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: 2/28/23

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

(b) Not applicable.

Semiannual Report to Shareholders February 28, 2023

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

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.30	%
Class C Shares	-2.65
Class R Shares	-2.41
Class Y Shares	-2.24
Class R5 Shares	-2.17
Class R6 Shares	-2.15
S&P 500 Index▼ (Broad Market Index)	1.26
Russell 1000 Growth Index▼ (Style-Specific Index)	-1.24
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	-0.72
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® 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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (6/23/05)	8.61	%
10 Years	11.10
5 Years	6.14
1 Year	-21.91
Class C Shares
Inception (6/23/05)	8.60	%
10 Years	11.06
5 Years	6.54
1 Year	-18.71
Class R Shares
Inception (5/23/11)	9.91	%
10 Years	11.45
5 Years	7.08
1 Year	-17.55
Class Y Shares
Inception (6/23/05)	9.21	%
10 Years	12.01
5 Years	7.61
1 Year	-17.18
Class R5 Shares
Inception (12/22/10)	10.73	%
10 Years	12.08
5 Years	7.64
1 Year	-17.13
Class R6 Shares
Inception (9/24/12)	11.80	%
10 Years	12.18
5 Years	7.74
1 Year	-17.12

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.

    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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.76%
Advertising–0.54%
Trade Desk, Inc. (The), Class A(b)(c)		1,031,774	$	57,738,073
Aerospace & Defense–1.74%
Airbus SE (France)		559,368		73,309,567
Lockheed Martin Corp.		235,836		111,847,582
				185,157,149
Agricultural & Farm Machinery–1.30%
Deere & Co.		330,681		138,634,702
Aluminum–0.52%
Alcoa Corp.		1,124,818		55,048,593
Application Software–5.45%
HubSpot, Inc.(b)(c)		313,628		121,330,128
Intuit, Inc.		392,065		159,641,027
Paycom Software, Inc.(b)		137,726		39,811,077
Synopsys, Inc.(b)		367,294		133,606,865
Workday, Inc., Class A(b)(c)		675,729		125,327,458
				579,716,555
Asset Management & Custody Banks–1.69%
KKR & Co., Inc., Class A(c)		3,197,750		180,193,213
Automobile Manufacturers–1.66%
General Motors Co.		1,978,353		76,641,395
Tesla, Inc.(b)(c)		483,329		99,425,609
				176,067,004
Automotive Retail–0.95%
O’Reilly Automotive, Inc.(b)		121,703		101,025,660
Biotechnology–1.84%
BioMarin Pharmaceutical, Inc.(b)		1,347,471		134,194,637
Regeneron Pharmaceuticals, Inc.(b)		80,388		61,128,643
				195,323,280
Casinos & Gaming–1.58%
Las Vegas Sands Corp.(b)		2,434,826		139,929,450
Penn Entertainment, Inc.(b)(c)		938,306		28,646,482
				168,575,932
Construction Machinery & Heavy Trucks–0.46%
Caterpillar, Inc.		203,366		48,716,325
Consumer Electronics–0.79%
Sony Group Corp. (Japan)		1,002,500		83,606,318
Copper–0.40%
Freeport-McMoRan, Inc.(c)		1,026,752		42,066,029
Data Processing & Outsourced Services–4.51%
Visa, Inc., Class A(c)		2,181,275		479,749,624
Diversified Support Services–0.49%
Cintas Corp.		118,727		52,058,228
Electrical Components & Equipment–0.50%
Rockwell Automation, Inc.		180,248		53,160,543

	Shares		Value
Electronic Equipment & Instruments–1.41%
Teledyne Technologies, Inc.(b)		348,135	$	149,722,419
Environmental & Facilities Services–0.75%
Republic Services, Inc.		620,945		80,058,439
Financial Exchanges & Data–1.41%
S&P Global, Inc.		438,286		149,543,183
Food Distributors–1.00%
US Foods Holding Corp.(b)		2,848,065		106,887,879
Food Retail–0.38%
HelloFresh SE (Germany)(b)		1,818,458		40,871,273
General Merchandise Stores–1.01%
Target Corp.		634,722		106,950,657
Health Care Equipment–3.11%
DexCom, Inc.(b)		1,257,144		139,555,556
Intuitive Surgical, Inc.(b)		598,918		137,385,800
Stryker Corp.		206,523		54,290,766
				331,232,122
Home Improvement Retail–1.06%
Lowe’s Cos., Inc.		548,665		112,887,824
Hotels, Resorts & Cruise Lines–1.05%
Booking Holdings, Inc.(b)		44,054		111,192,296
Hypermarkets & Super Centers–0.45%
Walmart, Inc.		333,286		47,369,939
Industrial Machinery–0.44%
Parker-Hannifin Corp.		133,696		47,040,938
Integrated Oil & Gas–0.75%
Suncor Energy, Inc. (Canada)		2,389,640		80,291,904
Interactive Home Entertainment–1.97%
Nintendo Co. Ltd. (Japan)		2,885,000		108,043,910
Take-Two Interactive Software, Inc.(b)		923,579		101,178,079
				209,221,989
Interactive Media & Services–7.01%
Alphabet, Inc., Class A(b)		5,746,914		517,567,075
Kuaishou Technology (China)(b)(d)		3,819,200		25,545,088
Meta Platforms, Inc., Class A(b)		880,991		154,120,566
Pinterest, Inc., Class A(b)		1,915,457		48,097,125
				745,329,854
Internet & Direct Marketing Retail–7.01%
Amazon.com, Inc.(b)		6,530,216		615,342,253
JD.com, Inc., ADR (China)(c)		1,221,954		54,303,636
MercadoLibre, Inc. (Brazil)(b)		62,682		76,472,040
				746,117,929
Internet Services & Infrastructure–1.95%
MongoDB, Inc.(b)(c)		516,663		108,251,232
Snowflake, Inc., Class A(b)(c)		645,999		99,729,325
				207,980,557

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

4 Invesco American Franchise Fund

	Shares		Value
Life Sciences Tools & Services–3.66%
IQVIA Holdings, Inc.(b)		476,196	$	99,272,580
Mettler-Toledo International, Inc.(b)		78,436		112,454,478
Thermo Fisher Scientific, Inc.		207,646		112,494,297
West Pharmaceutical Services, Inc.		204,747		64,910,941
				389,132,296
Managed Health Care–1.49%
UnitedHealth Group, Inc.		333,036		158,505,154
Movies & Entertainment–1.51%
Netflix, Inc.(b)		499,642		160,949,677
Oil & Gas Equipment & Services–0.89%
Schlumberger Ltd.		1,781,601		94,798,989
Oil & Gas Exploration & Production–0.56%
ConocoPhillips		201,985		20,875,150
Diamondback Energy, Inc.		276,560		38,878,805
				59,753,955
Pharmaceuticals–3.77%
Bayer AG (Germany)		5,724,888		340,778,341
Eli Lilly and Co.		194,719		60,600,447
				401,378,788
Property & Casualty Insurance–0.83%
Progressive Corp. (The)		617,501		88,623,744
Regional Banks–0.72%
SVB Financial Group(b)		265,685		76,546,505
Semiconductor Equipment–0.52%
ASML Holding N.V., New York Shares (Netherlands)		89,847		55,501,187
Semiconductors–9.80%
Advanced Micro Devices, Inc.(b)		2,645,312		207,868,617
Broadcom, Inc.		138,507		82,313,325
First Solar, Inc.(b)		178,125		30,128,063
Monolithic Power Systems, Inc.(c)		359,235		173,973,918
NVIDIA Corp.		2,364,346		548,906,567
				1,043,190,490
Soft Drinks–1.35%
Monster Beverage Corp.(b)		1,407,553		143,232,593
Specialized REITs–0.17%
Crown Castle, Inc.		139,656		18,260,022
Systems Software–10.63%
Microsoft Corp.		3,679,647		917,777,555
ServiceNow, Inc.(b)		492,889		213,011,839
				1,130,789,394

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

	Shares		Value
Technology Hardware, Storage & Peripherals–5.84%
Apple, Inc.		4,218,367	$	621,829,479
Trading Companies & Distributors–1.24%
Fastenal Co.(c)		1,087,448		56,068,819
United Rentals, Inc.		162,566		76,167,048
				132,235,867
Trucking–1.38%
Knight-Swift Transportation Holdings, Inc.		1,197,355		68,057,658
Uber Technologies, Inc.(b)		2,369,940		78,824,205
				146,881,863
Wireless Telecommunication Services–0.22%
T-Mobile US, Inc.(b)		161,925		23,022,497
Total Common Stocks & Other Equity Interests (Cost $7,606,243,635)				10,614,168,930
Money Market Funds–0.76%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f)		28,303,795		28,303,795
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(e)(f)		20,211,567		20,215,609
Invesco Treasury Portfolio, Institutional Class, 4.50%(e)(f)		32,347,194		32,347,194
Total Money Market Funds (Cost $80,865,758)				80,866,598
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.52% (Cost $7,687,109,393)				10,695,035,528
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.64%
Invesco Private Government Fund, 4.58%(e)(f)(g)		167,426,114		167,426,114
Invesco Private Prime Fund, 4.83%(e)(f)(g)		432,515,516		432,602,005
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $600,060,786)				600,028,119
TOTAL INVESTMENTS IN SECURITIES–106.16% (Cost $8,287,170,179)				11,295,063,647
OTHER ASSETS LESS LIABILITIES–(6.16)%				(655,340,833	)
NET ASSETS–100.00%			$	10,639,722,814

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, 2023.

^(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, 2023 represented less than 1% of the Fund’s Net Assets.

^(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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$53,285,703		$   459,434,071		$    (484,415,979)	$	-			$             -		$  28,303,795		$       880,954
Invesco Liquid Assets Portfolio, Institutional Class		38,065,065		328,167,193		(346,010,939)		(2,966	)		(2,744)		20,215,609		650,490
Invesco Treasury Portfolio, Institutional Class		60,897,946		525,067,510		(553,618,262)		-			-		32,347,194		1,004,643
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		178,796,448		564,055,163		(575,425,497)		-			-		167,426,114		2,968,927*
Invesco Private Prime Fund		459,762,305		1,206,844,404		(1,234,039,155)		(69,015	)		103,466		432,602,005		8,137,178*
Total		$790,807,467		$3,083,568,341		$(3,193,509,832)	$	(71,981	)		$100,722		$680,894,717		$13,642,192

* 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, 2023.

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

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2023

Information Technology	40.12	%
Consumer Discretionary	15.10
Health Care	13.87
Communication Services	11.24
Industrials	8.31
Financials	4.65
Consumer Staples	3.18
Energy	2.21
Other Sectors, Each Less than 2% of Net Assets	1.08
Money Market Funds Plus Other Assets Less Liabilities	0.24

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $7,606,243,635)*	$	10,614,168,930
Investments in affiliated money market funds, at value (Cost $680,926,544)		680,894,717
Foreign currencies, at value (Cost $9,781)		9,732
Receivable for:
Investments sold		17,950,797
Fund shares sold		1,443,206
Dividends		9,194,463
Investment for trustee deferred compensation and retirement plans		1,625,259
Other assets		207,132
Total assets		11,325,494,236
Liabilities:
Payable for:
Investments purchased		72,064,954
Fund shares reacquired		6,033,911
Collateral upon return of securities loaned		600,060,786
Accrued fees to affiliates		5,229,248
Accrued trustees’ and officers’ fees and benefits		10,097
Accrued other operating expenses		578,009
Trustee deferred compensation and retirement plans		1,794,417
Total liabilities		685,771,422
Net assets applicable to shares outstanding	$	10,639,722,814
Net assets consist of:
Shares of beneficial interest	$	8,150,684,192
Distributable earnings		2,489,038,622
	$	10,639,722,814

Net Assets:
Class A	$	10,045,198,494
Class C	$	86,937,633
Class R	$	51,811,300
Class Y	$	358,519,586
Class R5	$	33,966,216
Class R6	$	63,289,585
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		590,724,218
Class C		6,283,718
Class R		3,210,670
Class Y		19,972,168
Class R5		1,881,020
Class R6		3,454,409
Class A:
Net asset value per share	$	17.00
Maximum offering price per share (Net asset value of $17.00 ÷ 94.50%)	$	17.99
Class C:
Net asset value and offering price per share	$	13.84
Class R:
Net asset value and offering price per share	$	16.14
Class Y:
Net asset value and offering price per share	$	17.95
Class R5:
Net asset value and offering price per share	$	18.06
Class R6:
Net asset value and offering price per share	$	18.32

* At February 28, 2023, securities with an aggregate value of $587,311,757 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, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $359,264)	$	38,624,838
Dividends from affiliated money market funds (includes net securities lending income of $503,566)		3,039,653
Total investment income		41,664,491
Expenses:
Advisory fees		30,874,137
Administrative services fees		748,516
Custodian fees		64,105
Distribution fees:
Class A		12,495,187
Class C		448,482
Class R		124,562
Transfer agent fees – A, C, R and Y		7,129,797
Transfer agent fees – R5		16,524
Transfer agent fees – R6		9,355
Trustees’ and officers’ fees and benefits		38,610
Registration and filing fees		361,469
Reports to shareholders		312,605
Professional services fees		63,681
Other		53,314
Total expenses		52,740,344
Less: Fees waived and/or expense offset arrangement(s)		(184,946	)
Net expenses		52,555,398
Net investment income (loss)		(10,890,907	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(325,893,327	)
Affiliated investment securities		100,722
Foreign currencies		(332,020	)
		(326,124,625	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		54,803,904
Affiliated investment securities		(71,981	)
Foreign currencies		61,271
		54,793,194
Net realized and unrealized gain (loss)		(271,331,431	)
Net increase (decrease) in net assets resulting from operations	$	(282,222,338	)

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income (loss)	$	(10,890,907	)	$	(41,472,994	)
Net realized gain (loss)		(326,124,625	)		1,381,464,564
Change in net unrealized appreciation (depreciation)		54,793,194			(5,733,987,602	)
Net increase (decrease) in net assets resulting from operations		(282,222,338	)		(4,393,996,032	)
Distributions to shareholders from distributable earnings:
Class A		(743,113,347	)		(3,197,662,688	)
Class C		(7,974,418	)		(37,450,406	)
Class R		(3,890,839	)		(14,396,356	)
Class Y		(25,919,532	)		(126,355,901	)
Class R5		(2,323,344	)		(9,536,193	)
Class R6		(4,321,886	)		(17,938,544	)
Total distributions from distributable earnings		(787,543,366	)		(3,403,340,088	)
Share transactions–net:
Class A		275,977,359			2,073,894,575
Class C		(1,159,375	)		13,665,928
Class R		5,349,996			18,215,682
Class Y		(15,650,043	)		72,997,685
Class R5		1,669,125			6,488,719
Class R6		3,179,792			11,416,507
Net increase in net assets resulting from share transactions		269,366,854			2,196,679,096
Net increase (decrease) in net assets		(800,398,850	)		(5,600,657,024	)
Net assets:
Beginning of period		11,440,121,664			17,040,778,688
End of period	$	10,639,722,814		$	11,440,121,664

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 02/28/23		$18.84		$(0.02	)		$(0.49	)		$(0.51	)		$(1.33	)		$17.00		(2.36	)%		$10,045,198		1.00	%(d)		1.00	%(d)		(0.21	)%(d)		49	%
Year ended 08/31/22		32.86		(0.07	)		(7.28	)		(7.35	)		(6.67	)		18.84		(26.95	)		10,777,375		0.95			0.95			(0.29	)		97
Year ended 08/31/21		28.90		(0.14	)		6.62			6.48			(2.52	)		32.86		24.04			16,037,060		0.97			0.97			(0.47	)		57
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
Class C
Six months ended 02/28/23		15.65		(0.07	)		(0.41	)		(0.48	)		(1.33	)		13.84		(2.65	)		86,938		1.75	(d)		1.75	(d)		(0.96	)(d)		49
Year ended 08/31/22		28.67		(0.21	)		(6.14	)		(6.35	)		(6.67	)		15.65		(27.50	)		98,920		1.70			1.70			(1.04	)		97
Year ended 08/31/21		25.70		(0.32	)		5.81			5.49			(2.52	)		28.67		23.11			164,671		1.72			1.72			(1.22	)		57
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
Class R
Six months ended 02/28/23		17.97		(0.04	)		(0.46	)		(0.50	)		(1.33	)		16.14		(2.41	)		51,811		1.25	(d)		1.25	(d)		(0.46	)(d)		49
Year ended 08/31/22		31.73		(0.12	)		(6.97	)		(7.09	)		(6.67	)		17.97		(27.12	)		51,531		1.20			1.20			(0.54	)		97
Year ended 08/31/21		28.06		(0.21	)		6.40			6.19			(2.52	)		31.73		23.70			66,494		1.22			1.22			(0.72	)		57
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
Class Y
Six months ended 02/28/23		19.79		0.00			(0.51	)		(0.51	)		(1.33	)		17.95		(2.24	)		358,520		0.75	(d)		0.75	(d)		0.04	(d)		49
Year ended 08/31/22		34.08		(0.01	)		(7.61	)		(7.62	)		(6.67	)		19.79		(26.75	)		410,990		0.70			0.70			(0.04	)		97
Year ended 08/31/21		29.81		(0.07	)		6.86			6.79			(2.52	)		34.08		24.36			624,045		0.72			0.72			(0.22	)		57
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
Class R5
Six months ended 02/28/23		19.89		0.01			(0.51	)		(0.50	)		(1.33	)		18.06		(2.17	)		33,966		0.71	(d)		0.71	(d)		0.08	(d)		49
Year ended 08/31/22		34.22		(0.01	)		(7.65	)		(7.66	)		(6.67	)		19.89		(26.76	)		35,453		0.69			0.69			(0.03	)		97
Year ended 08/31/21		29.92		(0.06	)		6.88			6.82			(2.52	)		34.22		24.37			51,787		0.70			0.70			(0.20	)		57
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
Class R6
Six months ended 02/28/23		20.16		0.01			(0.52	)		(0.51	)		(1.33	)		18.32		(2.20	)		63,290		0.64	(d)		0.64	(d)		0.15	(d)		49
Year ended 08/31/22		34.55		0.01			(7.73	)		(7.72	)		(6.67	)		20.16		(26.67	)		65,853		0.62			0.62			0.04			97
Year ended 08/31/21		30.17		(0.04	)		6.94			6.90			(2.52	)		34.55		24.44			96,722		0.63			0.63			(0.13	)		57
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

^(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)  Annualized.

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, 2023

(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. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

11 Invesco American Franchise Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

12 Invesco American Franchise Fund

consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $31,616 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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. (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, 2023, 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, 2023. 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 these expense limits.

13 Invesco American Franchise Fund

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2023, the Adviser waived advisory fees of $76,926.

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, 2023, 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, 2023, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $403,598 in front-end sales commissions from the sale of Class A shares and $6,282 and $2,119 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $161,501 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. 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 Adviser’s 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, 2023. 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	$	9,942,014,433	$	672,154,497	$–	$	10,614,168,930
Money Market Funds		80,866,598		600,028,119	–		680,894,717
Total Investments	$	10,022,881,031	$	1,272,182,616	$–	$	11,295,063,647

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $108,020.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

14 Invesco American Franchise Fund

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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 carryforward 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, 2022.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $5,141,949,233 and $5,420,500,824, 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	$	3,080,328,465
Aggregate unrealized (depreciation) of investments		(237,907,779	)
Net unrealized appreciation of investments	$	2,842,420,686

Cost of investments for tax purposes is $8,452,642,961.

NOTE 9–Share Information

				Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		7,745,519		$	134,285,375			16,184,114		$	384,989,991
Class C		339,581			4,801,050			722,554			14,637,079
Class R		347,787			5,729,296			716,859			16,325,164
Class Y		2,144,989			38,873,532			4,503,348			115,561,494
Class R5		50,092			920,262			315,779			8,550,807
Class R6		310,843			5,781,769			751,440			19,326,649
Issued as reinvestment of dividends:
Class A		43,009,004			697,605,684			122,714,946			2,985,654,474
Class C		581,058			7,681,585			1,760,545			35,774,296
Class R		252,436			3,887,529			616,831			14,341,328
Class Y		1,107,125			18,942,913			3,622,697			92,415,012
Class R5		133,788			2,302,493			367,816			9,430,807
Class R6		233,360			4,074,460			655,813			17,031,460
Automatic conversion of Class C shares to Class A shares:
Class A		254,133			4,377,369			493,734			11,696,904
Class C		(309,830	)		(4,377,369	)		(586,530	)		(11,696,904	)

15 Invesco American Franchise Fund

				Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(32,279,852	)	$	(560,291,069	)		(55,504,429	)	$	(1,308,446,794	)
Class C		(646,878	)		(9,264,641	)		(1,320,833	)		(25,048,543	)
Class R		(256,667	)		(4,266,829	)		(561,984	)		(12,450,810	)
Class Y		(4,050,694	)		(73,466,488	)		(5,668,956	)		(134,978,821	)
Class R5		(85,069	)		(1,553,630	)		(414,921	)		(11,492,895	)
Class R6		(356,996	)		(6,676,437	)		(939,122	)		(24,941,602	)
Net increase in share activity		18,523,729		$	269,366,854			88,429,701		$	2,196,679,096

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2022 through February 28, 2023.

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     (09/01/22)	Ending       Account Value        (02/28/23)1	Expenses       Paid During        Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During        Period2	Annualized Expense Ratio
Class A	$1,000.00	$977.00	$4.90	$1,019.84	$5.01	1.00%
Class C	1,000.00	973.50	8.56	1,016.12	8.75	1.75
Class R	1,000.00	975.90	6.12	1,018.60	6.26	1.25
Class Y	1,000.00	977.60	3.68	1,021.08	3.76	0.75
Class R5	1,000.00	978.30	3.48	1,021.27	3.56	0.71
Class R6	1,000.00	978.50	3.14	1,021.62	3.21	0.64

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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

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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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. VK-AMFR-SAR-1

Semiannual Report to Shareholders February 28, 2023

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
17	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, 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	-5.64	%
Class C Shares	-5.96
Class R Shares	-5.74
Class Y Shares	-5.51
Class R5 Shares	-5.51
Class R6 Shares	-5.47
S&P 500 Index▼	1.26
Russell 1000 Growth Index▼	-1.24
Source(s): ▼RIMES 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 2/28/23, including maximum applicable   sales charges
Class A Shares
Inception (1/22/81)	11.23	%
10 Years	9.97
5 Years	6.87
1 Year	-22.86
Class C Shares
Inception (12/1/93)	8.61	%
10 Years	9.91
5 Years	7.25
1 Year	-19.78
Class R Shares
Inception (3/1/01)	5.21	%
10 Years	10.30
5 Years	7.80
1 Year	-18.58
Class Y Shares
Inception (11/3/97)	7.18	%
10 Years	10.86
5 Years	8.33
1 Year	-18.17
Class R5 Shares
10 Years	10.71	%
5 Years	8.33
1 Year	-18.14
Class R6 Shares
Inception (12/29/11)	11.66	%
10 Years	11.05
5 Years	8.53
1 Year	-18.10

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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.78%
Advertising–0.53%
Trade Desk, Inc. (The), Class A(b)		355,106	$	19,871,732
Aerospace & Defense–0.75%
TransDigm Group, Inc.		37,661		28,014,888
Agricultural & Farm Machinery–1.15%
Deere & Co.		103,072		43,211,905
Apparel Retail–0.91%
TJX Cos., Inc. (The)		448,332		34,342,231
Apparel, Accessories & Luxury Goods–0.49%
lululemon athletica, inc.(b)		58,909		18,214,663
Application Software–6.10%
HubSpot, Inc.(b)		72,655		28,107,314
Intuit, Inc.		75,133		30,592,655
Paycom Software, Inc.(b)		64,470		18,635,698
Roper Technologies, Inc.(c)		67,556		29,062,591
Synopsys, Inc.(b)		212,520		77,306,275
Workday, Inc., Class A(b)		245,400		45,514,338
				229,218,871
Asset Management & Custody Banks–0.53%
KKR & Co., Inc., Class A		353,486		19,918,936
Auto Parts & Equipment–0.50%
Aptiv PLC(b)		161,999		18,837,244
Automobile Manufacturers–1.10%
Tesla, Inc.(b)		201,007		41,349,150
Automotive Retail–1.55%
AutoZone, Inc.(b)		23,418		58,229,794
Biotechnology–1.49%
AbbVie, Inc.		128,436		19,766,300
Vertex Pharmaceuticals, Inc.(b)		124,051		36,010,765
				55,777,065
Building Products–1.01%
Trane Technologies PLC		204,960		37,911,451
Casinos & Gaming–1.05%
Las Vegas Sands Corp.(b)		685,732		39,409,018
Communications Equipment–1.19%
Motorola Solutions, Inc.		169,869		44,643,272
Construction & Engineering–1.58%
Quanta Services, Inc.		366,756		59,194,418
Construction Machinery & Heavy Trucks–0.70%
Caterpillar, Inc.		109,284		26,178,982
Copper–0.45%
Freeport-McMoRan, Inc.		415,953		17,041,594
Data Processing & Outsourced Services–5.33%
Mastercard, Inc., Class A		359,221		127,627,629

	Shares		Value
Data Processing & Outsourced Services–(continued)
Visa, Inc., Class A(c)		330,104	$	72,603,074
				200,230,703
Distributors–0.55%
Genuine Parts Co.		115,787		20,478,089
Electrical Components & Equipment–0.64%
Hubbell, Inc.		96,020		24,152,870
Environmental & Facilities Services–0.88%
Waste Connections, Inc.		248,001		33,212,294
Financial Exchanges & Data–1.01%
S&P Global, Inc.		111,155		37,926,086
Footwear–0.72%
NIKE, Inc., Class B		226,917		26,955,471
Health Care Equipment–3.36%
Boston Scientific Corp.(b)		410,365		19,172,253
DexCom, Inc.(b)		412,809		45,825,927
Insulet Corp.(b)(c)		63,907		17,661,339
Intuitive Surgical, Inc.(b)		64,619		14,822,952
Stryker Corp.		109,865		28,881,311
				126,363,782
Homebuilding–0.96%
D.R. Horton, Inc.		390,371		36,101,510
Hotels, Resorts & Cruise Lines–1.70%
Booking Holdings, Inc.(b)		11,234		28,354,616
Marriott International, Inc., Class A		209,344		35,429,379
				63,783,995
Industrial Machinery–1.01%
Parker-Hannifin Corp.		107,268		37,742,246
Interactive Media & Services–5.83%
Alphabet, Inc., Class C(b)		1,514,678		136,775,423
Meta Platforms, Inc., Class A(b)		323,058		56,515,767
Pinterest, Inc., Class A(b)		1,028,629		25,828,874
				219,120,064
Internet & Direct Marketing Retail–3.79%
Alibaba Group Holding Ltd., ADR (China)(b)		333,200		29,251,628
Amazon.com, Inc.(b)		1,202,188		113,282,175
				142,533,803
Internet Services & Infrastructure–0.67%
MongoDB, Inc.(b)		120,589		25,265,807
Investment Banking & Brokerage–0.51%
Goldman Sachs Group, Inc. (The)		54,208		19,062,243
IT Consulting & Other Services–1.89%
Amdocs Ltd.		272,344		24,949,434
Gartner, Inc.(b)		139,983		45,887,827
				70,837,261

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

4 Invesco Capital Appreciation Fund

	Shares		Value
Life Sciences Tools & Services–2.55%
Agilent Technologies, Inc.		239,215	$	33,961,354
Danaher Corp.		112,973		27,964,207
Thermo Fisher Scientific, Inc.		62,457		33,836,704
				95,762,265
Managed Health Care–2.94%
UnitedHealth Group, Inc.		232,335		110,577,520
Movies & Entertainment–1.25%
Netflix, Inc.(b)		146,233		47,106,036
Oil & Gas Equipment & Services–0.91%
Schlumberger Ltd.		640,170		34,063,446
Oil & Gas Exploration & Production–0.48%
Diamondback Energy, Inc.		127,861		17,974,699
Oil & Gas Storage & Transportation–1.38%
Cheniere Energy, Inc.		328,741		51,724,109
Packaged Foods & Meats–0.54%
Hershey Co. (The)		85,525		20,382,318
Personal Products–0.68%
Estee Lauder Cos., Inc. (The), Class A		104,381		25,369,802
Pharmaceuticals–1.45%
Eli Lilly and Co.		175,256		54,543,172
Property & Casualty Insurance–1.55%
Progressive Corp. (The)		406,499		58,340,737
Research & Consulting Services–0.09%
CoStar Group, Inc.(b)		49,326		3,485,375
Restaurants–1.73%
Chipotle Mexican Grill, Inc.(b)		23,766		35,437,007
McDonald’s Corp.		111,790		29,502,499
				64,939,506
Semiconductor Equipment–0.70%
ASML Holding N.V., New York Shares (Netherlands)		42,368		26,171,985
Semiconductors–10.65%
Advanced Micro Devices, Inc.(b)		796,164		62,562,567
Broadcom, Inc.		47,713		28,355,359
First Solar, Inc.(b)		178,079		30,120,282
GLOBALFOUNDRIES, Inc.(b)(c)		297,084		19,411,469
Monolithic Power Systems, Inc.		145,650		70,536,838
NVIDIA Corp.		691,913		160,634,522
STMicroelectronics N.V., New York Shares (Singapore)(c)		590,529		28,439,877
				400,060,914
Soft Drinks–2.73%
Monster Beverage Corp.(b)		525,511		53,475,999

	Shares		Value
Soft Drinks–(continued)
PepsiCo, Inc.		283,763	$	49,241,394
				102,717,393
Specialty Chemicals–1.12%
Albemarle Corp.		165,503		42,089,068
Systems Software–8.94%
Microsoft Corp.		1,054,713		263,066,516
ServiceNow, Inc.(b)		168,527		72,832,314
				335,898,830
Technology Hardware, Storage & Peripherals–5.96%
Apple, Inc.		1,519,174		223,941,439
Trading Companies & Distributors–1.21%
United Rentals, Inc.		96,929		45,414,144
Trucking–1.48%
Old Dominion Freight Line, Inc.		82,590		28,019,483
Uber Technologies, Inc.(b)		823,950		27,404,577
				55,424,060
Wireless Telecommunication Services–0.51%
T-Mobile US, Inc.(b)		134,398		19,108,708
Total Common Stocks & Other Equity Interests (Cost $2,850,123,931)				3,710,226,964
Money Market Funds–1.22%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e)		16,080,089		16,080,089
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(e)		11,480,721		11,483,018
Invesco Treasury Portfolio, Institutional Class, 4.50%(d)(e)		18,377,245		18,377,245
Total Money Market Funds (Cost $45,940,352)				45,940,352
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $2,896,064,283)				3,756,167,316
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.82%
Invesco Private Government Fund, 4.58%(d)(e)(f)		29,644,762		29,644,762
Invesco Private Prime Fund, 4.83%(d)(e)(f)		76,214,146		76,229,387
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $105,881,813)				105,874,149
TOTAL INVESTMENTS IN SECURITIES–102.82% (Cost $3,001,946,096)				3,862,041,465
OTHER ASSETS LESS LIABILITIES–(2.82)%				(105,920,566	)
NET ASSETS–100.00%			$	3,756,120,899

Investment Abbreviations:

ADR – American Depositary Receipt

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

5 Invesco Capital Appreciation 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, 2023.

^(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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money     Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,004,019		$	218,186,260		$	(207,110,190)		$	-		$	-		$	16,080,089	$    358,768
Invesco Liquid Assets Portfolio, Institutional Class			3,562,398			155,847,329			(147,929,449)			(1,412)			4,152			11,483,018	262,528
Invesco Treasury Portfolio, Institutional Class			5,718,878			249,355,725			(236,697,358)			-			-			18,377,245	408,346
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			46,053,462			189,635,361			(206,044,061)			-			-			29,644,762	586,699*
Invesco Private Prime Fund			118,423,189			469,869,192			(512,065,514)			(11,922)			14,442			76,229,387	1,592,214*
Total		$	178,761,946		$	1,282,893,867		$	(1,309,846,572)		$	(13,334)		$	18,594		$	151,814,501	$ 3,208,555

* 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, 2023.

^(f)  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, 2023

Information Technology	41.43%
Consumer Discretionary	15.05
Health Care	11.80
Industrials	10.49
Communication Services	8.13
Consumer Staples	3.95
Financials	3.60
Energy	2.76
Materials	1.57
Money Market Funds Plus Other Assets Less Liabilities	1.22

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,850,123,931)*	$	3,710,226,964
Investments in affiliated money market funds, at value (Cost $151,822,165)		151,814,501
Cash		5,062,184
Foreign currencies, at value (Cost $144)		130
Receivable for:
Investments sold		67,549,608
Fund shares sold		898,439
Dividends		2,361,022
Investment for trustee deferred compensation and retirement plans		458,935
Other assets		86,587
Total assets		3,938,458,370
Liabilities:
Payable for:
Investments purchased		71,922,819
Fund shares reacquired		1,842,404
Collateral upon return of securities loaned		105,881,813
Accrued fees to affiliates		1,561,448
Accrued trustees’ and officers’ fees and benefits		443,871
Accrued other operating expenses		226,181
Trustee deferred compensation and retirement plans		458,935
Total liabilities		182,337,471
Net assets applicable to shares outstanding	$	3,756,120,899
Net assets consist of:
Shares of beneficial interest	$	3,140,523,374
Distributable earnings		615,597,525
	$	3,756,120,899

Net Assets:
Class A	$	3,399,691,328
Class C	$	127,931,200
Class R	$	119,291,754
Class Y	$	96,986,303
Class R5	$	62,849
Class R6	$	12,157,465
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		69,295,408
Class C		5,006,237
Class R		2,762,876
Class Y		1,699,597
Class R5		1,263
Class R6		209,528
Class A:
Net asset value per share	$	49.06
Maximum offering price per share (Net asset value of $49.06 ÷ 94.50%)	$	51.92
Class C:
Net asset value and offering price per share	$	25.55
Class R:
Net asset value and offering price per share	$	43.18
Class Y:
Net asset value and offering price per share	$	57.06
Class R5:
Net asset value and offering price per share	$	49.76
Class R6:
Net asset value and offering price per share	$	58.02

* At February 28, 2023, securities with an aggregate value of $103,699,965 were on loan to brokers.

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, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $96,001)	$	16,728,031
Dividends from affiliated money market funds (includes net securities lending income of $255,955)		1,285,597
Total investment income		18,013,628
Expenses:
Advisory fees		11,271,157
Administrative services fees		279,110
Custodian fees		11,580
Distribution fees:
Class A		3,907,297
Class C		667,768
Class R		296,631
Transfer agent fees – A, C, R and Y		2,366,142
Transfer agent fees – R5		34
Transfer agent fees – R6		1,760
Trustees’ and officers’ fees and benefits		70,790
Registration and filing fees		204,860
Reports to shareholders		91,695
Professional services fees		35,353
Other		23,346
Total expenses		19,227,523
Less: Fees waived and/or expense offset arrangement(s)		(112,258	)
Net expenses		19,115,265
Net investment income (loss)		(1,101,637	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(229,719,452	)
Affiliated investment securities		18,594
Foreign currencies		(14,659	)
		(229,715,517	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,061,754	)
Affiliated investment securities		(13,334	)
Foreign currencies		28,901
		(4,046,187	)
Net realized and unrealized gain (loss)		(233,761,704	)
Net increase (decrease) in net assets resulting from operations	$	(234,863,341	)

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income (loss)	$	(1,101,637	)	$	(18,749,690	)
Net realized gain (loss)		(229,715,517	)		255,924,524
Change in net unrealized appreciation (depreciation)		(4,046,187	)		(1,577,727,401	)
Net increase (decrease) in net assets resulting from operations		(234,863,341	)		(1,340,552,567	)
Distributions to shareholders from distributable earnings:
Class A		(29,171,584	)		(1,172,869,924	)
Class C		(2,131,016	)		(75,716,804	)
Class R		(1,132,464	)		(42,298,265	)
Class Y		(701,928	)		(30,905,063	)
Class R5		(606	)		(10,229	)
Class R6		(83,781	)		(3,523,987	)
Total distributions from distributable earnings		(33,221,379	)		(1,325,324,272	)
Share transactions–net:
Class A		(126,244,360	)		786,681,347
Class C		(8,023,346	)		51,369,367
Class R		564,735			34,913,203
Class Y		(5,332,862	)		15,696,964
Class R5		(9,465	)		54,228
Class R6		29,959			524,910
Net increase (decrease) in net assets resulting from share transactions		(139,015,339	)		889,240,019
Net increase (decrease) in net assets		(407,100,059	)		(1,776,636,820	)
Net assets:
Beginning of period		4,163,220,958			5,939,857,778
End of period	$	3,756,120,899		$	4,163,220,958

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 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 02/28/23		$	52.44		$	(0.01	)		$	(2.95	)		$	(2.96	)		$	–			$	(0.42	)		$	(0.42	)		$	49.06		(5.64	)%(e)		$	3,399,691		0.98	%(e)(f)		0.98	%(e)(f)		(0.04	)%(e)(f)		50	%
Year ended 08/31/22			88.67			(0.22	)			(16.26	)			(16.48	)			–				(19.75	)			(19.75	)			52.44		(23.55	)(e)			3,767,413		0.94	(e)		0.94	(e)		(0.35	)(e)		70
Year ended 08/31/21			70.34			(0.35	)			21.03				20.68				–				(2.35	)			(2.35	)			88.67		30.19	(e)			5,364,306		0.95	(e)		0.95	(e)		(0.46	)(e)		78
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
Class C
Six months ended 02/28/23			27.63			(0.10	)			(1.56	)			(1.66	)			–				(0.42	)			(0.42	)			25.55		(6.00	)			127,931		1.75	(f)		1.75	(f)		(0.81	)(f)		50
Year ended 08/31/22			56.55			(0.40	)			(8.77	)			(9.17	)			–				(19.75	)			(19.75	)			27.63		(24.16	)			146,841		1.71			1.71			(1.12	)		70
Year ended 08/31/21			46.01			(0.60	)			13.49				12.89				–				(2.35	)			(2.35	)			56.55		29.17				221,514		1.73			1.73			(1.24	)		78
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
Class R
Six months ended 02/28/23			46.26			(0.07	)			(2.59	)			(2.66	)			–				(0.42	)			(0.42	)			43.18		(5.74	)			119,292		1.25	(f)		1.25	(f)		(0.31	)(f)		50
Year ended 08/31/22			80.77			(0.36	)			(14.40	)			(14.76	)			–				(19.75	)			(19.75	)			46.26		(23.76	)			127,130		1.21			1.21			(0.62	)		70
Year ended 08/31/21			64.44			(0.51	)			19.19				18.68				–				(2.35	)			(2.35	)			80.77		29.83				175,274		1.23			1.23			(0.74	)		78
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
Class Y
Six months ended 02/28/23			60.85			0.06				(3.43	)			(3.37	)			–				(0.42	)			(0.42	)			57.06		(5.53	)			96,986		0.75	(f)		0.75	(f)		0.19	(f)		50
Year ended 08/31/22			99.48			(0.09	)			(18.79	)			(18.88	)			–				(19.75	)			(19.75	)			60.85		(23.38	)			108,866		0.71			0.71			(0.12	)		70
Year ended 08/31/21			78.49			(0.21	)			23.55				23.34				–				(2.35	)			(2.35	)			99.48		30.44				158,879		0.73			0.73			(0.24	)		78
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
Class R5
Six months ended 02/28/23			53.11			0.06				(2.99	)			(2.93	)			–				(0.42	)			(0.42	)			49.76		(5.51	)			63		0.73	(f)		0.73	(f)		0.21	(f)		50
Year ended 08/31/22			89.38			(0.06	)			(16.46	)			(16.52	)			–				(19.75	)			(19.75	)			53.11		(23.38	)			77		0.70			0.70			(0.11	)		70
Year ended 08/31/21			70.69			(0.14	)			21.18				21.04				–				(2.35	)			(2.35	)			89.38		30.55				46		0.67			0.69			(0.18	)		78
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	(f)(g)		0.68	(f)		0.29	(f)		64
Class R6
Six months ended 02/28/23			61.84			0.08				(3.48	)			(3.40	)			–				(0.42	)			(0.42	)			58.02		(5.49	)			12,157		0.66	(f)		0.66	(f)		0.28	(f)		50
Year ended 08/31/22			100.70			(0.03	)			(19.08	)			(19.11	)			–				(19.75	)			(19.75	)			61.84		(23.32	)			12,895		0.63			0.63			(0.04	)		70
Year ended 08/31/21			79.32			(0.12	)			23.85				23.73				–				(2.35	)			(2.35	)			100.70		30.62				19,838		0.62			0.63			(0.13	)		78
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

^(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 and 2018.

^(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 Class A for the six months ended February 28,2023 and 0.23%, 0.22% and 0.22% for the years ended August 31, 2022, 2021 and 2020, respectively.

^(f)  Annualized.

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

^(h)  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 Capital Appreciation Fund

Notes to Financial Statements

February 28, 2023

(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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

11 Invesco Capital Appreciation Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

12 Invesco Capital Appreciation Fund

consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $26,561 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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.

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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 Fund.

The Adviser has contractually agreed through at least June 30, 2023, 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 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

13 Invesco Capital Appreciation Fund

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, 2023. 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 and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2023, the Adviser waived advisory fees of $33,494.

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, 2023, 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, 2023, 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 Plans, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $166,693 in front-end sales commissions from the sale of Class A shares and $1,627 and $1,477 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $28,137 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. 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 Adviser’s 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, 2023. 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	$	3,710,226,964	$	–		$–	$	3,710,226,964
Money Market Funds		45,940,352		105,874,149		–		151,814,501
Total Investments	$	3,756,167,316	$	105,874,149		$–	$	3,862,041,465

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $78,764.

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

14 Invesco Capital Appreciation 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 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 carryforward 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, 2022.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $1,921,623,717 and $2,119,764,099, 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	$	928,529,425
Aggregate unrealized (depreciation) of investments		(72,904,877	)
Net unrealized appreciation of investments	$	855,624,548

Cost of investments for tax purposes is $3,006,416,917.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		1,464,023		$	72,323,401			3,044,971		$	199,645,690
Class C		385,573			9,980,009			717,796			26,211,160
Class R		225,993			9,829,679			366,932			21,109,593
Class Y		332,641			18,999,159			693,565			53,097,385
Class R5		-			-			838			47,366
Class R6		32,679			1,884,318			65,904			4,906,211
Issued as reinvestment of dividends:
Class A		587,371			28,299,513			16,812,823			1,134,361,740
Class C		84,256			2,118,194			2,093,379			74,838,311
Class R		26,613			1,129,177			707,191			42,169,792
Class Y		10,603			593,955			324,392			25,357,728
Class R5		11			535			101			6,862
Class R6		1,300			74,042			37,350			2,965,201
Automatic conversion of Class C shares to Class A shares:
Class A		152,424			7,513,215			267,782			17,193,893
Class C		(291,037	)		(7,513,215	)		(489,776	)		(17,193,893	)

15 Invesco Capital Appreciation Fund

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023						August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(4,755,320	)	$	(234,380,489	)		(8,776,105	)	$	(564,519,976	)
Class C		(486,221	)		(12,608,334	)		(924,712	)		(32,486,211	)
Class R		(237,751	)		(10,394,121	)		(496,246	)		(28,366,182	)
Class Y		(432,734	)		(24,925,976	)		(825,924	)		(62,758,149	)
Class R5		(205	)		(10,000	)		-			-
Class R6		(32,979	)		(1,928,401	)		(91,732	)		(7,346,502	)
Net increase (decrease) in share activity		(2,932,760	)	$	(139,015,339	)		13,528,529		$	889,240,019

16 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$943.60	$4.72	$1,019.93	$4.91	0.98%
Class C	1,000.00	940.00	8.42	1,016.12	8.75	1.75
Class R	1,000.00	942.60	6.02	1,018.60	6.26	1.25
Class Y	1,000.00	944.70	3.62	1,021.08	3.76	0.75
Class R5	1,000.00	944.90	3.52	1,021.17	3.66	0.73
Class R6	1,000.00	945.10	3.18	1,021.52	3.31	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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

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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 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 number(s): 811-09913 and 333-36074                    Invesco Distributors, Inc. O-CAPA-SAR-1                

Semiannual Report to Shareholders February 28, 2023

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
28	Financial Statements
31	Financial Highlights
32	Notes to Financial Statements
42	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, 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	-0.28	%
Class C Shares	-0.77
Class R Shares	-0.52
Class Y Shares	-0.26
Class R5 Shares	-0.26
Class R6 Shares	-0.25
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market/Style-Specific Index)	-2.13
Lipper Core Plus Bond Funds Index∎ (Peer Group Index)	-1.49
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The Bloomberg 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 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 Core Plus Bond Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (6/3/09)	2.93	%
10 Years	1.44
5 Years	-0.06
1 Year	-13.16
Class C Shares
Inception (6/3/09)	2.79	%
10 Years	1.27
5 Years	0.04
1 Year	-10.94
Class R Shares
Inception (6/3/09)	2.99	%
10 Years	1.62
5 Years	0.53
1 Year	-9.62
Class Y Shares
Inception (6/3/09)	3.51	%
10 Years	2.13
5 Years	1.03
1 Year	-9.14
Class R5 Shares
Inception (6/3/09)	3.51	%
10 Years	2.14
5 Years	1.05
1 Year	-9.16
Class R6 Shares
Inception (9/24/12)	2.21	%
10 Years	2.19
5 Years	1.11
1 Year	-9.03

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, 2023

(Unaudited)

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes–46.01%
Aerospace & Defense–0.77%
Boeing Co. (The), 2.20%, 02/04/2026	$	783,000	$	711,433
Embraer Netherlands Finance B.V. (Brazil), 6.95%, 01/17/2028(b)		220,000		220,846
Lockheed Martin Corp.,
5.10%, 11/15/2027		3,373,000		3,419,561
5.70%, 11/15/2054		2,450,000		2,655,270
5.90%, 11/15/2063		2,450,000		2,708,766
Northrop Grumman Corp., 4.95%, 03/15/2053(c)		2,301,000		2,171,393
Raytheon Technologies Corp.,
5.00%, 02/27/2026		1,983,000		1,980,528
5.15%, 02/27/2033(c)		9,561,000		9,518,206
5.38%, 02/27/2053		7,162,000		7,199,131
TransDigm, Inc., 6.75%, 08/15/2028(b)		4,650,000		4,632,562
				35,217,696
Agricultural & Farm Machinery–0.08%
Cargill, Inc.,
4.00%, 06/22/2032(b)		1,304,000		1,203,787
5.13%, 10/11/2032(b)(c)		2,456,000		2,466,479
				3,670,266
Agricultural Products–0.02%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		1,250,000		1,029,821
Air Freight & Logistics–0.45%
United Parcel Service, Inc.,
4.88%, 03/03/2033		6,708,000		6,665,994
5.05%, 03/03/2053		14,293,000		14,122,842
				20,788,836
Airlines–0.41%
American Airlines Pass-Through Trust,
Series 2017-1, Class B, 4.95%, 02/15/2025		329,175		319,603
Series 2021-1, Class B, 3.95%, 07/11/2030		5,912,405		5,185,125
Series 2021-1, Class A, 2.88%, 07/11/2034		847,647		701,047
British Airways Pass-Through Trust (United Kingdom),
Series 2019-1, Class A, 3.35%, 06/15/2029(b)		1,640,994		1,419,696
Series 2021-1, Class A, 2.90%, 03/15/2035(b)		2,808,397		2,319,105
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(b)		1,704,324		1,656,358
4.75%, 10/20/2028(b)		4,462,302		4,241,864
United Airlines Pass-Through Trust,
Series 2020-1, Class A, 5.88%, 10/15/2027		2,445,442		2,432,123
Series 2018-1, Class AA, 3.50%, 03/01/2030		496,796		445,827

	Principal
	Amount		Value
Airlines–(continued)
United Airlines, Inc., 4.38%, 04/15/2026(b)	$	102,000	$	96,092
				18,816,840
Application Software–0.05%
Open Text Corp. (Canada), 6.90%, 12/01/2027(b)		1,670,000		1,688,203
Workday, Inc., 3.70%, 04/01/2029		720,000		657,953
				2,346,156
Asset Management & Custody Banks–0.66%
Ameriprise Financial, Inc., 4.50%, 05/13/2032(c)		1,097,000		1,068,971
Apollo Management Holdings L.P., 2.65%, 06/05/2030(b)(c)		573,000		473,267
Ares Capital Corp.,
2.88%, 06/15/2028		825,000		678,288
3.20%, 11/15/2031		900,000		687,326
Bank of New York Mellon Corp. (The),
4.54%, 02/01/2029(d)		5,709,000		5,550,391
4.60%, 07/26/2030(d)		1,136,000		1,096,253
5.83%, 10/25/2033(d)		3,587,000		3,738,035
4.71%, 02/01/2034(d)		3,693,000		3,555,081
Series I, 3.75%(c)(d)(e)		925,000		774,688
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		4,882,000		4,113,996
Northern Trust Corp., 6.13%, 11/02/2032		4,213,000		4,447,950
State Street Corp.,
5.82%, 11/04/2028(d)		1,466,000		1,501,622
4.16%, 08/04/2033(d)		671,000		616,329
4.82%, 01/26/2034(c)(d)		2,108,000		2,033,913
				30,336,110
Auto Parts & Equipment–0.27%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028(b)		8,444,000		7,501,657
Metalsa S.A. de C.V. (Mexico), 4.90%, 04/24/2023(b)		200,000		199,140
Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)		6,007,000		4,531,624
				12,232,421
Automobile Manufacturers–1.01%
American Honda Finance Corp., 4.70%, 01/12/2028(c)		6,486,000		6,396,443
BMW US Capital LLC (Germany), 3.70%, 04/01/2032(b)(c)		470,000		425,631
Daimler Trucks Finance North America LLC (Germany), 5.13%, 01/19/2028(b)(c)		1,882,000		1,854,523
Ford Motor Co., 6.10%, 08/19/2032(c)		9,578,000		8,928,768

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

4 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Automobile Manufacturers–(continued)
Ford Motor Credit Co. LLC,
7.35%, 11/04/2027	$	7,967,000	$	8,091,285	��
7.35%, 03/06/2030		5,404,000		5,478,737
General Motors Financial Co., Inc.,
3.80%, 04/07/2025(c)		1,073,000		1,032,677
5.00%, 04/09/2027		2,569,000		2,506,313
4.30%, 04/06/2029(c)		1,781,000		1,625,800
Hyundai Capital America, 2.00%, 06/15/2028(b)		1,257,000		1,047,703
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(b)		751,000		636,795
PACCAR Financial Corp., 4.60%, 01/10/2028		2,232,000		2,216,668
Toyota Motor Credit Corp.,
4.63%, 01/12/2028(c)		3,780,000		3,733,208
4.70%, 01/12/2033		2,515,000		2,468,998
Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029(b)		217,000		207,799
				46,651,348
Automotive Retail–0.30%
AutoZone, Inc., 4.75%, 08/01/2032		2,158,000		2,060,846
Lithia Motors, Inc., 3.88%, 06/01/2029(b)(c)		7,778,000		6,506,647
Sonic Automotive, Inc.,
4.63%, 11/15/2029(b)(c)		439,000		362,607
4.88%, 11/15/2031(b)(c)		5,949,000		4,739,985
				13,670,085
Biotechnology–1.30%
Amgen, Inc.,
5.25%, 03/02/2025		6,694,000		6,680,271
5.15%, 03/02/2028		8,579,000		8,547,699
5.25%, 03/02/2030		3,719,000		3,702,296
5.25%, 03/02/2033		8,969,000		8,910,076
5.60%, 03/02/2043		7,362,000		7,274,542
5.65%, 03/02/2053		14,239,000		14,131,903
5.75%, 03/02/2063		10,769,000		10,628,627
				59,875,414
Brewers–0.00%
Cia Cervecerias Unidas S.A. (Chile), 3.35%, 01/19/2032(b)		250,000		207,375
Cable & Satellite–0.53%
CCO Holdings LLC/CCO Holdings Capital Corp.,
6.38%, 09/01/2029(b)(c)		8,833,000		8,244,545
7.38%, 03/01/2031(b)(c)		4,925,000		4,780,845
4.50%, 06/01/2033(b)		533,000		415,190
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
3.50%, 06/01/2041		372,000		243,655
3.50%, 03/01/2042		588,000		379,839
Comcast Corp.,
5.50%, 11/15/2032(c)		6,563,000		6,748,606
2.80%, 01/15/2051		8,000		5,112

	Principal
	Amount		Value
Cable & Satellite–(continued)
DISH DBS Corp., 5.88%, 11/15/2024	$	290,000	$	271,974
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)		4,336,000		3,375,533
				24,465,299
Casinos & Gaming–0.01%
Wynn Macau, Ltd. (Macau), 5.13%, 12/15/2029(b)		400,000		328,378
Commodity Chemicals–0.01%
Alpek S.A.B. de C.V. (Mexico), 3.25%, 02/25/2031(b)		200,000		161,200
Unigel Luxembourg S.A. (Brazil), 8.75%, 10/01/2026(b)		400,000		379,572
				540,772
Computer & Electronics Retail–0.12%
Leidos, Inc.,
2.30%, 02/15/2031		900,000		702,216
5.75%, 03/15/2033		4,834,000		4,776,691
				5,478,907
Construction & Engineering–0.02%
Bioceanico Sovereign Certificate Ltd. (Paraguay), 0.00%, 06/05/2034(b)(f)		136,993		95,107
Mexico City Airport Trust (Mexico),
3.88%, 04/30/2028(b)		200,000		180,100
5.50%, 07/31/2047(b)		600,000		445,674
Rutas 2 and 7 Finance Ltd. (Paraguay), 0.00%, 09/30/2036(b)(f)		224,000		142,020
				862,901
Consumer Finance–0.43%
Ally Financial, Inc., 2.20%, 11/02/2028		542,000		442,012
American Express Co.,
2.55%, 03/04/2027		580,000		525,341
4.42%, 08/03/2033(d)		2,683,000		2,511,834
Capital One Financial Corp., 5.27%, 05/10/2033(c)(d)		1,100,000		1,042,565
Synchrony Financial,
4.50%, 07/23/2025		670,000		645,575
7.25%, 02/02/2033		15,055,000		14,507,825
				19,675,152
Copper–0.12%
Freeport-McMoRan, Inc.,
5.00%, 09/01/2027		1,482,000		1,442,373
5.40%, 11/14/2034(c)		385,000		362,966
PT Freeport Indonesia (Indonesia),
4.76%, 04/14/2027(b)		217,000		209,309
5.32%, 04/14/2032(b)		3,845,000		3,555,513
				5,570,161
Data Processing & Outsourced Services–0.13%
Clarivate Science Holdings Corp., 3.88%, 07/01/2028(b)		4,727,000		4,083,409
PayPal Holdings, Inc., 5.05%, 06/01/2052(c)		2,303,000		2,099,458
				6,182,867

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

5 Invesco Core Plus Bond Fund

	Principal Amount		Value
Department Stores–0.01%
Falabella S.A. (Chile), 3.75%, 10/30/2027(b)	$	200,000	$	177,142
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)		150,000		129,186
				306,328
Distributors–0.01%
Genuine Parts Co., 2.75%, 02/01/2032(c)		331,000		267,808
Diversified Banks–7.58%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		20,285,000		19,031,995
African Export-Import Bank (The) (Supranational),
2.63%, 05/17/2026(b)		3,237,000		2,903,887
3.80%, 05/17/2031(b)		4,227,000		3,501,216
Australia and New Zealand Banking Group Ltd. (Australia),
6.74%, 12/08/2032(b)		5,342,000		5,527,303
6.75%(b)(d)(e)		4,642,000		4,613,382
Banco de Bogota S.A. (Colombia), 4.38%, 08/03/2027(b)		400,000		365,556
Banco do Brasil S.A. (Brazil), 3.25%, 09/30/2026(b)		4,474,000		4,075,814
Banco GNB Sudameris S.A. (Colombia), 7.50%, 04/16/2031(b)(d)		200,000		167,869
Banco Nacional de Panama (Panama), 2.50%, 08/11/2030(b)		215,000		171,317
Bank of America Corp.,
5.62% (SOFR + 1.05%), 02/04/2028(g)		4,065,000		4,041,949
4.38%, 04/27/2028(d)		2,283,000		2,183,831
4.95%, 07/22/2028(c)(d)		3,303,000		3,232,239
2.69%, 04/22/2032(d)		551,000		447,099
2.57%, 10/20/2032(d)		404,000		321,844
2.97%, 02/04/2033(d)		513,000		420,073
4.57%, 04/27/2033(d)		3,498,000		3,253,311
5.02%, 07/22/2033(c)(d)		5,005,000		4,817,666
2.48%, 09/21/2036(d)		919,000		689,010
3.85%, 03/08/2037(d)		515,000		434,900
Series TT, 6.13%(c)(d)(e)		7,827,000		7,649,327
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(c)(d)		7,166,000		7,576,129
Barclays PLC (United Kingdom),
4.84%, 05/09/2028		600,000		562,588
7.44%, 11/02/2033(d)		6,957,000		7,516,677
8.00%(d)(e)		8,981,000		8,825,629
BNP Paribas S.A. (France), 4.38%, 03/01/2033(b)(c)(d)		600,000		544,962
BPCE S.A. (France),
5.98%, 01/18/2027(b)(d)		5,964,000		5,960,203
2.28%, 01/20/2032(b)(d)		447,000		342,671

	Principal Amount		Value
Diversified Banks–(continued)
Citigroup, Inc.,
5.24% (SOFR + 0.69%), 01/25/2026(c)(g)	$	942,000	$	934,702
4.66%, 05/24/2028(c)(d)		2,111,000		2,042,954
2.57%, 06/03/2031(d)		651,000		534,282
3.79%, 03/17/2033(d)		1,552,000		1,350,389
4.91%, 05/24/2033(d)		2,401,000		2,276,894
3.88%(c)(d)(e)		12,654,000		11,387,335
7.38%(d)(e)		15,736,000		15,956,304
Series A, 8.87% (3 mo. USD LIBOR + 4.07%)(e)(g)		2,199,000		2,216,592
Commonwealth Bank of Australia (Australia), 2.69%, 03/11/2031(b)		525,000		413,948
Cooperatieve Rabobank U.A. (Netherlands), 3.76%, 04/06/2033(b)(d)		1,203,000		1,047,349
Export-Import Bank of India (India), 3.38%, 08/05/2026(b)		200,000		186,364
Federation des caisses Desjardins du Quebec (Canada),
5.28%, 01/23/2026(b)(d)		2,180,000		2,164,064
4.55%, 08/23/2027(b)(c)		7,367,000		7,172,623
HSBC Holdings PLC (United Kingdom),
5.78% (SOFR + 1.43%), 03/10/2026(g)		2,863,000		2,875,280
5.21%, 08/11/2028(d)		3,574,000		3,497,152
2.36%, 08/18/2031(d)		288,000		227,653
2.87%, 11/22/2032(d)		790,000		626,391
5.40%, 08/11/2033(d)		5,867,000		5,627,870
8.11%, 11/03/2033(d)		7,295,000		8,058,643
8.00%(d)(e)		10,066,000		10,055,934
ING Groep N.V. (Netherlands), 3.88%(d)(e)		508,000		392,481
Israel Discount Bank Ltd. (Israel), 5.38%, 01/26/2028(b)		400,000		396,000
JPMorgan Chase & Co.,
5.71% (3 mo. USD LIBOR + 0.89%), 07/23/2024(g)		3,080,000		3,085,765
4.32%, 04/26/2028(d)		2,248,000		2,156,243
4.85%, 07/25/2028(c)(d)		3,509,000		3,427,715
2.96%, 05/13/2031(d)		300,000		252,191
4.59%, 04/26/2033(d)		2,499,000		2,330,659
4.91%, 07/25/2033(c)(d)		5,386,000		5,159,608
5.72%, 09/14/2033(d)		8,730,000		8,680,214
Series W, 5.86% (3 mo. USD LIBOR + 1.00%), 05/15/2047(g)		2,058,000		1,744,155
KeyBank N.A., 4.90%, 08/08/2032		5,185,000		4,883,841
Lloyds Banking Group PLC (United Kingdom), 4.98%, 08/11/2033(d)		357,000		332,913
Manufacturers & Traders Trust Co., 4.70%, 01/27/2028		6,359,000		6,174,865
Mitsubishi UFJ Financial Group, Inc. (Japan), 1.80%, 07/20/2033(d)		4,168,000		4,028,368

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 Banks–(continued)
Mizuho Financial Group, Inc. (Japan), 5.67%, 09/13/2033(c)(d)	$	5,771,000	$	5,782,273
Multibank, Inc. (Panama), 7.75%, 02/03/2028(b)		6,576,000		6,696,998
National Australia Bank Ltd. (Australia),
2.33%, 08/21/2030(b)		632,000		492,742
6.43%, 01/12/2033(b)		5,303,000		5,364,818
National Bank of Oman SAOG (Oman), 5.63%, 09/25/2023(b)		400,000		399,506
Natwest Group PLC (United Kingdom), 6.02%, 03/02/2034(d)		2,488,000		2,493,989
Nordea Bank Abp (Finland),
4.75%, 09/22/2025(b)(c)		5,133,000		5,063,346
5.38%, 09/22/2027(b)		2,891,000		2,885,384
6.63%(b)(d)(e)		1,753,000		1,706,165
Royal Bank of Canada (Canada), 5.24%(SOFR + 0.71%), 01/21/2027(g)		2,870,000		2,823,573
Shinhan Financial Group Co. Ltd. (South Korea), 3.34%, 02/05/2030(b)(d)		200,000		189,526
Societe Generale S.A. (France), 9.38%(b)(d)(e)		5,104,000		5,395,949
Standard Chartered PLC (United Kingdom),
2.68%, 06/29/2032(b)(d)		3,192,000		2,538,920
4.30%(b)(d)(e)		9,045,000		7,368,057
7.75%(b)(d)(e)		8,153,000		8,132,067
7.75%(b)(d)(e)		11,053,000		11,094,437
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.14%, 09/23/2030		496,000		390,621
5.77%, 01/13/2033		14,827,000		14,958,633
Swedbank AB (Sweden), 5.34%, 09/20/2027(b)		3,201,000		3,163,172
Synovus Bank, 5.63%, 02/15/2028		2,319,000		2,281,276
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)		6,528,000		6,829,920
U.S. Bancorp,
4.55%, 07/22/2028(c)(d)		3,502,000		3,407,265
4.97%, 07/22/2033(d)		2,835,000		2,706,314
5.85%, 10/21/2033(d)		5,959,000		6,147,696
4.84%, 02/01/2034(c)(d)		11,231,000		10,756,688
2.49%, 11/03/2036(d)		1,448,000		1,116,247
Wells Fargo & Co.,
3.53%, 03/24/2028(c)(d)		542,000		502,124
4.81%, 07/25/2028(c)(d)		2,025,000		1,972,610
4.90%, 07/25/2033(d)		1,988,000		1,899,871
4.61%, 04/25/2053(d)		3,087,000		2,678,441
Westpac Banking Corp. (Australia),
5.41%, 08/10/2033(c)(d)		481,000		461,017
2.67%, 11/15/2035(d)		225,000		172,965
				348,748,798

	Principal Amount		Value
Diversified Capital Markets–1.37%
Credit Suisse AG (Switzerland),
7.95%, 01/09/2025(c)	$	9,015,000	$	9,108,438
5.00%, 07/09/2027		6,817,000		6,252,788
7.50%, 02/15/2028		7,916,000		7,998,938
Credit Suisse Group AG (Switzerland),
6.44%, 08/11/2028(b)(d)		6,564,000		6,071,985
6.54%, 08/12/2033(b)(d)		2,708,000		2,433,785
9.02%, 11/15/2033(b)(d)		1,564,000		1,643,810
4.50%(b)(c)(d)(e)		7,339,000		4,283,407
5.10%(b)(d)(e)		3,926,000		2,440,598
5.25%(b)(d)(e)		7,968,000		5,509,067
7.50%(b)(d)(e)		6,182,000		5,416,977
7.50%(b)(d)(e)		305,000		278,965
9.75%(b)(c)(d)(e)		7,643,000		6,935,258
OWL Rock Core Income Corp., 4.70%, 02/08/2027		1,551,000		1,417,437
UBS Group AG (Switzerland), 4.75%, 05/12/2028(b)(d)		3,296,000		3,175,188
				62,966,641
Diversified Chemicals–0.34%
Braskem Netherlands Finance B.V. (Brazil),
4.50%, 01/31/2030(b)		200,000		168,717
7.25%, 02/13/2033(b)(c)		5,320,000		5,197,267
5.88%, 01/31/2050(b)		200,000		152,920
Celanese US Holdings LLC,
5.90%, 07/05/2024		4,615,000		4,611,514
6.05%, 03/15/2025		4,938,000		4,921,583
Equate Petrochemical B.V. (Kuwait), 2.63%, 04/28/2028(b)		200,000		175,559
SABIC Capital II B.V. (Saudi Arabia),
4.00%, 10/10/2023(b)		200,000		198,368
4.50%, 10/10/2028(b)		200,000		195,486
				15,621,414
Diversified Metals & Mining–0.70%
BHP Billiton Finance (USA) Ltd. (Australia),
4.88%, 02/27/2026		10,986,000		10,918,296
4.75%, 02/28/2028		6,770,000		6,690,586
4.90%, 02/28/2033		7,862,000		7,834,699
Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(b)		3,583,000		3,488,226
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)(c)		3,913,000		3,306,039
Minera Mexico S.A. de C.V. (Mexico), 4.50%, 01/26/2050(b)		200,000		150,293
				32,388,139
Diversified REITs–0.41%
CubeSmart L.P., 2.50%, 02/15/2032		476,000		372,322
Trust Fibra Uno (Mexico),
5.25%, 12/15/2024(b)		325,000		318,836
5.25%, 01/30/2026(b)		7,067,000		6,748,738
4.87%, 01/15/2030(b)		3,434,000		2,929,202
6.39%, 01/15/2050(b)		3,343,000		2,613,662

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

7 Invesco Core Plus Bond Fund

	Principal Amount		Value
Diversified REITs–(continued)
VICI Properties L.P.,
4.75%, 02/15/2028	$	2,811,000	$	2,654,231
4.95%, 02/15/2030		2,811,000		2,626,901
5.13%, 05/15/2032		500,000		464,375
				18,728,267
Education Services–0.23%
Grand Canyon University, 3.25%, 10/01/2023		7,113,500		7,024,581
Johns Hopkins University (The), Series A, 4.71%, 07/01/2032(c)		3,488,000		3,484,177
				10,508,758
Electric Utilities–1.98%
AEP Texas, Inc.,
4.70%, 05/15/2032(c)		1,154,000		1,095,518
5.25%, 05/15/2052		1,681,000		1,599,609
Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051(b)		6,887,800		5,055,645
American Electric Power Co., Inc.,
5.75%, 11/01/2027(c)		3,356,000		3,434,585
5.95%, 11/01/2032		2,580,000		2,663,174
3.88%, 02/15/2062(d)		2,526,000		2,119,144
Centrais Eletricas Brasileiras S.A. (Brazil), 3.63%, 02/04/2025(b)		200,000		187,085
CLP Power Hong Kong Financing Ltd. (Hong Kong), 3.13%, 05/06/2025(b)		200,000		190,496
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		2,596,000		2,599,453
Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/2052		1,523,000		1,631,407
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)		6,116,000		6,015,942
Duke Energy Carolinas LLC,
4.95%, 01/15/2033		5,284,000		5,207,656
5.35%, 01/15/2053		4,764,000		4,703,030
Duke Energy Corp.,
5.00%, 12/08/2027		1,803,000		1,790,486
4.30%, 03/15/2028		1,410,000		1,347,560
5.00%, 08/15/2052		4,091,000		3,643,522
3.25%, 01/15/2082(d)		360,000		286,056
Electricite de France S.A. (France), 4.88%, 09/21/2038(b)		550,000		475,871
Empresa de Transmision Electrica S.A. (Panama), 5.13%, 05/02/2049(b)		200,000		162,200
Enel Finance America LLC (Italy), 7.10%, 10/14/2027(b)(c)		1,691,000		1,776,528
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)		3,692,000		3,787,284
Eversource Energy, Series R, 1.65%, 08/15/2030		213,000		164,429
Exelon Corp., 5.60%, 03/15/2053		5,130,000		5,015,969
Greenko Power II Ltd. (India), 4.30%, 12/13/2028(b)		191,000		162,559

	Principal Amount		Value
Electric Utilities–(continued)
Israel Electric Corp. Ltd. (The) (Israel), 4.25%, 08/14/2028(b)	$	200,000	$	186,918
Kallpa Generacion S.A. (Peru), 4.13%, 08/16/2027(b)		200,000		183,900
Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(b)		6,181,000		5,933,760
NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		5,205,000		5,239,475
4.63%, 07/15/2027		4,269,000		4,152,131
5.00%, 07/15/2032		1,497,000		1,442,408
PacifiCorp, 5.35%, 12/01/2053		11,795,000		11,655,957
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara (Indonesia),
5.45%, 05/21/2028(b)		200,000		197,927
3.38%, 02/05/2030(b)		200,000		171,753
Southern Co. (The), 5.70%, 10/15/2032		2,593,000		2,636,595
State Grid Overseas Investment BVI Ltd. (China), 3.50%, 05/04/2027(b)		200,000		191,002
Tampa Electric Co., 5.00%, 07/15/2052		1,437,000		1,334,433
Virginia Electric & Power Co.,
Series B, 3.75%, 05/15/2027		743,000		705,993
Series C, 4.63%, 05/15/2052		2,106,000		1,854,476
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)		172,000		148,787
				91,150,723
Electrical Components & Equipment–0.49%
CenterPoint Energy Houston Electric LLC,
Series AI, 4.45%, 10/01/2032		3,479,000		3,339,184
Series AJ, 4.85%, 10/01/2052		3,385,000		3,224,120
Regal Rexnord Corp.,
6.05%, 04/15/2028(b)		6,763,000		6,616,370
6.30%, 02/15/2030(b)		3,181,000		3,114,590
6.40%, 04/15/2033(b)		4,352,000		4,286,595
Sensata Technologies B.V., 5.88%, 09/01/2030(b)(c)		2,099,000		1,992,698
				22,573,557
Electronic Components–0.01%
Corning, Inc., 5.45%, 11/15/2079		437,000		388,236
Electronic Equipment & Instruments–0.14%
Trimble, Inc., 6.10%, 03/15/2033		5,419,000		5,407,864
Vontier Corp.,
2.40%, 04/01/2028		796,000		652,959
2.95%, 04/01/2031		406,000		309,681
				6,370,504
Environmental & Facilities Services–0.07%
Clean Harbors, Inc., 6.38%, 02/01/2031(b)		3,452,000		3,431,475

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

8 Invesco Core Plus Bond Fund

	Principal Amount		Value
Financial Exchanges & Data–0.41%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031(b)	$	8,258,000	$	6,852,076
Cboe Global Markets, Inc., 3.00%, 03/16/2032		1,439,000		1,217,958
Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		1,640,000		1,596,460
4.35%, 06/15/2029(c)		1,263,000		1,224,612
4.60%, 03/15/2033(c)		2,028,000		1,936,971
4.95%, 06/15/2052		2,782,000		2,639,406
5.20%, 06/15/2062		2,107,000		2,074,690
Moody’s Corp., 4.25%, 08/08/2032(c)		1,275,000		1,180,982
				18,723,155
Food Distributors–0.08%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)		4,486,000		3,705,840
Forest Products–0.01%
Celulosa Arauco y Constitucion S.A. (Chile),
4.50%, 08/01/2024		500,000		491,152
5.15%, 01/29/2050(b)		200,000		167,439
				658,591
Gas Utilities–0.01%
Infraestructura Energetica Nova, S.A.P.I. de C.V. (Mexico), 4.88%, 01/14/2048(b)		400,000		302,532
Promigas S.A. ESP / Gases del Pacifico SAC (Colombia), 3.75%, 10/16/2029(b)		400,000		311,592
				614,124
General Merchandise Stores–0.37%
Dollar General Corp.,
4.63%, 11/01/2027		1,757,000		1,716,172
5.00%, 11/01/2032		1,552,000		1,506,468
5.50%, 11/01/2052(c)		3,098,000		3,031,894
Target Corp.,
4.40%, 01/15/2033(c)		6,931,000		6,577,061
4.80%, 01/15/2053		4,330,000		4,049,308
				16,880,903
Gold–0.00%
Endeavour Mining PLC (Burkina Faso), 5.00%, 10/14/2026(b)		200,000		169,380
Health Care Equipment–0.19%
Alcon Finance Corp. (Switzerland),
5.38%, 12/06/2032(b)		2,741,000		2,754,260
5.75%, 12/06/2052(b)		2,322,000		2,362,315
Becton, Dickinson and Co., 4.69%, 02/13/2028		3,199,000		3,128,740
Teleflex, Inc., 4.63%, 11/15/2027		385,000		363,479
				8,608,794
Health Care Facilities–0.08%
Tenet Healthcare Corp., 6.13%, 06/15/2030(b)		3,790,000		3,615,309

