB		5.50	%			05/15/2039		9,315		9,543,590
Series 2002, RB		5.63	%			05/15/2043		145		145,744
Puerto Rico (Commonwealth of);
Series 2004 A, GO Bonds (INS - NATL)(b)		5.25	%			07/01/2021		655		658,884
Series 2007 A, GO Bonds (INS - AGC)(b)		5.00	%			07/01/2023		100		103,368
Series 2008 A, Ref. GO Bonds(a)		5.13	%			07/01/2024		15,580		13,437,750
Series 2011 A, Ref. GO Bonds (INS - AGM)(b)		5.25	%			07/01/2024		515		527,484
Series 2011 A, Ref. GO Bonds (INS - AGM)(b)		6.00	%	��		07/01/2033		300		315,378
Series 2011 E, Ref. GO Bonds(a)		6.00	%			07/01/2029		12,765		11,057,681
Series 2012 A, Ref. GO Bonds(a)		5.50	%			07/01/2026		140		114,800
Series 2012 A, Ref. GO Bonds(a)		5.50	%			07/01/2027		2,160		1,771,200
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13	%			07/01/2024		1,235		1,348,163
Series 2012 A, RB		5.00	%			07/01/2021		795		804,866
Series 2012 A, RB		5.25	%			07/01/2029		2,880		3,031,805
Series 2012 A, RB		5.25	%			07/01/2042		5,000		5,263,550
Series 2020 A, Ref. RB(c)		5.00	%			07/01/2025		2,500		2,770,275
Series 2020 A, Ref. RB(c)		5.00	%			07/01/2030		2,500		2,980,600
Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB (INS - AGC)(b)		5.00	%			07/01/2027		80		82,697

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

19 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(b)		5.00	%		07/01/2023	$	2,500	$	2,530,675
Series 2005 RR, RB (INS - NATL)(b)		5.00	%		07/01/2022		550		554,097
Series 2005 RR, RB (INS - SGI)(b)		5.00	%		07/01/2025		100		100,130
Series 2005 RR, RB (INS - AGC)(b)		5.00	%		07/01/2026		155		160,223
Series 2005 SS, Ref. RB (INS - NATL)(b)		5.00	%		07/01/2021		2,000		2,010,720
Series 2005 SS, Ref. RB (INS - NATL)(b)		5.00	%		07/01/2023		1,000		1,012,270
Series 2007 TT, RB (INS - NATL)(b)		5.00	%		07/01/2026		165		167,211
Series 2007 TT, RB(a)		5.00	%		07/01/2032		1,990		1,795,975
Series 2007 TT, RB(a)		5.00	%		07/01/2037		500		451,250
Series 2007 UU, Ref. RB (INS - AGM)(b)		5.00	%		07/01/2023		10		10,337
Series 2007 UU, Ref. RB (INS - AGC)(b)		5.00	%		07/01/2026		1,435		1,483,359
Series 2007 VV, Ref. RB (INS - NATL)(b)		5.25	%		07/01/2025		1,705		1,841,400
Series 2007 VV, Ref. RB (INS - NATL)(b)		5.25	%		07/01/2030		1,000		1,109,940
Series 2010 AAA-RSA-1, RB(a)		5.25	%		07/01/2028		5,685		5,144,925
Series 2010 CCC, RB(a)		5.25	%		07/01/2026		6,565		5,941,325
Series 2010 DDD, Ref. RB (INS - AGM)(b)		5.00	%		07/01/2023		40		41,347
Series 2010 XX, RB(a)		5.25	%		07/02/2040		1,875		1,696,875
Series 2010 XX-RSA-1, RB(a)		5.25	%		07/01/2027		250		226,250
Series 2010 ZZ-RSA-1, Ref. RB(a)		5.25	%		07/01/2025		1,180		1,067,900
Series 2016 E-2, RB(a)		10.00	%		07/01/2021		900		868,109
Series 2016 E-2, RB(a)		10.00	%		01/01/2022		300		289,369
Series 2016 E-4, RB(a)		10.00	%		07/01/2022		1,589		1,533,663
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2002 E, RB (INS - AGM)(b)		5.50	%		07/01/2023		530		577,297
Series 2003, RB (INS - FGIC)(b)(n)		5.75	%		07/01/2021		530		482,962
Series 2004 J, RB (INS - NATL)(b)		5.00	%		07/01/2029		475		481,911
Series 2005 BB, Ref. RB (INS - AGM)(b)		5.25	%		07/01/2022		230		241,419
Series 2007 CC, Ref. RB (INS - NATL)(b)		5.50	%		07/01/2029		15		16,804
Series 2007 N, Ref. RB(a)		5.50	%		07/01/2021		1,045		373,587
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 2000, RB(d)		6.63	%		06/01/2026		7,310		7,565,850
Series 2012, Ref. RB		5.00	%		10/01/2021		450		458,482
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(a)		6.25	%		10/01/2024		2,465		992,162
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(b)		5.25	%		08/01/2021		265		266,556
Series 2002 A, RB (INS - AGM)(b)		5.00	%		08/01/2027		1,605		1,659,105
Series 2005 A, RB (INS - AGM)(b)		5.00	%		08/01/2022		50		51,684
Series 2005 A, RB (INS - AGM)(b)		5.00	%		08/01/2030		305		315,282
Series 2005 B, Ref. RB (INS - AGC)(b)		5.25	%		07/01/2021		30		30,378
Series 2005 C, Ref. RB (INS - AGC)(b)		5.25	%		08/01/2022		40		42,109
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities);
Series 2002 D, Ref. RB(a)		5.25	%		07/01/2027		760		730,550
Series 2002 F, Ref. RB (INS - AGC)(b)		5.25	%		07/01/2025		50		57,047
Series 2007 M-2, Ref. RB (INS - AMBAC)(b)		10.00	%		07/01/2035		190		200,000
Series 2007 M-3, Ref. RB (INS - NATL)(b)		6.00	%		07/01/2024		500		513,695
Series 2007 N, RB(a)		5.00	%		07/01/2037		2,125		2,024,062
Series 2009 P, Ref. RB(a)		6.13	%		07/01/2023		500		489,375
Series 2009 P, Ref. RB(a)		6.25	%		07/01/2026		2,905		2,850,531
Series 2011 S, RB(a)		5.50	%		07/01/2023		135		130,444
Series 2011 S, RB(a)		5.88	%		07/01/2039		1,245		1,209,206
Puerto Rico Public Finance Corp.;
Series 2011 A, RB(a)		6.50	%		08/01/2028		37,400		561,000
Series 2011 B, RB(a)		6.00	%		08/01/2024		10,675		160,125
Series 2011 B, RB(a)		6.00	%		08/01/2025		17,475		262,125
Series 2011 B, RB(a)		6.00	%		08/01/2026		6,495		97,425
Series 2011 B, RB(a)		5.50	%		08/01/2031		54,770		821,550

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

20 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(g)		0.00	%		07/01/2024	$	539	$	507,253
Series 2018 A-1, RB(g)		0.00	%		07/01/2027		1,027		904,058
Series 2018 A-1, RB(g)		0.00	%		07/01/2029		1,003		829,832
Series 2018 A-1, RB(g)		0.00	%		07/01/2031		4,146		3,183,672
Series 2018 A-1, RB(g)		0.00	%		07/01/2033		6,719		4,777,411
Series 2018 A-1, RB		4.50	%		07/01/2034		7,162		7,816,678
Series 2018 A-1, RB		4.55	%		07/01/2040		538		586,447
Series 2018 A-1, RB(g)		0.00	%		07/01/2046		13,831		4,252,203
Series 2018 A-1, RB(g)		0.00	%		07/01/2051		11,268		2,480,876
Series 2018 A-1, RB		4.75	%		07/01/2053		3,953		4,314,423
Series 2018 A-1, RB		5.00	%		07/01/2058		9,996		11,070,970
Series 2019 A-2, RB		4.33	%		07/01/2040		5,475		5,889,184
Series 2019 A-2, RB		4.54	%		07/01/2053		163		175,654
Series 2019 A-2, RB		4.78	%		07/01/2058		2,196		2,401,480
University of Puerto Rico;
Series 2006 P, Ref. RB (Acquired 05/24/2011; Cost $2,493,274)(f)		5.00	%		06/01/2023		2,535		2,509,650
Series 2006 Q, RB (Acquired 06/01/2011; Cost $1,778,025)(f)		5.00	%		06/01/2022		1,790		1,781,050
Series 2006 Q, RB (Acquired 02/01/2012; Cost $5,000,000)(f)		5.00	%		06/01/2025		5,000		4,900,000
									171,431,659
Rhode Island–0.07%
Pawtucket (City of), RI Housing Authority; Series 2010, RB		5.50	%		09/01/2028		195		201,453
Providence (City of), RI Public Building Authority; Series 2001 A, RB (INS - NATL)(b)		5.38	%		12/15/2021		30		30,107
Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB		6.50	%		04/01/2027		80		80,287
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00	%		06/01/2026		500		589,100
									900,947
South Carolina–0.50%
South Carolina (State of) Jobs-Economic Development Authority; Series 2018, Ref. RB		5.00	%		04/01/2038		2,500		2,689,725
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB		5.00	%		04/01/2027		1,655		1,813,516
South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green
Community Program - AAC East LLC) (Green Bonds); Series 2019, RB(c)		7.00	%		05/01/2026		2,000		1,996,060
									6,499,301
Tennessee–0.72%
Bristol (City of), TN Industrial Development Board (Pinnacle);
Series 2016 B, RB(c)(g)		0.00	%		12/01/2021		250		242,923
Series 2016, RB		4.25	%		06/01/2021		395		395,798
Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland); Series 2017 A, Ref. RB		5.50	%		07/01/2037		350		345,866
Metropolitan Development and Housing Agency (Fifth + Broadway Development);
Series 2018, RB(c)		4.50	%		06/01/2028		1,295		1,417,442
Series 2018, RB(c)		5.13	%		06/01/2036		1,000		1,128,410
Nashville (City of) & Davidson (County of), TN Health and Educational Facilities Board of Metropolitan Government (Trousdale Foundation Properties); Series 2018 A, RB(c)		5.25	%		04/01/2028		2,000		951,180
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2016 A, Ref. RB(c)		5.00	%		09/01/2024		1,000		1,018,280
Series 2016 A, Ref. RB(c)		5.00	%		09/01/2031		3,000		2,990,310
Series 2016 A, Ref. RB(c)		5.00	%		09/01/2037		1,000		957,730
									9,447,939
Texas–7.01%
Argyle (Town of), TX; Series 2017, RB		4.25	%		09/01/2027		420		454,537
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB		5.00	%		06/15/2036		700		703,507
Arlington Higher Education Finance Corp. (Newman International Academy);
Series 2021, RB		4.00	%		08/15/2031		200		207,706
Series 2021, RB		5.00	%		08/15/2041		600		641,118
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB		4.55	%		08/15/2028		605		653,878

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

21 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Arlington Higher Education Finance Corp. (Winfree Academy Charter School);
Series 2019, RB		5.50	%		08/15/2023	$	305	$	306,961
Series 2019, Ref. RB		5.15	%		08/15/2029		970		1,058,930
Calhoun County Navigation Industrial Development Authority (Max Midstream Texas, LLC); Series 2020 A, RN(c)(d)		7.00	%		07/27/2021		10,000		9,999,600
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		5.75	%		08/15/2033		2,000		2,313,360
Dallas (City of), TX; Series 2015, GO Bonds		5.00	%		02/15/2030		1,075		1,247,591
Edinburg Economic Development Corp.; Series 2019, RB(c)		4.00	%		08/15/2029		585		596,887
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers; Series 2015, Ref. RB		5.00	%		12/01/2021		450		461,853
Gulf Coast Industrial Development Authority; Series 1998, RB(d)		8.00	%		04/01/2028		340		340,405
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB		5.00	%		11/15/2030		2,000		2,209,360
Houston (City of), TX;
Series 2002 A, RB (INS - AGM)(b)(d)		5.13	%		07/01/2032		5		5,032
Series 2002 B, RB (INS - AGM)(b)		5.00	%		07/01/2032		50		50,326
Houston (City of), TX (United Airlines, Inc.); Series 2018, RB(d)		5.00	%		07/15/2028		1,750		2,020,375
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(d)		4.75	%		07/01/2024		4,885		5,120,848
Series 2020 A, Ref. RB(d)		5.00	%		07/01/2027		2,325		2,707,648
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB(i)		5.88	%		05/15/2021		135		136,561
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. RB (Acquired 05/08/2018-12/17/2018; Cost $647,956)(f)		5.00	%		02/15/2035		650		510,601
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(c)(d)		4.63	%		10/01/2031		7,500		7,988,700
New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB		5.00	%		10/01/2024		1,650		1,743,951
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB		4.00	%		07/01/2028		235		239,399
Series 2016, Ref. RB		5.00	%		07/01/2036		2,750		2,872,650
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB(c)		4.00	%		08/15/2030		5,000		5,219,650
New Hope Cultural Education Facilities Finance Corp. (Forefront Living Plano); Series 2020 A, RB(c)		10.00	%		12/01/2025		1,000		1,021,330
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center);
Series 2017 A, RB(c)		3.63	%		08/15/2022		525		528,082
Series 2017 S, RB(c)		4.25	%		08/15/2027		610		613,886
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB		5.38	%		11/15/2036		1,165		1,079,209
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2019, Ref. RB		5.00	%		01/01/2039		500		522,020
Newark High Education Finance Corp. (Austin Achieve Public Schools, Inc.);
Series 2018, RB		4.25	%		06/15/2028		335		344,819
Series 2018, RB		5.00	%		06/15/2033		300		310,857
Series 2018, RB		5.00	%		06/15/2038		250		258,335
Port Beaumont Navigation District (Jefferson Gulf Coast); Series 2020, Ref. RB(c)(d)		3.63	%		01/01/2035		3,000		3,077,130
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB		6.75	%		11/15/2024		180		190,321
Series 2014 A, RB		7.50	%		11/15/2034		100		108,873
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		4.90	%		09/15/2024		260		268,853
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB		5.00	%		05/15/2037		1,400		1,500,352
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); Series 2017, RB		6.00	%		11/15/2027		3,250		3,643,932
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,012,416)(f)		6.00	%		02/15/2031		1,000		797,580
Series 2017, RB (Acquired 11/05/2019; Cost $3,290,896)(f)		6.38	%		02/15/2041		3,000		2,380,800
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB		3.00	%		11/15/2026		1,000		1,008,240
Series 2020, Ref. RB		4.00	%		11/15/2027		1,000		1,013,620
Series 2020, Ref. RB		6.25	%		11/15/2031		1,000		1,119,990
Temple (City of), TX; Series 2018 A, RB(c)		5.00	%		08/01/2028		4,520		5,077,000
Texas (State of) Department of Housing & Community Affairs (Skyway Villas Apartments); Series 2001 A, RB (INS - AMBAC)(b)(d)		5.45	%		12/01/2022		415		415,838
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB		6.25	%		12/15/2026		8,360		9,817,148
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB		5.00	%		12/15/2028		5,000		6,303,000

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

22 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.00	%		08/15/2027	$	500	$	505,650
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(b)		5.38	%		11/15/2024		50		50,517
									91,768,816
Utah–0.77%
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB		4.25	%		08/01/2035		1,645		1,826,871
Series 2020 A, RB		4.50	%		08/01/2040		1,205		1,332,863
Salt Lake City Corp. Airport Revenue; Series 2017 A, RB(d)(e)		5.00	%		07/01/2036		3,000		3,544,500
Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); Series 2017, Ref. RB(c)		4.50	%		06/15/2027		200		212,898
Utah (State of) Charter School Finance Authority (Merit College Preparatory Academy);
Series 2019 A, RB(c)		4.50	%		06/15/2029		500		509,760
Series 2019 A, RB(c)		5.00	%		06/15/2034		1,270		1,303,160
Utah (State of) Charter School Finance Authority (Renaissance Academy);
Series 2020, Ref. RB(c)		3.50	%		06/15/2025		345		354,960
Series 2020, Ref. RB(c)		4.00	%		06/15/2030		520		551,455
Series 2020, Ref. RB(c)		5.00	%		06/15/2040		350		384,401
									10,020,868
Vermont–0.32%
Vermont (State of) Educational & Health Buildings Financing Agency (St. Michael’s College);
Series 2012, Ref. RB		5.00	%		10/01/2021		2,020		2,060,925
Series 2012, Ref. RB		5.00	%		10/01/2022		1,025		1,080,811
Series 2012, Ref. RB		5.00	%		10/01/2023		1,000		1,052,380
									4,194,116
Virgin Islands–0.71%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. RB(d)		5.00	%		09/01/2022		1,320		1,316,924
Series 2014 A, Ref. RB(d)		5.00	%		09/01/2023		1,000		995,020
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2009 A-1, RB		5.00	%		10/01/2029		1,500		1,503,495
Series 2010 A, RB		5.00	%		10/01/2029		1,870		1,874,357
Series 2010 B, RB		5.00	%		10/01/2025		2,750		2,705,423
Series 2012 A, RB		5.00	%		10/01/2032		405		401,246
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2010 B, Ref. RB		4.00	%		07/01/2021		520		517,431
									9,313,896
Virginia–0.58%
Hanover (County of), VA Economic Development Authority (Covenant Woods); Series 2018, Ref. RB		5.00	%		07/01/2038		250		272,350
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge);
Series 2019 A, RB		5.00	%		01/01/2034		1,000		1,069,510
Series 2019 B, RB		4.00	%		01/01/2025		3,200		3,200,544
Peninsula Town Center Community Development Authority;
Series 2018, Ref. RB(c)		4.00	%		09/01/2023		410		415,580
Series 2018, Ref. RB(c)		4.50	%		09/01/2028		1,450		1,534,665
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB		4.30	%		09/01/2030		770		758,789
Virginia (Commonwealth of) Small Business Financing Authority; Series 2018, RB(c)(d)(h)		5.00	%		07/01/2038		310		324,198
									7,575,636
Washington–0.38%
Kalispel Tribe of Indians;
Series 2018 A, RB(c)		5.00	%		01/01/2032		400		456,488
Series 2018 B, RB(c)		5.00	%		01/01/2032		100		114,122
Kelso (City of), WA Housing Authority; Series 1998, RB		5.60	%		03/01/2028		135		135,143
King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB(d)		5.75	%		01/01/2028		10		10,059
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(c)		4.00	%		07/01/2026		635		657,155

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

23 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Washington–(continued)
Washington (State of) Housing Finance Commission (Judson Park);
Series 2018, Ref. RB(c)		3.70	%		07/01/2023	$	285	$	289,742
Series 2018, Ref. RB(c)		5.00	%		07/01/2038		385		415,111
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(c)		5.00	%		01/01/2036		1,755		1,899,033
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(c)		4.50	%		07/01/2028		965		1,010,973
									4,987,826
West Virginia–0.54%
Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2008 A, Ref. RB		6.50	%		06/01/2023		390		382,325
Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group);
Series 2015, Ref. RB		5.00	%		07/01/2025		360		410,548
Series 2015, Ref. RB		5.00	%		07/01/2026		460		521,341
Series 2015, Ref. RB		5.00	%		07/01/2027		560		630,263
Series 2015, Ref. RB		4.00	%		07/01/2035		190		199,557
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(c)		4.50	%		06/01/2027		3,415		3,592,239
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(c)(d)		6.75	%		02/01/2026		1,000		973,140
Series 2018, RB(c)(d)		8.75	%		02/01/2036		320		340,214
									7,049,627
Wisconsin–3.49%
Lomira (Village of), WI Community Development Authority;
Series 2018 B, Ref. RB		3.65	%		10/01/2028		705		736,210
Series 2018 B, Ref. RB		3.75	%		10/01/2029		175		182,445
Public Finance Authority; Series 2020 A, RB(c)		4.00	%		03/01/2030		1,810		1,897,550
Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(c)		6.25	%		08/01/2027		1,250		1,350,413
Series 2017, RB(c)		6.75	%		08/01/2031		500		557,845
Public Finance Authority (Community School of Davidson); Series 2018, RB		5.00	%		10/01/2033		390		437,748
Public Finance Authority (Coral Academy of Science Reno);
Series 2019, Ref. RB(c)		5.00	%		06/01/2029		375		419,460
Series 2019, Ref. RB(c)		5.00	%		06/01/2039		1,415		1,523,233
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(c)		4.38	%		06/15/2029		2,000		2,126,380
Public Finance Authority (North Carolina Leadership Academy); Series 2019 B, RB(c)		5.75	%		06/15/2021		20		20,018
Public Finance Authority (WhiteStone); Series 2017, Ref. RB(c)		4.00	%		03/01/2027		1,305		1,384,970
Public Finance Authority (Wingate University);
Series 2018 A, Ref. RB		5.25	%		10/01/2029		1,825		2,153,226
Series 2018 A, Ref. RB		5.25	%		10/01/2030		1,925		2,250,710
Series 2018 A, Ref. RB		5.25	%		10/01/2031		1,030		1,195,902
Series 2018 A, Ref. RB		5.25	%		10/01/2032		720		831,470
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group);
Series 2017, Ref. RB		3.50	%		08/01/2022		825		829,084
Series 2017, Ref. RB		5.00	%		08/01/2027		500		539,780
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); Series 2017, Ref. RB		5.00	%		06/01/2028		1,205		1,325,078
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00	%		11/01/2028		935		1,032,493
Series 2019, Ref. RB		5.00	%		11/01/2030		1,035		1,135,654
Wisconsin (State of) Health & Educational Facilities Authority (Clement Manor, Inc.); Series 2019, Ref. RB		4.25	%		08/01/2034		1,000		899,170
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB(c)		6.25	%		10/01/2031		2,000		2,040,160
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);
Series 2016 A, RB(c)		5.00	%		06/01/2025		650		707,675
Series 2016 A, RB(c)		5.00	%		06/01/2026		1,005		1,103,922
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB(c)		5.75	%		11/01/2024		1,500		1,522,080

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

24 Invesco Short Duration High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(c)		6.13	%		02/01/2039	$	4,310	$	4,674,755
Series 2020, RB(c)		7.00	%		02/01/2025		470		472,632
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017 B, Ref. RB(c)(d)		6.00	%		06/01/2022		2,290		2,309,717
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
Series 2019, RB(c)		4.00	%		06/15/2029		680		720,943
Series 2019, RB(c)		5.00	%		06/15/2039		440		475,992
Series 2019, RB(c)		5.00	%		06/15/2049		540		577,141
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00	%		12/01/2027		5,780		6,339,446
Wisconsin (State of) Public Finance Authority (Wittenberg University);
Series 2016, RB(c)		4.00	%		12/01/2021		1,320		1,332,368
Series 2016, RB(c)		5.00	%		12/01/2031		500		525,560
									45,631,230
Total Municipal Obligations (Cost $1,419,651,769)									1,338,843,912
						Shares
Common Stocks & Other Equity Interests–0.00%
Quebec–0.00%
Resolute Forest Products, Inc. (Cost $80,903)(p)							6,757		62,975
TOTAL INVESTMENTS IN SECURITIES(q)–102.29% (Cost $1,419,732,672)									1,338,906,887
FLOATING RATE NOTE OBLIGATIONS–(4.67)%
Notes with interest and fee rates ranging from 0.57% to 0.75% at 02/28/2021 and contractual maturities of collateral ranging from 09/01/2022 to 08/15/2049 (See Note 1K)(r)									(61,110,000	)
OTHER ASSETS LESS LIABILITIES–2.38%									31,140,013
NET ASSETS–100.00%								$	1,308,936,900

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
FGIC	– Financial Guaranty Insurance Company
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
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
VRD	– Variable Rate Demand
Wts.	– Warrants

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

25 Invesco Short Duration High Yield Municipal Fund

Notes to Schedule of Investments:

^(a)  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, 2021 was $64,664,147, which represented 4.94% of the Fund’s Net Assets.

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

^(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, 2021 was $269,533,483, which represented 20.59% of the Fund’s Net Assets.

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

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

^(f)  Restricted security. The aggregate value of these securities at February 28, 2021 was $21,370,573, which represented 1.63% of the Fund’s Net Assets.

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

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

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

^(j)  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $14,930,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

^(l)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021.

^(m)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

⁽ⁿ⁾  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

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

^(p)  Non-income producing security.

^(q)  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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(r)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2021. At February 28, 2021, the Fund’s investments with a value of $97,396,600 are held by TOB Trusts and serve as collateral for the $61,110,000 in the floating rate note obligations outstanding at that date.

Open Futures Contracts^(a)

Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value		Unrealized Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes		142		June-2021	$	(18,846,063	)	$	227,121		$227,121

^(a)  Futures contracts collateralized by $275,000 cash held with Goldman Sachs & Co., the futures commission merchant.

Portfolio Composition

By credit sector, based on total investments

As of February 28, 2021

Revenue Bonds	88.5	%
General Obligation Bonds	10.2
Pre-Refunded Bonds	0.9
Other	0.4

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

26 Invesco Short Duration High Yield Municipal Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,419,732,672)	$	1,338,906,887
Deposits with brokers: Cash collateral – exchange-traded futures contracts		275,000
Cash		1,115,227
Receivable for:
Investments sold		1,653,500
Fund shares sold		3,145,295
Interest		15,468,934
Investments matured, at value (Cost $14,416,237)		13,724,778
Investment for trustee deferred compensation and retirement plans		128,792
Other assets		453,229
Total assets		1,374,871,642
Liabilities:
Floating rate note obligations		61,110,000
Other investments:
Variation margin payable - futures contracts		19,968
Payable for:
Dividends		1,411,374
Fund shares reacquired		2,545,558
Accrued fees to affiliates		663,649
Accrued other operating expenses		55,401
Trustee deferred compensation and retirement plans		128,792
Total liabilities		65,934,742
Net assets applicable to shares outstanding	$	1,308,936,900
Net assets consist of:
Shares of beneficial interest	$	1,692,595,630
Distributable earnings (loss)		(383,658,730	)
	$	1,308,936,900

Net Assets:
Class A	$	871,989,539
Class C	$	99,852,928
Class Y	$	309,557,456
Class R5	$	14,165,612
Class R6	$	13,371,365
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		83,397,624
Class C		9,562,016
Class Y		29,580,882
Class R5		1,350,275
Class R6		1,276,532
Class A:
Net asset value per share	$	10.46
Maximum offering price per share
(Net asset value of $10.46 ÷ 97.50%)	$	10.73
Class C:
Net asset value and offering price per share	$	10.44
Class Y:
Net asset value and offering price per share	$	10.46
Class R5:
Net asset value and offering price per share	$	10.49
Class R6:
Net asset value and offering price per share	$	10.47

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

27 Invesco Short Duration High Yield Municipal Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest	$	27,564,834
Expenses:
Advisory fees		2,557,936
Administrative services fees		91,712
Custodian fees		3,037
Distribution fees:
Class A		1,035,253
Class C		690,525
Interest, facilities and maintenance fees		399,958
Transfer agent fees – A, C and Y		703,335
Transfer agent fees – R5		851
Transfer agent fees – R6		1,744
Trustees’ and officers’ fees and benefits		12,215
Registration and filing fees		55,829
Reports to shareholders		13,414
Professional services fees		65,425
Taxes		19,762
Other		7,533
Total expenses		5,658,529
Less: Expenses reimbursed and/or expense offset arrangement(s)		(37,942	)
Net expenses		5,620,587
Net investment income		21,944,247
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(6,455,322	)
Futures contracts		442,467
		(6,012,855	)
Change in net unrealized appreciation of:
Unaffiliated investment securities		40,895,508
Futures contracts		250,896
	41,146,404
Net realized and unrealized gain		35,133,549
Net increase in net assets resulting from operations	$	57,077,796

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

28 Invesco Short Duration High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	21,944,247		$	25,964,268
Net realized gain (loss)		(6,012,855	)		(13,375,804	)
Change in net unrealized appreciation		41,146,404			13,779,249
Net increase in net assets resulting from operations		57,077,796			26,367,713
Distributions to shareholders from distributable earnings:
Class A		(14,254,210	)		(12,759,881	)
Class C		(1,837,358	)		(2,582,528	)
Class Y		(5,277,588	)		(8,322,425	)
Class R5		(100,078	)		(591	)
Class R6		(233,390	)		(529,636	)
Total distributions from distributable earnings		(21,702,624	)		(24,195,061	)
Share transactions–net:
Class A		22,297,903			621,971,636
Class C		(71,541,456	)		113,649,065
Class Y		21,380,202			73,533,316
Class R5		14,065,157			(811	)
Class R6		387,730			(1,563,694	)
Net increase (decrease) in net assets resulting from share transactions		(13,410,464	)		807,589,512
Net increase in net assets		21,964,708			809,762,164
Net assets:
Beginning of period		1,286,972,192			477,210,028
End of period	$	1,308,936,900		$	1,286,972,192

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

29 Invesco Short Duration High Yield Municipal Fund

Financial Highlights

(Unaudited)