	Principal Amount		Value
Health Care REITs–0.03%
Omega Healthcare Investors, Inc.,
3.38%, 02/01/2031	$	514,000	$	405,697
3.25%, 04/15/2033		512,000		366,494
Welltower OP LLC, 3.10%, 01/15/2030		600,000		513,196
				1,285,387
Health Care Services–0.29%
Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		3,347,000		2,635,773
Series 2042, 2.72%, 01/01/2042		3,229,000		2,235,886
2.86%, 01/01/2052		3,690,000		2,412,840
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		9,831,000		5,855,895
				13,140,394
Health Care Supplies–0.01%
Medline Borrower L.P., 3.88%, 04/01/2029(b)		624,000		520,650
Highways & Railtracks–0.02%
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(b)		1,270,813		1,078,921
Home Improvement Retail–0.33%
Home Depot, Inc. (The), 4.95%, 09/15/2052(c)		2,244,000		2,157,632
Lowe’s Cos., Inc.,
5.00%, 04/15/2033(c)		8,258,000		7,953,011
5.80%, 09/15/2062		5,144,000		4,975,419
				15,086,062
Homebuilding–0.03%
M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		637,000		531,245
3.97%, 08/06/2061		1,190,000		686,491
				1,217,736
Hotel & Resort REITs–0.02%
Host Hotels & Resorts L.P., Series F, 4.50%, 02/01/2026		620,000		598,163
Service Properties Trust, 4.95%, 02/15/2027(c)		565,000		487,668
				1,085,831
Hotels, Resorts & Cruise Lines–0.01%
Carnival Corp., 5.75%, 03/01/2027(b)		655,000		539,602
Housewares & Specialties–0.01%
Newell Brands, Inc., 6.38%, 09/15/2027		350,000		348,497
Hypermarkets & Super Centers–0.10%
Walmart, Inc.,
4.15%, 09/09/2032(c)		2,311,000		2,229,002
4.50%, 09/09/2052(c)		2,590,000		2,443,487
				4,672,489

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

9 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Independent Power Producers & Energy Traders–0.37%
AES Panama Generation Holdings S.R.L. (Panama), 4.38%, 05/31/2030(b)	$	200,000	$	174,994
Calpine Corp., 3.75%, 03/01/2031(b)(c)		5,201,000		4,227,586
Colbun S.A. (Chile), 3.95%, 10/11/2027(b)		200,000		186,100
Emirates SembCorp Water & Power Co. PJSC (United Arab Emirates), 4.45%, 08/01/2035(b)		200,000		192,750
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia),
5.38%, 12/30/2030(b)		650,000		416,202
5.38%, 12/30/2030(b)		11,848,000		7,586,393
Vistra Corp., 7.00%(b)(d)(e)		4,491,000		4,205,440
				16,989,465
Industrial Conglomerates–0.35%
Alfa S.A.B. de C.V. (Mexico), 5.25%, 03/25/2024(b)		302,000		302,006
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(b)		5,946,000		5,321,908
Honeywell International, Inc., 5.00%, 02/15/2033(c)		10,259,000		10,374,498
				15,998,412
Industrial Machinery–0.02%
Flowserve Corp., 2.80%, 01/15/2032		782,000		602,821
HTA Group Ltd. (Tanzania), 7.00%, 12/18/2025(b)		200,000		190,660
				793,481
Industrial REITs–0.13%
Cibanco S.A. Ibm/PLA Administradora Industrial S de RL de C.V. (Mexico), 4.96%, 07/18/2029(b)		200,000		185,700
Prologis L.P., 4.63%, 01/15/2033(c)		6,010,000		5,822,183
				6,007,883
Insurance Brokers–0.37%
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		2,983,000		2,983,882
Arthur J. Gallagher & Co.,
5.50%, 03/02/2033		4,505,000		4,505,953
5.75%, 03/02/2053		7,507,000		7,478,072
Marsh & McLennan Cos., Inc., 6.25%, 11/01/2052		1,687,000		1,875,326
				16,843,233
Integrated Oil & Gas–0.74%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033(c)		10,161,000		9,984,922
3.06%, 06/17/2041		513,000		380,027
BP Capital Markets PLC (United Kingdom), 4.38%(d)(e)		749,000		715,963
Ecopetrol S.A. (Colombia), 4.63%, 11/02/2031		136,000		101,524

	Principal
	Amount		Value
Integrated Oil & Gas–(continued)
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)	$	648,000	$	586,731
Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029(c)		11,641,000		10,950,043
5.95%, 01/28/2031		400,000		306,891
6.70%, 02/16/2032		7,361,000		5,858,519
10.00%, 02/07/2033(b)		4,260,000		4,108,344
Qatar Energy (Qatar), 3.13%, 07/12/2041(b)		200,000		152,480
SA Global Sukuk Ltd. (Saudi Arabia), 0.95%, 06/17/2024(b)		200,000		189,089
Saudi Arabian Oil Co. (Saudi Arabia), 3.50%, 04/16/2029(b)		200,000		183,036
Shell International Finance B.V. (Netherlands), 3.00%, 11/26/2051		708,000		490,686
				34,008,255
Integrated Telecommunication Services–0.42%
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(b)(d)		10,020,000		8,824,013
IHS Holding Ltd. (Nigeria),
5.63%, 11/29/2026(b)		4,630,000		3,967,910
6.25%, 11/29/2028(b)		3,440,000		2,833,700
Sitios Latinoamerica S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032(b)(c)		4,137,000		3,663,313
				19,288,936
Interactive Home Entertainment–0.10%
Roblox Corp., 3.88%, 05/01/2030(b)(c)		5,880,000		4,839,299
Interactive Media & Services–0.32%
Baidu, Inc. (China), 4.13%, 06/30/2025		200,000		193,140
Globo Comunicacao e Participacoes S.A. (Brazil), 5.50%, 01/14/2032(b)		300,000		245,192
Match Group Holdings II LLC,
5.63%, 02/15/2029(b)		5,956,000		5,492,549
3.63%, 10/01/2031(b)		120,000		94,008
Meta Platforms, Inc.,
3.85%, 08/15/2032(c)		1,607,000		1,444,736
4.45%, 08/15/2052		3,578,000		2,969,471
4.65%, 08/15/2062		4,575,000		3,804,774
Telecomunicaciones Digitales S.A. (Panama), 4.50%, 01/30/2030(b)		200,000		163,189
Weibo Corp. (China), 3.38%, 07/08/2030		200,000		160,844
				14,567,903
Internet & Direct Marketing Retail–0.12%
Alibaba Group Holding Ltd. (China),
4.00%, 12/06/2037		400,000		331,418
4.20%, 12/06/2047		600,000		468,744
Prosus N.V. (China),
3.26%, 01/19/2027(b)		4,761,000		4,237,118
3.06%, 07/13/2031(b)		200,000		153,649
4.19%, 01/19/2032(b)		200,000		164,586

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

10 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Internet & Direct Marketing Retail–(continued)
QVC, Inc., 5.45%, 08/15/2034	$	180,000	$	89,907
				5,445,422
Internet Services & Infrastructure–0.09%
Twilio, Inc.,
3.63%, 03/15/2029		2,933,000		2,466,773
3.88%, 03/15/2031(c)		2,091,000		1,714,254
				4,181,027
Investment Banking & Brokerage–0.96%
Brookfield Finance I UK PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032		454,000		355,813
Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031		507,000		413,475
Charles Schwab Corp. (The),
5.63% (SOFR + 1.05%), 03/03/2027(g)		2,538,000		2,543,685
2.90%, 03/03/2032(c)		538,000		455,466
Series G, 5.38%(c)(d)(e)		578,000		572,220
Series K, 5.00%(d)(e)		2,527,000		2,381,697
Goldman Sachs Group, Inc. (The),
4.94% (SOFR + 0.58%), 03/08/2024(g)		1,972,000		1,972,228
5.24% (SOFR + 0.70%), 01/24/2025(g)		1,799,000		1,796,751
5.16% (SOFR + 0.79%), 12/09/2026(g)		3,489,000		3,426,227
5.18% (SOFR + 0.81%), 03/09/2027(g)		2,894,000		2,855,904
5.46% (SOFR + 0.92%), 10/21/2027(g)		1,222,000		1,199,564
5.70% (SOFR + 1.12%), 02/24/2028(g)		920,000		912,731
3.62%, 03/15/2028(d)		1,160,000		1,077,133
4.48%, 08/23/2028(c)(d)		1,617,000		1,550,578
2.62%, 04/22/2032(d)		566,000		454,861
2.65%, 10/21/2032(d)		482,000		384,591
Series T, 3.80%(d)(e)		378,000		324,887
Series V, 4.13%(c)(d)(e)		4,136,000		3,556,960
JAB Holdings B.V. (Austria), 4.50%, 04/08/2052(b)		5,665,000		4,144,247
Jefferies Financial Group, Inc., 4.15%, 01/23/2030		335,000		303,075
Morgan Stanley,
5.18% (SOFR + 0.63%), 01/24/2025(g)		1,241,000		1,238,596
5.12%, 02/01/2029(c)(d)		3,241,000		3,183,954
5.95%, 01/19/2038(d)		2,605,000		2,547,179
National Securities Clearing Corp., 5.10%, 11/21/2027(b)		6,483,000		6,477,682
				44,129,504
IT Consulting & Other Services–0.01%
DXC Technology Co., 2.38%, 09/15/2028		514,000		430,691
Leisure Products–0.08%
Brunswick Corp., 5.10%, 04/01/2052		5,380,000		3,917,357

	Principal
	Amount		Value
Life & Health Insurance–2.36%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027	$	1,375,000	$	1,350,679
Athene Global Funding, 1.45%, 01/08/2026(b)(c)		447,000		393,076
Athene Holding Ltd.,
4.13%, 01/12/2028(c)		850,000		795,877
6.15%, 04/03/2030		695,000		702,726
Delaware Life Global Funding,
Series 22-1, 3.31%, 03/10/2025(b)		11,863,000		11,083,126
Series 21-1, 2.66%, 06/29/2026(b)		31,380,000		27,965,856
F&G Annuities & Life, Inc., 7.40%, 01/13/2028(b)		5,743,000		5,749,261
GA Global Funding Trust, 2.90%, 01/06/2032(b)		2,010,000		1,592,663
Lincoln National Corp., Series C, 9.25%(c)(d)(e)		3,229,000		3,537,046
MAG Mutual Holding Co., 4.75%, 04/30/2041(h)		27,101,000		23,296,530
MetLife, Inc.,
5.00%, 07/15/2052		1,312,000		1,259,022
5.25%, 01/15/2054		8,536,000		8,366,496
Series D, 5.88%(d)(e)		200,000		193,540
New York Life Global Funding, 4.55%, 01/28/2033(b)		6,628,000		6,386,360
Pacific Life Global Funding II,
5.28% (SOFR + 0.80%), 03/30/2025(b)(g)		7,760,000		7,747,017
5.20% (SOFR + 0.62%), 06/04/2026(b)(g)		2,471,000		2,407,712
Prudential Financial, Inc.,
5.63%, 06/15/2043(d)		600,000		598,110
6.00%, 09/01/2052(c)(d)		4,049,000		3,905,921
Sammons Financial Group, Inc., 4.75%, 04/08/2032(b)		1,500,000		1,268,448
				108,599,466
Life Sciences Tools & Services–0.00%
Auna S.A.A. (Peru), 6.50%, 11/20/2025(b)		200,000		166,055
Managed Health Care–0.73%
Centene Corp., 2.50%, 03/01/2031		2,398,000		1,871,675
Kaiser Foundation Hospitals,
Series 2021, 2.81%, 06/01/2041		7,405,000		5,438,118
3.00%, 06/01/2051		7,725,000		5,378,903
UnitedHealth Group, Inc.,
3.70%, 05/15/2027(c)		651,000		621,304
5.25%, 02/15/2028(c)		4,797,000		4,864,684
5.30%, 02/15/2030(c)		8,155,000		8,279,808
5.35%, 02/15/2033(c)		7,012,000		7,177,987
				33,632,479
Marine Ports & Services–0.00%
DP World Ltd. (United Arab Emirates), 6.85%, 07/02/2037(b)		200,000		223,171

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

11 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Movies & Entertainment–0.26%
Walt Disney Co. (The), 6.55%, 03/15/2033	$	59,000	$	65,253
Warnermedia Holdings, Inc.,
4.28%, 03/15/2032(b)(c)		590,000		509,671
5.05%, 03/15/2042(b)		5,139,000		4,166,968
5.14%, 03/15/2052(b)		3,637,000		2,853,452
5.39%, 03/15/2062(b)		5,634,000		4,399,529
				11,994,873
Multi-line Insurance–0.06%
Allianz SE (Germany), 3.20%(b)(d)(e)		1,319,000		995,428
Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052(b)		1,680,000		1,702,098
				2,697,526
Multi-Sector Holdings–0.01%
SURA Asset Management S.A. (Colombia), 4.88%, 04/17/2024(b)		300,000		295,971
Multi-Utilities–0.36%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), 4.88%, 04/23/2030(b)		200,000		201,782
Ameren Illinois Co., 5.90%, 12/01/2052		1,777,000		1,932,436
Dominion Energy, Inc.,
Series C, 2.25%, 08/15/2031		787,000		622,874
5.38%, 11/15/2032(c)		7,628,000		7,493,326
WEC Energy Group, Inc.,
5.15%, 10/01/2027		3,463,000		3,447,357
4.75%, 01/15/2028		2,743,000		2,689,639
				16,387,414
Office REITs–0.44%
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033(c)		667,000		495,282
2.95%, 03/15/2034		206,000		166,115
4.75%, 04/15/2035		1,219,000		1,154,050
5.15%, 04/15/2053		3,269,000		3,038,587
Boston Properties L.P.,
2.90%, 03/15/2030		2,713,000		2,230,271
3.25%, 01/30/2031		1,700,000		1,420,584
2.55%, 04/01/2032(c)		3,400,000		2,603,862
2.45%, 10/01/2033(c)		3,409,000		2,493,154
Brandywine Operating Partnership L.P., 7.55%, 03/15/2028		6,032,000		5,919,569
Highwoods Realty L.P., 2.60%, 02/01/2031		206,000		153,392
Office Properties Income Trust,
4.50%, 02/01/2025		330,000		303,813
2.40%, 02/01/2027		459,000		339,500
				20,318,179
Oil & Gas Equipment & Services–0.17%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		3,963,000		3,914,810

	Principal
	Amount		Value
Oil & Gas Equipment & Services–(continued)
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(b)	$	5,848,000	$	3,794,329
				7,709,139
Oil & Gas Exploration & Production–0.87%
Apache Corp., 7.75%, 12/15/2029		3,786,000		3,921,836
Diamondback Energy, Inc., 6.25%, 03/15/2053(c)		9,071,000		8,929,106
EQT Corp., 5.70%, 04/01/2028		1,850,000		1,820,186
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040(b)		9,287,387		7,343,692
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030		2,485,000		2,500,051
Gran Tierra Energy, Inc. (Colombia), 7.75%, 05/23/2027(b)		400,000		327,102
Murphy Oil Corp., 6.38%, 07/15/2028(c)		4,384,000		4,236,351
PT Pertamina (Persero) (Indonesia),
4.30%, 05/20/2023(b)		200,000		199,500
3.10%, 08/27/2030(b)		200,000		172,004
Sinopec Group Overseas Development (2018) Ltd. (China), 2.95%, 08/08/2029(b)		200,000		179,694
Tengizchevroil Finance Co. International Ltd. (Kazakhstan), 4.00%, 08/15/2026(b)		200,000		176,910
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		4,013,000		4,099,681
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(b)		7,487,000		6,242,286
				40,148,399
Oil & Gas Refining & Marketing–0.00%
Puma International Financing S.A. (Singapore), 5.00%, 01/24/2026(b)		200,000		182,250
Oil & Gas Storage & Transportation–1.75%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), 3.65%, 11/02/2029(b)		200,000		183,296
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		537,000		451,315
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		1,099,000		1,253,505
Enbridge, Inc. (Canada),
7.38%, 01/15/2083(c)(d)		5,400,000		5,356,800
7.63%, 01/15/2083(c)(d)		4,092,000		4,168,725
Energy Transfer L.P.,
5.55%, 02/15/2028		1,204,000		1,200,484
5.75%, 02/15/2033		2,897,000		2,853,864
Enterprise Products Operating LLC, 5.35%, 01/31/2033		488,000		488,036
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia),
6.13%, 02/23/2038(b)		4,010,000		4,005,897
6.51%, 02/23/2042(b)		5,385,000		5,496,738

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

12 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Oil & Gas Storage & Transportation–(continued)
Kinder Morgan, Inc.,
7.75%, 01/15/2032	$	680,000	$	759,622
4.80%, 02/01/2033		3,804,000		3,528,249
5.20%, 06/01/2033		7,201,000		6,861,862
5.45%, 08/01/2052		5,970,000		5,338,736
MPLX L.P.,
4.00%, 03/15/2028		560,000		524,646
5.00%, 03/01/2033		4,379,000		4,111,601
4.95%, 03/14/2052		3,337,000		2,779,187
5.65%, 03/01/2053		1,637,000		1,509,031
NGPL PipeCo LLC, 7.77%, 12/15/2037(b)		1,304,000		1,412,301
ONEOK, Inc.,
6.35%, 01/15/2031		495,000		507,620
6.10%, 11/15/2032(c)		2,232,000		2,245,910
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037(b)		3,826,000		3,829,377
Targa Resources Corp.,
5.20%, 07/01/2027		3,110,000		3,059,902
6.25%, 07/01/2052		2,856,000		2,729,601
TMS ISSUER S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(b)		2,210,000		2,251,062
Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033(b)		4,447,000		3,630,753
Williams Cos., Inc. (The),
2.60%, 03/15/2031		1,740,000		1,412,956
4.65%, 08/15/2032(c)		527,000		491,349
5.65%, 03/15/2033		7,868,000		7,869,252
				80,311,677
Other Diversified Financial Services–0.69%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.00%, 10/29/2028		223,000		190,095
Arab Petroleum Investments Corp. (Supranational), 4.13%, 09/18/2023(b)		200,000		198,601
Avolon Holdings Funding Ltd. (Ireland), 2.75%, 02/21/2028(b)		725,000		605,818
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(b)		189,000		139,595
Corebridge Financial, Inc., 6.88%, 12/15/2052(b)(d)		5,144,000		5,093,525
Georgia Capital JSC (Georgia), 6.13%, 03/09/2024(b)		226,000		221,480
Jackson Financial, Inc.,
5.17%, 06/08/2027(c)		1,842,000		1,825,101
5.67%, 06/08/2032(c)		548,000		536,025
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)		9,425,000		9,293,460
Pershing Square Holdings Ltd.,
3.25%, 11/15/2030(b)		8,600,000		6,709,763
3.25%, 10/01/2031(b)		8,800,000		6,668,332

	Principal
	Amount		Value
Other Diversified Financial Services–(continued)
Peru Enhanced Pass-Through Finance Ltd. (Peru), Class A-2, 0.00%, 06/02/2025(b)(f)	$	63,365	$	58,761
				31,540,556
Packaged Foods & Meats–0.38%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
3.75%, 12/01/2031(b)		49,000		39,322
3.63%, 01/15/2032(b)(c)		2,837,000		2,275,331
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)		19,316,000		15,184,834
				17,499,487
Paper Packaging–0.01%
Berry Global, Inc., 1.65%, 01/15/2027		558,000		479,227
Paper Products–0.01%
Suzano Austria GmbH (Brazil),
2.50%, 09/15/2028		48,000		40,188
7.00%, 03/16/2047(b)		205,000		205,162
				245,350
Pharmaceuticals–0.49%
Eli Lilly and Co.,
4.70%, 02/27/2033(c)		5,977,000		5,947,948
4.88%, 02/27/2053		5,757,000		5,751,850
4.95%, 02/27/2063		6,714,000		6,680,562
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		3,294,000		2,240,277
Royalty Pharma PLC, 2.20%, 09/02/2030		196,000		153,846
Zoetis, Inc., 5.40%, 11/14/2025		1,851,000		1,862,921
				22,637,404
Precious Metals & Minerals–0.00%
ALROSA Finance S.A. (Russia), 4.65%, 04/09/2024(b)(h)(i)		200,000		0
Property & Casualty Insurance–0.08%
Fairfax Financial Holdings Ltd. (Canada), 4.63%, 04/29/2030		700,000		643,813
Liberty Mutual Group, Inc., 5.50%, 06/15/2052(b)		2,888,000		2,711,136
Progressive Corp. (The), 2.50%, 03/15/2027		330,000		300,858
				3,655,807
Railroads–0.51%
Autoridad del Canal de Panama (Panama), 4.95%, 07/29/2035(b)		300,000		281,912
CSX Corp., 4.50%, 11/15/2052		3,774,000		3,279,970
Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061(b)		5,060,000		3,442,549

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

13 Invesco Core Plus Bond Fund

	Principal Amount		Value
Railroads–(continued)
Union Pacific Corp.,
4.50%, 01/20/2033	$	4,775,000	$	4,599,643
4.95%, 09/09/2052(c)		6,054,000		5,846,718
5.15%, 01/20/2063		6,195,000		5,967,316
				23,418,108
Real Estate Development–0.29%
Agile Group Holdings Ltd. (China),
5.75%, 01/02/2025(b)		390,000		240,921
5.50%, 04/21/2025(b)		4,142,000		2,498,412
6.05%, 10/13/2025(b)		3,169,000		1,774,342
5.50%, 05/17/2026(b)		786,000		416,282
Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026(b)		200,000		185,704
Country Garden Holdings Co. Ltd. (China), 5.40%, 05/27/2025(b)		935,000		664,946
Essential Properties L.P., 2.95%, 07/15/2031		1,330,000		991,585
Greentown China Holdings Ltd. (China), 4.70%, 04/29/2025(b)		1,856,000		1,730,720
Logan Group Co. Ltd. (China),
4.25%, 07/12/2025(b)		2,055,000		585,735
4.50%, 01/13/2028(b)		1,750,000		502,731
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(b)		2,770,000		2,357,684
Sino-Ocean Land Treasure IV Ltd. (China), 3.25%, 05/05/2026(b)		2,025,000		1,479,400
				13,428,462
Regional Banks–1.99%
Banco Internacional del Peru S.A.A. Interbank (Peru), 3.25%, 10/04/2026(b)		400,000		365,548
Citizens Financial Group, Inc.,
5.64%, 05/21/2037(d)		3,881,000		3,656,926
Series G, 4.00%(d)(e)		6,015,000		5,077,615
Fifth Third Bancorp,
6.36%, 10/27/2028(d)		3,878,000		3,997,153
4.77%, 07/28/2030(d)		4,167,000		3,997,011
4.34%, 04/25/2033(d)		1,488,000		1,377,441
Huntington Bancshares, Inc.,
4.44%, 08/04/2028(d)		1,210,000		1,156,562
2.49%, 08/15/2036(d)		616,000		453,849
KeyCorp, 4.79%, 06/01/2033(c)(d)		1,510,000		1,416,496
M&T Bank Corp., 5.05%, 01/27/2034(d)		4,873,000		4,653,003
PNC Financial Services Group, Inc. (The),
4.63%, 06/06/2033(c)(d)		5,446,000		5,062,098
6.04%, 10/28/2033(d)		4,645,000		4,830,744
5.07%, 01/24/2034(c)(d)		5,400,000		5,225,316
Series V, 6.20%(c)(d)(e)		6,751,000		6,666,613
Series W, 6.25%(d)(e)		10,250,000		9,942,500
SVB Financial Group,
1.80%, 02/02/2031(c)		838,000		622,857
Series D, 4.25%(d)(e)		11,954,000		8,488,772
Series E, 4.70%(d)(e)		7,466,000		5,183,113

	Principal Amount		Value
Regional Banks–(continued)
Truist Financial Corp.,
4.12%, 06/06/2028(c)(d)	$	1,549,000	$	1,482,071
4.87%, 01/26/2029(c)(d)		5,248,000		5,153,506
4.92%, 07/28/2033(d)		8,434,000		7,967,823
6.12%, 10/28/2033(c)(d)		4,577,000		4,801,537
				91,578,554
Reinsurance–0.24%
Global Atlantic Fin Co.,
4.40%, 10/15/2029(b)		1,640,000		1,415,306
3.13%, 06/15/2031(b)		308,000		240,338
4.70%, 10/15/2051(b)(d)		11,381,000		9,628,383
				11,284,027
Renewable Electricity–0.04%
Adani Green Energy Ltd. (India), 4.38%, 09/08/2024(b)		200,000		162,417
Empresa Electrica Cochrane S.p.A. (Chile), 5.50%, 05/14/2027(b)		132,720		124,917
ENN Clean Energy International Investment Ltd. (China), 3.38%, 05/12/2026(b)		200,000		180,016
NSTAR Electric Co., 4.55%, 06/01/2052		1,677,000		1,515,950
				1,983,300
Residential REITs–0.06%
American Homes 4 Rent L.P., 3.63%, 04/15/2032(c)		713,000		603,108
AvalonBay Communities, Inc., 5.00%, 02/15/2033		1,536,000		1,530,017
Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028		236,000		195,364
Spirit Realty L.P., 2.70%, 02/15/2032		787,000		602,621
				2,931,110
Restaurants–0.37%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)		5,091,000		4,210,053
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(b)		7,783,000		7,436,657
McDonald’s Corp., 5.15%, 09/09/2052		5,469,000		5,250,466
				16,897,176
Retail REITs–0.12%
Agree L.P., 2.60%, 06/15/2033		921,000		704,613
Kimco Realty OP LLC, 2.25%, 12/01/2031		265,000		206,007
Kite Realty Group Trust, 4.75%, 09/15/2030		432,000		387,558
Realty Income Corp.,
4.85%, 03/15/2030		1,339,000		1,300,062
5.63%, 10/13/2032		3,092,000		3,155,568
				5,753,808
Semiconductor Equipment–0.11%
Entegris Escrow Corp., 5.95%, 06/15/2030(b)		5,071,000		4,722,789

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

14 Invesco Core Plus Bond Fund

	Principal Amount		Value
Semiconductor Equipment–(continued)
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 3.40%, 05/01/2030	$	601,000	$	520,456
				5,243,245
Semiconductors–0.06%
Broadcom, Inc.,
2.45%, 02/15/2031(b)		1,158,000		918,211
3.19%, 11/15/2036(b)		305,000		221,015
Marvell Technology, Inc., 2.95%, 04/15/2031		487,000		392,136
Micron Technology, Inc., 4.19%, 02/15/2027		634,000		600,513
SK hynix, Inc. (South Korea), 6.38%, 01/17/2028(b)		600,000		591,036
Skyworks Solutions, Inc., 3.00%, 06/01/2031		279,000		225,788
				2,948,699
Soft Drinks–0.25%
Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029(b)		13,172,000		11,408,533
Sovereign Debt–2.43%
Airport Authority (Hong Kong),
4.88%, 01/12/2033(b)		5,099,000		5,131,962
3.25%, 01/12/2052(b)		9,128,000		6,862,989
Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029(b)		3,669,000		3,348,561
Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032(b)		4,962,000		4,836,882
Colombia Government International Bond (Colombia),
3.25%, 04/22/2032		200,000		142,268
8.00%, 04/20/2033		5,622,000		5,560,710
7.50%, 02/02/2034		3,455,000		3,280,517
Dominican Republic International Bond (Dominican Republic),
4.50%, 01/30/2030(b)		200,000		172,488
7.05%, 02/03/2031(b)		2,790,000		2,792,260
5.30%, 01/21/2041(b)		3,823,000		3,004,525
Egypt Government International Bond (Egypt),
5.25%, 10/06/2025(b)		4,150,000		3,598,843
5.88%, 02/16/2031(b)		4,099,000		2,743,457
7.50%, 02/16/2061(b)		4,276,000		2,512,727
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(b)		4,937,000		1,873,838
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		76,000		75,966
Indonesia Government International Bond (Indonesia),
4.55%, 01/11/2028		7,250,000		7,130,843
4.75%, 02/11/2029		200,000		199,303
Israel Government International Bond (Israel), 4.50%, 01/17/2033		6,761,000		6,552,910

	Principal Amount		Value
Sovereign Debt–(continued)
KSA Sukuk Ltd. (Saudi Arabia), 3.63%, 04/20/2027(b)	$	200,000	$	191,685
Mexico Government International Bond (Mexico),
4.50%, 04/22/2029		200,000		190,361
4.88%, 05/19/2033		200,000		186,031
6.35%, 02/09/2035		3,380,000		3,476,275
4.40%, 02/12/2052		5,881,000		4,475,004
Oman Government International Bond (Oman),
6.00%, 08/01/2029(b)		200,000		200,768
6.25%, 01/25/2031(b)		3,290,000		3,334,895
Panama Government International Bond (Panama), 6.40%, 02/14/2035(c)		500,000		516,847
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(b)		7,104,000		5,351,042
Philippine Government International Bond (Philippines), 5.50%, 01/17/2048		2,231,000		2,265,756
Qatar Government International Bond (Qatar), 4.00%, 03/14/2029(b)		329,000		319,436
Republic of Poland Government International Bond (Poland), 5.75%, 11/16/2032		310,000		325,586
Republic of South Africa Government International Bond (South Africa), 5.75%, 09/30/2049		200,000		146,415
Romanian Government International Bond (Romania),
5.25%, 11/25/2027(b)		300,000		290,997
6.63%, 02/17/2028(b)		5,030,000		5,148,834
3.63%, 03/27/2032(b)		300,000		248,262
7.13%, 01/17/2033(b)		6,774,000		7,111,210
7.63%, 01/17/2053(b)		500,000		541,488
Saudi Government International Bond (Saudi Arabia),
4.75%, 01/18/2028(b)(c)		3,550,000		3,515,533
4.38%, 04/16/2029(b)		415,000		405,738
5.50%, 10/25/2032(b)		600,000		625,974
4.88%, 07/18/2033(b)		6,326,000		6,235,696
5.00%, 01/18/2053(b)		7,020,000		6,423,300
Serbia International Bond (Serbia), 6.50%, 09/26/2033(b)		300,000		292,444
				111,640,626
Specialized Consumer Services–0.05%
Ashtead Capital, Inc. (United Kingdom), 5.55%, 05/30/2033(b)(c)		2,577,000		2,472,147
Specialized Finance–0.57%
Blackstone Private Credit Fund,
1.75%, 09/15/2024		61,000		56,873
7.05%, 09/29/2025(b)		3,153,000		3,166,290
2.63%, 12/15/2026		449,000		381,678
3.25%, 03/15/2027		793,000		683,462
India Airport Infra (India), 6.25%, 10/25/2025(b)		400,000		381,780

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

15 Invesco Core Plus Bond Fund

	Principal Amount		Value
Specialized Finance–(continued)
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(h)	$	15,459,000	$	15,459,000
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)		2,129,000		2,035,920
National Rural Utilities Cooperative Finance Corp.,
2.75%, 04/15/2032(c)		536,000		441,993
5.80%, 01/15/2033		3,383,000		3,486,151
				26,093,147
Specialized REITs–0.17%
American Tower Corp.,
2.70%, 04/15/2031		1,001,000		812,035
4.05%, 03/15/2032(c)		717,000		639,068
EPR Properties,
4.75%, 12/15/2026		910,000		832,065
3.60%, 11/15/2031		527,000		397,119
Extra Space Storage L.P.,
3.90%, 04/01/2029		99,000		89,883
2.55%, 06/01/2031		382,000		304,225
2.35%, 03/15/2032		296,000		226,989
Life Storage L.P., 2.40%, 10/15/2031(c)		482,000		381,930
SBA Communications Corp., 3.13%, 02/01/2029		4,807,000		3,973,466
				7,656,780
Specialty Chemicals–0.68%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029(b)(c)		7,775,000		6,010,639
6.99%, 02/20/2032(b)		5,888,000		4,106,232
OCP S.A. (Morocco), 3.75%, 06/23/2031(b)		200,000		160,980
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026(c)		9,653,000		8,684,129
6.50%, 09/27/2028		300,000		280,353
5.50%, 03/18/2031(c)		14,272,000		11,918,333
				31,160,666
Specialty Stores–0.00%
B2W Digital Lux S.a.r.l. (Brazil), 4.38%, 12/20/2030(b)		600,000		107,220
Steel–0.09%
POSCO (South Korea),
4.00%, 08/01/2023(b)		228,000		226,574
5.75%, 01/17/2028(b)		3,669,000		3,712,857
				3,939,431
Systems Software–0.72%
Oracle Corp.,
6.25%, 11/09/2032(c)		14,745,000		15,356,722
4.90%, 02/06/2033		7,731,000		7,306,416
6.90%, 11/09/2052		6,093,000		6,586,620
5.55%, 02/06/2053		4,002,000		3,670,032
VMware, Inc., 2.20%, 08/15/2031		297,000		225,382
				33,145,172

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.03%
Apple, Inc., 3.35%, 08/08/2032(c)	$	1,339,000	$	1,207,998
Lenovo Group Ltd. (China), 6.54%, 07/27/2032(b)		400,000		389,923
				1,597,921
Thrifts & Mortgage Finance–0.01%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)(c)		531,000		458,755
Tobacco–0.82%
BAT Capital Corp. (United Kingdom), 2.73%, 03/25/2031		357,000		278,932
Philip Morris International, Inc.,
5.00%, 11/17/2025		2,655,000		2,640,509
5.13%, 11/17/2027		7,887,000		7,855,014
4.88%, 02/15/2028		5,741,000		5,623,132
5.63%, 11/17/2029(c)		1,136,000		1,151,752
5.13%, 02/15/2030		7,538,000		7,382,386
5.75%, 11/17/2032(c)		4,268,000		4,320,955
5.38%, 02/15/2033		8,851,000		8,708,468
				37,961,148
Trading Companies & Distributors–0.41%
AerCap Global Aviation Trust (Ireland), 6.50%, 06/15/2045(b)(d)		8,778,000		8,478,923
Air Lease Corp.,
3.63%, 12/01/2027		340,000		309,402
5.85%, 12/15/2027(c)		4,247,000		4,230,521
5.30%, 02/01/2028(c)		2,824,000		2,746,177
GATX Corp., 4.90%, 03/15/2033(c)		3,344,000		3,151,863
				18,916,886
Trucking–0.31%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 5.70%, 02/01/2028(b)(c)		3,493,000		3,492,172
Ryder System, Inc., 4.30%, 06/15/2027		826,000		794,097
Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026(b)		5,299,000		4,637,233
3.15%, 06/15/2031(b)		6,768,000		5,296,173
				14,219,675
Wireless Telecommunication Services–0.90%
Axiata SPV2 Bhd. (Malaysia), 4.36%, 03/24/2026(b)		200,000		194,118
Bharti Airtel Ltd. (India),
4.38%, 06/10/2025(b)		200,000		194,096
3.25%, 06/03/2031(b)		200,000		168,807
Liquid Telecommunications Financing PLC (South Africa), 5.50%, 09/04/2026(b)		200,000		141,578
Oztel Holdings SPC Ltd. (Oman), 5.63%, 10/24/2023(b)		200,000		199,881
Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052(b)		3,510,000		2,802,691

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

16 Invesco Core Plus Bond Fund

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
SixSigma Networks Mexico S.A.de C.V. (Mexico), 7.50%, 05/02/2025(b)	$	325,000	$	296,261
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025(b)		2,853,000		2,820,882
5.15%, 03/20/2028(b)		5,592,000		5,531,978
T-Mobile USA, Inc.,
2.25%, 02/15/2026		661,000		601,880
2.63%, 04/15/2026		769,000		705,287
5.05%, 07/15/2033		6,570,000		6,334,023
5.65%, 01/15/2053		7,812,000		7,667,275
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(b)		4,049,000		2,976,015
Vodafone Group PLC (United Kingdom),
5.75%, 02/10/2063		1,818,000		1,728,797
4.13%, 06/04/2081(d)		5,448,000		4,328,654
5.13%, 06/04/2081(d)		6,245,000		4,673,321
Xiaomi Best Time International Ltd. (China), 4.10%, 07/14/2051(b)		400,000		257,535
				41,623,079
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,288,862,763)				2,117,382,091
Asset-Backed Securities–27.42%
Adjustable Rate Mortgage Trust,
Series 2004-2, Class 6A1, 0.71%, 02/25/2035(j)		338,251		331,001
Series 2005-1, Class 4A1, 4.04%, 05/25/2035(j)		487,592		451,904
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		13,340,000		11,567,710
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(j)		1,100,876		1,038,649
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(j)		4,116,558		3,780,985
Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(j)		2,431,755		2,217,734
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(j)		3,184,825		2,620,802
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(j)		7,703,228		6,292,331
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(k)		13,709,362		12,135,745
Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-1A, Class A, 3.83%, 08/21/2028(b)		20,133,000		18,818,957
Series 2022-1A, Class C, 4.84%, 08/21/2028(b)		5,417,000		5,085,191
Series 2023-1A, Class A, 5.25%, 04/20/2029(b)		3,919,000		3,886,138
Series 2023-2A, Class A, 5.20%, 10/20/2027(b)		2,475,000		2,444,657
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 6.00% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(g)		21,505,000		21,164,662

	Principal
	Amount		Value
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048(j)	$	4,394,000	$	4,133,011
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(j)		11,112,570		9,365,354
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(j)		11,111,712		9,018,309
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(j)		10,497,618		9,119,542
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(j)		11,787,915		9,992,639
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(j)		14,383,506		11,726,721
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2003-6, Class 1A3, 3.86%, 08/25/2033(j)		37,615		35,555
Series 2004-10, Class 21A1, 3.98%, 01/25/2035(j)		263,525		238,358
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g)		149,530		142,363
Bear Stearns ALT-A Trust, Series 2004-11, Class 2A3, 4.17%, 11/25/2034(j)		219,069		216,279
Benchmark Mortgage Trust,
Series 2018-B3, Class C, 4.53%, 04/10/2051(j)		6,921,000		5,958,074
Series 2019-B14, Class A5, 3.05%, 12/15/2062		16,455,000		14,426,110
Series 2019-B14, Class C, 3.77%, 12/15/2062(j)		14,875,350		11,641,357
Series 2019-B15, Class B, 3.56%, 12/15/2072		12,220,000		10,273,262
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(j)		2,668,164		2,499,979
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 5.44% (1 mo. USD LIBOR + 0.85%), 11/15/2038(b)(g)		6,655,000		6,549,838
Series 2021-VOLT, Class C, 5.69% (1 mo. USD LIBOR + 1.10%), 09/15/2036(b)(g)		5,345,000		5,166,370
Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2036(b)(g)		12,367,000		11,955,632
Series 2021-XL2, Class B, 5.59% (1 mo. USD LIBOR + 1.00%), 10/15/2038(b)(g)		4,355,561		4,227,469

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

17 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027(b)	$	4,640,000	$	4,519,824
Series 2022-LBA6, Class A, 5.56% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(g)		10,965,000		10,786,840
Series 2022-LBA6, Class B, 5.86% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(g)		6,790,000		6,664,599
Series 2022-LBA6, Class C, 6.16% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(g)		3,630,000		3,545,989
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(j)		4,479,109		4,013,693
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(j)		1,136,380		948,951
Series 2016-SH2, Class M2, 3.75%, 12/25/2045(b)(j)		4,400,707		3,832,348
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(b)(j)		2,182,757		1,884,506
CIFC Funding Ltd. (Cayman Islands),
Series 2014-5A, Class A1R2, 5.99% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(g)		4,417,000		4,397,150
Series 2016-1A, Class ARR, 5.90% (3 mo. USD LIBOR + 1.08%), 10/21/2031(b)(g)		4,761,000		4,700,940
Citigroup Commercial Mortgage Trust,
Series 2013-GC11, Class D, 4.26%, 04/10/2023(b)(j)		752,554		741,718
Series 2014-GC23, Class B, 4.18%, 07/10/2047(j)		2,816,000		2,693,638
Series 2015-GC27, Class A5, 3.14%, 02/10/2048		1,233,335		1,178,119
Citigroup Mortgage Loan Trust,
Series 2004-UST1, Class A4, 4.65%, 08/25/2034(j)		139,290		127,543
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(j)		11,238,372		9,121,107
COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(j)		336,821		331,781
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(j)		5,837,745		4,841,066
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(j)		8,266,103		7,231,203
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(k)		8,241,192		7,373,682
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(j)		11,293,890		10,472,103
COMM Mortgage Trust, Series 2015-CR25, Class B, 4.52%, 08/10/2048(j)		5,267,000		4,967,863
Commercial Mortgage Trust, Series 2013-SFS, Class A1, 1.87%, 04/12/2035(b)		16,805		16,732
Countrywide Home Loans Mortgage Pass-Through Trust, Series 2007-13, Class A10, 6.00%, 08/25/2037		187,421		99,564

	Principal
	Amount		Value
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(k)	$	1,101,038	$	1,078,722
Credit Suisse Mortgage Capital Trust, Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(j)		1,971,517		1,668,200
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(j)		2,632,247		2,222,030
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(j)		11,043,353		10,125,327
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(j)		5,772,399		4,965,980
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(j)		11,617,007		11,186,101
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		22,374,000		18,695,958
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 3.51%, 06/25/2034(j)		544,231		503,497
DB Master Finance LLC,
Series 2019-1A, Class A23, 4.35%, 05/20/2049(b)		9,852,650		9,200,246
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(b)		10,407,525		9,823,103
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Ctfs., Series 2007-WM1, Class A1, 3.47%, 06/27/2037(b)(j)		3,429,667		2,993,073
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)		18,781,140		16,743,908
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 5.87% (3 mo. USD LIBOR + 1.08%), 01/15/2034(b)(g)		3,239,313		3,185,084
DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025(b)		6,941,990		6,859,056
Ellington Financial Mortgage Trust,
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(j)		2,705,434		2,514,836
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(j)		527,787		512,132
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(j)		1,017,748		832,420
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(j)		7,814,111		6,665,931
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(k)		10,514,969		10,249,551
Extended Stay America Trust, Series 2021-ESH, Class B, 5.97% (1 mo. USD LIBOR + 1.38%), 07/15/2038(b)(g)		5,022,509		4,948,240
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(j)		17,965,235		15,573,795
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(j)		3,856,218		3,348,072

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

18 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
GCAT Trust,
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(j)	$	1,574,551	$	1,473,140
Series 2020-NQM2, Class A1, 1.56%, 04/25/2065(b)(k)		1,284,573		1,163,069
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 3.24%, 04/19/2036(j)		385,616		294,263
GoldenTree Loan Management US CLO 1 Ltd., Series 2021-9A, Class A, 5.88% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(g)		5,015,000		4,958,987
GoldenTree Loan Management US CLO 2 Ltd., Series 2017-2A, Class AR, 5.72% (3 mo. USD LIBOR + 0.91%), 11/20/2030(b)(g)		14,276,000		14,189,959
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 5.88% (3 mo. USD LIBOR + 1.07%), 10/20/2032(b)(g)		6,576,000		6,498,745
Golub Capital Partners CLO 35(B) Ltd., Series 2017- 35A, Class AR, 6.00% (3 mo. USD LIBOR + 1.19%), 07/20/2029(b)(g)		17,469,281		17,352,167
Golub Capital Partners CLO 40(A) Ltd., Series 2019- 40A, Class AR, 5.91% (3 mo. USD LIBOR + 1.09%), 01/25/2032(b)(g)		15,988,000		15,762,665
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 5.29% (1 mo. Term SOFR + 0.73%), 08/15/2036(b)(g)		4,830,000		4,794,737
GS Mortgage Securities Trust,
Series 2013-GC14, Class B, 4.72%, 08/10/2046(b)(j)		4,973,000		4,819,430
Series 2020-GC45, Class A5, 2.91%, 02/13/2053		8,325,000		7,216,527
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		8,750,000		7,326,626
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(j)		9,436,616		8,167,885
GSR Mortgage Loan Trust, Series 2005-AR6, Class 3A2, 3.35%, 09/25/2035(j)		104,734		94,369
HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 5.49% (1 mo. USD LIBOR + 0.90%), 06/20/2035(g)		13,839		12,423
Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		3,927,000		3,425,927
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		2,100,000		1,835,161

	Principal
	Amount		Value
Hertz Vehicle Financing LLC,
Series 2021-1A, Class A, 1.21%, 12/26/2025(b)	$	2,917,000	$	2,708,772
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		1,289,000		1,194,770
ICG US CLO Ltd., Series 2016- 1A, Class A1RR, 6.05% (3 mo. USD LIBOR + 1.25%), 04/29/2034(b)(g)		11,399,000		11,211,475
IP Lending III Ltd., Series 2022-3A, Class SNR, 3.38%, 11/02/2026(b)(h)		7,847,000		6,709,185
IP Lending IV Ltd., Series 2022-4A, Class SNR, 6.05%, 04/28/2027(b)(h)		12,002,000		11,251,875
Jimmy Johns Funding LLC, Series 2017-1A, Class A2II, 4.85%, 07/30/2047(b)		5,626,500		5,229,704
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class B, 3.81%, 12/15/2047(b)(j)		445,941		438,419
JP Morgan Mortgage Trust,
Series 2005-A3, Class 1A1, 2.96%, 06/25/2035(j)		89,742		83,964
Series 2005-A3, Class 6A5, 3.14%, 06/25/2035(j)		182,517		178,699
Series 2005-A5, Class 1A2, 3.34%, 08/25/2035(j)		85,135		85,079
Series 2007-A4, Class 3A1, 3.17%, 06/25/2037(j)		364,031		273,377
Series 20153, Class B2, 3.60%, 05/25/2045(b)(j)		4,319,917		3,944,352
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(j)		13,334,758		10,861,122
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C17, Class C, 4.88%, 01/15/2047(j)		12,750,000		12,208,551
Series 2015-C31, Class A3, 3.80%, 08/15/2048		924,076		879,057
Series 2016-C1, Class B, 4.74%, 03/17/2049(j)		5,083,000		4,803,883
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class A5, 2.18%, 05/13/2053		6,200,000		4,928,516
KKR CLO 30 Ltd., Series 30A, Class A1R, 5.81% (3 mo. USD LIBOR + 1.02%), 10/17/2031(b)(g)		11,305,000		11,198,744
Lehman Mortgage Trust, Series 2006-1, Class 3A5, 5.50%, 02/25/2036		93,242		69,464
Life Mortgage Trust,
Series 2021-BMR, Class A, 5.29% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(g)		6,679,282		6,564,282
Series 2021-BMR, Class B, 5.47% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(g)		10,837,246		10,552,665
Series 2021-BMR, Class C, 5.69% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(g)		4,546,237		4,416,038
MAD Mortgage Trust, Series 2017-330M, Class A, 3.29%, 08/15/2034(b)(j)		11,633,000		10,956,433

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

19 Invesco Core Plus Bond Fund

	Principal Amount		Value
Med Trust,
Series 2021-MDLN, Class A, 5.54% (1 mo. USD LIBOR + 0.95%), 11/15/2038(b)(g)	$	7,951,378	$	7,768,376
Series 2021-MDLN, Class B, 6.04% (1 mo. USD LIBOR + 1.45%), 11/15/2038(b)(g)		12,840,852		12,573,747
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(j)		7,246,829		6,282,168
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(j)		7,158,258		6,205,387
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, 2.39%, 11/25/2035(j)		395,226		361,787
Series 2005-A5, Class A9, 3.47%, 06/25/2035(j)		439,073		408,169
MFA Trust,
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(b)(j)		8,015,449		6,505,369
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(b)(j)		9,657,129		8,349,079
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(j)		9,500,794		8,084,925
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 5.29% (1 mo. USD LIBOR + 0.70%), 07/15/2038(b)(g)		5,810,000		5,696,101
Series 2021-STOR, Class B, 5.49% (1 mo. USD LIBOR + 0.90%), 07/15/2038(b)(g)		4,355,000		4,231,698
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048(j)		15,769,000		14,737,438
Morgan Stanley Capital I Trust,
Series 2014-150E, Class C, 4.30%, 09/09/2032(b)(j)		3,350,000		2,651,044
Series 2019-L2, Class A4, 4.07%, 03/15/2052		17,430,000		16,321,121
Series 2019-L3, Class AS, 3.49%, 11/15/2052		10,950,000		9,615,504
MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038(b)		3,835,574		3,590,684
MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036(b)		2,880,462		2,717,753
Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class E, 3.79%, 11/15/2032(b)(j)		6,250,000		5,061,705
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 5.82% (3 mo. USD LIBOR + 1.02%), 04/19/2030(b)(g)		10,215,449		10,160,776

	Principal Amount		Value
New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(j)	$	1,834,802	$	1,687,427
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(j)		3,136,843		2,858,391
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(j)		7,737,281		6,944,395
OBX Trust,
Series 2019-EXP1, Class 1A3, 4.00%, 01/25/2059(b)(j)		361,926		344,747
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(j)		9,678,798		8,104,161
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(b)(j)		11,754,160		10,613,719
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(k)		7,593,587		6,984,544
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(k)		7,063,333		6,033,601
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(j)		8,320,985		7,213,828
OCP CLO Ltd. (Cayman Islands),
Series 2014-7A, Class A1RR, 5.93% (3 mo. USD LIBOR + 1.12%), 07/20/2029(b)(g)		15,747,715		15,667,953
Series 2017-13A, Class A1AR, 5.75% (3 mo. USD LIBOR + 0.96%), 07/15/2030(b)(g)		9,611,000		9,528,095
Series 2020-8RA, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(g)		17,937,000		17,771,406
Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 5.86% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(g)		15,519,662		15,414,687
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 6.01% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(g)		16,476,000		16,355,462
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.07% (3 mo. USD LIBOR + 1.26%), 01/20/2033(b)(g)		10,543,683		10,455,074
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b)		21,801,000		18,077,293
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(j)		11,379,693		9,296,206
PPM CLO 3 Ltd., Series 2019- 3A, Class AR, 5.88% (3 mo. USD LIBOR + 1.09%), 04/17/2034(b)(g)		9,626,000		9,375,762

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

20 Invesco Core Plus Bond Fund

	Principal Amount		Value
Progress Residential Trust,
Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)	$	14,070,228	$	13,017,419
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b)		7,238,332		6,204,205
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b)		9,670,160		9,349,781
Provident Home Equity Loan Trust, Series 2000-2, Class A1, 5.16% (1 mo. USD LIBOR + 0.54%), 08/25/2031(g)		107,794		96,542
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 5.96% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(g)		10,710,418		10,662,628
Residential Mortgage Loan Trust,
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(j)		539,575		529,239
Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(j)		1,005,660		958,959
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b)		6,572,387		6,077,673
Sequoia Mortgage Trust,
Series 2013-3, Class A1, 2.00%, 03/25/2043(j)		371,341		307,267
Series 2013-7, Class A2, 3.00%, 06/25/2043(j)		302,424		263,545
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(j)		13,463,154		12,080,504
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(j)		5,654,899		5,082,167
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, 3.75%, 07/25/2043(b)(j)		378,721		350,033
Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		9,194,250		8,441,193
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		5,491,092		4,503,866
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		5,392,508		4,160,470
STAR Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(j)		5,851,529		5,169,831
Series 2021-SFR1, Class B, 5.35% (1 mo. USD LIBOR + 0.75%), 04/17/2038(b)(g)		3,520,000		3,424,458
Series 2021-SFR1, Class C, 5.65% (1 mo. USD LIBOR + 1.05%), 04/17/2038(b)(g)		4,925,000		4,814,599
Series 2021-SFR1, Class D, 5.90% (1 mo. USD LIBOR + 1.30%), 04/17/2038(b)(g)		6,670,000		6,500,204
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(j)		284,320		271,384
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(j)		2,615,552		2,305,860
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(j)		14,025,803		11,686,368
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(j)		10,272,575		8,743,382

	Principal Amount		Value
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-12, Class 3A2, 4.32%, 09/25/2034(j)	$	242,078	$	232,520
Series 2004-8, Class 3A, 4.96%, 07/25/2034(j)		661,920		627,177
Suntrust Alternative Loan Trust, Series 2005-1F, Class 2A8, 6.00%, 12/25/2035		90,508		82,625
Synchrony Card Funding LLC, Series 2022-A2, Class A, 3.86%, 07/15/2028		16,117,000		15,689,348
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		12,996,267		11,245,820
Thornburg Mortgage Securities Trust,
Series 2003-6, Class A2, 5.62% (1 mo. USD LIBOR + 1.00%), 12/25/2033(g)		221,328		207,948
Series 2005-1, Class A3, 4.66%, 04/25/2045(j)		409,122		383,119
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.09% (3 mo. USD LIBOR + 1.28%), 04/20/2033(b)(g)		9,701,000		9,634,703
Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057(b)(j)		416,763		412,359
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		12,717,141		10,768,949
UBS Commercial Mortgage Trust, Series 2019-C16, Class A4, 3.60%, 04/15/2052		16,770,000		15,282,342
Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(k)		1,689,765		1,601,996
Series 2020-1, Class A2, 2.64%, 01/25/2060(b)(k)		2,127,966		2,014,642
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(j)		434,575		424,768
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(j)		2,671,852		2,172,140
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(j)		11,153,333		9,405,985
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(j)		3,825,537		3,441,088
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(k)		7,731,309		6,890,919
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(k)		12,261,738		11,483,155
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(k)		3,879,581		3,784,260
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(k)		5,539,289		5,569,812
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		2,584,025		2,342,480
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2007- HY2, Class 2A2, 3.77%, 11/25/2036(j)		198,965		176,276

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

21 Invesco Core Plus Bond Fund

	Principal Amount		Value
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14, Class A1, 4.08%, 08/25/2035(j)	$	96,256	$	91,443
Wendy’s Funding LLC,
Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b)		10,687,500		9,859,677
Series 2019-1A, Class A2II, 4.08%, 06/15/2049(b)		5,005,000		4,572,193
WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class D, 4.88%, 03/15/2023(b)(j)		185,099		172,929
Series 2013-C14, Class A5, 3.34%, 06/15/2046		1,485,143		1,474,649
Series 2013-C16, Class B, 4.99%, 09/15/2046(j)		3,127,000		3,029,351
Series 2014-C23, Class B, 4.39%, 10/15/2057(j)		4,693,000		4,502,117
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		21,638,972		17,990,360
Total Asset-Backed Securities (Cost $1,395,190,995)				1,261,661,724
U.S. Government Sponsored Agency Mortgage-Backed Securities–23.83%
Agency Credit Risk Transfer Notes–0.08%
Series 2023-R02, Class 1M1, 6.79% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(g)		3,693,910		3,720,992
Collateralized Mortgage Obligations–0.76%
Fannie Mae REMICs, IO,
7.00%, 05/25/2033(l)		3,795		690
6.00%, 07/25/2033(l)		2,863		512
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K038, Class X1, IO, 1.08%, 03/25/2024(m)		22,080,924		178,908
Series K083, Class AM, 4.03%, 10/25/2028(j)		4,736,000		4,570,320
Series K085, Class AM, 4.06%, 10/25/2028(j)		4,736,000		4,589,914
Series K089, Class AM, 3.63%, 01/25/2029(j)		8,018,000		7,603,834
Series K088, Class AM, 3.76%, 01/25/2029(j)		18,944,000		18,107,698
				35,051,876

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.32%
3.50%, 08/01/2026	$	139,658	$	136,338
7.00%, 05/01/2028 to 06/01/2032		337,312		344,743
6.00%, 03/01/2029 to 02/01/2034		116,544		118,341
7.50%, 05/01/2030 to 05/01/2035		284,613		290,262
8.50%, 08/01/2031		17,688		18,617
3.00%, 02/01/2032		1,175,562		1,110,485
6.50%, 08/01/2032 to 09/01/2036		68,177		71,325
8.00%, 08/01/2032		12,648		13,139
5.50%, 01/01/2034 to 07/01/2040		808,234		829,236
5.00%, 07/01/2034 to 06/01/2040		992,676		1,001,200
4.50%, 02/01/2040 to 10/01/2046		10,733,990		10,656,636
ARM,
4.31% (1 yr. USD LIBOR + 2.06%), 12/01/2036(g)		30,203		30,761
3.61% (1 yr. USD LIBOR + 2.20%), 02/01/2037(g)		5,570		5,507
3.49% (1 yr. USD LIBOR + 1.88%), 05/01/2037(g)		42,472		42,060
				14,668,650
Federal National Mortgage Association (FNMA)–22.11%
6.50%, 07/01/2028 to 01/01/2037		47,459		48,981
7.50%, 02/01/2030 to 08/01/2037		384,740		398,938
9.50%, 04/01/2030		1,207		1,230
3.50%, 12/01/2030 to 05/01/2047		26,481,100		24,701,027
7.00%, 03/01/2032 to 02/01/2034		167,157		166,079
8.50%, 10/01/2032		26,460		28,073
5.50%, 04/01/2033 to 06/01/2040		326,074		328,459
8.00%, 04/01/2033		24,286		25,650
6.00%, 04/01/2037 to 10/01/2039		7,580		7,785
5.00%, 12/01/2039		296,073		298,524
3.00%, 08/01/2043		2,038,281		1,846,082
4.00%, 12/01/2048		17,494,615		16,770,223
ARM,
3.71% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035(g)		54,756		55,734
3.99% (1 yr. USD LIBOR + 1.64%), 01/01/2037(g)		27,849		28,155
3.05% (1 yr. USD LIBOR + 1.70%), 03/01/2038(g)		16,888		16,813
TBA,
2.50%, 03/01/2053(n)		253,500,000		214,831,346
3.00%, 03/01/2053(n)		21,000,000		18,478,770
3.50%, 03/01/2053(n)		212,000,000		193,035,936
4.00%, 03/01/2053(n)		49,704,000		46,667,396
4.50%, 03/01/2053(n)		49,705,000		47,903,194

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

22 Invesco Core Plus Bond Fund

	Principal Amount		Value
Federal National Mortgage Association (FNMA)–(continued)
5.00%, 03/01/2053(n)	$	220,000,000	$	216,321,875
5.50%, 03/01/2053(n)		235,700,000		235,368,547
				1,017,328,817
Government National Mortgage Association (GNMA)–0.56%
ARM,
2.63% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 01/20/2025(g)		4,162		4,123
3.00% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 05/20/2025(g)		1,685		1,671
3.50% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 06/20/2025(g)		2,025		1,993
8.00%, 08/15/2025 to 09/15/2026		8,771		8,769
6.56%, 01/15/2027		51,738		53,123
7.00%, 10/15/2028 to 09/15/2032		71,532		70,960
6.00%, 11/15/2028 to 02/15/2033		35,409		36,172
6.50%, 01/15/2029 to 09/15/2034		51,003		52,792
7.50%, 05/15/2031 to 05/15/2032		3,837		3,858
5.50%, 06/15/2035		26,550		27,421
5.00%, 07/15/2035		2,430		2,439
4.00%, 03/20/2048		2,995,202		2,842,891
TBA, 5.00%, 03/01/2053(n)		23,000,000		22,730,469
				25,836,681
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $1,123,616,575)				1,096,607,016
U.S. Treasury Securities–11.71%
U.S. Treasury Bills–0.34%
3.78% - 4.15%, 03/09/2023(o)(p)		3,855,000		3,851,629
4.48% - 4.55%, 05/11/2023(o)(p)		11,847,000		11,738,295
				15,589,924
U.S. Treasury Bonds–2.54%
4.00%, 11/15/2052		114,662,800		116,741,063
U.S. Treasury Notes–8.83%
4.63%, 02/28/2025		14,406,000		14,360,419
4.00%, 02/15/2026		1,907,600		1,881,296
4.00%, 02/29/2028		185,437,500		184,075,693
4.00%, 02/28/2030		9,106,000		9,072,564
3.50%, 02/15/2033		200,107,200		193,525,550
3.88%, 02/15/2043		3,552,000		3,446,550
				406,362,072
Total U.S. Treasury Securities (Cost $542,710,353)				538,693,059
	Shares
Preferred Stocks–1.83%
Asset Management & Custody Banks–0.01%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(d)		302,000		294,450

	Shares		Value
Diversified Banks–1.21%
Bank of America Corp., 7.25%, Series L, Conv. Pfd.		1,100	$	1,313,224
Citigroup, Inc., 6.25%, Series T, Pfd.(c)(d)		5,247,000		5,240,651
Citigroup, Inc., 5.00%, Series U, Pfd.(d)		13,825,000		13,168,313
Citigroup, Inc., 4.00%, Series W, Pfd.(d)		7,226,000		6,629,855
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		24,803		29,588,243
				55,940,286
Integrated Telecommunication Services–0.21%
AT&T, Inc., 2.88%, Series B, Pfd.(d)		9,700,000		9,528,827
Investment Banking & Brokerage–0.27%
Goldman Sachs Group, Inc. (The), 7.73% (3 mo. USD LIBOR + 2.87%), Series P, Pfd.(c)(g)		6,141,000		6,097,399
Morgan Stanley, 6.88%, Series F, Pfd.(d)		249,737		6,328,336
				12,425,735
Multi-Utilities–0.10%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.(d)		4,568,000		4,487,213
Other Diversified Financial Services–0.03%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.(d)		1,682,000		1,624,501
Total Preferred Stocks (Cost $89,824,586)				84,301,012
	Principal Amount
Agency Credit Risk Transfer Notes–0.79%
Fannie Mae Connecticut Avenue Securities,
Series 2019-R03, Class 1M2, 6.77% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(g)	$	310,002		310,039
Series 2019-R06, Class 2M2, 6.72% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(g)		20,393		20,394
Series 2022-R03, Class 1M1, 6.58% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(g)		11,499,100		11,534,594
Series 2022-R04, Class 1M1, 6.48% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(g)		6,008,868		6,032,932

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

23 Invesco Core Plus Bond Fund

	Principal
	Amount		Value
Freddie Mac,
Series 2022-DNA3, Series M1, STACR®, 0.00% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(g)	$	8,626,129	$	8,668,314
Series 2022-HQA3, Class M1, STACR®, 6.78% (30 Day Average SOFR + 2.30%), 08/25/2042(b)(g)		5,021,654		5,054,089
Series 2020-DNA5, Class M2, STACR®, 7.28% (30 Day Average SOFR + 2.80%), 10/25/2050(b)(g)		4,577,982		4,640,593
Total Agency Credit Risk Transfer Notes (Cost $36,073,353)				36,260,955
Municipal Obligations–0.35%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		4,000,000		3,676,448
Series 2022, RB, 4.35%, 06/01/2041		2,980,000		2,707,868
California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		5,145,000		3,601,433
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		7,705,000		5,565,686
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057		527,000		584,366
Total Municipal Obligations (Cost $18,509,773)				16,135,801
Non-U.S. Dollar Denominated Bonds & Notes–0.33%(q)
Brewers–0.03%
Molson Coors International L.P., Series MPLE, 3.44%, 07/15/2026		CAD  1,626,000		1,129,605
Diversified Banks–0.05%
HSBC Holdings PLC (United Kingdom), Series MPLE, 3.20%, 12/05/2023(b)		CAD  3,253,000		2,351,105
Integrated Telecommunication Services–0.06%
AT&T, Inc., Series MPLE, 5.10%, 11/25/2048		CAD  4,065,000		2,741,186
Movies & Entertainment–0.12%
Netflix, Inc., 3.88%, 11/15/2029(b)		EUR  5,311,000		5,356,247
Sovereign Debt–0.02%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2032(b)(i)		EUR  6,000,000		1,117,248
Technology Hardware, Storage & Peripherals–0.05%
Apple, Inc., Series MPLE, 2.51%, 08/19/2024		CAD  3,253,000		2,307,344
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $21,709,063)				15,002,735

	Shares		Value
Exchange-Traded Funds–0.10%
Invesco Total Return Bond ETF (Cost $5,786,000)(r)		100,000	$	4,692,000
	Principal
	Amount
Variable Rate Senior Loan Interests–0.03%(s)(t)
Diversified REITs–0.03%
Asterix, Inc. (Canada), Term Loan, 3.90%, 03/31/2023 (Cost $1,255,792)(h)	$	1,679,120		1,234,021
	Shares
Common Stocks & Other Equity Interests–0.00%
Agricultural Products–0.00%
Locus Agriculture Solutions, Inc., Wts., expiring 12/31/2032(h)(u)		80		0
Oil & Gas Drilling–0.00%
Vantage Drilling International(u)		95		1,532
Paper Packaging–0.00%
WestRock Co.		65		2,041
Specialty Chemicals–0.00%
Ingevity Corp.(u)		10		826
Total Common Stocks & Other Equity Interests (Cost $5,671)				4,399
Money Market Funds–9.11%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(r)(v)		146,796,181		146,796,181
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(r)(v)		104,819,020		104,839,984
Invesco Treasury Portfolio, Institutional Class, 4.50%(r)(v)		167,767,065		167,767,065
Total Money Market Funds (Cost $419,410,528)				419,403,230
Options Purchased–0.02%
(Cost $2,356,204)(w)				951,060
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-121.53% (Cost $5,945,311,656)				5,592,329,103
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.77%
Invesco Private Government Fund, 4.58%(r)(v)(x)		73,973,272		73,973,272
Invesco Private Prime Fund, 4.83%(r)(v)(x)		191,317,865		191,356,122
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $265,338,392)				265,329,394
TOTAL INVESTMENTS IN SECURITIES–127.30% (Cost $6,210,650,048)				5,857,658,497
OTHER ASSETS LESS LIABILITIES–(27.30)%				(1,256,200,842	)
NET ASSETS–100.00%			$	4,601,457,655

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

24 Invesco Core Plus Bond Fund

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
Ref.	– Refunding
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
Wts.	– Warrants

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $1,898,454,832, which represented 41.26% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

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

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

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

^(g)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

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

⁽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, 2023 was $1,117,248, which represented less than 1% of the Fund’s Net Assets.

^(j)  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, 2023.

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

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

^(m)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 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, 2023.

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

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

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

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

^(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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value February 28, 2023		Dividend Income
Invesco Total Return Bond ETF	$	4,826,000	$	-	$	-		$	(134,000	)	$	-		$	4,692,000	$	95,530
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		28,528,503		478,503,649		(360,235,971	)		-			-			146,796,181		928,693
Invesco Liquid Assets Portfolio, Institutional Class		20,483,790		341,788,321		(257,415,164	)		(10,938	)		(6,025	)		104,839,984		687,387
Invesco Treasury Portfolio, Institutional Class		32,604,004		546,861,313		(411,698,252	)		-			-			167,767,065		1,059,042

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

25 Invesco Core Plus Bond Fund

								Change in
								Unrealized			Realized
	Value		Purchases		Proceeds			Appreciation			Gain		Value
	August 31, 2022		at Cost		from Sales			(Depreciation)			(Loss)		February 28, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	60,813,993	$	259,210,644	$	(246,051,365	)	$	-		$	-	$	73,973,272	$	1,652,433	*
Invesco Private Prime Fund		157,313,815		565,314,129		(531,319,682	)		(18,655	)		66,515		191,356,122		4,510,148	*
Total	$	304,570,105	$	2,191,678,056	$	(1,806,720,434	)	$	(163,593	)	$	60,490	$	689,424,624	$	8,933,233

* 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)  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.

^(t)  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.

^(u)  Non-income producing security.

^(v)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(w)  The table below details options purchased.

^(x)  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 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	07/21/2023	132	USD  4,260.00	USD  56,232,000	$951,060

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

Open Exchange-Traded Index Options Written
Description	Type of Contract	Expiration Date	Number of Contracts	Exercise Price	Notional Value(a)	Value
Equity Risk
S&P 500 Index	Call	07/21/2023	42	USD  4,400.00	USD  18,480,000	$	(142,380	)

^(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		1,188		June-2023	$	242,027,156		$	(723,939	)	$	(723,939	)
U.S. Treasury 10 Year Notes		8		June-2023		893,250			(250	)		(250	)
U.S. Treasury Long Bonds		321		June-2023		40,195,219			(75,234	)		(75,234	)
U.S. Treasury Ultra Bonds		1,033		June-2023		139,519,562			314,788			314,788
Subtotal-Long Futures Contracts									(484,635	)		(484,635	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 5 Year Notes		531		June-2023		(56,846,039	)		95,414			95,414
U.S. Treasury 10 Year Ultra Notes		4,740		June-2023		(555,468,750	)		74,633			74,633
Subtotal-Short Futures Contracts									170,047			170,047
Total Futures Contracts								$	(314,588	)	$	(314,588	)

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

26 Invesco Core Plus Bond Fund

Open Forward Foreign Currency Contracts
Settlement		Contract to				Unrealized
Date	Counterparty	Deliver		Receive		Appreciation
Currency Risk
05/17/2023	Canadian Imperial Bank of Commerce	CAD	15,893,000	USD	11,843,697		$185,651
05/17/2023	State Street Bank & Trust Co.	EUR	11,490,000	USD	12,403,455		196,823
Total Forward Foreign Currency Contracts							$382,474

Abbreviations:

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

Portfolio Composition

By security type, based on Total Investments

as of February 28, 2023

U.S. Dollar Denominated Bonds & Notes	36.15	%
Asset-Backed Securities	21.54
U.S. Government Sponsored Agency Mortgage-Backed Securities	18.72
U.S. Treasury Securities	9.20
Preferred Stocks	1.44
Security types each less than 1% of portfolio	1.28
Money Market Funds	11.69

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

27 Invesco Core Plus Bond Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $5,520,115,128)*	$	5,168,233,873
Investments in affiliates, at value (Cost $690,534,920)		689,424,624
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		382,474
Deposits with brokers:
Cash collateral – OTC Derivatives		1,510
Cash collateral – TBA commitments		6,602,051
Foreign currencies, at value (Cost $5,826,734)		5,750,947
Receivable for:
Investments sold		164,296,083
Fund shares sold		6,573,672
Dividends		1,866,421
Interest		32,218,491
Investments matured, at value (Cost $4,311,914)		931,398
Principal paydowns		3,070
Investment for trustee deferred compensation and retirement plans		110,606
Other assets		111,835
Total assets		6,076,507,055
Liabilities:
Other investments:
Options written, at value (premiums received $164,499)		142,380
Variation margin payable – futures contracts		633,706
Payable for:
Investments purchased		183,519,260
TBA sales commitment		1,014,476,105
Dividends		2,087,768
Fund shares reacquired		4,993,622
Amount due custodian		2,185,969
Collateral upon return of securities loaned		265,338,392
Accrued fees to affiliates		1,163,927
Accrued trustees’ and officers’ fees and benefits		4,358
Accrued other operating expenses		362,395
Trustee deferred compensation and retirement plans		141,518
Total liabilities		1,475,049,400
Net assets applicable to shares outstanding	$	4,601,457,655

Net assets consist of:
Shares of beneficial interest	$	5,550,295,776
Distributable earnings (loss)		(948,838,121	)
	$	4,601,457,655
Net Assets:
Class A	$	1,203,147,303
Class C	$	50,193,701
Class R	$	26,204,036
Class Y	$	940,788,934
Class R5	$	13,938,577
Class R6	$	2,367,185,104
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		130,697,875
Class C		5,453,870
Class R		2,847,147
Class Y		102,124,575
Class R5		1,514,867
Class R6		257,338,615
Class A:
Net asset value per share	$	9.21
Maximum offering price per share (Net asset value of $9.21 ÷ 95.75%)	$	9.62
Class C:
Net asset value and offering price per share	$	9.20
Class R:
Net asset value and offering price per share	$	9.20
Class Y:
Net asset value and offering price per share	$	9.21
Class R5:
Net asset value and offering price per share	$	9.20
Class R6:
Net asset value and offering price per share	$	9.20

* At February 28, 2023, securities with an aggregate value of $257,419,704 were on loan to brokers.