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 with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 02/28/21		$	10.17		$	0.18		$	0.28			$	0.46			$	(0.17	)		$	10.46		4.61	%		$	871,990		0.86	%(d)		0.87	%(d)		0.80	%(d)		3.46	%(d)		10	%
Year ended 08/31/20			10.86			0.37			(0.71	)			(0.34	)			(0.35	)			10.17		(3.19	)			826,655		0.84			0.88			0.79			3.59			49
Year ended 08/31/19			10.48			0.36			0.37				0.73				(0.35	)			10.86		7.09				193,076		0.86			0.98			0.79			3.40			24
Year ended 08/31/18			10.47			0.34			0.01				0.35				(0.34	)			10.48		3.46				109,307		0.86			1.06			0.79			3.26			26
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
Period 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 02/28/21			10.16			0.14			0.28				0.42				(0.14	)			10.44		4.12				99,853		1.61	(d)		1.62	(d)		1.55	(d)		2.71	(d)		10
Year ended 08/31/20			10.84			0.29			(0.70	)			(0.41	)			(0.27	)			10.16		(3.84	)			167,426		1.59			1.63			1.54			2.84			49
Year ended 08/31/19			10.46			0.28			0.37				0.65				(0.27	)			10.84		6.29				52,195		1.61			1.73			1.54			2.65			24
Year ended 08/31/18			10.45			0.26			0.02				0.28				(0.27	)			10.46		2.69				52,446		1.61			1.81			1.54			2.51			26
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
Period 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 02/28/21			10.18			0.19			0.28				0.47				(0.19	)			10.46		4.63				309,557		0.61	(d)		0.62	(d)		0.55	(d)		3.71	(d)		10
Year ended 08/31/20			10.87			0.40			(0.72	)			(0.32	)			(0.37	)			10.18		(2.94	)			280,243		0.59			0.63			0.54			3.84			49
Year ended 08/31/19			10.48			0.39			0.37				0.76				(0.37	)			10.87		7.45				216,579		0.61			0.73			0.54			3.65			24
Year ended 08/31/18			10.48			0.37			0.00				0.37				(0.37	)			10.48		3.62				102,388		0.61			0.81			0.54			3.51			26
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
Period 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 02/28/21			10.20			0.19			0.29				0.48				(0.19	)			10.49		4.76				14,166		0.54	(d)		0.54	(d)		0.48	(d)		3.78	(d)		10
Year ended 08/31/20			10.88			0.40			(0.71	)			(0.31	)			(0.37	)			10.20		(2.83	)			10		0.57			0.57			0.52			3.86			49
Year ended 08/31/19			10.49			0.39			0.37				0.76				(0.37	)			10.88		7.44				11		0.61			0.68			0.54			3.65			24
Year ended 08/31/18			10.48			0.37			0.01				0.38				(0.37	)			10.49		3.72				11		0.61			0.82			0.54			3.51			26
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
Period 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 02/28/21			10.19			0.19			0.28				0.47				(0.19	)			10.47		4.67				13,371		0.53	(d)		0.53	(d)		0.47	(d)		3.79	(d)		10
Year ended 08/31/20			10.88			0.40			(0.72	)			(0.32	)			(0.37	)			10.19		(2.94	)			12,639		0.57			0.57			0.52			3.86			49
Year ended 08/31/19			10.49			0.39			0.37				0.76				(0.37	)			10.88		7.44				15,350		0.61			0.68			0.54			3.65			24
Year ended 08/31/18			10.48			0.37			0.01				0.38				(0.37	)			10.49		3.72				9,738		0.61			0.76			0.54			3.52			26
Period 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. For the year ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,007,963,117 in connection with the acquisition of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $839,817, $139,249, $289,728, $5,121 and $12,561 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.

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

30 Invesco Short Duration High Yield Municipal Fund

Notes to Financial Statements

February 28, 2021

(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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income

31 Invesco Short Duration High Yield Municipal Fund

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.

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.

H. 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.

I. 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.

J. 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.

K. 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

32 Invesco Short Duration High Yield Municipal Fund

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 have 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.

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

M. 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 current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

N. 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.

33 Invesco Short Duration High Yield Municipal Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund 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 $ 100 million		0.483	%
Next $150 million		0.433	%
Next $250 million		0.408	%
Next $4.5 billion		0.383	%
Next $5 billion		0.373	%
Over $10 billion		0.353	%

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco 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 May 31, 2021 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 the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has agreed to limit expenses for Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s 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, 2021. 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.

For the six months ended February 28, 2021, the Adviser reimbursed class level expenses of $24,643, $4,127, $8,629, $0 and $0 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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, 2021, 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $16,815 in front-end sales commissions from the sale of Class A shares and $28,279 and $1,822 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

34 Invesco Short Duration High Yield Municipal Fund

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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations	$	–	$	1,338,725,043	$	118,869	$	1,338,843,912
Common Stocks & Other Equity Interests		62,975		–		–		62,975
Total Investments in Securities		62,975		1,338,725,043		118,869		1,338,906,887
Other Investments - Assets*
Investments Matured		–		13,191,783		532,995		13,724,778
Futures Contracts		227,121		–		–		227,121
Total Investments	$	290,096	$	1,351,916,826	$	651,864	$	1,352,858,786

* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

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, 2021, the Fund engaged in securities purchases of $68,091,038 and securities sales of $54,116,039, which did not result in any net realized gains (losses).

NOTE 5–Derivative Investments

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

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, 2021:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	227,121
Derivatives not subject to master netting agreements		(227,121	)
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, 2021

The table below summarizes the gains (losses) 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		$442,467
Change in Net Unrealized Appreciation:
Futures contracts		250,896
Total		$693,363

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	20,072,391

35 Invesco Short Duration High Yield Municipal Fund

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended February 28, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $543.

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 and Borrowings

Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. The revolving credit and security agreement is secured by the assets of the Fund.

During the six months ended February 28, 2021, the average daily balance of borrowing under the revolving credit and security agreement was $2,120,994 with a weighted interest rate of 0.99%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.

Additionally, 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

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, 2021 were $61,292,143 and 0.63%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

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, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	38,131,937	$	241,499,471	$	279,631,408

* Capital loss carryforward 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, 2021 was $116,395,977 and $163,521,598, 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	$	67,089,376
Aggregate unrealized (depreciation) of investments		(169,064,756	)
Net unrealized appreciation (depreciation) of investments	$	(101,975,380	)

Cost of investments for tax purposes is $1,454,834,166.

36 Invesco Short Duration High Yield Municipal Fund

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2021(a)						August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		6,065,580		$	62,918,984			10,634,580		$	111,621,392
Class C		356,853			3,668,163			2,924,292			31,239,744
Class Y		6,789,155			70,232,132			9,736,489			101,454,741
Class R5		1,350,278			14,075,617			3,142			31,254
Class R6		292,300			3,027,647			546,560			5,697,244
Issued as reinvestment of dividends:
Class A		868,278			8,960,967			841,127			8,635,604
Class C		119,810			1,231,431			182,878			1,875,883
Class Y		333,710			3,445,455			548,617			5,710,012
Class R5		2,337			24,431			21			217
Class R6		17,446			180,394			39,764			415,365
Automatic conversion of Class C shares to Class A shares:
Class A		5,626,481			58,302,755			3,693,839			37,244,448
Class C		(5,632,471	)		(58,302,755	)		(3,697,854	)		(37,244,448	)
Issued in connection with acquisitions:(b)
Class A		-			-			59,989,320			583,623,872
Class C		-			-			15,301,696			148,649,970
Class Y		-			-			14,590,552			142,071,004
Reacquired:
Class A		(10,446,762	)		(107,884,803	)		(11,654,574	)		(119,153,680	)
Class C		(1,766,368	)		(18,138,295	)		(3,040,903	)		(30,872,084	)
Class Y		(5,074,471	)		(52,297,385	)		(17,270,112	)		(175,702,441	)
Class R5		(3,342	)		(34,891	)		(3,163	)		(32,282	)
Class R6		(273,681	)		(2,820,311	)		(756,859	)		(7,676,303	)
Net increase (decrease) in share activity		(1,374,867	)	$	(13,410,464	)		82,609,412		$	807,589,512

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% 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)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 89,881,568 shares of the Fund for 208,315,250 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $874,344,846, including $(156,579,289) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $417,682,133 and $1,292,026,979 immediately after the acquisition.

The pro forma results of operations for the year ended August 31, 2020 assuming the reorganization had been completed on September 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	50,007,407
Net realized/unrealized gains		(72,263,202	)
Change in net assets resulting from operations	$	(22,255,795	)

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

37 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, 2020 through February 28, 2021.

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.

	Beginning       Account Value       (09/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
		Ending       Account Value       (02/28/21)1	Expenses       Paid During       Period2	Ending       Account Value       (02/28/21)	Expenses       Paid During       Period2
Class A	$1,000.00	$1,046.10	$4.36	$1,020.53	$4.31	0.86%
Class C	1,000.00	1,041.20	8.15	1,016.81	8.05	1.61
Class Y	1,000.00	1,046.30	3.09	1,021.77	3.06	0.61
Class R5	1,000.00	1,047.60	2.74	1,022.12	2.71	0.54
Class R6	1,000.00	1,046.70	2.69	1,022.17	2.66	0.53

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, 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.

38 Invesco Short Duration High Yield Municipal Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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                                         

	Semiannual Report to Shareholders	February 28, 2021
	Invesco Short Term Municipal Fund
	Nasdaq:
	A: ORSTX ∎ C: ORSCX ∎ Y: ORSYX ∎ R6: STMUX

2	Fund Performance
4	Schedule of Investments
19	Financial Statements
22	Financial Highlights
23	Notes to Financial Statements
28	Fund Expenses

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 8/31/20 to 2/28/21, 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	0.74	%
Class C Shares	0.38
Class Y Shares	0.86
Class R6 Shares	0.64
Bloomberg Barclays Municipal 1-Year Index▼	0.34
U.S. Consumer Price Index∎	1.19
Source(s): ▼RIMES Technologies Corp.; ∎ Bloomberg L.P. The Bloomberg Barclays Municipal 1-Year Index is an unmanaged index of municipal bonds with a remaining maturity of one to two years.     The US Consumer Price Index is a measure of change in consumer prices as determined by the US Bureau of Labor Statistics.     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 Short Term Municipal Fund

Average Annual Total Returns
As of 2/28/21, including maximum applicable sales charges
Class A Shares
Inception (12/6/10)	2.24	%
10 Years	2.26
5 Years	1.86
1 Year	2.07
Class C Shares
Inception (12/6/10)	1.63	%
10 Years	1.64
5 Years	1.10
1 Year	0.33
Class Y Shares
Inception (12/6/10)	2.48	%
10 Years	2.51
5 Years	2.11
1 Year	2.32
Class R6 Shares
10 Years	2.32	%
5 Years	1.97
1 Year	2.13

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Short Term Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Short Term Municipal Fund. The Fund was subsequently renamed the Invesco Short Term Municipal Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee 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.

    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 A, 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 Short Term Municipal Fund

Schedule of Investments

February 28, 2021

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–85.78%
Alabama–1.27%
Alabama (State of) Public Housing Authorities; Series 2003 B, RB (INS - AGM)(a)		4.45%		01/01/2024	$	90	$	90,214
Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, RB (INS - SGI)(a)		4.38%		06/01/2028		10		10,025
Bibb (County of), AL; Series 2015, Ref. Wts.(b)(c)		2.40%		05/01/2021		210		210,729
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(c)		4.00%		12/01/2025		12,000		13,640,520
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(c)		4.00%		10/01/2026		5,000		5,777,450
Daleville (City of), AL Board of Education; Series 2013, Ref. Wts.		2.80%		10/01/2022		185		185,335
Health Care Authority for Baptist Health; Series 2006 D, RB		5.00%		11/15/2021		670		672,137
Lee (County of), AL Public Building Authority (DHR Building); Series 2006, Wts. (INS - SGI)(a)		4.25%		09/01/2022		10		10,030
Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 A, VRD RB (LOC - Bank Of America, N.A.)(d)(e)(f)		0.04%		05/01/2041		15,940		15,940,000
								36,536,440
Alaska–0.07%
Alaska (State of) International Airports System; Series 2010 A, Ref. RB(g)		5.00%		10/01/2026		2,060		2,070,012
Arizona–0.91%
Arizona (State of) Game & Fish Department & Commission; Series 2006, RB		5.00%		07/01/2032		105		105,360
Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)(a)		4.50%		07/01/2024		25		25,081
Phoenix (City of), AZ Industrial Development Authority (Mayo Clinic); Series 2014 A, VRD RB(e)		0.01%		11/15/2052		17,385		17,385,000
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(d)		5.00%		09/01/2026		150		158,702
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13%		07/01/2029		275		283,401
Salt Verde Financial Corp.; Series 2007, RB		5.25%		12/01/2025		4,000		4,745,320
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(a)		4.38%		06/01/2024		10		10,030
Westpark Community Facility District; Series 2016, Ref. GO Bonds		4.00%		07/15/2025		1,595		1,732,521
Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB(d)		3.90%		09/01/2024		710		737,683
Yavapai (County of), AZ Industrial Development Authority (Arizona Agribusiness and Equine Center, Inc.); Series 2011, RB(b)(c)		7.63%		03/01/2021		1,075		1,075,000
								26,258,098
California–7.76%
Alhambra (City of), CA (Police Facilities Assessment District No. 91-1); Series 1992, COP (INS - AMBAC)(a)		6.75%		09/01/2023		5,650		6,109,514
Anaheim (City of), CA Housing & Public Improvements Authority; Series 2016, Ref. RB(b)(c)		5.00%		10/01/2021		1,280		1,315,622
Anaheim (City of), CA Public Financing Authority; Series 1997 A, RB (INS - AGM)(a)		6.00%		09/01/2024		4,495		4,963,829
Barstow (City of), CA Redevelopment Agency Successor Agency (Project Area No. 1); Series 2004, RB (INS - AGM)(a)		4.70%		09/01/2022		20		20,068
Bay Area Toll Authority;
Series 2007 D2, VRD RB (LOC - Bank Of America N.A.)(e)(f)		0.01%		04/01/2047		10,200		10,200,000
Series 2014 E, Ref. RB(c)		2.00%		04/01/2021		255		255,347
Series 2014 H, RB (SIFMA Municipal Swap Index + 0.70%)(c)(h)		0.73%		04/01/2021		4,000		4,001,320
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A);
Series 2013 B, RB		5.00%		09/01/2022		450		478,998
Series 2013 B, RB		5.00%		09/01/2023		475		524,733
California (State of);
Series 1971 Q, GO Bonds		4.75%		03/01/2021		35		35,000
Series 2016 B, GO Bonds (70% of 1 mo. USD LIBOR + 0.76%)(c)(h)		0.84%		12/01/2021		4,000		4,004,800
Series 2019, Ref. GO Bonds		5.00%		04/01/2022		5,255		5,531,833
California (State of) Department of Water Resources; Series 2011 N, RB(b)		5.00%		05/01/2021		10,845		10,932,085
California (State of) Department of Water Resources (Central Valley); Series 2014 AT, RB (SIFMA Municipal Swap Index + 0.37%)(c)(h)		0.40%		12/01/2022		12,965		12,997,283
California (State of) Educational Facilities Authority (California Institute of Technology); Series 2006 A, VRD RB(e)		0.01%		10/01/2036		40,500		40,500,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); Series 2017, RB(d)(g)(i)		7.00%		07/01/2022		570		370,500