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

28 Invesco Core Plus Bond Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest (net of foreign withholding taxes of $(46,527))	$	102,859,184
Dividends		1,194,643
Dividends from affiliates (includes net securities lending income of $487,736)		3,258,388
Total investment income		107,312,215
Expenses:
Advisory fees		8,825,113
Administrative services fees		314,284
Custodian fees		86,949
Distribution fees:
Class A		1,462,892
Class C		256,475
Class R		62,656
Transfer agent fees – A, C, R and Y		1,704,241
Transfer agent fees – R5		6,770
Transfer agent fees – R6		348,012
Trustees’ and officers’ fees and benefits		19,720
Registration and filing fees		107,042
Reports to shareholders		157,032
Professional services fees		48,764
Other		23,960
Total expenses		13,423,910
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(1,034,761	)
Net expenses		12,389,149
Net investment income		94,923,066
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(241,651,588	)
Affiliated investment securities		60,490
Foreign currencies		5,459
Forward foreign currency contracts		296,665
Futures contracts		10,733,680
Option contracts written		447,288
Swap agreements		(1,335,449	)
		(231,443,455	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		121,905,641
Affiliated investment securities		(163,593	)
Foreign currencies		(68,463	)
Forward foreign currency contracts		(270,311	)
Futures contracts		(4,248,866	)
Option contracts written		(371,079	)
		116,783,329
Net realized and unrealized gain (loss)		(114,660,126	)
Net increase (decrease) in net assets resulting from operations	$	(19,737,060	)

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

29 Invesco Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income	$	94,923,066		$	136,115,494
Net realized gain (loss)		(231,443,455	)		(345,598,105	)
Change in net unrealized appreciation (depreciation)		116,783,329			(612,669,926	)
Net increase (decrease) in net assets resulting from operations		(19,737,060	)		(822,152,537	)
Distributions to shareholders from distributable earnings:
Class A		(26,933,144	)		(46,793,655	)
Class C		(984,032	)		(1,969,609	)
Class R		(544,392	)		(880,664	)
Class Y		(21,299,785	)		(45,692,099	)
Class R5		(328,583	)		(506,235	)
Class R6		(56,208,106	)		(101,570,665	)
Total distributions from distributable earnings		(106,298,042	)		(197,412,927	)
Share transactions–net:
Class A		30,620,219			(38,051,571	)
Class C		(4,013,123	)		(21,448,475	)
Class R		988,826			1,636,528
Class Y		8,364,236			(215,267,957	)
Class R5		300,660			3,366,309
Class R6		24,487,594			(30,369,092	)
Net increase (decrease) in net assets resulting from share transactions		60,748,412			(300,134,258	)
Net increase (decrease) in net assets		(65,286,690	)		(1,319,699,722	)
Net assets:
Beginning of period		4,666,744,345			5,986,444,067
End of period	$	4,601,457,655		$	4,666,744,345

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

30 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 02/28/23		$  9.45		$0.19		$(0.22	)		$(0.03	)		$(0.21	)		$     –			$    –			$(0.21	)		$  9.21		(0.28	)%		$1,203,147		0.75	%(d)		0.84	%(d)		4.08	%(d)		216	%
Year ended 08/31/22		11.39		0.24		(1.83	)		(1.59	)		(0.24	)		(0.11	)		–			(0.35	)		9.45		(14.19	)		1,203,731		0.75			0.81			2.30			321
Year ended 08/31/21		11.61		0.19		0.17			0.36			(0.22	)		(0.36	)		–			(0.58	)		11.39		3.18			1,497,641		0.74			0.79			1.70			366
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
Class C
Six months ended 02/28/23		9.45		0.15		(0.23	)		(0.08	)		(0.17	)		–			–			(0.17	)		9.20		(0.77	)		50,194		1.50	(d)		1.59	(d)		3.33	(d)		216
Year ended 08/31/22		11.38		0.16		(1.81	)		(1.65	)		(0.17	)		(0.11	)		–			(0.28	)		9.45		(14.76	)		55,695		1.50			1.56			1.55			321
Year ended 08/31/21		11.61		0.11		0.16			0.27			(0.14	)		(0.36	)		–			(0.50	)		11.38		2.32			90,811		1.49			1.54			0.95			366
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
Class R
Six months ended 02/28/23		9.45		0.17		(0.22	)		(0.05	)		(0.20	)		–			–			(0.20	)		9.20		(0.52	)		26,204		1.00	(d)		1.09	(d)		3.83	(d)		216
Year ended 08/31/22		11.38		0.21		(1.81	)		(1.60	)		(0.22	)		(0.11	)		–			(0.33	)		9.45		(14.33	)		25,914		1.00			1.06			2.05			321
Year ended 08/31/21		11.61		0.16		0.16			0.32			(0.19	)		(0.36	)		–			(0.55	)		11.38		2.83			29,466		0.99			1.04			1.45			366
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
Class Y
Six months ended 02/28/23		9.46		0.20		(0.23	)		(0.03	)		(0.22	)		–			–			(0.22	)		9.21		(0.26	)		940,789		0.50	(d)		0.59	(d)		4.33	(d)		216
Year ended 08/31/22		11.40		0.27		(1.83	)		(1.56	)		(0.27	)		(0.11	)		–			(0.38	)		9.46		(13.95	)		961,066		0.50			0.56			2.55			321
Year ended 08/31/21		11.62		0.22		0.17			0.39			(0.25	)		(0.36	)		–			(0.61	)		11.40		3.43			1,407,185		0.49			0.54			1.95			366
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
Class R5
Six months ended 02/28/23		9.45		0.20		(0.23	)		(0.03	)		(0.22	)		–			–			(0.22	)		9.20		(0.26	)		13,939		0.50	(d)		0.53	(d)		4.33	(d)		216
Year ended 08/31/22		11.38		0.26		(1.81	)		(1.55	)		(0.27	)		(0.11	)		–			(0.38	)		9.45		(13.89	)		14,000		0.50			0.52			2.55			321
Year ended 08/31/21		11.61		0.22		0.16			0.38			(0.25	)		(0.36	)		–			(0.61	)		11.38		3.35			13,274		0.49			0.51			1.95			366
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
Class R6
Six months ended 02/28/23		9.45		0.20		(0.23	)		(0.03	)		(0.22	)		–			–			(0.22	)		9.20		(0.25	)		2,367,185		0.46	(d)		0.46	(d)		4.37	(d)		216
Year ended 08/31/22		11.38		0.27		(1.81	)		(1.54	)		(0.28	)		(0.11	)		–			(0.39	)		9.45		(13.85	)		2,406,339		0.45			0.45			2.60			321
Year ended 08/31/21		11.60		0.23		0.17			0.40			(0.26	)		(0.36	)		–			(0.62	)		11.38		3.51			2,948,067		0.41			0.42			2.03			366
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

^(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)  Annualized.

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

31 Invesco Core Plus Bond Fund

Notes to Financial Statements

February 28, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

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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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $761 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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

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futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

O. Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value (“NAV”) per share 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. 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

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terms of its ISDA Master Agreement, 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, 2023, if any, 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.

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

Q. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

R. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

S. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

T. 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.

U. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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. (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, 2023, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $58,027 and reimbursed class level expenses of $532,413, $23,211, $11,418, $400,786, $2,132 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

36 Invesco Core Plus Bond 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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2023, 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, 2023, IDI advised the Fund that IDI retained $51,973 in front-end sales commissions from the sale of Class A shares and $9,339 and $1,003 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. 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 Adviser’s 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, 2023. 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	$	–		$2,078,626,561		$38,755,530	$2,117,382,091
Asset-Backed Securities		–		1,243,700,664		17,961,060	1,261,661,724
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		1,096,607,016		–	1,096,607,016
U.S. Treasury Securities		–		538,693,059		–	538,693,059
Preferred Stocks		37,229,803		47,071,209		–	84,301,012
Agency Credit Risk Transfer Notes		–		36,260,955		–	36,260,955
Municipal Obligations		–		16,135,801		–	16,135,801
Non-U.S. Dollar Denominated Bonds & Notes		–		15,002,735		–	15,002,735
Exchange-Traded Funds		4,692,000		–		–	4,692,000
Variable Rate Senior Loan Interests		–		–		1,234,021	1,234,021
Common Stocks & Other Equity Interests		4,399		–		–	4,399
Money Market Funds		419,403,230		265,329,394		–	684,732,624
Options Purchased		951,060		–		–	951,060
Total Investments in Securities		462,280,492		5,337,427,394		57,950,611	5,857,658,497
Other Investments - Assets*
Investments Matured		–		931,398		–	931,398
Futures Contracts		484,835		–		–	484,835
Forward Foreign Currency Contracts		–		382,474		–	382,474
		484,835		1,313,872		–	1,798,707

37 Invesco Core Plus Bond Fund

	Level 1			Level 2		Level 3		Total
Other Investments - Liabilities*
Futures Contracts	$	(799,423	)	$	–	$	–	$	(799,423	)
Options Written		(142,380	)		–		–		(142,380	)
		(941,803	)		–		–		(941,803	)
Total Other Investments		(456,968	)		1,313,872		–		856,904
Total Investments	$	461,823,524		$	5,338,741,266	$	57,950,611	$	5,858,515,401

* Forward foreign currency contracts and futures contracts are valued at unrealized appreciation (depreciation). Investments matured and options written 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, 2023:

	Value 08/31/22		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 02/28/23
U.S. Dollar Denominated Bonds & Notes	$	23,276,789	$	15,459,000	$	–		$	–	$	–		$	19,741		$–	$–	$38,755,530
Asset-Backed Securities		19,074,298		–		–			22,741		–			(1,135,979	)	–	–	17,961,060
Variable Rate Senior Loan Interests		5,233,346		–		(3,820,971	)		–		(27,894	)		(150,460	)	–	–	1,234,021
Total	$	47,584,433	$	15,459,000	$	(3,820,971	)	$	22,741	$	(27,894	)	$	(1,266,698	)	$–	$–	$57,950,611

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, 2023:

	Value
Derivative Assets	Currency Risk		Equity Risk			Interest Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	–		$	484,835		$	484,835
Unrealized appreciation on forward foreign currency contracts outstanding		382,474		–			–			382,474
Options purchased, at value – Exchange-Traded(b)		–		951,060			–			951,060
Total Derivative Assets		382,474		951,060			484,835			1,818,369
Derivatives not subject to master netting agreements		–		(951,060	)		(484,835	)		(1,435,895	)
Total Derivative Assets subject to master netting agreements	$	382,474	$	–		$	–		$	382,474

	Value
Derivative Liabilities	Equity Risk			Interest Rate Risk			Total
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	–		$	(799,423	)	$	(799,423	)
Options written, at value – Exchange-Traded		(142,380	)		–			(142,380	)
Total Derivative Liabilities		(142,380	)		(799,423	)		(941,803	)
Derivatives not subject to master netting agreements		142,380			799,423			941,803
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.

38 Invesco Core Plus Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of February 28, 2023.

	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Canadian Imperial Bank of Commerce	$185,651	$185,651	$–	$–	$185,651
State Street Bank & Trust Co.	196,823	196,823	–	–	196,823
Total	$382,474	$382,474	$–	$–	$382,474

Effect of Derivative Investments for the six months ended February 28, 2023

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	$	-		$	296,665		$	-		$	-		$	296,665
Futures contracts		-			-			-			10,733,680			10,733,680
Options purchased(a)		-			-			(1,506,224	)		-			(1,506,224	)
Options written		-			-			447,288			-			447,288
Swap agreements		(1,335,449	)		-			-			-			(1,335,449	)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(270,311	)		-			-			(270,311	)
Futures contracts		-			-			-			(4,248,866	)		(4,248,866	)
Options purchased(a)		-			-			1,645,260			-			1,645,260
Options written		-			-			(371,079	)		-			(371,079	)
Total	$	(1,335,449	)	$	26,354		$	215,245		$	6,484,814		$	5,390,964

^(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		$22,835,479	$	1,208,571,562	$	42,473,850	$	26,098,417	$	60,898,500	$	17,861,667	$99,357,390
Average contracts		–		–		8,474		63		9,369		41	–

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,774.

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

39 Invesco Core Plus Bond Fund

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 carryforward 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, 2022, as follows:

	Capital Loss Carryforward*
Expiration		Short-Term		Long-Term		Total
Not subject to expiration		$	297,729,447	$	63,001,385	$	360,730,832

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $1,813,259,795 and $2,114,095,359, 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	$	14,751,562
Aggregate unrealized (depreciation) of investments		(377,550,563	)
Net unrealized appreciation (depreciation) of investments	$	(362,799,001	)

Cost of investments for tax purposes is $6,221,314,402.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		15,291,557		$	139,716,803			19,627,235		$	206,578,400
Class C		491,363			4,523,650			903,781			9,532,418
Class R		372,823			3,433,757			760,428			7,968,829
Class Y		31,556,349			291,343,039			57,895,532			608,845,308
Class R5		92,541			854,299			723,728			7,544,397
Class R6		22,252,678			204,527,222			44,723,131			472,163,860
Issued as reinvestment of dividends:
Class A		2,583,664			23,579,981			3,959,645			41,638,848
Class C		91,705			836,494			161,155			1,708,395
Class R		59,366			541,619			83,451			876,070
Class Y		1,500,933			13,707,863			2,948,242			31,219,691
Class R5		36,013			328,348			48,507			505,837
Class R6		5,927,696			54,028,458			9,392,012			98,511,714
Automatic conversion of Class C shares to Class A shares:
Class A		192,707			1,768,143			511,438			5,340,987
Class C		(192,730	)		(1,768,143	)		(511,675	)		(5,340,987	)

40 Invesco Core Plus Bond Fund

				Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(14,704,736	)	$	(134,444,708	)		(28,299,228	)	$	(291,609,806	)
Class C		(829,958	)		(7,605,124	)		(2,639,087	)		(27,348,301	)
Class R		(326,941	)		(2,986,550	)		(690,586	)		(7,208,371	)
Class Y		(32,518,883	)		(296,686,666	)		(82,739,710	)		(855,332,956	)
Class R5		(95,314	)		(881,987	)		(456,933	)		(4,683,925	)
Class R6		(25,583,205	)		(234,068,086	)		(58,455,166	)		(601,044,666	)
Net increase (decrease) in share activity		6,197,628		$	60,748,412			(32,054,100	)	$	(300,134,258	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% 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, 6% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

41 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, 2022 through February 28, 2023.

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 (09/01/22)	Ending Account Value (02/28/23)1	Expenses Paid During Period2	Ending Account Value (02/28/23)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$997.20	$3.71	$1,021.08	$3.76	0.75%
Class C	1,000.00	992.30	7.41	1,017.36	7.50	1.50
Class R	1,000.00	994.80	4.95	1,019.84	5.01	1.00
Class Y	1,000.00	997.40	2.48	��1,022.32	2.51	0.50
Class R5	1,000.00	997.40	2.48	1,022.32	2.51	0.50
Class R6	1,000.00	997.50	2.28	1,022.51	2.31	0.46

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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.

42 Invesco Core Plus Bond 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 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 number(s): 811-09913 and 333-36074                   Invesco Distributors, Inc. CPB-SAR-1                                         

Semiannual Report to Shareholders February 28, 2023

Invesco Discovery Fund

Nasdaq:

A: OPOCX ∎ C: ODICX ∎ R: ODINX ∎ Y: ODIYX ∎ R5: DIGGX ∎ R6: ODIIX

2	Fund Performance
4	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	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 is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.34	%
Class C Shares	0.96
Class R Shares	1.20
Class Y Shares	1.46
Class R5 Shares	1.51
Class R6 Shares	1.53
S&P 500 Index▼	1.26
Russell 2000 Growth Index▼	3.06
Russell 2000 Index▼	3.63
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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (9/11/86)	10.39	%
10 Years	11.39
5 Years	9.06
1 Year	-16.56
Class C Shares
Inception (10/2/95)	7.98	%
10 Years	11.34
5 Years	9.47
1 Year	-13.24
Class R Shares
Inception (3/1/01)	8.02	%
10 Years	11.72
5 Years	10.01
1 Year	-11.93
Class Y Shares
Inception (6/1/94)	9.14	%
10 Years	12.29
5 Years	10.57
1 Year	-11.49
Class R5 Shares
10 Years	12.15	%
5 Years	10.57
1 Year	-11.42
Class R6 Shares
Inception (1/27/12)	12.79	%
10 Years	12.48
5 Years	10.73
1 Year	-11.38

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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.29%
Aerospace & Defense–2.85%
Curtiss-Wright Corp.		380,580	$	66,521,578
Hexcel Corp.		502,523		36,659,053
				103,180,631
Apparel Retail–1.04%
Boot Barn Holdings, Inc.(b)		484,496		37,524,215
Apparel, Accessories & Luxury Goods–1.72%
Oxford Industries, Inc.		528,964		62,211,456
Application Software–7.81%
Box, Inc., Class A(b)		1,060,638		35,372,277
Confluent, Inc., Class A(b)		492,677		12,016,392
Five9, Inc.(b)		56,692		3,741,672
HashiCorp, Inc., Class A(b)(c)		319,203		9,320,727
Manhattan Associates, Inc.(b)		495,512		71,229,850
Paylocity Holding Corp.(b)		275,747		53,111,630
Samsara, Inc., Class A(b)		957,795		15,956,865
Smartsheet, Inc., Class A(b)		839,136		36,938,767
Sprout Social, Inc., Class A(b)		740,790		45,173,374
				282,861,554
Asset Management & Custody Banks–1.90%
Hamilton Lane, Inc., Class A		882,599		68,666,202
Auto Parts & Equipment–1.37%
Visteon Corp.(b)		295,957		49,436,657
Biotechnology–3.41%
Apellis Pharmaceuticals, Inc.(b)		213,485		13,978,998
Cytokinetics, Inc.(b)		317,505		13,767,017
Halozyme Therapeutics, Inc.(b)		1,392,293		66,816,141
IVERIC bio, Inc.(b)		696,264		14,468,366
Karuna Therapeutics, Inc.(b)		71,674		14,293,229
				123,323,751
Casinos & Gaming–1.85%
DraftKings, Inc., Class A(b)		753,191		14,205,182
Red Rock Resorts, Inc., Class A		1,205,159		52,629,294
				66,834,476
Commodity Chemicals–0.99%
Olin Corp.		621,097		35,868,352
Construction & Engineering–5.45%
Comfort Systems USA, Inc.		304,407		44,272,954
Valmont Industries, Inc.		198,028		62,840,225
WillScot Mobile Mini Holdings Corp.(b)		1,758,237		90,373,382
				197,486,561
Data Processing & Outsourced Services–2.85%
ExlService Holdings, Inc.(b)		357,537		58,818,412
WNS (Holdings) Ltd., ADR (India)(b)		512,574		44,552,932
				103,371,344
Distillers & Vintners–1.09%
MGP Ingredients, Inc.		389,018		39,461,986

	Shares		Value
Education Services–0.72%
Duolingo, Inc.(b)		287,885	$	26,137,079
Electrical Components & Equipment–1.12%
Atkore, Inc.(b)		128,904		18,822,562
Shoals Technologies Group, Inc., Class A(b)		891,455		21,876,306
				40,698,868
Electronic Equipment & Instruments–2.30%
Badger Meter, Inc.		153,227		18,635,468
Novanta, Inc.(b)		412,634		64,746,401
				83,381,869
Environmental & Facilities Services–3.28%
Casella Waste Systems, Inc., Class A(b)		709,381		55,204,030
Clean Harbors, Inc.(b)		481,003		63,526,066
				118,730,096
Food Distributors–1.34%
Performance Food Group Co.(b)		858,830		48,601,190
Footwear–2.27%
Crocs, Inc.(b)		235,941		28,716,379
Deckers Outdoor Corp.(b)		94,761		39,453,742
On Holding AG, Class A (Switzerland)(b)		647,166		14,153,521
				82,323,642
Health Care Equipment–6.89%
AtriCure, Inc.(b)		333,491		12,839,403
Axonics, Inc.(b)		898,525		53,992,367
Globus Medical, Inc., Class A(b)		61,185		3,569,533
Inari Medical, Inc.(b)		356,327		20,046,957
Inspire Medical Systems, Inc.(b)		303,240		78,821,173
iRhythm Technologies, Inc.(b)		171,014		20,124,928
Shockwave Medical, Inc.(b)		281,019		53,461,055
TransMedics Group, Inc.(b)		82,068		6,571,185
				249,426,601
Health Care Facilities–2.31%
Acadia Healthcare Co., Inc.(b)		566,727		41,093,375
Encompass Health Corp.		149,477		8,448,440
Surgery Partners, Inc.(b)		1,020,281		34,128,399
				83,670,214
Health Care Services–1.82%
AMN Healthcare Services, Inc.(b)		133,537		12,019,665
Option Care Health, Inc.(b)		1,060,341		32,520,659
Privia Health Group, Inc.(b)		760,097		21,229,509
				65,769,833
Health Care Supplies–0.73%
Lantheus Holdings, Inc.(b)		125,850		9,307,866
Silk Road Medical, Inc.(b)		320,682		16,992,939
				26,300,805
Health Care Technology–0.89%
Evolent Health, Inc., Class A(b)		916,160		32,074,762

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

4 Invesco Discovery Fund

	Shares		Value
Homebuilding–0.76%
Taylor Morrison Home Corp., Class A(b)		767,353	$	27,494,258
Industrial Machinery–2.08%
Chart Industries, Inc.(b)		207,351		27,681,358
ESAB Corp.		313,907		18,410,646
Evoqua Water Technologies Corp.(b)		51,122		2,482,484
RBC Bearings, Inc.(b)		116,123		26,686,227
				75,260,715
Investment Banking & Brokerage–0.99%
Evercore, Inc., Class A		274,695		36,034,490
Leisure Facilities–1.09%
Planet Fitness, Inc., Class A(b)		487,354		39,500,042
Life Sciences Tools & Services–3.04%
10X Genomics, Inc., Class A(b)		184,240		8,755,085
Medpace Holdings, Inc.(b)		303,670		58,875,539
Repligen Corp.(b)		243,168		42,401,204
				110,031,828
Movies & Entertainment–1.19%
World Wrestling Entertainment, Inc., Class A		512,614		43,059,576
Oil & Gas Equipment & Services–1.01%
TechnipFMC PLC (United Kingdom)(b)		1,180,019		18,042,490
Weatherford International PLC(b)		280,224		18,668,523
				36,711,013
Oil & Gas Exploration & Production–3.13%
Matador Resources Co.		1,173,250		63,109,117
PDC Energy, Inc.		670,256		44,980,880
SM Energy Co.		175,474		5,178,238
				113,268,235
Oil & Gas Refining & Marketing–0.66%
PBF Energy, Inc., Class A		545,508		23,844,155
Oil & Gas Storage & Transportation–0.50%
New Fortress Energy, Inc.		543,540		17,931,385
Paper Packaging–0.93%
Graphic Packaging Holding Co.		1,421,762		33,837,935
Personal Products–1.58%
elf Beauty, Inc.(b)		766,865		57,323,159
Pharmaceuticals–1.19%
Harmony Biosciences Holdings, Inc.(b)		439,457		19,349,292
Intra-Cellular Therapies, Inc.(b)		487,273		23,890,995
				43,240,287
Property & Casualty Insurance–2.09%
Hanover Insurance Group, Inc. (The)		71,359		9,953,153
Kinsale Capital Group, Inc.		205,821		65,595,153
				75,548,306
Regional Banks–1.32%
Pinnacle Financial Partners, Inc.		253,170		18,757,365
Wintrust Financial Corp.		316,407		29,150,577
				47,907,942

	Shares		Value
Research & Consulting Services–0.95%
KBR, Inc.		626,019	$	34,499,907
Restaurants–1.04%
Wingstop, Inc.		220,209		37,512,603
Semiconductor Equipment–0.90%
Axcelis Technologies, Inc.(b)		253,570		32,593,888
Semiconductors–8.85%
Allegro MicroSystems, Inc. (Japan)(b)		701,687		30,649,688
Diodes, Inc.(b)		297,613		27,288,136
Impinj, Inc.(b)		683,520		90,648,422
Lattice Semiconductor Corp.(b)		1,067,699		90,711,707
MACOM Technology Solutions Holdings, Inc.(b)		413,903		28,368,912
Power Integrations, Inc.		206,422		16,978,210
Silicon Laboratories, Inc.(b)		201,033		35,890,421
				320,535,496
Soft Drinks–0.82%
Celsius Holdings, Inc.(b)		327,951		29,777,951
Specialized REITs–0.49%
Outfront Media, Inc.		1,018,730		17,776,838
Specialty Chemicals–1.46%
Ingevity Corp.(b)		210,032		17,340,242
Livent Corp.(b)		1,518,945		35,619,260
				52,959,502
Specialty Stores–1.05%
Academy Sports & Outdoors, Inc.		641,406		37,939,165
Steel–1.52%
ATI, Inc.(b)		927,880		37,718,322
Commercial Metals Co.		335,713		17,373,148
				55,091,470
Systems Software–1.27%
CyberArk Software Ltd.(b)		221,534		32,071,477
Gitlab, Inc., Class A(b)		319,387		14,065,804
				46,137,281
Trading Companies & Distributors–2.23%
Applied Industrial Technologies, Inc.		84,603		12,086,384
H&E Equipment Services, Inc.		878,926		48,780,393
Herc Holdings, Inc.		138,639		19,907,174
				80,773,951
Trucking–1.15%
Saia, Inc.(b)		153,291		41,521,933
Total Common Stocks & Other Equity Interests (Cost $2,855,522,134)				3,595,455,455
Money Market Funds–1.44%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e)		18,279,771		18,279,771
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(e)		13,052,858		13,055,469

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

5 Invesco Discovery Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 4.50%(d)(e)		20,891,166	$	20,891,166
Total Money Market Funds (Cost $52,226,406)				52,226,406
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.73% (Cost $2,907,748,540)				3,647,681,861
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.03%
Invesco Private Government Fund, 4.58%(d)(e)(f)		273,382		273,382

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.83%(d)(e)(f)		702,842	$	702,983
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $976,385)				976,365
TOTAL INVESTMENTS IN SECURITIES–100.76% (Cost $2,908,724,925)				3,648,658,226
OTHER ASSETS LESS LIABILITIES–(0.76)%				(27,398,153	)
NET ASSETS–100.00%			$	3,621,260,073

Investment Abbreviations:
ADR	– American Depositary Receipt
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2023.

^(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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	41,276,475		$	229,486,225		$	(252,482,929)		$	-		$	-		$	18,279,771		$	574,490
Invesco Liquid Assets Portfolio, Institutional Class			27,605,645			163,918,732			(178,468,942)			(9,257)			9,291			13,055,469			404,851
Invesco Treasury Portfolio, Institutional Class			47,173,115			262,269,970			(288,551,919)			-			-			20,891,166			655,461
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			579,616			4,121,550			(4,427,784)			-			-			273,382			2,626*
Invesco Private Prime Fund			1,490,441			10,598,275			(11,385,867)			(20)			154			702,983			7,106*
Total		$	118,125,292		$	670,394,752		$	(735,317,441)		$	(9,277)		$	9,445		$	53,202,771		$	1,644,534

* 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, 2023.

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

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

6 Invesco Discovery Fund

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2023

Information Technology	23.99%
Health Care	20.27
Industrials	19.11
Consumer Discretionary	12.89
Financials	6.30
Energy	5.30
Materials	4.91
Consumer Staples	4.84
Other Sectors, Each Less than 2% of Net Assets	1.68
Money Market Funds Plus Other Assets Less Liabilities	0.71

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

7 Invesco Discovery Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 2,855,522,134)*	$	3,595,455,455
Investments in affiliated money market funds, at value (Cost $ 53,202,791)		53,202,771
Cash		1,000,000
Receivable for:
Investments sold		49,134,343
Fund shares sold		2,907,226
Dividends		1,020,744
Investment for trustee deferred compensation and retirement plans		148,094
Other assets		134,088
Total assets		3,703,002,721
Liabilities:
Payable for:
Investments purchased		71,049,117
Fund shares reacquired		7,771,044
Collateral upon return of securities loaned		976,385
Accrued fees to affiliates		1,480,069
Accrued trustees’ and officers’ fees and benefits		47,526
Accrued other operating expenses		216,263
Trustee deferred compensation and retirement plans		202,244
Total liabilities		81,742,648
Net assets applicable to shares outstanding	$	3,621,260,073
Net assets consist of:
Shares of beneficial interest	$	3,193,697,123
Distributable earnings		427,562,950
	$	3,621,260,073

Net Assets:
Class A	$	1,385,812,286
Class C	$	29,611,052
Class R	$	40,233,047
Class Y	$	1,445,785,975
Class R5	$	1,339,121
Class R6	$	718,478,592
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		18,096,691
Class C		787,242
Class R		611,126
Class Y		15,304,715
Class R5		17,227
Class R6		7,354,815
Class A:
Net asset value per share	$	76.58
Maximum offering price per share (Net asset value of $76.58 ÷ 94.50%)	$	81.04
Class C:
Net asset value and offering price per share	$	37.61
Class R:
Net asset value and offering price per share	$	65.83
Class Y:
Net asset value and offering price per share	$	94.47
Class R5:
Net asset value and offering price per share	$	77.73
Class R6:
Net asset value and offering price per share	$	97.69

* At February 28, 2023, security with a value of $966,520 was on loan to brokers.

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

8 Invesco Discovery Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Dividends	$	10,873,565
Dividends from affiliated money market funds (includes net securities lending income of $(315))		1,634,487
Total investment income		12,508,052
Expenses:
Advisory fees		10,500,977
Administrative services fees		256,114
Custodian fees		12,099
Distribution fees:
Class A		1,608,345
Class C		152,103
Class R		99,399
Transfer agent fees – A, C, R and Y		2,410,125
Transfer agent fees – R5		375
Transfer agent fees – R6		89,606
Trustees’ and officers’ fees and benefits		28,779
Registration and filing fees		134,605
Reports to shareholders		100,143
Professional services fees		32,856
Other		19,831
Total expenses		15,445,357
Less: Fees waived and/or expense offset arrangement(s)		(83,173	)
Net expenses		15,362,184
Net investment income (loss)		(2,854,132	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(82,634,904	)
Affiliated investment securities		9,445
		(82,625,459	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		135,582,587
Affiliated investment securities		(9,277	)
		135,573,310
Net realized and unrealized gain		52,947,851
Net increase in net assets resulting from operations	$	50,093,719

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

9 Invesco Discovery Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income (loss)	$	(2,854,132	)	$	(15,846,365	)
Net realized gain (loss)		(82,625,459	)		(99,418,822	)
Change in net unrealized appreciation (depreciation)		135,573,310			(1,093,338,447	)
Net increase (decrease) in net assets resulting from operations		50,093,719			(1,208,603,634	)
Distributions to shareholders from distributable earnings:
Class A		–			(354,060,785	)
Class C		–			(15,739,383	)
Class R		–			(11,989,177	)
Class Y		–			(268,868,549	)
Class R5		–			(2,650,365	)
Class R6		–			(81,370,610	)
Total distributions from distributable earnings		–			(734,678,869	)
Share transactions–net:
Class A		(57,453,593	)		220,367,991
Class C		(3,720,739	)		6,122,111
Class R		(1,709,604	)		4,679,546
Class Y		(105,602,413	)		523,205,689
Class R5		177,404			(10,267,213	)
Class R6		127,414,697			259,920,043
Net increase (decrease) in net assets resulting from share transactions		(40,894,248	)		1,004,028,167
Net increase (decrease) in net assets		9,199,471			(939,254,336	)
Net assets:
Beginning of period		3,612,060,602			4,551,314,938
End of period	$	3,621,260,073		$	3,612,060,602

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

10 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 02/28/23		$  75.57		$(0.12	)		$   1.13			$    1.01			$        –			$  76.58		1.34	%(e)		$1,385,812		1.04	%(e)(f)		1.04	%(e)(f)		(0.33	)%(e)(f)		37	%
Year ended 08/31/22		124.56		(0.49	)		(27.15	)		(27.64	)		(21.35	)		75.57		(26.13	)(e)		1,425,847		1.02	(e)		1.02	(e)		(0.54	)(e)		84
Year ended 08/31/21		101.13		(0.85	)		36.59			35.74			(12.31	)		124.56		37.24	(e)		2,090,984		1.01	(e)		1.01	(e)		(0.74	)(e)		61
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	(f)		1.08	(f)		(0.70	)(f)		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	(g)		1,208,643		1.10			1.11			(0.72	)		107
Class C
Six months ended 02/28/23		37.26		(0.20	)		0.55			0.35			–			37.61		0.94			29,611		1.80	(f)		1.80	(f)		(1.09	)(f)		37
Year ended 08/31/22		73.13		(0.63	)		(13.89	)		(14.52	)		(21.35	)		37.26		(26.68	)		33,135		1.78			1.78			(1.30	)		84
Year ended 08/31/21		64.09		(1.03	)		22.38			21.35			(12.31	)		73.13		36.20			56,388		1.78			1.78			(1.51	)		61
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	(f)		1.84	(f)		(1.47	)(f)		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	(g)		139,622		1.86			1.86			(1.48	)		107
Class R
Six months ended 02/28/23		65.06		(0.18	)		0.95			0.77			–			65.83		1.18			40,233		1.30	(f)		1.30	(f)		(0.59	)(f)		37
Year ended 08/31/22		110.57		(0.64	)		(23.52	)		(24.16	)		(21.35	)		65.06		(26.31	)		41,445		1.28			1.28			(0.80	)		84
Year ended 08/31/21		91.16		(1.03	)		32.75			31.72			(12.31	)		110.57		36.89			64,908		1.28			1.28			(1.01	)		61
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	(f)		1.33	(f)		(0.96	)(f)		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	(g)		48,470		1.37			1.37			(0.98	)		107
Class Y
Six months ended 02/28/23		93.12		(0.04	)		1.39			1.35			–			94.47		1.45			1,445,786		0.80	(f)		0.80	(f)		(0.09	)(f)		37
Year ended 08/31/22		147.99		(0.33	)		(33.19	)		(33.52	)		(21.35	)		93.12		(25.94	)		1,532,285		0.78			0.78			(0.30	)		84
Year ended 08/31/21		117.95		(0.69	)		43.04			42.35			(12.31	)		147.99		37.56			1,769,717		0.78			0.78			(0.51	)		61
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	(f)		0.84	(f)		(0.47	)(f)		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	(g)		518,827		0.87			0.87			(0.48	)		107
Class R5
Six months ended 02/28/23		76.48		0.01			1.24			1.25			–			77.73		1.63			1,339		0.69	(f)		0.69	(f)		0.02	(f)		37
Year ended 08/31/22		125.62		(0.28	)		(27.51	)		(27.79	)		(21.35	)		76.48		(26.01	)		1,139		0.71			0.71			(0.23	)		84
Year ended 08/31/21		101.62		(0.52	)		36.83			36.31			(12.31	)		125.62		37.67			15,580		0.72			0.72			(0.45	)		61
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(h)		77.56		(0.08	)		6.63			6.55			–			84.11		8.44			11		0.71	(f)		0.71	(f)		(0.34	)(f)		83
Class R6
Six months ended 02/28/23		96.23		0.03			1.43			1.46			–			97.69		1.52			718,479		0.66	(f)		0.66	(f)		0.05	(f)		37
Year ended 08/31/22		152.02		(0.19	)		(34.25	)		(34.44	)		(21.35	)		96.23		(25.85	)		578,210		0.65			0.65			(0.17	)		84
Year ended 08/31/21		120.70		(0.50	)		44.13			43.63			(12.31	)		152.02		37.78			553,738		0.63			0.63			(0.36	)		61
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	(f)		0.67	(f)		(0.30	)(f)		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	(g)		153,563		0.68			0.68			(0.30	)		107

^(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)  Does not include estimated acquired fund fees from underlying funds of 0.00% for the eleven months ended August 31, 2019 and the years ended September 30, 2019, 2018 and 2017, 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 0.24% for the six months ending February 28, 2023 and year ended August 31, 2022 and 0.23% for the years ended August 31, 2021 and 2020.

^(f)  Annualized.

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

^(h)  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.

11 Invesco Discovery Fund

Notes to Financial Statements

February 28, 2023

(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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

12 Invesco Discovery Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

13 Invesco Discovery Fund

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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 $ 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, 2023, 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. 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 Fund.

The Adviser has contractually agreed, through at least June 30, 2023, 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 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $54,264.

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, 2023, 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, 2023, 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 Plans, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $27,675 in front-end sales commissions from the sale of Class A shares and $0 and $139 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $29,734 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.

14 Invesco Discovery 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. 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 Adviser’s 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, 2023. 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	$	3,595,455,455	$	–		$–	$	3,595,455,455
Money Market Funds		52,226,406		976,365		–		53,202,771
Total Investments	$	3,647,681,861	$	976,365		$–	$	3,648,658,226

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $28,909.

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 carryforward 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, 2022.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $1,336,311,499 and $1,293,049,295, 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	$783,269,630
Aggregate unrealized (depreciation) of investments	(69,502,223	)
Net unrealized appreciation of investments	$713,767,407

Cost of investments for tax purposes is $2,934,890,819.

15 Invesco Discovery Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		485,522		$	36,142,771			1,208,272		$	116,489,369
Class C		41,994			1,540,733			85,337			3,993,568
Class R		28,997			1,846,295			101,434			8,019,432
Class Y		2,918,658			266,891,480			8,720,576			964,036,930
Class R5		4,520			342,398			19,628			2,068,656
Class R6		1,936,978			183,203,475			2,733,589			296,912,306
Issued as reinvestment of dividends:
Class A		-			-			3,477,493			341,211,448
Class C		-			-			315,765			15,355,670
Class R		-			-			141,026			11,932,191
Class Y		-			-			1,887,533			227,806,408
Class R5		-			-			26,687			2,648,184
Class R6		-			-			633,504			78,934,555
Automatic conversion of Class C shares to Class A shares:
Class A		19,625			1,460,419			53,151			4,874,729
Class C		(39,891	)		(1,460,419	)		(104,647	)		(4,874,729	)
Reacquired:
Class A		(1,275,236	)		(95,056,783	)		(2,659,455	)		(242,207,555	)
Class C		(104,107	)		(3,801,053	)		(178,287	)		(8,352,398	)
Class R		(54,930	)		(3,555,899	)		(192,450	)		(15,272,077	)
Class Y		(4,068,689	)		(372,493,893	)		(6,111,474	)		(668,637,649	)
Class R5		(2,183	)		(164,994	)		(155,453	)		(14,984,053	)
Class R6		(590,637	)		(55,788,778	)		(1,001,122	)		(115,926,818	)
Net increase (decrease) in share activity		(699,379	)	$	(40,894,248)			9,001,107		$	1,004,028,167

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

16 Invesco 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,013.40	$5.19	$1,019.64	$5.21	1.04%
Class C	1,000.00	1,009.40	8.97	1,015.87	9.00	1.80
Class R	1,000.00	1,011.80	6.48	1,018.35	6.51	1.30
Class Y	1,000.00	1,014.50	4.00	1,020.83	4.01	0.80
Class R5	1,000.00	1,016.30	3.45	1,021.37	3.46	0.69
Class R6	1,000.00	1,015.20	3.30	1,021.52	3.31	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. O-DIS-SAR-1

Semiannual Report to Shareholders February 28, 2023

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 is 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, 8/31/22 to 2/28/23, 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	4.93	%
Class C Shares	4.54
Class R Shares	4.79
Class Y Shares	5.07
Class R6 Shares	5.11
S&P 500 Index▼ (Broad Market Index)	1.26
S&P 500 Equal Weight Index▼ (Style-Specific Index)	5.23
Lipper Multi-Cap Core Funds Index∎ (Peer Group Index)	2.82
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The S&P 500® Equal Weight Index is the equally weighted version of the S&P 500® Index, 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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (7/28/97)	8.74	%
10 Years	10.74
5 Years	8.15
1 Year	-8.89
Class C Shares
Inception (7/28/97)	8.72	%
10 Years	10.72
5 Years	8.58
1 Year	-5.19
Class R Shares
Inception (3/31/08)	9.85	%
10 Years	11.09
5 Years	9.11
1 Year	-3.82
Class Y Shares
Inception (7/28/97)	9.24	%
10 Years	11.64
5 Years	9.66
1 Year	-3.33
Class R6 Shares
Inception (9/24/12)	12.20	%
10 Years	11.76
5 Years	9.78
1 Year	-3.23
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, the total return would have been lower.

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.

    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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.77%
Advertising–0.45%
Interpublic Group of Cos., Inc. (The)		389,710	$     13,850,293
Omnicom Group, Inc.		165,212	14,963,251
			28,813,544
Aerospace & Defense–1.98%
Boeing Co. (The)(b)(c)		69,656	14,039,167
General Dynamics Corp.		51,502	11,737,821
Howmet Aerospace, Inc.		334,819	14,122,666
Huntington Ingalls Industries, Inc.		54,522	11,733,134
L3Harris Technologies, Inc.		59,032	12,466,968
Lockheed Martin Corp.		25,501	12,094,104
Northrop Grumman Corp.		23,293	10,810,514
Raytheon Technologies Corp.		129,471	12,699,810
Textron, Inc.		177,425	12,868,635
TransDigm Group, Inc.		20,301	15,101,305
			127,674,124
Agricultural & Farm Machinery–0.18%
Deere & Co.		28,390	11,902,224
Agricultural Products–0.17%
Archer-Daniels-Midland Co.		138,475	11,022,610
Air Freight & Logistics–0.83%
C.H. Robinson Worldwide, Inc.		133,506	13,345,260
Expeditors International of Washington, Inc.		117,905	12,328,147
FedEx Corp.		73,830	15,003,732
United Parcel Service, Inc., Class B		71,623	13,070,481
			53,747,620
Airlines–1.07%
Alaska Air Group, Inc.(b)		285,528	13,656,804
American Airlines Group, Inc.(b)(c)		924,379	14,771,577
Delta Air Lines, Inc.(b)		369,824	14,179,052
Southwest Airlines Co.		334,731	11,240,267
United Airlines Holdings, Inc.(b)		290,417	15,090,067
			68,937,767
Alternative Carriers–0.12%
Lumen Technologies, Inc.(c)		2,317,510	7,879,534
Apparel Retail–0.38%
Ross Stores, Inc.		110,741	12,241,310
TJX Cos., Inc. (The)		162,991	12,485,111
			24,726,421
Apparel, Accessories & Luxury Goods–0.62%
Ralph Lauren Corp.(c)		116,316	13,747,388
Tapestry, Inc.		343,754	14,956,736
VF Corp.		451,174	11,198,139
			39,902,263
Application Software–2.51%
Adobe, Inc.(b)		37,602	12,181,168
ANSYS, Inc.(b)		51,301	15,575,497

	Shares		Value
Application Software–(continued)
Autodesk, Inc.(b)		65,479	$     13,010,022
Cadence Design Systems, Inc.(b)		77,736	14,998,384
Ceridian HCM Holding, Inc.(b)(c)		196,042	14,297,343
Intuit, Inc.		31,016	12,629,095
Paycom Software, Inc.(b)		39,459	11,406,019
PTC, Inc.(b)		104,985	13,157,770
Roper Technologies, Inc.		28,643	12,322,219
salesforce.com, inc.(b)		95,387	15,606,267
Synopsys, Inc.(b)		38,136	13,872,351
Tyler Technologies, Inc.(b)		38,365	12,324,756
			161,380,891
Asset Management & Custody Banks–1.65%
Ameriprise Financial, Inc.		38,687	13,264,612
Bank of New York Mellon Corp. (The)		284,570	14,478,922
BlackRock, Inc.		17,489	12,057,441
Franklin Resources, Inc.(c)		478,493	14,101,189
Invesco Ltd.(d)		693,358	12,244,702
Northern Trust Corp.		144,812	13,796,239
State Street Corp.		160,991	14,276,682
T. Rowe Price Group, Inc.(c)		106,176	11,921,441
			106,141,228
Auto Parts & Equipment–0.49%
Aptiv PLC(b)		133,981	15,579,311
BorgWarner, Inc.		314,384	15,807,227
			31,386,538
Automobile Manufacturers–0.61%
Ford Motor Co.		965,335	11,651,593
General Motors Co.(e)		332,370	12,876,014
Tesla, Inc.(b)		71,059	14,617,547
			39,145,154
Automotive Retail–0.79%
Advance Auto Parts, Inc.		87,205	12,641,237
AutoZone, Inc.(b)		5,019	12,479,944
CarMax, Inc.(b)(c)		193,655	13,369,941
O’Reilly Automotive, Inc.(b)		14,916	12,381,772
			50,872,894
Biotechnology–1.42%
AbbVie, Inc.		76,356	11,751,188
Amgen, Inc.		44,595	10,330,878
Biogen, Inc.(b)		43,460	11,728,116
Gilead Sciences, Inc.		144,630	11,647,054
Incyte Corp.(b)		154,519	11,894,873
Moderna, Inc.(b)		71,740	9,958,229
Regeneron Pharmaceuticals, Inc.(b)		16,432	12,495,221
Vertex Pharmaceuticals, Inc.(b)		39,705	11,525,964
			91,331,523
Brewers–0.20%
Molson Coors Beverage Co., Class B		242,530	12,900,171
Broadcasting–0.44%
Fox Corp., Class A		283,638	9,933,003

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
Broadcasting–(continued)
Fox Corp., Class B		130,651	$       4,213,495
Paramount Global, Class B(c)		668,934	14,328,566
			28,475,064
Building Products–1.24%
A.O. Smith Corp.		213,596	14,018,306
Allegion PLC		116,587	13,140,521
Carrier Global Corp.		295,749	13,317,577
Johnson Controls International PLC		193,449	12,133,121
Masco Corp.		257,971	13,525,420
Trane Technologies PLC		72,595	13,427,897
			79,562,842
Cable & Satellite–0.55%
Charter Communications, Inc., Class A(b)(c)		32,617	11,990,335
Comcast Corp., Class A(c)		360,225	13,389,563
DISH Network Corp., Class A(b)(c)		863,170	9,848,770
			35,228,668
Casinos & Gaming–0.92%
Caesars Entertainment, Inc.(b)		257,866	13,089,278
Las Vegas Sands Corp.(b)		264,314	15,190,126
MGM Resorts International		350,018	15,054,274
Wynn Resorts Ltd.(b)		147,118	15,943,178
			59,276,856
Commodity Chemicals–0.45%
Dow, Inc.		249,049	14,245,603
LyondellBasell Industries N.V., Class A		153,427	14,727,458
			28,973,061
Communications Equipment–0.98%
Arista Networks, Inc.(b)		99,477	13,797,460
Cisco Systems, Inc.		262,549	12,712,622
F5, Inc.(b)		85,111	12,169,171
Juniper Networks, Inc.		392,931	12,094,416
Motorola Solutions, Inc.		46,660	12,262,715
			63,036,384
Computer & Electronics Retail–0.20%
Best Buy Co., Inc.		155,520	12,925,267
Construction & Engineering–0.22%
Quanta Services, Inc.		85,886	13,862,000
Construction Machinery & Heavy Trucks–0.82%
Caterpillar, Inc.		54,366	13,023,375
Cummins, Inc.		52,362	12,728,155
PACCAR, Inc.		188,472	13,607,679
Wabtec Corp.		126,737	13,222,471
			52,581,680
Construction Materials–0.39%
Martin Marietta Materials, Inc.		34,719	12,494,326
Vulcan Materials Co.		69,735	12,615,759
			25,110,085
Consumer Electronics–0.20%
Garmin Ltd.		133,885	13,138,135
Consumer Finance–0.87%
American Express Co.		82,671	14,383,928

	Shares		Value
Consumer Finance–(continued)
Capital One Financial Corp.		134,765	$     14,700,166
Discover Financial Services		123,525	13,834,800
Synchrony Financial		362,379	12,940,554
			55,859,448
Copper–0.21%
Freeport-McMoRan, Inc.		323,957	13,272,518
Data Processing & Outsourced Services–2.19%
Automatic Data Processing, Inc.		49,468	10,874,056
Broadridge Financial Solutions, Inc.		89,530	12,604,033
Fidelity National Information Services, Inc.		181,060	11,473,772
Fiserv, Inc.(b)		126,422	14,549,908
FleetCor Technologies, Inc.(b)		69,355	14,896,761
Global Payments, Inc.		127,786	14,337,589
Jack Henry & Associates, Inc.		70,085	11,510,760
Mastercard, Inc., Class A		35,614	12,653,298
Paychex, Inc.		106,460	11,753,184
PayPal Holdings, Inc.(b)		172,939	12,728,311
Visa, Inc., Class A(c)		60,964	13,408,422
			140,790,094
Distillers & Vintners–0.37%
Brown-Forman Corp., Class B		187,326	12,151,838
Constellation Brands, Inc., Class A		52,566	11,759,014
			23,910,852
Distributors–0.61%
Genuine Parts Co.		69,807	12,346,066
LKQ Corp.		239,022	13,693,570
Pool Corp.(c)		37,544	13,397,952
			39,437,588
Diversified Banks–1.08%
Bank of America Corp.		392,931	13,477,533
Citigroup, Inc.		278,638	14,124,160
JPMorgan Chase & Co.		96,270	13,800,305
U.S. Bancorp		295,132	14,086,650
Wells Fargo & Co.		299,367	14,001,395
			69,490,043
Diversified Support Services–0.40%
Cintas Corp.		27,203	11,927,700
Copart, Inc.(b)		199,453	14,053,458
			25,981,158
Drug Retail–0.17%
Walgreens Boots Alliance, Inc.		305,853	10,866,957
Electric Utilities–3.13%
Alliant Energy Corp.		230,033	11,793,792
American Electric Power Co., Inc.		131,737	11,588,904
Constellation Energy Corp.		141,809	10,620,076
Duke Energy Corp.		126,787	11,950,943
Edison International		193,390	12,804,352
Entergy Corp.		108,866	11,199,045
Evergy, Inc.		203,929	11,993,064
Eversource Energy		151,375	11,407,620
Exelon Corp.		307,173	12,406,717
FirstEnergy Corp.		306,729	12,128,065
NextEra Energy, Inc.		150,552	10,693,709

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–(continued)
NRG Energy, Inc.		394,149	$     12,924,146
PG&E Corp.(b)(c)		818,734	12,788,625
Pinnacle West Capital Corp.		164,169	12,095,972
PPL Corp.		439,486	11,896,886
Southern Co. (The)		186,119	11,736,664
Xcel Energy, Inc.		182,176	11,763,104
			201,791,684
Electrical Components & Equipment–1.06%
AMETEK, Inc.		91,461	12,947,219
Eaton Corp. PLC		80,383	14,061,398
Emerson Electric Co.		135,080	11,172,467
Generac Holdings, Inc.(b)(c)		135,056	16,208,071
Rockwell Automation, Inc.		47,816	14,102,373
			68,491,528
Electronic Components–0.40%
Amphenol Corp., Class A		162,057	12,562,659
Corning, Inc.		385,316	13,081,478
			25,644,137
Electronic Equipment & Instruments–0.79%
Keysight Technologies, Inc.(b)		70,403	11,261,664
Teledyne Technologies, Inc.(b)		30,448	13,094,771
Trimble, Inc.(b)		221,272	11,519,420
Zebra Technologies Corp., Class A(b)		49,603	14,893,301
			50,769,156
Electronic Manufacturing Services–0.21%
TE Connectivity Ltd.		104,519	13,307,359
Environmental & Facilities Services–0.55%
Republic Services, Inc.		93,684	12,078,678
Rollins, Inc.		330,385	11,629,552
Waste Management, Inc.		76,264	11,421,297
			35,129,527
Fertilizers & Agricultural Chemicals–0.79%
CF Industries Holdings, Inc.		128,907	11,071,822
Corteva, Inc.		201,986	12,581,708
FMC Corp.		100,499	12,979,446
Mosaic Co. (The)(e)		271,803	14,457,202
			51,090,178
Financial Exchanges & Data–1.77%
Cboe Global Markets, Inc.		102,284	12,905,172
CME Group, Inc., Class A		71,146	13,187,623
FactSet Research Systems, Inc.		27,509	11,403,856
Intercontinental Exchange, Inc.		123,131	12,534,736
MarketAxess Holdings, Inc.		44,367	15,149,112
Moody’s Corp.		43,142	12,517,651
MSCI, Inc.		25,069	13,089,778
Nasdaq, Inc.		201,315	11,285,719
S&P Global, Inc.		35,802	12,215,643
			114,289,290
Food Distributors–0.18%
Sysco Corp.		154,727	11,537,992
Food Retail–0.18%
Kroger Co. (The)		273,792	11,811,387

	Shares		Value
Footwear–0.21%
NIKE, Inc., Class B		114,259	$     13,572,827
Gas Utilities–0.19%
Atmos Energy Corp.		108,125	12,197,581
General Merchandise Stores–0.60%
Dollar General Corp.		52,303	11,313,139
Dollar Tree, Inc.(b)		89,405	12,988,758
Target Corp.		83,551	14,078,344
			38,380,241
Gold–0.18%
Newmont Corp.		269,409	11,748,926
Health Care Distributors–0.75%
AmerisourceBergen Corp.		76,956	11,971,275
Cardinal Health, Inc.		164,063	12,421,210
Henry Schein, Inc.(b)		156,689	12,270,316
McKesson Corp.		33,392	11,680,855
			48,343,656
Health Care Equipment–3.13%
Abbott Laboratories		115,689	11,767,885
Baxter International, Inc.		242,901	9,703,895
Becton, Dickinson and Co.		50,072	11,744,388
Boston Scientific Corp.(b)		275,214	12,857,998
DexCom, Inc.(b)		109,249	12,127,732
Edwards Lifesciences Corp.(b)		171,911	13,828,521
GE HealthCare Technologies, Inc.(b)		198,224	15,065,024
Hologic, Inc.(b)		171,934	13,692,824
IDEXX Laboratories, Inc.(b)		29,435	13,929,819
Intuitive Surgical, Inc.(b)		47,018	10,785,459
Medtronic PLC		161,892	13,404,658
ResMed, Inc.		57,917	12,336,321
STERIS PLC		66,281	12,462,816
Stryker Corp.		50,739	13,338,268
Teleflex, Inc.		50,353	11,995,595
Zimmer Biomet Holdings, Inc.		102,276	12,668,928
			201,710,131
Health Care Facilities–0.40%
HCA Healthcare, Inc.(c)		51,969	12,651,853
Universal Health Services, Inc., Class B		98,169	13,112,433
			25,764,286
Health Care REITs–0.62%
Healthpeak Properties, Inc.		501,899	12,075,690
Ventas, Inc.		280,060	13,624,919
Welltower, Inc.		190,838	14,144,912
			39,845,521
Health Care Services–0.93%
Cigna Group (The)		37,262	10,884,230
CVS Health Corp.		125,166	10,456,368
DaVita, Inc.(b)		171,147	14,078,552
Laboratory Corp. of America Holdings		52,866	12,654,006
Quest Diagnostics, Inc.		85,476	11,826,459
			59,899,615
Health Care Supplies–0.76%
Align Technology, Inc.(b)		65,796	20,363,862
Cooper Cos., Inc. (The)		40,164	13,132,423

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 Supplies–(continued)
DENTSPLY SIRONA, Inc.(c)		413,324	$     15,735,245
			49,231,530
Home Furnishings–0.20%
Mohawk Industries, Inc.(b)		125,738	12,932,153
Home Improvement Retail–0.38%
Home Depot, Inc. (The)		38,669	11,466,905
Lowe’s Cos., Inc.		63,058	12,974,184
			24,441,089
Homebuilding–0.88%
D.R. Horton, Inc.(c)		146,448	13,543,511
Lennar Corp., Class A		143,764	13,907,729
NVR, Inc.(b)		2,654	13,730,788
PulteGroup, Inc.		284,728	15,566,080
			56,748,108
Hotel & Resort REITs–0.19%
Host Hotels & Resorts, Inc.(c)		719,227	12,083,014
Hotels, Resorts & Cruise Lines–1.55%
Booking Holdings, Inc.(b)		6,134	15,482,216
Carnival Corp.(b)(c)		1,410,422	14,978,682
Expedia Group, Inc.(b)		132,984	14,491,266
Hilton Worldwide Holdings, Inc.		92,579	13,378,591
Marriott International, Inc., Class A		78,947	13,360,990
Norwegian Cruise Line Holdings Ltd.(b)(c)		828,868	12,283,824
Royal Caribbean Cruises Ltd.(b)(c)		222,347	15,706,592
			99,682,161
Household Appliances–0.19%
Whirlpool Corp.		88,472	12,207,367
Household Products–0.96%
Church & Dwight Co., Inc.		158,980	13,319,344
Clorox Co. (The)(c)		85,516	13,292,607
Colgate-Palmolive Co.		163,579	11,990,341
Kimberly-Clark Corp.		93,415	11,681,546
Procter & Gamble Co. (The)		84,304	11,596,858
			61,880,696
Housewares & Specialties–0.21%
Newell Brands, Inc.		930,402	13,667,605
Human Resource & Employment Services–0.22%
Robert Half International, Inc.		174,265	14,049,244
Hypermarkets & Super Centers–0.39%
Costco Wholesale Corp.		25,559	12,375,157
Walmart, Inc.		87,558	12,444,618
			24,819,775
Independent Power Producers & Energy Traders–0.17%
AES Corp. (The)		446,112	11,010,044
Industrial Conglomerates–0.60%
3M Co.		98,432	10,605,064
General Electric Co.		196,791	16,670,166
Honeywell International, Inc.		60,120	11,511,777
			38,787,007

	Shares		Value
Industrial Gases–0.38%
Air Products and Chemicals, Inc.		39,417	$     11,272,474
Linde PLC (United Kingdom)		37,316	12,999,775
			24,272,249
Industrial Machinery–2.51%
Dover Corp.		92,674	13,891,833
Fortive Corp.		193,596	12,905,109
IDEX Corp.		54,092	12,169,618
Illinois Tool Works, Inc.		57,895	13,498,798
Ingersoll Rand, Inc.		238,932	13,874,781
Nordson Corp.		54,629	11,998,714
Otis Worldwide Corp.		162,161	13,722,064
Parker-Hannifin Corp.		42,931	15,105,272
Pentair PLC		282,297	15,791,694
Snap-on, Inc.		52,898	13,154,675
Stanley Black & Decker, Inc.		160,585	13,747,682
Xylem, Inc.		114,386	11,741,723
			161,601,963
Industrial REITs–0.21%
Prologis, Inc.		109,380	13,497,492
Insurance Brokers–0.95%
Aon PLC, Class A		40,608	12,346,862
Arthur J. Gallagher & Co.		66,325	12,425,989
Brown & Brown, Inc.		221,272	12,406,721
Marsh & McLennan Cos., Inc.		74,379	12,059,811
Willis Towers Watson PLC		50,693	11,880,412
			61,119,795
Integrated Oil & Gas–0.58%
Chevron Corp.		75,733	12,175,594
Exxon Mobil Corp.		122,881	13,505,851
Occidental Petroleum Corp.		203,245	11,902,027
			37,583,472
Integrated Telecommunication Services–0.40%
AT&T, Inc.		666,481	12,603,156
Verizon Communications, Inc.		340,191	13,202,812
			25,805,968
Interactive Home Entertainment–0.58%
Activision Blizzard, Inc.		165,685	12,633,481
Electronic Arts, Inc.		102,021	11,318,210
Take-Two Interactive Software, Inc.(b)		124,664	13,656,941
			37,608,632
Interactive Media & Services–0.66%
Alphabet, Inc., Class A(b)		69,443	6,254,037
Alphabet, Inc., Class C(b)		62,004	5,598,961
Match Group, Inc.(b)		286,913	11,883,936
Meta Platforms, Inc., Class A(b)		107,988	18,891,421
			42,628,355
Internet & Direct Marketing Retail–0.60%
Amazon.com, Inc.(b)		139,019	13,099,760
eBay, Inc.		291,548	13,382,053
Etsy, Inc.(b)(c)		100,356	12,184,222
			38,666,035
Internet Services & Infrastructure–0.36%
Akamai Technologies, Inc.(b)		142,924	10,376,282

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
Internet Services & Infrastructure–(continued)
VeriSign, Inc.(b)		64,365	$     12,668,963
			23,045,245
Investment Banking & Brokerage–0.78%
Charles Schwab Corp. (The)		159,397	12,420,214
Goldman Sachs Group, Inc. (The)		34,505	12,133,683
Morgan Stanley		142,205	13,722,783
Raymond James Financial, Inc.		112,137	12,162,379
			50,439,059
IT Consulting & Other Services–1.13%
Accenture PLC, Class A		43,012	11,421,837
Cognizant Technology Solutions Corp., Class A		218,086	13,658,726
DXC Technology Co.(b)		483,402	13,409,571
EPAM Systems, Inc.(b)		35,998	11,074,785
Gartner, Inc.(b)		36,073	11,825,090
International Business Machines Corp.		86,523	11,187,424
			72,577,433
Leisure Products–0.18%
Hasbro, Inc.		213,870	11,764,989
Life & Health Insurance–1.19%
Aflac, Inc.		181,863	12,393,963
Globe Life, Inc.(c)		109,192	13,287,575
Lincoln National Corp.		401,868	12,747,253
MetLife, Inc.		176,245	12,642,054
Principal Financial Group, Inc.(c)		144,466	12,938,375
Prudential Financial, Inc.		125,512	12,551,200
			76,560,420
Life Sciences Tools & Services–2.33%
Agilent Technologies, Inc.		83,184	11,809,633
Bio-Rad Laboratories, Inc., Class A(b)		29,729	14,205,705
Bio-Techne Corp.		157,600	11,448,064
Charles River Laboratories International, Inc.(b)(c)		59,497	13,050,072
Danaher Corp.		46,009	11,388,608
Illumina, Inc.(b)		61,877	12,325,898
IQVIA Holdings, Inc.(b)		61,013	12,719,380
Mettler-Toledo International, Inc.(b)		8,473	12,147,825
PerkinElmer, Inc.		91,435	11,390,058
Thermo Fisher Scientific, Inc.		22,048	11,944,725
Waters Corp.(b)		36,826	11,448,835
West Pharmaceutical Services, Inc.(c)		52,008	16,488,096
			150,366,899
Managed Health Care–0.83%
Centene Corp.(b)		147,514	10,089,958
Elevance Health, Inc.		23,443	11,010,474
Humana, Inc.		23,076	11,423,081
Molina Healthcare, Inc.(b)		36,203	9,967,772
UnitedHealth Group, Inc.		22,823	10,862,379
			53,353,664
Metal & Glass Containers–0.21%
Ball Corp.		237,549	13,352,629
Movies & Entertainment–0.88%
Live Nation Entertainment, Inc.(b)		177,277	12,774,581
Netflix, Inc.(b)		38,850	12,514,750

	Shares		Value
Movies & Entertainment–(continued)
Walt Disney Co. (The)(b)		136,251	$     13,571,962
Warner Bros Discovery, Inc.(b)		1,128,122	17,621,266
			56,482,559
Multi-line Insurance–0.59%
American International Group, Inc.		203,537	12,438,146
Assurant, Inc.		97,600	12,433,264
Hartford Financial Services Group, Inc. (The)		170,460	13,343,609
			38,215,019
Multi-Sector Holdings–0.19%
Berkshire Hathaway, Inc., Class B(b)		40,484	12,354,907
Multi-Utilities–1.87%
Ameren Corp.		143,586	11,875,998
CenterPoint Energy, Inc.		417,837	11,624,225
CMS Energy Corp.		204,486	12,058,539
Consolidated Edison, Inc.		131,805	11,776,777
Dominion Energy, Inc.		218,311	12,142,458
DTE Energy Co.		108,568	11,910,995
NiSource, Inc.		464,517	12,741,701
Public Service Enterprise Group, Inc.(c)		212,869	12,863,674
Sempra Energy		78,952	11,839,642
WEC Energy Group, Inc.		132,907	11,783,535
			120,617,544
Office REITs–0.39%
Alexandria Real Estate Equities, Inc.(c)		85,241	12,767,397
Boston Properties, Inc.		191,009	12,507,269
			25,274,666
Oil & Gas Equipment & Services–0.65%
Baker Hughes Co., Class A		459,336	14,055,682
Halliburton Co.		379,005	13,731,351
Schlumberger Ltd.		266,260	14,167,694
			41,954,727
Oil & Gas Exploration & Production–1.91%
APA Corp.		303,945	11,665,409
ConocoPhillips		115,644	11,951,807
Coterra Energy, Inc.(c)		519,736	12,977,808
Devon Energy Corp.		213,404	11,506,744
Diamondback Energy, Inc.		98,172	13,801,020
EOG Resources, Inc.		104,571	11,818,615
EQT Corp.		356,690	11,834,974
Hess Corp.		96,720	13,028,184
Marathon Oil Corp.		486,173	12,227,251
Pioneer Natural Resources Co.		59,454	11,915,176
			122,726,988
Oil & Gas Refining & Marketing–0.65%
Marathon Petroleum Corp.		117,130	14,477,268
Phillips 66		129,828	13,315,159
Valero Energy Corp.		108,853	14,339,206
			42,131,633
Oil & Gas Storage & Transportation–0.79%
Kinder Morgan, Inc.		729,119	12,438,770
ONEOK, Inc.		200,206	13,103,483
Targa Resources Corp.		185,414	13,739,177

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 Storage & Transportation–(continued)
Williams Cos., Inc. (The)		390,400	$     11,751,040
			51,032,470
Packaged Foods & Meats–2.28%
Campbell Soup Co.		228,587	12,005,389
Conagra Brands, Inc.		334,643	12,184,352
General Mills, Inc.		148,219	11,784,893
Hershey Co. (The)		52,496	12,510,847
Hormel Foods Corp.		270,590	12,008,784
JM Smucker Co. (The)		82,254	12,164,544
Kellogg Co.		175,880	11,597,527
Kraft Heinz Co. (The)		318,556	12,404,571
Lamb Weston Holdings, Inc.		148,669	14,962,048
McCormick & Co., Inc.		149,192	11,087,949
Mondelez International, Inc., Class A		189,728	12,366,471
Tyson Foods, Inc., Class A		199,578	11,823,001
			146,900,376
Paper Packaging–1.14%
Amcor PLC		1,028,547	11,458,014
Avery Dennison Corp.		71,586	13,042,253
International Paper Co.		352,636	12,832,424
Packaging Corp. of America(c)		94,168	12,874,649
Sealed Air Corp.		250,553	12,181,887
WestRock Co.		354,602	11,134,503
			73,523,730
Personal Products–0.19%
Estee Lauder Cos., Inc. (The), Class A		51,180	12,439,299
Pharmaceuticals–1.76%
Bristol-Myers Squibb Co.		161,400	11,130,144
Catalent, Inc.(b)		284,761	19,426,395
Eli Lilly and Co.		34,302	10,675,469
Johnson & Johnson		72,397	11,095,564
Merck & Co., Inc.		116,962	12,426,043
Organon & Co.		462,203	11,319,352
Pfizer, Inc.		246,000	9,980,220
Viatris, Inc.		1,180,253	13,454,884
Zoetis, Inc.		82,946	13,851,982
			113,360,053
Property & Casualty Insurance–1.65%
Allstate Corp. (The)		98,975	12,746,001
Arch Capital Group Ltd.(b)		211,911	14,833,770
Chubb Ltd.		58,543	12,353,744
Cincinnati Financial Corp.		120,132	14,499,932
Loews Corp.		225,268	13,761,622
Progressive Corp. (The)		98,339	14,113,613
Travelers Cos., Inc. (The)		68,533	12,686,829
W.R. Berkley Corp.		172,962	11,448,355
			106,443,866
Publishing–0.19%
News Corp., Class A		537,143	9,212,003
News Corp., Class B(c)		165,628	2,858,739
			12,070,742
Railroads–0.57%
CSX Corp.		404,937	12,346,529
Norfolk Southern Corp.		52,133	11,720,541

	Shares		Value
Railroads–(continued)
Union Pacific Corp.		60,200	$     12,478,256
			36,545,326
Real Estate Services–0.22%
CBRE Group, Inc., Class A(b)		167,763	14,283,342
Regional Banks–2.74%
Citizens Financial Group, Inc.		319,516	13,342,988
Comerica, Inc.		192,950	13,525,795
Fifth Third Bancorp		386,839	14,042,256
First Republic Bank		106,882	13,147,555
Huntington Bancshares, Inc.(c)		874,442	13,396,451
KeyCorp		730,375	13,358,559
M&T Bank Corp.		84,047	13,051,658
PNC Financial Services Group, Inc. (The)		82,575	13,040,244
Regions Financial Corp.		577,799	13,474,273
Signature Bank		107,313	12,346,361
SVB Financial Group(b)		56,329	16,228,948
Truist Financial Corp.		297,058	13,946,873
Zions Bancorporation N.A.		267,911	13,561,655
			176,463,616
Reinsurance–0.22%
Everest Re Group Ltd.		37,351	14,341,663
Research & Consulting Services–0.93%
CoStar Group, Inc.(b)		157,660	11,140,256
Equifax, Inc.		64,437	13,050,426
Jacobs Solutions, Inc.		104,838	12,528,141
Leidos Holdings, Inc.		119,074	11,558,513
Verisk Analytics, Inc.		69,711	11,928,249
			60,205,585
Residential REITs–1.41%
AvalonBay Communities, Inc.		75,027	12,943,658
Camden Property Trust		109,682	12,587,106
Equity Residential		202,824	12,680,557
Essex Property Trust, Inc.		59,235	13,509,134
Invitation Homes, Inc.		402,758	12,590,215
Mid-America Apartment Communities, Inc.		78,713	12,601,951
UDR, Inc.		318,956	13,664,075
			90,576,696
Restaurants–1.12%
Chipotle Mexican Grill, Inc.(b)		8,053	12,007,667
Darden Restaurants, Inc.		89,242	12,760,714
Domino’s Pizza, Inc.		34,118	10,031,033
McDonald’s Corp.		45,571	12,026,643
Starbucks Corp.		124,994	12,760,637
Yum! Brands, Inc.		99,625	12,668,315
			72,255,009
Retail REITs–0.98%
Federal Realty Investment Trust		118,190	12,620,328
Kimco Realty Corp.		586,049	12,078,470
Realty Income Corp.		197,411	12,624,434
Regency Centers Corp.		193,566	12,175,301
Simon Property Group, Inc.		108,977	13,305,002
			62,803,535

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
Semiconductor Equipment–1.15%
Applied Materials, Inc.		118,531	$     13,767,376
Enphase Energy, Inc.(b)		39,816	8,382,463
KLA Corp.		31,419	11,919,740
Lam Research Corp.		27,435	13,333,684
SolarEdge Technologies, Inc.(b)(c)		39,340	12,506,973
Teradyne, Inc.		137,681	13,925,056
			73,835,292
Semiconductors–3.23%
Advanced Micro Devices, Inc.(b)		185,495	14,576,197
Analog Devices, Inc.		75,428	13,838,775
Broadcom, Inc.		22,686	13,482,063
First Solar, Inc.(b)		84,281	14,255,288
Intel Corp.		450,535	11,231,838
Microchip Technology, Inc.		167,674	13,586,624
Micron Technology, Inc.		231,877	13,407,128
Monolithic Power Systems, Inc.		32,197	15,592,685
NVIDIA Corp.		73,508	17,065,617
NXP Semiconductors N.V. (China)		74,965	13,379,753
ON Semiconductor Corp.(b)		180,393	13,964,222
Qorvo, Inc.(b)		130,359	13,151,920
QUALCOMM, Inc.		106,872	13,201,898
Skyworks Solutions, Inc.		132,221	14,751,897
Texas Instruments, Inc.		73,012	12,517,908
			208,003,813
Soft Drinks–0.75%
Coca-Cola Co. (The)		201,506	11,991,622
Keurig Dr Pepper, Inc.		335,438	11,589,383
Monster Beverage Corp.(b)		127,180	12,941,837
PepsiCo, Inc.		69,487	12,058,079
			48,580,921
Specialized REITs–1.91%
American Tower Corp.		59,499	11,781,397
Crown Castle, Inc.		90,996	11,897,727
Digital Realty Trust, Inc.(c)		118,952	12,398,367
Equinix, Inc.		18,282	12,582,952
Extra Space Storage, Inc.		81,256	13,378,800
Iron Mountain, Inc.(c)		233,839	12,335,007
Public Storage		41,649	12,450,969
SBA Communications Corp., Class A		43,013	11,155,422
VICI Properties, Inc.		374,982	12,573,147
Weyerhaeuser Co.		404,165	12,630,156
			123,183,944
Specialty Chemicals–1.58%
Albemarle Corp.		49,018	12,465,768
Celanese Corp.		122,204	14,203,771
DuPont de Nemours, Inc.		184,688	13,487,765
Eastman Chemical Co.(c)		149,385	12,727,602
Ecolab, Inc.		84,623	13,486,367
International Flavors & Fragrances, Inc.		118,619	11,055,291
PPG Industries, Inc.		97,563	12,884,170
Sherwin-Williams Co. (The)		50,313	11,136,782
			101,447,516
Specialty Stores–0.61%
Bath & Body Works, Inc.		300,712	12,290,099
Tractor Supply Co.		58,277	13,593,693

	Shares		Value
Specialty Stores–(continued)
Ulta Beauty, Inc.(b)		26,211	$     13,598,267
			39,482,059
Steel–0.46%
Nucor Corp.(c)		86,511	14,485,402
Steel Dynamics, Inc.		119,438	15,062,326
			29,547,728
Systems Software–1.02%
Fortinet, Inc.(b)(c)		244,066	14,507,283
Gen Digital, Inc.		561,232	10,949,636
Microsoft Corp.		50,264	12,536,847
Oracle Corp.		159,317	13,924,306
ServiceNow, Inc.(b)		31,596	13,654,843
			65,572,915
Technology Distributors–0.22%
CDW Corp.		68,596	13,885,202
Technology Hardware, Storage & Peripherals–1.24%
Apple, Inc.		87,738	12,933,459
Hewlett Packard Enterprise Co.		787,810	12,297,714
HP, Inc.		451,014	13,313,933
NetApp, Inc.		197,902	12,774,574
Seagate Technology Holdings PLC		230,888	14,906,129
Western Digital Corp.(b)		350,059	13,470,271
			79,696,080
Tobacco–0.38%
Altria Group, Inc.		272,386	12,646,882
Philip Morris International, Inc. (Switzerland)		124,627	12,126,207
			24,773,089
Trading Companies & Distributors–0.67%
Fastenal Co.		249,669	12,872,934
United Rentals, Inc.		35,274	16,526,927
W.W. Grainger, Inc.		20,983	14,025,667
			43,425,528
Trucking–0.42%
J.B. Hunt Transport Services, Inc.		71,487	12,924,135
Old Dominion Freight Line, Inc.		42,542	14,432,799
			27,356,934
Water Utilities–0.18%
American Water Works Co., Inc.		81,485	11,438,864
Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.(b)		89,872	12,778,001
Total Common Stocks & Other Equity Interests (Cost $3,493,922,676)			6,426,663,557
Money Market Funds–0.14%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(f)		3,305,718	3,305,718
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(f)		2,360,709	2,361,181

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 Treasury Portfolio, Institutional Class, 4.50%(d)(f)		3,777,963	$	3,777,963
Total Money Market Funds (Cost $9,444,862)				9,444,862
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $3,503,367,538)				6,436,108,419
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.81%
Invesco Private Government Fund, 4.58%(d)(f)(g)		50,626,741		50,626,741

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.83%(d)(f)(g)		130,195,245	$	130,221,280
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $180,857,680)				180,848,021
TOTAL INVESTMENTS IN SECURITIES–102.72% (Cost $3,684,225,218)				6,616,956,440
OTHER ASSETS LESS LIABILITIES—(2.72)%				(175,526,980	)
NET ASSETS–100.00%			$	6,441,429,460

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

^(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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value February 28, 2023		Dividend Income
Invesco Ltd.		$  11,939,169		$          244,699		$         (859,069)			$1,288,390		$(368,487)		$  12,244,702		$   268,775
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		12,303,927		171,577,931		(180,576,140	)		-		-		3,305,718		165,340
Invesco Liquid Assets Portfolio, Institutional Class		8,934,612		122,555,665		(129,130,257	)		(4,092)		5,253		2,361,181		121,156
Invesco Treasury Portfolio, Institutional Class		14,061,631		196,089,064		(206,372,732	)		-		-		3,777,963		188,740
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		69,150,158		594,139,746		(612,663,163	)		-		-		50,626,741		1,690,034*
Invesco Private Prime Fund		192,849,474		1,404,434,470		(1,467,068,834	)		(18,891)		25,061		130,221,280		4,644,286*
Total		$309,238,971		$2,489,041,575		$(2,596,670,195	)		$1,265,407		$(338,173)		$202,537,585		$  7,078,331

* 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)  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, 2023.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Equity Risk
CME E-Mini Standard & Poor’s MidCap 400 Index		25		March-2023		$6,508,000		$  (47,635)		$  (47,635)
E-Mini S&P 500 Index		36		March-2023		7,155,900		(90,381)		(90,381)
Total Futures Contracts								$(138,016)		$(138,016)

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, 2023

Information Technology	15.39	%
Industrials	14.28
Financials	13.69
Health Care	12.32
Consumer Discretionary	11.56
Consumer Staples	6.23
Real Estate	5.92
Materials	5.78
Utilities	5.54
Energy	4.59
Communication Services	4.47
Money Market Funds Plus Other Assets Less Liabilities	0.23

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 3,485,953,751)*	$	6,414,418,855
Investments in affiliates, at value (Cost $ 198,271,467)		202,537,585
Receivable for:
Fund shares sold		3,775,576
Dividends		10,581,838
Investment for trustee deferred compensation and retirement plans		168,436
Other assets		382,453
Total assets		6,631,864,743
Liabilities:
Other investments:
Variation margin payable - futures contracts		33,927
Payable for:
Fund shares reacquired		4,713,453
Collateral upon return of securities loaned		180,857,680
Accrued fees to affiliates		2,921,389
Accrued trustees’ and officers’ fees and benefits		4,237
Accrued other operating expenses		1,652,704
Trustee deferred compensation and retirement plans		251,893
Total liabilities		190,435,283
Net assets applicable to shares outstanding	$	6,441,429,460
Net assets consist of:
Shares of beneficial interest	$	3,461,156,004
Distributable earnings		2,980,273,456
	$	6,441,429,460

Net Assets:
Class A	$	2,789,299,275
Class C	$	616,979,321
Class R	$	165,542,386
Class Y	$	2,294,686,129
Class R6	$	574,922,349
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		42,106,903
Class C		9,931,727
Class R		2,521,598
Class Y		34,118,547
Class R6		8,527,679
Class A:
Net asset value per share	$	66.24
Maximum offering price per share (Net asset value of $66.24 ÷ 94.50%)	$	70.10
Class C:
Net asset value and offering price per share	$	62.12
Class R:
Net asset value and offering price per share	$	65.65
Class Y:
Net asset value and offering price per share	$	67.26
Class R6:
Net asset value and offering price per share	$	67.42

* At February 28, 2023, securities with an aggregate value of $175,039,683 were on loan to brokers.