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

4 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB (INS - NATL)(a)		4.50%		10/01/2026	$	170	$	170,495
California (State of) Statewide Communities Development Authority (Bakersfield Consolidated Reassessment District No. 12-1); Series 2012, RB		5.00%		09/02/2022		580		611,152
Howell Mountain Elementary School District; Series 2007, GO Bonds (INS - AGM)(a)(j)		0.00%		08/01/2027		1,080		913,496
Industry (City of), CA Public Facilities Authority (Transportation-Distribution-Industrial Redevelopment Project No. 3); Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		01/01/2025		40		41,368
Inglewood Unified School District School Facilities Financing Authority (Inglewood Unified School District General Obligation Bond Program); Series 2007, RB (INS - AGM)(a)		5.25%		10/15/2021		495		509,236
Lodi (City of), CA; Series 2004 A, COP (INS - NATL)(a)		4.75%		10/01/2024		10		10,032
Los Angeles (City of), CA; Series 2010 A, RB		5.00%		06/01/2028		1,350		1,370,655
Mizuho Floater/Residual Trust; Series 2020, VRD RB (LOC - Mizuho Capital Markets LLC)(d)(e)(f)		0.23%		12/01/2036		21,000		21,000,000
Modesto (City of), CA (Golf Course Ref.); Series 1993 B, COP (INS - NATL)(a)		5.00%		11/01/2023		15		15,455
Napa Valley Unified School District; Series 2020, Ref. GO Bonds		5.00%		08/01/2021		200		200,718
Natomas Unified School District; Series 1999, Ref. GO Bonds (INS - NATL)(a)		5.95%		09/01/2021		115		116,128
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB		6.00%		12/01/2021		195		195,497
Oakland (Port of), CA; Series 2012 P, Ref. RB(b)(c)(g)		5.00%		05/01/2022		4,000		4,218,720
Riverside (City of), CA (Riverside Renaissance); Series 2008, Ref. VRD COP (LOC - Bank Of America, N.A.)(e)(f)		0.01%		03/01/2037		70,525		70,525,000
Riverside (County of), CA Redevelopment Successor Agency (Interstate 215 Corridor Redevelopment); Series 2011 E, RB(b)		6.50%		12/01/2021		65		68,015
Sacramento (County of), CA; Series 2003 B, RB (INS - NATL)(a)		5.73%		08/15/2023		1,155		1,256,987
San Bernardino (County of), CA (Captial Facilities); Series 1992 B, COP(b)		6.88%		08/01/2024		1,650		1,854,848
San Diego (City of), CA Community Facilities District No. 3; Series 2013, Ref. RB		5.00%		09/01/2021		530		541,989
San Juan Capistrano (City of), CA; Series 2011, RB		3.00%		08/01/2021		100		100,215
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center); Series 2012, Ref. RB		5.00%		11/15/2021		365		375,457
Saugus Union School District; Series 2013, Ref. RB		5.00%		09/01/2021		255		260,679
Southern California Tobacco Securitization Authority; Series 2019, Ref. RB		2.25%		06/01/2029		145		145,903
Tender Option Bond Trust; Series 2017-XF0576, VRD Ctfs.(d)(e)		0.37%		08/01/2046		4,000		4,000,000
West Contra Costa Unified School District; Series 2011, Ref. GO Bonds (INS - AGM)(a)		5.00%		08/01/2021		2,350		2,396,530
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds		6.00%		08/01/2021		1,000		1,023,940
Westlands Water District;
Series 2007 B, COP (INS - AMBAC)(a)		4.50%		09/01/2023		15		15,047
Series 2007 B, COP (INS - AMBAC)(a)		4.50%		09/01/2024		5		5,015
Series 2012 A, Ref. RB(b)		5.00%		09/01/2021		250		256,050
Series 2012 A, Ref. RB(b)		5.00%		09/01/2022		250		268,165
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2011, RB(b)(c)		4.90%		06/01/2021		9,220		9,328,151
								224,035,875
Colorado–0.65%
Colorado (State of) Health Facilities Authority; Series 2005, VRD RB (LOC - UMB Bank, N.A.)(e)(f)		0.04%		01/01/2035		8,300		8,300,000
Colorado (State of) Regional Transportation District (Fastracks); Series 2012 A, RB(b)(c)		5.00%		11/01/2022		5,400		5,817,204
Public Authority for Colorado Energy; Series 2008, RB		6.13%		11/15/2023		1,215		1,323,305
Pueblo (County of), CO; Series 2005, Ref. COP		4.50%		12/01/2024		10		10,032
Southglenn Metropolitan District; Series 2016, Ref. GO Bonds		3.00%		12/01/2021		517		519,285
Town of Telluride Co.; Series 2010, Ref. RB (INS - AGM)(a)		5.00%		12/01/2036		200		200,620
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2022		200		214,718
Series 2019, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2023		120		133,326
Series 2019, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2024		130		148,863
Series 2019, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2025		125		146,449
Series 2019, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2026		140		163,348
Series 2020, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/01/2021		155		159,862
Series 2020, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/01/2022		330		353,816
Series 2020, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/01/2023		385		427,319
Series 2020, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/01/2024		400		457,700
Series 2020, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/01/2025		355		417,601
								18,793,448

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

5 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut–1.85%
Connecticut (State of);
Series 2005 A, GO Bonds (SIFMA Municipal Swap Index + 1.80%)(h)		1.83%		03/01/2023	$	10,000	$	10,004,400
Series 2011 D, GO Bonds		5.00%		11/01/2025		6,930		7,148,226
Series 2011 D, GO Bonds		5.00%		11/01/2028		3,245		3,344,751
Series 2012 C, Ref. GO Bonds		5.00%		06/01/2024		1,000		1,056,810
Series 2012 C, Ref. GO Bonds		5.00%		06/01/2025		11,915		12,577,712
Series 2013 B, GO Bonds		5.00%		03/01/2027		5,050		5,493,996
Series 2018 C, GO Bonds		4.00%		06/15/2024		10,000		11,134,700
Connecticut (State of) Health & Educational Facilities Authority (Trinity College); Series 1998 F, RB (INS - NATL)(a)		5.50%		07/01/2021		190		193,242
Connecticut (State of) Housing Finance Authority; Series 2010, RB		5.00%		06/15/2030		2,545		2,553,475
New Haven (City of), CT; Series 2011 B, GO Bonds(b)(c)		4.50%		08/01/2021		25		25,442
Willington (Town of), CT; Series 2006, GO Bonds (INS - AGM)(a)		4.00%		12/01/2023		5		5,014
								53,537,768
District of Columbia–0.17%
District of Columbia (KIPP Charter School); Series 2013, RB(b)		5.00%		07/01/2023		480		507,624
District of Columbia Housing Finance Agency; Series 2018 B-1, RB(c)		2.55%		03/01/2022		1,000		1,022,280
District of Columbia Water & Sewer Authority; Series 1998, RB (INS - AGM)(a)		5.50%		10/01/2023		3,015		3,269,255
								4,799,159
Florida–2.11%
Atlantic Beach (City of), FL (Fleet Landing); Series 2018 B-2, RB		3.00%		11/15/2023		3,750		3,751,387
Belle Isle (City of), FL (Cornerstone Charter Academy and Cornerstone Charter High School);
Series 2012, RB		5.50%		10/01/2022		75		77,960
Bonaventure Development District; Series 2002, RB (INS - NATL)(a)		5.13%		11/01/2022		295		295,917
Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB		3.50%		07/01/2025		955		706,805
Dade (County of), FL Health Facilities Authority (Baptist Hospital of Miami); Series 1991 A, RB(b)		5.75%		05/01/2021		25		25,210
Florida (State of) Department of Children & Families (South Florida Evaluation Treatment Center); Series 2005, COP(b)(c)		5.00%		03/11/2021		75		75,091
Florida (State of) Mid-Bay Bridge Authority; Series 1991 A, RB(b)		6.88%		10/01/2022		3,140		3,360,930
Florida (State of) Municipal Power Agency (Stanton II); Series 2012 A, RB		5.00%		10/01/2024		1,695		1,817,633
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65%		07/01/2041		2,145		2,227,604
JEA ; Series 2008 3-C-1, VRD RB(e)		0.03%		10/01/2034		33,930		33,930,000
JEA (St. Johns River Power Park System);
Series 2012 6, RB		5.00%		10/01/2021		2,335		2,354,964
Series 2012 6, RB		4.00%		10/01/2032		100		100,199
Lee (County of), FL; Series 2010 A, Ref. RB (INS - AGM)(a)(g)		5.00%		10/01/2022		1,860		1,880,534
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2012, Ref. RB		5.00%		11/15/2023		2,415		2,588,204
Miami-Dade (County of), FL;
Series 2010 E, RB (INS - AGM)(a)		5.00%		04/01/2022		200		200,454
Series 2011, GO Bonds(b)(c)		5.00%		07/01/2021		5,055		5,136,487
Palm Bay (City of), FL; Series 2003 A, RB (INS - NATL)(a)		4.13%		07/01/2025		5		5,016
Port St. Lucie (City of), FL; Series 2005 A, RB (INS - NATL)(a)		4.38%		07/01/2023		5		5,016
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital);
Series 1997 A, RB (CPI Rate + 2.05%), (INS - NATL)(a)(h)		3.86%		10/01/2021		65		65,977
Series 1998 B, Ref. RB (INS - NATL)(a)		5.25%		07/01/2024		250		281,715
St. Johns River Power Park; Series 2012, RB		5.00%		10/01/2022		2,000		2,017,660
Sunrise Lakes Phase 4 Recreation District;
Series 2008, Ref. GO Bonds (INS - AGC)(a)		4.00%		08/01/2022		10		10,029
Series 2008, Ref. GO Bonds (INS - AGC)(a)		4.00%		08/01/2023		5		5,014
Series 2008, Ref. GO Bonds (INS - AGC)(a)		4.13%		08/01/2024		20		20,060
								60,939,866
Georgia–6.15%
Atlanta (City of) & Fulton (County of), GA Recreation Authority; Series 2007 A, RB (INS - NATL)(a)		4.13%		12/01/2022		5		5,014
Brookhaven (City of), GA Development Authority (Children’s Healthcare); Series 2019 D, VRD RB(e)		0.03%		07/01/2042		42,140		42,140,000
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); Series 2013, Ref. RB(c)		2.93%		03/12/2024		7,000		7,465,920

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

6 Invesco Short Term Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Georgia–(continued)
Burke (County of), GA Development Authority (Oglethorpe Power Corp. Plant Vogtle); Series 2010, Ref. VRD RB (LOC - Bank Of America N.A.)(e)(f)		0.04	%		01/01/2037	$	10,000	$	10,000,000
Cedartown Polk (County of), GA Hospital Authority (Polk Medical Center); Series 2016, RB		5.00	%		07/01/2034		465		532,179
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(a)		4.38	%		01/01/2026		40		40,125
Dalton (City of), GA Downtown Development Authority; Series 1996, Ctfs. (INS - NATL)(a)		5.50	%		08/15/2026		3,450		3,867,243
Fulton (County of), GA Development Authority (Children’s Healthcare); Series 2008, Ref. VRD RB(e)		0.03	%		07/01/2042		36,285		36,285,000
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(a)		5.00	%		12/01/2023		55		55,193
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB		5.00	%		10/01/2031		1,780		1,930,944
Main Street Natural Gas, Inc.;
Series 2018 A, RB(c)		4.00	%		09/01/2023		36,595		39,549,314
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.75%)(c)(h)		0.83	%		09/01/2023		1,000		1,005,600
Series 2018 C, RB(c)		4.00	%		12/01/2023		3,700		4,025,600
Series 2018 D, RB (1 mo. USD LIBOR + 0.83%)(c)(h)		0.91	%		12/01/2023		30,000		30,246,600
Milledgeville (City of) & Baldwin (County of), GA Development Authority; Series 2003 A, RB (INS - SGI)(a)		4.50	%		09/01/2025		30		30,070
Private Colleges & Universities Authority; Series 2003, RB		5.25	%		06/01/2021		280		281,003
									177,459,805
Idaho–0.00%
Regents of the University of Idaho; Series 2011, Ref. RB(b)(c)		5.25	%		04/01/2021		85		85,348
Illinois–8.84%
Bellwood (Village of), IL; Series 2016 A, Ref. GO Bonds (INS - AGM)(a)		5.00	%		12/01/2026		210		247,204
Bradley (Village of), IL (Bradley Commons); Series 2018 A, Ref. RB		5.00	%		01/01/2022		400		407,692
Centerpoint Intermodal Center Program Trust; Series 2004 A, RB(c)(d)		4.00	%		12/15/2022		4,365		4,415,285
Chicago (City of), IL;
Series 1993 B, Ref. GO Bonds(b)		5.13	%		01/01/2022		145		150,836
Series 1999, GO Bonds (INS - NATL)(a)(j)		0.00	%		01/01/2024		6,110		5,867,433
Series 2008, Ref. RB (INS - AGM)(a)		5.00	%		11/01/2025		905		908,140
Series 2008, Ref. RB (INS - AGM)(a)		5.25	%		11/01/2033		3,905		3,917,808
Chicago (City of), IL (O’Hare International Airport); Series 2012 B, Ref. RB(g)		5.00	%		01/01/2024		9,045		9,395,041
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(a)(j)		0.00	%		12/01/2021		2,000		1,989,140
Series 1999 A, GO Bonds (INS - BHAC)(a)(j)		0.00	%		12/01/2022		800		793,256
Series 2005 A, Ref. GO Bonds (INS - AMBAC)(a)		5.50	%		12/01/2023		200		224,632
Chicago (City of), IL Transit Authority; Series 2010, Ref. RB (INS - AGM)(a)		5.00	%		06/01/2028		6,500		6,513,780
Chicago State University; Series 1998, RB (INS - NATL)(a)		5.50	%		12/01/2023		1,320		1,418,340
Collinsville (City of), IL Area Recreation District;
Series 2004, GO Bonds (INS - NATL)(a)		4.40	%		12/01/2022		300		300,768
Series 2004, GO Bonds (INS - NATL)(a)		4.50	%		12/01/2023		630		631,663
Series 2004, GO Bonds (INS - NATL)(a)		4.60	%		12/01/2025		350		350,938
Series 2004, GO Bonds (INS - NATL)(a)		4.65	%		12/01/2026		450		451,219
Series 2007, Ref. GO Bonds (INS - AMBAC)(a)		4.00	%		12/01/2027		65		65,071
Cook (County of), IL;
Series 2012 C, Ref. GO Bonds (INS - AGM)(a)		5.00	%		11/15/2025		4,670		5,013,759
Series 2012, Ref. GO Bonds		5.00	%		11/15/2024		3,000		3,225,000
Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds		5.00	%		12/01/2021		1,800		1,855,224
Cook County Community High School District No. 233 Homewood-Flossmoor; Series 2013, GO Bonds		4.00	%		12/01/2026		2,695		2,830,289
Cook County School District No. 88; Series 2009 B, GO Bonds(b)(c)		4.10	%		03/01/2021		810		810,000
Du Page Cook & Will Counties Community College District No. 502;
Series 2011 A, GO Bonds		5.00	%		06/01/2024		1,300		1,315,678
Series 2011 A, GO Bonds		5.00	%		06/01/2027		1,800		1,821,708
Eastern Illinois University; Series 2005, RB (INS - AMBAC)(a)		4.13	%		04/01/2022		105		105,037
Greater Chicago Metropolitan Water Reclamation District; Series 2011 B, GO Bonds		5.00	%		12/01/2031		4,800		4,978,224