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, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $18,699)	$	62,166,261
Dividends from affiliates (includes net securities lending income of $304,817)		1,048,828
Total investment income		63,215,089
Expenses:
Advisory fees		3,349,404
Administrative services fees		426,202
Custodian fees		21,354
Distribution fees:
Class A		3,345,914
Class C		3,260,695
Class R		383,443
Transfer agent fees – A, C, R and Y		3,703,683
Transfer agent fees – R6		81,451
Trustees’ and officers’ fees and benefits		25,862
Registration and filing fees		107,068
Licensing fees		712,123
Reports to shareholders		128,749
Professional services fees		46,053
Other		28,883
Total expenses		15,620,884
Less: Fees waived and/or expense offset arrangement(s)		(30,896	)
Net expenses		15,589,988
Net investment income		47,625,101
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		95,453,393
Affiliated investment securities		(338,173	)
Futures contracts		2,166,719
		97,281,939
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		165,254,962
Affiliated investment securities		1,265,407
Futures contracts		(414,913	)
		166,105,456
Net realized and unrealized gain		263,387,395
Net increase in net assets resulting from operations	$	311,012,496

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	47,625,101		$	85,151,233
Net realized gain		97,281,939			646,429,618
Change in net unrealized appreciation (depreciation)		166,105,456			(1,346,080,060	)
Net increase (decrease) in net assets resulting from operations		311,012,496			(614,499,209	)
Distributions to shareholders from distributable earnings:
Class A		(209,942,232	)		(277,149,514	)
Class C		(52,192,213	)		(81,017,860	)
Class R		(12,121,490	)		(13,741,102	)
Class Y		(178,908,251	)		(248,365,021	)
Class R6		(43,715,271	)		(60,065,331	)
Total distributions from distributable earnings		(496,879,457	)		(680,338,828	)
Share transactions–net:
Class A		198,318,944			236,948,870
Class C		(49,443,628	)		(96,841,788	)
Class R		23,245,475			27,584,873
Class Y		108,743,062			39,955,023
Class R6		29,561,784			(241,730,990	)
Net increase (decrease) in net assets resulting from share transactions		310,425,637			(34,084,012	)
Net increase (decrease) in net assets		124,558,676			(1,328,922,049	)
Net assets:
Beginning of period		6,316,870,784			7,645,792,833
End of period	$	6,441,429,460		$	6,316,870,784

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 02/28/23		$68.51		$0.49		$  2.66			$  3.15			$(0.87	)		$(4.55	)		$(5.42	)		$66.24		4.92	%		$2,789,299		0.53	%(d)		0.53	%(d)		1.48	%(d)		10	%
Year ended 08/31/22		82.72		0.90		(7.40	)		(6.50	)		(0.93	)		(6.78	)		(7.71	)		68.51		(8.85	)		2,670,328		0.53			0.53			1.18			24
Year ended 08/31/21		62.02		0.82		24.05			24.87			(0.99	)		(3.18	)		(4.17	)		82.72		41.81			2,971,521		0.52			0.52			1.13			23
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
Class C
Six months ended 02/28/23		64.65		0.23		2.50			2.73			(0.71	)		(4.55	)		(5.26	)		62.12		4.53			616,979		1.28	(d)		1.28	(d)		0.73	(d)		10
Year ended 08/31/22		78.47		0.31		(7.00	)		(6.69	)		(0.35	)		(6.78	)		(7.13	)		64.65		(9.53	)		689,583		1.28			1.28			0.43			24
Year ended 08/31/21		58.96		0.30		22.86			23.16			(0.47	)		(3.18	)		(3.65	)		78.47		40.82	(f)		945,674		1.21	(f)		1.21	(f)		0.44	(f)		23
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
Class R
Six months ended 02/28/23		67.97		0.40		2.65			3.05			(0.82	)		(4.55	)		(5.37	)		65.65		4.79			165,542		0.78	(d)		0.78	(d)		1.23	(d)		10
Year ended 08/31/22		82.12		0.70		(7.34	)		(6.64	)		(0.73	)		(6.78	)		(7.51	)		67.97		(9.08	)		146,993		0.78			0.78			0.93			24
Year ended 08/31/21		61.60		0.63		23.88			24.51			(0.81	)		(3.18	)		(3.99	)		82.12		41.44			147,581		0.77			0.77			0.88			23
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
Class Y
Six months ended 02/28/23		69.44		0.58		2.72			3.30			(0.93	)		(4.55	)		(5.48	)		67.26		5.07			2,294,686		0.28	(d)		0.28	(d)		1.73	(d)		10
Year ended 08/31/22		83.74		1.10		(7.50	)		(6.40	)		(1.12	)		(6.78	)		(7.90	)		69.44		(8.64	)		2,248,749		0.28			0.28			1.43			24
Year ended 08/31/21		62.74		1.01		24.32			25.33			(1.15	)		(3.18	)		(4.33	)		83.74		42.15			2,671,007		0.27			0.27			1.38			23
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
Class R6
Six months ended 02/28/23		69.59		0.62		2.71			3.33			(0.95	)		(4.55	)		(5.50	)		67.42		5.11			574,922		0.18	(d)		0.18	(d)		1.83	(d)		10
Year ended 08/31/22		83.90		1.18		(7.51	)		(6.33	)		(1.20	)		(6.78	)		(7.98	)		69.59		(8.54	)		561,218		0.19			0.19			1.52			24
Year ended 08/31/21		62.86		1.09		24.36			25.45			(1.23	)		(3.18	)		(4.41	)		83.90		42.30			910,010		0.16			0.16			1.49			23
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

^(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)  Annualized.

^(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 0.93% and 0.94% for the years ended August 31, 2021 and 2018, 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, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

17 Invesco Equally-Weighted S&P 500 Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

18 Invesco Equally-Weighted S&P 500 Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $13,973 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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

K. Collateral – To the extent the Fund has 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.

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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, 2023, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $18,982.

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, 2023, 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, 2023, 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

19 Invesco Equally-Weighted S&P 500 Fund

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. 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 Plan 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $236,261 in front-end sales commissions from the sale of Class A shares and $3,142 and $15,552 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $105,284 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. 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 Adviser’s 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, 2023. 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		$6,426,663,557			$                  –	$–		$6,426,663,557
Money Market Funds		9,444,862			180,848,021	–		190,292,883
Total Investments in Securities		6,436,108,419			180,848,021	–		6,616,956,440
Other Investments - Liabilities*
Futures Contracts		(138,016	)		–	–		(138,016	)
Total Investments		$6,435,970,403			$180,848,021	$–		$6,616,818,424

* 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, 2023:

	Value
Derivative Liabilities	Equity Risk
Unrealized depreciation on futures contracts –Exchange-Traded(a)	$	(138,016	)
Derivatives not subject to master netting agreements		138,016
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.

20 Invesco Equally-Weighted S&P 500 Fund

Effect of Derivative Investments for the six months ended February 28, 2023

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

	Location of Gain (Loss) on Statement of Operations
	Equity Risk
Realized Gain:
Futures contracts		$	2,166,719
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts			(414,913)
Total		$	1,751,806

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

	Futures
	Contracts
Average notional value	$	30,901,010

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $11,914.

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 carryforward 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, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $654,747,837 and $768,676,893, 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	$3,015,237,537
Aggregate unrealized (depreciation) of investments	(129,931,658	)
Net unrealized appreciation of investments	$2,885,305,879

Cost of investments for tax purposes is $ 3,731,512,545.

21 Invesco Equally-Weighted S&P 500 Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		1,889,948		$	126,341,011			3,615,028		$	274,289,380
Class C		404,504			25,577,768			766,506			55,091,421
Class R		378,395			25,165,574			594,426			44,284,491
Class Y		4,380,435			298,677,858			6,133,992			468,254,247
Class R6		621,473			42,661,056			1,634,835			125,913,809
Issued as reinvestment of dividends:
Class A		2,911,317			185,392,658			3,207,507			246,176,187
Class C		798,903			47,782,412			1,022,234			74,428,870
Class R		190,686			12,039,940			180,083			13,736,685
Class Y		2,129,933			137,636,274			2,427,964			188,555,664
Class R6		641,704			41,563,154			727,726			56,595,240
Automatic conversion of Class C shares to Class A shares:
Class A		1,154,230			77,905,427			1,572,192			118,007,098
Class C		(1,227,714	)		(77,905,427	)		(1,661,097	)		(118,007,098	)
Reacquired:
Class A		(2,828,547	)		(191,320,152	)		(5,336,814	)		(401,523,795	)
Class C		(711,166	)		(44,898,381	)		(1,511,113	)		(108,354,981	)
Class R		(210,189	)		(13,960,039	)		(408,831	)		(30,436,303	)
Class Y		(4,774,333	)		(327,571,070	)		(8,074,992	)		(616,854,888	)
Class R6		(800,558	)		(54,662,426	)		(5,143,568	)		(424,240,039	)
Net increase (decrease) in share activity		4,949,021		$	310,425,637			(253,922	)	$	(34,084,012	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value       (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,049.30	$2.69	$1,022.17	$2.66	0.53%
Class C	1,000.00	1,045.40	6.49	1,018.45	6.41	1.28
Class R	1,000.00	1,047.90	3.96	1,020.93	3.91	0.78
Class Y	1,000.00	1,050.70	1.42	1,023.41	1.40	0.28
Class R6	1,000.00	1,051.10	0.92	1,023.90	0.90	0.18

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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 number(s): 811-09913 and 333-36074                  Invesco Distributors, Inc. MS-EWSP-SAR-1                                         

Semiannual Report to Shareholders	February 28, 2023
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
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
25	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.01	%
Class C Shares	2.55
Class R Shares	2.76
Class Y Shares	3.15
Class R5 Shares	3.07
Class R6 Shares	3.11
Russell 1000 Value Index▼ (Broad Market Index)	4.07
Bloomberg U.S. Government/Credit Index▼ (Style-Specific Index)	-2.02
Lipper Mixed-Asset Target Allocation Growth Funds Index∎ (Peer Group Index)	1.57
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 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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (8/3/60)	9.78	%
10 Years	7.14
5 Years	4.51
1 Year	-10.76
Class C Shares
Inception (7/6/93)	8.68	%
10 Years	7.11
5 Years	4.91
1 Year	-7.15
Class R Shares
Inception (10/1/02)	7.54	%
10 Years	7.47
5 Years	5.42
1 Year	-5.74
Class Y Shares
Inception (12/22/04)	7.02	%
10 Years	8.02
5 Years	5.97
1 Year	-5.28
Class R5 Shares
Inception (6/1/10)	8.97	%
10 Years	8.08
5 Years	6.03
1 Year	-5.24
Class R6 Shares
Inception (9/24/12)	8.45	%
10 Years	8.16
5 Years	6.10
1 Year	-5.27

Effective June 1, 2010, Class A, Class C, Class I and Class R shares of the predecessor fund, VanKampen Equity and Income Fund, advised by VanKampen Asset Management were reorganized into Class A, Class C, Class Y and Class R shares, respectively, of Invesco VanKampen 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.

    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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–64.33%
Aerospace & Defense–1.93%
Raytheon Technologies Corp.		1,300,237	$	127,540,247
Textron, Inc.		1,400,857		101,604,158
				229,144,405
Apparel Retail–1.16%
TJX Cos., Inc. (The)		1,793,701		137,397,497
Application Software–1.05%
salesforce.com, inc.(b)		323,373		52,907,056
Splunk, Inc.(b)		705,130		72,275,825
				125,182,881
Asset Management & Custody Banks–0.92%
KKR & Co., Inc., Class A		1,946,507		109,685,669
Automobile Manufacturers–1.70%
General Motors Co.		5,207,750		201,748,235
Building Products–1.28%
Johnson Controls International PLC		2,425,409		152,121,652
Cable & Satellite–1.57%
Charter Communications, Inc.,
Class A(b)(c)		234,750		86,296,448
Comcast Corp., Class A(c)		2,681,585		99,674,514
				185,970,962
Casinos & Gaming–0.96%
Las Vegas Sands Corp.(b)		1,976,631		113,596,984
Communications Equipment–1.11%
Cisco Systems, Inc.		2,718,678		131,638,389
Consumer Finance–0.77%
American Express Co.		526,906		91,676,375
Data Processing & Outsourced Services–1.47%
Fiserv, Inc.(b)		807,420		92,925,968
PayPal Holdings, Inc.(b)		1,117,952		82,281,267
				175,207,235
Distillers & Vintners–0.86%
Diageo PLC (United Kingdom)		2,389,920		101,628,754
Diversified Banks–4.59%
Bank of America Corp.		6,449,917		221,232,153
Wells Fargo & Co.		6,923,420		323,808,353
				545,040,506
Electric Utilities–0.88%
American Electric Power Co., Inc.		705,669		62,077,702
Exelon Corp.		1,052,364		42,504,982
				104,582,684
Electrical Components & Equipment–0.57%
Emerson Electric Co.		820,822		67,890,188

	Shares		Value
Electronic Manufacturing Services–0.62%
TE Connectivity Ltd.		574,859	$	73,191,048
Fertilizers & Agricultural Chemicals–0.71%
Corteva, Inc.		1,354,071		84,345,083
Food Distributors–1.47%
Sysco Corp.		1,196,477		89,221,290
US Foods Holding Corp.(b)		2,262,205		84,900,553
				174,121,843
Gold–0.49%
Barrick Gold Corp. (Canada)		3,626,950		58,466,434
Health Care Distributors–0.70%
McKesson Corp.		237,162		82,961,639
Health Care Equipment–1.72%
Medtronic PLC		1,522,554		126,067,471
Zimmer Biomet Holdings, Inc.		628,238		77,819,841
				203,887,312
Health Care Facilities–0.67%
Universal Health Services, Inc., Class B		593,694		79,299,708
Health Care Services–1.76%
Cigna Group (The)		482,977		141,077,582
CVS Health Corp.		815,680		68,141,907
				209,219,489
Hotels, Resorts & Cruise Lines–0.86%
Booking Holdings, Inc.(b)		40,563		102,381,012
Industrial Machinery–1.60%
Parker-Hannifin Corp.		533,034		187,548,013
Stanley Black & Decker, Inc.		23,559		2,016,886
				189,564,899
Insurance Brokers–0.96%
Willis Towers Watson PLC		488,025		114,373,539
Integrated Oil & Gas–2.65%
Chevron Corp.		718,568		115,524,177
Exxon Mobil Corp.		1,812,734		199,237,594
				314,761,771
Interactive Media & Services–0.67%
Meta Platforms, Inc., Class A(b)		453,667		79,364,505
Internet & Direct Marketing Retail–0.79%
Amazon.com, Inc.(b)		999,920		94,222,462
Investment Banking & Brokerage–3.05%
Charles Schwab Corp. (The)		1,387,424		108,108,078
Goldman Sachs Group, Inc. (The)		386,079		135,764,680
Morgan Stanley		1,227,013		118,406,755
				362,279,513

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

4 Invesco Equity and Income Fund

	Shares		Value
IT Consulting & Other Services–0.87%
Cognizant Technology Solutions Corp., Class A		1,647,008	$	103,152,111
Managed Health Care–1.13%
Centene Corp.(b)		1,173,545		80,270,478
Elevance Health, Inc.		113,685		53,394,434
				133,664,912
Movies & Entertainment–0.91%
Walt Disney Co. (The)(b)		1,083,434		107,920,861
Multi-line Insurance–1.67%
American International Group, Inc.		3,238,055		197,877,541
Oil & Gas Exploration & Production–3.55%
ConocoPhillips		2,352,151		243,094,806
Devon Energy Corp.		1,493,218		80,514,314
Pioneer Natural Resources Co.		491,056		98,412,533
				422,021,653
Oil & Gas Refining & Marketing–0.55%
Phillips 66		636,036		65,231,852
Pharmaceuticals–5.30%
Bristol-Myers Squibb Co.		1,967,286		135,664,042
GSK PLC		3,191,565		54,290,565
Johnson & Johnson		859,990		131,802,067
Merck & Co., Inc.		1,761,445		187,135,917
Sanofi		1,291,457		120,928,178
				629,820,769
Railroads–1.02%
CSX Corp.		3,965,009		120,893,124
Real Estate Services–1.64%
CBRE Group, Inc., Class A(b)		2,284,879		194,534,598
Regional Banks–2.01%
Citizens Financial Group, Inc.		3,694,377		154,277,184
PNC Financial Services Group, Inc. (The)		531,124		83,875,102
				238,152,286
Semiconductor Equipment–0.73%
Lam Research Corp.		178,155		86,585,112
Semiconductors–2.18%
Intel Corp.		2,021,316		50,391,408
Micron Technology, Inc.		908,484		52,528,545
NXP Semiconductors N.V. (China)(c)		436,159		77,845,658
QUALCOMM, Inc.		636,977		78,685,769
				259,451,380
Tobacco–0.98%
Philip Morris International, Inc. (Switzerland)		1,191,223		115,905,998
Trading Companies & Distributors–1.15%
Ferguson PLC		948,567		136,688,505
Wireless Telecommunication Services–1.10%
T-Mobile US, Inc.(b)		922,947		131,224,604
Total Common Stocks & Other Equity Interests (Cost $5,611,433,705)				7,638,077,979

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–18.74%
Advertising–0.05%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026	$	5,660,000	$	5,395,059
Aerospace & Defense–0.20%
Boeing Co. (The), 5.81%, 05/01/2050		16,525,000		15,738,405
Lockheed Martin Corp., 4.15%, 06/15/2053		5,231,000		4,504,247
Raytheon Technologies Corp., 4.45%, 11/16/2038		3,239,000		2,936,607
				23,179,259
Agricultural Products–0.03%
Ingredion, Inc., 6.63%, 04/15/2037		3,940,000		3,989,757
Air Freight & Logistics–0.05%
FedEx Corp., 4.90%, 01/15/2034		4,310,000		4,137,339
United Parcel Service, Inc., 3.40%, 11/15/2046		2,608,000		1,999,075
				6,136,414
Airlines–0.29%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		2,602,305		2,348,223
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026		16,208,000		12,568,434
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		11,355,000		9,328,133
United Airlines Pass-Through Trust,
Series 2012-1, Class A, 4.15%, 04/11/2024		3,061,427		3,001,820
Series 2014-2, Class A, 3.75%, 09/03/2026		3,316,282		3,129,883
Series 2018-1, Class AA, 3.50%, 03/01/2030		4,276,974		3,838,174
				34,214,667
Alternative Carriers–0.22%
Liberty Latin America Ltd. (Puerto Rico), Conv., 2.00%, 07/15/2024		28,911,000		26,610,167
Application Software–1.04%
Dropbox, Inc., Conv., 0.00%, 03/01/2026(d)		51,429,000		44,897,517
salesforce.com, inc., 2.70%, 07/15/2041		10,414,000		7,364,855
Splunk, Inc., Conv., 1.13%, 06/15/2027		76,768,000		65,965,851
Workday, Inc., 3.50%, 04/01/2027(c)		5,033,000		4,703,287
				122,931,510
Asset Management & Custody Banks–0.18%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(e)		4,260,000		4,148,958
Brookfield Corp. (Canada), 4.00%, 01/15/2025		4,515,000		4,411,833
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(e)		3,217,000		2,829,520

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

5 Invesco Equity and Income Fund

	Principal Amount		Value
Asset Management & Custody Banks–(continued)
KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032(e)	$	11,051,000	$	10,406,158
				21,796,469
Automobile Manufacturers–0.12%
General Motors Co., 6.60%, 04/01/2036		4,317,000		4,316,656
General Motors Financial Co., Inc., 5.25%, 03/01/2026		5,467,000		5,409,239
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032(c)		5,448,000		4,734,412
				14,460,307
Biotechnology–1.20%
AbbVie, Inc.,
4.50%, 05/14/2035		7,233,000		6,719,468
4.05%, 11/21/2039		13,812,000		11,662,678
4.85%, 06/15/2044		5,815,000		5,292,673
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027(e)		24,329,000		23,364,585
Halozyme Therapeutics, Inc., Conv.,
0.25%, 03/01/2027		49,785,000		44,589,287
1.00%, 08/15/2028(e)		5,938,000		6,190,365
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		16,496,000		17,960,020
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		19,256,000		26,525,140
				142,304,216
Brewers–0.24%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
4.70%, 02/01/2036		10,870,000		10,209,993
4.90%, 02/01/2046		6,301,000		5,783,761
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(e)		9,734,000		9,162,586
Molson Coors Beverage Co., 4.20%, 07/15/2046		4,057,000		3,166,585
				28,322,925
Broadcasting–0.06%
Discovery Communications LLC, 4.90%, 03/11/2026		3,773,000		3,681,000
Paramount Global, 4.00%, 01/15/2026		3,773,000		3,605,161
				7,286,161
Cable & Satellite–1.18%
Cable One, Inc.,
Conv., 0.00%, 03/15/2026(d)		51,123,000		40,310,486
1.13%, 03/15/2028		26,544,000		19,390,392
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		5,660,000		5,540,357

	Principal Amount		Value
Cable & Satellite–(continued)
Comcast Corp.,
3.15%, 03/01/2026	$	11,319,000	$	10,707,693
4.15%, 10/15/2028		9,915,000		9,485,704
3.90%, 03/01/2038		8,010,000		6,878,295
2.89%, 11/01/2051		3,128,000		2,027,369
2.94%, 11/01/2056		4,539,000		2,850,544
Cox Communications, Inc., 2.95%, 10/01/2050(e)		2,044,000		1,283,246
DISH Network Corp., Conv., 3.38%, 08/15/2026		21,885,000		14,095,693
Liberty Broadband Corp., Conv., 3.13%, 04/06/2026(e)(f)		28,236,000		27,755,988
				140,325,767
Commodity Chemicals–0.04%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(e)		4,638,000		5,022,581
Computer & Electronics Retail–0.20%
Dell International LLC/EMC Corp.,
5.45%, 06/15/2023		1,930,000		1,928,805
6.02%, 06/15/2026		21,095,000		21,361,838
8.35%, 07/15/2046		69,000		78,407
				23,369,050
Consumer Finance–0.28%
American Express Co.,
3.38%, 05/03/2024		24,770,000		24,211,467
3.63%, 12/05/2024		3,423,000		3,323,564
Synchrony Financial, 3.95%, 12/01/2027(c)		5,795,000		5,275,274
				32,810,305
Data Processing & Outsourced Services–0.42%
Block, Inc., Conv., 0.13%, 03/01/2025		45,518,000		45,233,513
Fiserv, Inc., 3.80%, 10/01/2023		5,200,000		5,148,753
				50,382,266
Diversified Banks–0.96%
Bank of America Corp.,
3.25%, 10/21/2027		5,705,000		5,257,605
2.57%, 10/20/2032(g)		8,683,000		6,917,260
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(e)		6,875,000		6,770,156
Citigroup, Inc.,
3.67%, 07/24/2028(g)		5,405,000		5,009,393
6.68%, 09/13/2043		8,000,000		8,831,288
5.30%, 05/06/2044		2,765,000		2,601,915
4.75%, 05/18/2046		4,145,000		3,560,872
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(c)(g)		18,945,000		17,949,939
JPMorgan Chase & Co.,
3.20%, 06/15/2026		4,365,000		4,112,217
3.51%, 01/23/2029(g)		11,170,000		10,219,510
4.26%, 02/22/2048(g)		5,355,000		4,590,783
3.90%, 01/23/2049(g)		11,170,000		8,897,987
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(e)		545,000		537,126

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 Banks–(continued)
Societe Generale S.A. (France), 5.00%, 01/17/2024(e)	$	7,365,000	$	7,289,780
U.S. Bancorp, Series W, 3.10%, 04/27/2026		3,245,000		3,047,616
Wells Fargo & Co.,
3.55%, 09/29/2025(c)		6,840,000		6,549,987
4.10%, 06/03/2026		4,515,000		4,336,677
4.65%, 11/04/2044		9,115,000		7,806,737
				114,286,848
Diversified Capital Markets–0.05%
Credit Suisse AG (Switzerland), 6.50%, 08/08/2023(c)(e)		6,536,000		6,406,234
Diversified Metals & Mining–0.02%
Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028		2,175,000		2,387,510
Diversified REITs–0.07%
CubeSmart L.P., 2.50%, 02/15/2032(c)		10,561,000		8,260,706
Diversified Support Services–0.21%
Siemens Financieringsmaatschappij N.V. (Germany), 0.40%, 03/11/2023(e)		24,780,000		24,747,638
Drug Retail–0.07%
CVS Pass-Through Trust, 6.04%, 12/10/2028		4,745,083		4,782,699
Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034		4,519,000		3,960,912
				8,743,611
Electric Utilities–0.65%
Electricite de France S.A. (France), 4.88%, 01/22/2044(e)		9,110,000		7,783,767
Georgia Power Co., Series B, 3.70%, 01/30/2050		3,665,000		2,720,330
NextEra Energy Capital Holdings, Inc.,
0.65%, 03/01/2023		24,780,000		24,780,000
3.55%, 05/01/2027		5,572,000		5,206,102
Oglethorpe Power Corp., 4.55%, 06/01/2044		5,806,000		4,654,380
PPL Capital Funding, Inc., Conv., 2.88%, 03/15/2028(e)		19,104,000		18,816,436
PPL Electric Utilities Corp., 6.25%, 05/15/2039		355,000		383,639
Xcel Energy, Inc.,
0.50%, 10/15/2023		5,750,000		5,582,257
3.50%, 12/01/2049(c)		10,280,000		7,487,791
				77,414,702
Electrical Components & Equipment–0.02%
Rockwell Automation, Inc., 1.75%, 08/15/2031		2,729,000		2,149,704
Electronic Equipment & Instruments–0.08%
Trimble, Inc., 6.10%, 03/15/2033		9,180,000		9,161,136

	Principal Amount		Value
General Merchandise Stores–0.15%
Dollar General Corp., 4.25%, 09/20/2024	$	18,724,000	$	18,402,946
Health Care Equipment–0.49%
Becton, Dickinson and Co., 4.88%, 05/15/2044		3,739,000		3,169,682
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		42,831,000		41,267,669
Medtronic, Inc., 4.38%, 03/15/2035		2,601,000		2,467,316
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025(e)		12,393,000		11,311,064
				58,215,731
Health Care Services–0.14%
Cigna Group (The), 4.80%, 08/15/2038		3,240,000		2,988,279
CVS Health Corp., 3.38%, 08/12/2024		3,740,000		3,633,314
Laboratory Corp. of America Holdings, 4.70%, 02/01/2045		2,694,000		2,304,759
NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026		7,660,000		7,589,607
				16,515,959
Health Care Supplies–0.06%
Lantheus Holdings, Inc., Conv., 2.63%, 12/15/2027(e)		6,306,000		7,594,174
Health Care Technology–0.31%
NextGen Healthcare, Inc., Conv., 3.75%, 11/15/2027(e)		8,340,000		8,535,990
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027		36,636,000		28,826,189
				37,362,179
Home Improvement Retail–0.03%
Lowe’s Cos., Inc., 4.25%, 04/01/2052		4,741,000		3,737,087
Homebuilding–0.02%
M.D.C. Holdings, Inc., 6.00%, 01/15/2043		2,117,000		1,795,584
Hotels, Resorts & Cruise Lines–0.43%
Airbnb, Inc., Conv., 0.00%, 03/15/2026(d)		52,169,000		45,047,931
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		4,265,000		6,163,011
				51,210,942
Industrial Machinery–0.26%
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026		33,206,000		30,499,711
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024		2,470,000		2,406,750
Integrated Oil & Gas–0.36%
BP Capital Markets America, Inc., 2.94%, 06/04/2051		10,062,000		6,690,829

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

7 Invesco Equity and Income Fund

	Principal Amount		Value
Integrated Oil & Gas–(continued)
Chevron Corp., 2.95%, 05/16/2026	$	9,807,000	$	9,234,832
Exxon Mobil Corp.,
2.71%, 03/06/2025		5,658,000		5,407,805
3.04%, 03/01/2026		11,316,000		10,725,548
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		11,316,000		10,902,383
				42,961,397
Integrated Telecommunication Services–0.33%
AT&T, Inc.,
4.30%, 02/15/2030		3,526,000		3,310,295
3.50%, 09/15/2053		7,328,000		5,036,808
3.55%, 09/15/2055		4,562,000		3,093,986
3.80%, 12/01/2057		3,619,000		2,544,074
Telefonica Emisiones S.A. (Spain),
4.67%, 03/06/2038		3,505,000		2,901,931
5.21%, 03/08/2047		6,725,000		5,660,864
Verizon Communications, Inc.,
3.38%, 02/15/2025		13,206,000		12,752,371
3.40%, 03/22/2041		5,788,000		4,366,672
				39,667,001
Interactive Home Entertainment–0.03%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		3,559,000		3,360,152
Interactive Media & Services–0.27%
Snap, Inc., Conv., 0.75%, 08/01/2026		33,200,000		29,601,373
TripAdvisor, Inc., Conv., 0.25%, 04/01/2026		3,197,000		2,658,305
				32,259,678
Internet & Direct Marketing Retail–0.09%
Amazon.com, Inc., 2.88%, 05/12/2041		13,606,000		10,150,987
Internet Services & Infrastructure–0.23%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		31,379,000		26,766,287
Investment Banking & Brokerage–1.41%
Goldman Sachs Group, Inc. (The),
4.25%, 10/21/2025		5,807,000		5,627,722
2.91%, 07/21/2042(g)		3,205,000		2,212,704
GS Finance Corp.,
Series 0003, Conv., 0.00%, 07/19/2029(d)(e)		62,330,000		64,212,366
1.00%, 07/30/2029		62,338,000		58,753,565
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(e)		16,590,000		14,677,533
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(e)		16,603,000		14,701,956
Morgan Stanley, 4.00%, 07/23/2025		6,870,000		6,697,869
				166,883,715

	Principal Amount		Value
Life & Health Insurance–0.52%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027(c)	$	8,671,000	$	8,517,625
Athene Global Funding, 2.75%, 06/25/2024(e)		2,890,000		2,754,420
Brighthouse Financial, Inc., 3.85%, 12/22/2051		18,342,000		12,116,213
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(e)		20,728,000		18,472,794
Guardian Life Global Funding, 2.90%, 05/06/2024(c)(e)		7,450,000		7,233,265
Jackson National Life Global Funding, 3.25%, 01/30/2024(e)		4,885,000		4,786,554
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(e)		4,250,000		3,750,823
Prudential Financial, Inc., 3.91%, 12/07/2047(c)		4,898,000		3,874,722
				61,506,416
Life Sciences Tools & Services–0.17%
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024		21,232,000		19,905,100
Managed Health Care–0.25%
Humana, Inc., 0.65%, 08/03/2023		24,885,000		24,398,639
UnitedHealth Group, Inc., 3.50%, 08/15/2039		5,806,000		4,748,548
				29,147,187
Movies & Entertainment–0.31%
Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027(e)		3,159,000		3,219,021
TWDC Enterprises 18 Corp., 3.00%, 02/13/2026(c)		3,773,000		3,564,148
Warnermedia Holdings, Inc.,
3.79%, 03/15/2025(e)		16,392,000		15,679,685
5.05%, 03/15/2042(e)		7,965,000		6,458,436
5.14%, 03/15/2052(e)		9,886,000		7,756,180
				36,677,470
Multi-Utilities–0.08%
NiSource, Inc., 4.38%, 05/15/2047		6,015,000		5,039,185
Sempra Energy, 3.80%, 02/01/2038		5,871,000		4,818,263
				9,857,448
Oil & Gas Exploration & Production–0.14%
Cameron LNG LLC, 3.70%, 01/15/2039(e)		6,519,000		5,346,465
ConocoPhillips Co., 4.15%, 11/15/2034		2,403,000		2,167,741
Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029(e)		8,336,000		9,023,720
				16,537,926
Oil & Gas Refining & Marketing–0.03%
Valero Energy Corp., 4.00%, 06/01/2052(c)		5,068,000		3,828,416

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

8 Invesco Equity and Income Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–0.67%
Energy Transfer L.P.,
Series 5Y, 4.20%, 09/15/2023	$	1,638,000	$	1,627,017
4.90%, 03/15/2035		3,640,000		3,276,173
5.30%, 04/01/2044		8,165,000		7,004,417
5.00%, 05/15/2050		7,684,000		6,308,710
Enterprise Products Operating LLC,
6.45%, 09/01/2040		555,000		589,383
4.25%, 02/15/2048		7,354,000		5,966,747
Kinder Morgan, Inc.,
4.30%, 06/01/2025		9,053,000		8,845,904
5.30%, 12/01/2034		4,203,000		3,947,929
MPLX L.P.,
4.50%, 07/15/2023		18,525,000		18,460,772
4.50%, 04/15/2038		8,564,000		7,319,817
Spectra Energy Partners L.P., 4.50%, 03/15/2045		5,468,000		4,540,785
Texas Eastern Transmission L.P., 7.00%, 07/15/2032		3,835,000		4,311,287
Williams Cos., Inc. (The), 5.40%, 03/02/2026		7,016,000		7,019,213
				79,218,154
Other Diversified Financial Services–0.05%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041		4,009,000		2,939,161
Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044(e)		3,975,000		3,504,927
				6,444,088
Packaged Foods & Meats–0.01%
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		648,000		629,684
Paper Packaging–0.02%
International Paper Co., 6.00%, 11/15/2041		2,855,000		2,896,965
Pharmaceuticals–0.43%
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(e)		9,800,000		9,219,325
Bristol-Myers Squibb Co., 4.13%, 06/15/2039		6,435,000		5,749,081
GSK Consumer Healthcare Capital US LLC, 4.00%, 03/24/2052		2,954,000		2,317,930
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		31,922,000		29,867,021
Zoetis, Inc., 4.70%, 02/01/2043		4,101,000		3,703,364
				50,856,721
Property & Casualty Insurance–0.20%
Allstate Corp. (The), 3.28%, 12/15/2026		3,260,000		3,081,072
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(e)		9,030,000		6,276,802
Markel Corp.,
5.00%, 03/30/2043		4,185,000		3,665,244
5.00%, 05/20/2049		5,140,000		4,604,955

	Principal Amount		Value
Property & Casualty Insurance–(continued)
Travelers Cos., Inc. (The), 4.60%, 08/01/2043	$	6,455,000	$	5,868,205
				23,496,278
Railroads–0.39%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		7,363,000		7,314,624
Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041		3,965,000		3,006,661
CSX Corp., 5.50%, 04/15/2041		1,660,000		1,663,640
Norfolk Southern Corp.,
3.85%, 01/15/2024		15,482,000		15,257,060
3.40%, 11/01/2049		4,879,000		3,466,542
Union Pacific Corp.,
3.20%, 05/20/2041(c)		10,131,000		7,819,527
4.15%, 01/15/2045		4,410,000		3,621,438
3.84%, 03/20/2060		5,560,000		4,250,039
				46,399,531
Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029(c)		7,450,000		6,848,543
Reinsurance–0.07%
PartnerRe Finance B LLC, 3.70%, 07/02/2029(c)		5,795,000		5,222,072
Reinsurance Group of America, Inc., 4.70%, 09/15/2023		3,711,000		3,697,690
				8,919,762
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029(c)		7,440,000		6,803,057
Retail REITs–0.16%
Kimco Realty OP LLC, 3.20%, 04/01/2032(c)		12,105,000		10,120,132
Regency Centers L.P.,
2.95%, 09/15/2029		7,960,000		6,711,431
4.65%, 03/15/2049		2,970,000		2,456,691
				19,288,254
Semiconductors–0.99%
Broadcom, Inc., 3.47%, 04/15/2034(e)		6,975,000		5,524,848
Marvell Technology, Inc., 2.45%, 04/15/2028		12,029,000		10,296,867
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		51,688,000		57,502,900
Micron Technology, Inc.,
4.66%, 02/15/2030		7,270,000		6,693,966
3.37%, 11/01/2041		1,778,000		1,190,815
Texas Instruments, Inc., 2.63%, 05/15/2024		2,275,000		2,209,464
Wolfspeed, Inc.,
Conv., 0.25%, 02/15/2028		9,866,000		8,706,745
1.88%, 12/01/2029(e)		26,580,000		25,171,260
				117,296,865

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 Finance–0.07%
National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032(c)	$	9,898,000	$	8,162,034
Specialized REITs–0.33%
American Tower Corp., 1.60%, 04/15/2026(c)		8,541,000		7,603,588
Crown Castle, Inc.,
2.50%, 07/15/2031(c)		14,073,000		11,362,535
4.75%, 05/15/2047		470,000		399,452
EPR Properties, 4.75%, 12/15/2026		17,525,000		16,024,105
LifeStorage L.P., 3.50%, 07/01/2026		4,667,000		4,384,592
				39,774,272
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047		1,665,000		1,397,087
Systems Software–0.22%
Microsoft Corp., 3.50%, 02/12/2035		4,259,000		3,857,528
Oracle Corp., 3.60%, 04/01/2040		10,910,000		8,065,431
VMware, Inc., 1.00%, 08/15/2024		14,992,000		14,013,418
				25,936,377
Technology Distributors–0.06%
Avnet, Inc., 4.63%, 04/15/2026		7,645,000		7,340,732
Technology Hardware, Storage & Peripherals–0.25%
Apple, Inc., 3.35%, 02/09/2027		3,495,000		3,332,504
Western Digital Corp., Conv., 1.50%, 02/01/2024		27,606,000		26,543,169
				29,875,673
Tobacco–0.22%
Altria Group, Inc., 5.80%, 02/14/2039		12,541,000		11,568,259
Philip Morris International, Inc.,
3.60%, 11/15/2023		3,940,000		3,901,226
4.88%, 11/15/2043		11,740,000		10,240,865
				25,710,350
Trading Companies & Distributors–0.09%
Air Lease Corp.,
3.00%, 09/15/2023		627,000		619,003
4.25%, 09/15/2024		4,355,000		4,268,786
Aircastle Ltd., 4.40%, 09/25/2023		5,510,000		5,466,390
				10,354,179
Trucking–0.06%
Aviation Capital Group LLC, 4.88%, 10/01/2025(e)		7,745,000		7,383,678
Wireless Telecommunication Services–0.26%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042(c)		6,610,000		5,734,459

	Principal Amount		Value
Wireless Telecommunication Services–(continued)
Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043(c)	$	6,080,000	$	4,963,093
4.30%, 02/15/2048		8,020,000		6,168,778
T-Mobile USA, Inc.,
2.70%, 03/15/2032		10,676,000		8,659,591
3.40%, 10/15/2052		7,422,000		5,055,649
				30,581,570
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,439,586,749)				2,224,959,066
U.S. Treasury Securities–11.84%
U.S. Treasury Bills–0.01%
3.78% - 4.15%, 03/09/2023(h)(i)		70,000		69,943
4.48% - 4.55%, 05/11/2023(h)(i)		752,000		745,100
				815,043
U.S. Treasury Bonds–0.81%
4.50%, 02/15/2036		5,525,000		5,903,333
4.00%, 11/15/2052		88,882,000		90,492,987
				96,396,320
U.S. Treasury Notes–11.02%
4.63%, 02/28/2025		312,913,000		311,922,924
4.00%, 02/15/2026		227,929,000		224,786,073
4.00%, 02/29/2028		387,054,900		384,212,466
4.00%, 02/28/2030		277,263,000		276,244,923
3.50%, 02/15/2033		58,315,300		56,397,274
3.88%, 02/15/2043		56,177,900		54,510,119
				1,308,073,779
Total U.S. Treasury Securities (Cost $1,410,383,938)				1,405,285,142
	Shares
Preferred Stocks–0.58%
Asset Management & Custody Banks–0.21%
AMG Capital Trust II, 5.15%, Conv. Pfd.		483,000		25,212,600
Diversified Banks–0.03%
Wells Fargo & Co., 5.85%, Series Q, Pfd.(g)		142,800		3,534,300
Oil & Gas Storage & Transportation–0.34%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		875,900		40,554,170
Total Preferred Stocks (Cost $63,824,606)				69,301,070
	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.13%
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
6.75%, 03/15/2031	$	7,000,004		8,225,234
Federal National Mortgage Association (FNMA)–0.06%
6.63%, 11/15/2030		6,315,000		7,323,569
7.00%, 07/01/2032		4,436		4,395
				7,327,964

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	$	4,686	$	4,735
7.50%, 12/20/2030		474		491
				5,226
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $17,462,884)				15,558,424
Municipal Obligations–0.04%
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB, 6.66%, 04/01/2057 (Cost $4,779,000)		4,779,000		5,299,218
	Shares
Money Market Funds–4.11%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(j)(k)		172,526,412		172,526,412
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(j)(k)		118,158,604		118,182,235
Invesco Treasury Portfolio, Institutional Class, 4.50%(j)(k)		197,173,042		197,173,042
Total Money Market Funds (Cost $487,783,640)				487,881,689
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.77% (Cost $10,035,254,522)				11,846,362,588

Investment Abbreviations:

Conv.	– Convertible
Pfd.	– Preferred
RB	– Revenue Bonds
REIT	– Real Estate Investment Trust

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.62%
Invesco Private Government Fund, 4.58%(j)(k)(l)		20,615,645	$	20,615,645
Invesco Private Prime Fund, 4.83%(j)(k)(l)		53,001,057		53,011,656
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,633,525)				73,627,301
TOTAL INVESTMENTS IN SECURITIES–100.39% (Cost $10,108,888,047)				11,919,989,889
OTHER ASSETS LESS LIABILITIES–(0.39)%				(45,790,815	)
NET ASSETS–100.00%			$	11,874,199,074

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

11 Invesco Equity and Income Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2023.

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

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $425,110,410, which represented 3.58% of the Fund’s Net Assets.

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

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

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

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

^(j)  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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	193,530,051		$	299,533,699		$	(320,537,338	)		$	-			$	-		$	172,526,412		$	4,115,639
Invesco Liquid Assets Portfolio, Institutional Class			133,184,545			213,952,642			(228,955,240	)			(3,465	)			3,753			118,182,235			2,946,098
Invesco Treasury Portfolio, Institutional Class			221,177,201			342,324,227			(366,328,386	)			-				-			197,173,042			4,699,195
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			48,966,219			385,978,356			(414,328,930	)			-				-			20,615,645			883,161	*
Invesco Private Prime Fund			125,913,139			723,100,579			(796,026,814	)			(16,508	)			41,260			53,011,656			2,455,003	*
Total		$	722,771,155		$	1,964,889,503		$	(2,126,176,708)			$	(19,973	)		$	45,013		$	561,508,990		$	15,099,096

* 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.

^(k)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

^(l)  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 1J.

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		109		June-2023	$	(11,668,961	)	$	19,586		$19,586
U.S. Treasury 10 Year Notes		236		June-2023		(26,350,875	)		25,812		25,812
Total Futures Contracts								$	45,398		$45,398

Open Forward Foreign Currency Contracts
		Contract to
Settlement Date	Counterparty	Deliver		Receive		Unrealized Appreciation
Currency Risk
03/24/2023	Bank of New York Mellon (The)	EUR	84,897,154	USD	91,154,499		$1,240,359
03/24/2023	State Street Bank & Trust Co.	EUR	2,808,919	USD	2,991,448		16,536
03/24/2023	State Street Bank & Trust Co.	GBP	99,015,856	USD	120,561,417		1,413,070
Total Forward Foreign Currency Contracts						$	2,669,965

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.

12 Invesco Equity and Income Fund

Portfolio Composition

By security type, based on Net Assets

as of February 28, 2023

Common Stocks & Other Equity Interests	64.33	%
U.S. Dollar Denominated Bonds & Notes	18.74
U.S. Treasury Securities	11.84
Security Types Each Less Than 1% of Portfolio	0.75
Money Market Funds Plus Other Assets Less Liabilities	4.34

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

13 Invesco Equity and Income Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $9,547,470,882)*	$	11,358,480,899
Investments in affiliated money market funds, at value (Cost $561,417,165)		561,508,990
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,669,965
Cash		25,448,170
Receivable for:
Investments sold		28,376,282
Fund shares sold		6,351,081
Dividends		18,271,212
Interest		18,003,555
Investment for trustee deferred compensation and retirement plans		947,027
Other assets		206,812
Total assets		12,020,263,993
Liabilities:
Other investments:
Variation margin payable – futures contracts		10,213
Payable for:
Investments purchased		55,806,557
Fund shares reacquired		8,569,212
Amount due custodian - foreign currency, at value (Cost $92,905)		92,779
Collateral upon return of securities loaned		73,633,525
Accrued fees to affiliates		6,048,466
Accrued trustees’ and officers’ fees and benefits		6,543
Accrued other operating expenses		825,653
Trustee deferred compensation and retirement plans		1,071,971
Total liabilities		146,064,919
Net assets applicable to shares outstanding	$	11,874,199,074
Net assets consist of:
Shares of beneficial interest	$	10,031,256,268
Distributable earnings		1,842,942,806
	$	11,874,199,074

Net Assets:
Class A	$	9,684,439,278
Class C	$	258,680,292
Class R	$	103,881,227
Class Y	$	749,905,795
Class R5	$	206,342,499
Class R6	$	870,949,983
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		969,822,921
Class C		26,550,536
Class R		10,326,230
Class Y		75,094,582
Class R5		20,658,499
Class R6		87,230,018
Class A:
Net asset value per share	$	9.99
Maximum offering price per share (Net asset value of $9.99 ÷ 94.50%)	$	10.57
Class C:
Net asset value and offering price per share	$	9.74
Class R:
Net asset value and offering price per share	$	10.06
Class Y:
Net asset value and offering price per share	$	9.99
Class R5:
Net asset value and offering price per share	$	9.99
Class R6:
Net asset value and offering price per share	$	9.98

* At February 28, 2023, securities with an aggregate value of $71,156,742 were on loan to brokers.

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

14 Invesco Equity and Income Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	59,038,490
Dividends (net of foreign withholding taxes of $336,874)		86,748,764
Dividends from affiliated money market funds (includes net securities lending income of $142,021)		11,902,953
Less: IRS closing agreement fees for foreign withholding tax claims		759,000
Total investment income		158,449,207
Expenses:
Advisory fees		20,726,799
Administrative services fees		807,311
Custodian fees		37,736
Distribution fees:
Class A		11,974,235
Class C		1,305,834
Class R		247,879
Transfer agent fees – A, C, R and Y		8,111,447
Transfer agent fees – R5		106,546
Transfer agent fees – R6		125,766
Trustees’ and officers’ fees and benefits		38,300
Registration and filing fees		176,372
Reports to shareholders		322,822
Professional services fees		70,181
Other		50,376
Total expenses		44,101,604
Less: Fees waived and/or expense offset arrangement(s)		(384,033	)
Net expenses		43,717,571
Net investment income		114,731,636
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		151,536,283
Affiliated investment securities		45,013
Foreign currencies		(118,730	)
Forward foreign currency contracts		(5,512,623	)
Futures contracts		2,265,134
		148,215,077
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		83,332,143
Affiliated investment securities		(19,973	)
Foreign currencies		44,327
Forward foreign currency contracts		(1,746,057	)
Futures contracts		(250,608	)
		81,359,832
Net realized and unrealized gain		229,574,909
Net increase in net assets resulting from operations	$	344,306,545

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

15 Invesco Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	114,731,636		$	163,277,517
Net realized gain		148,215,077			725,789,493
Change in net unrealized appreciation (depreciation)		81,359,832			(1,684,944,417	)
Net increase (decrease) in net assets resulting from operations		344,306,545			(795,877,407	)
Distributions to shareholders from distributable earnings:
Class A		(545,487,139	)		(1,331,277,071	)
Class C		(14,527,594	)		(41,341,537	)
Class R		(5,513,895	)		(12,970,924	)
Class Y		(42,575,843	)		(97,780,944	)
Class R5		(12,636,704	)		(31,158,054	)
Class R6		(49,817,993	)		(116,375,441	)
Total distributions from distributable earnings		(670,559,168	)		(1,630,903,971	)
Share transactions–net:
Class A		296,020,024			798,338,222
Class C		(9,133,763	)		(24,089,966	)
Class R		9,716,548			2,482,302
Class Y		67,186,696			67,528,652
Class R5		(5,489,843	)		20,447,063
Class R6		49,729,897			100,549,556
Net increase in net assets resulting from share transactions		408,029,559			965,255,829
Net increase (decrease) in net assets		81,776,936			(1,461,525,549	)
Net assets:
Beginning of period		11,792,422,138			13,253,947,687
End of period	$	11,874,199,074		$	11,792,422,138

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

16 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 02/28/23		$	10.27		$	0.10		$	0.21			$	0.31			$	(0.12	)		$	(0.47	)		$	(0.59	)		$	9.99		3.01	%		$	9,684,439		0.77	%(d)		0.78	%(d)		1.93	%(d)		74	%
Year ended 08/31/22			12.52			0.14			(0.83	)			(0.69	)			(0.16	)			(1.40	)			(1.56	)			10.27		(6.36	)			9,654,157		0.78			0.78			1.25			152
Year ended 08/31/21			9.83			0.13			2.87				3.00				(0.17	)			(0.14	)			(0.31	)			12.52		31.02				10,841,867		0.78			0.78			1.10			127
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
Class C
Six months ended 02/28/23			10.03			0.06			0.20				0.26				(0.08	)			(0.47	)			(0.55	)			9.74		2.55	(e)			258,680		1.50	(d)(e)		1.51	(d)(e)		1.20	(d)(e)		74
Year ended 08/31/22			12.25			0.06			(0.81	)			(0.75	)			(0.07	)			(1.40	)			(1.47	)			10.03		(7.01	)			275,540		1.53			1.53			0.50			152
Year ended 08/31/21			9.63			0.04			2.81				2.85				(0.09	)			(0.14	)			(0.23	)			12.25		29.94				362,829		1.53			1.53			0.35			127
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
Class R
Six months ended 02/28/23			10.35			0.08			0.20				0.28				(0.10	)			(0.47	)			(0.57	)			10.06		2.76				103,881		1.02	(d)		1.03	(d)		1.68	(d)		74
Year ended 08/31/22			12.59			0.11			(0.82	)			(0.71	)			(0.13	)			(1.40	)			(1.53	)			10.35		(6.48	)			96,887		1.03			1.03			1.00			152
Year ended 08/31/21			9.89			0.10			2.88				2.98				(0.14	)			(0.14	)			(0.28	)			12.59		30.61				114,169		1.03			1.03			0.85			127
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
Class Y
Six months ended 02/28/23			10.27			0.11			0.21				0.32				(0.13	)			(0.47	)			(0.60	)			9.99		3.15				749,906		0.52	(d)		0.53	(d)		2.18	(d)		74
Year ended 08/31/22			12.52			0.17			(0.83	)			(0.66	)			(0.19	)			(1.40	)			(1.59	)			10.27		(6.12	)			702,847		0.53			0.53			1.50			152
Year ended 08/31/21			9.84			0.15			2.87				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.22				778,769		0.53			0.53			1.35			127
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
Class R5
Six months ended 02/28/23			10.28			0.11			0.20				0.31				(0.13	)			(0.47	)			(0.60	)			9.99		3.07				206,342		0.47	(d)		0.48	(d)		2.23	(d)		74
Year ended 08/31/22			12.52			0.18			(0.82	)			(0.64	)			(0.20	)			(1.40	)			(1.60	)			10.28		(5.98	)			218,033		0.48			0.48			1.55			152
Year ended 08/31/21			9.84			0.16			2.86				3.02				(0.20	)			(0.14	)			(0.34	)			12.52		31.28				242,934		0.46			0.46			1.42			127
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
Class R6
Six months ended 02/28/23			10.27			0.12			0.20				0.32				(0.14	)			(0.47	)			(0.61	)			9.98		3.11				870,950		0.40	(d)		0.41	(d)		2.30	(d)		74
Year ended 08/31/22			12.52			0.18			(0.83	)			(0.65	)			(0.20	)			(1.40	)			(1.60	)			10.27		(6.01	)			844,958		0.41			0.41			1.62			152
Year ended 08/31/21			9.83			0.17			2.87				3.04				(0.21	)			(0.14	)			(0.35	)			12.52		31.50				913,379		0.39			0.39			1.49			127
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

^(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)  Annualized.

^(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% and 0.99% for the six months ended February 28, 2023 and for the years ended August 31, 2019 and 2018, respectively.

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

17 Invesco Equity and Income Fund

Notes to Financial Statements

February 28, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

18 Invesco Equity and Income 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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended February 28, 2023, the Fund did not enter into any closing agreements.

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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

19 Invesco Equity and Income Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $2,531 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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 invests and 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. 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.

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.

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

P. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

20 Invesco Equity and Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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, 2023, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $347,010.

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, 2023, 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, 2023, 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. 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 each Fund. For the six months ended February 28, 2023, expenses incurred under the Plans are shown in the Statements 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, 2023, IDI advised the Fund that IDI retained $974,656 in front-end sales commissions from the sale of Class A shares and $55,365 and $3,238 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $40,178 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. 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 Adviser’s 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.

21 Invesco Equity and Income Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2023. 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		$7,361,230,482		$276,847,497		$–	$7,638,077,979
U.S. Dollar Denominated Bonds & Notes		–		2,224,959,066		–	2,224,959,066
U.S. Treasury Securities		–		1,405,285,142		–	1,405,285,142
Preferred Stocks		69,301,070		–		–	69,301,070
U.S. Government Sponsored Agency Mortgage-Backed Securities		–		15,558,424		–	15,558,424
Municipal Obligations		–		5,299,218		–	5,299,218
Money Market Funds		487,881,689		73,627,301		–	561,508,990
Total Investments in Securities		7,918,413,241		4,001,576,648		–	11,919,989,889
Other Investments - Assets*
Futures Contracts		45,398		–		–	45,398
Forward Foreign Currency Contracts		–		2,669,965		–	2,669,965
Total Other Investments		45,398		2,669,965		–	2,715,363
Total Investments		$7,918,458,639		$4,004,246,613		$–	$11,922,705,252

* 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, 2023:

	Value
	Currency		Interest
Derivative Assets	Risk		Rate Risk			Total
Unrealized appreciation on futures contracts – Exchange-Traded(a)	$	–	$	45,398		$	45,398
Unrealized appreciation on forward foreign currency contracts outstanding		2,669,965		–			2,669,965
Total Derivative Assets		2,669,965		45,398			2,715,363
Derivatives not subject to master netting agreements		–		(45,398	)		(45,398	)
Total Derivative Assets subject to master netting agreements	$	2,669,965	$	–		$	2,669,965

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

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, 2023.

	Financial Derivative Assets				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Net Value of Derivatives		Non-Cash	Cash	Net Amount
Bank of New York Mellon (The)		$1,240,359		$1,240,359	$–	$–	$1,240,359
State Street Bank & Trust Co.		1,429,606		1,429,606	–	–	1,429,606
Total		$2,669,965		$2,669,965	$–	$–	$2,669,965

22 Invesco Equity and Income Fund

Effect of Derivative Investments for the six months ended February 28, 2023

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			Interest
	Risk			Rate Risk			Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(5,512,623	)	$	-		$	(5,512,623	)
Futures contracts		-			2,265,134			2,265,134
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(1,746,057	)		-			(1,746,057	)
Futures contracts		-			(250,608	)		(250,608	)
Total	$	(7,258,680	)	$	2,014,526		$	(5,244,154	)

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

	Forward Foreign Currency Contracts		Futures Contracts
Average notional value	$	217,446,438	$	39,683,651

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $37,023.

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 carryforward 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, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $774,938,858 and $1,156,501,788, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	2,212,626,902
Aggregate unrealized (depreciation) of investments		(518,355,612	)
Net unrealized appreciation of investments	$	1,694,271,290

Cost of investments for tax purposes is $10,228,433,962.

23 Invesco Equity and Income Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		38,517,838		$	390,459,617			73,356,241		$	821,391,591
Class C		1,910,311			18,902,319			3,295,934			36,084,783
Class R		1,512,896			15,437,370			1,695,763			19,133,379
Class Y		11,909,845			120,351,110			12,557,499			140,194,636
Class R5		943,532			9,581,607			1,999,576			22,716,626
Class R6		7,735,887			78,394,329			13,887,919			154,334,421
Issued as reinvestment of dividends:
Class A		50,874,279			508,244,604			111,734,771			1,239,743,507
Class C		1,393,707			13,608,965			3,557,970			38,628,074
Class R		546,611			5,504,827			1,158,750			12,961,497
Class Y		3,468,576			34,616,606			7,468,159			82,862,940
Class R5		1,266,278			12,636,704			2,808,247			31,157,973
Class R6		4,864,828			48,543,351			10,263,875			113,860,992
Automatic conversion of Class C shares to Class A shares:
Class A		1,901,870			19,230,494			4,151,000			46,487,423
Class C		(1,946,835	)		(19,230,494	)		(4,246,518	)		(46,487,423	)
Reacquired:
Class A		(61,211,436	)		(621,914,691	)		(115,674,488	)		(1,309,284,299	)
Class C		(2,272,848	)		(22,414,553	)		(4,757,106	)		(52,315,400	)
Class R		(1,098,197	)		(11,225,649	)		(2,555,545	)		(29,612,574	)
Class Y		(8,690,728	)		(87,781,020	)		(13,823,013	)		(155,528,924	)
Class R5		(2,766,995	)		(27,708,154	)		(2,991,721	)		(33,427,536	)
Class R6		(7,621,274	)		(77,207,783	)		(14,867,094	)		(167,645,857	)
Net increase in share activity		41,238,145		$	408,029,559			89,020,219		$	965,255,829

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

24 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, 2022 through February 28, 2023.

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       (09/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense     Ratio
Class A	$1,000.00	$1,030.10	$3.88	$1,020.98	$3.86	0.77%
Class C	1,000.00	1,025.50	7.53	1,017.36	7.50	1.50
Class R	1,000.00	1,027.60	5.13	1,019.74	5.11	1.02
Class Y	1,000.00	1,031.50	2.62	1,022.22	2.61	0.52
Class R5	1,000.00	1,030.70	2.37	1,022.46	2.36	0.47
Class R6	1,000.00	1,031.10	2.01	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, 2022 through February 28, 2023, 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.

25 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. VK-EQI-SAR-1

Semiannual Report to Shareholders February 28, 2023

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 is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.67	%
Class C Shares	2.40
Class R Shares	2.55
Class Y Shares	2.79
Class R5 Shares	2.81
Class R6 Shares	2.84
Bloomberg U.S. Aggregate Bond Index▼ (Broad Market Index)	-2.13
Credit Suisse Leveraged Loan Index∎ (Style-Specific Index)	3.33
Lipper Loan Participation Funds Classification Average◆ (Peer Group)	3.01
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP; ◆Lipper Inc.
The Bloomberg 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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (5/1/97)	3.80	%
10 Years	2.90
5 Years	2.24
1 Year	-2.01
Class C Shares
Inception (3/31/00)	3.51	%
10 Years	2.76
5 Years	2.25
1 Year	-0.91
Class R Shares
Inception (4/13/06)	3.18	%
10 Years	2.90
5 Years	2.49
1 Year	0.18
Class Y Shares
Inception (10/3/08)	4.73	%
10 Years	3.43
5 Years	3.00
1 Year	0.80
Class R5 Shares
Inception (4/13/06)	3.73	%
10 Years	3.43
5 Years	3.03
1 Year	0.83
Class R6 Shares
Inception (9/24/12)	3.69	%
10 Years	3.48
5 Years	3.06
1 Year	0.88

For periods prior to August 21, 2020, performance is that of the fund using its previous investment strategy, which did not apply ESG criteria.