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

7 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of);
Series 1992 P, RB(b)		6.50%		06/15/2022	$	90	$	93,255
Series 2010, Ref. GO Bonds (INS - AGM)(a)		5.00%		01/01/2023		9,665		9,813,551
Series 2010, Ref. GO Bonds		5.00%		01/01/2024		8,130		8,152,520
Series 2012, Ref. GO Bonds (INS - AGM)(a)		5.00%		08/01/2022		7,500		7,948,275
Series 2016, GO Bonds		5.00%		11/01/2025		2,000		2,283,780
Series 2017 D, GO Bonds		5.00%		11/01/2025		10,960		12,462,616
Series 2018 A, GO Bonds		4.00%		05/01/2024		2,085		2,247,818
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2022		3,500		3,713,535
Series 2020 A, GO Bonds		5.00%		11/01/2026		2,935		3,414,432
Illinois (State of) Finance Authority;
Series 2013 A, RB		5.00%		07/01/2021		1,540		1,560,251
Series 2013 A, RB		5.00%		07/01/2022		1,000		1,052,450
Series 2013 A, RB		5.00%		07/01/2023		1,000		1,082,940
Series 2017 A, RB(i)		4.25%		12/01/2027		440		39,600
Series 2019 A, Ref. RB		4.00%		11/01/2021		375		379,815
Series 2019 A, Ref. RB		4.00%		11/01/2023		405		424,075
Series 2019 A, Ref. RB		5.00%		11/01/2025		440		492,655
Series 2019 A, Ref. RB		5.00%		11/01/2026		460		524,276
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2012, RB(b)(c)		5.00%		06/01/2022		18,080		19,176,913
Illinois (State of) Finance Authority (Ascension Health); Series 2012 A, RB(b)(c)		5.00%		11/15/2021		17,895		18,508,262
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(g)		8.00%		06/01/2032		560		560,605
Illinois (State of) Finance Authority (Palos Hospital); Series 2010 C, RB		5.38%		05/15/2025		4,000		4,013,120
Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)(a)		4.60%		09/01/2025		30		30,099
Illinois (State of) Medical District Commission; Series 2002, COP (INS - NATL)(a)		5.00%		06/01/2022		60		60,154
Illinois (State of) Regional Transportation Authority; Series 1991 A, RB (INS - NATL)(a)		6.70%		11/01/2021		450		469,395
Madison, Jersey, Macoupin, Calhoun, Morgan, Scott and Greene Counties Community College District No. 536 (Lewis and Clark Community College); Series 2015 A, Ref. GO Bonds (INS - BAM)(a)		5.00%		11/01/2021		1,000		1,030,940
Melrose Park (Village of), IL; Series 2011 A, Ref. GO Bonds (INS - AGM)(a)		5.00%		12/15/2022		1,700		1,760,214
Minooka (Village of), IL; Series 2011, Ref. GO Bonds		5.00%		01/01/2022		355		366,772
Regional Transportation Authority; Series 1997, Ref. RB (INS - NATL)(a)		6.00%		06/01/2023		2,030		2,136,575
Riverdale (Village of), IL; Series 2003 E, Ref. GO Bonds (INS - AGM)(a)		4.80%		01/01/2023		55		55,122
Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds		3.75%		12/15/2025		280		280,720
Sales Tax Securitization Corp.; Series 2017 A, Ref. RB		5.00%		01/01/2024		10,200		11,379,324
Southwestern Illinois Development Authority; Series 2013, RB(b)		6.38%		11/01/2023		835		917,448
Tender Option Bond Trust;
Series 2016-XG0073, VRD Ctfs. (INS - AGM)(a)(d)(e)		0.18%		12/01/2039		11,000		11,000,000
Series 2018-XL0093, VRD Ctfs.(d)(e)		0.18%		01/01/2048		31,700		31,700,000
Series 2020-XM00917, VRD Ctfs.(d)(e)		0.18%		01/01/2037		8,920		8,920,000
Series 2020-XM00918, VRD Ctfs.(d)(e)		0.18%		07/01/2024		3,800		3,800,000
University of Illinois;
Series 2008 A, Ref. COP (INS - AGM) (a)		5.25%		10/01/2022		2,110		2,117,406
Series 2008 A, Ref. COP (INS - AGM)(a)		5.25%		10/01/2026		1,020		1,023,254
University Park (Village of), IL; Series 2003, GO Bonds (INS - AMBAC)(a)		4.65%		12/01/2023		30		30,100
West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)(a)		4.75%		01/01/2029		15		15,042
Will County Community Unit School District No. 365; Series 2003, GO Bonds (INS - AGM)(a)(j)		0.00%		11/01/2023		20,455		20,126,902
								255,167,376
Indiana–0.47%
Gary (City of), IN & Chicago (City of), IL International Airport Authority (Gary/Chicago International Airport); Series 2014, RB(g)		5.50%		02/01/2025		730		732,694
Gary (City of), IN Sanitary District; Series 2011 A, RB(b)(c)		5.05%		01/15/2022		8,335		8,684,487
Indiana (State of) Finance Authority; Series 2012, RB(b)		4.00%		03/01/2022		420		426,350
Indiana (State of) Finance Authority (US Steel Corp.); Series 2010, Ref. RB		6.00%		12/01/2026		1,315		1,318,761
Indianapolis Local Public Improvement Bond Bank; Series 2011 I, RB		5.00%		06/01/2027		1,000		1,011,220
Merrillville (Town of), IN; Series 2016, RB		5.05%		04/01/2026		565		575,893
Michigan City (City of), IN; Series 2016, RB		4.50%		01/01/2026		710		713,060
								13,462,465

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

8 Invesco Short Term Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Iowa–0.05%
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB		2.88	%		05/15/2049	$	1,500	$	1,520,295
Kentucky–1.29%
Jefferson County Capital Projects Corp.;
Series 2007 A, Ref. RB (INS - AGM)(a)		4.25	%		06/01/2022		10		10,031
Series 2007 A, Ref. RB (INS - AGM)(a)		4.38	%		06/01/2028		25		25,071
Kentucky (Commonwealth of) Asset/Liability Commission; Series 2007 B, Ref. RN (3 mo. USD LIBOR + 0.55%), (INS - NATL)(a)(h)		0.69	%		11/01/2025		11,285		11,129,606
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living); Series 2016 B-1, Ref. RB		3.25	%		05/15/2022		1,165		1,162,099
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB		5.00	%		05/01/2027		4,750		5,794,050
Series 2018, RB		5.00	%		05/01/2028		5,000		6,205,550
Kentucky (Commonwealth of) Public Energy Authority; Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)(c)(h)		1.20	%		06/01/2025		10,000		10,160,000
Kentucky (State of) Property & Building Commission (No. 112); Series 2016 B, Ref. RB		5.00	%		11/01/2021		1,250		1,289,187
Kentucky Rural Water Finance Corp.;
Series 2003 A, Ref. RB (INS - NATL)(a)		4.75	%		02/01/2028		10		10,023
Series 2008, Ref. RB		4.13	%		02/01/2023		5		5,011
Pikeville (City of), KY; Series 2011, Ref. RB(b)(c)		6.25	%		03/01/2021		1,375		1,375,000
									37,165,628
Louisiana–0.99%
Ernest N Morial New Orleans Exhibition Hall Authority; Series 2012, Ref. RB		5.00	%		07/15/2026		570		606,030
Louisiana (State of); Series 2012 A-1, Ref. RB		4.00	%		05/01/2028		10,765		11,266,864
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System);
Series 2019 A, Ref. RB		5.00	%		01/01/2022		160		161,234
Series 2019 A, Ref. RB		5.00	%		01/01/2023		170		172,662
Series 2019 A, Ref. RB		5.00	%		01/01/2024		175		178,783
Louisiana (State of) Stadium & Exposition District; Series 2020, RB		5.00	%		07/03/2023		15,000		16,207,800
									28,593,373
Maine–0.06%
Maine (State of) Educational Loan Authority; Series 2012 A-1, RB (INS - AGC)(a)(g)		4.75	%		12/01/2024		1,550		1,651,447
Maryland–0.61%
Maryland (State of) Department of Transportation; Series 2016, Ref. RB		4.00	%		09/01/2021		3,600		3,669,048
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2013 A, RB		5.00	%		08/15/2027		7,005		7,725,324
Maryland (State of) University System; Series 2009 D, Ref. RB		4.00	%		04/01/2021		10		10,029
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB		5.75	%		09/01/2025		6,150		6,212,976
									17,617,377
Massachusetts–1.28%
Boston (City of), MA Water & Sewer Commission; Series 2009 B, Ref. RB		4.00	%		11/01/2021		1,070		1,070,000
Cheshire (Town of), MA; Series 2009, GO Bonds (INS - AGM)(a)		4.75	%		02/01/2024		35		35,120
Massachusetts (Commonwealth of) (Central Artery); Series 2000 B, VRD GO Bonds(e)		0.01	%		12/01/2030		15,000		15,000,000
Massachusetts (Commonwealth of) Bay Transportation Authority (General Transportation System); Series 1991 A, RB (INS - AGC)(a)		7.00	%		03/01/2021		660		660,000
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2000, RB		6.00	%		08/01/2021		205		209,959
Series 2007 C, RB (3 mo. USD LIBOR + 0.82%)(h)		0.95	%		11/15/2032		3,095		3,081,320
Series 2012 G, RB		5.00	%		10/01/2022		2,000		2,052,820
Massachusetts (Commonwealth of) Educational Financing Authority; Series 2010 A, RB		5.50	%		01/01/2022		5,625		5,639,231
Massachusetts (Commonwealth of) School Building Authority; Series 2012 A, Ref. RB(b)(c)		5.00	%		08/15/2022		4,000		4,282,123
Metropolitan Boston Transit Parking Corp.;
Series 2011, RB		5.00	%		07/01/2024		2,405		2,440,522
Series 2011, RB		5.00	%		07/01/2025		1,185		1,202,028
Series 2011, RB		5.00	%		07/01/2026		1,105		1,120,669
North Reading (Town of), MA; Series 2005, GO Bonds (INS - AMBAC)(a)		4.00	%		09/15/2023		10		10,028

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

9 Invesco Short Term Municipal Fund

	Interest Rate			Maturity   Date		Principal   Amount (000)		Value
Massachusetts–(continued)
Waltham (City of), MA;
Series 2008, GO Bonds		4.00	%		09/15/2024	$	25	$	25,071
Series 2008, GO Bonds		4.20	%		09/15/2027		15		15,044
Worcester (City of), MA;
Series 2005 C, GO Bonds (INS - AMBAC)(a)		4.00	%		09/15/2021		10		10,029
Series 2005 C, GO Bonds (INS - AMBAC)(a)		4.13	%		09/15/2023		15		15,044
Series 2006, GO Bonds (INS - SGI)(a)		4.20	%		11/01/2024		10		10,030
									36,879,038
Michigan–1.42%
Advanced Technology Academy; Series 2019, Ref. RB		3.50	%		11/01/2024		505		513,333
Charyl Stockwell Academy; Series 2015, Ref. RB		4.88	%		10/01/2023		170		174,658
Detroit (City of), MI; Series 2006, Ref. RB (3 mo. USD LIBOR + 0.60%), (INS -AGM)(a)(h)		0.76	%		07/01/2032		7,825		7,639,626
Flat Rock (City of), MI Tax Increment Finance Authority; Series 2006 B, Ref. RB		4.75	%		10/01/2021		10		10,032
Grand Rapids Economic Development Corp. (Clark Retirement Community, Inc.); Series 2019 C-1, RB		3.00	%		04/01/2022		7,250		7,237,240
Howell (Town of), MI; Series 2006, GO Bonds (INS - AGM)(a)		4.50	%		06/01/2022		10		10,032
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2011 A, Ref. RB(b)(c)		5.50	%		11/15/2021		12,375		12,842,527
Michigan (State of) Finance Authority; Series 2017, Ref. RB		5.00	%		02/01/2022		605		618,183
Muskegon Heights (City of), MI;
Series 2005, Ref. RB (INS - NATL)(a)		4.00	%		11/01/2021		105		105,595
Series 2006, Ref. RB (INS - NATL)(a)		4.00	%		11/01/2026		185		186,156
Summit Academy North; Series 2016, Ref. RB		4.00	%		11/01/2024		1,400		1,422,820
Taylor (City of), MI Tax Increment Finance Authority; Series 2013 B, Ref. RB (INS - AGM)(a)		4.00	%		05/01/2021		15		15,043
Wayne (City of), MI; Series 2004, GO Bonds (INS - AMBAC)(a)		4.40	%		10/01/2021		375		375,611
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2012 D, Ref. RB(g)		5.00	%		12/01/2028		9,050		9,793,096
									40,943,952
Minnesota–0.29%
Dakota (County of), MN Community Development Agency; Series 2018 B, RB(c)		3.80	%		09/01/2021		855		853,042
Duluth Independent School District No. 709; Series 2016 A, Ref. COP		5.00	%		02/01/2023		2,415		2,607,258
Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)(a)		4.13	%		03/01/2027		15		15,035
New Prague (City of), MN; Series 2009 A, GO Bonds		4.15	%		02/01/2024		5		5,015
North Mankato (City of), MN; Series 2009 C, GO Bonds		4.00	%		12/01/2024		10		10,029
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2016 A, Ref. RB		4.50	%		07/01/2028		555		579,553
University of Minnesota; Series 1996 A, RB(b)		5.50	%		07/01/2021		4,175		4,244,263
									8,314,195
Mississippi–0.57%
Mississippi (State of) Development Bank;
Series 2013 B, RB (INS - BAM)(a)		5.00	%		10/01/2023		775		830,645
Series 2013, RB (INS - AGM)(a)		5.25	%		12/01/2022		800		863,680
Mississippi Business Finance Corp.; Series 2006, RB		4.55	%		12/01/2028		25		24,966
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2019, Ref. RB		2.50	%		04/01/2022		14,800		14,864,380
Mississippi Valley State University Educational Building Corp.; Series 2007, RB (INS - AMBAC)(a)		4.00	%		03/01/2022		10		10,029
									16,593,700
Missouri–1.47%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00	%		11/01/2028		590		591,209
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(d)		4.25	%		04/01/2026		285		295,804
Missouri (State of) Health & Educational Facilities Authority; Series 2003 C3, VRD RB(e)		0.01	%		11/15/2039		36,415		36,415,000
Series 2017, Ref. RB		5.00	%		04/01/2026		3,130		3,605,948
Missouri (State of) Highway & Transportation Commission (Garvee); Series 2010 A, RB		5.00	%		05/01/2021		205		205,746
Missouri (State of) Housing Development Commission; Series 2011 E-4, RB(b)(c)		4.25	%		05/01/2021		40		40,270
Missouri Western State University; Series 2012, Ref. RB		3.00	%		10/01/2024		50		50,047
Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)(a)(j)		0.00	%		06/01/2025		245		214,103