    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, 2023

(Unaudited)

	Interest Rate		Maturity Date			Principal Amount (000)(a)		Value
Variable Rate Senior Loan Interests-88.31%(b)(c)
Aerospace & Defense-2.51%
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.) Incremental Term Loan B-2 (1 mo. Term SOFR + 3.75%)		8.37%		07/01/2029		$	7,052	$       7,061,892
Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/07/2028			6,886	6,841,382
Castlelake Aviation Ltd.
Term Loan (3 mo. USD LIBOR + 2.75%)		7.52%		10/22/2026			14,534	14,428,212
Term Loan(d)		-		10/22/2027			2,423	2,399,503
CEP IV Investment 16 S.a.r.l. (ADB Safegate) (Luxembourg), Term Loan B		6.72%		10/03/2026	EUR		5,530	4,942,951
Gogo Intermediate Holdings LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		8.70%		04/30/2028			3,593	3,580,782
Greenrock Finance, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.35%)		8.93%		06/21/2029			593	589,809
Term Loan B (3 mo. Term SOFR + 4.25%)		8.93%		06/21/2029			1,286	1,277,919
IAP Worldwide Services, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) (Acquired 08/18/2014-05/10/2019; Cost $941,678)(e)(f)		11.23%		07/18/2023			945	945,397
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. Term SOFR + 2.75%)		7.38%		09/22/2028			10,165	10,118,503
First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.62%		09/22/2028			1,718	1,721,547
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		10.38%		09/21/2029			3,860	3,788,936
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.65%		02/01/2029			8,120	7,976,194
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. Term SOFR + 4.00%)		8.58%		09/13/2029			5,868	5,827,847
Rand Parent LLC (Atlas Air), Term Loan B(d)		-		02/09/2030			5,070	4,937,252
								76,438,126
Air Transport-2.77%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028			22,616	23,220,045
Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		8.37%		08/11/2028			4,067	4,068,736
American Airlines, Inc., Term Loan(d)		-		02/09/2028			5,441	5,306,762
Avolon TLB Borrower 1 (US) LLC, Term Loan B-4 (1 mo. USD LIBOR + 1.50%)		6.10%		02/12/2027			10,251	10,173,642
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.00%		06/21/2027			8,348	8,706,829
PrimeFlight Aviation Services, Inc., Term Loan (3 mo. Term SOFR + 5.50%)(e)		10.40%		05/09/2024			2,134	2,133,874
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. USD LIBOR + 3.75%)		8.56%		10/20/2027			1,208	1,252,461
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028			23,286	23,306,547
WestJet Airlines Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%)		7.59%		12/11/2026			6,542	6,248,890
								84,417,786
Automotive-2.13%
Adient PLC, Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		7.88%		04/10/2028			17,357	17,373,018
American Axle & Manufacturing, Inc., Term Loan (1 mo. Term SOFR + 3.50%)		8.16%		12/08/2029			2,610	2,613,498
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		9.10%		04/06/2028			5,013	4,982,820
BCA Marketplace (United Kingdom)
First Lien Term Loan (6 mo. EURIBOR + 4.00%)		6.44%		07/28/2028	EUR		2,000	1,742,560
Second Lien Term Loan B (6 mo. SONIA + 7.50%)		11.43%		07/27/2029	GBP		4,072	2,587,742
Term Loan B (6 mo. SONIA + 4.75%)		8.18%		07/28/2028	GBP		759	736,482
Belron Group S.A., Incremental Term Loan (3 mo. USD LIBOR + 2.25%)		7.06%		10/30/2026			1,198	1,199,588
DexKo Global, Inc., First Lien Term Loan (1 mo. Term SOFR + 6.50%)(e)		11.08%		10/04/2028			1,381	1,318,675
First Brands Group Intermediate LLC
Term Loan B (6 mo. Term SOFR + 5.00%)		10.25%		03/30/2027			1,288	1,256,555
Term Loan B(d)		-		03/30/2027			8,097	7,759,641
Garrett Borrowing LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		8.08%		04/30/2028			2,333	2,311,242
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		11/09/2027			11,164	10,675,745
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.73%		05/04/2028			4,753	4,610,894
PowerStop LLC, Term Loan B (3 mo. USD LIBOR + 4.75%)		9.70%		01/24/2029			8,058	5,781,700
								64,950,160

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
Beverage & Tobacco-0.84%
AI Aqua Merger Sub, Inc.
Delayed Draw Term Loan(d)		-		07/31/2028		$	1,337	$       1,289,011
Incremental Term Loan B (3 mo. Term SOFR + 3.75%)		8.36%		07/31/2028			7,666	7,393,227
Term Loan B (1 mo. USD LIBOR + 3.75%)		8.32%		07/31/2028			7,597	7,338,374
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		03/20/2024			6,510	6,058,644
Naked Juice LLC (Tropicana), Second Lien Term Loan (3 mo. Term SOFR + 6.00%)		10.68%		01/20/2030			4,430	3,453,232
								25,532,488
Brokers, Dealers & Investment Houses-0.18%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		11.31%		08/05/2029			99	89,194
Zebra Buyer LLC
Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/01/2028			703	700,496
Term Loan (3 mo. Term SOFR + 4.00%)		8.33%		11/01/2028			4,647	4,658,588
								5,448,278
Building & Development-3.61%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		7.22%		08/27/2025			2,070	2,060,965
Chariot Buyer LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		11/03/2028			3,590	3,464,948
Core & Main L.P., Term Loan B (1 mo. USD LIBOR + 2.50%)		7.20%		06/10/2028			10,105	10,088,077
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.60%		04/01/2028			13,771	11,161,047
Fusilli HoldCo (Jersey), Term Loan B (3 mo. EURIBOR + 6.00%) (Acquired 02/01/2022-02/24/2022; Cost $2,518,679)(f)		8.54%		10/12/2023	EUR		2,297	2,114,793
Icebox Holdco III, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		12/22/2028			7,075	6,721,435
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)(e)		11.48%		12/21/2029			1,544	1,375,990
LBM Holdings LLC, First Lien Term Loan(d)		-		12/17/2027			315	288,865
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%)		9.47%		02/16/2029			18,179	15,020,621
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(e)		7.82%		04/20/2023			2,262	2,070,103
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)		9.18%		04/29/2029			8,323	8,078,849
Quikrete Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 2.63%)		7.26%		02/01/2027			2,415	2,397,690
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		06/11/2028			13,702	13,670,554
Re/Max LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.19%		07/21/2028			4,601	4,405,360
SRS Distribution, Inc.
Term Loan (3 mo. Term SOFR + 3.50%)		7.97%		06/02/2028			5,139	4,973,718
Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/02/2028			4,835	4,693,423
Standard Industries, Inc., Term Loan B (6 mo. USD LIBOR + 2.25%)		6.43%		09/22/2028			2,184	2,181,374
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.99%		05/29/2026			8,617	8,525,226
Werner FinCo L.P., Term Loan (3 mo. USD LIBOR + 4.00%)		8.73%		07/24/2024			6,593	6,188,748
Xella (Luxembourg), Term Loan B-4 (3 mo. EURIBOR + 3.68%)		6.13%		04/12/2028	EUR		723	658,559
								110,140,345
Business Equipment & Services-8.81%
Adevinta ASA (Norway), Term Loan B-2 (3 mo. USD LIBOR + 2.75%)		7.48%		06/26/2028			7,028	7,031,536
Aegion Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		05/17/2028			6,447	6,298,333
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan B (3 mo. EURIBOR + 3.75%)		6.18%		05/12/2028	EUR		661	663,884
Asurion LLC (fka Asurion Corp.), Term Loan B-7 (1 mo. USD LIBOR + 3.00%)		7.63%		11/03/2024			1,620	1,616,162
Camelot Finance L.P.
Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026			10,049	10,030,279
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026			8,478	8,456,101
Checkout Holding Corp., Term Loan		10.00%		06/30/2023			42	42,101
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		05/17/2028			12,312	11,194,880
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.31%		02/15/2029			1,419	1,188,421
Term Loan B (1 mo. USD LIBOR + 4.00%)		8.81%		02/10/2028			9,484	8,993,867
Corp. Service Co., Term Loan B (1 mo. Term SOFR + 3.25%)		7.97%		08/08/2029			6,343	6,352,535
CRCI Longhorn Holdings, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)		11.88%		08/08/2026			234	219,463
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)(e)		10.28%		10/05/2028			8,526	7,353,907

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)
Dakota Holding Corp., Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		04/07/2028		$	1,198	$       1,125,192
Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.25%)		7.85%		01/18/2029			4,191	4,177,724
Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		4.06%		09/11/2025			1,349	1,334,790
Revolver Loan(g)		0.00%		09/11/2025			7,823	7,741,784
Term Loan (1 mo. USD LIBOR + 3.25%)		7.87%		02/06/2026			11,546	11,533,163
Garda World Security Corp. (Canada)
Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.81%		02/01/2029			6,564	6,534,799
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		8.91%		10/30/2026			4,564	4,565,889
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		05/12/2028			9,379	8,989,588
ION Trading Technologies S.a.r.l. (Luxembourg)
Term Loan B (3 mo. USD LIBOR + 4.75%)		9.48%		03/31/2028			1,734	1,632,193
Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		04/01/2028	EUR		1,568	1,579,427
Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.50%)		9.29%		10/28/2027			13,878	11,478,696
Konecta (Kronosnet CX Bidco 2022, S.L.) (Spain), First Lien Term Loan (3 mo. EURIBOR + 5.75%)		8.17%		09/30/2029	EUR		1,355	1,334,322
Monitronics International, Inc.
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $12,678,800)(f)		12.33%		03/29/2024			13,184	8,635,254
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 06/27/2019-04/27/2022; Cost $11,718,753)(e)(f)		10.83%		07/03/2024			11,702	11,116,621
OCM System One Buyer CTB LLC, Term Loan (1 mo. USD LIBOR + 4.00%)		8.73%		03/02/2028			5,371	5,344,263
Orchid Merger Sub II LLC, Term Loan (6 mo. Term SOFR + 4.75%)(e)		9.48%		07/27/2027			9,494	8,212,137
Outfront Media Capital LLC, Term Loan (1 mo. USD LIBOR + 1.75%)		6.38%		11/18/2026			4,003	3,965,785
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		7.52%		09/23/2026			7,688	7,683,547
Prometric Holdings, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		7.64%		01/29/2025			124	116,794
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		8.80%		06/23/2024	GBP		13,179	15,287,508
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. Term SOFR + 2.50%)		9.25%		11/08/2024			189	189,097
Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		8.39%		08/28/2028			11,844	11,822,159
Skillsoft Corp., Term Loan (1 mo. Term SOFR + 4.75%)		9.93%		07/14/2028			4,391	3,807,247
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		8.77%		03/04/2028			22,161	18,773,517
Tempo Acquisition LLC, Term Loan B (1 mo. Term SOFR + 3.00%)		7.62%		08/31/2028			2,257	2,257,658
Thevelia (US) LLC, First Lien Term Loan B (3 mo. Term SOFR + 4.00%)		8.73%		06/17/2029			5,747	5,624,948
Trans Union LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		6.88%		11/30/2028			5,928	5,902,822
UnitedLex Corp., Term Loan (1 mo. USD LIBOR + 5.75%)(e)		10.35%		03/20/2027			1,465	1,348,188
Verra Mobility Corp., Term Loan B (6 mo. USD LIBOR + 3.25%)		7.88%		03/19/2028			12,324	12,322,699
Virtusa Corp.
Incremental Term Loan B (1 mo. Term SOFR + 3.75%)		8.47%		02/08/2029			7,445	7,418,587
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/11/2028			6,437	6,417,265
WebHelp (France), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.05%		08/04/2028			420	407,949
WEX, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/19/2028			601	599,979
								268,723,060
Cable & Satellite Television-3.41%
Altice Financing S.A. (Luxembourg), Term Loan (3 mo. USD LIBOR + 5.00%)(e)		9.57%		10/31/2027			2,716	2,712,633
Atlantic Broadband Finance LLC
Incremental Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		09/01/2028			9,160	9,036,993
Term Loan B (1 mo. USD LIBOR + 2.00%)		6.63%		01/03/2025			5,535	5,529,931
CSC Holdings LLC
Term Loan (1 mo. Term SOFR + 2.50%)		7.09%		04/15/2027			4,852	4,383,835
Term Loan B (1 mo. Term SOFR + 4.50%)		9.06%		01/15/2028			2,785	2,614,292
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		8.86%		08/14/2026			15,459	15,051,073
Term Loan B-11 (3 mo. USD LIBOR + 2.75%)		7.58%		07/31/2025			969	959,962
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		8.52%		01/31/2026			11,389	11,069,931
ORBCOMM, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/01/2028			6,530	5,330,198
Telenet-LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		6.59%		04/30/2028			467	457,373

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)
UPC - LG
Term Loan AT (1 mo. USD LIBOR + 2.25%)		6.84%		04/30/2028		$	116	$          114,637
Term Loan AX (1 mo. USD LIBOR + 2.93%)		7.51%		01/31/2029			16,353	16,158,701
Virgin Media 02 - LG (United Kingdom)
Term Loan N (1 mo. USD LIBOR + 2.50%)		7.09%		01/31/2028			7,875	7,738,451
Term Loan Q (1 mo. USD LIBOR + 3.25%)		7.84%		01/31/2029			20,909	20,841,712
Vodafone Ziggo - LG, Term Loan H (6 mo. EURIBOR + 3.00%)		6.10%		01/31/2029	EUR		2,000	2,033,523
								104,033,245
Chemicals & Plastics–6.05%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		7.53%		10/01/2025			13,887	13,829,559
Aruba Investments, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.38%		11/24/2028			1,711	1,557,021
Arxada (Switzerland)
Term Loan B (3 mo. EURIBOR + 4.00%)		6.20%		07/03/2028	EUR		1,000	997,675
Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		07/03/2028			1,576	1,496,809
Ascend Performance Materials Operations LLC, Term Loan (6 mo. Term SOFR + 4.75%)		8.83%		08/27/2026			2,786	2,785,709
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-4(d)		-		12/20/2029			8,473	8,521,571
BASF Construction Chemicals (Germany), Term Loan B-3 (3 mo. USD LIBOR + 3.50%)		8.23%		09/29/2027			22,212	22,205,481
BES (Discovery Purchaser Corp.)
First Lien Term Loan (1 mo. Term SOFR + 7.00%)		11.59%		08/03/2030			2,903	2,666,275
Second Lien Term Loan (3 mo. Term SOFR + 4.38%)		8.96%		10/03/2029			822	788,802
Charter NEX US, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.48%		12/01/2027			9,201	9,066,450
Colouroz Investment LLC (Germany)
PIK First Lien Term Loan B-2, 0.75% PIK Rate, 8.57% Cash Rate		0.75%		09/21/2023			810	580,909
PIK First Lien Term Loan C, 0.75% PIK Rate, 8.57% Cash Rate		0.75%		09/21/2023			372	266,879
PIK First Lien Term Loan, 0.75% PIK Rate, 5.75% Cash Rate		0.75%		09/21/2023	EUR		6	4,178
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.07% Cash Rate		5.75%		09/21/2024			59	30,834
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		03/16/2025			2,411	2,372,654
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		9.98%		11/01/2028			11,473	10,478,993
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. Term SOFR + 3.75%)		8.30%		05/28/2029			3,235	3,072,720
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.83%		12/31/2027			671	670,660
H.B. Fuller Co., Term Loan B(d)		-		02/08/2030			2,264	2,282,832
ICP Group Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		12/29/2027			6,316	5,344,790
INEOS Quattro Holdings Ltd. (United Kingdom), Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		01/29/2026			4,441	4,425,684
Ineos US Finance LLC
Term Loan		8.47%		11/08/2027			4,205	4,199,364
Term Loan (1 mo. Term SOFR + 2.50%)		7.41%		11/08/2028			3,663	3,609,486
Term Loan(d)		-		02/09/2030			4,839	4,809,864
Lummus Technology (Illuminate Buyer LLC), Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/30/2027			5,783	5,670,889
Messer Industries USA, Inc., Term Loan B-1		7.23%		03/02/2026			2,508	2,504,513
Potters Industries LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		12/14/2027			2,877	2,877,703
PQ Corp., Term Loan (3 mo. USD LIBOR + 2.50%)		7.33%		06/09/2028			753	751,401
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.50%		11/03/2025			3,284	3,240,108
Quantix, Term Loan (3 mo. Term SOFR + 6.25%)(e)		10.99%		05/03/2025			14,814	14,517,886
Tronox Finance LLC, Incremental Term Loan B (3 mo. Term SOFR + 3.25%)		7.83%		03/03/2029			7,834	7,814,784
Vertellus
Revolver Loan (1 mo. Term SOFR + 5.75%)(e)		10.42%		12/22/2025			534	501,337
Revolver Loan(g)		0.00%		12/22/2025			2,285	2,144,608
Term Loan B (6 mo. Term SOFR + 5.75%)(e)		10.87%		12/22/2027			22,997	22,008,427
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		09/22/2028			16,382	16,332,534
								184,429,389
Clothing & Textiles–1.06%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. Term SOFR + 3.50%)		8.22%		12/21/2028			17,335	17,048,251
Second Lien Term Loan (1 mo. Term SOFR + 6.00%)		10.72%		12/20/2029			4,051	3,762,052
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. USD LIBOR + 3.25%)		8.06%		04/28/2028			11,473	11,408,367
								32,218,670

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
Conglomerates–0.43%
APi Group DE, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		01/03/2029		$	2,694	$       2,696,726
CeramTec (CTEC III GmbH) (Germany), Term Loan B (3 mo. EURIBOR + 3.75%)		6.45%		03/16/2029	EUR		148	151,619
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.66%		02/23/2029			1,450	1,442,135
Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.39%		02/02/2026			580	527,871
Term Loan B (1 mo. Term SOFR + 3.75%)		8.41%		02/17/2029			8,341	8,181,321
								12,999,672
Containers & Glass Products–2.56%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		8.48%		03/11/2028			7,733	7,592,532
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. Term SOFR + 4.00%)		9.04%		12/14/2028			7,941	7,280,539
Duran Group (Germany), Term Loan B-2 (3 mo. USD LIBOR + 3.75%) (Acquired 03/24/2017-05/22/2017; Cost $9,100,612)(e)(f)		7.88%		03/29/2024			9,114	8,806,520
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%) (Acquired 08/07/2020-02/21/2023; Cost $8,539,586)(f)		6.74%		10/31/2023	EUR		8,511	7,096,860
Term Loan B-3 (3 mo. EURIBOR + 4.25%) (Acquired 02/25/2020-02/21/2023; Cost $3,586,635)(f)		6.95%		10/31/2023	EUR		3,816	3,182,192
LABL, Inc. (Multi-Color), Term Loan (1 mo. USD LIBOR + 5.00%)		9.63%		10/29/2028			11,855	11,599,239
Libbey Glass, Inc., First Lien Term Loan (3 mo. Term SOFR + 3.75%) (Acquired 11/22/2022-11/25/2022; Cost $12,215,989)(f)		8.71%		11/22/2027			13,087	12,596,590
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.03%		07/07/2028			6,482	6,028,231
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		7.98%		10/04/2028			5,530	4,852,174
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)(e)		11.23%		10/04/2029			1,022	715,454
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. Term SOFR + 4.25%)		9.01%		07/12/2029			8,450	8,421,623
								78,171,954
Cosmetics & Toiletries–0.54%
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		6.84%		04/05/2025			11,998	11,985,316
Parfums Holding Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		1.00%		06/30/2024			0	34
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		7.49%		06/29/2028	EUR		3,399	3,081,331
Wella (Rainbow FinCo S.a.r.l.), Term Loan B (6 mo. EURIBOR + 3.50%)		6.70%		02/24/2029	EUR		1,293	1,315,412
								16,382,093
Drugs–0.23%
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		6.63%		11/15/2027			193	188,514
Perrigo Investments LLC, Term Loan B (1 mo. Term SOFR + 2.50%)		7.22%		04/06/2029			6,858	6,878,775
								7,067,289
Ecological Services & Equipment–0.61%
Anticimex (Sweden)
First Lien Term Loan (1 mo. Term SOFR + 4.75%)		9.74%		11/16/2028			1,827	1,809,075
Term Loan B-1 (3 mo. USD LIBOR + 3.50%)		8.45%		11/16/2028			1,675	1,660,089
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/11/2025			6,001	5,809,327
GFL Environmental, Inc. (Canada), Term Loan B (1 mo. Term SOFR + 3.00%)		7.72%		05/28/2027			534	535,724
Groundworks LLC
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.75%)(e)		1.00%		01/17/2026			274	273,497
Delayed Draw Term Loan (3 mo. USD LIBOR + 4.75%)(e)		9.48%		01/17/2026			2,937	2,937,185
Delayed Draw Term Loan(g)		0.00%		01/17/2026			2,176	2,175,438
Term Loan (3 mo. USD LIBOR + 4.75%)(e)		9.48%		01/17/2026			485	485,064
Term Loan(e)(g)		0.00%		03/14/2029			339	329,082
Term Loan(e)(g)		0.00%		03/14/2030			1,060	1,028,382
OGF (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%)		7.11%		12/31/2025	EUR		848	834,478
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		03/20/2025			725	683,523
								18,560,864
Electronics & Electrical–12.13%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. Term SOFR + 5.60%)		10.49%		02/01/2030			990	875,691

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
Electronics & Electrical–(continued)
AppLovin Corp., Term Loan (3 mo. Term SOFR + 3.00%)		7.69%		10/25/2028		$	7,323	$       7,267,872
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)		6.43%		10/02/2025	EUR		90	93,717
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		8.63%		04/18/2025			12,950	12,803,925
CommerceHub, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.78%		01/01/2028			9,034	8,648,073
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		04/06/2026			13,021	12,669,357
ConnectWise LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		8.34%		10/01/2028			4	4,163
Cornerstone OnDemand, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) (Acquired 09/30/2021-04/11/2022; Cost $12,479,939)(f)		8.38%		10/16/2028			12,544	11,631,517
Delta Topco, Inc. (Infoblox, Inc.), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.15%		12/01/2027			3,157	2,950,593
Diebold Nixdorf, Inc.
Term Loan (1 mo. Term SOFR + 5.25%)		10.24%		07/15/2025			13,867	9,481,259
Term Loan (1 mo. Term SOFR + 6.40%)		11.63%		07/15/2025			5,445	5,688,044
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)(e)		9.63%		11/01/2028			4,008	4,013,023
E2Open LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.08%		02/04/2028			8,847	8,816,860
Emerald Technologies AcquisitionCo, Inc., Term Loan B (1 mo. Term SOFR + 6.25%)		10.97%		12/29/2027			1,228	1,151,569
Energizer Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)		6.93%		12/22/2027			2,409	2,406,164
Entegris, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)		7.62%		07/06/2029			9,038	9,070,320
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.62%		05/06/2026			774	746,910
EverCommerce, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		07/01/2028			3,769	3,759,385
Forcepoint, Term Loan (3 mo. USD LIBOR + 4.25%)		9.08%		01/07/2028			3,019	2,853,872
Go Daddy Operating Co. LLC, Term Loan (1 mo. Term SOFR + 3.25%)		7.87%		11/09/2029			540	541,551
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		08/31/2027			27,960	15,512,144
Imperva, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.65%		01/11/2027			5,341	4,002,564
Term Loan (3 mo. USD LIBOR + 4.00%)		8.86%		01/10/2026			16,450	14,056,624
Inetum (Granite Fin Bidco SAS) (France)
Term Loan(d)(e)		-		09/23/2028	EUR		1,069	1,079,342
Term Loan B (3 mo. EURIBOR + 5.00%)		7.06%		10/17/2028	EUR		2,267	2,289,552
Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		11.73%		03/02/2029			749	676,425
Informatica Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		7.44%		10/15/2028			7,597	7,593,458
Instructure Holdings, Inc., Term Loan (3 mo. USD LIBOR + 2.75%)		7.85%		11/01/2028			1,384	1,379,577
Learning Pool (Brook Bidco Ltd.) (United Kingdom) (3 mo. SONIA + 6.87%)(e)		10.30%		08/17/2028	GBP		391	460,268
Term Loan (3 mo. SONIA + 6.75%)(e)		10.72%		08/17/2028	GBP		1,603	1,886,001
Term Loan 1 (3 mo. USD LIBOR + 6.75%)(e)		11.58%		08/17/2028			4,887	4,691,437
Term Loan 2 (3 mo. SONIA + 6.75%)(e)		10.30%		08/17/2028			1,912	1,835,070
Marcel Bidco LLC
Term Loan (1 mo. USD LIBOR + 4.00%)(e)		8.42%		12/31/2027			481	479,637
Term Loan B-1 (3 mo. USD LIBOR + 3.25%)(e)		7.67%		03/11/2025			2,449	2,442,987
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		9.65%		08/13/2028			16,853	11,375,540
Maverick Bidco, Inc. (Mitratech), Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)(e)		11.58%		05/18/2029			174	158,140
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		07/27/2029			1,037	817,603
Term Loan B (1 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028			2,920	2,498,744
McAfee LLC, Term Loan B-1 (1 mo. Term SOFR + 4.50%)		8.42%		03/01/2029			12,865	12,088,647
Mirion Technologies, Inc., Term Loan (6 mo. USD LIBOR + 2.75%)		7.48%		10/20/2028			3,908	3,885,562
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 04/25/2019-04/12/2022; Cost $15,461,440)(f)		10.42%		04/29/2026			15,785	14,166,656
Native Instruments (Germany), Term Loan (3 mo. USD LIBOR + 6.00%)(e)		7.98%		03/03/2028	EUR		3,929	3,918,993
NCR Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		7.33%		08/28/2026			4,690	4,663,044
Oberthur Tech, Term Loan B (3 mo. USD LIBOR + 4.50%)		9.23%		01/09/2026			1,037	1,027,934
Open Text Corp. (Canada)
Incremental Term Loan B(d)		-		08/27/2029			15,355	15,354,003
Term Loan (3 mo. USD LIBOR + 1.75%)		6.38%		05/30/2025			70	70,001
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.42%		01/31/2025			4,046	3,765,404
Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024			21,381	21,267,595
Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan(d)		-		06/23/2028	EUR		3,000	2,615,284

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)
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e)		8.88%		01/02/2025		$	3,131	$       3,052,941
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		7.88%		08/31/2028			134	130,726
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. Term SOFR + 7.50%)		12.33%		01/20/2030			753	488,797
Term Loan B (3 mo. Term SOFR + 4.25%)		9.08%		01/19/2029			19,351	16,724,999
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		04/24/2028			4,346	4,217,094
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 10.83% Cash Rate (Acquired 12/06/2021-02/07/2023; Cost $11,548,852)(f)		2.00%		12/08/2026			9,542	3,476,974
Severin Acquisition LLC, First Lien Term Loan (1 mo. Term SOFR + 3.00%)		7.68%		08/01/2025			8	7,878
SonicWall U.S. Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.71%		05/16/2025			8,197	8,123,358
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.46%		05/18/2026			1,226	1,147,896
SS&C Technologies, Inc.
Term Loan B-3 (3 mo. USD LIBOR + 1.75%)		6.38%		04/16/2025			2,795	2,793,716
Term Loan B-4 (3 mo. USD LIBOR + 1.75%)		6.38%		04/16/2025			2,478	2,477,418
Term Loan B-5 (3 mo. USD LIBOR + 1.75%)		6.38%		04/16/2025			1,772	1,770,914
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		05/04/2026			12,904	12,756,423
Incremental First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		8.03%		05/04/2026			10,408	10,219,789
UST Holdings Ltd., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.48%		11/19/2028			8,804	8,779,610
Utimaco (Germany)
Term Loan B (3 mo. USD LIBOR + 6.25%)(e)		8.95%		05/31/2029	EUR		9,126	9,247,156
Term Loan B (3 mo. Term SOFR + 6.25%)(e)		11.06%		05/31/2029			5,122	4,947,765
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		09/01/2025			13,312	10,473,763
WebPros, Term Loan (3 mo. USD LIBOR + 5.25%)		9.98%		02/18/2027			7,461	7,330,478
								369,699,796
Financial Intermediaries–1.05%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		04/07/2028			11,794	11,512,511
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		07/20/2026			305	298,171
LendingTree, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.60%		09/15/2028			12,275	11,364,427
Stiphout Finance LLC, Incremental Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		10/26/2025			3,012	3,006,448
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		02/18/2027			6,101	5,954,057
								32,135,614
Food Products–2.35%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		12/18/2026			8,614	8,602,817
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		5.86%		02/15/2027	EUR		11,609	9,642,400
Florida Food Products LLC
First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.62%		10/18/2028			3,574	3,341,339
First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.63%		10/18/2028			15,893	14,859,959
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.63%		10/08/2029			2,864	2,577,278
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)		8.63%		05/23/2025			9,195	8,304,376
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		9.63%		05/23/2025			5,305	4,804,059
Term Loan (3 mo. USD LIBOR + 3.69%)		8.32%		05/23/2025			6,805	6,139,462
Hostess Brands LLC, First Lien Term Loan B (1 mo. USD LIBOR + 2.25%)		7.08%		08/03/2025			132	131,837
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)		8.23%		11/10/2029			2,386	2,393,622
Shearer’s Foods LLC
Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.39%		09/22/2028			405	378,952
Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		09/23/2027			2	2,232
Sigma Bidco B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 3.50%)		6.24%		07/02/2025	EUR		3,889	3,838,245
Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		7.46%		07/02/2025			2,866	2,693,283
United Natural Foods, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		7.98%		10/22/2025			2,807	2,817,194
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B (6 mo. EURIBOR + 4.00%)		5.16%		09/29/2028	EUR		1,129	1,016,653
								71,543,708

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
Food Service-0.77%
Aramark Services, Inc.
Term Loan B-3 (1 mo. USD LIBOR + 1.75%)		6.38%		03/11/2025		$	685	$          685,022
Term Loan B-5 (1 mo. USD LIBOR + 2.50%)		7.13%		04/06/2028			666	665,238
Euro Garages (Netherlands)
Term Loan B (3 mo. USD LIBOR + 4.00%)		9.15%		02/07/2025			1,941	1,821,709
Term Loan B (3 mo. USD LIBOR + 4.25%)		8.98%		03/31/2026			826	774,349
Financiere Pax S.A.S.
Revolver Loan (3 mo. USD LIBOR + 4.30%)(e)		0.90%		01/02/2026	EUR		268	231,366
Revolver Loan(g)		0.00%		03/25/2023			805	694,098
Term Loan B (6 mo. EURIBOR + 4.75%)		7.19%		07/01/2026	EUR		6,781	6,553,678
US Foods, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		11/22/2028			4,171	4,171,516
WW International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.14%		04/13/2028			13,444	7,814,045
								23,411,021
Health Care-2.93%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom)
Term Loan (1 mo. SONIA + 4.75%)		8.68%		06/08/2028	GBP		2,490	2,884,287
Term Loan (1 mo. Term SOFR + 4.50%)(e)		9.15%		06/08/2028			2,922	2,732,290
Ascend Learning LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.12%		12/11/2028			1,587	1,494,540
athenahealth Group, Inc.
Term Loan (1 mo. Term SOFR + 3.50%)		8.06%		02/15/2029			6,262	5,810,576
Delayed Draw Term Loan(g)		0.00%		02/15/2029			767	712,022
Cerba (Chrome Bidco) (France)
Term Loan (3 mo. EURIBOR + 4.00%)		5.93%		02/14/2029	EUR		1,684	1,713,534
Term Loan(d)		-		02/16/2029	EUR		1,802	1,885,285
Term Loan B (1 mo. EURIBOR + 3.25%)		6.16%		05/24/2028	EUR		2,000	1,994,176
Certara Holdco, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		08/14/2026			1,357	1,349,897
Ethypharm (Financiere Verdi, Orphea Ltf) (France), Term Loan B (3 mo. SONIA + 4.50%)		7.93%		04/17/2028	GBP		1,119	1,198,503
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		02/04/2027			13,692	12,639,143
Global Medical Response, Inc.
Term Loan (1 mo. USD LIBOR + 4.25%)		9.20%		03/14/2025			8,922	7,150,326
Term Loan (1 mo. USD LIBOR + 4.25%)		8.83%		10/02/2025			5,124	4,087,087
ICON PLC
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028			448	448,024
Term Loan (3 mo. USD LIBOR + 2.25%)		7.00%		07/03/2028			1,798	1,798,206
Inovie Group Bidco (Labosud) (France), Term Loan B (3 mo. EURIBOR + 4.00%)		6.20%		03/03/2028	EUR		5,101	5,054,643
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)(e)		8.50%		09/07/2028			7,669	7,563,940
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		12/18/2028			8,871	8,313,325
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		12/17/2029			1,991	1,424,764
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR		388	403,787
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR		224	233,245
Nidda Healthcare Holding AG (Germany), Term Loan F (3 mo. SONIA + 4.50%)		8.45%		08/21/2026	GBP		639	731,761
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)		7.75%		06/02/2028			5,184	5,142,818
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		9.88%		11/24/2028			3,891	3,777,012
TTF Holdings LLC (Soliant), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.69%		03/31/2028			1,716	1,714,857
Veonet (Blitz F21-433 GmbH) (Germany), First Lien Term Loan (3 mo. EURIBOR + 4.75%)(e)		7.77%		03/14/2029	EUR		865	892,601
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.63%		08/27/2025			3,966	3,970,036
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		9.33%		01/15/2028			1,938	1,821,340
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		01/15/2029			551	500,431
								89,442,456
Home Furnishings-2.33%
Griffon Corp., Term Loan B (1 mo. Term SOFR + 2.75%)		9.00%		01/19/2029			269	267,643

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
Home Furnishings-(continued)
Hilding Anders AB (Sweden)
Term Loan (6 mo. EURIBOR + 5.00%) (Acquired 10/04/2022-10/31/2022; Cost $ 878,990)(e)(f)		7.12%		02/28/2026	EUR		1,206	$          835,650
Term Loan (6 mo. EURIBOR+0.00%) (Acquired 10/04/2022-10/31/2022; Cost $ 9,664)(e)(f)		12.00%		02/26/2027	EUR		1,096	0
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. Term SOFR + 3.50%)		8.37%		02/26/2029		$	26,103	24,094,096
Hunter Douglas, Inc., First Lien Term Loan (3 mo. EURIBOR + 4.00%)		6.67%		02/26/2029	EUR		6,652	6,444,750
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		8.44%		09/25/2028			16,440	15,556,341
Serta Simmons Bedding LLC
First Lien Term Loan(h)		0.00%		08/10/2023			7,568	7,485,980
Second Lien Term Loan(h)		0.00%		08/10/2023			12,055	6,759,174
SIWF Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.75%		10/06/2028			9,923	8,566,765
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.38%		07/01/2029			1,231	977,882
								70,988,281
Industrial Equipment-3.70%
Chart Industries, Inc., Term Loan B (d)		-		12/08/2029			6,890	6,894,107
Crosby US Acquisition Corp., First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.50%		06/26/2026			2,558	2,500,153
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. Term SOFR + 5.50%)		10.08%		06/08/2029			9,906	8,568,553
DXP Enterprises, Inc., Term Loan (1 mo. Term SOFR + 4.75%)		10.17%		12/23/2027			6,380	6,280,461
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)(e)		10.73%		05/21/2029			481	449,501
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		1.27%		06/04/2026			3,920	3,567,091
Term Loan (3 mo. EURIBOR + 4.25%)		6.32%		12/04/2026	EUR		1,140	1,149,288
Term Loan B (3 mo. USD LIBOR + 5.00%)(e)		9.77%		12/04/2026			11,831	11,239,294
Term Loan B-2		9.23%		12/04/2026			4,256	4,059,131
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		7.99%		06/21/2028			1,927	1,839,717
MKS Instruments, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)		7.41%		08/17/2029			11,381	11,315,646
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 2.50%)		7.13%		07/31/2025			498	498,287
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		03/08/2025			3,516	3,164,208
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.25%		02/28/2025			20,452	11,436,346
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		12.75%		02/28/2026			4,802	1,662,692
Summer (BC) Holdco B S.a r.l (), Revolver Loan(g)		0.00%		03/25/2023			3,080	2,802,909
Syntegon (BOSPAC Platin2025 S.a.r.l.) (Germany), Term Loan B (3 mo. EURIBOR + 3.90%)		6.10%		12/29/2028	EUR		1,385	1,427,958
Tank Holding Corp.
Revolver Loan (1 mo. Term SOFR + 6.00%)(e)		0.38%		03/31/2028			369	342,646
Revolver Loan(g)		0.00%		03/31/2028			1,333	1,238,797
Term Loan (1 mo. Term SOFR + 6.00%)		10.47%		03/31/2028			25,539	24,533,731
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		8.60%		07/31/2027			2,331	2,284,085
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan B (1 mo. USD LIBOR + 7.00%)(e)		11.59%		11/19/2029			789	635,212
Term Loan B (1 mo. USD LIBOR + 3.75%)(e)		8.34%		11/15/2028			5,536	4,872,104
								112,761,917
Insurance-2.77%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		02/15/2027			8,762	8,395,404
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/15/2027			7,423	7,129,061
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		8.88%		02/15/2027			8,507	8,217,613
Term Loan (1 mo. Term SOFR + 5.75%)		10.45%		02/15/2027			674	675,846
Alliant Holdings Intermediate LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		8.09%		11/06/2027			10,246	10,141,545
AmWINS Group LLC, Term Loan B(d)		-		02/19/2028			2,732	2,724,676
HUB International Ltd., Incremental Term Loan B-3 (1 mo. USD LIBOR + 3.25%)		8.06%		04/25/2025			4,333	4,332,045
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.72%		09/01/2027			7,643	7,645,060
Sedgwick Claims Management Services, Inc., Term Loan B (1 mo. Term SOFR + 3.75%)		8.32%		02/21/2028			9,860	9,759,645

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
Insurance-(continued)
USI, Inc.
Term Loan (3 mo. USD LIBOR + 3.25%)		8.41%		12/02/2026		$	6,293	$6,295,332
Term Loan (1 mo. Term SOFR + 3.75%)		8.33%		11/22/2029			19,115	19,104,761
								84,420,988
Leisure Goods, Activities & Movies-4.04%
Bright Horizons Family Solutions, Inc., Term Loan B		6.98%		11/19/2028			4,820	4,820,983
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		7.88%		10/18/2028			17,979	17,484,468
Term Loan (6 mo. USD LIBOR + 3.00%)		7.63%		06/30/2025			2,530	2,494,276
Crown Finance US, Inc.
DIP Term Loan (1 mo. Term SOFR + 10.00%) (Acquired 09/14/2022-09/23/2022; Cost $21,244,074)(f)		14.84%		09/07/2023			22,206	22,705,776
First Lien Term Loan (Acquired 09/20/2019-07/26/2022; Cost $7,691,219)(f)(h)(i)		0.00%		09/30/2026			9,525	1,556,298
Revolver Loan(h)		4.73%		03/02/2023			2,061	346,583
Revolver Loan(g)		0.00%		03/25/2023			0	0
Term Loan (Acquired 08/28/2020-11/30/2022; Cost $1,521,176)(f)(h)(i)		0.00%		02/28/2025	EUR		2,092	361,722
Term Loan (Acquired 12/15/2021-10/20/2022; Cost $6,905,060)(f)(h)(i)		0.00%		02/28/2025			9,452	1,554,631
CWGS Group LLC, Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/03/2028			6,092	5,460,358
Delta 2 Lux S.a.r.l. (United Kingdom), First Lien Term Loan (1 mo. Term SOFR + 3.25%)		8.06%		01/15/2030			5,956	5,979,411
Eagle Midco Ltd. (United Kingdom)
Term Loan (3 mo. EURIBOR + 3.75%)		5.95%		03/20/2028	EUR		403	409,494
Term Loan (1 mo. EURIBOR + 4.75%)		8.96%		03/20/2028	GBP		1,617	1,828,673
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		8.08%		04/18/2025			5,740	5,514,808
Galileo Global Educaion Finance S.a.r.l. (Luxembourg), Term Loan B (3 mo. EURIBOR + 3.50%)		6.16%		07/14/2028	EUR		525	543,368
Global University Systems (Netherlands), Term Loan B (6 mo. EURIBOR + 3.50%)		5.80%		01/29/2027	EUR		1,083	1,082,812
Lakeland Tours LLC
PIK Term Loan, 13.25% PIK Rate (Acquired 09/25/2020-09/27/2022; Cost $408,744)(f)		13.25%		09/25/2027			986	665,759
Third Lien Term Loan B (1 mo. USD LIBOR + 6.00%) (Acquired 09/25/2020-10/31/2022; Cost $638,889)(e)(f)		10.83%		09/25/2025			823	748,583
Nord Anglia Education, Term Loan B(d)		-		01/25/2028			2,280	2,282,660
OEG Borrower LLC (Opry Entertainment), Term Loan B (3 mo. Term SOFR + 5.00%)(e)		9.60%		05/20/2029			7,256	7,237,534
Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan (3 mo. EURIBOR + 3.50%)(e)		1.05%		03/16/2026	EUR		2,538	2,402,293
Revolver Loan(g)		0.00%		03/16/2026			3,483	3,296,671
Red Ventures LLC (New Imagitas, Inc.), Term Loan(d)		-		02/24/2030			1,558	1,558,130
Royal Caribbean Cruises
Revolver Loan (3 mo. USD LIBOR + 1.30%)(e)		5.69%		04/05/2024			9,348	8,950,779
Revolver Loan (3 mo. USD LIBOR + 1.70%)		5.56%		04/12/2024			1,621	1,550,944
Revolver Loan(g)		0.00%		04/05/2024			1,239	1,186,701
Revolver Loan(g)		0.00%		04/12/2024			452	432,524
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%)		5.95%		02/27/2027	EUR		5,233	4,533,752
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.69%		08/25/2028			2,194	2,191,033
Six Flags Theme Parks, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		6.39%		04/17/2026			1,229	1,208,649
Vue International Bidco PLC (United Kingdom)
First Lien Term Loan(d)(e)(h)		-		07/03/2025	GBP		9,000	5,981,171
Term Loan		1.00%		06/30/2027	EUR		1,172	1,084,936
Term Loan (6 mo. EURIBOR + 8.00%)		9.77%		06/30/2027	EUR		2,223	2,057,639
Term Loan (3 mo. EURIBOR + 8.00%)		4.35%		12/31/2027	EUR		5,329	3,553,058
								123,066,477
Lodging & Casinos-1.60%
Aimbridge Acquisition Co., Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.34%		02/02/2026			3,411	3,251,852
B&B Hotels S.A.S. (France), Second Lien Term Loan A-1 (3 mo. EURIBOR + 8.50%)		10.89%		07/31/2027	EUR		1,204	1,268,498
Everi Payments, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		08/03/2028			333	332,410

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
Lodging & Casinos-(continued)
Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. Term SOFR + 3.25%)		8.16%		11/30/2029		$	1,921	$       1,932,189
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		08/02/2028			1,940	1,939,043
HotelBeds (United Kingdom)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.71%		09/12/2025	EUR		7,975	7,926,560
Term Loan C (6 mo. EURIBOR+4.50%)		6.96%		09/30/2027	EUR		2,534	2,500,075
Term Loan D (6 mo. EURIBOR + 5.50%)		7.75%		09/12/2027	EUR		26,609	26,744,299
RHP Hotel Properties L.P., Term Loan B (3 mo. USD LIBOR + 2.00%)		6.64%		05/11/2024			355	354,858
Travel + Leisure Co., Incremental Term Loan (1 mo. Term SOFR + 4.00%)		8.61%		12/14/2029			2,596	2,592,648
								48,842,432
Nonferrous Metals & Minerals-0.51%
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		06/09/2028			1,355	1,311,543
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e)		11.88%		06/11/2029			212	201,285
AZZ, Inc., Term Loan (1 mo. Term SOFR + 4.25%)		8.97%		05/13/2029			7,860	7,873,255
Covia Holdings Corp., Term Loan (3 mo. USD LIBOR + 4.00%)		8.78%		07/31/2026			819	811,493
Form Technologies LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.46%		07/19/2025			3,557	3,257,774
First Lien Term Loan (3 mo. USD LIBOR + 9.00%)(e)		13.96%		10/22/2025			2,106	1,705,448
SCIH Salt Holdings Inc. (Kissner Group), Incremental First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.83%		03/16/2027			443	432,632
								15,593,430
Oil & Gas-1.37%
Brazos Delaware II LLC, First Lien Term Loan (d)		-		02/01/2030			6,520	6,490,273
Glass Mountain Pipeline Holdings LLC, Term Loan (3 mo. USD LIBOR + 4.50%)		9.14%		10/28/2027			304	257,301
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		11.48%		08/25/2026			3,097	3,044,982
McDermott International Ltd.
LOC(g)		0.00%		06/30/2024			6,610	5,387,410
LOC (3 mo. USD LIBOR + 4.00%)(e)		8.46%		06/30/2024			2,890	2,022,696
PIK Term Loan, 3.00% PIK Rate, 5.63% Cash Rate		3.00%		06/30/2025			1,533	1,017,419
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		06/30/2024			279	169,496
Petroleum GEO-Services ASA (Norway)
Term Loan (3 mo. Term SOFR + 6.75%) (Acquired 05/23/2022; Cost $1,133,010)(e)(f)		11.33%		03/18/2024			1,133	1,150,005
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 02/03/2021-02/09/2021; Cost $7,756,533)(f)		12.14%		03/19/2024			8,367	8,241,053
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021; Cost $2,638,482)(f)		12.63%		08/27/2026			2,678	2,673,989
TransMontaigne Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		11/17/2028			9,416	9,381,526
WhiteWater Whistler Holdings LLC, Term Loan B(d)		-		01/25/2030			2,093	2,092,230
								41,928,380
Publishing-3.38%
Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%)		9.88%		06/29/2026			22,823	21,638,012
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		8.23%		08/21/2026			7,635	7,246,737
Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)(e)		8.67%		12/01/2028			22,994	20,350,107
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
Second Lien Term Loan (1 mo. Term SOFR + 8.50%)(e)		13.12%		04/08/2030			10,267	8,932,128
Term Loan B (1 mo. Term SOFR + 5.25%)		9.97%		04/09/2029			13,186	12,131,064
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		9.38%		07/30/2028			14,359	13,820,703
Micro Holding L.P.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024			4,505	4,479,834
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024			14,552	14,470,060
								103,068,645
Radio & Television-0.83%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. Term SOFR + 3.25%) (Acquired 03/01/2022; Cost $2,506,252)(f)		8.03%		08/24/2026			3,798	446,580
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		01/07/2028			6,527	6,447,292

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
Radio & Television-(continued)
Gray Television, Inc.
Term Loan C (1 mo. USD LIBOR + 2.50%)		7.07%		01/02/2026		$	364	$          359,800
Term Loan D (1 mo. USD LIBOR + 3.00%)		7.57%		12/01/2028			4,008	3,970,304
iHeartCommunications, Inc., Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/01/2026			784	764,754
Nexstar Broadcasting, Inc.
Term Loan B (1 mo. USD LIBOR + 2.50%)		7.05%		06/02/2028			1,096	1,093,389
Term Loan B-4 (1 mo. USD LIBOR + 2.50%)		7.13%		09/18/2026			4,671	4,667,494
Sinclair Television Group, Inc.
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		7.14%		09/30/2026			1,498	1,454,677
Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		7.64%		04/01/2028			3,792	3,661,653
Term Loan B-4 (1 mo. Term SOFR + 3.75%)		8.47%		04/21/2029			635	620,521
Univision Communications, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		03/15/2026			533	529,829
First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/05/2028			1,432	1,416,811
								25,433,104
Retailers (except Food & Drug)-2.40%
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		11/08/2027			18,509	18,208,055
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026	EUR		992	1,003,194
Term Loan B-2 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026	EUR		677	684,031
Term Loan B-3 (3 mo. EURIBOR+5.25%)		7.45%		04/08/2026	EUR		1,477	1,492,893
Term Loan B-4 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026	EUR		2,253	2,278,107
Term Loan B-5 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026	EUR		461	466,442
Petco Animal Supplies, Inc., First Lien Term loan (3 mo. Term SOFR + 3.25%)		8.09%		03/02/2028			11,380	11,280,729
PetSmart LLC, Term Loan (1 mo. Term SOFR + 3.75%)		8.47%		02/11/2028			26,449	26,412,823
Savers, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		10.34%		04/26/2028			11,563	11,457,102
								73,283,376
Surface Transport-2.03%
American Trailer World Corp., First Lien Term Loan (1 mo. Term SOFR + 3.75%)		8.47%		03/03/2028			5,127	4,557,988
Carriage Purchaser, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/30/2028			4,905	4,838,544
First Student Bidco, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.00%)		8.68%		07/21/2028			853	833,429
Incremental Term Loan B (3 mo. Term SOFR + 4.00%)		8.68%		07/21/2028			12,285	12,001,375
Term Loan B (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028			6,199	5,928,093
Term Loan C (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028			2,311	2,210,325
Hurtigruten (Explorer II AS) (Norway)
Term Loan B (3 mo. EURIBOR + 4.00%)
(Acquired 04/16/2021-09/27/2021; Cost $9,457,889)(f)		7.20%		02/24/2025	EUR		8,164	7,870,569
Term Loan C (3 mo. EURIBOR + 8.00%)
(Acquired 10/05/2021; Cost $2,328,198)(f)		10.63%		06/16/2023	EUR		2,000	2,108,789
Term Loan D (3 mo. EURIBOR + 8.00%)
(Acquired 09/30/2021; Cost $1,196,311)(f)		9.30%		06/22/2023	EUR		1,023	1,078,573
Novae LLC, Term Loan B (3 mo. Term SOFR + 5.00%)		9.70%		12/22/2028			1,878	1,627,307
PODS LLC
Term Loan(d)(e)		-		04/01/2028			2,045	2,035,206
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.73%		04/01/2028			10,596	10,364,527
STG - XPOI Opportunity, Term Loan B (1 mo. Term SOFR + 6.00%)		10.78%		04/30/2028			6,599	6,326,632
								61,781,357
Telecommunications-6.50%
Avaya, Inc.
DIP Term Loan(e)		0.00%		08/15/2023			4,250	4,419,785
DIP Term Loan(g)		0.00%		08/15/2023			1,062	1,104,946
First Lien Term Loan(h)		0.00%		12/15/2027			12,941	3,377,752
Term Loan B-2(h)		0.00%		12/15/2027			15,487	4,007,248
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		7.84%		11/30/2027			7,050	7,014,485
CCI Buyer, Inc. (Consumer Cellular), Term Loan		8.58%		12/17/2027			2,754	2,714,772

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
Telecommunications–(continued)
CenturyLink, Inc.
Term Loan A(d)		-		01/31/2025		$	3,266	$       3,147,831
Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/15/2027			15,617	13,025,241
Crown Subsea Communications Holding, Inc.
Incremental Term Loan(d)		-		04/27/2027			3,725	3,672,243
Term Loan (1 mo. Term SOFR + 4.75%)		9.32%		04/27/2027			13,546	13,355,705
Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/12/2027			5,007	4,960,758
II-VI, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		07/01/2029			7,279	7,265,136
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		8.14%		12/11/2026			11,357	11,184,224
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. Term SOFR + 4.25%)		9.08%		02/01/2029			22,799	22,576,543
Iridium Satellite LLC, Term Loan B		7.22%		11/04/2026			565	564,966
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		6.38%		03/01/2027			3,113	2,849,932
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		8.25%		11/30/2025			160	47,489
First Lien Term Loan (6 mo. Term SOFR + 6.70%)(e)		11.15%		11/01/2027			32,765	23,754,354
First Lien Term Loan (6 mo. Term SOFR + 9.25%)		13.70%		11/01/2027			8,144	6,229,950
Term Loan (6 mo. Term SOFR + 6.44%)		10.89%		11/01/2027			13,941	13,662,061
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		09/25/2026			6,696	5,576,617
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		7.58%		12/07/2026			17,351	9,382,038
Viasat, Inc., Term Loan (1 mo. Term SOFR + 3.75%)		9.23%		03/02/2029			7,240	7,176,294
Voyage Digital (NC) Ltd., Term Loan B (3 mo. Term SOFR + 4.50%)(e)		9.30%		05/10/2029			5,758	5,714,707
Windstream Services LLC, Term Loan (1 mo. Term SOFR + 6.25%)		10.97%		09/21/2027			8,211	7,392,630
Zayo Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		03/09/2027			6,182	5,161,141
Zayo Group LLC, Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.87%		03/09/2027			10,168	8,702,528
								198,041,376
Utilities–1.88%
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/01/2025			5,650	5,636,361
Incremental Term Loan (1 mo. Term SOFR + 3.75%)		8.37%		08/01/2025			9,087	9,096,960
Calpine Corp.
Term Loan (3 mo. USD LIBOR + 2.00%)		6.64%		04/05/2026			1,069	1,067,356
Term Loan (1 mo. USD LIBOR + 2.50%)		7.14%		12/16/2027			2,838	2,837,197
Covanta Holding Corp.
Term Loan B (1 mo. Term SOFR + 2.50%)		7.12%		11/30/2028			3,918	3,913,064
Term Loan C (1 mo. Term SOFR + 2.50%)		7.12%		11/30/2028			296	295,329
Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		10/02/2025			5,211	4,757,317
Generation Bridge LLC
Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028			3,760	3,757,167
Term Loan C (1 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028			83	82,687
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		11/09/2026			7,192	6,907,845
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.95%		08/14/2026			2,562	2,241,239
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 04/28/2017-04/22/2021; Cost $5,206,535)(f)		8.88%		05/16/2024			5,215	3,877,270
Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		06/23/2028			2,602	2,519,051
Pike Corp., Term Loan (1 mo. Term SOFR + 3.50%)		8.12%		01/21/2028			1,836	1,835,605
USIC Holding, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		05/12/2028			8,007	7,783,186
Second Lien Term Loan (1 mo. USD LIBOR + 6.50%)		11.13%		05/14/2029			616	572,863
								57,180,497
Total Variable Rate Senior Loan Interests (Cost $2,879,075,833)								2,692,136,274
Non-U.S. Dollar Denominated Bonds & Notes–3.30%(j)
Automotive–0.24%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(k)(l)		12.37%		04/19/2026	SEK		73,750	6,481,658
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(k)(l)		6.70%		09/30/2028	EUR		917	780,143
								7,261,801

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
Building & Development–0.12%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(k)(l)		7.29%		01/15/2027	EUR		1,117	$       1,156,581
Haya (Holdco2 PLC/Real Estate SAU) (Spain) (Acquired 06/14/2022; Cost $4,308,996)(f)		10.95%		11/30/2025	EUR		5,883	2,442,473
								3,599,054
Business Equipment & Services–0.03%
Bach Bidco S.p.A. (Italy) (3 mo. EURIBOR + 4.25%)(k)(l)		6.54%		10/15/2028	EUR		1,000	1,022,002
Cable & Satellite Television–0.10%
Altice Finco S.A. (Luxembourg)(k)		4.75%		01/15/2028	EUR		3,712	3,046,559
Chemicals & Plastics–0.02%
Herens Midco S.a.r.l. (Luxembourg)(k)		5.25%		05/15/2029	EUR		791	578,328
Electronics & Electrical–0.25%
Nobel Bidco B.V. (Netherlands)(k)		3.13%		06/15/2028	EUR		10,186	7,571,593
Financial Intermediaries–1.10%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(k)(l)		7.48%		08/01/2024	EUR		7,201	6,356,574
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(l)		8.73%		05/01/2026	EUR		1,945	1,814,782
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)		6.75%		11/01/2025	EUR		6,615	5,759,879
Kane Bidco Ltd. (United Kingdom)(k)		5.00%		02/15/2027	EUR		827	817,361
Kane Bidco Ltd. (United Kingdom)(k)		6.50%		02/15/2027	GBP		1,034	1,135,440
Nemean Bondco PLC (United Kingdom)(k)		7.38%		02/01/2024	GBP		2,900	3,379,256
Sherwood Financing PLC (United Kingdom)(k)		6.00%		11/15/2026	GBP		937	939,977
Sherwood Financing PLC (United Kingdom)(k)		4.50%		11/15/2026	EUR		968	903,230
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(k)(l)		7.28%		11/15/2027	EUR		6,242	6,287,733
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(k)(l)		7.28%		11/15/2027	EUR		6,000	6,043,960
								33,438,192
Food Products–0.47%
Sigma Holdco B.V. (Netherlands)(k)		5.75%		05/15/2026	EUR		5,000	4,280,156
Sigma Holdco B.V. (Netherlands)(k)		5.75%		05/15/2026	EUR		11,672	9,991,596
								14,271,752
Health Care–0.03%
Kepler S.p.A. (Italy) (3 mo. EURIBOR + 5.75%)(k)(l)		7.80%		05/15/2029	EUR		864	903,800
Home Furnishings–0.10%
Very Group Funding PLC (The) (United Kingdom)(k)		6.50%		08/01/2026	GBP		3,150	3,054,863
Industrial Equipment–0.17%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)(k)		9.25%		10/31/2027	EUR		5,997	5,284,667
Leisure Goods, Activities & Movies–0.05%
Deuce Finco PLC (United Kingdom) (3 mo. EURIBOR + 4.75%)(k)(l)		6.80%		06/15/2027	EUR		807	808,863
Deuce Finco PLC (United Kingdom)(k)		5.50%		06/15/2027	GBP		807	824,420
								1,633,283
Retailers (except Food & Drug)–0.26%
Douglas GmbH (Germany)(k)		6.00%		04/08/2026	EUR		1,823	1,701,133
Kirk Beauty SUN GmbH (Germany)(k)(m)		8.25%		10/01/2026	EUR		7,555	6,103,447
								7,804,580
Surface Transport–0.18%
Zenith Finco PLC (United Kingdom)(k)		6.50%		06/30/2027	GBP		4,906	4,684,210
Zenith Finco PLC (United Kingdom)(k)		6.50%		06/30/2027	GBP		846	807,754
								5,491,964
Telecommunications–0.18%
Iliad Holding S.A.S.U. (France)(k)		5.13%		10/15/2026	EUR		5,500	5,508,703
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $115,260,542)								100,471,141

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
U.S. Dollar Denominated Bonds & Notes–2.80%
Aerospace & Defense–0.22%
Maxar Technologies, Inc. (k)		7.75%		06/15/2027		$	2,309	$       2,416,565
Rand Parent LLC(k)		8.50%		02/15/2030			4,385	4,215,081
								6,631,646
Air Transport–0.02%
Mesa Airlines, Inc., Class B (Acquired 11/25/2015; Cost $1,108,194)(e)(f)		5.75%		07/15/2025			665	644,442
Building & Development–0.36%
APCOA Parking Holdings GmbH (Germany) (k)		4.63%		01/15/2027	EUR		939	858,107
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/29/2020-11/19/2020; Cost $2,420,618)(f)(k)		5.75%		05/15/2026			2,637	2,430,509
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-05/20/2022; Cost $8,656,205)(f)(k)		4.50%		04/01/2027			9,060	7,772,619
								11,061,235
Business Equipment & Services–0.25%
ADT Security Corp. (The) (k)		4.13%		08/01/2029			8,722	7,513,916
Cable & Satellite Television–0.84%
Altice Financing S.A. (Luxembourg) (k)		5.75%		08/15/2029			2,188	1,791,742
Altice Financing S.A. (Luxembourg)(k)		5.00%		01/15/2028			11,665	9,691,048
Altice France Holding S.A. (Luxembourg)(k)		8.00%		05/15/2027	EUR		2,923	2,467,658
Altice France S.A. (France)(k)		5.50%		01/15/2028			4,994	4,118,602
Altice France S.A. (France)(k)		5.50%		10/15/2029			4,322	3,387,080
Virgin Media Secured Finance PLC (United Kingdom)(k)		4.50%		08/15/2030			5,103	4,205,549
								25,661,679
Chemicals & Plastics–0.25%
SK Invictus Intermediate II S.a.r.l. (Luxembourg) (k)		5.00%		10/30/2029			9,586	7,637,454
Food Service–0.07%
eG Global Finance PLC (United Kingdom) (k)		6.75%		02/07/2025			1,180	1,066,366
WW International, Inc.(k)		4.50%		04/15/2029			1,838	939,466
								2,005,832
Health Care–0.07%
Global Medical Response, Inc. (k)		6.50%		10/01/2025			2,829	2,124,919
Industrial Equipment–0.02%
Chart Industries, Inc. (k)		7.50%		01/01/2030			694	705,277
Publishing–0.18%
McGraw-Hill Education, Inc. (k)		5.75%		08/01/2028			6,079	5,329,505
Radio & Television–0.01%
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 10/15/2020-10/23/2020; Cost $1,813,127)(f)(k)		5.38%		08/15/2026			2,398	272,053
Retailers (except Food & Drug)–0.06%
Evergreen Acqco 1 L.P./TVI, Inc. (k)		9.75%		04/26/2028			1,735	1,717,902
Surface Transport–0.05%
First Student Bidco, Inc./First Transit Parent, Inc. (k)		4.00%		07/31/2029			1,850	1,583,443
Telecommunications–0.30%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom) (k)		6.75%		10/01/2026			5,683	5,263,252
Windstream Escrow LLC/Windstream Escrow Finance Corp.(k)		7.75%		08/15/2028			4,919	4,025,636
								9,288,888
Utilities–0.10%
Calpine Corp. (k)		4.50%		02/15/2028			3,515	3,168,254
Total U.S. Dollar Denominated Bonds & Notes (Cost $96,430,774)								85,346,445

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

18 Invesco Floating Rate ESG Fund

	Shares		Value
Common Stocks & Other Equity Interests–1.59%(n)
Aerospace & Defense–0.04%
IAP Worldwide Services, Inc. (Acquired 07/18/2014-08/18/2014; Cost $145,528)(e)(f)		134	$    1,294,109
Automotive–0.00%
Dayco Products LLC (Acquired 06/16/2006-05/29/2008; Cost $104,068)(e)(f)		3,261	7,337
Dayco Products LLC (Acquired 06/16/2006-02/18/2014; Cost $1,275,974)(e)(f)		3,266	7,349
ThermaSys Corp. (Acquired 12/31/2018; Cost $1,367,427)(e)(f)		1,949,645	58,489
			73,175
Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)(e)(f)		7,135	0
Lake at Las Vegas Joint Venture LLC, Class A (Acquired 04/28/2010-07/15/2010; Cost $664,569)(e)(f)		518	0
Lake at Las Vegas Joint Venture LLC, Class B (Acquired 06/30/2010; Cost $3,408,940)(e)(f)		4	0
			0
Business Equipment & Services–0.36%
Checkout Holding Corp. (Acquired 02/15/2019; Cost $4,932,126)(f)		15,070	4,710
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $9,074,167)(e)(f)(o)		68,686	10,818,015
			10,822,725
Containers & Glass Products–0.01%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $146,927)(f)		36,078	311,173
Electronics & Electrical–0.00%
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $939,407)(e)(f)		56,084	14,301
Health Care–0.00%
Envigo RMS Holding Corp. (Acquired 04/29/2014-12/10/2021; Cost $0)(e)(f)		3,637	25,914
Industrial Equipment–0.00%
North American Lifting Holdings, Inc.		7,347	56,021
Leisure Goods, Activities & Movies–0.00%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(f)(i)		518,633	0
Vue International Bidco PLC(e)		6,814,500	0
			0
Lodging & Casinos–0.08%
Bally’s Corp.(p)		74,467	1,470,723
Caesars Entertainment, Inc.(p)		19,983	1,014,337
			2,485,060
Oil & Gas–0.98%
McDermott International Ltd.(p)		629,763	245,293
McDermott International Ltd.(e)		1,901,942	740,807
QuarterNorth Energy, Inc. (Acquired 06/02/2021-10/29/2021; Cost $8,340,808)(e)(f)		131,162	26,165,507
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $411,759)(e)(f)		45,751	1,528,083
QuarterNorth Energy, Inc., Wts., expiring 08/27/2029 (Acquired 08/27/2021; Cost $528,684)(e)(f)		88,114	887,308
Samson Investment Co., Class A (Acquired 03/01/2017; Cost $4,259,838)(e)(f)		261,209	163,256
Southcross Energy Partners L.P. (Acquired 08/05/2014-10/29/2020; Cost $1,477,667)(e)(f)		145,102	1,088
			29,731,342
Radio & Television–0.07%
iHeartMedia, Inc., Class A(p)		306,089	2,222,206
iHeartMedia, Inc., Class B(e)		29	210
			2,222,416

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

19 Invesco Floating Rate ESG Fund

					Shares		Value
Retailers (except Food & Drug)–0.02%
Claire’s Stores, Inc. (Acquired 10/12/2018; Cost $1,111,774)(f)						692	$343,117
Toys ’R’ Us-Delaware, Inc.(e)						11	27,642
Vivarte S.A.S.(e)						233,415	109,725
							480,484
Surface Transport–0.03%
Commercial Barge Line Co. (Acquired 02/15/2018-02/06/2020; Cost $1,212,169)(f)						14,574	429,933
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023; Cost $0)(f)						57,006	26,722
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/03/2023; Cost $0)(f)						48,119	30,074
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $1,274,332)(f)						15,321	451,969
							938,698
Telecommunications–0.00%
Consolidated Communications Holdings, Inc.(p)						32,797	99,375
Total Common Stocks & Other Equity Interests (Cost $57,588,983)							48,554,793
Preferred Stocks–0.27%(n)
Automotive–0.00%
ThermaSys Corp., Series A, Pfd. (Acquired 12/31/2018; Cost $434,767)(e)(f)						415,320	12,460
Electronics & Electrical–0.00%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)(e)(f)						80,284	20,473
Riverbed Technology, Inc., Pfd.(e)						24,314	6,200
							26,673
Oil & Gas–0.04%
McDermott International Ltd., Pfd.(e)						1,632	1,060,731
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-08/23/2019; Cost $566,509)(e)(f)						577,315	31,752
							1,092,483
Surface Transport–0.23%
Commercial Barge Line Co., Series A, Pfd. (Acquired 02/15/2018-02/06/2020; Cost $2,706,476)(f)						54,230	1,165,945
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 02/15/2018-02/06/2020; Cost $2,844,917)(f)						57,006	1,225,629
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $1,586,876)(f)						68,517	2,809,197
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $1,114,451)(f)						48,119	1,972,879
							7,173,650
Total Preferred Stocks (Cost $9,983,415)							8,305,266
	Interest    Rate		Maturity Date		Principal    Amount (000)
Asset-Backed Securities–0.03%
Structured Products–0.03%
Bain Capital Credit CLO Ltd., Series 2022-2A, Class E (Cayman Islands) (3 mo. Term SOFR + 7.84%) (k)(l) (Cost $990,513)		12.49%		04/22/2035	$	1,000	940,714
Municipal Obligations–0.36%
Arizona–0.36%
Arizona (State of) Industrial Development Authority,(NewLife Forest Restoration, LLC), Series 2022, RB (Acquired 02/22/2022; Cost $12,061,216) (Cost $9,883,985)(f)(k)		0.00%		01/01/2028		13,209	11,003,204
					Shares
Money Market Funds–2.62%
Invesco Government & Agency Portfolio,Institutional Class, 4.51%(o)(q)						27,899,335	27,899,335
Invesco Liquid Assets Portfolio,Institutional Class, 4.64%(o)(q)						19,923,115	19,927,099

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

20 Invesco Floating Rate ESG Fund

	Shares		Value
Invesco Treasury Portfolio, Institutional Class, 4.50%(o)(q)		31,884,955	$	31,884,955
Total Money Market Funds (Cost $79,711,952)				79,711,389
TOTAL INVESTMENTS IN SECURITIES–99.28% (Cost $3,248,925,997)				3,026,469,226
OTHER ASSETS LESS LIABILITIES–0.72%				21,914,695
NET ASSETS–100.00%			$	3,048,383,921

Investment Abbreviations:

CLO	– Collateralized Loan Obligation
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
RB	– Revenue Bonds
SEK	– Swedish Krona
SOFR	– Secured Overnight Financing Rate
SONIA	– Sterling Overnight Index Average
STIBOR	– Stockholm Interbank Offered Rate
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, 2023, 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, 2023 was $214,382,163, which represented 7.03% 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)  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, 2023 was $31,796,012, which represented 1.03% of the Fund’s Net Assets.

⁽ⁱ⁾  Acquired as part of a bankruptcy restructuring.

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

^(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, 2023 was $194,674,589, which represented 6.39% of the Fund’s Net Assets.

^(l) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

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

⁽ⁿ⁾  Securities acquired through the restructuring of senior loans.

^(o)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	53,493,965	$	123,081,384	$	(148,676,014	)	$	-		$	-	$	27,899,335	$	346,995
Invesco Liquid Assets Portfolio, Institutional Class		37,775,430		87,915,275		(105,766,215	)		(8,383	)		10,992		19,927,099		249,842
Invesco Treasury Portfolio, Institutional Class		61,135,961		140,664,439		(169,915,445	)		-			-		31,884,955		396,251

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

21 Invesco Floating Rate ESG Fund

	Value August 31, 2022		Purchases at Cost	Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Other Affiliates:
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030*		$       240,494	$                   -		$       (240,503)		$(213,772)		$240,503		$       26,722		$            -
My Alarm Center LLC, Class A		10,955,387	-		-		(137,372)		-		10,818,015		-
Total		$163,601,237	$351,661,098		$(424,598,177)		$(359,527)		$251,495		$90,556,126		$993,088

* At February 28, 2023, this security was was no longer an affiliate of the Fund.

^(p)  Non-income producing security.

^(q)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

Open Forward Foreign Currency Contracts
Settlement		Contract to							Unrealized Appreciation
Date	Counterparty			Deliver			Receive		(Depreciation)
Currency Risk
03/31/2023	Barclays Bank PLC		EUR		3,217,119	USD		3,503,314	$	94,658
04/28/2023	Barclays Bank PLC		EUR		1,982,388	USD		2,122,732		18,949
04/28/2023	Barclays Bank PLC		GBP		13,298,021	USD		16,114,400		102,025
03/31/2023	BNP Paribas S.A.		EUR		93,857,466	USD		102,528,939		3,083,478
03/31/2023	BNP Paribas S.A.		GBP		15,240,968	USD		18,812,924		470,674
04/28/2023	BNP Paribas S.A.		EUR		84,584,690	USD		90,428,300		663,928
04/28/2023	Canadian Imperial Bank of Commerce		GBP		13,499,506	USD		16,382,536		127,550
03/31/2023	Morgan Stanley and Co. International PLC		EUR		99,751,844	USD		108,972,293		3,281,521
03/31/2023	Morgan Stanley and Co. International PLC		GBP		1,042,511	USD		1,276,780		22,135
03/31/2023	Morgan Stanley and Co. International PLC		USD		2,557,449	GBP		2,125,942		1,086
04/28/2023	Morgan Stanley and Co. International PLC		EUR		83,873,681	USD		89,680,253		670,431
04/28/2023	Morgan Stanley and Co. International PLC		SEK		67,559,646	USD		6,561,145		87,552
03/31/2023	Royal Bank of Canada		EUR		95,279,549	USD		104,120,348		3,168,138
03/31/2023	Royal Bank of Canada		GBP		15,511,390	USD		19,103,476		435,776
04/28/2023	Royal Bank of Canada		EUR		84,584,690	USD		90,497,329		732,958
03/31/2023	State Street Bank & Trust Co.		EUR		889,737	USD		972,492		29,783
03/31/2023	State Street Bank & Trust Co.		SEK		66,555,497	USD		6,520,979		153,356
03/31/2023	Toronto Dominion Bank		GBP		15,240,968	USD		18,806,035		463,785
04/28/2023	Toronto Dominion Bank		GBP		13,499,506	USD		16,402,028		147,042
Subtotal–Appreciation										13,754,825
Currency Risk
03/31/2023	Bank of America, N.A.		USD		445,159	GBP		359,290		(12,759	)
03/31/2023	Barclays Bank PLC		USD		15,946,786	GBP		13,167,376		(100,069	)
03/31/2023	BNP Paribas S.A.		USD		90,282,391	EUR		84,584,690		(661,780	)
03/31/2023	Canadian Imperial Bank of Commerce		USD		16,212,196	GBP		13,366,882		(125,377	)
03/31/2023	J.P. Morgan Chase Bank, N.A.		USD		4,841,295	GBP		4,000,000		(27,362	)
03/31/2023	Morgan Stanley and Co. International PLC		GBP		543,445	USD		653,538		(489	)
03/31/2023	Morgan Stanley and Co. International PLC		SEK		684,606	USD		64,611		(888	)
03/31/2023	Morgan Stanley and Co. International PLC		USD		105,157,321	EUR		98,126,334		(1,188,836	)
03/31/2023	Morgan Stanley and Co. International PLC		USD		6,520,282	SEK		67,240,103		(87,160	)
04/28/2023	Morgan Stanley and Co. International PLC		USD		9,572,717	EUR		9,000,000		(21,587	)
03/31/2023	Royal Bank of Canada		USD		90,351,674	EUR		84,584,690		(731,064	)
03/31/2023	Toronto Dominion Bank		USD		18,201,917	EUR		17,000,000		(189,788	)
03/31/2023	Toronto Dominion Bank		USD		17,671,693	GBP		14,559,792		(149,226	)

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

22 Invesco Floating Rate ESG Fund

Open Forward Foreign Currency Contracts-(continued)
Settlement		Contract to		Unrealized Appreciation
Date	Counterparty	Deliver	Receive	(Depreciation)
03/31/2023	UBS AG	USD      9,433,349	EUR      8,700,000		$    (215,377	)
Subtotal–Depreciation					(3,511,762	)
Total Forward Foreign Currency Contracts					$10,243,063

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

SEK – Swedish Krona

USD – U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of February 28, 2023

BBB-	1.87	%
BB+	2.03
BB	7.77
BB-	9.16
B+	12.49
B	25.53
B-	19.86
CCC+	6.15
CCC	2.48
CCC-	0.25
CC	0.06
D	0.39
Non-Rated	10.02
Equity	1.94

^† 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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,160,139,878)	$	2,935,939,822
Investments in affiliates, at value (Cost $88,786,119)		90,529,404
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		13,754,825
Cash		36,472,602
Foreign currencies, at value (Cost $4,666,903)		4,654,408
Receivable for:
Investments sold		139,074,669
Fund shares sold		3,628,142
Dividends		162,971
Interest		27,895,765
Investments matured, at value (Cost $827,937)		465,901
Investment for trustee deferred compensation and retirement plans		128,150
Other assets		995,403
Total assets		3,253,702,062
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		3,511,762
Payable for:
Investments purchased		155,280,233
Dividends		6,760,010
Fund shares reacquired		6,728,567
Accrued fees to affiliates		992,527
Accrued trustees’ and officers’ fees and benefits		2,671
Accrued other operating expenses		191,720
Trustee deferred compensation and retirement plans		144,143
Unfunded loan commitments		31,706,508
Total liabilities		205,318,141
Net assets applicable to shares outstanding	$	3,048,383,921

Net assets consist of:
Shares of beneficial interest	$	3,632,288,812
Distributable earnings (loss)		(583,904,891	)
	$	3,048,383,921
Net Assets:
Class A	$	662,596,147
Class C	$	91,140,400
Class R	$	8,327,382
Class Y	$	1,817,106,641
Class R5	$	4,795,750
Class R6	$	464,417,601
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		98,005,145
Class C		13,539,630
Class R		1,228,982
Class Y		269,121,781
Class R5		709,233
Class R6		68,853,802
Class A:
Net asset value per share	$	6.76
Maximum offering price per share (Net asset value of $6.76 ÷ 97.50%)	$	6.93
Class C:
Net asset value and offering price per share	$	6.73
Class R:
Net asset value and offering price per share	$	6.78
Class Y:
Net asset value and offering price per share	$	6.75
Class R5:
Net asset value and offering price per share	$	6.76
Class R6:
Net asset value and offering price per share	$	6.74

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, 2023

(Unaudited)

Investment income:
Interest	$	151,186,644
Dividends		1,007,491
Dividends from affiliated money market funds		993,088
Other income		38,067
Total investment income		153,225,290
Expenses:
Advisory fees		10,686,214
Administrative services fees		280,218
Custodian fees		223,931
Distribution fees:
Class A		858,577
Class C		357,875
Class R		20,218
Interest, facilities and maintenance fees		865,623
Transfer agent fees – A, C, R & Y		533,762
Transfer agent fees – R5		1,499,573
Transfer agent fees – R6		75,507
Trustees’ and officers’ fees and benefits		18,250
Registration and filing fees		227,586
Reports to shareholders		66,181
Professional services fees		104,699
Other		18,438
Total expenses		15,836,652
Less: Fees waived and/or expense offset arrangement(s)		(45,730	)
Net expenses		15,790,922
Net investment income		137,434,368
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(83,083,737	)
Affiliated investment securities		251,495
Foreign currencies		2,797,878
Forward foreign currency contracts		(15,835,405	)
		(95,869,769	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		39,873,476
Affiliated investment securities		(359,527	)
Foreign currencies		(2,035,702	)
Forward foreign currency contracts		2,525,100
		40,003,347
Net realized and unrealized gain (loss)		(55,866,422	)
Net increase in net assets resulting from operations	$	81,567,946

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	137,434,368		$	151,568,184
Net realized gain (loss)		(95,869,769	)		(384,866	)
Change in net unrealized appreciation (depreciation)		40,003,347			(232,692,546	)
Net increase (decrease) in net assets resulting from operations		81,567,946			(81,509,228	)
Distributions to shareholders from distributable earnings:
Class A		(36,998,357	)		(28,321,556	)
Class C		(4,916,263	)		(3,668,891	)
Class R		(431,775	)		(289,580	)
Class Y		(121,083,344	)		(97,163,188	)
Class R5		(252,752	)		(194,998	)
Class R6		(28,034,602	)		(21,489,101	)
Total distributions from distributable earnings		(191,717,093	)		(151,127,314	)
Share transactions–net:
Class A		(69,400,293	)		207,616,713
Class C		(9,914,483	)		18,369,479
Class R		357,407			2,553,640
Class Y		(806,512,002	)		1,620,205,464
Class R5		158,035			1,413,892
Class R6		(69,220,715	)		91,632,941
Net increase (decrease) in net assets resulting from share transactions		(954,532,051	)		1,941,792,129
Net increase (decrease) in net assets		(1,064,681,198	)		1,709,155,587
Net assets:
Beginning of period		4,113,065,119			2,403,909,532
End of period	$	3,048,383,921		$	4,113,065,119

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 02/28/23		$6.95		$0.26		$	(0.08	)		$	0.18			$	(0.37	)		$	–			$	(0.37	)		$	6.76		2.67	%		$	662,596		1.09	%(d)(e)		1.09	%(d)(e)		1.04	%(d)		7.60	%(d)		8	%
Year ended 08/31/22		7.35		0.29			(0.39	)			(0.10	)			(0.30	)			–				(0.30	)			6.95		(1.44	)			751,871		1.04	(e)		1.05	(e)		1.01			4.13			43
Year ended 08/31/21		6.94		0.25			0.43				0.68				(0.27	)			–				(0.27	)			7.35		9.89				585,690		1.05	(e)		1.05	(e)		1.00			3.45			76
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
Class C
Six months ended 02/28/23		6.92		0.24			(0.08	)			0.16				(0.35	)			–				(0.35	)			6.73		2.40				91,140		1.59	(d)(e)		1.59	(d)(e)		1.54	(d)		7.10	(d)		8
Year ended 08/31/22		7.32		0.26			(0.40	)			(0.14	)			(0.26	)			–				(0.26	)			6.92		(1.96	)			103,807		1.54	(e)		1.55	(e)		1.51			3.63			43
Year ended 08/31/21		6.91		0.21			0.43				0.64				(0.23	)			–				(0.23	)			7.32		9.37				91,555		1.55	(e)		1.55	(e)		1.50			2.95			76
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
Class R
Six months ended 02/28/23		6.98		0.25			(0.09	)			0.16				(0.36	)			–				(0.36	)			6.78		2.40				8,327		1.34	(d)(e)		1.34	(d)(e)		1.29	(d)		7.35	(d)		8
Year ended 08/31/22		7.36		0.28			(0.38	)			(0.10	)			(0.28	)			–				(0.28	)			6.98		(1.40	)			8,208		1.29	(e)		1.30	(e)		1.26			3.88			43
Year ended 08/31/21		6.95		0.23			0.43				0.66				(0.25	)			–				(0.25	)			7.36		9.61				6,076		1.30	(e)		1.30	(e)		1.25			3.20			76
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
Class Y
Six months ended 02/28/23		6.94		0.27			(0.09	)			0.18				(0.37	)			–				(0.37	)			6.75		2.79				1,817,107		0.84	(d)(e)		0.84	(d)(e)		0.79	(d)		7.86	(d)		8
Year ended 08/31/22		7.34		0.31			(0.40	)			(0.09	)			(0.31	)			–				(0.31	)			6.94		(1.20	)			2,696,320		0.79	(e)		0.80	(e)		0.76			4.38			43
Year ended 08/31/21		6.93		0.27			0.42				0.69				(0.28	)			–				(0.28	)			7.34		10.18				1,232,463		0.80	(e)		0.80	(e)		0.75			3.70			76
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
Class R5
Six months ended 02/28/23		6.95		0.27			(0.08	)			0.19				(0.38	)			–				(0.38	)			6.76		2.81				4,796		0.81	(d)(e)		0.81	(d)(e)		0.76	(d)		7.89	(d)		8
Year ended 08/31/22		7.35		0.31			(0.39	)			(0.08	)			(0.32	)			–				(0.32	)			6.95		(1.18	)			4,762		0.77	(e)		0.78	(e)		0.74			4.40			43
Year ended 08/31/21		6.94		0.27			0.43				0.70				(0.29	)			–				(0.29	)			7.35		10.23				3,631		0.77	(e)		0.77	(e)		0.72			3.73			76
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
Class R6
Six months ended 02/28/23		6.93		0.27			(0.08	)			0.19				(0.38	)			–				(0.38	)			6.74		2.84				464,418		0.74	(d)(e)		0.74	(d)(e)		0.69	(d)		7.96	(d)		8
Year ended 08/31/22		7.33		0.32			(0.40	)			(0.08	)			(0.32	)			–				(0.32	)			6.93		(1.13	)			548,097		0.70	(e)		0.71	(e)		0.67			4.47			43
Year ended 08/31/21		6.93		0.27			0.42				0.69				(0.29	)			–				(0.29	)			7.33		10.10				484,494		0.73	(e)		0.73	(e)		0.68			3.77			76
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

^(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)  Annualized.

^(e)  Ratio includes line of credit expense of 0.05%, 0.03%, 0.05%, 0.07%, 0.05%, 0.05% and 0.05% for the six months ended February 28, 2023 and for the years ended August 31, 2022, 2021, 2020, 2019 and 2018, 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, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

    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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 (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 daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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

29 Invesco Floating Rate ESG Fund

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.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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 net asset value 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.

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 an issuer, based on the issuer’s level of involvement in a particular industry or the issuer’s ESG score, may differ from that of other funds or an investor. As a result, the issuers 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.

30 Invesco Floating Rate ESG Fund

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

R. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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).

    The Adviser has contractually agreed, through at least June 30, 2023, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $42,468.

    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, 2023, 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 Fund, SSB also serves as the funds’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, 2023, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $8,493 in front-end sales commissions from the sale of Class A shares and $123,061 and $11,345 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.

31 Invesco Floating Rate ESG 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. 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 Adviser’s 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, 2023. 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
Variable Rate Senior Loan Interests	$	–	$	2,386,549,030		$	305,587,244	$	2,692,136,274
Non-U.S. Dollar Denominated Bonds & Notes		–		100,471,141			–		100,471,141
U.S. Dollar Denominated Bonds & Notes		–		84,702,003			644,442		85,346,445
Common Stocks & Other Equity Interests		5,051,934		1,653,719			41,849,140		48,554,793
Municipal Obligations		–		11,003,204			–		11,003,204
Preferred Stocks		–		7,173,650			1,131,616		8,305,266
Asset-Backed Securities		–		940,714			–		940,714
Money Market Funds		79,711,389		–			–		79,711,389
Total Investments in Securities		84,763,323		2,592,493,461			349,212,442		3,026,469,226
Other Investments - Assets*
Investments Matured		–		365,453			100,448		465,901
Forward Foreign Currency Contracts		–		13,754,825			–		13,754,825
		–		14,120,278			100,448		14,220,726
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(3,511,762	)		–		(3,511,762	)
Total Other Investments		–		10,608,516			100,448		10,708,964
Total Investments	$	84,763,323	$	2,603,101,977		$	349,312,890	$	3,037,178,190

*   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, 2023:

	Value 08/31/22		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 02/28/23
Variable Rate Senior Loan Interests	$	345,876,044	$	61,979,227	$	(45,411,805	)	$	1,270,213	$	(4,186,545	)	$	(8,635,228	)	$	71,167,554	$	(116,472,216	)	$	305,587,244
Common Stocks & Other Equity Interests		15,214,065		–		(690,061	)		–		(2,326,346	)		13,716,055			16,805,888		(870,461	)		41,849,140
Preferred Stocks		1,116,489		–		–			–		–			(507,864	)		522,991		–			1,131,616
U.S. Dollar Denominated Bonds & Notes		1,056,220		–		(443,067	)		–		–			31,289			–		–			644,442
Investments Matured		100,448		–		–			–		–			–			–		–			100,448
Total	$	363,363,266	$	61,979,227	$	(46,544,933	)	$	1,270,213	$	(6,512,891	)	$	4,604,252		$	88,496,433	$	(117,342,677	)	$	349,312,890

*Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

    Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a 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.

32 Invesco Floating Rate ESG 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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$13,754,825
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements		$13,754,825
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding		$ (3,511,762	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements		$ (3,511,762	)

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, 2023.

	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 America, N.A.		$               –		$     (12,759	)		$      (12,759	)	$–	$–		$      (12,759	)
Barclays Bank PLC		215,632		(100,069	)		115,563		–	–		115,563
BNP Paribas S.A.		4,218,080		(661,780	)		3,556,300		–	–		3,556,300
Canadian Imperial Bank of Commerce		127,550		(125,377	)		2,173		–	–		2,173
J.P. Morgan Chase Bank, N.A.		–		(27,362	)		(27,362	)	–	–		(27,362	)
Morgan Stanley and Co. International PLC		4,062,725		(1,298,960	)		2,763,765		–	–		2,763,765
Royal Bank of Canada		4,336,872		(731,064	)		3,605,808		–	–		3,605,808
State Street Bank & Trust Co.		183,139		–			183,139		–	–		183,139
Toronto Dominion Bank		610,827		(339,014	)		271,813		–	–		271,813
UBS AG		–		(215,377	)		(215,377	)	–	–		(215,377	)
Total		$13,754,825	$	(3,511,762	)		$10,243,063		$–	$–		$10,243,063

Effect of Derivative Investments for the six months ended February 28, 2023

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		$(15,835,405)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		2,525,100
Total		$(13,310,305)

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

	Forward Foreign Currency Contracts
Average notional value	$1,085,595,286

33 Invesco Floating Rate ESG 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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,262.

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 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. 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. During the six months ended February 28, 2023, the Fund did not borrow 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.

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, 2023. 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	Unfunded Loan Commitment		Unrealized Appreciation (Depreciation)
athenahealth Group, Inc.	Delayed Draw Term Loan		$     767,336		$     (55,314	)
Avaya, Inc.	DIP Term Loan		1,030,004		74,942
Crown Finance US, Inc.	Revolver Loan		266		(266	)
Dun & Bradstreet Corp. (The)	Revolver Loan		7,298,711		443,073
Financiere Pax S.A.S.	Revolver Loan		782,190		(88,092	)
Groundworks LLC	Delayed Draw Term Loan		2,155,983		19,455
Groundworks LLC	Term Loan		1,028,382		0
Groundworks LLC	Term Loan		329,082		0
McDermott International Ltd.	LOC		6,610,320		(1,222,910	)
Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		3,697,707		(401,036	)
Royal Caribbean Cruises	Revolver Loan		1,185,439		1,262
Royal Caribbean Cruises	Revolver Loan		420,370		12,154
Summer (BC) Holdco B S.a r.l	Revolver Loan		2,844,295		(41,386	)
Tank Holding Corp.	Revolver Loan		1,309,368		(70,571	)
Vertellus	Revolver Loan		2,247,055		(102,447	)
			$31,706,508		$(1,431,136	)

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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	51,583,421	$	213,056,633	$	264,640,054

* 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.

34 Invesco Floating Rate ESG Fund

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $287,581,245 and $1,333,839,854, 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	$   60,708,125
Aggregate unrealized (depreciation) of investments	(285,282,860	)
Net unrealized appreciation (depreciation) of investments	$(224,574,735	)

Cost of investments for tax purposes is $3,261,752,925.

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, 2023, 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
Bank of America, N.A.	$	13,501,918	$	13,049,316
Barclays Bank PLC		6,610,320		5,486,565
Credit Agricole CIB		1,073,593		891,082
JPMorgan Europe Ltd.		10,172,286		5,974,805
Wilmington Trust, N.A.		4,000,000		3,770,000

NOTE 12–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		12,018,285		$	81,408,445			53,806,876		$	387,856,612
Class C		824,485			5,566,392			6,948,299			49,959,940
Class R		115,321			783,192			536,545			3,881,149
Class Y		76,669,994			519,231,104			430,648,422			3,099,562,405
Class R5		80,937			546,797			652,369			4,698,358
Class R6		6,626,406			44,843,224			50,599,877			362,639,249
Issued as reinvestment of dividends:
Class A		4,054,880			27,260,728			3,020,974			21,539,938
Class C		529,208			3,540,824			380,030			2,699,266
Class R		60,858			409,702			38,524			275,229
Class Y		11,028,763			74,042,449			8,844,830			62,703,237
Class R5		37,529			252,308			26,995			192,334
Class R6		3,523,083			23,618,651			2,573,797			18,301,216
Automatic conversion of Class C shares to Class A shares:
Class A		640,454			4,342,518			1,874,761			13,434,555
Class C		(643,300	)		(4,342,518	)		(1,882,813	)		(13,434,555	)
Reacquired:
Class A		(26,920,570	)		(182,411,984	)		(30,193,647	)		(215,214,392	)
Class C		(2,177,007	)		(14,679,181	)		(2,953,953	)		(20,855,172	)
Class R		(123,351	)		(835,487	)		(223,938	)		(1,602,738	)
Class Y		(207,172,665	)		(1,399,785,555	)		(218,819,763	)		(1,542,060,178	)
Class R5		(94,538	)		(641,070	)		(488,219	)		(3,476,800	)
Class R6		(20,369,650	)		(137,682,590	)		(40,172,816	)		(289,307,524	)
Net increase (decrease) in share activity		(141,290,878	)	$	(954,532,051	)		265,217,150		$	1,941,792,129

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35 Invesco Floating Rate 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,026.70	$5.48	$1,019.39	$5.46	1.09%
Class C	1,000.00	1,024.00	7.98	1,016.91	7.95	1.59
Class R	1,000.00	1,025.50	6.73	1,018.15	6.71	1.34
Class Y	1,000.00	1,027.90	4.22	1,020.63	4.21	0.84
Class R5	1,000.00	1,028.10	4.07	1,020.78	4.06	0.81
Class R6	1,000.00	1,028.40	3.72	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, 2022 through February 28, 2023, 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 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 number(s): 811-09913 and 333-36074                 Invesco Distributors, Inc. FLR-SAR-1                                         

Semiannual Report to Shareholders February 28, 2023

Invesco Global Real Estate Income Fund

Nasdaq:

A: ASRAX ∎ C: ASRCX ∎ Y: ASRYX ∎ R5: ASRIX ∎ R6: ASRFX

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 is 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, 8/31/22 to 2/28/23, 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	-0.89	%
Class C Shares	-1.27
Class Y Shares	-0.88
Class R5 Shares	-0.72
Class R6 Shares	-0.80
MSCI World Index▼ (Broad Market Index)	4.04
Custom Invesco Global Real Estate Income Index∎ (Style-Specific Index)	-2.52
Lipper Global Real Estate Funds Classification Average◆ (Peer Group)	-2.70
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper 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 FTSE NAREIT All Equity REIT Index is considered representative of US REITs. The FTSE EPRA/NAREIT Developed Index is considered representative of global real estate companies and REITs.
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 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 Global Real Estate Income Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (5/31/02)	6.45	%
10 Years	2.48
5 Years	1.22
1 Year	-14.58
Class C Shares
Inception (3/9/07)	2.66	%
10 Years	2.45
5 Years	1.62
1 Year	-11.09
Class Y Shares
Inception (10/3/08)	5.60	%
10 Years	3.31
5 Years	2.64
1 Year	-9.39
Class R5 Shares
Inception (3/9/07)	3.42	%
10 Years	3.39
5 Years	2.69
1 Year	-9.41
Class R6 Shares
Inception (9/24/12)	3.87	%
10 Years	3.49
5 Years	2.80
1 Year	-9.24

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.

    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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-65.21%
Australia-2.11%
Dexus		2,309,290	$	13,079,460
Belgium-0.68%
Cofinimmo S.A.		46,047		4,256,664
Canada-1.60%
Allied Properties REIT		192,800		4,043,926
Chartwell Retirement Residences		877,303		5,921,554
				9,965,480
Germany-6.05%
Aroundtown S.A.		3,657,037		9,481,839
LEG Immobilien SE		159,562		11,598,240
Sirius Real Estate Ltd.		1,177,752		1,187,069
Vonovia SE		606,152		15,290,200
				37,557,348
Hong Kong-4.41%
Hang Lung Properties Ltd.		5,404,000		10,423,423
Link Real Estate Investment Trust, Rts., expiring 03/21/2023(a)		207,120		195,262
Link REIT		1,035,600		6,804,515
Sun Hung Kai Properties Ltd.		730,000		9,966,918
				27,390,118
Japan-8.13%
GLP J-Reit		7,323		7,701,204
Japan Prime Realty Investment Corp.		2,385		6,297,007
Mitsui Fudosan Co. Ltd.		978,100		18,639,919
Mitsui Fudosan Logistics Park, Inc.		1,085		3,615,474
Tokyu Fudosan Holdings Corp.		2,955,600		14,238,973
				50,492,577
United Kingdom-2.88%
Big Yellow Group PLC		232,550		3,379,884
Segro PLC		1,222,674		12,071,105
Tritax Big Box REIT PLC		1,374,708		2,470,535
				17,921,524
United States-39.35%
Alexandria Real Estate Equities, Inc.		27,702		4,149,206
American Homes 4 Rent, Class A		227,157		7,046,410
American Tower Corp.		31,060		6,150,191
AvalonBay Communities, Inc.		66,333		11,443,769
Camden Property Trust		25,402		2,915,133
Crown Castle, Inc.		39,903		5,217,317
CubeSmart		283,494		13,321,383
Digital Realty Trust, Inc.(b)		203,151		21,174,429
Equinix, Inc.		12,404		8,537,301
Gaming and Leisure Properties, Inc.		125,168		6,744,052
Hilton Worldwide Holdings, Inc.		20,174		2,915,345
Invitation Homes, Inc.		240,144		7,506,901
Life Storage, Inc.		177,273		21,364,942
Prologis, Inc.		310,662		38,335,691
Public Storage		26,424		7,899,455

	Shares		Value
United States-(continued)
Realty Income Corp.		96,484	$	6,170,152
Sun Communities, Inc.		102,310		14,644,653
Terreno Realty Corp.		53,945		3,355,918
UDR, Inc.		484,152		20,741,072
Ventas, Inc.		73,836		3,592,121
VICI Properties, Inc.		461,134		15,461,823
Welltower, Inc.		212,215		15,729,376
				244,416,640
Total Common Stocks & Other Equity Interests (Cost $383,483,932)				405,079,811
	Principal Amount
Asset-Backed Securities-17.24%
BX 2021-MFM1, Series 2021-MFM1, Class E, 6.93% (1 mo. Term SOFR + 2.36%), 01/15/2034(c)(d)	$	9,494,575		9,229,092
BX Commercial Mortgage Trust,
Series 2021-VOLT, Class D, 6.24% (1 mo. USD LIBOR + 1.65%), 09/15/2023(c)(d)		6,000,000		5,800,420
Series 2021-VOLT, Class E, 6.59% (1 mo. USD LIBOR + 2.00%), 09/15/2036(c)(d)		395,000		380,340
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class E, 7.58% (1 mo. Term SOFR + 3.02%), 02/15/2039(c)(d)		500,000		434,440
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/2039(c)(e)		1,000,000		826,080
Citigroup Commercial Mortgage Trust,
Series 2019-SMRT, Class E, 4.74%, 01/10/2036(c)(e)		2,649,000		2,563,164
Series 2020-420K, Class E, 3.31%, 11/10/2042(c)(e)		4,586,000		3,355,872
Series 2020-555, Class F, 3.50%, 12/10/2041(c)(e)		800,000		578,242
Series 2019-SMRT, Class D, 4.74%, 01/10/2036(c)(e)		260,000		253,175
Series 2020-420K, Class D, 3.31%, 11/10/2042(c)(e)		1,000,000		752,484
Commercial Mortgage Trust,
Series 2019-GC44, Class 180B, 3.40%, 08/15/2057(c)(e)		1,500,000		1,314,982
Series 2020-SBX, Class D, 2.32%, 01/10/2038(c)(e)		6,200,000		5,358,057
Series 2019-GC44, Class 180C, 3.40%, 08/15/2057(c)(e)		5,500,000		4,627,386
Series 2017-PANW, Class E, 3.81%, 10/10/2029(c)(e)		182,000		161,166
Series 2017-PANW, Class D, 3.93%, 10/10/2029(c)(e)		580,000		530,860
Credit Suisse Mortgage Capital Trust, Series 2021-BHAR, Class E, 8.09% (1 mo. USD LIBOR + 3.50%), 11/15/2038(c)(d)		2,750,000		2,638,472
CSMC, Series 2021-BHAR, Class C, 6.59% (1 mo. USD LIBOR + 2.00%), 11/15/2038(c)(d)		170,000		164,032

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

4 Invesco Global Real Estate Income Fund

	Principal Amount		Value
GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 7.96% (1 mo. Term SOFR + 3.40%), 08/15/2039(c)(d)	$	10,050,000	$	10,240,506
Hilton USA Trust, Series 2016-HHV, Class E, 4.19%, 11/05/2038(c)(e)		1,761,000		1,563,070
Independence Plaza Trust, Series 2018-INDP, Class E, 5.00%, 07/10/2035(c)		7,000,000		6,524,043
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2019-UES, Class F, 4.45%, 05/05/2032(c)(e)		558,000		514,940
Series 2019-UES, Class B, 4.14%, 05/05/2032(c)		401,000		386,656
Series 2019-UES, Class C, 4.34%, 05/05/2032(c)		116,000		108,933
Series 2019-UES, Class D, 4.45%, 05/05/2032(c)(e)		119,000		110,619
Series 2019-UES, Class E, 4.45%, 05/05/2032(c)(e)		138,000		127,434
Series 2019-UES, Class G, 4.45%, 05/05/2032(c)(e)		158,000		144,281
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 7.14% (1 mo. USD LIBOR + 2.55%), 07/15/2035(c)(d)		11,306,000		11,127,694
MSCG Trust, Series 2018-SELF, Class E, 6.74% (1 mo. USD LIBOR + 2.15%), 10/15/2037(c)(d)		3,808,103		3,702,368
Natixis Commercial Mortgage Securities Trust,
Series 2020-2PAC, Class AMZ3, 3.50%, 01/15/2037(c)(e)		5,326,000		4,524,874
Series 2020-2PAC, Class AMZ2, 3.50%, 01/15/2037(c)(e)		800,000		694,528
One Market Plaza Trust, Series 2017-1MKT, Class E, 4.14%, 02/10/2032(c)		5,040,000		4,349,655
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class E, 3.48%, 09/15/2039(c)(e)		6,157,000		4,620,706
STWD Trust,
Series 2021-FLWR, Class E, 6.51% (1 mo. USD LIBOR + 1.92%), 07/15/2036(c)(d)		4,950,000		4,762,686
Series 2021-FLWR, Class F, 7.26% (1 mo. USD LIBOR + 2.67%), 07/15/2036(c)(d)		3,400,000		3,264,562
Prima Capital CRE Securitization Ltd., Series 2019-RK1, Class BT, 4.45%, 04/15/2038(c)		14,154,000		11,384,425
Total Asset-Backed Securities (Cost $111,299,741)				107,120,244
	Shares
Preferred Stocks-9.75%
United States-9.75%
American Homes 4 Rent, 5.88%, Series G, Pfd.		84,200		1,990,488
American Homes 4 Rent, 6.25%, Series H, Pfd.		200,100		4,976,487
DiamondRock Hospitality Co., 8.25%, Pfd.		168,578		4,322,340
Digital Realty Trust, Inc., 5.20%, Series L, Pfd.		121,800		2,722,230
Eagle Hospitality Properties Trust, Inc., 8.25%, Series A, Pfd.(f)		195,800		0

	Shares		Value
United States-(continued)
National Storage Affiliates Trust, 6.00%, Series A, Pfd.		243,300	$	5,719,983
Pebblebrook Hotel Trust, 6.38%, Series E, Pfd.		223,861		4,698,843
Pebblebrook Hotel Trust, 6.30%, Series F, Pfd.		173,676		3,603,777
Public Storage, 5.15%, Series F, Pfd.		14,600		340,764
Rexford Industrial Realty, Inc., 5.63%, Series C, Pfd.		100,500		2,363,760
RLJ Lodging Trust, 1.95%, Series A, Conv. Pfd.		192,400		4,781,140
Saul Centers, Inc., 6.13%, Series D, Pfd.		2,347		51,634
SITE Centers Corp., 6.38%, Series A, Pfd.		214,100		5,273,283
UMH Properties, Inc., 6.38%, Series D, Pfd.		566,800		12,815,348
Vornado Realty Trust, 5.40%, Series L, Pfd.		213,400		3,647,006
Vornado Realty Trust, 5.25%, Series M, Pfd.		200,000		3,238,000
Total Preferred Stocks (Cost $69,503,358)				60,545,083
	Principal Amount
U.S. Dollar Denominated Bonds & Notes-4.76%
United States-4.76%
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030	$	3,000,000		2,755,350
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/2025(c)		5,438,000		5,397,713
RLJ Lodging Trust L.P., 3.75%, 07/01/2026(c)		4,000,000		3,623,190
SBA Communications Corp.,
3.88%, 02/15/2027		2,000,000		1,811,787
3.13%, 02/01/2029		9,698,000		8,016,367
VICI Properties L.P./VICI Note Co., Inc.,
3.50%, 02/15/2025(c)		4,000,000		3,782,152
4.25%, 12/01/2026(c)		1,500,000		1,392,495
4.50%, 01/15/2028(c)		3,000,000		2,760,700
Total U.S. Dollar Denominated Bonds & Notes (Cost $29,857,753)				29,539,754
Municipal Obligations-1.18%
United States-1.18%
New York City Housing Development Corp., Series 2014, RB, 3.71%, 02/15/2048 (Cost $7,333,747)		7,735,000		7,345,438
	Shares
Money Market Funds-2.12%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(g)(h)		4,615,922		4,615,922
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(g)(h)		3,296,020		3,296,679
Invesco Treasury Portfolio, Institutional Class, 4.50%(g)(h)		5,275,339		5,275,339
Total Money Market Funds (Cost $13,187,940)				13,187,940
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.26% (Cost $614,666,471)				622,818,270

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

5 Invesco Global Real Estate Income Fund

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.85%
Invesco Private Government Fund, 4.58%(g)(h)(i)		3,208,028	$	3,208,028
Invesco Private Prime Fund, 4.83%(g)(h)(i)		8,247,564		8,249,213
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,457,754)				11,457,241
TOTAL INVESTMENTS IN SECURITIES-102.11% (Cost $626,124,225)				634,275,511
OTHER ASSETS LESS LIABILITIES-(2.11)%				(13,085,293	)
NET ASSETS-100.00%			$	621,190,218

Investment Abbreviations:

Conv.	- Convertible
LIBOR	- London Interbank Offered Rate
Pfd.	- Preferred
RB	- Revenue Bonds
REIT	- Real Estate Investment Trust
Rts.	- Rights
SOFR	- Secured Overnight Financing Rate
USD	- U.S. Dollar

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b) All or a portion of this security was out on loan at February 28, 2023.

^(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, 2023 was $124,076,494, which represented 19.97% of the Fund’s Net Assets.

^(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(e) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on February 28, 2023.

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

^(g)  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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	10,896,330	$	39,548,284	$	(45,828,692)	$	-	$	-	$	4,615,922		$111,884
Invesco Liquid Assets Portfolio, Institutional Class		9,014,912		28,248,774		(33,966,461)		(4,084)		3,538		3,296,679		92,260
Invesco Treasury Portfolio, Institutional Class		12,452,949		45,198,039		(52,375,649)		-		-		5,275,339		128,811
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,515,288		49,405,864		(50,713,124)		-		-		3,208,028		86,696*
Invesco Private Prime Fund		11,610,739		117,378,787		(120,742,057)		(1,637)		3,381		8,249,213		237,990*
Total	$	48,490,218	$	279,779,748	$	(303,625,983)	$	(5,721)	$	6,919	$	24,645,181		$657,641

* 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.

^(h)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

⁽ⁱ⁾  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 1J.

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

6 Invesco Global Real Estate Income Fund

Portfolio Composition

By country, based on Net Assets

as of February 28, 2023

United States	70.45%
Japan	8.13
Germany	6.05
Hong Kong	4.41
United Kingdom	2.88
Australia	2.11
Countries each less than 2% of portfolio	4.11
Money Market Funds Plus Other Assets Less Liabilities	1.86

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

7 Invesco Global Real Estate Income Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $601,478,531)*	$	609,630,330
Investments in affiliated money market funds, at value (Cost $24,645,694)		24,645,181
Cash		4,623
Foreign currencies, at value (Cost $188,484)		187,279
Receivable for:
Investments sold		3,496
Fund shares sold		194,696
Dividends		980,416
Interest		567,502
Investment for trustee deferred compensation and retirement plans		90,183
Other assets		64,855
Total assets		636,368,561
Liabilities:
Payable for:
Investments purchased		3,114,173
Fund shares reacquired		165,753
Collateral upon return of securities loaned		11,457,754
Accrued fees to affiliates		213,807
Accrued trustees’ and officers’ fees and benefits		1,386
Accrued other operating expenses		126,154
Trustee deferred compensation and retirement plans		99,316
Total liabilities		15,178,343
Net assets applicable to shares outstanding	$	621,190,218
Net assets consist of:
Shares of beneficial interest	$	651,158,121
Distributable earnings (loss)		(29,967,903	)
	$	621,190,218

Net Assets:
Class A	$	102,955,388
Class C	$	4,491,748
Class Y	$	305,957,623
Class R5	$	1,333,241
Class R6	$	206,452,218
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,585,680
Class C		549,705
Class Y		37,526,248
Class R5		163,362
Class R6		25,261,121
Class A:
Net asset value per share	$	8.18
Maximum offering price per share (Net asset value of $8.18 ÷ 94.50%)	$	8.66
Class C:
Net asset value and offering price per share	$	8.17
Class Y:
Net asset value and offering price per share	$	8.15
Class R5:
Net asset value and offering price per share	$	8.16
Class R6:
Net asset value and offering price per share	$	8.17

* At February 28, 2023, security with a value of $11,163,033 was on loan to brokers.

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

8 Invesco Global Real Estate Income Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	4,179,019
Dividends (net of foreign withholding taxes of $86,004)		8,675,260
Dividends from affiliated money market funds (includes net securities lending income of $15,471)		348,426
Less: IRS closing agreement fees for foreign withholding tax claims		46,100
Total investment income		13,248,805
Expenses:
Advisory fees		2,217,296
Administrative services fees		41,653
Custodian fees		9,354
Distribution fees:
Class A		130,264
Class C		24,818
Transfer agent fees – A, C and Y		357,388
Transfer agent fees – R5		649
Transfer agent fees – R6		30,602
Trustees’ and officers’ fees and benefits		8,801
Registration and filing fees		32,236
Reports to shareholders		21,384
Professional services fees		30,068
Other		7,248
Total expenses		2,911,761
Less: Fees waived and/or expense offset arrangement(s)		(12,986	)
Net expenses		2,898,775
Net investment income		10,350,030
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(21,949,096	)
Affiliated investment securities		6,919
Foreign currencies		(37,045	)
		(21,979,222	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		4,385,808
Affiliated investment securities		(5,721	)
Foreign currencies		12,144
		4,392,231
Net realized and unrealized gain (loss)		(17,586,991	)
Net increase (decrease) in net assets resulting from operations	$	(7,236,961	)

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

9 Invesco Global Real Estate Income Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	10,350,030		$	13,519,646
Net realized gain (loss)		(21,979,222	)		16,836,632
Change in net unrealized appreciation (depreciation)		4,392,231			(129,223,111	)
Net increase (decrease) in net assets resulting from operations		(7,236,961	)		(98,866,833	)
Distributions to shareholders from distributable earnings:
Class A		(1,240,280	)		(1,687,360	)
Class C		(40,418	)		(66,761	)
Class Y		(3,707,037	)		(4,567,739	)
Class R5		(17,714	)		(36,335	)
Class R6		(2,798,794	)		(3,295,063	)
Total distributions from distributable earnings		(7,804,243	)		(9,653,258	)
Return of capital:
Class A		-			(1,358,095	)
Class C		-			(53,733	)
Class Y		-			(3,676,404	)
Class R5		-			(29,244	)
Class R6		-			(2,652,076	)
Total return of capital		-			(7,769,552	)
Total distributions		(7,804,243	)		(17,422,810	)
Share transactions-net:
Class A		(10,253,327	)		(10,925,757	)
Class C		(1,134,631	)		(2,706,669	)
Class Y		8,472,880			12,540,848
Class R5		(54,954	)		(1,876,467	)
Class R6		(2,396,116	)		7,827,965
Net increase (decrease) in net assets resulting from share transactions		(5,366,148	)		4,859,920
Net increase (decrease) in net assets		(20,407,352	)		(111,429,723	)
Net assets:
Beginning of period		641,597,570			753,027,293
End of period	$	621,190,218		$	641,597,570

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

10 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			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 02/28/23		$8.35		$0.13		$(0.21	)		$(0.08	)		$(0.09	)		$      -			$      -			$(0.09	)		$8.18		(0.89	)%		$102,955		1.22	%(d)		1.22	%(d)		3.22	%(d)		42	%
Year ended 08/31/22		9.88		0.16		(1.48	)		(1.32	)		(0.12	)		-			(0.09	)		(0.21	)		8.35		(13.56	)		116,084		1.20			1.20			1.69			39
Year ended 08/31/21		8.06		0.14		1.84			1.98			(0.16	)		-			-			(0.16	)		9.88		24.81	(e)		149,008		1.19	(e)		1.19	(e)		1.63	(e)		41
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
Class C
Six months ended 02/28/23		8.34		0.10		(0.21	)		(0.11	)		(0.06	)		-			-			(0.06	)		8.17		(1.27	)		4,492		1.97	(d)		1.97	(d)		2.47	(d)		42
Year ended 08/31/22		9.86		0.09		(1.47	)		(1.38	)		(0.08	)		-			(0.06	)		(0.14	)		8.34		(14.15	)		5,782		1.95			1.95			0.94			39
Year ended 08/31/21		8.05		0.08		1.82			1.90			(0.09	)		-			-			(0.09	)		9.86		23.79			9,722		1.95			1.95			0.87			41
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
Class Y
Six months ended 02/28/23		8.33		0.14		(0.22	)		(0.08	)		(0.10	)		-			-			(0.10	)		8.15		(0.88	)		305,958		0.97	(d)		0.97	(d)		3.47	(d)		42
Year ended 08/31/22		9.84		0.18		(1.46	)		(1.28	)		(0.13	)		-			(0.10	)		(0.23	)		8.33		(13.20	)		305,110		0.95			0.95			1.94			39
Year ended 08/31/21		8.03		0.17		1.82			1.99			(0.18	)		-			-			(0.18	)		9.84		25.08			347,456		0.95			0.95			1.87			41
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
Class R5
Six months ended 02/28/23		8.33		0.14		(0.20	)		(0.06	)		(0.11	)		-			-			(0.11	)		8.16		(0.72	)		1,333		0.89	(d)		0.89	(d)		3.55	(d)		42
Year ended 08/31/22		9.87		0.19		(1.49	)		(1.30	)		(0.13	)		-			(0.11	)		(0.24	)		8.33		(13.41	)		1,424		0.89			0.89			2.00			39
Year ended 08/31/21		8.05		0.17		1.83			2.00			(0.18	)		-			-			(0.18	)		9.87		25.21			3,504		0.89			0.89			1.93			41
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
Class R6
Six months ended 02/28/23		8.35		0.14		(0.21	)		(0.07	)		(0.11	)		-			-			(0.11	)		8.17		(0.80	)		206,452		0.82	(d)		0.82	(d)		3.62	(d)		42
Year ended 08/31/22		9.87		0.19		(1.47	)		(1.28	)		(0.13	)		-			(0.11	)		(0.24	)		8.35		(13.14	)		213,197		0.82			0.82			2.07			39
Year ended 08/31/21		8.05		0.18		1.83			2.01			(0.19	)		-			-			(0.19	)		9.87		25.33			243,338		0.80			0.80			2.02			41
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

^(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) Annualized.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended August 31, 2021.

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

11 Invesco Global Real Estate Income Fund

Notes to Financial Statements

February 28, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

12 Invesco Global Real Estate Income Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Foreign Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended February 28, 2023, the Fund did not enter into any closing agreements.

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 based on relative net assets of Class R5 and Class R6. 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. 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

13 Invesco Global Real Estate Income Fund

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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $976 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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 invests and 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. 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.

N. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

14 Invesco Global Real Estate Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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, 2023, 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, 2023. 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 these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2023, the Adviser waived advisory fees of $12,039.

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, 2023, 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, 2023, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $1,875 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. 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 Adviser’s

15 Invesco Global Real Estate Income Fund

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, 2023. 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	$	–	$	13,079,460		$–	$	13,079,460
Belgium		–		4,256,664		–		4,256,664
Canada		9,965,480		–		–		9,965,480
Cayman Islands		–		11,384,425		–		11,384,425
Germany		–		37,557,348		–		37,557,348
Hong Kong		–		27,390,118		–		27,390,118
Japan		–		50,492,577		–		50,492,577
United Kingdom		–		17,921,524		0		17,921,524
United States		304,961,723		132,621,011		–		437,582,734
Money Market Funds		13,187,940		11,457,241		–		24,645,181
Total Investments	$	328,115,143	$	306,160,368		$0	$	634,275,511

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $947.

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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	17,885,118	$	933,100	$	18,818,218

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $265,301,403 and $246,136,540, 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	$	50,704,019
Aggregate unrealized (depreciation) of investments		(40,236,950	)
Net unrealized appreciation of investments	$	10,467,069

16 Invesco Global Real Estate Income Fund

Cost of investments for tax purposes is $623,808,442.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		354,651		$	2,822,323			821,050		$	7,570,649
Class C		16,273			126,495			82,112			786,263
Class Y		6,563,788			52,541,001			9,747,048			89,538,332
Class R5		8,314			67,775			397,332			3,423,282
Class R6		652,044			5,116,019			3,014,685			28,267,916
Issued as reinvestment of dividends:
Class A		117,668			930,868			245,974			2,277,023
Class C		3,846			30,415			9,673			90,061
Class Y		375,237			2,957,725			730,360			6,734,985
Class R5		2,086			16,457			6,612			62,043
Class R6		347,903			2,748,332			635,931			5,861,642
Automatic conversion of Class C shares to Class A shares:
Class A		70,965			550,675			243,584			2,271,729
Class C		(70,987	)		(550,675	)		(243,701	)		(2,271,729	)
Reacquired:
Class A		(1,854,375	)		(14,557,193	)		(2,502,932	)		(23,045,158	)
Class C		(92,426	)		(740,866	)		(140,837	)		(1,311,264	)
Class Y		(6,059,177	)		(47,025,846	)		(9,129,917	)		(83,732,469	)
Class R5		(17,846	)		(139,186	)		(588,168	)		(5,361,792	)
Class R6		(1,282,766	)		(10,260,467	)		(2,766,698	)		(26,301,593	)
Net increase (decrease) in share activity		(864,802	)	$	(5,366,148	)		562,108		$	4,859,920

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 38% 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.

17 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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense Ratio
	Beginning     Account Value     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2
Class A	$1,000.00	$991.10	$6.02	$1,018.74	$6.11	1.22%
Class C	1,000.00	987.30	9.71	1,015.03	9.84	1.97
Class Y	1,000.00	991.20	4.79	1,019.98	4.86	0.97
Class R5	1,000.00	992.80	4.40	1,020.38	4.46	0.89
Class R6	1,000.00	992.00	4.05	1,020.73	4.11	0.82

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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

∎ 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. GREI-SAR-1

Semiannual Report to Shareholders February 28, 2023

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 is 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, 8/31/22 to 2/28/23, 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	5.29	%
Class C Shares	4.87
Class R Shares	5.14
Class Y Shares	5.38
Class R5 Shares	5.45
Class R6 Shares	5.49
S&P 500 Index▼ (Broad Market Index)	1.26
Russell 1000 Value Index▼ (Style-Specific Index)	4.07
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	5.12
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 representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.   The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Growth and Income Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (8/1/46)	9.34	%
10 Years	8.88
5 Years	5.23
1 Year	-9.50
Class C Shares
Inception (8/2/93)	9.24	%
10 Years	8.86
5 Years	5.66
1 Year	-5.83
Class R Shares
Inception (10/1/02)	8.63	%
10 Years	9.23
5 Years	6.15
1 Year	-4.52
Class Y Shares
Inception (10/19/04)	8.33	%
10 Years	9.77
5 Years	6.68
1 Year	-4.05
Class R5 Shares
Inception (6/1/10)	10.82	%
10 Years	9.86
5 Years	6.76
1 Year	-4.00
Class R6 Shares
Inception (9/24/12)	10.33	%
10 Years	9.96
5 Years	6.85
1 Year	-3.93

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.

    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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-97.97%
Aerospace & Defense-2.88%
Raytheon Technologies Corp.		690,592	$     67,740,169
Textron, Inc.		737,626	53,500,014
			121,240,183
Apparel Retail-1.72%
TJX Cos., Inc. (The)		944,458	72,345,483
Application Software-1.61%
salesforce.com, inc.(b)		171,400	28,042,754
Splunk, Inc.(b)		387,982	39,768,155
			67,810,909
Asset Management & Custody Banks-1.39%
KKR & Co., Inc., Class A		1,036,896	58,429,090
Automobile Manufacturers-2.53%
General Motors Co.		2,758,800	106,875,912
Building Products-1.99%
Johnson Controls International PLC		1,334,764	83,716,398
Cable & Satellite-2.39%
Charter Communications, Inc., Class A(b)		129,676	47,670,195
Comcast Corp., Class A		1,434,066	53,304,233
			100,974,428
Casinos & Gaming-1.45%
Las Vegas Sands Corp.(b)		1,061,410	60,999,233
Communications Equipment-1.69%
Cisco Systems, Inc.		1,474,577	71,399,018
Consumer Finance-1.16%
American Express Co.		282,107	49,083,797
Data Processing & Outsourced Services-2.28%
Fiserv, Inc.(b)		446,209	51,354,194
PayPal Holdings, Inc.(b)		607,889	44,740,630
			96,094,824
Distillers & Vintners-1.27%
Diageo PLC (United Kingdom)		1,258,272	53,506,651
Diversified Banks-6.81%
Bank of America Corp.		3,395,823	116,476,729
Wells Fargo & Co.		3,645,117	170,482,121
			286,958,850
Electric Utilities-1.34%
American Electric Power Co., Inc.		381,514	33,561,786
Exelon Corp.		566,861	22,895,516
			56,457,302
Electrical Components & Equipment-0.85%
Emerson Electric Co.		432,975	35,811,362
Electronic Manufacturing Services-0.97%
TE Connectivity Ltd.		320,182	40,765,572

	Shares		Value
Fertilizers & Agricultural Chemicals-1.04%
Corteva, Inc.		701,756	$     43,712,381
Food Distributors-2.23%
Sysco Corp.		650,973	48,543,056
US Foods Holding Corp.(b)		1,214,471	45,579,097
			94,122,153
Gold-0.74%
Barrick Gold Corp. (Canada)		1,949,737	31,429,761
Health Care Distributors-1.14%
McKesson Corp.		137,325	48,037,658
Health Care Equipment-2.58%
Medtronic PLC		815,878	67,554,698
Zimmer Biomet Holdings, Inc.		331,855	41,106,879
			108,661,577
Health Care Facilities-1.02%
Universal Health Services, Inc., Class B		322,174	43,032,781
Health Care Services-2.70%
Cigna Group (The)		259,149	75,697,423
CVS Health Corp.		458,473	38,300,834
			113,998,257
Hotels, Resorts & Cruise Lines-1.31%
Booking Holdings, Inc.(b)		21,868	55,194,832
Industrial Machinery-2.38%
Parker-Hannifin Corp.		281,992	99,218,885
Stanley Black & Decker, Inc.		12,535	1,073,122
			100,292,007
Insurance Brokers-1.45%
Willis Towers Watson PLC		260,755	61,110,542
Integrated Oil & Gas-3.93%
Chevron Corp.		387,384	62,279,725
Exxon Mobil Corp.		941,181	103,445,204
			165,724,929
Interactive Media & Services-1.00%
Meta Platforms, Inc., Class A(b)		240,215	42,023,212
Internet & Direct Marketing Retail-1.20%
Amazon.com, Inc.(b)		538,819	50,772,914
Investment Banking & Brokerage-4.61%
Charles Schwab Corp. (The)		751,890	58,587,269
Goldman Sachs Group, Inc. (The)		206,716	72,691,681
Morgan Stanley		652,019	62,919,834
			194,198,784
IT Consulting & Other Services-1.44%
Cognizant Technology Solutions Corp., Class A		967,088	60,568,722
Managed Health Care-1.73%
Centene Corp.(b)		631,674	43,206,502

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

4 Invesco Growth and Income Fund

	Shares			Value
Managed Health Care-(continued)
Elevance Health, Inc.		63,565		$     29,854,573
				73,061,075
Movies & Entertainment-1.43%
Walt Disney Co. (The)(b)		603,395		60,104,176
Multi-line Insurance-2.51%
American International Group, Inc.		1,734,248		105,979,895
Oil & Gas Exploration & Production-5.45%
ConocoPhillips		1,296,765		134,020,663
Devon Energy Corp.(c)		798,707		43,066,281
Pioneer Natural Resources Co.		263,495		52,807,033
				229,893,977
Oil & Gas Refining & Marketing-0.82%
Phillips 66		336,289		34,489,800
Pharmaceuticals-8.52%
Bristol-Myers Squibb Co.		1,069,036	��	73,720,722
GSK PLC		1,750,474		29,776,684
Johnson & Johnson		474,591		72,735,817
Merck & Co., Inc.		996,338		105,850,949
Sanofi		825,542		77,301,288
				359,385,460
Railroads-1.51%
CSX Corp.		2,094,309		63,855,482
Real Estate Services-2.65%
CBRE Group, Inc., Class A(b)		1,312,795		111,771,366
Regional Banks-2.93%
Citizens Financial Group, Inc.		1,916,302		80,024,772
PNC Financial Services Group, Inc. (The)		275,014		43,430,211
				123,454,983
Semiconductor Equipment-1.08%
Lam Research Corp.		93,403		45,394,792
Semiconductors-3.37%
Intel Corp.		1,113,322		27,755,118
Micron Technology, Inc.		483,633		27,963,660

	Shares		Value
Semiconductors-(continued)
NXP Semiconductors N.V. (China)		237,178	$	42,331,529
QUALCOMM, Inc.		356,280		44,011,268
				142,061,575
Tobacco-1.48%
Philip Morris International, Inc. (Switzerland)		640,405		62,311,407
Trading Companies & Distributors-1.70%
Ferguson PLC		498,527		71,837,741
Wireless Telecommunication Services-1.69%
T-Mobile US, Inc.(b)		500,913		71,219,810
Total Common Stocks & Other Equity Interests (Cost $3,028,609,696)				4,130,171,061
Money Market Funds-1.88%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(e)		27,690,494		27,690,494
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(e)		19,773,176		19,777,131
Invesco Treasury Portfolio, Institutional Class, 4.50%(d)(e)		31,646,279		31,646,279
Total Money Market Funds (Cost $79,115,475)				79,113,904
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $3,107,725,171)				4,209,284,965
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.80%
Invesco Private Government Fund, 4.58%(d)(e)(f)		9,463,684		9,463,684
Invesco Private Prime Fund, 4.83%(d)(e)(f)		24,330,320		24,335,186
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,798,870)				33,798,870
TOTAL INVESTMENTS IN SECURITIES-100.65% (Cost $3,141,524,041)				4,243,083,835
OTHER ASSETS LESS LIABILITIES–(0.65)%				(27,398,331	)
NET ASSETS-100.00%			$	4,215,685,504

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, 2023.

^(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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	31,768,080	$	126,553,543	$	(130,631,129)	$	-	$	-	$	27,690,494	$	512,722
Invesco Liquid Assets Portfolio, Institutional Class		14,521,137		90,395,388		(85,141,666)		(8,607)		10,879		19,777,131		317,647
Invesco Treasury Portfolio, Institutional Class		36,306,378		144,632,620		(149,292,719)		-		-		31,646,279		585,534

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

5 Invesco Growth and Income Fund

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	18,935,998	$	186,734,601	$	(196,206,915)	$	-	$	-	$	9,463,684	$	311,308*
Invesco Private Prime Fund		48,692,568		416,936,264		(441,297,766)		-		4,120		24,335,186		849,613*
Total	$	150,224,161	$	965,252,416	$	(1,002,570,195)	$	(8,607)	$	14,999	$	112,912,774	$	2,576,824

* 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, 2023.

^(f)  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 1J.

Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation
		Deliver		Receive
Currency Risk
03/24/2023	Bank of New York Mellon (The)	EUR	54,460,429		USD	58,474,434		$	795,674
03/24/2023	State Street Bank & Trust Co.	EUR	900,943		USD	964,492			10,308
03/24/2023	State Street Bank & Trust Co.	GBP	53,100,185		USD	64,654,630	��		757,800
Total Forward Foreign Currency Contracts								$	1,563,782

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2023

Financials	20.86	%
Health Care	17.70
Information Technology	12.43
Industrials	11.31
Energy	10.20
Consumer Discretionary	8.21
Communication Services	6.51
Consumer Staples	4.98
Real Estate	2.65
Other Sectors, Each Less than 2% of Net Assets	3.12
Money Market Funds Plus Other Assets Less Liabilities	2.03

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,028,609,696)*	$	4,130,171,061
Investments in affiliated money market funds, at value (Cost $112,914,345)		112,912,774
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,563,782
Receivable for:
Investments sold		9,636,120
Fund shares sold		1,984,045
Dividends		8,170,877
Investment for trustee deferred compensation and retirement plans		498,998
Other assets		101,186
Total assets		4,265,038,843
Liabilities:
Payable for:
Investments purchased		9,504,358
Dividends		3,905
Fund shares reacquired		3,257,167
Amount due custodian - foreign currency, at value (Cost $62,329)		62,248
Collateral upon return of securities loaned		33,798,870
Accrued fees to affiliates		1,853,737
Accrued trustees’ and officers’ fees and benefits		3,314
Accrued other operating expenses		306,727
Trustee deferred compensation and retirement plans		563,013
Total liabilities		49,353,339
Net assets applicable to shares outstanding	$	4,215,685,504
Net assets consist of:
Shares of beneficial interest	$	3,026,945,548
Distributable earnings		1,188,739,956
	$	4,215,685,504

Net Assets:
Class A	$	2,499,535,106
Class C	$	31,250,016
Class R	$	52,855,648
Class Y	$	405,926,705
Class R5	$	405,560,141
Class R6	$	820,557,888
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		118,934,034
Class C		1,519,107
Class R		2,510,860
Class Y		19,299,326
Class R5		19,248,113
Class R6		38,946,784
Class A:
Net asset value per share	$	21.02
Maximum offering price per share (Net asset value of $21.02 ÷ 94.50%)	$	22.24
Class C:
Net asset value and offering price per share	$	20.57
Class R:
Net asset value and offering price per share	$	21.05
Class Y:
Net asset value and offering price per share	$	21.03
Class R5:
Net asset value and offering price per share	$	21.07
Class R6:
Net asset value and offering price per share	$	21.07

* At February 28, 2023, security with a value of $32,751,439 was on loan to brokers.

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, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $198,292)	$	46,219,341
Dividends from affiliated money market funds (includes net securities lending income of $49,640)		1,465,543
Foreign withholding tax claims		949,000
Total investment income		48,633,884
Expenses:
Advisory fees		7,607,010
Administrative services fees		293,359
Custodian fees		15,494
Distribution fees:
Class A		3,111,022
Class C		160,023
Class R		128,092
Transfer agent fees – A, C, R and Y		2,255,118
Transfer agent fees – R5		200,368
Transfer agent fees – R6		125,725
Trustees’ and officers’ fees and benefits		18,714
Registration and filing fees		91,326
Reports to shareholders		108,468
Professional services fees		43,597
Other		21,774
Total expenses		14,180,090
Less: Fees waived and/or expense offset arrangement(s)		(53,362	)
Net expenses		14,126,728
Net investment income		34,507,156
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		162,927,686
Affiliated investment securities		14,999
Foreign currencies		(87,979	)
Forward foreign currency contracts		(3,502,861	)
		159,351,845
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		31,376,547
Affiliated investment securities		(8,607	)
Foreign currencies		21,357
Forward foreign currency contracts		(940,459	)
		30,448,838
Net realized and unrealized gain		189,800,683
Net increase in net assets resulting from operations	$	224,307,839

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	34,507,156		$	67,210,398
Net realized gain		159,351,845			471,406,497
Change in net unrealized appreciation (depreciation)		30,448,838			(702,919,722	)
Net increase (decrease) in net assets resulting from operations		224,307,839			(164,302,827	)
Distributions to shareholders from distributable earnings:
Class A		(257,091,031	)		(507,991,551	)
Class C		(3,249,707	)		(6,772,771	)
Class R		(5,185,355	)		(10,562,085	)
Class Y		(44,174,681	)		(91,057,061	)
Class R5		(42,016,275	)		(79,363,950	)
Class R6		(84,220,052	)		(198,318,731	)
Total distributions from distributable earnings		(435,937,101	)		(894,066,149	)
Share transactions-net:
Class A		126,795,383			261,966,363
Class C		451,903			1,480,246
Class R		4,145,736			3,133,594
Class Y		623,901			16,324,552
Class R5		28,819,964			52,113,814
Class R6		(73,353,444	)		59,906,178
Net increase in net assets resulting from share transactions		87,483,443			394,924,747
Net increase (decrease) in net assets		(124,145,819	)		(663,444,229	)
Net assets:
Beginning of period		4,339,831,323			5,003,275,552
End of period	$	4,215,685,504		$	4,339,831,323

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 02/28/23		$22.20		$0.16		$ 1.00			$ 1.16			$(0.20	)		$(2.14	)		$(2.34	)		$21.02		5.29	%		$2,499,535		0.79	%(d)		0.79	%(d)		1.50	%(d)		6	%
Year ended 08/31/22		28.10		0.32		(1.13	)		(0.81	)		(0.29	)		(4.80	)		(5.09	)		22.20		(3.90	)		2,499,911		0.78			0.78			1.28			23
Year ended 08/31/21		20.01		0.30		8.63			8.93			(0.35	)		(0.49	)		(0.84	)		28.10		45.62			2,844,145		0.80			0.80			1.22			33
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
Class C
Six months ended 02/28/23		21.77		0.08		0.97			1.05			(0.11	)		(2.14	)		(2.25	)		20.57		4.87			31,250		1.54	(d)		1.54	(d)		0.75	(d)		6
Year ended 08/31/22		27.69		0.13		(1.09	)		(0.96	)		(0.16	)		(4.80	)		(4.96	)		21.77		(4.58	)(e)		32,497		1.52	(e)		1.52	(e)		0.54	(e)		23
Year ended 08/31/21		19.73		0.12		8.51			8.63			(0.18	)		(0.49	)		(0.67	)		27.69		44.53	(e)		39,357		1.50	(e)		1.50	(e)		0.52	(e)		33
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	)(e)		76,522		1.53	(e)		1.53	(e)		1.12	(e)		23
Year ended 08/31/18		27.09		0.19		2.74			2.93			(0.31	)		(2.56	)		(2.87	)		27.15		11.17	(e)		243,564		1.53	(e)		1.53	(e)		0.71	(e)		29
Class R
Six months ended 02/28/23		22.23		0.14		0.99			1.13			(0.17	)		(2.14	)		(2.31	)		21.05		5.14			52,856		1.04	(d)		1.04	(d)		1.25	(d)		6
Year ended 08/31/22		28.13		0.25		(1.13	)		(0.88	)		(0.22	)		(4.80	)		(5.02	)		22.23		(4.14	)		51,354		1.03			1.03			1.03			23
Year ended 08/31/21		20.03		0.24		8.64			8.88			(0.29	)		(0.49	)		(0.78	)		28.13		45.26			60,808		1.05			1.05			0.97			33
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
Class Y
Six months ended 02/28/23		22.22		0.19		0.99			1.18			(0.23	)		(2.14	)		(2.37	)		21.03		5.38			405,927		0.54	(d)		0.54	(d)		1.75	(d)		6
Year ended 08/31/22		28.12		0.38		(1.12	)		(0.74	)		(0.36	)		(4.80	)		(5.16	)		22.22		(3.63	)		427,166		0.53			0.53			1.53			23
Year ended 08/31/21		20.03		0.36		8.63			8.99			(0.41	)		(0.49	)		(0.90	)		28.12		45.94			517,664		0.55			0.55			1.47			33
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
Class R5
Six months ended 02/28/23		22.25		0.20		0.99			1.19			(0.23	)		(2.14	)		(2.37	)		21.07		5.45			405,560		0.49	(d)		0.49	(d)		1.80	(d)		6
Year ended 08/31/22		28.16		0.39		(1.13	)		(0.74	)		(0.37	)		(4.80	)		(5.17	)		22.25		(3.62	)		397,345		0.48			0.48			1.58			23
Year ended 08/31/21		20.06		0.38		8.64			9.02			(0.43	)		(0.49	)		(0.92	)		28.16		46.04			438,989		0.47			0.47			1.55			33
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
Class R6
Six months ended 02/28/23		22.25		0.20		1.00			1.20			(0.24	)		(2.14	)		(2.38	)		21.07		5.49			820,558		0.42	(d)		0.42	(d)		1.87	(d)		6
Year ended 08/31/22		28.16		0.41		(1.13	)		(0.72	)		(0.39	)		(4.80	)		(5.19	)		22.25		(3.55	)		931,558		0.41			0.41			1.65			23
Year ended 08/31/21		20.06		0.39		8.65			9.04			(0.45	)		(0.49	)		(0.94	)		28.16		46.16			1,102,312		0.40			0.40			1.62			33
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

^(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)  Annualized.

^(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 0.99%, 0.95%, 0.96% and 0.98% for the years ended August 31, 2022, 2021, 2019 and 2018, 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, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

    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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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. Foreign Withholding Taxes - The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the six months ended February 28, 2023, the Fund did not enter into any closing agreements.

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 based on relative net assets of Class R5 and Class R6. 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. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

12 Invesco Growth and Income Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $1,173 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

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 invests and 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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, 2023, 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, 2023. 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.

13 Invesco Growth and Income Fund

    Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2023, the Adviser waived advisory fees of $42,590.

    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, 2023, 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, 2023, 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. 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 each Fund. For the six months ended February 28, 2023, 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, 2023, IDI advised the Fund that IDI retained $117,366 in front-end sales commissions from the sale of Class A shares and $2,346 and $(427) from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    For the six months ended February 28, 2023, the Fund incurred $21,946 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. 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 Adviser’s 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, 2023. 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	$	3,969,586,438	$	160,584,623		$–	$	4,130,171,061
Money Market Funds		79,113,904		33,798,870		–		112,912,774
Total Investments in Securities		4,048,700,342		194,383,493		–		4,243,083,835
Other Investments - Assets*
Forward Foreign Currency Contracts		–		1,563,782		–		1,563,782
Total Investments	$	4,048,700,342	$	195,947,275		$–	$	4,244,647,617

* 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.

14 Invesco Growth and Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of February 28, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,563,782
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	1,563,782

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, 2023.

	Financial Derivative Assets		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Bank of New York Mellon (The)	$   795,674	$   795,674	$–	$–	$	795,674
State Street Bank & Trust Co.	768,108	768,108	–	–		768,108
Total	$1,563,782	$1,563,782	$–	$–	$	1,563,782

Effect of Derivative Investments for the six months ended February 28, 2023

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		$(3,502,861)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(940,459)
Total		$(4,443,320)

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

	Forward
	Foreign Currency
	Contracts
Average notional value	$128,690,816

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $10,772.

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.

15 Invesco Growth and Income 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 carryforward 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, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $240,305,277 and $549,344,500, 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	$1,207,531,577
Aggregate unrealized (depreciation) of investments	(147,379,758	)
Net unrealized appreciation of investments	$1,060,151,819

    Cost of investments for tax purposes is $3,184,495,798.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		3,911,732		$	83,852,410			6,563,715		$	161,932,629
Class C		121,743			2,577,055			204,999			4,972,685
Class R		215,500			4,686,595			316,730			7,811,959
Class Y		1,093,954			23,839,820			2,644,421			65,243,714
Class R5		1,151,512			25,163,964			2,720,647			66,964,355
Class R6		2,645,869			57,597,259			5,279,294			131,545,487
Issued as reinvestment of dividends:
Class A		11,327,270			236,979,053			19,596,551			464,645,977
Class C		148,431			3,043,952			270,554			6,294,750
Class R		247,392			5,185,320			444,779			10,561,949
Class Y		1,723,819			36,067,531			3,148,013			74,697,819
Class R5		2,001,115			41,949,382			3,340,012			79,350,674
Class R6		3,967,736			83,145,897			8,264,455			196,374,492
Automatic conversion of Class C shares to Class A shares:
Class A		71,426			1,546,568			145,079			3,573,433
Class C		(72,849	)		(1,546,568	)		(147,721	)		(3,573,433	)
Reacquired:
Class A		(8,995,632	)		(195,582,648	)		(14,913,478	)		(368,185,676	)
Class C		(171,211	)		(3,622,536	)		(256,139	)		(6,213,756	)
Class R		(262,213	)		(5,726,179	)		(613,286	)		(15,240,314	)
Class Y		(2,745,434	)		(59,283,450	)		(4,973,866	)		(123,616,981	)
Class R5		(1,760,916	)		(38,293,382	)		(3,793,506	)		(94,201,215	)
Class R6		(9,530,826	)		(214,096,600	)		(10,823,831	)		(268,013,801	)
Net increase in share activity		5,088,418		$	87,483,443			17,417,422		$	394,924,747

^(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.

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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,052.90	$4.02	$1,020.88	$3.96	0.79%
Class C	1,000.00	1,048.70	7.82	1,017.16	7.70	1.54
Class R	1,000.00	1,051.40	5.29	1,019.64	5.21	1.04
Class Y	1,000.00	1,053.80	2.75	1,022.12	2.71	0.54
Class R5	1,000.00	1,054.50	2.50	1,022.36	2.46	0.49
Class R6	1,000.00	1,054.90	2.14	1,022.71	2.11	0.42

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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 number(s): 811-09913 and 333-36074                  Invesco Distributors, Inc. VK-GRI-SAR-1                                         

Semiannual Report to Shareholders February 28, 2023

Invesco Income Advantage U.S. Fund

Nasdaq:

A: SCAUX ∎ C: SCCUX ∎ R: SCRUX ∎ Y: SCAYX ∎ Investor: SCNUX ∎ R5: SCIUX ∎ R6: SLESX

2	Fund Performance
4	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
20	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	1.51	%
Class C Shares	1.09
Class R Shares	1.38
Class Y Shares	1.54
Investor Class Shares	1.41
Class R5 Shares	1.57
Class R6 Shares	1.68
S&P 500 Index▼ (Broad Market/Style-Specific Index)	1.26
Lipper Equity Income Funds Index∎ (Peer Group Index)	3.62
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 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 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 Income Advantage U.S. Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (3/31/06)	3.82	%
10 Years	4.49
5 Years	0.42
1 Year	-10.73
Class C Shares
Inception (3/31/06)	3.80	%
10 Years	4.44
5 Years	0.79
1 Year	-7.14
Class R Shares
Inception (3/31/06)	3.91	%
10 Years	4.82
5 Years	1.30
1 Year	-5.82
Class Y Shares
Inception (10/3/08)	6.39	%
10 Years	5.34
5 Years	1.82
1 Year	-5.33
Investor Class Shares
Inception (4/25/08)	4.12	%
10 Years	5.08
5 Years	1.55
1 Year	-5.58
Class R5 Shares
Inception (3/31/06)	4.53	%
10 Years	5.51
5 Years	1.96
1 Year	-5.28
Class R6 Shares
10 Years	5.33	%
5 Years	1.98
1 Year	-5.29

Effective July 15, 2021, Invesco Low Volatility Equity Yield Fund was renamed Invesco Income Advantage U.S. Fund. The Fund’s strategy also changed to invest in equity-linked notes and focus on factor based equity exposures, therefore results prior to July 15, 2021, reflect the performance of the Fund’s prior strategy.