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

10 Invesco Short Term Municipal Fund

	Interest Rate			Maturity   Date		Principal   Amount (000)		Value
Missouri–(continued)
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB		5.00	%		09/01/2023	$	870	$	912,726
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2017, Ref. RB		3.00	%		09/01/2022		45		45,875
									42,376,728
Montana–1.40%
Mizuho Floater/Residual Trust; Series 2020-MIZ9027, VRD Ctfs. (LOC - Mizuho Capital Markets LLC)(d)(e)(f)		0.33	%		01/01/2034		40,375		40,375,000
Ravalli County School District No. 7; Series 2006, GO Bonds (INS - AGM)(a)		4.00	%		07/01/2023		10		10,029
									40,385,029
Nebraska–0.52%
Central Plains Energy Project (No. 4); Series 2018, RB(c)		5.00	%		01/01/2024		13,500		15,019,830
Nevada–0.02%
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(d)		2.50	%		06/15/2024		675		680,981
New Hampshire–0.00%
New Hampshire (State of) Health and Education Facilities Authority (Covenant Health Systems Obligated Group); Series 2007 B, RB		5.00	%		07/01/2023		100		100,310
New Hampshire (State of) Municipal Bond Bank; Series 2003 D, RB (INS - AGM)(a)		4.00	%		08/15/2021		5		5,014
									105,324
New Jersey–9.27%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(a)		5.00	%		03/01/2027		250		304,543
Camden (County of), NJ Improvement Authority; Series 2013 A, Ref. RB		5.00	%		12/01/2027		1,610		1,778,937
Casino Reinvestment Development Authority;
Series 2004, RB (INS - AMBAC)(a)		5.25	%		01/01/2022		1,000		1,002,730
Series 2004, RB (INS - AMBAC)(a)		5.25	%		01/01/2024		1,500		1,503,720
Series 2014, Ref. RB		5.00	%		11/01/2023		3,515		3,798,766
Gloucester (County of), NJ Industrial Pollution Control Financing Authority (ExxonMobil); Series 2003, Ref. VRD RB(e)		0.00	%		01/01/2022		26,275		26,275,000
New Jersey (State of);
Series 2020 A, GO Bonds		5.00	%		06/01/2027		25,000		30,749,250
Series 2020 A, GO Bonds		5.00	%		06/01/2028		10,000		12,476,800
New Jersey (State of) Building Authority; Series 2016 A, Ref. RB (INS - BAM)(a)		5.00	%		06/15/2025		1,500		1,765,755
Series 2016 A, Ref. RB(b)		5.00	%		06/15/2025		1,000		1,184,500
New Jersey (State of) Economic Development Authority; Series 2004 A, RB (INS - NATL)(a)		5.25	%		07/01/2025		6,840		8,056,015
Series 2004 A, RB(b)		5.25	%		07/01/2025		820		979,638
Series 2005 N-1, Ref. RB (INS - NATL)(a)		5.50	%		09/01/2023		3,010		3,368,461
Series 2005, Ref. RB (INS - AMBAC)(a)		5.50	%		09/01/2024		6,000		6,954,960
Series 2012, Ref. RB		5.00	%		06/15/2022		1,520		1,600,256
Series 2012, Ref. RB		5.00	%		06/15/2023		6,500		6,833,385
Series 2013 NN, Ref. RB		5.00	%		03/01/2023		2,000		2,175,280
Series 2013 NN, Ref. RB		5.00	%		03/01/2025		3,000		3,248,400
Series 2017 A, Ref. RB(d)		3.50	%		09/01/2022		10		10,104
Series 2017 B, Ref. RB		5.00	%		11/01/2023		1,500		1,670,490
New Jersey (State of) Educational Facilities Authority (Higher Education Facilities Trust Fund); Series 2014, RB		5.00	%		06/15/2026		1,000		1,125,870
New Jersey (State of) Health Care Facilities Financing Authority; Series 2013, Ref. RB		5.00	%		09/15/2023		400		443,300
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2007 A, RB (INS - AGM)(a)		5.00	%		05/01/2021		40		40,216

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

11 Invesco Short Term Municipal Fund

	Interest Rate			Maturity   Date		Principal   Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - NATL)(a)		5.50	%		12/15/2021	$	20,000	$	20,814,200
Series 2005 B, RB (INS - AMBAC)(a)		5.25	%		12/15/2023		1,000		1,125,620
Series 2006 A, RB (INS - AMBAC)(a)		5.50	%		12/15/2021		5,000		5,203,550
Series 2006 A, RB (INS - AGM)(a)		5.50	%		12/15/2022		1,000		1,092,180
Series 2006 A, RB (INS - AGM)(a)		5.25	%		12/15/2023		1,370		1,550,182
Series 2006, RB (INS - NATL)(a)		5.25	%		12/15/2021		20,000		20,775,000
Series 2010 D, RB		5.25	%		12/15/2023		4,505		5,070,918
Series 2011 B, RB		5.25	%		06/15/2026		460		465,732
Series 2012 A-A, RB (INS - AGM)(a)		5.00	%		06/15/2025		1,645		1,737,844
Series 2014, RN (SIFMA Municipal Swap Index + 1.20%)(c)(h)		1.23	%		12/15/2021		10,000		10,010,500
Series 2018 A, Ref. RB		5.00	%		06/15/2028		5,000		5,916,900
Series 2018-A, Ref. RN		5.00	%		06/15/2024		3,500		3,991,330
North Caldwell School District; Series 2010, Ref. GO Bonds		4.00	%		02/15/2023		515		516,457
Salem (County of), NJ Improvement Authority (Finlaw Street Office Building); Series 2007, RB (INS - AGM)(a)		5.38	%		08/15/2028		125		125,390
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(g)		5.00	%		12/01/2023		1,220		1,279,743
Tender Option Bond Trust;
Series 2016-XF1059, VRD Ctfs. (INS - AMBAC)(a)(d)(e)		0.17	%		12/15/2036		39,398		39,398,000
Series 2017-XF2482, VRD Ctfs. (INS - BAM)(a)(d)(e)		0.18	%		03/01/2042		3,935		3,935,000
Union (County of), NJ Industrial Pollution Control Financing Authority (Exxon); Series 1994, Ref. VRD RB(e)		0.01	%		07/01/2033		27,135		27,135,000
Vineland (City of), NJ; Series 2005, Ref. GO Bonds (INS - NATL)(a)		5.00	%		03/01/2021		15		15,000
									267,504,922
New Mexico–0.22%
New Mexico (State of) Hospital Equipment Loan Council (Gerald Champion); Series 2012 A, Ref. RB		4.75	%		07/01/2022		1,060		1,092,309
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 C, RB		2.25	%		07/01/2023		1,550		1,550,605
Series 2019 C, RB		2.38	%		07/01/2024		1,550		1,550,666
Saltillo Public Improvement District;
Series 2018, Ref. RB (INS - BAM)(a)		4.00	%		10/01/2024		105		117,187
Series 2018, Ref. RB (INS - BAM)(a)		4.00	%		10/01/2025		160		182,723
Santa Fe (City of), NM (El Castillo Retirement);
Series 2019 B, RB		2.63	%		05/15/2025		1,000		1,001,610
Series 2019, RB		2.25	%		05/15/2024		600		598,518
University of New Mexico;
Series 1991, RB(b)		6.50	%		06/01/2021		30		30,463
Series 1992 A, Ref. RB		6.00	%		06/01/2021		95		96,366
									6,220,447
New York–14.49%
Battery Park (City of), NY Authority; Series 2019 D-1, Ref. VRD RB(e)		0.03	%		11/01/2038		27,670		27,670,000
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2013, Ref. RB		5.00	%		04/01/2022		450		457,196
Metropolitan Transportation Authority;
Series 2011 C, Ref. RB		5.00	%		11/15/2027		3,400		3,489,828
Series 2012 C, Ref. RB		5.00	%		11/15/2029		5,625		5,975,269
Series 2012 D, Ref. RB		5.00	%		11/15/2028		14,985		15,918,116
Series 2012 F, Ref. RB		5.00	%		11/15/2024		940		1,004,493
Series 2012 F, Ref. RB		5.00	%		11/15/2027		10,000		10,622,700
Series 2015 D-1, Ref. RB		5.00	%		11/15/2024		115		131,408
Series 2015 E3, VRD RB (LOC - Bank Of America N.A.)(e)(f)		0.01	%		11/15/2050		34,935		34,935,000
Series 2015 F, Ref. RB		5.00	%		11/15/2027		525		609,483
Series 2016 D, Ref. RB		5.00	%		11/15/2021		1,000		1,030,660
Series 2018 B-2, RB		5.00	%		05/15/2021		3,000		3,026,310
Series 2018 B-2D, RB		5.00	%		05/15/2021		220		221,929
Series 2020 A-2, RB		4.00	%		02/01/2022		1,225		1,260,611

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

12 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB		5.00%		11/15/2023	$	1,450	$	1,607,963
Series 2016 A2, Ref. RB		4.00%		11/15/2025		145		163,277
Series 2017 B, Ref. RB		5.00%		11/15/2024		3,500		3,999,380
Series 2017 C-1, Ref. RB		5.00%		11/15/2023		3,000		3,326,820
Series 2017 C-1, Ref. RB		5.00%		11/15/2026		605		723,967
Series 2018 B, Ref. RB		5.00%		11/15/2023		2,200		2,439,668
Series 2018 B, Ref. RB		5.00%		11/15/2024		175		199,969
Nassau (County of), NY;
Series 2012 A, GO Bonds(b)(c)		5.00%		04/01/2021		1,310		1,315,109
Series 2021 A, GO Notes		2.00%		09/15/2021		45,515		45,971,060
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB		5.25%		06/01/2026		3,000		3,075,030
Nassau Health Care Corp.; Series 2009 B, VRD RB (LOC - Bank Of America N.A.)(e)(f)		0.02%		08/01/2029		12,030		12,030,000
New York (City of), NY;
Series 2005 E-3, GO Bonds (LOC - Bank Of America N.A.)(f)		0.02%		08/01/2034		10,735		10,735,000
Series 2011 A-1, GO Bonds(b)(c)		5.00%		08/01/2021		6,455		6,584,229
Series 2012 A-1, GO Bonds		5.00%		10/01/2022		9,070		9,756,690
Series 2013 F, VRD GO Bonds(e)		0.01%		03/01/2042		50,000		50,000,000
Series 2018 A, Ref. GO Bonds		5.00%		08/01/2022		5,000		5,338,700
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB(b)(c)		5.00%		03/15/2021		1,005		1,006,739
New York (City of), NY Municipal Water Finance Authority; Series 2006 CC-1, VRD RB(e)		0.02%		06/15/2038		51,025		51,025,000
New York (State of) Dormitory Authority; Series 2015 A-1, Ref. RB(d)		4.80%		12/01/2023		455		453,489
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS - NATL)(a)		5.50%		07/01/2023		5,000		5,361,450
New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB(e)		0.03%		11/01/2044		14,015		14,015,000
New York (State of) Housing Finance Agency (Green Bonds);
Series 2018 H, RB		2.65%		05/01/2022		1,000		1,027,840
Series 2018 H, RB		2.75%		11/01/2022		1,170		1,171,345
New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB		5.00%		11/15/2028		8,095		8,599,076
New York (State of) Thruway Authority Highway & Bridge Trust Fund; Series 2011 A1, RB		5.00%		04/01/2025		1,525		1,530,795
New York Counties Tobacco Trust VI;
Series 2016 B, Ref. RB		5.00%		06/01/2021		350		353,791
Series 2016 B, Ref. RB		5.00%		06/01/2022		300		316,104
Series 2016 B, Ref. RB		5.00%		06/01/2023		685		749,719
Series 2016 B, Ref. RB		5.00%		06/01/2026		460		554,553
New York Local Government Assistance Corp.; Series 1993 E, Ref. RB (INS - FGIC)(a)		5.00%		04/01/2021		600		602,370
New York State Environmental Facilities Corp.; Series 2011 B, RB		5.00%		06/15/2028		3,000		3,040,710
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(g)		5.25%		08/01/2031		17,870		21,469,733
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(g)		5.00%		08/01/2026		14,040		14,285,419
Series 2016, Ref. RB(g)		5.00%		08/01/2031		20,070		20,403,162
Onondaga Civic Development Corp. (St. Joseph’s Hospital Health Center); Series 2012, RB(b)(c)		5.00%		07/01/2022		2,610		2,775,657
Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB		4.00%		07/01/2024		695		712,500
Public Housing Capital Fund Revenue Trust III; Series 2012, RB(d)		5.00%		07/01/2022		131		130,958
Ramapo (Town of), NY; Series 2006, GO Bonds (INS - SGI)(a)		4.00%		08/01/2021		100		99,941
Suffolk (County of), NY; Series 2017 C, Ref. GO Bonds (INS - BAM)(a)		5.00%		02/01/2022		4,610		4,801,084
Suffolk (County of), NY Industrial Development Agency; Series 1996, Ref. RB(i)(k)		6.70%		12/31/2021		30		0
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island); Series 2011, Ref. RB		5.00%		07/01/2028		230		232,951
								418,339,251
North Carolina–3.84%
Charlotte (City of), NC; Series 2013 B, COP		3.00%		06/01/2022		2,485		2,490,219
Charlotte-Mecklenburg Hospital Authority (The); Series 2012 A, Ref. RB		5.00%		01/15/2028		4,945		5,162,283
North Carolina (State of) Medical Care Commission (Novant Health Group); Series 2004 A, VRD RB(e)		0.02%		11/01/2034		75,000		75,000,000
Raleigh (City of), NC; Series 2008 A, VRD RB(e)		0.03%		03/01/2035		23,190		23,190,000

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

13 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
North Carolina–(continued)
University of North Carolina;
Series 2008 A, RB (INS - AGC)(a)		4.25%		10/01/2021	$	5	$	5,015
Series 2008 A, RB (INS - AGC)(a)		4.75%		10/01/2028		10		10,032
University of North Carolina at Chapel Hill; Series 2012, RB (67% of 1 mo. USD LIBOR + 0.40%)(c)(h)		0.48%		11/09/2022		4,900		4,912,348
								110,769,897
North Dakota–0.21%
Burleigh (County of), ND; Series 2018, RB		3.25%		11/01/2023		3,495		3,545,293
Fargo (City of), ND; Series 2010 C, Ref. GO Bonds		4.00%		05/01/2023		1,205		1,208,446
Grand Forks (City of), ND; Series 2012, RB		4.00%		12/01/2027		1,265		1,279,295
West Fargo (City of), ND; Series 2009, GO Bonds		4.10%		11/01/2022		100		100,278
								6,133,312
Ohio–0.41%
Akron (City of), OH; Series 2009, Ref. RB (INS - AGC)(a)		4.00%		03/01/2022		75		75,214
Cuyahoga (County of), OH (Convention Hotel); Series 2014, COP		5.00%		12/01/2025		1,805		2,012,503
Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB		5.00%		12/01/2025		1,310		1,314,716
Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)(a)(g)		5.00%		12/01/2026		1,335		1,405,128
Greene (County of), OH; Series 2004 A, RB (INS - ACA)(a)		5.00%		09/01/2024		10		10,009
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(d)		5.00%		12/01/2023		3,000		3,179,160
Ohio (State of) Higher Educational Facility Commission;
Series 2006, RB (CPI Rate + 1.12%), (INS - AMBAC)(a)(h)		2.66%		12/01/2023		2,460		2,547,133
Series 2015, Ref. RB		6.00%		10/01/2021		615		616,937
RiverSouth Authority; Series 2007 A, RB		5.75%		12/01/2027		730		731,000
Scioto (County of), OH; Series 2006, GO Bonds (INS - AGM)(a)		4.25%		12/01/2026		20		20,056
Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)(a)		4.38%		12/01/2024		20		20,063
								11,931,919
Oklahoma–0.09%
McGee Creek Authority; Series 1992, RB (INS - NATL)(a)		6.00%		01/01/2023		250		267,800
Oklahoma (State of) Development Finance Authority; Series 2015, RB		5.00%		07/01/2025		1,875		2,017,219
Oklahoma (State of) Municipal Power Authority; Series 1992 B, RB (INS -NATL)(a)		5.75%		01/01/2024		150		172,305
								2,457,324
Oregon–0.15%
Metro; Series 2012 A, GO Bonds		5.00%		06/01/2025		4,120		4,376,964
Oregon Health & Science University; Series 1996 A, RB (INS - NATL)(a)(j)		0.00%		07/01/2021		40		39,974
								4,416,938
Pennsylvania–6.31%
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); Series 2017, RB		5.00%		10/15/2026		445		500,594
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB(l)		5.60%		07/01/2023		465		418,500
Berks (County of), PA Municipal Authority; Series 2015 XF2049, VRD Ctfs.(d)(e)		0.15%		11/01/2044		8,420		8,420,000
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)(a)		5.00%		12/01/2021		310		320,010
Series 2018, RB (INS - BAM)(a)		5.00%		12/01/2022		400		430,324
Series 2018, RB (INS - BAM)(a)		5.00%		12/01/2023		400		436,572
Series 2018, RB (INS - BAM)(a)		5.00%		12/01/2024		425		463,858
Delaware Valley Regional Finance Authority; Series 2007 C, RB (3 mo. USD LIBOR + 0.65%)(h)		0.78%		06/01/2027		37,870		36,581,663
Erie (County of), PA Hospital Authority (St. Mary’s Home Erie);
Series 2006 A, Ref. RB (INS - AGC)(a)		4.50%		07/01/2023		30		30,097
Series 2006 A, Ref. RB (INS - AGC)(a)		4.80%		07/01/2029		250		250,608
Geisinger Authority (Geisinger Health System); Series 2014 B, Ref. RB (1 mo. USD LIBOR + 1.07%)(c)(h)		1.15%		06/01/2024		14,600		14,801,480
Luzerne (County of), PA;
Series 2015 A, Ref. GO Bonds (INS - AGM)(a)		5.00%		11/15/2023		2,795		3,107,229
Series 2015 B, Ref. GO Bonds (INS - AGM)(a)		5.00%		05/15/2022		2,075		2,184,747
Series 2015 B, Ref. GO Bonds (INS - AGM)(a)		5.00%		05/15/2023		2,260		2,469,592

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

14 Invesco Short Term Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System);
Series 2014 A, Ref. RB		5.00%		10/01/2022	$	1,380	$	1,449,593
Series 2014 A, Ref. RB		5.00%		10/01/2024		1,165		1,285,123
Pennsylvania (Commonwealth of) ; Series 2016, Ref. GO Bonds		5.00%		01/15/2022		2,960		3,084,942
Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2010 B, RB		8.00%		05/01/2029		2,750		2,764,575
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB(e)		0.11%		09/01/2045		58,030		58,030,000
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); Series 2015 A, Ref. RB		5.00%		06/01/2023		6,200		6,777,034
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.60%)(h)		0.63%		12/01/2023		1,500		1,507,905
Series 2019, Ref. RB		5.00%		12/01/2022		5,325		5,766,655
Philadelphia (City of), PA Authority for Industrial Development;
Series 2013 A-1, RB		6.25%		06/15/2023		405		431,353
Series 2013, RB		5.00%		04/01/2033		1,765		1,872,347
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011 D, RB		5.00%		07/01/2025		5,300		5,404,940
Pittsburgh (City of), PA Urban Redevelopment Authority; Series 2009, RB (CEP - GNMA)		4.20%		10/20/2024		325		325,618
Pittsburgh (City of), PA Water & Sewer Authority; Series 2017 C, Ref. RB (SIFMA Municipal Swap Index + 0.65%), (INS - AGM)(a)(c)(h)		0.68%		12/01/2023		17,500		17,543,575
Pottsville (City of), PA Hospital Authority; Series 2014, RB(b)(d)		5.75%		07/01/2022		1,375		1,436,669
Sayre (City of), PA Health Care Facilities Authority; Series 2007, RB (3 mo. USD LIBOR + 0.78%)(h)		0.93%		12/01/2024		55		55,110
Tinicum (Town of) & Delaware (County of), PA Sewage Authority; Series 2003, RB (INS - AGM)(a)		4.25%		09/01/2022		450		451,364
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB		5.00%		07/01/2028		1,025		1,107,410
Wilkes-Barre Area School District;
Series 2016 B, GO Bonds (INS - BAM)(a)		5.00%		08/01/2024		1,010		1,151,854
Series 2016 B, GO Bonds (INS - BAM)(a)		5.00%		08/01/2026		1,160		1,400,804
								182,262,145
Puerto Rico–0.62%
Puerto Rico (Commonwealth of);
Series 2003 A, GO Bonds (INS - AGC)(a)		5.00%		07/01/2027		500		516,855
Series 2007 A, GO Bonds (INS - AGC)(a)		5.00%		07/01/2023		30		31,010
Series 2011 A, Ref. GO Bonds (INS - AGM)(a)		5.38%		07/01/2025		1,360		1,392,966
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - AGC)(a)		5.00%		07/01/2026		100		103,370
Series 2005 RR, RB (INS - SGI)(a)		5.00%		07/01/2026		3,905		3,910,076
Series 2005 RR, RB (INS - SGI)(a)		5.00%		07/01/2027		1,505		1,506,957
Series 2007 UU, Ref. RB (INS - AGM)(a)		5.00%		07/01/2024		500		516,845
Series 2008 WW, RB (INS - AGC)(a)		5.25%		07/01/2033		500		519,030
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2002 D, RB (INS - AGM)(a)		5.00%		07/01/2027		6,085		6,290,125
Series 2003 AA, Ref. RB (INS - AGM)(a)		4.95%		07/01/2026		210		214,534
Series 2003, RB (INS - AGC)(a)		5.00%		07/01/2028		475		491,012
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(a)		5.25%		08/01/2021		1,380		1,388,101
Series 2002 A, RB (INS - AGM)(a)		4.75%		08/01/2022		605		611,770
Series 2005 A, RB (INS - AGM)(a)		5.00%		08/01/2022		195		201,568
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 K, Ref. RB (INS - AGM)(a)		5.25%		07/01/2027		265		274,209
								17,968,428
Rhode Island–0.03%
Rhode Island (State of) Clean Water Finance Agency (Pooled Loan Issue); Series 2002 B, PCR		4.50%		10/01/2022		10		10,685
Rhode Island (State of) Student Loan Authority; Series 2013 A, RB(g)		3.25%		12/01/2022		975		976,813
								987,498
South Carolina–0.78%
Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. RB		5.00%		03/01/2028		620		662,036
South Carolina (State of) Jobs-Economic Development Authority; Series 2006 A, RB (INS - NATL)(a)		4.25%		08/01/2024		25		25,065

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

15 Invesco Short Term Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
South Carolina–(continued)
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB(e)		0.12	%		05/01/2048	$	20,000	$	20,000,000
South Carolina (State of) Public Service Authority; Series 2015 C, Ref. RB		5.00	%		12/01/2021		1,885		1,951,352
									22,638,453
Tennessee–1.14%
Columbia (City of), TN; Series 2008, RB (INS - AGC)(a)		5.13	%		12/01/2022		50		50,183
Tennessee (State of) Local Development Authority; Series 2006, RB		4.13	%		03/01/2023		5		5,015
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB		5.25	%		09/01/2021		2,350		2,407,504
Series 2006 A, RB		5.25	%		09/01/2022		6,285		6,734,943
Series 2006 A, RB		5.25	%		09/01/2023		2,725		3,036,495
Series 2006 A, RB		5.25	%		09/01/2024		15,115		17,390,412
Series 2006 C, RB		5.00	%		02/01/2022		3,090		3,219,224
									32,843,776
Texas–5.13%
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(a)		4.50	%		08/15/2033		590		591,682
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB		4.00	%		06/15/2026		530		532,194
Austin (City of), TX; Series 2011, RB		4.00	%		11/15/2024		465		477,234
Big Oaks Municipal Utility District; Series 2009, GO Bonds (INS - AGC)(a)		4.50	%		03/01/2021		275		275,000
Calhoun County Navigation Industrial Development Authority (Max Midstream Texas, LLC); Series 2020 A, RN(d)(g)		7.00	%		07/27/2021		12,000		11,999,520
Carthage (City of), TX; Series 2010, Ref. GO Bonds (INS - AGM)(a)		4.00	%		08/15/2023		150		150,429
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		5.00	%		08/15/2021		665		677,136
El Paso (County of), TX Hospital District; Series 2013, GO Ctfs.		5.00	%		08/15/2025		675		716,877
Elgin (City of), TX; Series 2007, GO Ctfs. (INS - AGM)(a)		4.40	%		07/15/2027		275		275,869
Fort Worth (City of), TX; Series 2011, Ref. RB		5.00	%		02/15/2025		135		135,485
Harris County Industrial Development Corp. (Exxon Mobil Corp.); Series 1984, VRD RB(e)		0.01	%		03/01/2024		12,000		12,000,000
Joint Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00	%		12/01/2023		1,200		1,310,652
Series 2015, Ref. RB		5.00	%		12/01/2024		1,865		2,085,835
Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2010, RB		5.25	%		11/01/2040		470		477,135
Lower Colorado River Authority; Series 2011 B, Ref. RB(b)(c)		5.00	%		05/15/2021		1,405		1,418,755
Mueller Local Government Corp.; Series 2009, RB		4.25	%		09/01/2029		30		30,084
Murphy (City of), TX; Series 2010, GO Bonds		4.00	%		02/15/2027		585		586,673
New Hope Cultural Education Facilities Finance Corp.;
Series 2016 A, RB		5.00	%		04/01/2022		365		372,344
Series 2016 A, RB		5.00	%		04/01/2023		385		410,695
Series 2016 A, RB		5.00	%		04/01/2024		405		443,025
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Island Campus, LLC - Texas A&M University-Corpus Christi Island Campus); Series 2017 A, RB		4.00	%		04/01/2023		1,295		1,307,859
North Texas Municipal Water District; Series 2003, RB		5.13	%		06/01/2023		5		5,022
Port Arthur (Port of), TX Navigation District; Series 2010 D, VRD RB(e)		0.11	%		11/01/2040		20,000		20,000,000
Red River Health Facilities Development Corp.; Series 2012, RB		4.70	%		01/01/2022		30		30,461
Robstown (City of), TX; Series 2009, GO Ctfs. (INS - AGM)(a)(j)		0.00	%		03/01/2024		490		470,282
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		4.90	%		09/15/2024		125		129,256
Texas (State of) Transportation Commission State Highway Fund; Series 2014 B1, VRD RB(e)		0.03	%		04/01/2032		46,830		46,830,000
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB		6.25	%		12/15/2026		23,815		27,965,955
Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)(h)		0.58	%		09/15/2027		16,390		16,361,645
									148,067,104
Vermont–0.01%
Burlington (City of), VT; Series 2012 A, GO Bonds		5.00	%		11/01/2021		200		206,324

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

16 Invesco Short Term Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Virgin Islands–0.05%
Virgin Islands (Government of) Public Finance Authority;
Series 2010 A, Ref. RB (INS - AGM)(a)		5.00	%		10/01/2029	$	750	$	763,200
Series 2013 B, Ref. RB (INS - AGM)(a)		5.00	%		10/01/2024		590		631,914
									1,395,114
Virginia–0.79%
Bristol (City of), VA; Series 2001, Ref. RB(b)		5.00	%		07/15/2021		10		10,178
Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical); Series 2003 C, VRD RB(e)		0.03	%		02/15/2038		22,700		22,700,000
									22,710,178
Washington–0.81%
Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)(a)		4.75	%		02/01/2028		1,010		1,109,131
Energy Northwest (Columbia Generating Station); Series 2011 A, Ref. RB		5.00	%		07/01/2022		3,730		3,789,866
Kelso (City of), WA Housing Authority; Series 1998, RB		5.60	%		03/01/2028		20		20,021
King & Snohomish Counties School District No. 417; Series 2007, Ref. GO Bonds (INS - NATL)(a)		4.25	%		12/01/2021		5		5,016
Seattle (City of), WA; Series 2010 B, Ref. RB		5.00	%		08/01/2023		755		757,741
Seattle (Port of), WA;
Series 2010 A, Ref. RB		5.00	%		12/01/2023		1,020		1,022,203
Series 2010 B, Ref. RB		5.00	%		06/01/2023		1,300		1,302,847
Series 2010 B, Ref. RB		5.00	%		06/01/2030		1,680		1,683,394
Series 2012 A, Ref. RB		5.00	%		08/01/2029		9,205		9,855,609
Series 2017 C, RB(g)		5.00	%		05/01/2025		275		320,834
Washington (State of); Series 2014 C, Ref. GO Bonds		5.00	%		07/01/2023		3,205		3,559,249
									23,425,911
West Virginia–0.65%
Monongalia (County of), WV Building Commission (Health System Obligated Group); Series 2011, Ref. RB		5.75	%		07/01/2025		50		50,751
Roane (County of), WV Building Commission; Series 2019, Ref. RB		2.55	%		11/01/2021		2,500		2,503,175
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System); Series 2018 E, Ref. VRD RB(e)		0.11	%		06/01/2033		16,285		16,285,000
									18,838,926
Wisconsin–0.56%
Madison Metropolitan School District; Series 2015, GO Bonds		4.00	%		03/01/2023		2,965		3,082,651
Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. RB(b)		5.50	%		12/15/2026		3,360		4,047,557
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp.); Series 2017, Ref. RB		5.00	%		06/01/2021		1,005		1,010,919
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019 B-2, Ref. RB		2.55	%		11/01/2027		2,000		2,002,200
Series 2019 B-3, Ref. RB		2.25	%		11/01/2026		3,000		2,999,970
Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); Series 2014 A, RB		5.00	%		12/01/2021		1,130		1,169,776
Wisconsin (State of) Public Finance Authority;
Series 2014 A, RB(b)(c)		4.13	%		10/01/2022		100		104,335
Series 2016 A, RB		4.00	%		01/01/2024		280		274,630
Wisconsin Center District;
Series 1999, Ref. RB(b)		5.25	%		12/15/2023		800		863,032
Series 1999, Ref. RB (INS - AGM)(a)		5.25	%		12/15/2023		450		497,493
									16,052,563
TOTAL INVESTMENTS IN SECURITIES(m)–85.78% (Cost $2,434,619,574)									2,476,162,987
OTHER ASSETS LESS LIABILITIES–14.22%									410,564,101
NET ASSETS–100.00%								$	2,886,727,088

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

17 Invesco Short Term Municipal Fund

Investment Abbreviations:
ACA	– ACA Financial Guaranty Corp.
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.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
CPI	– Consumer Price Index
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Company
GNMA	– Government National Mortgage Association
GO	– General Obligation
INS	– Insurer
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
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
USD	– U.S. Dollar
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

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

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

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

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $212,356,855, which represented 7.36% of the Fund’s Net Assets.