    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 Income Advantage U.S. Fund

Schedule of Investments^(a)

February 28, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–51.76%
Advertising–0.05%
Omnicom Group, Inc.		637	$         57,693
Trade Desk, Inc. (The), Class A(b)		446	24,958
			82,651
Aerospace & Defense–1.16%
General Dynamics Corp.		1,549	353,033
L3Harris Technologies, Inc.		804	169,797
Lockheed Martin Corp.		1,992	944,726
Northrop Grumman Corp.		841	390,316
Raytheon Technologies Corp.		1,728	169,499
			2,027,371
Agricultural & Farm Machinery–0.09%
Deere & Co.		384	160,988
Agricultural Products–0.13%
Archer-Daniels-Midland Co.		2,861	227,736
Air Freight & Logistics–0.46%
C.H. Robinson Worldwide, Inc.		883	88,264
Expeditors International of Washington, Inc.		1,214	126,936
FedEx Corp.		869	176,598
United Parcel Service, Inc., Class B		2,269	414,070
			805,868
Alternative Carriers–0.04%
Liberty Global PLC, Class C (United Kingdom)(b)		3,540	75,225
Apparel Retail–0.17%
Ross Stores, Inc.		391	43,221
TJX Cos., Inc. (The)		3,201	245,197
			288,418
Apparel, Accessories & Luxury Goods–0.05%
lululemon athletica, inc.(b)		277	85,648
Application Software–0.88%
Adobe, Inc.(b)		591	191,454
ANSYS, Inc.(b)		123	37,344
Autodesk, Inc.(b)		1,212	240,812
Cadence Design Systems, Inc.(b)		2,778	535,987
Datadog, Inc., Class A(b)		480	36,730
Roper Technologies, Inc.		145	62,379
Synopsys, Inc.(b)		1,017	369,944
Workday, Inc., Class A(b)		174	32,272
Zoom Video Communications, Inc., Class A(b)		378	28,195
			1,535,117
Asset Management & Custody Banks–0.33%
Ameriprise Financial, Inc.		139	47,659
Bank of New York Mellon Corp. (The)		4,614	234,760
Blackstone, Inc., Class A		937	85,080
Franklin Resources, Inc.		923	27,201

	Shares		Value
Asset Management & Custody Banks–(continued)
Northern Trust Corp.		372	$         35,440
State Street Corp.		847	75,112
T. Rowe Price Group, Inc.		587	65,908
			571,160
Auto Parts & Equipment–0.03%
Aptiv PLC(b)		442	51,396
Automobile Manufacturers–0.41%
Ford Motor Co.		17,481	210,996
General Motors Co.		12,927	500,792
			711,788
Automotive Retail–0.31%
AutoZone, Inc.(b)		116	288,439
CarMax, Inc.(b)		356	24,578
O’Reilly Automotive, Inc.(b)		279	231,598
			544,615
Biotechnology–1.59%
AbbVie, Inc.		3,308	509,101
Amgen, Inc.		1,982	459,150
Biogen, Inc.(b)		530	143,026
BioNTech SE, ADR (Germany)		2,437	316,932
Gilead Sciences, Inc.		6,409	516,117
Incyte Corp.(b)		532	40,953
Moderna, Inc.(b)		974	135,201
Regeneron Pharmaceuticals, Inc.(b)		422	320,897
Seagen, Inc.(b)		191	34,321
Vertex Pharmaceuticals, Inc.(b)		1,068	310,030
			2,785,728
Broadcasting–0.13%
Fox Corp., Class A		4,030	141,130
Paramount Global, Class B		3,847	82,403
			223,533
Building Products–0.17%
Carrier Global Corp.		2,269	102,173
Johnson Controls International PLC		1,503	94,268
Trane Technologies PLC		495	91,560
			288,001
Cable & Satellite–0.63%
Charter Communications, Inc., Class A(b)		437	160,646
Comcast Corp., Class A		24,179	898,733
Liberty Broadband Corp., Class C(b)		365	31,635
Sirius XM Holdings, Inc.(c)		4,142	18,183
			1,109,197
Commodity Chemicals–0.17%
Dow, Inc.		3,002	171,714
LyondellBasell Industries N.V., Class A		1,319	126,611
			298,325
Communications Equipment–0.57%
Cisco Systems, Inc.		13,631	660,013

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

4 Invesco Income Advantage U.S. Fund

	Shares		Value
Communications Equipment–(continued)
Motorola Solutions, Inc.		1,290	$       339,025
			999,038
Computer & Electronics Retail–0.05%
Best Buy Co., Inc.		1,089	90,507
Construction Machinery & Heavy Trucks–0.39%
Caterpillar, Inc.		1,282	307,103
Cummins, Inc.		773	187,901
PACCAR, Inc.		2,601	187,792
			682,796
Construction Materials–0.02%
Vulcan Materials Co.		204	36,906
Consumer Electronics–0.03%
Garmin Ltd.		459	45,042
Consumer Finance–0.48%
American Express Co.		1,429	248,632
Capital One Financial Corp.		2,907	317,095
Discover Financial Services		1,133	126,896
Synchrony Financial		3,839	137,091
			829,714
Copper–0.09%
Freeport-McMoRan, Inc.		4,022	164,781
Data Processing & Outsourced Services–1.78%
Automatic Data Processing, Inc.		4,684	1,029,637
Fidelity National Information Services, Inc.		1,769	112,101
Fiserv, Inc.(b)		2,554	293,940
FleetCor Technologies, Inc.(b)		293	62,933
Global Payments, Inc.		1,148	128,806
Mastercard, Inc., Class A		1,000	355,290
Paychex, Inc.		814	89,866
PayPal Holdings, Inc.(b)		2,640	194,304
Visa, Inc., Class A(c)		3,810	837,971
			3,104,848
Distillers & Vintners–0.13%
Brown-Forman Corp., Class B		889	57,669
Constellation Brands, Inc., Class A		788	176,276
			233,945
Distributors–0.10%
Genuine Parts Co.		1,024	181,105
Diversified Support Services–0.10%
Cintas Corp.		247	108,302
Copart, Inc.(b)		1,033	72,785
			181,087
Drug Retail–0.07%
Walgreens Boots Alliance, Inc.		3,570	126,842
Electric Utilities–1.37%
American Electric Power Co., Inc.		3,048	268,133
Avangrid, Inc.		516	20,139
Duke Energy Corp.		4,078	384,392
Edison International		1,869	123,747
Entergy Corp.		726	74,684

	Shares		Value
Electric Utilities–(continued)
Eversource Energy		1,377	$       103,771
Exelon Corp.		3,231	130,500
FirstEnergy Corp.		2,785	110,119
NextEra Energy, Inc.		5,380	382,141
PG&E Corp.(b)		10,699	167,118
PPL Corp.		7,962	215,531
Southern Co. (The)		3,815	240,574
Xcel Energy, Inc.		2,775	179,182
			2,400,031
Electrical Components & Equipment–0.18%
AMETEK, Inc.		503	71,205
Eaton Corp. PLC		949	166,008
Emerson Electric Co.		866	71,627
			308,840
Electronic Components–0.14%
Amphenol Corp., Class A		2,518	195,195
Corning, Inc.		1,532	52,012
			247,207
Electronic Equipment & Instruments–0.06%
Keysight Technologies, Inc.(b)		639	102,214
Electronic Manufacturing Services–0.07%
TE Connectivity Ltd.		927	118,026
Environmental & Facilities Services–0.34%
Republic Services, Inc.		1,179	152,008
Waste Connections, Inc.		978	130,974
Waste Management, Inc.		2,058	308,206
			591,188
Fertilizers & Agricultural Chemicals–0.09%
Corteva, Inc.		2,472	153,981
Financial Exchanges & Data–0.33%
CME Group, Inc., Class A		870	161,263
Intercontinental Exchange, Inc.		916	93,249
Moody’s Corp.		208	60,351
MSCI, Inc.		116	60,569
Nasdaq, Inc.		1,533	85,940
S&P Global, Inc.		358	122,150
			583,522
Food Distributors–0.03%
Sysco Corp.		605	45,115
Food Retail–0.13%
Kroger Co. (The)		5,242	226,140
General Merchandise Stores–0.21%
Dollar General Corp.		1,480	320,124
Dollar Tree, Inc.(b)		329	47,797
			367,921
Gold–0.03%
Newmont Corp.		1,019	44,439
Health Care Distributors–0.23%
AmerisourceBergen Corp.		464	72,180
Cardinal Health, Inc.		843	63,823

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

5 Invesco Income Advantage U.S. Fund

	Shares		Value
Health Care Distributors–(continued)
McKesson Corp.		743	$     259,909
			395,912
Health Care Equipment–0.94%
Abbott Laboratories		6,682	679,693
Baxter International, Inc.		894	35,715
Becton, Dickinson and Co.		531	124,546
Boston Scientific Corp.(b)		2,453	114,604
DexCom, Inc.(b)		664	73,711
IDEXX Laboratories, Inc.(b)		91	43,065
Medtronic PLC		4,456	368,957
ResMed, Inc.		220	46,860
Stryker Corp.		334	87,802
Zimmer Biomet Holdings, Inc.		582	72,092
			1,647,045
Health Care Facilities–0.08%
HCA Healthcare, Inc.		606	147,531
Health Care REITs–0.06%
Healthpeak Properties, Inc.		1,375	33,082
Ventas, Inc.		501	24,374
Welltower, Inc.		615	45,584
			103,040
Health Care Services–0.79%
Cigna Group (The)		1,863	544,182
CVS Health Corp.		8,303	693,633
Laboratory Corp. of America Holdings		279	66,781
Quest Diagnostics, Inc.		582	80,526
			1,385,122
Home Improvement Retail–0.69%
Home Depot, Inc. (The)		2,771	821,712
Lowe’s Cos., Inc.		1,874	385,576
			1,207,288
Homebuilding–0.17%
D.R. Horton, Inc.		1,479	136,778
Lennar Corp., Class A		1,651	159,718
			296,496
Hotels, Resorts & Cruise Lines–0.19%
Airbnb, Inc., Class A(b)		583	71,872
Booking Holdings, Inc.(b)		74	186,776
Expedia Group, Inc.(b)		595	64,837
			323,485
Household Products–0.95%
Church & Dwight Co., Inc.		490	41,052
Clorox Co. (The)		387	60,155
Colgate-Palmolive Co.		4,109	301,190
Kimberly-Clark Corp.		743	92,912
Procter & Gamble Co. (The)		8,527	1,172,974
			1,668,283
Hypermarkets & Super Centers–0.87%
Costco Wholesale Corp.		1,529	740,311
Walmart, Inc.		5,487	779,868
			1,520,179

	Shares		Value
Industrial Conglomerates–0.36%
3M Co.		2,146	$       231,210
Honeywell International, Inc.		2,089	400,002
			631,212
Industrial Gases–0.45%
Air Products and Chemicals, Inc.		590	168,728
Linde PLC (United Kingdom)		1,786	622,189
			790,917
Industrial Machinery–0.30%
Dover Corp.		347	52,015
Fortive Corp.		1,259	83,925
Illinois Tool Works, Inc.		763	177,901
Otis Worldwide Corp.		1,235	104,506
Parker-Hannifin Corp.		294	103,444
			521,791
Industrial REITs–0.07%
Prologis, Inc.		969	119,575
Insurance Brokers–0.56%
Aon PLC, Class A		925	281,246
Arthur J. Gallagher & Co.		1,066	199,715
Marsh & McLennan Cos., Inc.		2,423	392,865
Willis Towers Watson PLC		469	109,915
			983,741
Integrated Oil & Gas–1.98%
Chevron Corp.		5,701	916,550
Exxon Mobil Corp.		20,435	2,246,011
Occidental Petroleum Corp.		5,134	300,647
			3,463,208
Integrated Telecommunication Services–1.95%
AT&T, Inc.		85,688	1,620,360
Verizon Communications, Inc.		46,090	1,788,753
			3,409,113
Interactive Home Entertainment–0.38%
Activision Blizzard, Inc.		5,044	384,605
Electronic Arts, Inc.		2,510	278,459
			663,064
Interactive Media & Services–3.17%
Alphabet, Inc., Class A(b)		36,023	3,244,233
Meta Platforms, Inc., Class A(b)		12,650	2,212,991
Pinterest, Inc., Class A(b)		3,544	88,990
			5,546,214
Internet & Direct Marketing Retail–0.74%
Amazon.com, Inc.(b)		12,338	1,162,610
eBay, Inc.		1,533	70,364
MercadoLibre, Inc. (Brazil)(b)		53	64,660
			1,297,634
Internet Services & Infrastructure–0.08%
Akamai Technologies, Inc.(b)		754	54,741
VeriSign, Inc.(b)		440	86,605
			141,346

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

6 Invesco Income Advantage U.S. Fund

	Shares		Value
Investment Banking & Brokerage–0.28%
Goldman Sachs Group, Inc. (The)		1,005	$       353,408
Morgan Stanley		1,357	130,951
			484,359
IT Consulting & Other Services–0.84%
Accenture PLC, Class A		1,409	374,160
Cognizant Technology Solutions Corp., Class A		1,343	84,112
International Business Machines Corp.		7,841	1,013,841
			1,472,113
Life & Health Insurance–0.20%
Aflac, Inc.		1,377	93,842
MetLife, Inc.		1,851	132,772
Principal Financial Group, Inc.		912	81,679
Prudential Financial, Inc.		392	39,200
			347,493
Life Sciences Tools & Services–0.52%
Agilent Technologies, Inc.		798	113,292
Danaher Corp.		1,029	254,708
IQVIA Holdings, Inc.(b)		190	39,609
Mettler-Toledo International, Inc.(b)		52	74,553
Thermo Fisher Scientific, Inc.		734	397,652
Waters Corp.(b)		77	23,939
			903,753
Managed Health Care–1.45%
Centene Corp.(b)		2,384	163,066
Elevance Health, Inc.		1,059	497,380
Humana, Inc.		696	344,534
UnitedHealth Group, Inc.		3,206	1,525,864
			2,530,844
Movies & Entertainment–0.13%
Liberty Media Corp.-Liberty Formula One, Class C(b)		1,132	76,829
Warner Bros Discovery, Inc.(b)		9,101	142,157
			218,986
Multi-line Insurance–0.16%
American International Group, Inc.		2,920	178,441
Hartford Financial Services Group, Inc. (The)		1,281	100,277
			278,718
Multi-Sector Holdings–0.78%
Berkshire Hathaway, Inc., Class B(b)		4,483	1,368,122
Multi-Utilities–0.57%
Ameren Corp.		1,193	98,673
CMS Energy Corp.		848	50,007
Consolidated Edison, Inc.		2,413	215,601
Dominion Energy, Inc.		2,650	147,393
DTE Energy Co.		923	101,262
Public Service Enterprise Group, Inc.		1,542	93,183
Sempra Energy		977	146,511
WEC Energy Group, Inc.		1,662	147,353
			999,983

	Shares		Value
Office REITs–0.11%
Alexandria Real Estate Equities, Inc.		1,042	$       156,071
Boston Properties, Inc.		566	37,061
			193,132
Oil & Gas Equipment & Services–0.06%
Baker Hughes Co., Class A		1,555	47,583
Schlumberger Ltd.		1,089	57,946
			105,529
Oil & Gas Exploration & Production–0.69%
ConocoPhillips		4,808	496,907
Coterra Energy, Inc.		4,219	105,348
Devon Energy Corp.		1,740	93,821
Diamondback Energy, Inc.		632	88,847
EOG Resources, Inc.		1,255	141,840
Hess Corp.		811	109,242
Pioneer Natural Resources Co.		837	167,743
			1,203,748
Oil & Gas Refining & Marketing–0.56%
Marathon Petroleum Corp.		3,991	493,287
Phillips 66		2,194	225,017
Valero Energy Corp.		2,030	267,412
			985,716
Oil & Gas Storage & Transportation–0.19%
Cheniere Energy, Inc.		725	114,072
Kinder Morgan, Inc.		7,553	128,854
Williams Cos., Inc. (The)		2,674	80,487
			323,413
Packaged Foods & Meats–0.84%
Campbell Soup Co.		1,234	64,810
Conagra Brands, Inc.		1,604	58,402
General Mills, Inc.		3,936	312,951
Hershey Co. (The)		833	198,521
Hormel Foods Corp.		2,055	91,201
JM Smucker Co. (The)		687	101,601
Kellogg Co.		2,143	141,309
Kraft Heinz Co. (The)		4,161	162,029
Mondelez International, Inc., Class A		3,151	205,382
Tyson Foods, Inc., Class A		2,110	124,996
			1,461,202
Paper Packaging–0.08%
Amcor PLC		5,945	66,228
International Paper Co.		1,770	64,410
			130,638
Personal Products–0.03%
Estee Lauder Cos., Inc. (The), Class A		214	52,013
Pharmaceuticals–3.11%
Bristol-Myers Squibb Co.		8,838	609,468
Eli Lilly and Co.		3,747	1,166,141
Johnson & Johnson		8,183	1,254,127
Merck & Co., Inc.		13,938	1,480,773
Pfizer, Inc.		19,012	771,317
Royalty Pharma PLC, Class A		1,436	51,481

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

7 Invesco Income Advantage U.S. Fund

	Shares		Value
Pharmaceuticals–(continued)
Zoetis, Inc.		570	$         95,190
			5,428,497
Property & Casualty Insurance–0.75%
Allstate Corp. (The)		1,490	191,882
Chubb Ltd.		1,647	347,550
Markel Corp.(b)		36	47,875
Progressive Corp. (The)		3,238	464,718
Travelers Cos., Inc. (The)		1,401	259,353
			1,311,378
Railroads–0.43%
CSX Corp.		7,703	234,864
Norfolk Southern Corp.		744	167,266
Union Pacific Corp.		1,706	353,620
			755,750
Real Estate Services–0.05%
CBRE Group, Inc., Class A(b)		986	83,948
Regional Banks–0.25%
Fifth Third Bancorp		879	31,908
KeyCorp		2,470	45,176
M&T Bank Corp.		379	58,855
PNC Financial Services Group, Inc. (The)		443	69,959
Regions Financial Corp.		2,176	50,744
SVB Financial Group(b)		172	49,555
Truist Financial Corp.		2,823	132,540
			438,737
Research & Consulting Services–0.14%
CoStar Group, Inc.(b)		3,502	247,451
Residential REITs–0.10%
AvalonBay Communities, Inc.		399	68,836
Equity Residential		997	62,332
Essex Property Trust, Inc.		182	41,507
			172,675
Restaurants–0.83%
Chipotle Mexican Grill, Inc.(b)		73	108,849
McDonald’s Corp.		3,606	951,659
Starbucks Corp.		2,842	290,140
Yum! Brands, Inc.		804	102,237
			1,452,885
Retail REITs–0.09%
Realty Income Corp.		1,835	117,348
Simon Property Group, Inc.		328	40,046
			157,394
Semiconductor Equipment–0.40%
Applied Materials, Inc.		2,274	264,125
Enphase Energy, Inc.(b)		472	99,370
KLA Corp.		426	161,616
Lam Research Corp.		366	177,880
			702,991
Semiconductors–2.53%
Advanced Micro Devices, Inc.(b)		2,035	159,910
Analog Devices, Inc.		3,609	662,143

	Shares		Value
Semiconductors–(continued)
Broadcom, Inc.		1,506	$       895,001
GLOBALFOUNDRIES, Inc.(b)		600	39,204
Microchip Technology, Inc.		951	77,059
Micron Technology, Inc.		4,452	257,415
NVIDIA Corp.		1,875	435,300
ON Semiconductor Corp.(b)		3,665	283,708
QUALCOMM, Inc.		2,973	367,255
Skyworks Solutions, Inc.		556	62,033
Texas Instruments, Inc.		6,882	1,179,919
			4,418,947
Soft Drinks–0.91%
Coca-Cola Co. (The)		8,959	533,150
Keurig Dr Pepper, Inc.		3,313	114,464
Monster Beverage Corp.(b)		872	88,735
PepsiCo, Inc.		4,914	852,726
			1,589,075
Specialized REITs–0.69%
American Tower Corp.		804	159,200
Crown Castle, Inc.		1,146	149,840
Digital Realty Trust, Inc.		840	87,553
Equinix, Inc.		226	155,549
Extra Space Storage, Inc.		417	68,659
Public Storage		478	142,898
SBA Communications Corp., Class A		508	131,750
VICI Properties, Inc.		5,368	179,989
Weyerhaeuser Co.		4,249	132,781
			1,208,219
Specialty Chemicals–0.15%
Albemarle Corp.		493	125,375
Celanese Corp.		369	42,889
DuPont de Nemours, Inc.		1,302	95,085
			263,349
Specialty Stores–0.09%
Ulta Beauty, Inc.(b)		287	148,896
Steel–0.34%
Nucor Corp.		3,593	601,612
Systems Software–2.47%
Crowdstrike Holdings, Inc., Class A(b)		962	116,104
Fortinet, Inc.(b)		1,039	61,758
Gen Digital, Inc.		943	18,398
Microsoft Corp.		10,464	2,609,929
Oracle Corp.		11,344	991,466
Palo Alto Networks, Inc.(b)(c)		1,896	357,149
ServiceNow, Inc.(b)		236	101,992
VMware, Inc., Class A(b)		562	61,893
			4,318,689
Technology Hardware, Storage & Peripherals–1.11%
Apple, Inc.		11,327	1,669,713
Hewlett Packard Enterprise Co.		5,289	82,561
HP, Inc.		3,255	96,088
NetApp, Inc.		382	24,658
Seagate Technology Holdings PLC		633	40,867

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

8 Invesco Income Advantage U.S. Fund

	Shares		Value
Technology Hardware, Storage & Peripherals–(continued)
Western Digital Corp.(b)		663	$         25,512
			1,939,399
Tobacco–0.55%
Altria Group, Inc.		10,788	500,887
Philip Morris International, Inc. (Switzerland)		4,792	466,261
			967,148
Trading Companies & Distributors–0.11%
Fastenal Co.		1,843	95,025
W.W. Grainger, Inc.		142	94,917
			189,942
Trucking–0.11%
Old Dominion Freight Line, Inc.		579	196,432
Water Utilities–0.04%
American Water Works Co., Inc.		526	73,840
Wireless Telecommunication Services–0.42%
T-Mobile US, Inc.(b)(c)		5,164	734,217
Total Common Stocks & Other Equity Interests
(Cost $89,992,307)			90,461,429
	Principal Amount
Equity Linked Notes–30.59%
Diversified Banks–21.89%
Bank of Montreal (S&P 500® Index) (Canada),
22.93%, 03/23/2023(d)	$	3,974,000	3,773,979
25.94%, 04/04/2023(d)		3,951,000	3,875,343
BNP Paribas Issuance B.V. (S&P 500® Index) (France),
24.50%, 03/09/2023(d)		3,949,000	3,890,696
22.63%, 03/13/2023(d)		3,922,000	3,787,471
Canadian Imperial Bank of Commerce (S&P 500® Index) (Canada),
23.25%, 03/02/2023(d)		3,846,000	3,913,121
22.95%, 04/12/2023(d)		3,933,000	3,853,526
Citigroup Global Markets Holdings, Inc. (S&P 500® Index), 22.23%, 03/31/2023(d)		4,048,000	3,847,239
Citigroup Inc. (S&P 500® Index), 22.72%, 03/29/2023(d)		3,996,000	3,752,876
JPMorgan Chase & Co. (S&P 500® Index), 21.85%, 03/17/2023(d)		4,009,000	3,721,797
Royal Bank of Canada (S&P 500® Index) (Canada), 20.83%, 03/15/2023(d)		3,964,000	3,831,701
			38,247,749

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

	Principal Amount		Value
Diversified Capital Markets–2.16%
Credit Suisse AG (S&P 500® Index) (Switzerland), 24.00%, 03/27/2023(d)	$	3,957,000	$	3,779,158
Investment Banking & Brokerage–6.54%
Goldman Sachs Group, Inc. (The) (S&P 500® Index), 22.27%, 04/10/2023(d)		3,920,000		3,784,334
Nomura Holdings, Inc. (S&P 500® Index) (Japan),
21.95%, 03/07/2023(d)		3,923,000		3,873,115
21.97%, 03/21/2023(d)		3,965,000		3,772,200
				11,429,649
Total Equity Linked Notes (Cost $55,357,000)				53,456,556
	Shares
Money Market Funds–21.73%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f)		13,352,125		13,352,125
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(e)(f)		9,360,592		9,362,464
Invesco Treasury Portfolio, Institutional Class, 4.50%(e)(f)		15,259,571		15,259,571
Total Money Market Funds (Cost $37,971,586)				37,974,160
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-104.08% (Cost $183,320,893)				181,892,145
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.12%
Invesco Private Government Fund, 4.58%(e)(f)(g)		550,213		550,213
Invesco Private Prime Fund, 4.83%(e)(f)(g)		1,414,549		1,414,832
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,965,045)				1,965,045
TOTAL INVESTMENTS IN SECURITIES–105.20% (Cost $185,285,938)				183,857,190
OTHER ASSETS LESS LIABILITIES–(5.20)%				(9,081,815	)
NET ASSETS–100.00%			$	174,775,375

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

9 Invesco Income Advantage U.S. 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, 2023.

^(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, 2023 was $53,456,556, which represented 30.59% of the Fund’s Net Assets.

^(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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value February 28, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,724,904		$12,746,793		$(12,119,572	)		$       -		$       -		$13,352,125		$221,653
Invesco Liquid Assets Portfolio, Institutional Class		8,914,335		9,104,853		(8,656,838	)		(634)		748		9,362,464		160,552
Invesco Treasury Portfolio, Institutional Class		14,542,747		14,567,764		(13,850,940	)		-		-		15,259,571		253,020
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		578,617		16,789,444		(16,817,848	)		-		-		550,213		21,511*
Invesco Private Prime Fund		1,487,872		38,996,855		(39,070,198	)		-		303		1,414,832		59,833*
Total		$38,248,475		$92,205,709		$(90,515,396	)		$(634)		$1,051		$39,939,205		$716,569

* 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.

^(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2023

Financials	34.70	%
Information Technology	10.93
Health Care	8.71
Communication Services	6.90
Consumer Staples	4.65
Industrials	4.34
Consumer Discretionary	4.06
Energy	3.48
Other Sectors, Each Less than 2% of Net Assets	4.58
Money Market Funds Plus Other Assets Less Liabilities	17.65

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

10 Invesco Income Advantage U.S. Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 145,349,307)*	$	143,917,985
Investments in affiliated money market funds, at value (Cost $ 39,936,631)		39,939,205
Cash		17,354
Receivable for:
Fund shares sold		41,544
Dividends		310,524
Interest		594,042
Investment for trustee deferred compensation and retirement plans		89,264
Other assets		41,951
Total assets		184,951,869
Liabilities:
Payable for:
Investments purchased		7,853,000
Fund shares reacquired		95,989
Collateral upon return of securities loaned		1,965,045
Accrued fees to affiliates		94,124
Accrued trustees’ and officers’ fees and benefits		1,126
Accrued other operating expenses		70,784
Trustee deferred compensation and retirement plans		96,426
Total liabilities		10,176,494
Net assets applicable to shares outstanding	$	174,775,375
Net assets consist of:
Shares of beneficial interest	$	200,553,841
Distributable earnings (loss)		(25,778,466	)
	$	174,775,375

Net Assets:
Class A	$	121,860,482
Class C	$	2,668,882
Class R	$	530,257
Class Y	$	8,255,735
Investor Class	$	30,895,227
Class R5	$	10,535,676
Class R6	$	29,116
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		13,143,776
Class C		293,182
Class R		57,485
Class Y		886,396
Investor Class		3,319,353
Class R5		1,129,962
Class R6		3,123
Class A:
Net asset value per share	$	9.27
Maximum offering price per share (Net asset value of $9.27 ÷ 94.50%)	$	9.81
Class C:
Net asset value and offering price per share	$	9.10
Class R:
Net asset value and offering price per share	$	9.22
Class Y:
Net asset value and offering price per share	$	9.31
Investor Class:
Net asset value and offering price per share	$	9.31
Class R5:
Net asset value and offering price per share	$	9.32
Class R6:
Net asset value and offering price per share	$	9.32

* At February 28, 2023, securities with an aggregate value of $1,913,313 were on loan to brokers.

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

11 Invesco Income Advantage U.S. Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	5,556,583
Dividends (net of foreign withholding taxes of $67)		947,037
Dividends from affiliated money market funds (includes net securities lending income of $4,327)		639,552
Total investment income		7,143,172
Expenses:
Advisory fees		518,059
Administrative services fees		12,066
Custodian fees		4,552
Distribution fees:
Class A		152,211
Class C		13,709
Class R		1,234
Investor Class		36,689
Transfer agent fees – A, C, R, Y and Investor		145,140
Transfer agent fees – R5		1,592
Transfer agent fees – R6		4
Trustees’ and officers’ fees and benefits		7,472
Registration and filing fees		51,134
Reports to shareholders		12,508
Professional services fees		23,621
Other		5,840
Total expenses		985,831
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(104,019	)
Net expenses		881,812
Net investment income		6,261,360
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,802,901	)
Affiliated investment securities		1,051
		(7,801,850	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		3,841,435
Affiliated investment securities		(634	)
Foreign currencies		3
		3,840,804
Net realized and unrealized gain (loss)		(3,961,046	)
Net increase in net assets resulting from operations	$	2,300,314

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

12 Invesco Income Advantage U.S. Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	6,261,360		$	10,889,426
Net realized gain (loss)		(7,801,850	)		(17,402,532	)
Change in net unrealized appreciation (depreciation)		3,840,804			(13,263,143	)
Net increase (decrease) in net assets resulting from operations		2,300,314			(19,776,249	)
Distributions to shareholders from distributable earnings:
Class A		(4,172,441	)		(21,961,088	)
Class C		(83,465	)		(511,479	)
Class R		(16,359	)		(87,565	)
Class Y		(284,754	)		(1,299,283	)
Investor Class		(1,011,611	)		(5,427,106	)
Class R5		(368,332	)		(1,794,930	)
Class R6		(1,023	)		(5,414	)
Total distributions from distributable earnings		(5,937,985	)		(31,086,865	)
Share transactions–net:
Class A		(685,582	)		10,520,938
Class C		(216,506	)		71,260
Class R		47,682			(50,163	)
Class Y		155,445			2,073,118
Investor Class		1,384,913			2,072,402
Class R5		351,378			1,583,561
Class R6		697			942
Net increase in net assets resulting from share transactions		1,038,027			16,272,058
Net increase (decrease) in net assets		(2,599,644	)		(34,591,056	)
Net assets:
Beginning of period		177,375,019			211,966,075
End of period	$	174,775,375		$	177,375,019

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

13 Invesco Income Advantage U.S. 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 02/28/23		$	9.46		$	0.33		$	(0.20	)		$	0.13			$	(0.32	)		$	-			$	(0.32	)		$	9.27		1.40	%		$	121,860		1.04	%(d)		1.16	%(d)		7.23	%(d)		18	%
Year ended 08/31/22			12.29			0.59			(1.64	)			(1.05	)			(0.59	)			(1.19	)			(1.78	)			9.46		(9.88	)			125,096		1.05			1.14			5.52			44
Year ended 08/31/21			10.24			0.13			2.07				2.20				(0.15	)			-				(0.15	)			12.29		21.70				150,436		1.16			1.17			1.15			143
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
Class C
Six months ended 02/28/23			9.29			0.29			(0.20	)			0.09				(0.28	)			-				(0.28	)			9.10		0.98				2,669		1.79	(d)		1.91	(d)		6.48	(d)		18
Year ended 08/31/22			12.07			0.51			(1.61	)			(1.10	)			(0.49	)			(1.19	)			(1.68	)			9.29		(10.51	)			2,942		1.80			1.89			4.77			44
Year ended 08/31/21			10.06			0.04			2.04				2.08				(0.07	)			-				(0.07	)			12.07		20.74				3,748		1.91			1.92			0.40			143
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
Class R
Six months ended 02/28/23			9.41			0.32			(0.21	)			0.11				(0.30	)			-				(0.30	)			9.22		1.27				530		1.29	(d)		1.42	(d)		6.98	(d)		18
Year ended 08/31/22			12.23			0.57			(1.64	)			(1.07	)			(0.56	)			(1.19	)			(1.75	)			9.41		(10.13	)			492		1.30			1.39			5.27			44
Year ended 08/31/21			10.19			0.10			2.06				2.16				(0.12	)			-				(0.12	)			12.23		21.39				691		1.41			1.42			0.90			143
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
Class Y
Six months ended 02/28/23			9.51			0.35			(0.22	)			0.13				(0.33	)			-				(0.33	)			9.31		1.43				8,256		0.79	(d)		0.91	(d)		7.48	(d)		18
Year ended 08/31/22			12.35			0.62			(1.64	)			(1.02	)			(0.63	)			(1.19	)			(1.82	)			9.51		(9.61	)			8,271		0.80			0.89			5.77			44
Year ended 08/31/21			10.29			0.15			2.08				2.23				(0.17	)			-				(0.17	)			12.35		22.00				8,370		0.91			0.92			1.40			143
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
Investor Class
Six months ended 02/28/23			9.50			0.33			(0.20	)			0.13				(0.32	)			-				(0.32	)			9.31		1.41				30,895		1.04	(d)		1.16	(d)		7.23	(d)		18
Year ended 08/31/22			12.33			0.60			(1.64	)			(1.04	)			(0.60	)			(1.19	)			(1.79	)			9.50		(9.82	)			30,152		1.05			1.14			5.52			44
Year ended 08/31/21			10.28			0.13			2.07				2.20				(0.15	)			-				(0.15	)			12.33		21.61				36,982		1.16			1.17			1.15			143
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
Class R5
Six months ended 02/28/23			9.52			0.35			(0.22	)			0.13				(0.33	)			-				(0.33	)			9.32		1.47				10,536		0.75	(d)		0.77	(d)		7.52	(d)		18
Year ended 08/31/22			12.36			0.63			(1.64	)			(1.01	)			(0.64	)			(1.19	)			(1.83	)			9.52		(9.55	)			10,393		0.76			0.77			5.81			44
Year ended 08/31/21			10.30			0.18			2.08				2.26				(0.20	)			-				(0.20	)			12.36		22.23				11,702		0.72			0.72			1.59			143
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
Class R6
Six months ended 02/28/23			9.51			0.35			(0.21	)			0.14				(0.33	)			-				(0.33	)			9.32		1.57				29		0.75	(d)		0.77	(d)		7.52	(d)		18
Year ended 08/31/22			12.36			0.63			(1.65	)			(1.02	)			(0.64	)			(1.19	)			(1.83	)			9.51		(9.64	)			29		0.76			0.77			5.81			44
Year ended 08/31/21			10.30			0.17			2.09				2.26				(0.20	)			-				(0.20	)			12.36		22.23				37		0.72			0.72			1.59			143
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

^(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)  Annualized.

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

14 Invesco Income Advantage U.S. Fund

Notes to Financial Statements

February 28, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Income Advantage U.S. 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

15 Invesco Income Advantage U.S. Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s 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 based on relative net assets of Class R5 and Class R6. 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. Equity-Linked Notes – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, exchange-traded note, or an index or basket of securities (underlying securities)) and a related equity derivative, such as a put or call option. Generally, when purchasing an ELN, the Fund pays the counterparty the current value of the underlying securities plus a commission. Upon the maturity of the note, the Fund generally receives the par value of the note plus a return based on the appreciation of the underlying securities. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund’s entire principal investment.

J. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

16 Invesco Income Advantage U.S. Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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 December 31, 2023, 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 1.06%, 1.81%, 1.31%, 0.81%, 1.06%, 0.81% and 0.81%, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $19,189 and reimbursed class level expenses of $60,358, $1,352, $246, $3,986, $14,590, $0 and $0 of Class A, Class C, Class R, Class Y, Investor Class, 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, 2023, 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, 2023, 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, 0.50% of the average daily net assets of Class R shares, and 0.25% of the average daily net assets of Investor Class shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including

17 Invesco Income Advantage U.S. Fund

asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2023, 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, 2023, IDI advised the Fund that IDI retained $2,023 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.

For the six months ended February 28, 2023, the Fund incurred $2,378 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. 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 Adviser’s 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, 2023. 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	$	90,461,429	$	-		$-	$	90,461,429
Equity Linked Notes		-		53,456,556		-		53,456,556
Money Market Funds		37,974,160		1,965,045		-		39,939,205
Total Investments	$	128,435,589	$	55,421,601		$-	$	183,857,190

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,298.

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 carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

18 Invesco Income Advantage U.S. Fund

The Fund had a capital loss carryforward as of August 31, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term	Total
Not subject to expiration	$	17,159,743	$-	$	17,159,743

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $16,998,450 and $20,368,477, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	7,105,260
Aggregate unrealized (depreciation) of investments		(8,861,617	)
Net unrealized appreciation (depreciation) of investments	$	(1,756,357	)

Cost of investments for tax purposes is $185,613,547.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		259,432		$	2,449,739			383,872		$	3,973,992
Class C		35,460			325,814			43,257			442,552
Class R		5,484			50,698			14,716			164,345
Class Y		69,703			651,325			250,812			2,700,981
Investor Class		307,439			2,927,527			53,761			596,971
Class R5		-			-			144			1,721
Class R6		-			-			1			12
Issued as reinvestment of dividends:
Class A		408,681			3,769,426			1,822,292			19,819,673
Class C		8,602			77,898			44,780			478,549
Class R		1,749			16,053			7,926			85,805
Class Y		25,145			233,030			99,278			1,081,056
Investor Class		104,877			971,409			478,585			5,224,624
Class R5		39,463			366,126			163,737			1,789,828
Class R6		76			709			91			930
Automatic conversion of Class C shares to Class A shares:
Class A		16,058			149,685			24,145			265,210
Class C		(16,349	)		(149,685	)		(24,578	)		(265,210	)
Reacquired:
Class A		(761,393	)		(7,054,432	)		(1,251,347	)		(13,537,937	)
Class C		(51,171	)		(470,533	)		(57,295	)		(584,631	)
Class R		(2,032	)		(19,069	)		(26,880	)		(300,313	)
Class Y		(78,547	)		(728,910	)		(157,895	)		(1,708,919	)
Investor Class		(267,162	)		(2,514,023	)		(356,873	)		(3,749,193	)
Class R5		(1,652	)		(14,748	)		(18,499	)		(207,988	)
Class R6		(1	)		(12	)		-			-
Net increase in share activity		103,862		$	1,038,027			1,494,030		$	16,272,058

^(a)  6% of the outstanding shares of the Fund are owned by the Adviser.

19 Invesco Income Advantage U.S. 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,015.10	$5.20	$1,019.64	$5.21	1.04%
Class C	1,000.00	1,010.90	8.92	1,015.92	8.95	1.79
Class R	1,000.00	1,013.80	6.44	1,018.40	6.46	1.29
Class Y	1,000.00	1,015.40	3.95	1,020.88	3.96	0.79
Investor Class	1,000.00	1,014.10	5.19	1,019.64	5.21	1.04
Class R5	1,000.00	1,015.70	3.75	1,021.08	3.76	0.75
Class R6	1,000.00	1,016.80	3.75	1,021.08	3.76	0.75

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

20 Invesco Income Advantage U.S. 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. LVEY-SAR-1

Semiannual Report to Shareholders February 28, 2023

Invesco Master Loan Fund

Nasdaq:

R6: MLNFX

2	Fund Performance
4	Schedule of Investments
19	Financial Statements
22	Financial Highlights
23	Notes to Financial Statements
30	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, at net asset value (NAV).
Class R6 Shares	3.37	%
JP Morgan Leveraged Loan Index▼	4.01
Credit Suisse Leveraged Loan Index▼	3.33
Source(s): ▼Bloomberg LP
The JP Morgan Leveraged Loan Index tracks the performance of the US-dollar-denominated senior floating rate bank loans.
The Credit Suisse Leveraged Loan Index represents tradable, senior-secured US-dollar-denominated, noninvestment-grade 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 Master Loan Fund

Average Annual Total Returns
As of 2/28/23
Class R6 Shares
Inception (10/31/07)	4.00	%
10 Years	3.17
5 Years	1.31
1 Year	2.87

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.

    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, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)(a)			Value
Variable Rate Senior Loan Interests–77.98%(b)(c)
Aerospace & Defense–3.45%
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.)
Incremental Term Loan B-2 (1 mo. TSFR + 3.75%)		8.37%		07/01/2029		$	266	$	266,245
Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/07/2028			511		507,371
Castlelake Aviation Ltd.
Term Loan (3 mo. USD LIBOR + 2.75%)		7.52%		10/22/2026			719		713,711
Term Loan(d)		–		10/22/2027			132		131,177
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		8.22%		04/08/2026			581		569,812
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		8.12%		04/08/2026			312		306,350
Gogo Intermediate Holdings LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		8.70%		04/30/2028			103		102,976
Greenrock Finance, Inc.
Delayed Draw Term Loan (3 mo. TSFR + 4.35%)		0.00%		06/21/2029			113		112,093
Term Loan B (3 mo. TSFR + 4.25%)		8.93%		06/21/2029			244		242,868
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. TSFR + 2.75%)		7.38%		09/22/2028			813		809,455
First Lien Term Loan (1 mo. TSFR + 4.00%)		8.62%		09/22/2028			133		133,252
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		10.38%		09/21/2029			73		71,173
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.65%		02/01/2029			434		426,452
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. TSFR + 4.00%)		8.58%		09/13/2029			284		281,582
Rand Parent LLC (Atlas Air), Term Loan B(d)		–		02/09/2030			255		248,643
Transdigm, Inc.
Term Loan H (1 mo. TSFR + 3.25%)		7.83%		02/28/2027			23		22,926
Term Loan I (3 mo. SOFR+3.25%)		7.82%		08/10/2028			360		358,793
									5,304,879
Air Transport–2.97%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028			1,509		1,549,642
Air Canada (Canada), Term Loan (3 mo. USD LIBOR + 3.50%)		8.37%		08/11/2028			147		147,172
American Airlines, Inc., Term Loan(d)		–		02/09/2028			273		266,046
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.00%		06/21/2027			626		652,571
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. USD LIBOR + 3.75%)		8.56%		10/20/2027			144		149,056
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028			1,303		1,304,576
WestJet Airlines Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%)		7.59%		12/11/2026			522		498,666
									4,567,729
Automotive–2.39%
Adient PLC, Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		7.88%		04/10/2028			645		645,962
American Axle & Manufacturing, Inc., Term Loan (1 mo. TSFR + 3.50%)		8.16%		12/08/2029			117		116,986
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		9.10%		04/06/2028			756		751,250
BCA Marketplace (United Kingdom)
Second Lien Term Loan B (6 mo. SONIA+7.50%)		11.43%		07/27/2029		GBP	185		117,746
Term Loan B (6 mo. SONIA+4.75%)		8.18%		07/28/2028		GBP	71		68,696
DexKo Global, Inc.
Delayed Draw Term Loan (1 mo. EURIBOR + 4.00%)		4.00%		10/04/2028		EUR	13		12,489
First Lien Term Loan (1 mo. TSFR + 6.50%)(e)		11.08%		10/04/2028			61		58,436
Term Loan B (3 mo. EURIBOR + 4.00%)		6.20%		10/04/2028		EUR	82		77,619
Term Loan B (1 mo. EURIBOR + 4.00%)		6.20%		10/04/2028		EUR	43		40,364
Driven Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		7.74%		12/16/2028			150		146,876
First Brands Group Intermediate LLC
Term Loan B (6 mo. TSFR + 5.00%)		10.25%		03/30/2027			55		53,562
Term Loan B(d)		–		03/30/2027			391		375,020
Garrett Borrowing LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		8.08%		04/30/2028			48		47,008
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		11/09/2027			340		324,736

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)
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. TSFR + 4.00%)		8.73	%		05/04/2028			$	867	$	841,535
											3,678,285
Beverage & Tobacco–0.71%
AI Aqua Merger Sub, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.62	%		07/31/2028				698		674,594
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		8.23	%		03/20/2024				261		242,595
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.33	%		03/31/2028	��			353		174,410
											1,091,599
Brokers, Dealers & Investment Houses–0.15%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		11.31	%		08/05/2029				7		6,450
Zebra Buyer LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.75	%		11/01/2028				230		228,662
											235,112
Building & Development–1.86%
Brookfield Retail Holdings VII Sub 3 LLC, Term Loan B (3 mo. USD LIBOR + 2.50%)		7.22	%		08/27/2025				42		42,232
Chariot Buyer LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88	%		11/03/2028				420		404,993
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.60	%		04/01/2028				582		471,468
Icebox Holdco III, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23	%		12/22/2028				319		303,027
LBM Holdings LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38	%		12/17/2027				56		51,096
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. TSFR + 4.75%)		9.47	%		02/16/2029				422		348,783
Mayfair Mall LLC, Term Loan (1 mo. USD LIBOR + 3.25%)(e)		7.82	%		04/20/2023				215		196,866
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. TSFR + 4.50%)		9.18	%		04/29/2029				224		217,483
Quikrete Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 2.63%)		7.26	%		02/01/2027				247		245,370
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63	%		06/11/2028				309		308,449
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.73	%		05/29/2026				266		262,890
											2,852,657
Business Equipment & Services–8.23%
Aegion Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		9.38	%		05/17/2028				160		156,692
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM)
Term Loan (1 mo. USD LIBOR + 3.75%)		8.47	%		05/12/2028				228		219,573
Term Loan B (3 mo. EURIBOR + 3.75%)		6.18	%		05/12/2028			EUR	243		243,555
Asurion LLC (fka Asurion Corp.), Term Loan B-7 (1 mo. USD LIBOR + 3.00%)		7.63	%		11/03/2024				271		270,629
Camelot Finance L.P.
Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		7.63	%		10/30/2026				491		490,312
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63	%		10/30/2026				269		268,084
Checkout Holding Corp., Term Loan		0.00	%		06/30/2023				49		48,977
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13	%		05/17/2028				340		309,590
Constant Contact, Term Loan B (1 mo. USD LIBOR + 4.00%)		8.81	%		02/10/2028				465		440,791
Corp. Service Co., Term Loan B (1 mo. TSFR + 3.25%)		7.97	%		08/08/2029				248		248,183
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)(e)		10.28	%		10/05/2028				249		214,961
Dakota Holding Corp.
First Lien Term Loan (1 mo. TSFR + 3.75%)		8.37	%		04/09/2027				8		7,720
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38	%		04/07/2028				181		170,378
Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. TSFR + 3.25%)		7.85	%		01/18/2029				131		130,252
Term Loan (1 mo. USD LIBOR + 3.25%)		7.87	%		02/06/2026				812		811,304
EP Purchaser LLC (Entertainment Partners), Term Loan B (3 mo. USD LIBOR + 3.50%)		8.23	%		11/06/2028				48		48,013
Garda World Security Corp. (Canada)
Incremental Term Loan (1 mo. TSFR + 4.25%)		8.81	%		02/01/2029				151		149,984
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		8.91	%		10/30/2026				834		834,626
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63	%		05/12/2028				840		805,600
Grandir (The Education Group) (France)
Delayed Draw Term Loan (3 mo. EURIBOR + 4.00%)		6.70	%		09/29/2028			EUR	13		12,958
Term Loan B-1 (3 mo. EURIBOR + 4.00%)		6.70	%		09/29/2028			EUR	76		77,746
ION Trading Technologies S.a.r.l. (Luxembourg), Term Loan B (3 mo. USD LIBOR + 4.75%)		9.48	%		03/31/2028				341		321,153

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)
iQor US, Inc.
Term Loan (1 mo. USD LIBOR + 7.50%)		12.13%		11/19/2024		$	478	$	475,869
Term Loan (1 mo. USD LIBOR + 7.50%)(e)		12.13%		11/19/2025			779		565,055
Konecta (Kronosnet CX Bidco 2022, S.L.) (Spain), Term Loan (3 mo. EURIBOR + 5.75%)		8.20%		09/30/2029		EUR	34		33,671
Monitronics International, Inc.
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $1,349,406)(f)		12.33%		03/29/2024			1,388		908,831
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 04/27/2022; Cost $68,684)(e)(f)		10.83%		07/03/2024			69		65,146
Orchid Merger Sub II LLC, Term Loan (6 mo. TSFR + 4.75%)(e)		9.48%		07/27/2027			516		446,194
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		7.52%		09/23/2026			231		230,642
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. TSFR + 2.50%)		9.25%		11/08/2024			726		725,761
Skillsoft Corp., Term Loan (1 mo. TSFR + 4.75%)		9.93%		07/14/2028			204		177,273
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		8.77%		03/04/2028			988		837,063
Thevelia (US) LLC, First Lien Term Loan B (3 mo. TSFR + 4.00%)		8.73%		06/17/2029			241		236,306
Trans Union LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		6.88%		11/30/2028			417		415,189
Verra Mobility Corp., Term Loan B (6 mo. USD LIBOR + 3.25%)		7.88%		03/19/2028			507		507,021
Virtusa Corp.
Incremental Term Loan B (1 mo. TSFR + 3.75%)		8.47%		02/08/2029			279		277,623
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/11/2028			155		154,374
WebHelp (France), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.05%		08/04/2028			337		327,070
									12,664,169
Cable & Satellite Television–3.64%
Altice Financing S.A. (Luxembourg), Term Loan (e)		9.57%		10/31/2027			1,000		998,176
Atlantic Broadband Finance LLC, Incremental Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		09/01/2028			50		49,561
CSC Holdings LLC, Term Loan B (1 mo. TSFR + 4.50%)		9.06%		01/15/2028			31		29,345
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		8.86%		08/14/2026			520		506,304
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		8.52%		01/31/2026			379		367,940
Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		6.59%		04/30/2028			660		646,256
UPC - LG
Term Loan AT (1 mo. USD LIBOR + 2.25%)		6.84%		04/30/2028			99		97,760
Term Loan AX (1 mo. USD LIBOR + 2.93%)		7.51%		01/31/2029			1,129		1,115,796
Virgin Media 02 - LG (United Kingdom)
Term Loan N (1 mo. USD LIBOR + 2.50%)		7.09%		01/31/2028			331		325,337
Term Loan Q (1 mo. USD LIBOR + 3.25%)		7.84%		01/31/2029			444		442,437
Vodafone Ziggo - LG, Term Loan H (6 mo. EURIBOR + 3.00%)		6.10%		01/31/2029		EUR	1,000		1,016,761
									5,595,673
Chemicals & Plastics–4.28%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		7.53%		10/01/2025			704		700,997
Ascend Performance Materials Operations LLC, Term Loan (6 mo. TSFR + 4.75%)		8.83%		08/27/2026			132		132,568
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-4 (1 mo. TSFR + 3.00%)		7.51%		12/20/2029			380		382,055
BASF Construction Chemicals (Germany), Term Loan B-3 (3 mo. USD LIBOR + 3.50%)		8.23%		09/29/2027			1,532		1,531,219
BES (Discovery Purchaser Corp.), Second Lien Term Loan (3 mo. TSFR + 4.38%)		8.96%		10/03/2029			147		141,629
Charter NEX US, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.48%		12/01/2027			352		347,155
Colouroz Investment LLC (Germany), PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.07% Cash Rate(g)		5.75%		09/21/2024			9		4,592
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		03/16/2025			433		426,647
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		9.98%		11/01/2028			446		407,213
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. TSFR + 3.75%)		8.30%		05/28/2029			124		117,614
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.83%		12/31/2027			320		319,492
H.B. Fuller Co., Term Loan B(d)		–		02/08/2030			113		113,809
ICP Group Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		12/29/2027			377		318,795
Ineos US Finance LLC
Term Loan(d)		–		11/08/2027			166		166,289
Term Loan(d)		–		02/09/2030			241		239,373
Lummus Technology (Illuminate Buyer LLC), Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/30/2027			317		311,269
Potters Industries LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		12/14/2027			101		100,874

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)
PQ Corp., Term Loan (3 mo. USD LIBOR + 2.50%)		7.33	%		06/09/2028		$	204	$	203,485
Tronox Finance LLC, Incremental Term Loan B (3 mo. TSFR + 3.25%)		7.83	%		03/03/2029			316		315,287
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50	%		09/22/2028			306		304,640
										6,585,002
Clothing & Textiles–0.54%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. TSFR + 3.50%)		8.22	%		12/21/2028			366		359,546
Second Lien Term Loan (1 mo. TSFR + 6.00%)		10.72	%		12/20/2029			130		121,123
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. USD LIBOR + 3.25%)		8.06	%		04/28/2028			356		353,533
										834,202
Conglomerates–0.36%
APi Group DE, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		7.38	%		01/03/2029			144		144,358
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. TSFR + 5.00%)(e)		9.66	%		02/23/2029			59		58,976
Term Loan B (1 mo. TSFR + 3.75%)		8.41	%		02/17/2029			364		356,998
										560,332
Containers & Glass Products–1.15%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		8.48	%		03/11/2028			291		285,256
Brook & Whittle Holding Corp., First Lien Term Loan (3 mo. TSFR + 4.00%)		9.04	%		12/14/2028			267		245,204
Keter Group B.V. (Netherlands), Term Loan B-1 (3 mo. EURIBOR + 4.25%) (Acquired 04/29/2022; Cost $113,669)(f)		6.74	%		10/31/2023		EUR	109		91,242
LABL, Inc. (Multi-Color), Term Loan (1 mo. USD LIBOR + 5.00%)		9.63	%		10/29/2028			663		648,169
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.03	%		07/07/2028			167		155,718
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		7.98	%		10/04/2028			151		132,420
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)(e)		11.23	%		10/04/2029			74		52,094
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. TSFR + 4.25%)		9.01	%		07/12/2029			164		163,059
										1,773,162
Cosmetics & Toiletries–0.80%
Bausch and Lomb, Inc., Term Loan (1 mo. TSFR + 3.25%)		7.84	%		05/10/2027			779		763,611
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		6.84	%		04/05/2025			120		119,882
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		7.49	%		06/29/2028		EUR	302		273,538
Wella (Rainbow FinCo S.a.r.l.), Term Loan B (6 mo. EURIBOR + 3.50%)		6.70	%		02/24/2029		EUR	76		77,295
										1,234,326
Ecological Services & Equipment–0.50%
Anticimex (Sweden), Term Loan B-1 (3 mo. USD LIBOR + 3.50%)		8.45	%		11/16/2028			312		308,808
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48	%		05/11/2025			173		167,734
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.47	%		03/20/2025			114		107,963
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)(e)		13.33	%		11/02/2028			256		184,403
										768,908
Electronics & Electrical–8.68%
Altar BidCo, Inc. (Brooks Automation, Inc.)
First Lien Term Loan (1 mo. TSFR + 3.35%)		7.99	%		02/01/2029			98		95,357
Second Lien Term Loan (6 mo. TSFR + 5.60%)		10.49	%		02/01/2030			66		58,301
AppLovin Corp., Term Loan (3 mo. TSFR + 3.00%)		7.69	%		10/25/2028			393		390,321
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)		6.43	%		10/02/2025		EUR	7		7,481
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		8.63	%		04/18/2025			531		525,496
CDK Global, Inc., First Lien Term Loan (3 mo. TSFR + 4.50%)		9.08	%		07/06/2029			168		167,962
CommerceHub, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.78	%		01/01/2028			226		216,095
Delta Topco, Inc. (Infoblox, Inc.), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.15	%		12/01/2027			100		93,836
Diebold Nixdorf, Inc.
Term Loan (1 mo. TSFR + 5.25%)		9.97	%		07/15/2025			283		193,601
Term Loan (1 mo. TSFR + 6.40%)		11.63	%		07/15/2025			111		116,146
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)(e)		9.63	%		11/01/2028			273		273,318

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
Electronics & Electrical–(continued)
E2Open LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.08%		02/04/2028		$	360	$	359,112
Entegris, Inc., Term Loan B (1 mo. TSFR + 3.00%)		7.62%		07/06/2029			424		425,153
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.62%		05/06/2026			12		11,820
EverCommerce, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		07/01/2028			191		190,261
Forcepoint, Term Loan (3 mo. USD LIBOR + 4.25%)		9.08%		01/07/2028			106		99,955
Go Daddy Operating Co. LLC, Term Loan (1 mo. SOFR+3.25%)		7.87%		11/09/2029			24		23,648
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		08/31/2027			922		511,509
Imperva, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.65%		01/11/2027			73		54,334
Term Loan (3 mo. USD LIBOR + 4.00%)		8.86%		01/10/2026			71		60,378
Inetum (Granite Fin Bidco SAS) (France), Term Loan B (3 mo. EURIBOR + 7.75%)		7.06%		10/17/2028		EUR	93		93,611
Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		11.73%		03/02/2029			64		58,134
Informatica Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		7.44%		10/15/2028			587		586,471
Internap Corp., Second Lien Term Loan(d)(e)		–		05/08/2025			856		427,752
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		9.65%		08/13/2028			646		435,913
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		07/27/2029			246		193,654
Term Loan B (1 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028			246		210,247
McAfee LLC, Term Loan B-1 (1 mo. TSFR + 4.50%)		8.42%		03/01/2029			378		355,136
Mirion Technologies, Inc., Term Loan (6 mo. USD LIBOR + 2.75%)		7.48%		10/20/2028			344		342,188
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 04/16/2020-02/01/2022; Cost $670,757)(f)		10.42%		04/29/2026			738		662,342
NCR Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		7.33%		08/28/2026			220		218,289
Oberthur Tech, Term Loan B (3 mo. USD LIBOR + 4.50%)		9.23%		01/09/2026			500		496,055
Open Text Corp. (Canada), Incremental Term Loan B(d)		–		08/27/2029			693		693,402
Optiv, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024			932		926,789
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e)		8.88%		01/02/2025			368		358,833
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. TSFR + 7.50%)		12.33%		01/20/2030			43		27,981
Term Loan B (3 mo. TSFR + 4.25%)		9.08%		01/19/2029			926		800,728
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 10.83% Cash Rate (Acquired 12/06/2021-02/07/2023; Cost $1,315,200)(f)(g)		2.00%		12/08/2026			1,114		405,948
Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.33%		10/31/2025			189		178,897
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.83%		11/02/2026			76		67,583
SonicWall U.S. Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.71%		05/16/2025			379		375,490
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.46%		05/18/2026			97		90,445
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		05/04/2026			690		682,106
Incremental First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		8.03%		05/04/2026			52		51,491
Second Lien Term Loan (3 mo. USD LIBOR + 5.25%)		10.03%		05/03/2027			53		52,201
UST Holdings Ltd., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.48%		11/19/2028			214		213,359
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		09/01/2025			611		481,102
									13,360,231
Financial Intermediaries–0.84%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		04/07/2028			808		788,257
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		07/20/2026			37		35,634
LendingTree, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.39%		09/15/2028			334		309,439
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		02/18/2027			165		161,381
									1,294,711
Food Products–1.61%
Arnott’s (Snacking Investments US LLC), Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		12/18/2026			168		167,808

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
Food Products–(continued)
Florida Food Products LLC
First Lien Term Loan (1 mo. TSFR + 5.00%)(e)		9.62%		10/18/2028		$	146	$	136,643
First Lien Term Loan (1 mo. TSFR + 5.00%)(e)		9.63%		10/18/2028			1,093		1,021,733
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.63%		10/08/2029			218		196,280
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)		8.63%		05/23/2025			194		174,994
Term Loan (3 mo. USD LIBOR + 3.69%)		8.32%		05/23/2025			373		336,178
Panzani/Pimente (France), Term Loan B (3 mo. EURIBOR + 4.25%)		6.45%		12/02/2028		EUR	61		62,852
Sigma Bidco B.V. (Netherlands), Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		7.46%		07/02/2025			35		33,176
United Natural Foods, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		7.98%		10/22/2025			19		19,130
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B (6 mo. EURIBOR + 4.00%)		5.16%		09/29/2028		EUR	370		333,227
									2,482,021
Food Service–0.61%
Euro Garages (Netherlands), Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		02/07/2025			443		415,436
US Foods, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		11/22/2028			238		238,399
WW International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.14%		04/13/2028			478		277,685
									931,520
Health Care–2.75%
Acacium (Impala Bidco Ltd./ICS US, Inc.) (United Kingdom), Term Loan (1 mo. SONIA+4.75%)		8.68%		06/08/2028		GBP	119		137,416
Ascend Learning LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.12%		12/11/2028			93		87,526
athenahealth Group, Inc.
Term Loan (1 mo. TSFR + 3.50%)		8.06%		02/15/2029			742		688,645
Delayed Draw Term Loan(h)		0.00%		02/15/2029			91		84,386
Cheplapharm Arzneimittel GmbH (Germany), Term Loan B (3 mo. EURIBOR + 4.00%)		6.30%		02/22/2029		EUR	106		109,199
Dermatology Intermediate Holdings III, Inc.
Delayed Draw Term Loan (1 mo. TSFR + 4.25%)(e)		4.25%		03/31/2029			4		3,686
Delayed Draw Term Loan(e)(h)		0.00%		03/31/2029			1		137
Term Loan B(d)(e)		–		03/23/2029			21		20,348
Ethypharm (Financiere Verdi, Orphea Ltf) (France), Term Loan B (3 mo. SONIA+4.50%)		7.93%		04/17/2028		GBP	133		142,298
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		02/04/2027			351		324,472
Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		10/01/2027			140		135,343
Global Medical Response, Inc.
Term Loan (1 mo. USD LIBOR + 4.25%)		9.20%		03/14/2025			72		57,789
Term Loan (1 mo. USD LIBOR + 4.25%)		8.83%		10/02/2025			235		187,531
HC Group Holdings III, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		10/25/2028			35		35,093
ICU Medical, Inc., Term Loan B (1 mo. TSFR + 2.50%)		7.22%		12/15/2028			66		65,912
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)(e)		8.50%		09/07/2028			390		384,217
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		12/18/2028			470		440,858
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		12/17/2029			128		91,984
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027		EUR	44		46,061
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027		EUR	26		26,607
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)		7.75%		06/02/2028			518		513,856
Recipharm (Roar BidCo), Term Loan B (3 mo. EURIBOR + 3.20%)		5.88%		02/17/2028		EUR	97		97,485
Sharp Midco LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)(e)		8.73%		12/15/2028			13		12,560
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		9.88%		11/24/2028			352		341,601
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.63%		08/27/2025			124		124,277
Women’s Care Holdings, Inc. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		01/15/2029			80		72,384
									4,231,671
Home Furnishings–1.81%
Griffon Corp., Term Loan B (1 mo. TSFR + 2.75%)		9.00%		01/19/2029			16		15,379
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. TSFR + 3.50%)		8.37%		02/26/2029			766		707,460
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		8.44%		09/25/2028			641		606,932

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
Home Furnishings–(continued)
Serta Simmons Bedding LLC
First Lien Term Loan(i)(j)		0.00%		08/10/2023		$	412	$	407,876
Second Lien Term Loan(i)(j)		0.00%		08/10/2023			844		473,296
SIWF Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.75%		10/06/2028			314		270,683
TGP Holdings III LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		8.08%		06/29/2028			78		62,636
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.38%		07/01/2029			120		95,663
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. TSFR + 4.25%)		8.97%		10/30/2027			24		20,841
Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		10/30/2027			131		115,230
									2,775,996
Industrial Equipment–2.57%
Alliance Laundry Systems LLC, Term Loan B (d)		–		10/08/2027			305		302,992
Chart Industries, Inc., Term Loan B(d)		–		12/08/2029			309		309,089
CIRCOR International, Inc., Term Loan (1 mo. USD LIBOR + 5.50%)		10.13%		12/20/2028			238		236,655
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. TSFR + 5.50%)		10.08%		06/08/2029			373		323,049
DXP Enterprises, Inc., Term Loan (1 mo. TSFR + 4.75%)		10.17%		12/23/2027			194		191,132
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)(e)		10.73%		05/21/2029			40		37,313
Kantar (Summer BC Bidco) (United Kingdom), Term Loan B (3 mo. USD LIBOR + 5.00%)(e)		9.77%		12/04/2026			177		168,259
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		7.99%		06/21/2028			548		523,134
MKS Instruments, Inc., Term Loan B (1 mo. TSFR + 2.75%)		7.41%		08/17/2029			12		12,122
MX Holdings US, Inc., Term Loan B-1-C (1 mo. USD LIBOR + 2.50%)		7.13%		07/31/2025			24		24,032
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.25%		02/28/2025			943		527,443
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		12.75%		02/28/2026			166		57,300
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		8.60%		07/31/2027			1,019		998,137
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan B (1 mo. USD LIBOR + 7.00%)(e)		11.59%		11/19/2029			60		48,284
Term Loan B (1 mo. USD LIBOR + 3.75%)(e)		8.34%		11/15/2028			213		187,007
									3,945,948
Insurance–2.27%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		02/15/2027			783		750,149
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/15/2027			229		219,691
Alliant Holdings Intermediate LLC, Term Loan(d)		–		05/09/2025			410		405,363
AmWINS Group LLC, Term Loan B(d)		–		02/19/2028			136		135,599
HUB International Ltd.
Incremental Term Loan B-3 (1 mo. USD LIBOR + 3.25%)		8.06%		04/25/2025			266		266,108
Term Loan (3 mo. USD LIBOR + 3.00%)		7.82%		04/25/2025			262		261,492
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.72%		09/01/2027			101		101,151
Sedgwick Claims Management Services, Inc., Term Loan B		8.32%		02/21/2028			271		268,445
USI, Inc.
Term Loan (1 mo. USD LIBOR + 3.25%)		7.98%		12/02/2026			304		304,468
Term Loan (1 mo. TSFR + 3.75%)		8.33%		11/22/2029			783		782,247
									3,494,713
Leisure Goods, Activities & Movies–1.90%
AMC Entertainment, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.00%)		7.57%		04/22/2026			78		48,987
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		7.88%		10/18/2028			683		664,657
Term Loan (6 mo. USD LIBOR + 3.00%)		7.63%		06/30/2025			80		79,002
Crown Finance US, Inc.
DIP Term Loan (Acquired 09/14/2022-09/23/2022; Cost $ 1,133,798)(f)		14.40%		09/07/2023			1,191		1,218,097
Term Loan (Acquired 08/28/2020-12/15/2021; Cost $ 71,550)(f)(i)(j)		0.00%		02/28/2025		EUR	80		13,742
Delta 2 Lux S.a.r.l. (United Kingdom), First Lien Term Loan (1 mo. SOFR+3.25%)		7.87%		01/15/2030			269		270,036

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
Leisure Goods, Activities & Movies–(continued)
Eagle Midco Ltd. (United Kingdom), Term Loan (1 mo. SONIA + 4.25%)		8.71%		03/20/2028		GBP	83	$	93,685
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		8.08%		04/18/2025		$	121		115,938
Nord Anglia Education, Term Loan B(d)		–		01/25/2028			108		108,142
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.69%		08/25/2028			243		242,720
Vue International Bidco PLC (United Kingdom), Term Loan		9.77%		06/30/2027		EUR	64		59,211
									2,914,217
Lodging & Casinos–4.19%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/02/2026			300		285,139
First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.34%		02/02/2026			140		133,862
B&B Hotels S.A.S. (France), Term Loan B-4 (6 mo. EURIBOR + 5.50%)		7.89%		07/31/2026		EUR	143		150,263
Bally’s Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		7.85%		10/02/2028			360		343,848
Caesars Entertainment, Inc., Term Loan B(d)		–		01/26/2030			576		575,856
Everi Payments, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		08/03/2028			794		791,980
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. TSFR + 4.00%)		8.62%		01/31/2029			312		304,205
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. TSFR + 3.25%)		8.09%		07/04/2028			370		370,292
Four Seasons Holdings, Inc. (Canada), Term Loan (1 mo. TSFR + 3.25%)		7.87%		11/30/2029			79		79,303
GVC Finance LLC
First Lien Term Loan (1 mo. TSFR + 3.50%)		8.18%		10/31/2029			426		425,898
Term Loan B-4 (3 mo. USD LIBOR + 2.50%)		7.23%		03/16/2027			392		391,935
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		08/02/2028			247		246,934
HotelBeds (United Kingdom), Term Loan D (6 mo. EURIBOR + 5.50%)		7.75%		09/12/2027		EUR	1,206		1,212,041
Light & Wonder, Inc., Term Loan (1 mo. TSFR + 3.00%)		7.66%		04/07/2029			327		327,200
Scientific Games Lottery, Term Loan B (3 mo. TSFR + 3.50%)		8.10%		04/04/2029			301		296,989
Tackle Group S.a.r.l. (Luxembourg), Term Loan B (6 mo. EURIBOR + 3.50%)		6.73%		05/22/2028		EUR	315		321,416
Travel + Leisure Co., Incremental Term Loan (1 mo. TSFR + 4.00%)		8.61%		12/14/2029			109		108,451
Wyndham Hotels & Resorts, Inc., Term Loan B (3 mo. USD LIBOR + 1.75%)		6.38%		05/30/2025			86		86,251
									6,451,863
Nonferrous Metals & Minerals–0.68%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 17.82% Cash Rate (g)		17.82%		09/16/2025			124		124,547
American Rock Salt Co. LLC
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		06/09/2028			82		78,996
Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e)		11.88%		06/11/2029			23		22,048
AZZ, Inc., Term Loan (1 mo. SOFR+4.25%) (TSFR1M + 4.25%)		8.97%		05/13/2029			348		348,725
Corialis (United Kingdom), Term Loan B (1 mo. SONIA+4.40%)		8.36%		07/06/2028		GBP	44		48,121
Form Technologies LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.46%		07/19/2025			156		143,196
First Lien Term Loan (3 mo. USD LIBOR + 9.00%)(e)		13.96%		10/22/2025			142		114,773
SCIH Salt Holdings Inc. (Kissner Group), Incremental First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.83%		03/16/2027			175		171,020
									1,051,426
Oil & Gas–1.96%
Brazos Delaware II LLC, First Lien Term Loan (d)		–		02/01/2030			320		318,554
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		11.48%		08/25/2026			237		233,093
McDermott International Ltd.
LOC(h)		0.00%		06/30/2024			342		278,823
LOC (3 mo. USD LIBOR + 4.00%)(e)		4.09%		06/30/2024			182		127,346
PIK Term Loan, 3.00% PIK Rate, 5.63% Cash Rate(g)		3.00%		06/30/2025			96		64,056
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		06/30/2024			10		5,821
Petroleum GEO-Services ASA (Norway)
Term Loan (Acquired 05/23/2022; Cost $82,020)(e)(f)		11.33%		03/18/2024			82		83,250
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 02/03/2021-02/09/2021; Cost $195,623)(f)		12.14%		03/19/2024			221		217,601
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021-10/14/2022; Cost $1,183,351)(f)		12.63%		08/27/2026			1,202		1,199,938

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
Oil & Gas–(continued)
TransMontaigne Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.09%		11/17/2028		$	393	$	391,794
WhiteWater Whistler Holdings LLC, Term Loan B(d)		–		01/25/2030			99		99,120
									3,019,396
Publishing–3.44%
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		8.63%		08/12/2028			127		127,275
Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%)		9.88%		06/29/2026			894		847,297
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		8.23%		08/21/2026			765		725,735
Dotdash Meredith, Inc., Term Loan B (1 mo. TSFR + 4.00%)(e)		8.67%		12/01/2028			793		701,876
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
Second Lien Term Loan (1 mo. SOFR+8.50%)(e)		13.12%		04/08/2030			468		407,271
Term Loan B (1 mo. TSFR + 5.25%)		9.97%		04/09/2029			764		703,069
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		9.38%		07/30/2028			966		929,984
Micro Holding L.P.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024			175		174,099
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024			673		669,295
									5,285,901
Radio & Television–1.36%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. TSFR + 3.25%) (Acquired 03/01/2022; Cost $295,934)(f)		8.03%		08/24/2026			450		52,945
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		01/07/2028			577		569,848
Gray Television, Inc., Term Loan D (1 mo. USD LIBOR + 3.00%)		7.57%		12/01/2028			371		367,394
iHeartCommunications, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/01/2026			79		77,519
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		05/01/2026			236		228,686
Sinclair Television Group, Inc.
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		7.14%		09/30/2026			652		632,887
Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		7.64%		04/01/2028			169		163,419
Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/05/2028			1		154
									2,092,852
Retailers (except Food & Drug)–2.00%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		8.38%		03/06/2028			760		750,061
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		11/08/2027			448		440,581
Petco Animal Supplies, Inc., First Lien Term loan (3 mo. TSFR + 3.25%)		8.09%		03/02/2028			453		448,882
PetSmart LLC, Term Loan (1 mo. TSFR + 3.75%)		8.47%		02/11/2028			1,058		1,056,230
Savers, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		10.34%		04/26/2028			386		383,094
									3,078,848
Surface Transport–1.98%
American Trailer World Corp., First Lien Term Loan (1 mo. TSFR + 3.75%)		8.47%		03/03/2028			185		164,478
Carriage Purchaser, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/30/2028			230		226,821
First Student Bidco, Inc.
Delayed Draw Term Loan (3 mo. TSFR + 4.00%)		8.68%		07/21/2028			37		35,926
Incremental Term Loan B (3 mo. TSFR + 4.00%)		8.68%		07/21/2028			530		517,335
Term Loan B (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028			477		455,835
Term Loan C (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028			178		169,961
Hurtigruten (Explorer II AS) (Norway), Term Loan B (3 mo. EURIBOR + 4.00%) (Acquired 04/16/2021-05/25/2021; Cost $808,929)(f)		7.20%		02/24/2025		EUR	691		666,349
Novae LLC, Term Loan B (3 mo. TSFR + 5.00%)		9.70%		12/22/2028			104		90,387
PODS LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		7.73%		04/01/2028			624		610,649
STG - XPOI Opportunity, Term Loan B (1 mo. TSFR + 6.00%)		10.78%		04/30/2028			108		103,999
									3,041,740

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
Telecommunications–5.77%
Avaya, Inc.
DIP Term Loan(e)		0.00%		08/15/2023		$	212	$	220,516
DIP Term Loan(e)(h)		0.00%		08/15/2023			53		55,129
First Lien Term Loan(i)(j)		0.00%		12/15/2027			947		247,141
Term Loan B-2(i)(j)		0.00%		12/15/2027			471		121,982
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		7.84%		11/30/2027			171		170,384
CCI Buyer, Inc. (Consumer Cellular), Term Loan(d)		–		12/17/2027			455		448,420
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/15/2027			492		410,170
Crown Subsea Communications Holding, Inc., Term Loan (1 mo. TSFR + 4.75%)		9.32%		04/27/2027			467		460,358
Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/12/2027			283		280,654
II-VI, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		07/01/2029			522		521,208
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		8.14%		12/11/2026			329		323,932
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. TSFR + 4.25%)		9.08%		02/01/2029			1,240		1,228,176
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		6.38%		03/01/2027			140		128,243
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (6 mo. SOFR+6.70%)(e)		11.15%		11/01/2027			1,086		787,333
Term Loan (6 mo. SOFR+6.44%)		10.89%		11/01/2027			462		452,826
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		09/25/2026			463		385,678
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		7.58%		12/07/2026			814		439,855
Viasat, Inc., Term Loan (1 mo. TSFR + 3.75%)		9.23%		03/02/2029			334		331,320
Voyage Digital (NC) Ltd., Term Loan B (3 mo. TSFR + 4.50%)(e)		9.30%		05/10/2029			288		286,260
Windstream Services LLC, Term Loan (1 mo. TSFR + 6.25%)		10.97%		09/21/2027			948		853,023
Zayo Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		03/09/2027			695		579,997
Zayo Group LLC, Incremental Term Loan (1 mo. TSFR + 4.25%)		8.87%		03/09/2027			176		150,268
									8,882,873
Utilities–2.53%
APLP Holdings L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/14/2027			142		142,019
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/01/2025			424		423,090
Incremental Term Loan (1 mo. SOFR+3.75%)		8.37%		08/01/2025			714		715,396
Calpine Corp., Term Loan (1 mo. USD LIBOR + 2.50%)		7.14%		12/16/2027			21		20,996
Covanta Holding Corp.
Term Loan B (1 mo. TSFR + 2.50%)		7.12%		11/30/2028			175		174,639
Term Loan C (1 mo. TSFR + 2.50%)		7.12%		11/30/2028			13		13,181
Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		10/02/2025			380		346,633
Frontera Generation Holdings LLC
First Lien Term Loan (Prime Rate + 13.00%) (Acquired 07/28/2021; Cost $243,764)(e)(f)		17.73%		07/28/2026			245		244,989
Second Lien Term Loan (Prime Rate + 1.50%) (Acquired 07/28/2021; Cost $121,713)(e)(f)		6.23%		07/28/2028			238		59,448
Generation Bridge LLC
Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028			211		210,939
Term Loan C (1 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028			5		4,642
Granite Acquisition, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)		7.48%		03/24/2028			127		120,609
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		11/09/2026			144		138,303
Innio Group Holding GmbH, Term Loan B (3 mo. EURIBOR + 3.75%)		5.48%		10/31/2025		EUR	102		105,788
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B (3 mo. USD LIBOR + 4.00%)		8.95%		08/14/2026			17		15,055
Lightstone Holdco LLC
Term Loan B (1 mo. TSFR + 5.75%)		10.37%		02/01/2027			457		390,353
Term Loan C (1 mo. TSFR + 5.75%)		10.37%		02/01/2027			26		22,119
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 05/21/2020; Cost $127,093)		8.88%		05/16/2024			129		96,274
Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		06/23/2028			204		197,266
Pike Corp., Term Loan (1 mo. TSFR + 3.50%)		8.12%		01/21/2028			72		71,714
Talen Energy Supply LLC, DIP Term Loan (3 mo. TSFR + 4.75%)		9.27%		11/11/2023			130		131,711

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
Utilities–(continued)
USIC Holding, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13	%		05/12/2028	$	259	$	251,746
									3,896,910
Total Variable Rate Senior Loan Interests (Cost $128,348,724)									119,978,872
						Shares
Common Stocks & Other Equity Interests–5.48%(k)
Business Equipment & Services–0.01%
iQor US, Inc., Term Loan(e)							23,470		17,602
Containers & Glass Products–0.16%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $131,797)(f)							29,078		250,798
Electronics & Electrical–0.00%
Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $101)(e)(f)							10		0
Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $911,159)(e)(f)							90,368		904
Internap Corp. (Acquired 02/06/2018-02/24/2020; Cost $783,891)(e)(f)							218,015		0
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $77,151)(e)(f)							4,606		1,175
Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $276,791)(f)							3,420		1,932
									4,011
Industrial Equipment–0.19%
North American Lifting Holdings, Inc.							38,021		289,910
Leisure Goods, Activities & Movies–0.00%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(f)							35,578		0
Vue International Bidco PLC(e)							326,260		0
									0
Oil & Gas–5.03%
Catalina Marketing Corp.							19,788		6,184
Harvey Gulf International Marine LLC (Acquired 04/18/2016-12/08/2016; Cost $450,897)(e)(f)							6,360		143,100
Larchmont Resources LLC (Acquired 12/09/2016; Cost $46,001)(e)(f)							137		3,544
McDermott International Ltd.(e)							19,276		7,508
QuarterNorth Energy, Inc. (Acquired 08/27/2021-10/29/2021; Cost $1,283,381)(e)(f)							31,622		6,308,273
Sabine Oil & Gas Holdings, Inc. (Acquired 02/26/2014-11/09/2016; Cost $1,858,384)(e)(f)							1,419		28
Southcross Energy Partners L.P. (Acquired 04/26/2016-10/29/2020; Cost $2,491,123)(e)(f)							251,018		1,883
Tribune Resources LLC (Acquired 03/30/2018; Cost $1,878,647)(f)							606,015		1,268,995
Tribune Resources LLC, Wts., expiring 04/03/2023 (Acquired 03/30/2018; Cost $15,690)(e)(f)							156,901		3,922
									7,743,437
Surface Transport–0.09%
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $104,219)(f)							2,003		59,089
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023; Cost $0)(f)							7,833		3,672
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/03/2023; Cost $0)(f)							5,672		3,545
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $109,549)(f)							2,105		62,097
									128,403
Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021; Cost $60,932)(e)(f)							17,409		261
Total Common Stocks & Other Equity Interests (Cost $12,166,371)									8,434,422

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–2.77%
Aerospace & Defense–0.26%
Castlelake Aviation Finance DAC (l)		5.00	%		04/15/2027		$		200	$	179,836
Rand Parent LLC(l)		8.50	%		02/15/2030				221		212,436
											392,272
Building & Development–0.52%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-12/15/2021; Cost $432,571)(f)(l)		4.50	%		04/01/2027				435		373,189
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 10/15/2020-11/19/2020; Cost $428,936)(f)(l)		5.75	%		05/15/2026				471		434,118
											807,307
Cable & Satellite Television–0.72%
Altice Financing S.A. (Luxembourg) (l)		5.75	%		08/15/2029				45		36,850
Altice Financing S.A. (Luxembourg)(l)		5.00	%		01/15/2028				689		572,408
Altice France S.A. (France)(l)		5.50	%		10/15/2029				310		242,942
Virgin Media Secured Finance PLC (United Kingdom)(l)		4.50	%		08/15/2030				316		260,426
											1,112,626
Chemicals & Plastics–0.20%
SK Invictus Intermediate II S.a.r.l. (Luxembourg) (l)		5.00	%		10/30/2029				385		306,741
Food Service–0.08%
WW International, Inc. (l)		4.50	%		04/15/2029				229		117,050
Health Care–0.05%
Global Medical Response, Inc. (l)		6.50	%		10/01/2025				95		71,356
Industrial Equipment–0.02%
Chart Industries, Inc. (l)		7.50	%		01/01/2030				31		31,504
Publishing–0.31%
McGraw-Hill Education, Inc. (l)		5.75	%		08/01/2028				541		474,299
Radio & Television–0.02%
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 08/17/2020-10/23/2020; Cost $256,512)(f)(l)		5.38	%		08/15/2026				335		38,006
Retailers (except Food & Drug)–0.15%
Evergreen Acqco 1 L.P./TVI, Inc. (l)		9.75	%		04/26/2028				237		234,664
Telecommunications–0.15%
Windstream Escrow LLC/Windstream Escrow Finance Corp. (l)		7.75	%		08/15/2028				280		229,148
Utilities–0.29%
Calpine Corp. (l)		4.50	%		02/15/2028				495		446,169
Total U.S. Dollar Denominated Bonds & Notes (Cost $5,130,887)											4,261,142
								Shares
Preferred Stocks–1.83%(k)
Electronics & Electrical–0.00%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)(e)(f)									9,494		2,421
Riverbed Technology, Inc., Pfd.(e)									1,997		509
											2,930
Nonferrous Metals & Minerals–1.17%
ACNR Holdings, Inc., Pfd.									2,982		1,793,673
Oil & Gas–0.08%
McDermott International Ltd., Pfd.(e)									103		66,782
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $999,531)(e)(f)									999,705		54,984
											121,766

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

15 Invesco Master Loan Fund

						Shares			Value
Surface Transport–0.58%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-02/06/2020; Cost $232,695)(f)								7,452	$	160,218
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/06/2020; Cost $244,588)(f)								7,833		168,410
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $192,008)(f)								8,078		331,198
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-10/27/2020; Cost $134,829)(f)								5,672		232,552
										892,378
Total Preferred Stocks (Cost $1,908,290)										2,810,747
	Interest Rate			Maturity Date		Principal Amount (000)
Non-U.S. Dollar Denominated Bonds & Notes–1.38%(m)
Automotive–0.21%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(l)(n)		12.37	%		04/19/2026		SEK	3,750		329,576
Chemicals & Plastics–0.10%
Herens Midco S.a.r.l. (Luxembourg)(l)		5.25	%		05/15/2029		EUR	203		148,420
Financial Intermediaries–0.38%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(l)(n)		7.48	%		08/01/2024		EUR	356		314,254
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(l)(n)		7.28	%		11/15/2027		EUR	267		268,956
										583,210
Home Furnishings–0.32%
Ideal Standard International S.A. (Belgium)(l)		6.38	%		07/30/2026		EUR	122		72,895
Very Group Funding PLC (The) (United Kingdom)(l)		6.50	%		08/01/2026		GBP	426		413,134
										486,029
Retailers (except Food & Drug)–0.24%
Douglas GmbH (Germany)(l)		6.00	%		04/08/2026		EUR	282		263,148
Kirk Beauty SUN GmbH (Germany)(g)(l)		8.25	%		10/01/2026		EUR	126		101,448
										364,596
Surface Transport–0.13%
Zenith Finco PLC (United Kingdom)(l)		6.50	%		06/30/2027		GBP	217		207,190
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $2,924,249)										2,119,021
						Shares
Money Market Funds–7.55%
Invesco Government & Agency Portfolio,Institutional Class, 4.51%(o)(p)								6,969,812		6,969,812
Invesco Treasury Portfolio,Institutional Class, 4.50%(o)(p)								4,646,542		4,646,542
Total Money Market Funds (Cost $11,616,354)										11,616,354
TOTAL INVESTMENTS IN SECURITIES–96.99% (Cost $162,094,875)										149,220,558
OTHER ASSETS LESS LIABILITIES–3.01%										4,625,480
NET ASSETS–100.00%									$	153,846,038

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
SEK	– Swedish Krona
SONIA	– Sterling Overnight Index Average
STIBOR	– Stockholm Interbank Offered Rate
USD	– U.S. Dollar
Wts.	– Warrants

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

16 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 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, 2023, 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, 2023 was $15,798,182, which represented 10.27% of the Fund’s Net Assets.