^(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021.

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

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

^(h)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

⁽ⁱ⁾  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, 2021 was $410,100, which represented less than 1% of the Fund’s Net Assets.

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

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

^(l)  Restricted security. The aggregate value of these securities at February 28, 2021 was $418,500, which represented less than 1% of the Fund’s Net Assets.

^(m)  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	Percent
Assured Guaranty Municipal Corp.		5.72%

Portfolio Composition
By credit sector, based on total investments
As of February 28, 2021
Other	42.3%
Revenue Bonds	38.9
General Obligation Bonds	13.2
Pre-Refunded Bonds	5.6

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

18 Invesco Short Term Municipal Fund

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,434,619,574)	$	2,476,162,987
Cash		403,827,051
Receivable for:
Investments sold		6,729,078
Fund shares sold		21,030,023
Interest		14,288,049
Investment for trustee deferred compensation and retirement plans		34,087
Other assets		947,262
Total assets		2,923,018,537
Liabilities:
Payable for:
Investments purchased		26,618,979
Dividends		686,296
Fund shares reacquired		7,998,419
Accrued fees to affiliates		817,595
Accrued other operating expenses		136,073
Trustee deferred compensation and retirement plans		34,087
Total liabilities		36,291,449
Net assets applicable to shares outstanding	$	2,886,727,088
Net assets consist of:
Shares of beneficial interest	$	2,863,992,873
Distributable earnings		22,734,215
	$	2,886,727,088

Net Assets:
Class A	$	1,296,041,679
Class C	$	44,382,069
Class Y	$	1,544,293,531
Class R6	$	2,009,809
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		341,395,824
Class C		11,692,035
Class Y		406,731,293
Class R6		528,356
Class A:
Net asset value and offering price per share	$	3.80
Class C:
Net asset value and offering price per share	$	3.80
Class Y:
Net asset value and offering price per share	$	3.80
Class R6:
Net asset value and offering price per share	$	3.80

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

19 Invesco Short Term Municipal Fund

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

Investment income:
Interest	$	20,488,251
Expenses:
Advisory fees		4,744,363
Administrative services fees		183,379
Custodian fees		16,777
Distribution fees:
Class A		1,349,408
Class C		250,582
Interest, facilities and maintenance fees		350,555
Transfer agent fees - A, C and Y		1,240,183
Transfer agent fees - R6		88
Trustees’ and officers’ fees and benefits		18,408
Registration and filing fees		129,513
Reports to shareholders		47,636
Professional services fees		40,454
Other		24,221
Total expenses		8,395,567
Less: Expense offset arrangement(s)		(191	)
Net expenses		8,395,376
Net investment income		12,092,875
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(565,748	)
Change in net unrealized appreciation of unaffiliated investment securities		4,818,017
Net realized and unrealized gain		4,252,269
Net increase in net assets resulting from operations	$	16,345,144

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

20 Invesco Short Term Municipal Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	February 28, 2021			August 31, 2020
Operations:
Net investment income	$	12,092,875		$	27,114,986
Net realized gain (loss)		(565,748	)		(3,591,117	)
Change in net unrealized appreciation		4,818,017			16,372,237
Net increase in net assets resulting from operations		16,345,144			39,896,106
Distributions to shareholders from distributable earnings:
Class A		(5,097,634	)		(9,767,647	)
Class C		(59,867	)		(485,658	)
Class Y		(8,250,116	)		(17,126,318	)
Class R6		(14,728	)		(27,956	)
Total distributions from distributable earnings		(13,422,345	)		(27,407,579	)
Share transactions–net:
Class A		398,342,839			486,375,525
Class C		(8,906,317	)		(12,390,098	)
Class Y		311,827,778			425,787,631
Class R6		(893,725	)		2,869,615
Net increase in net assets resulting from share transactions		700,370,575			902,642,673
Net increase in net assets		703,293,374			915,131,200
Net assets:
Beginning of period		2,183,433,714			1,268,302,514
End of period	$	2,886,727,088		$	2,183,433,714

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

21 Invesco Short Term Municipal Fund

Financial Highlights

(Unaudited)

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 with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 02/28/21		$3.79		$0.02			$0.01			$0.03			$(0.02	)		$3.80		0.74	%		$1,296,042		0.79	%(d)		0.79	%(d)		0.76	%(d)		0.84	%(d)		13	%
Year ended 08/31/20		3.77		0.06			0.02			0.08			(0.06	)		3.79		2.14			896,488		0.82			0.82			0.76			1.56			89
Three months ended 08/31/19		3.75		0.02			0.02			0.04			(0.02	)		3.77		1.03			405,334		0.82	(e)		0.82	(e)		0.76	(e)		1.72	(e)		13
Year ended 05/31/19		3.72		0.07			0.03			0.10			(0.07	)		3.75		2.74			402,504		0.85			0.85			0.77			1.85			69
Year ended 05/31/18		3.75		0.07			(0.04	)		0.03			(0.06	)		3.72		0.94			413,457		0.86			0.86			0.79			1.84			80
Year ended 05/31/17		3.75		0.06			0.00			0.06			(0.06	)		3.75		1.54			415,924		0.85			0.85			0.79			1.55			65
Year ended 05/31/16		3.74		0.07			0.01			0.08			(0.07	)		3.75		2.19			401,211		0.83			0.83			0.80			1.78			51
Class C
Six months ended 02/28/21		3.79		0.00			0.01			0.01			(0.00	)		3.80		0.38			44,382		1.54	(d)		1.54	(d)		1.51	(d)		0.09	(d)		13
Year ended 08/31/20		3.77		0.03			0.02			0.05			(0.03	)		3.79		1.38			53,227		1.57			1.57			1.51			0.81			89
Three months ended 08/31/19		3.75		0.01			0.02			0.03			(0.01	)		3.77		0.84			65,379		1.57	(e)		1.57	(e)		1.51	(e)		0.97	(e)		13
Year ended 05/31/19		3.72		0.04			0.03			0.07			(0.04	)		3.75		1.97			77,493		1.61			1.61			1.53			1.09			69
Year ended 05/31/18		3.75		0.04			(0.03	)		0.01			(0.04	)		3.72		0.18			90,796		1.61			1.61			1.54			1.09			80
Year ended 05/31/17		3.75		0.03			0.00			0.03			(0.03	)		3.75		0.78			105,243		1.60			1.60			1.54			0.80			65
Year ended 05/31/16		3.74		0.04			0.01			0.05			(0.04	)		3.75		1.43			102,888		1.59			1.59			1.56			1.02			51
Class Y
Six months ended 02/28/21		3.79		0.02			0.01			0.03			(0.02	)		3.80		0.86			1,544,294		0.54	(d)		0.54	(d)		0.51	(d)		1.09	(d)		13
Year ended 08/31/20		3.77		0.07			0.02			0.09			(0.07	)		3.79		2.39			1,230,817		0.57			0.57			0.51			1.81			89
Three months ended 08/31/19		3.75		0.02			0.02			0.04			(0.02	)		3.77		1.09			797,580		0.57	(e)		0.57	(e)		0.51	(e)		1.97	(e)		13
Year ended 05/31/19		3.72		0.08			0.03			0.11			(0.08	)		3.75		3.00			786,224		0.60			0.60			0.52			2.09			69
Year ended 05/31/18		3.75		0.08			(0.04	)		0.04			(0.07	)		3.72		1.19			594,628		0.61			0.61			0.54			2.09			80
Year ended 05/31/17		3.76		0.07			(0.01	)		0.06			(0.07	)		3.75		1.52			487,831		0.60			0.60			0.54			1.80			65
Year ended 05/31/16		3.74		0.08			0.02			0.10			(0.08	)		3.76		2.72			347,680		0.58			0.58			0.55			2.02			51
Class R6
Six months ended 02/28/21		3.80		0.02			0.01			0.03			(0.03	)		3.80		0.64			2,010		0.45	(d)		0.45	(d)		0.42	(d)		1.18	(d)		13
Year ended 08/31/20		3.77		0.07			0.03			0.10			(0.07	)		3.80		2.72			2,903		0.50			0.51			0.44			1.88			89
Three months ended 08/31/19		3.75		0.02			0.02			0.04			(0.02	)		3.77		1.10			10		0.50	(e)		0.50	(e)		0.44	(e)		2.05	(e)		13
Period ended 05/31/19(g)		3.75		0.00	(f)		0.00	(f)		0.00	(f)		(0.00	)(f)		3.75		2.73			10		0.50	(e)		0.50	(e)		0.42	(e)		2.20	(e)		69

^(a)  Calculated using average shares outstanding.

^(b)  Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,090,610, $50,532, $1,397,046 and $2,261 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Amount represents less than $0.005.

^(g)  Commencement date after the close of business on May 24, 2019.

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

22 Invesco Short Term Municipal Fund

Notes to Financial Statements

February 28, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Short Term 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 authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free 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. 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. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 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

23 Invesco Short Term Municipal Fund

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. 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. 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.

K. LIBOR Risk - The Fund may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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 current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

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
Up to $100 million		0.500%
Next $150 million		0.450%
Next $250 million		0.425%
Next $500 million		0.400%
Next $4 billion		0.370%
Over $5 billion		0.350%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended February 28, 2021, the effective advisory fee rate incurred by the Fund was 0.38%.

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 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).

24 Invesco Short Term Municipal Fund

    The Adviser has contractually agreed, through May 31, 2021, 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 and Class R6 shares to 0.79%, 1.54%, 0.54% and 0.44%, respectively, of the Fund’s average daily net assets (the “expense limits”). Effective June 1, 2021 through at least June 30, 2021, the Adviser has agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement 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. 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, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class 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 Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $8,178 and $9,104 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations		$–		$2,476,162,987		$0		$2,476,162,987

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $191.

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

25 Invesco Short Term Municipal Fund

period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

Effective February 25, 2021, the Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.0 billion, collectively by certain Funds, and which will expire on February 24, 2022. Prior to February 25, 2021, the revolving credit and security agreement permitted borrowings up to $2.5 billion. The revolving credit and security agreement is secured by the assets of the Fund. At February 28, 2021, the Fund had no borrowings outstanding under this agreement.

    Additionally, 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. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

    The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

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. 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, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$6,274,308		$10,486,540		$16,760,848

* Capital loss carryforward 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, 2021 was $686,747,827 and $284,740,828, 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	$42,936,629
Aggregate unrealized (depreciation) of investments	(1,198,329	)
Net unrealized appreciation of investments	$41,738,300

Cost of investments for tax purposes is $2,434,424,687.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		185,537,151		$	704,118,851			223,671,088		$	841,600,678
Class C		1,508,543			5,717,853			5,091,253			19,093,020
Class Y		165,424,723			627,731,416			247,599,952			931,436,142
Class R6		442,801			1,682,386			845,974			3,191,610
Issued as reinvestment of dividends:
Class A		992,582			3,764,607			1,722,210			6,471,528
Class C		13,557			51,358			102,682			385,749
Class Y		1,602,850			6,078,779			3,203,601			12,039,729
Class R6		2,345			8,917			3,246			12,268
Automatic conversion of Class C shares to Class A shares:
Class A		2,227,129			8,459,589			1,403,689			5,273,580
Class C		(2,227,129	)		(8,459,589	)		(1,403,661	)		(5,273,580	)

26 Invesco Short Term Municipal Fund

	Summary of Share Activity
	Six months ended February 28, 2021(a)						Year ended August 31, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(83,785,248	)	$	(318,000,208	)		(97,970,272	)	$	(366,970,261	)
Class C		(1,638,264	)		(6,215,939	)		(7,109,553	)		(26,595,287	)
Class Y		(84,856,209	)		(321,982,417	)		(137,964,455	)		(517,688,240	)
Class R6		(680,665	)		(2,585,028	)		(88,012	)		(334,263	)
Net increase in share activity		184,564,166		$	700,370,575			239,107,742		$	902,642,673

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

27 Invesco Short Term 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, 2020 through February 28, 2021.

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.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(09/01/20)	(02/28/21)1	Period2	(02/28/21)	Period2	Ratio
Class A	$1,000.00	$1,007.40	$3.93	$1,020.88	$3.96	0.79%
Class C	1,000.00	1,003.80	7.65	1,017.16	7.70	1.54
Class Y	1,000.00	1,008.60	2.69	1,022.12	2.71	0.54
Class R6	1,000.00	1,006.40	2.24	1,022.56	2.26	0.45

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2020 through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

28 Invesco Short Term Municipal Fund

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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 portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, 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/ corporate/about-us/esg. 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. This 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.                              O-STM-SAR-1        

ITEM 2. CODE OF ETHICS.

Not required for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

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 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 April 19, 2021, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of April 19, 2021, 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 period covered by this report that have materially affected, or are 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 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

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, 2021

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, 2021

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer

Date: May 7, 2021