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

^(h)  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.

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

^(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, 2023 was $1,264,037, which represented less than 1% of the Fund’s Net Assets.

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

^(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, 2023 was $6,380,163, which represented 4.15% of the Fund’s Net Assets.

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

⁽ⁿ⁾  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,303,588		$	21,330,329		$	(16,664,105	)		$	-		$	-		$	6,969,812		$	65,606
Invesco Treasury Portfolio, Institutional Class			1,535,725			14,220,219			(11,109,402	)			-			-			4,646,542			41,276
Total		$	3,839,313		$	35,550,548		$	(27,773,507	)		$	-		$	-		$	11,616,354		$	106,882

^(p)  The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

Open Forward Foreign Currency Contracts
		Contract to				Unrealized
Settlement Date	Counterparty	Deliver		Receive		Appreciation (Depreciation)
Currency Risk
04/28/2023	Barclays Capital	EUR	60,973	USD	65,290	$         583
04/28/2023	Barclays Capital	GBP	345,532	USD	418,712	2,651
03/31/2023	BNP Paribas S.A.	EUR	3,306,280	USD	3,611,747	108,620
03/31/2023	BNP Paribas S.A.	GBP	629,255	USD	776,730	19,433
04/28/2023	BNP Paribas S.A.	EUR	3,057,658	USD	3,268,899	24,000
04/28/2023	Canadian Imperial Bank of Commerce	GBP	350,767	USD	425,679	3,314
03/31/2023	Morgan Stanley and Co. International PLC	EUR	3,360,445	USD	3,674,628	114,112
03/31/2023	Morgan Stanley and Co. International PLC	GBP	69,886	USD	85,107	1,000
03/31/2023	Morgan Stanley and Co. International PLC	USD	1,107,994	GBP	921,047	471
04/28/2023	Morgan Stanley and Co. International PLC	EUR	3,028,982	USD	3,238,672	24,205
04/28/2023	Morgan Stanley and Co. International PLC	SEK	3,435,237	USD	333,617	4,452
03/31/2023	Royal Bank of Canada	EUR	3,460,611	USD	3,780,044	113,398
03/31/2023	Royal Bank of Canada	GBP	619,863	USD	763,287	17,292
04/28/2023	Royal Bank of Canada	EUR	3,057,658	USD	3,271,394	26,496
03/31/2023	State Street Bank & Trust Co.	SEK	3,384,177	USD	331,575	7,798
03/31/2023	Toronto Dominion Bank	GBP	629,255	USD	776,446	19,148
04/28/2023	Toronto Dominion Bank	GBP	350,767	USD	426,185	3,821
Subtotal-Appreciation						490,794

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

17 Invesco Master Loan Fund

Open Forward Foreign Currency Contracts (continued)
		Contract to				Unrealized
Settlement Date	Counterparty	Deliver		Receive		Appreciation (Depreciation)
Currency Risk
03/31/2023	Barclays Capital	USD	418,085	GBP	345,216	$    (2,623)
03/31/2023	BNP Paribas S.A.	USD	3,263,624	EUR	3,057,658	(23,923)
03/31/2023	Canadian Imperial Bank of Commerce	USD	425,044	GBP	350,447	(3,287)
03/31/2023	Morgan Stanley and Co. International PLC	SEK	34,811	USD	3,285	(45)
03/31/2023	Morgan Stanley and Co. International PLC	USD	4,294,427	EUR	4,012,021	(43,543)
03/31/2023	Morgan Stanley and Co. International PLC	USD	331,540	SEK	3,418,988	(4,432)
04/28/2023	Morgan Stanley and Co. International PLC	USD	1,069,838	EUR	1,000,000	(8,601)
03/31/2023	Royal Bank of Canada	GBP	18,899	USD	22,703	(42)
03/31/2023	Royal Bank of Canada	USD	3,266,129	EUR	3,057,658	(26,427)
03/31/2023	Toronto Dominion Bank	USD	425,550	GBP	350,447	(3,793)
Subtotal–Depreciation						(116,716)
Total Forward Foreign Currency Contracts						$  374,078

Abbreviations:

EUR – Euro

GBP – British Pound Sterling

SEK – Swedish Krona

USD – U.S. Dollar

Portfolio Composition^†*

By credit quality, based on total investments

as of February 28, 2023

BBB-	1.41	%
BB+	2.47
BB	7.04
BB-	9.44
B+	12.27
B	25.62
B-	19.83
CCC+	5.99
CCC	1.82
CCC-	0.04
CC	0.04
D	0.30
NR	5.61
Equity	8.13

^† 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.

18 Invesco Master Loan Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $150,478,521)	$	137,604,204
Investments in affiliated money market funds, at value (Cost $11,616,354)		11,616,354
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		490,794
Cash		2,031,384
Foreign currencies, at value (Cost $445,872)		444,653
Receivable for:
Investments sold		7,349,704
Dividends		34,959
Interest		1,750,033
Investments matured, at value (Cost $657,571)		510,173
Investment for trustee deferred compensation and retirement plans		66,930
Other assets		35,703
Total assets		161,934,891
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		116,716
Payable for:
Investments purchased		7,247,657
Accrued fees to affiliates		7,719
Accrued trustees’ and officers’ fees and benefits		1,112
Accrued other operating expenses		164,152
Trustee deferred compensation and retirement plans		66,930
Unfunded loan commitments		484,567
Total liabilities		8,088,853
Net assets applicable to shares outstanding	$	153,846,038

Net assets consist of:
Shares of beneficial interest	$	(721,049,316	)
Distributable earnings		874,895,354
	$	153,846,038
Net Assets:
Class R6	$	153,846,038
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		10,078,015
Class R6:
Net asset value and offering price per share	$	15.27

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

19 Invesco Master Loan Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	6,265,498
Dividends		391,623
Dividends from affiliated money market funds		106,882
Other income		72,518
Total investment income		6,836,521
Expenses:
Advisory fees		225,683
Administrative services fees		11,511
Custodian fees		13,652
Interest, facilities and maintenance fees		34,900
Transfer agent fees		25,266
Trustees’ and officers’ fees and benefits		7,553
Registration and filing fees		11,204
Reports to shareholders		4,729
Professional services fees		48,466
Other		2,237
Total expenses		385,201
Less: Fees waived		(52,780	)
Net expenses		332,421
Net investment income		6,504,100
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,271,702	)
Foreign currencies		45,495
Forward foreign currency contracts		(462,162	)
		(3,688,369	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		2,312,093
Foreign currencies		(86,675	)
Forward foreign currency contracts		32,279
		2,257,697
Net realized and unrealized gain (loss)		(1,430,672	)
Net increase in net assets resulting from operations	$	5,073,428

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

20 Invesco Master Loan Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income		$    6,504,100			$    10,182,729
Net realized gain (loss)		(3,688,369	)		206,997
Change in net unrealized appreciation (depreciation)		2,257,697			(8,080,828	)
Net increase in net assets resulting from operations		5,073,428			2,308,898
Distributions to shareholders from distributable earnings:
Class R6		(6,408,675	)		(10,090,269	)
Share transactions–net:
Class R6		(21,137,394	)		(14,990,915	)
Net increase (decrease) in net assets		(22,472,641	)		(22,772,286	)
Net assets:
Beginning of period		176,318,679			199,090,965
End of period		$153,846,038			$176,318,679

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

21 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 02/28/23		$15.38		$0.62		$(0.11	)		$0.51			$(0.62	)		$15.27		3.37	%		$153,846		0.42	%(e)		0.48	%(e)		0.38	%(e)		8.23	%(e)		10	%
Year ended 08/31/22		16.07		0.87		(0.70	)		0.17			(0.86	)		15.38		1.11			176,319		0.51			0.51			0.46			5.49			58
Year ended 08/31/21		15.15		0.78		0.91			1.69			(0.77	)		16.07		11.46			199,091		0.50			0.59			0.38			4.99			89
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	(e)		0.50	(e)		0.36	(e)		5.90	(e)		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

^(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% and 0.01% for the eleven months ended August 31, 2019 and the years ended September 30, 2018 and 2017, respectively.

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

^(e)  Annualized.

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

22 Invesco Master Loan Fund

Notes to Financial Statements

February 28, 2023

(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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 (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 daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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

23 Invesco Master Loan Fund

other public health issues, war, acts of terrorism, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

The Fund has analyzed its tax positions, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

F. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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

24 Invesco Master Loan 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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. 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 net asset value 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.

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”.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

P. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 0.29% based on the average daily net assets of the Fund. 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.

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, 2023, 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 the Fund’s average daily net

25 Invesco Master Loan Fund

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, 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, 2023. 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. 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, 2024, 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, 2023, the Adviser waived advisory fees of $52,780.

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, 2023, 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 Fund, SSB also serves as the funds’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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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. 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 Adviser’s 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, 2023. 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
Variable Rate Senior Loan Interests	$	–	$	110,815,816		$	9,163,056	$	119,978,872
Common Stocks & Other Equity Interests		–		1,946,222			6,488,200		8,434,422
U.S. Dollar Denominated Bonds & Notes		–		4,261,142			–		4,261,142
Preferred Stocks		–		2,686,051			124,696		2,810,747
Non-U.S. Dollar Denominated Bonds & Notes		–		2,119,021			–		2,119,021
Money Market Funds		11,616,354		–			–		11,616,354
Total Investments in Securities		11,616,354		121,828,252			15,775,952		149,220,558
Other Investments - Assets*
Investments Matured		–		510,173			–		510,173
Forward Foreign Currency Contracts		–		490,794			–		490,794
		–		1,000,967			–		1,000,967
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(116,716	)		–		(116,716	)
Total Other Investments		–		884,251			–		884,251
Total Investments	$	11,616,354	$	122,712,503		$	15,775,952	$	150,104,809

* Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

26 Invesco Master Loan Fund

    The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended February 28, 2023:

	Value 08/31/22		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 02/28/23
Variable Rate Senior Loan Interests	$	9,290,887	$	2,469,760	$	(1,305,966	)		$26,060		$  (46,574)		$ (379,418	)	$	2,667,640	$	(3,559,333	)	$	9,163,056
Common Stocks & Other Equity Interests		896,150		–		(48,301	)		–		(1,933)		2,332,870			3,820,990		(511,576	)		6,488,200
Preferred Stocks		141,760		–		–			–		–		(74,519	)		57,455		–			124,696
Total	$	10,328,797	$	2,469,760	$	(1,354,267	)		$26,060		$(48,507)		$1,878,933		$	6,546,085	$	(4,070,909	)	$	15,775,952

* Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

    Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a 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 02/28/23		Valuation Technique		Unobservable Inputs		Range of Unobservable Inputs		Unobservable Input Used
QuarterNorth Energy, Inc.	$	6,308,273		Bid Offer		Bid Offer Price		N/A	$	199.49	(a)

^(a)  QuarterNorth Energy, Inc. publicly announced that it has engaged a financial advisor to pursue a sale of the company. The Adviser values the common shares at the first round of bids for the sale of the business. The Adviser periodically reviews the financial statements and monitors such investments for additional market information of 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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$490,794
Derivatives not subject to master netting agreements	–
Total Derivative Assets subject to master netting agreements	$490,794

	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$(116,716)
Derivatives not subject to master netting agreements	–
Total Derivative Liabilities subject to master netting agreements	$(116,716)

27 Invesco Master Loan 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, 2023.

	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		$    3,234		$      (2,623)		$        611	$  –	$  –		$        611
BNP Paribas S.A.		152,053		(23,923)		128,130	–	–		128,130
Canadian Imperial Bank of Commerce		3,314		(3,287)		27	–	–		27
Morgan Stanley and Co. International PLC		144,240		(56,621)		87,619	–	–		87,619
Royal Bank of Canada		157,186		(26,469)		130,717	–	–		130,717
State Street Bank & Trust Co.		7,798		–		7,798	–	–		7,798
Toronto Dominion Bank		22,969		(3,793)		19,176	–	–		19,176
Total		$490,794		$  (116,716)		$ 374,078	$  –	$  –		$ 374,078

Effect of Derivative Investments for the six months ended February 28, 2023

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	$(462,162)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts	32,279
Total	$(429,883)

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

	Forward Foreign Currency Contracts
Average notional value	$39,158,167

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 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. 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. During the six months ended February 28, 2023, the Fund did not borrow 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.

28 Invesco Master Loan Fund

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, 2023. 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	Unfunded Loan Commitment		Unrealized Appreciation (Depreciation)
athenahealth Group, Inc.	Delayed Draw Term Loan		$  90,942	$  (6,556)
Avaya, Inc.	DIP Term Loan		51,371	3,758
Dermatology Intermediate Holdings III, Inc.	Delayed Draw Term Loan		140	(3)
McDermott International Ltd.	LOC		342,114	(63,291)
			$484,567	$(66,092)

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $14,608,764 and $46,650,827, respectively.

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 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, 2023, 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	$	283,955
Bank of America, N.A.		214,684		196,436

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class R6		–		$	–			1,491,111		$	23,923,385
Issued as reinvestment of dividends:
Class R6		420,038			6,392,557			641,676			10,090,269
Reacquired:
Class R6		(1,803,164	)		(27,529,951	)		(3,062,481	)		(49,004,569	)
Net increase (decrease) in share activity		(1,383,126	)	$	(21,137,394	)		(929,694	)	$	(14,990,915	)

^(a)  100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

29 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)2	Expenses     Paid During     Period	Annualized     Expense Ratio
Class R6	$1,000.00	$1,033.70	$2.12	$1,022.71	$2.11	0.42%

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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.

30 Invesco Master Loan 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc.             O-MLF-SAR-1

Semiannual Report to Shareholders February 28, 2023

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
16	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, 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	-0.90	%
NASDAQ-100 Index▼ (Broad Market/Style-Specific Index)	-1.42
Lipper Large-Cap Growth Funds Index∎ (Peer Group Index)	-0.72
Source(s): ▼Bloomberg LP; ∎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 insights about market and economic news and trends.

2 Invesco NASDAQ 100 Index Fund

Average Annual Total Returns
As of 2/28/23
Class R6 Shares
Inception (10/13/20)	0.57	%
1 Year	-14.19

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 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 NASDAQ 100 Index Fund

Schedule of Investments^(a)

February 28, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.92%
Apparel Retail–0.32%
Ross Stores, Inc.		371	$	41,010
Apparel, Accessories & Luxury Goods–0.31%
lululemon athletica, inc.(b)		132		40,814
Application Software–4.50%
Adobe, Inc.(b)		498		161,327
ANSYS, Inc.(b)		93		28,236
Atlassian Corp., Class A(b)		159		26,129
Autodesk, Inc.(b)		231		45,897
Cadence Design Systems, Inc.(b)		295		56,917
Datadog, Inc., Class A(b)		314		24,027
Intuit, Inc.		301		122,561
Synopsys, Inc.(b)		164		59,657
Workday, Inc., Class A(b)		217		40,247
Zoom Video Communications, Inc.,
Class A(b)		263		19,617
				584,615
Automobile Manufacturers–4.40%
Lucid Group, Inc.(b)		1,783		16,279
Rivian Automotive, Inc., Class A(b)		969		18,701
Tesla, Inc.(b)		2,607		536,286
				571,266
Automotive Retail–0.43%
O’Reilly Automotive, Inc.(b)		67		55,617
Biotechnology–4.17%
Amgen, Inc.		571		132,278
Biogen, Inc.(b)		154		41,559
Gilead Sciences, Inc.		1,344		108,232
Moderna, Inc.(b)		411		57,051
Regeneron Pharmaceuticals, Inc.(b)		115		87,448
Seagen, Inc.(b)		199		35,758
Vertex Pharmaceuticals, Inc.(b)		275		79,830
				542,156
Cable & Satellite–1.93%
Charter Communications, Inc.,
Class A(b)		167		61,391
Comcast Corp., Class A		4,621		171,763
Sirius XM Holdings, Inc.(c)		4,127		18,117
				251,271
Communications Equipment–1.64%
Cisco Systems, Inc.		4,400		213,048
Construction Machinery & Heavy Trucks–0.31%
PACCAR, Inc.		558		40,288
Data Processing & Outsourced Services–2.38%
Automatic Data Processing, Inc.		445		97,820
Fiserv, Inc.(b)		679		78,146
Paychex, Inc.		388		42,835
PayPal Holdings, Inc.(b)		1,221		89,866
				308,667

	Shares		Value
Diversified Support Services–0.64%
Cintas Corp.		109	$	47,793
Copart, Inc.(b)		511		36,005
				83,798
Drug Retail–0.25%
Walgreens Boots Alliance, Inc.		927		32,936
Electric Utilities–1.20%
American Electric Power Co., Inc.		551		48,472
Constellation Energy Corp.		351		26,286
Exelon Corp.		1,063		42,935
Xcel Energy, Inc.		585		37,773
				155,466
General Merchandise Stores–0.26%
Dollar Tree, Inc.(b)		237		34,431
Health Care Equipment–1.35%
DexCom, Inc.(b)		414		45,958
IDEXX Laboratories, Inc.(b)		89		42,118
Intuitive Surgical, Inc.(b)		378		86,710
				174,786
Health Care Supplies–0.20%
Align Technology, Inc.(b)		83		25,688
Hotels, Resorts & Cruise Lines–1.66%
Airbnb, Inc., Class A(b)		426		52,517
Booking Holdings, Inc.(b)		42		106,008
Marriott International, Inc., Class A		338		57,203
				215,728
Hypermarkets & Super Centers–1.77%
Costco Wholesale Corp.		474		229,501
Industrial Conglomerates–1.06%
Honeywell International, Inc.		720		137,866
Interactive Home Entertainment–0.74%
Activision Blizzard, Inc.		839		63,974
Electronic Arts, Inc.		296		32,838
				96,812
Interactive Media & Services–10.22%
Alphabet, Inc., Class A(b)		5,026		452,642
Alphabet, Inc., Class C(b)		5,025		453,757
Meta Platforms, Inc., Class A(b)		2,408		421,256
				1,327,655
Internet & Direct Marketing Retail–7.34%
Amazon.com, Inc.(b)		8,422		793,605
eBay, Inc.		585		26,852
JD.com, Inc., ADR (China)		521		23,153
MercadoLibre, Inc. (Brazil)(b)		54		65,880
PDD Holdings Inc., ADR (China)(b)		501		43,953
				953,443
IT Consulting & Other Services–0.26%
Cognizant Technology Solutions Corp., Class A		550		34,446

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

4 Invesco NASDAQ 100 Index Fund

	Shares		Value
Life Sciences Tools & Services–0.26%
Illumina, Inc.(b)		168	$	33,466
Movies & Entertainment–1.49%
Netflix, Inc.(b)		476		153,334
Warner Bros Discovery, Inc.(b)		2,598		40,581
				193,915
Oil & Gas Equipment & Services–0.25%
Baker Hughes Co., Class A		1,072		32,803
Oil & Gas Exploration & Production–0.20%
Diamondback Energy, Inc.		189		26,570
Packaged Foods & Meats–1.13%
Kraft Heinz Co. (The)		1,311		51,050
Mondelez International, Inc., Class A		1,462		95,293
				146,343
Pharmaceuticals–0.33%
AstraZeneca PLC, ADR (United Kingdom)		654		42,628
Railroads–0.53%
CSX Corp.		2,252		68,663
Research & Consulting Services–0.46%
CoStar Group, Inc.(b)		436		30,808
Verisk Analytics, Inc.		168		28,746
				59,554
Restaurants–0.97%
Starbucks Corp.		1,230		125,571
Semiconductor Equipment–2.50%
Applied Materials, Inc.		922		107,090
ASML Holding N.V., New York Shares (Netherlands)		95		58,684
Enphase Energy, Inc.(b)		146		30,737
KLA Corp.		151		57,287
Lam Research Corp.		147		71,444
				325,242
Semiconductors–13.66%
Advanced Micro Devices, Inc.(b)		1,727		135,708
Analog Devices, Inc.		546		100,175
Broadcom, Inc.		434		257,922
GLOBALFOUNDRIES, Inc.(b)		583		38,093
Intel Corp.		4,420		110,191
Marvell Technology, Inc.		912		41,177
Microchip Technology, Inc.		592		47,970
Micron Technology, Inc.		1,161		67,129
NVIDIA Corp.		2,635		611,741
NXP Semiconductors N.V. (China)		277		49,439
QUALCOMM, Inc.		1,201		148,359
Texas Instruments, Inc.		971		166,478
				1,774,382

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Soft Drinks–2.81%
Keurig Dr Pepper, Inc.		1,516	$	52,378
Monster Beverage Corp.(b)		559		56,884
PepsiCo, Inc.		1,474		255,783
				365,045
Systems Software–12.99%
Crowdstrike Holdings, Inc., Class A(b)		235		28,362
Fortinet, Inc.(b)		836		49,692
Microsoft Corp.		6,130		1,528,945
Palo Alto Networks, Inc.(b)		324		61,032
Zscaler, Inc.(b)		156		20,459
				1,688,490
Technology Hardware, Storage & Peripherals–11.99%
Apple, Inc.(d)		10,566		1,557,534
Trading Companies & Distributors–0.24%
Fastenal Co.		614		31,658
Trucking–0.31%
Old Dominion Freight Line, Inc.		119		40,372
Wireless Telecommunication Services–1.46%
T-Mobile US, Inc.(b)		1,333		189,526
Total Common Stocks & Other Equity Interests (Cost $12,763,706)				12,853,070
Money Market Funds–1.14%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(e)(f)		52,109		52,109
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(e)(f)		37,215		37,223
Invesco Treasury Portfolio, Institutional Class, 4.50%(e)(f)		59,553		59,553
Total Money Market Funds (Cost $148,881)				148,885
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $12,912,587)				13,001,955
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.14%
Invesco Private Government Fund, 4.58%(e)(f)(g)		5,173		5,173
Invesco Private Prime Fund, 4.83%(e)(f)(g)		12,563		12,565
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,738)				17,738
TOTAL INVESTMENTS IN SECURITIES–100.20% (Cost $12,930,325)				13,019,693
OTHER ASSETS LESS LIABILITIES–(0.20)%				(26,463	)
NET ASSETS–100.00%			$	12,993,230

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)  All or a portion of this security was out on loan at February 28, 2023.

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

^(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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	207,032		$	1,858,460		$	(2,013,383	)		$	-			$	-			$	52,109		$	1,783
Invesco Liquid Assets Portfolio, Institutional Class			147,886			1,327,471			(1,438,131	)			(6	)			3				37,223			1,499
Invesco Treasury Portfolio, Institutional Class			236,608			2,123,954			(2,301,009	)			-				-				59,553			2,312
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			31,849			493,269			(519,945	)			-				-				5,173			391	*
Invesco Private Prime Fund			81,896			1,242,673			(1,311,990	)			(8	)			(6	)			12,565			1,057	*
Total		$	705,271		$	7,045,827		$	(7,584,458	)		$	(14	)		$	(3	)		$	166,623		$	7,042

* 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, 2023.

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

Open Futures Contracts
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation
Equity Risk
Micro E-Mini Nasdaq 100 Index		5		March-2023		$120,723		$3,192		$3,192

Portfolio Composition

By sector, based on Net Assets

as of February 28, 2023

Information Technology	49.92	%
Communication Services	15.85
Consumer Discretionary	15.68
Health Care	6.30
Consumer Staples	5.95
Industrials	3.56
Other Sectors, Each Less than 2% of Net Assets	1.66
Money Market Funds Plus Other Assets Less Liabilities	1.08

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 12,763,706)*	$	12,853,070
Investments in affiliated money market funds, at value (Cost $ 166,619)		166,623
Receivable for:
Fund shares sold		13,420
Fund expenses absorbed		69,646
Dividends		12,616
Investment for trustee deferred compensation and retirement plans		10,544
Other assets		13,590
Total assets		13,139,509
Liabilities:
Other investments:
Variation margin payable - futures contracts		114
Payable for:
Investments purchased		17,623
Fund shares reacquired		4,789
Collateral upon return of securities loaned		17,738
Accrued fees to affiliates		21,234
Accrued trustees’ and officers’ fees and benefits		1,458
Accrued other operating expenses		72,779
Trustee deferred compensation and retirement plans		10,544
Total liabilities		146,279
Net assets applicable to shares outstanding	$	12,993,230

Net assets consist of:
Shares of beneficial interest	$	13,982,778
Distributable earnings (loss)		(989,548	)
	$	12,993,230
Net Assets:
Class R6	$	12,993,230
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class R6		521,791
Class R6:
Net asset value and offering price per share	$	24.90

* At February 28, 2023, security with a value of $17,029 was on loan to brokers.

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 six months ended February 28, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $101)	$	51,404
Dividends from affiliated money market funds (includes net securities lending income of $744)		6,338
Total investment income		57,742
Expenses:
Advisory fees		8,146
Administrative services fees		688
Custodian fees		7,798
Transfer agent fees		1,362
Trustees’ and officers’ fees and benefits		6,818
Registration and filing fees		16,531
Licensing fees		2,523
Reports to shareholders		4,621
Professional services fees		31,669
Other		1,182
Total expenses		81,338
Less: Fees waived		(65,754	)
Net expenses		15,584
Net investment income		42,158
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(643,547	)
Affiliated investment securities		(3	)
Futures contracts		(7,359	)
		(650,909	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		626,934
Affiliated investment securities		(14	)
Futures contracts		2,574
		629,494
Net realized and unrealized gain (loss)		(21,415	)
Net increase in net assets resulting from operations	$	20,743

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 six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income	$	42,158		$	33,709
Net realized gain (loss)		(650,909	)		(428,736	)
Change in net unrealized appreciation (depreciation)		629,494			(1,316,627	)
Net increase (decrease) in net assets resulting from operations		20,743			(1,711,654	)
Distributions to shareholders from distributable earnings:
Class R6		(43,579	)		(56,806	)
Share transactions-net:
Class R6		4,220,139			6,168,102
Net increase in net assets		4,197,303			4,399,642
Net assets:
Beginning of period		8,795,927			4,396,285
End of period	$	12,993,230		$	8,795,927

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			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 R6
Six months ended 02/28/23		$25.23		$0.09		$(0.32	)		$(0.23	)		$(0.10	)		$      –			$(0.10	)		$24.90		(0.90	)%		$12,993		0.29	%(d)		1.50	%(d)		0.77	%(d)		18	%
Year ended 08/31/22		32.18		0.15		(6.81	)		(6.66	)		(0.14	)		(0.15	)		(0.29	)		25.23		(20.86	)		8,796		0.29			1.71			0.52			21
Period ended 08/31/21(e)		25.00		0.11		7.18			7.29			(0.11	)		–			(0.11	)		32.18		29.24			4,396		0.29	(d)		5.30	(d)		0.46	(d)		6

^(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) Annualized.

^(e) Commencement date of October 13, 2020.

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, 2023

(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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 NASDAQ 100 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.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

H. 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

I. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference

12 Invesco NASDAQ 100 Index Fund

between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

J. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

K. 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.

L. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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 six months ended February 28, 2023, 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. 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, 2023, 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, 2023. 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. 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, 2024, 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, 2023, the Adviser waived advisory fees of $65,590 and reimbursed Fund expenses of $164.

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, 2023, 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, 2023, 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.

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. 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.

13 Invesco NASDAQ 100 Index 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 Adviser’s 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, 2023. 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		$12,853,070		$         –		$–		$12,853,070
Money Market Funds		148,885		17,738		–		166,623
Total Investments in Securities		13,001,955		17,738		–		13,019,693
Other Investments - Assets*
Futures Contracts		3,192		–		–		3,192
Total Investments		$13,005,147		$17,738		$–		$13,022,885

* 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, 2023:

	Value
	Equity
Derivative Assets	Risk
Unrealized appreciation on futures contracts –Exchange-Traded(a)	$	3,192
Derivatives not subject to master netting agreements		(3,192	)
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, 2023

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 (Loss):
Futures contracts		$   (7,359)
Change in Net Unrealized Appreciation:
Futures contracts		2,574
Total		$(4,785)

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

	Futures
	Contracts
Average notional value	$	196,199

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

14 Invesco NASDAQ 100 Index 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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	23,554	$	28,228	$	51,782

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $6,146,218 and $1,919,733, 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	$	386,609
Aggregate unrealized (depreciation) of investments		(683,279	)
Net unrealized appreciation (depreciation) of investments	$	(296,670	)

Cost of investments for tax purposes is $13,319,555.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class R6		240,760		$	5,864,203			269,443		$	7,704,101
Issued as reinvestment of dividends:
Class R6		1,546			37,187			1,103			33,119
Reacquired:
Class R6		(69,080	)		(1,681,251	)		(58,592	)		(1,569,118	)
Net increase in share activity		173,226		$	4,220,139			211,954		$	6,168,102

(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.

    In addition, 8% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

15 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 September 1, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class R6	$1,000.00	$991.00	$1.43	$1,023.36	$1.45	0.29%

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 NASDAQ 100 Index Fund

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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 number(s): 811-09913 and 333-36074                   Invesco Distributors, Inc. NDQ-SAR-1                                         

Semiannual Report to Shareholders February 28, 2023

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 is 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, 8/31/22 to 2/28/23, 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	0.63
Class Y Shares	1.11
Class R6 Shares	1.16
S&P 500 Index▼ (Broad Market/Style-Specific Index)	1.26
Lipper S&P 500 Objective Funds Index∎ (Peer Group Index)	1.14
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 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (9/26/97)	6.94	%
10 Years	11.00
5 Years	8.01
1 Year	-13.22
Class C Shares
Inception (9/26/97)	6.92	%
10 Years	10.97
5 Years	8.44
1 Year	-9.77
Class Y Shares
Inception (9/26/97)	7.44	%
10 Years	11.90
5 Years	9.50
1 Year	-7.95
Class R6 Shares
10 Years	11.84	%
5 Years	9.57
1 Year	-7.88

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, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-98.01%
Advertising-0.10%
Interpublic Group of Cos., Inc. (The)		23,863	$	848,091
Omnicom Group, Inc.		12,559		1,137,469
				1,985,560
Aerospace & Defense-1.78%
Boeing Co. (The)(b)		34,458		6,945,010
General Dynamics Corp.		13,792		3,143,335
Howmet Aerospace, Inc.		22,798		961,619
Huntington Ingalls Industries, Inc.		2,498		537,569
L3Harris Technologies, Inc.		11,732		2,477,681
Lockheed Martin Corp.		14,346		6,803,734
Northrop Grumman Corp.		8,893		4,127,330
Raytheon Technologies Corp.		90,421		8,869,396
Textron, Inc.		12,841		931,358
TransDigm Group, Inc.		3,195		2,376,665
				37,173,697
Agricultural & Farm Machinery-0.34%
Deere & Co.		16,893		7,082,221
Agricultural Products-0.13%
Archer-Daniels-Midland Co.		33,788		2,689,525
Air Freight & Logistics-0.62%
C.H. Robinson Worldwide, Inc.		7,241		723,810
Expeditors International of Washington, Inc.		9,788		1,023,433
FedEx Corp.		14,725		2,992,415
United Parcel Service, Inc., Class B		44,970		8,206,575
				12,946,233
Airlines-0.23%
Alaska Air Group, Inc.(b)(c)		7,635		365,182
American Airlines Group, Inc.(b)		38,654		617,691
Delta Air Lines, Inc.(b)		39,438		1,512,053
Southwest Airlines Co.		36,521		1,226,375
United Airlines Holdings, Inc.(b)		20,108		1,044,812
				4,766,113
Alternative Carriers-0.01%
Lumen Technologies, Inc.(c)		55,864		189,938
Apparel Retail-0.38%
Ross Stores, Inc.		21,420		2,367,767
TJX Cos., Inc. (The)		71,414		5,470,312
				7,838,079
Apparel, Accessories & Luxury Goods-0.07%
Ralph Lauren Corp.(c)		2,527		298,666
Tapestry, Inc.		14,821		644,862
VF Corp.		20,314		504,193
				1,447,721
Application Software-2.08%
Adobe, Inc.(b)		28,595		9,263,350
ANSYS, Inc.(b)		5,291		1,606,401

	Shares		Value
Application Software-(continued)
Autodesk, Inc.(b)		13,335	$	2,649,531
Cadence Design Systems, Inc.(b)		16,801		3,241,585
Ceridian HCM Holding, Inc.(b)		9,386		684,521
Intuit, Inc.		17,301		7,044,621
Paycom Software, Inc.(b)		2,990		864,289
PTC, Inc.(b)		6,381		799,731
Roper Technologies, Inc.		6,541		2,813,938
salesforce.com, inc.(b)		61,508		10,063,324
Synopsys, Inc.(b)		9,406		3,421,527
Tyler Technologies, Inc.(b)		2,561		822,721
				43,275,539
Asset Management & Custody Banks-0.80%
Ameriprise Financial, Inc.		6,546		2,244,427
Bank of New York Mellon Corp. (The)		45,354		2,307,612
BlackRock, Inc.		9,247		6,375,159
Franklin Resources, Inc.		16,776		494,389
Invesco Ltd.(d)		27,899		492,696
Northern Trust Corp.		12,931		1,231,936
State Street Corp.		22,569		2,001,419
T. Rowe Price Group, Inc.		13,894		1,560,018
				16,707,656
Auto Parts & Equipment-0.13%
Aptiv PLC(b)		16,666		1,937,922
BorgWarner, Inc.		14,313		719,658
				2,657,580
Automobile Manufacturers-1.93%
Ford Motor Co.		243,017		2,933,215
General Motors Co.		87,384		3,385,256
Tesla, Inc.(b)		165,093		33,961,281
				40,279,752
Automotive Retail-0.35%
Advance Auto Parts, Inc.		3,814		552,878
AutoZone, Inc.(b)		1,167		2,901,792
CarMax, Inc.(b)(c)		9,679		668,238
O’Reilly Automotive, Inc.(b)		3,849		3,195,055
				7,317,963
Biotechnology-2.22%
AbbVie, Inc.		108,776		16,740,626
Amgen, Inc.		32,819		7,602,850
Biogen, Inc.(b)(c)		8,904		2,402,833
Gilead Sciences, Inc.		77,131		6,211,359
Incyte Corp.(b)		11,406		878,034
Moderna, Inc.(b)		20,322		2,820,897
Regeneron Pharmaceuticals, Inc.(b)		6,571		4,996,720
Vertex Pharmaceuticals, Inc.(b)		15,788		4,583,099
				46,236,418
Brewers-0.03%
Molson Coors Beverage Co., Class B		11,246		598,175
Broadcasting-0.08%
Fox Corp., Class A		18,847		660,022

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

4 Invesco S&P 500 Index Fund

	Shares		Value
Broadcasting-(continued)
Fox Corp., Class B		8,644	$	278,769
Paramount Global, Class B(c)		30,969		663,356
				1,602,147
Building Products-0.46%
A.O. Smith Corp.		8,256		541,841
Allegion PLC		5,355		603,562
Carrier Global Corp.		51,730		2,329,402
Johnson Controls International PLC		42,597		2,671,684
Masco Corp.		13,872		727,309
Trane Technologies PLC		14,180		2,622,875
				9,496,673
Cable & Satellite-0.60%
Charter Communications, Inc., Class A(b)(c)		6,607		2,428,799
Comcast Corp., Class A		265,343		9,862,799
DISH Network Corp., Class A(b)		14,906		170,078
				12,461,676
Casinos & Gaming-0.16%
Caesars Entertainment, Inc.(b)		12,960		657,850
Las Vegas Sands Corp.(b)		20,523		1,179,457
MGM Resorts International		19,605		843,211
Wynn Resorts Ltd.(b)		6,282		680,780
				3,361,298
Commodity Chemicals-0.19%
Dow, Inc.		43,287		2,476,016
LyondellBasell Industries N.V., Class A		15,939		1,529,985
				4,006,001
Communications Equipment-0.87%
Arista Networks, Inc.(b)		15,116		2,096,589
Cisco Systems, Inc.		252,549		12,228,423
F5, Inc.(b)		3,681		526,309
Juniper Networks, Inc.		19,715		606,828
Motorola Solutions, Inc.		10,238		2,690,649
				18,148,798
Computer & Electronics Retail-0.05%
Best Buy Co., Inc.		12,316		1,023,583
Construction & Engineering-0.07%
Quanta Services, Inc.		8,789		1,418,545
Construction Machinery & Heavy Trucks-0.64%
Caterpillar, Inc.		32,009		7,667,756
Cummins, Inc.		8,633		2,098,510
PACCAR, Inc.		32,086		2,316,609
Wabtec Corp.		11,326		1,181,641
				13,264,516
Construction Materials-0.14%
Martin Marietta Materials, Inc.		3,782		1,361,029
Vulcan Materials Co.		8,175		1,478,939
				2,839,968
Consumer Electronics-0.04%
Garmin Ltd.		9,533		935,473
Consumer Finance-0.57%
American Express Co.		36,785		6,400,222

	Shares		Value
Consumer Finance-(continued)
Capital One Financial Corp.		23,478	$	2,560,980
Discover Financial Services		17,089		1,913,968
Synchrony Financial		27,712		989,596
				11,864,766
Copper-0.17%
Freeport-McMoRan, Inc.		87,915		3,601,877
Data Processing & Outsourced Services-3.12%
Automatic Data Processing, Inc.		25,464		5,597,497
Broadridge Financial Solutions, Inc.		7,236		1,018,684
Fidelity National Information Services, Inc.		36,497		2,312,815
Fiserv, Inc.(b)		39,225		4,514,405
FleetCor Technologies, Inc.(b)		4,536		974,287
Global Payments, Inc.		16,632		1,866,110
Jack Henry & Associates, Inc.		4,419		725,777
Mastercard, Inc., Class A		52,213		18,550,757
Paychex, Inc.		19,945		2,201,928
PayPal Holdings, Inc.(b)		70,120		5,160,832
Visa, Inc., Class A(c)		100,566		22,118,486
				65,041,578
Distillers & Vintners-0.14%
Brown-Forman Corp., Class B		11,247		729,593
Constellation Brands, Inc., Class A		9,964		2,228,947
				2,958,540
Distributors-0.16%
Genuine Parts Co.		8,633		1,526,832
LKQ Corp.		16,008		917,098
Pool Corp.		2,430		867,170
				3,311,100
Diversified Banks-2.95%
Bank of America Corp.		429,229		14,722,555
Citigroup, Inc.		119,357		6,050,206
JPMorgan Chase & Co.		180,416		25,862,633
U.S. Bancorp		83,293		3,975,575
Wells Fargo & Co.		234,375		10,961,719
				61,572,688
Diversified Support Services-0.20%
Cintas Corp.		5,346		2,344,060
Copart, Inc.(b)		26,358		1,857,185
				4,201,245
Drug Retail-0.08%
Walgreens Boots Alliance, Inc.		44,150		1,568,649
Electric Utilities-1.79%
Alliant Energy Corp.		15,177		778,125
American Electric Power Co., Inc.		31,607		2,780,468
Constellation Energy Corp.		20,114		1,506,337
Duke Energy Corp.		47,279		4,456,518
Edison International		23,489		1,555,207
Entergy Corp.		12,714		1,307,889
Evergy, Inc.		13,900		817,459
Eversource Energy		21,424		1,614,513
Exelon Corp.		60,800		2,455,712
FirstEnergy Corp.		33,291		1,316,326
NextEra Energy, Inc.		122,226		8,681,713

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-(continued)
NRG Energy, Inc.		14,616	$	479,259
PG&E Corp.(b)		98,530		1,539,038
Pinnacle West Capital Corp.		6,839		503,897
PPL Corp.		45,168		1,222,698
Southern Co. (The)		66,962		4,222,624
Xcel Energy, Inc.		33,660		2,173,426
				37,411,209
Electrical Components & Equipment-0.57%
AMETEK, Inc.		14,024		1,985,238
Eaton Corp. PLC		24,568		4,297,680
Emerson Electric Co.		36,370		3,008,163
Generac Holdings, Inc.(b)(c)		3,825		459,038
Rockwell Automation, Inc.		7,043		2,077,192
				11,827,311
Electronic Components-0.21%
Amphenol Corp., Class A		36,604		2,837,542
Corning, Inc.		46,821		1,589,573
				4,427,115
Electronic Equipment & Instruments-0.23%
Keysight Technologies, Inc.(b)		11,094		1,774,596
Teledyne Technologies, Inc.(b)		2,882		1,239,462
Trimble, Inc.(b)		15,216		792,145
Zebra Technologies Corp., Class A(b)		3,191		958,098
				4,764,301
Electronic Manufacturing Services-0.12%
TE Connectivity Ltd.		19,739		2,513,169
Environmental & Facilities Services-0.27%
Republic Services, Inc.		12,660		1,632,254
Rollins, Inc.		13,722		483,014
Waste Management, Inc.		22,976		3,440,886
				5,556,154
Fertilizers & Agricultural Chemicals-0.28%
CF Industries Holdings, Inc.		12,221		1,049,662
Corteva, Inc.		44,075		2,745,432
FMC Corp.		7,683		992,259
Mosaic Co. (The)		21,175		1,126,298
				5,913,651
Financial Exchanges & Data-1.14%
Cboe Global Markets, Inc.		6,366		803,198
CME Group, Inc., Class A		22,120		4,100,163
FactSet Research Systems, Inc.		2,344		971,705
Intercontinental Exchange, Inc.		34,356		3,497,441
MarketAxess Holdings, Inc.		2,269		774,750
Moody’s Corp.		9,690		2,811,554
MSCI, Inc.		4,920		2,568,978
Nasdaq, Inc.(c)		21,287		1,193,349
S&P Global, Inc.		20,482		6,988,459
				23,709,597
Food Distributors-0.11%
Sysco Corp.		30,988		2,310,775
Food Retail-0.08%
Kroger Co. (The)		40,398		1,742,770

	Shares		Value
Footwear-0.44%
NIKE, Inc., Class B		77,376	$	9,191,495
Gas Utilities-0.05%
Atmos Energy Corp.(c)		8,455		953,809
General Merchandise Stores-0.46%
Dollar General Corp.		13,875		3,001,162
Dollar Tree, Inc.(b)		12,945		1,880,650
Target Corp.		28,310		4,770,235
				9,652,047
Gold-0.10%
Newmont Corp.		48,821		2,129,084
Health Care Distributors-0.31%
AmerisourceBergen Corp.		9,962		1,549,689
Cardinal Health, Inc.		16,124		1,220,748
Henry Schein, Inc.(b)		8,406		658,274
McKesson Corp.		8,721		3,050,693
				6,479,404
Health Care Equipment-2.59%
Abbott Laboratories		107,158		10,900,112
Baxter International, Inc.		31,424		1,255,389
Becton, Dickinson and Co.		17,511		4,107,205
Boston Scientific Corp.(b)		88,107		4,116,359
DexCom, Inc.(b)		23,874		2,650,253
Edwards Lifesciences Corp.(b)		37,850		3,044,654
GE HealthCare Technologies, Inc.(b)(c)		22,402		1,702,552
Hologic, Inc.(b)		15,131		1,205,033
IDEXX Laboratories, Inc.(b)		5,142		2,433,400
Intuitive Surgical, Inc.(b)		21,736		4,986,021
Medtronic PLC		81,872		6,779,001
ResMed, Inc.		9,010		1,919,130
STERIS PLC		6,070		1,141,342
Stryker Corp.		20,716		5,445,822
Teleflex, Inc.		2,841		676,811
Zimmer Biomet Holdings, Inc.		12,908		1,598,914
				53,961,998
Health Care Facilities-0.18%
HCA Healthcare, Inc.		13,042		3,175,075
Universal Health Services, Inc., Class B		4,082		545,233
				3,720,308
Health Care REITs-0.20%
Healthpeak Properties, Inc.		32,696		786,666
Ventas, Inc.		24,264		1,180,443
Welltower, Inc.		29,064		2,154,224
				4,121,333
Health Care Services-0.71%
Cigna Group (The)		18,805		5,492,940
CVS Health Corp.		80,819		6,751,619
DaVita, Inc.(b)		3,380		278,039
Laboratory Corp. of America Holdings		5,450		1,304,512
Quest Diagnostics, Inc.		7,005		969,212
				14,796,322
Health Care Supplies-0.14%
Align Technology, Inc.(b)		4,446		1,376,037
Cooper Cos., Inc. (The)		2,990		977,640

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 Supplies-(continued)
DENTSPLY SIRONA, Inc.		13,048	$	496,738
				2,850,415
Home Furnishings-0.02%
Mohawk Industries, Inc.(b)		3,259		335,188
Home Improvement Retail-1.27%
Home Depot, Inc. (The)		63,031		18,691,213
Lowe’s Cos., Inc.		38,178		7,855,123
				26,546,336
Homebuilding-0.24%
D.R. Horton, Inc.		19,458		1,799,476
Lennar Corp., Class A		15,670		1,515,916
NVR, Inc.(b)		185		957,119
PulteGroup, Inc.		14,013		766,091
				5,038,602
Hotel & Resort REITs-0.03%
Host Hotels & Resorts, Inc.		43,288		727,238
Hotels, Resorts & Cruise Lines-0.68%
Booking Holdings, Inc.(b)		2,386		6,022,264
Carnival Corp.(b)(c)		60,921		646,981
Expedia Group, Inc.(b)		9,107		992,390
Hilton Worldwide Holdings, Inc.		16,635		2,403,924
Marriott International, Inc., Class A		16,549		2,800,752
Norwegian Cruise Line Holdings Ltd.(b)(c)		24,951		369,774
Royal Caribbean Cruises Ltd.(b)(c)		13,594		960,280
				14,196,365
Household Appliances-0.02%
Whirlpool Corp.		3,419		471,754
Household Products-1.38%
Church & Dwight Co., Inc.		14,999		1,256,616
Clorox Co. (The)		7,460		1,159,582
Colgate-Palmolive Co.		51,372		3,765,568
Kimberly-Clark Corp.		20,808		2,602,040
Procter & Gamble Co. (The)		145,755		20,050,058
				28,833,864
Housewares & Specialties-0.02%
Newell Brands, Inc.		22,601		332,009
Human Resource & Employment Services-0.03%
Robert Half International, Inc.		6,646		535,800
Hypermarkets & Super Centers-1.22%
Costco Wholesale Corp.		27,223		13,180,832
Walmart, Inc.		86,813		12,338,732
				25,519,564
Independent Power Producers & Energy Traders-0.05%
AES Corp. (The)(c)		40,421		997,590
Industrial Conglomerates-0.83%
3M Co.		33,840		3,645,922
General Electric Co.		67,207		5,693,105
Honeywell International, Inc.		41,353		7,918,272
				17,257,299

	Shares		Value
Industrial Gases-0.70%
Air Products and Chemicals, Inc.		13,669	$	3,909,061
Linde PLC (United Kingdom)		30,408		10,593,235
				14,502,296
Industrial Machinery-0.87%
Dover Corp.		8,728		1,308,327
Fortive Corp.		21,740		1,449,188
IDEX Corp.		4,609		1,036,933
Illinois Tool Works, Inc.		17,317		4,037,632
Ingersoll Rand, Inc.		24,709		1,434,852
Nordson Corp.		3,252		714,269
Otis Worldwide Corp.		25,764		2,180,150
Parker-Hannifin Corp.		7,898		2,778,911
Pentair PLC		10,032		561,190
Snap-on, Inc.(c)		3,241		805,972
Stanley Black & Decker, Inc.		9,183		786,157
Xylem, Inc.		10,930		1,121,964
				18,215,545
Industrial REITs-0.34%
Prologis, Inc.		56,634		6,988,636
Insurance Brokers-0.65%
Aon PLC, Class A		12,723		3,868,428
Arthur J. Gallagher & Co.		12,969		2,429,742
Brown & Brown, Inc.		14,215		797,035
Marsh & McLennan Cos., Inc.		30,609		4,962,943
Willis Towers Watson PLC		6,658		1,560,369
				13,618,517
Integrated Oil & Gas-2.30%
Chevron Corp.		109,420		17,591,454
Exxon Mobil Corp.(e)		253,307		27,840,972
Occidental Petroleum Corp.		44,725		2,619,096
				48,051,522
Integrated Telecommunication Services-0.88%
AT&T, Inc.		438,791		8,297,538
Verizon Communications, Inc.		258,321		10,025,438
				18,322,976
Interactive Home Entertainment-0.30%
Activision Blizzard, Inc.		43,660		3,329,075
Electronic Arts, Inc.		16,199		1,797,117
Take-Two Interactive Software, Inc.(b)		9,792		1,072,714
				6,198,906
Interactive Media & Services-4.19%
Alphabet, Inc., Class A(b)		367,652		33,110,739
Alphabet, Inc., Class C(b)		325,674		29,408,362
Match Group, Inc.(b)		17,161		710,809
Meta Platforms, Inc., Class A(b)		138,311		24,196,126
				87,426,036
Internet & Direct Marketing Retail-2.59%
Amazon.com, Inc.(b)		545,908		51,440,911
eBay, Inc.		33,974		1,559,406
Etsy, Inc.(b)		7,685		933,036
				53,933,353
Internet Services & Infrastructure-0.09%
Akamai Technologies, Inc.(b)		9,851		715,183

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

7 Invesco S&P 500 Index Fund

	Shares		Value
Internet Services & Infrastructure-(continued)
VeriSign, Inc.(b)		5,673	$	1,116,616
				1,831,799
Investment Banking & Brokerage-1.14%
Charles Schwab Corp. (The)		93,646		7,296,896
Goldman Sachs Group, Inc. (The)		20,829		7,324,518
Morgan Stanley		81,085		7,824,702
Raymond James Financial, Inc.(c)		11,825		1,282,540
				23,728,656
IT Consulting & Other Services-1.08%
Accenture PLC, Class A		38,756		10,291,656
Cognizant Technology Solutions Corp., Class A		31,845		1,994,452
DXC Technology Co.(b)		14,863		412,300
EPAM Systems, Inc.(b)		3,585		1,102,925
Gartner, Inc.(b)		4,861		1,593,485
International Business Machines Corp.		55,611		7,190,502
				22,585,320
Leisure Products-0.02%
Hasbro, Inc.		7,861		432,434
Life & Health Insurance-0.47%
Aflac, Inc.		34,803		2,371,824
Globe Life, Inc.		5,632		685,358
Lincoln National Corp.		10,294		326,526
MetLife, Inc.		40,538		2,907,791
Principal Financial Group, Inc.		13,996		1,253,482
Prudential Financial, Inc.		22,914		2,291,400
				9,836,381
Life Sciences Tools & Services-1.80%
Agilent Technologies, Inc.		18,208		2,584,990
Bio-Rad Laboratories, Inc., Class A(b)		1,291		616,891
Bio-Techne Corp.		9,530		692,259
Charles River Laboratories International, Inc.(b)		3,061		671,400
Danaher Corp.		40,298		9,974,964
Illumina, Inc.(b)		9,797		1,951,562
IQVIA Holdings, Inc.(b)		11,424		2,381,561
Mettler-Toledo International, Inc.(b)		1,371		1,965,616
PerkinElmer, Inc.		7,651		953,085
Thermo Fisher Scientific, Inc.		24,123		13,068,877
Waters Corp.(b)		3,700		1,150,293
West Pharmaceutical Services, Inc.		4,491		1,423,782
				37,435,280
Managed Health Care-1.99%
Centene Corp.(b)		35,055		2,397,762
Elevance Health, Inc.		14,714		6,910,724
Humana, Inc.		7,786		3,854,226
Molina Healthcare, Inc.(b)		3,541		974,943
UnitedHealth Group, Inc.		57,470		27,352,272
				41,489,927
Metal & Glass Containers-0.05%
Ball Corp.		19,637		1,103,796
Movies & Entertainment-1.09%
Live Nation Entertainment, Inc.(b)(c)		8,785		633,047
Netflix, Inc.(b)		27,372		8,817,342

	Shares		Value
Movies & Entertainment-(continued)
Walt Disney Co. (The)(b)		112,133	$	11,169,568
Warner Bros Discovery, Inc.(b)		137,277		2,144,267
				22,764,224
Multi-line Insurance-0.23%
American International Group, Inc.		45,699		2,792,666
Assurant, Inc.		3,465		441,406
Hartford Financial Services Group, Inc. (The)		19,565		1,531,548
				4,765,620
Multi-Sector Holdings-1.62%
Berkshire Hathaway, Inc., Class B(b)		110,820		33,820,048
Multi-Utilities-0.80%
Ameren Corp.		15,901		1,315,172
CenterPoint Energy, Inc.		38,125		1,060,638
CMS Energy Corp.		17,567		1,035,926
Consolidated Edison, Inc.		21,827		1,950,242
Dominion Energy, Inc.		51,057		2,839,790
DTE Energy Co.		12,003		1,316,849
NiSource, Inc.		24,683		677,055
Public Service Enterprise Group, Inc.		30,656		1,852,542
Sempra Energy		19,334		2,899,327
WEC Energy Group, Inc.		19,402		1,720,181
				16,667,722
Office REITs-0.09%
Alexandria Real Estate Equities, Inc.(c)		9,184		1,375,580
Boston Properties, Inc.		8,617		564,241
				1,939,821
Oil & Gas Equipment & Services-0.41%
Baker Hughes Co., Class A		62,050		1,898,730
Halliburton Co.		55,852		2,023,518
Schlumberger Ltd.		87,219		4,640,923
				8,563,171
Oil & Gas Exploration & Production-1.18%
APA Corp.		19,776		759,003
ConocoPhillips		76,644		7,921,158
Coterra Energy, Inc.		49,013		1,223,855
Devon Energy Corp.(c)		40,158		2,165,319
Diamondback Energy, Inc.		10,902		1,532,603
EOG Resources, Inc.		36,092		4,079,118
EQT Corp.		22,757		755,077
Hess Corp.		17,067		2,298,925
Marathon Oil Corp.		39,062		982,409
Pioneer Natural Resources Co.		14,637		2,933,401
				24,650,868
Oil & Gas Refining & Marketing-0.46%
Marathon Petroleum Corp.		28,826		3,562,893
Phillips 66		29,262		3,001,111
Valero Energy Corp.		23,712		3,123,582
				9,687,586
Oil & Gas Storage & Transportation-0.34%
Kinder Morgan, Inc.		121,594		2,074,394
ONEOK, Inc.		27,492		1,799,351
Targa Resources Corp.		13,958		1,034,288

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 Storage & Transportation-(continued)
Williams Cos., Inc. (The)		75,614	$	2,275,981
				7,184,014
Packaged Foods & Meats-0.96%
Campbell Soup Co.		12,256		643,685
Conagra Brands, Inc.		29,081		1,058,839
General Mills, Inc.		36,568		2,907,522
Hershey Co. (The)		9,101		2,168,950
Hormel Foods Corp.		17,805		790,186
JM Smucker Co. (The)		6,569		971,489
Kellogg Co.		15,512		1,022,861
Kraft Heinz Co. (The)		48,851		1,902,258
Lamb Weston Holdings, Inc.		8,718		877,380
McCormick & Co., Inc.		15,414		1,145,569
Mondelez International, Inc., Class A		84,056		5,478,770
Tyson Foods, Inc., Class A		17,599		1,042,565
				20,010,074
Paper Packaging-0.21%
Amcor PLC		91,526		1,019,600
Avery Dennison Corp.		5,018		914,229
International Paper Co.		22,544		820,376
Packaging Corp. of America(c)		5,758		787,234
Sealed Air Corp.		8,981		436,656
WestRock Co.		15,733		494,016
				4,472,111
Personal Products-0.17%
Estee Lauder Cos., Inc. (The), Class A		14,225		3,457,386
Pharmaceuticals-4.13%
Bristol-Myers Squibb Co.		130,776		9,018,313
Catalent, Inc.(b)		10,857		740,665
Eli Lilly and Co.		48,508		15,096,660
Johnson & Johnson		160,811		24,645,894
Merck & Co., Inc.		155,947		16,567,809
Organon & Co.		15,135		370,656
Pfizer, Inc.		345,262		14,007,279
Viatris, Inc.		74,590		850,326
Zoetis, Inc.		28,682		4,789,894
				86,087,496
Property & Casualty Insurance-0.94%
Allstate Corp. (The)		16,313		2,100,788
Arch Capital Group Ltd.(b)		22,630		1,584,100
Chubb Ltd.		25,613		5,404,855
Cincinnati Financial Corp.		9,764		1,178,515
Loews Corp.		11,846		723,672
Progressive Corp. (The)		35,967		5,161,984
Travelers Cos., Inc. (The)		14,415		2,668,505
W.R. Berkley Corp.		12,699		840,547
				19,662,966
Publishing-0.03%
News Corp., Class A		23,462		402,373
News Corp., Class B		7,115		122,805
				525,178
Railroads-0.72%
CSX Corp.		129,315		3,942,814
Norfolk Southern Corp.		14,240		3,201,437

	Shares		Value
Railroads-(continued)
Union Pacific Corp.		37,815	$	7,838,293
				14,982,544
Real Estate Services-0.08%
CBRE Group, Inc., Class A(b)		19,434		1,654,611
Regional Banks-0.95%
Citizens Financial Group, Inc.		30,293		1,265,036
Comerica, Inc.		7,806		547,201
Fifth Third Bancorp		42,219		1,532,550
First Republic Bank		11,252		1,384,108
Huntington Bancshares, Inc.		88,739		1,359,481
KeyCorp		57,385		1,049,572
M&T Bank Corp.		10,770		1,672,473
PNC Financial Services Group, Inc. (The)		24,807		3,917,521
Regions Financial Corp.		56,907		1,327,071
Signature Bank		3,804		437,650
SVB Financial Group(b)		3,561		1,025,960
Truist Financial Corp.		81,607		3,831,449
Zions Bancorporation N.A.		9,582		485,041
				19,835,113
Reinsurance-0.04%
Everest Re Group Ltd.		2,386		916,152
Research & Consulting Services-0.32%
CoStar Group, Inc.(b)		25,014		1,767,489
Equifax, Inc.(c)		7,531		1,525,254
Jacobs Solutions, Inc.		7,778		929,471
Leidos Holdings, Inc.		8,506		825,677
Verisk Analytics, Inc.		9,771		1,671,916
				6,719,807
Residential REITs-0.36%
AvalonBay Communities, Inc.		8,605		1,484,535
Camden Property Trust		6,479		743,530
Equity Residential		20,716		1,295,164
Essex Property Trust, Inc.		3,956		902,205
Invitation Homes, Inc.		35,561		1,111,637
Mid-America Apartment Communities, Inc.		6,992		1,119,419
UDR, Inc.(c)		18,822		806,335
				7,462,825
Restaurants-1.23%
Chipotle Mexican Grill, Inc.(b)		1,706		2,543,782
Darden Restaurants, Inc.		7,528		1,076,429
Domino’s Pizza, Inc.		2,206		648,586
McDonald’s Corp.		45,050		11,889,146
Starbucks Corp.		70,492		7,196,528
Yum! Brands, Inc.		17,498		2,225,046
				25,579,517
Retail REITs-0.32%
Federal Realty Investment Trust		4,496		480,083
Kimco Realty Corp.		37,385		770,505
Realty Income Corp.		38,575		2,466,871
Regency Centers Corp.		9,199		578,617
Simon Property Group, Inc.		20,109		2,455,108
				6,751,184

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

9 Invesco S&P 500 Index Fund

	Shares		Value
Semiconductor Equipment–0.83%
Applied Materials, Inc.		52,916	$	6,146,193
Enphase Energy, Inc.(b)		8,366		1,761,294
KLA Corp.		8,697		3,299,468
Lam Research Corp.		8,388		4,076,652
SolarEdge Technologies, Inc.(b)		3,437		1,092,691
Teradyne, Inc.		9,883		999,567
				17,375,865
Semiconductors–4.98%
Advanced Micro Devices, Inc.(b)		99,175		7,793,172
Analog Devices, Inc.		31,636		5,804,257
Broadcom, Inc.		24,911		14,804,358
First Solar, Inc.(b)		6,098		1,031,416
Intel Corp.		253,843		6,328,306
Microchip Technology, Inc.		33,707		2,731,278
Micron Technology, Inc.		66,870		3,866,423
Monolithic Power Systems, Inc.		2,745		1,329,376
NVIDIA Corp.		153,155		35,556,465
NXP Semiconductors N.V. (China)		15,939		2,844,793
ON Semiconductor Corp.(b)		26,428		2,045,791
Qorvo, Inc.(b)		6,236		629,150
QUALCOMM, Inc.		68,873		8,507,882
Skyworks Solutions, Inc.		9,859		1,099,969
Texas Instruments, Inc.		55,823		9,570,853
				103,943,489
Soft Drinks–1.59%
Coca-Cola Co. (The)		239,393		14,246,278
Keurig Dr Pepper, Inc.		52,108		1,800,331
Monster Beverage Corp.(b)		23,589		2,400,417
PepsiCo, Inc.		84,740		14,704,932
				33,151,958
Specialized REITs–1.21%
American Tower Corp.		28,639		5,670,808
Crown Castle, Inc.		26,636		3,482,657
Digital Realty Trust, Inc.		17,701		1,844,975
Equinix, Inc.		5,692		3,917,633
Extra Space Storage, Inc.		8,117		1,336,464
Iron Mountain, Inc.(c)		17,554		925,974
Public Storage		9,689		2,896,527
SBA Communications Corp., Class A		6,595		1,710,413
VICI Properties, Inc.		59,238		1,986,250
Weyerhaeuser Co.		45,305		1,415,781
				25,187,482
Specialty Chemicals–0.69%
Albemarle Corp.		7,206		1,832,558
Celanese Corp.		6,135		713,071
DuPont de Nemours, Inc.		30,927		2,258,599
Eastman Chemical Co.		7,380		628,776
Ecolab, Inc.		15,113		2,408,559
International Flavors & Fragrances, Inc.(c)		15,682		1,461,562
PPG Industries, Inc.		14,391		1,900,476
Sherwin-Williams Co. (The)		14,624		3,237,022
				14,440,623
Specialty Stores–0.18%
Bath & Body Works, Inc.		14,505		592,819
Tractor Supply Co.		6,899		1,609,261

	Shares		Value
Specialty Stores–(continued)
Ulta Beauty, Inc.(b)		3,177	$	1,648,228
				3,850,308
Steel–0.19%
Nucor Corp.		15,780		2,642,203
Steel Dynamics, Inc.		10,342		1,304,230
				3,946,433
Systems Software–6.28%
Fortinet, Inc.(b)		39,883		2,370,646
Gen Digital, Inc.		35,275		688,215
Microsoft Corp.		458,508		114,361,065
Oracle Corp.		94,526		8,261,573
ServiceNow, Inc.(b)		12,425		5,369,712
				131,051,211
Technology Distributors–0.08%
CDW Corp.		8,227		1,665,309
Technology Hardware, Storage & Peripherals–6.75%
Apple, Inc.		919,765		135,582,559
Hewlett Packard Enterprise Co.		78,086		1,218,921
HP, Inc.		54,449		1,607,334
NetApp, Inc.		13,350		861,743
Seagate Technology Holdings PLC		12,274		792,409
Western Digital Corp.(b)		18,970		729,966
				140,792,932
Tobacco–0.69%
Altria Group, Inc.		110,530		5,131,908
Philip Morris International, Inc. (Switzerland)		95,350		9,277,555
				14,409,463
Trading Companies & Distributors–0.27%
Fastenal Co.(c)		34,892		1,799,032
United Rentals, Inc.		4,263		1,997,343
W.W. Grainger, Inc.		2,776		1,855,562
				5,651,937
Trucking–0.14%
J.B. Hunt Transport Services, Inc.		5,094		920,944
Old Dominion Freight Line, Inc.		5,648		1,916,141
				2,837,085
Water Utilities–0.08%
American Water Works Co., Inc.		11,184		1,570,010
Wireless Telecommunication Services–0.25%
T-Mobile US, Inc.(b)		36,917		5,248,859
Total Common Stocks & Other Equity Interests (Cost $866,572,825)				2,043,679,549
Money Market Funds–1.95%
Invesco Government & Agency Portfolio, Institutional Class, 4.51%(d)(f)		14,929,120		14,929,120
Invesco Liquid Assets Portfolio, Institutional Class, 4.64%(d)(f)		8,735,390		8,737,137

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 Treasury Portfolio, Institutional Class, 4.50%(d)(f)		17,061,852	$	17,061,852
Total Money Market Funds (Cost $40,724,649)				40,728,109
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $907,297,474)				2,084,407,658
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.98%
Invesco Private Government Fund, 4.58%(d)(f)(g)		11,555,790		11,555,790

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.83%(d)(f)(g)		29,708,947	$	29,714,888
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,270,679)				41,270,678
TOTAL INVESTMENTS IN SECURITIES–101.94% (Cost $948,568,153)				2,125,678,336
OTHER ASSETS LESS LIABILITIES–(1.94)%				(40,358,091	)
NET ASSETS–100.00%			$	2,085,320,245

Investment Abbreviations:

REIT - Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2023.

^(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, 2023.

	Value August 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value February 28, 2023			Dividend Income
Invesco Ltd.		$	328,856		$	129,352		$	-		$	34,488		$	-		$	492,696		$	10,358
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			9,532,355			38,571,791			(33,175,026)			-			-			14,929,120			291,325
Invesco Liquid Assets Portfolio, Institutional Class			4,881,331			27,551,278			(23,696,446)			295			679			8,737,137			179,796
Invesco Treasury Portfolio, Institutional Class			10,894,120			44,082,047			(37,914,315)			-			-			17,061,852			332,877
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			12,103,315			137,802,770			(138,350,295)			-			-			11,555,790			279,015*
Invesco Private Prime Fund			31,122,812			289,429,204			(290,846,024)			(2,456)			11,352			29,714,888			766,229*
Total		$	68,862,789		$	537,566,442		$	(523,982,106)		$	32,327		$	12,031		$	82,491,483		$	1,859,600

* 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)  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, 2023.

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

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		216		March-2023	$	42,935,400	$	(206,938	)	$	(206,938	)

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, 2023

Information Technology	26.73%
Health Care	14.06
Financials	11.51
Consumer Discretionary	10.44
Industrials	8.34
Communication Services	7.52
Consumer Staples	6.58
Energy	4.71
Utilities	2.76
Materials	2.73
Real Estate	2.63
Money Market Funds Plus Other Assets Less Liabilities	1.99

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $ 865,993,576)*	$	2,043,186,853
Investments in affiliates, at value (Cost $ 82,574,577)		82,491,483
Receivable for:
Investments sold		38
Fund shares sold		1,358,414
Dividends		3,454,319
Investment for trustee deferred compensation and retirement plans		68,667
Other assets		68,933
Total assets		2,130,628,707
Liabilities:
Other investments:
Variation margin payable — futures contracts		135,153
Payable for:
Fund shares reacquired		2,208,944
Collateral upon return of securities loaned		41,270,679
Accrued fees to affiliates		1,082,508
Accrued trustees’ and officers’ fees and benefits		2,067
Accrued other operating expenses		528,828
Trustee deferred compensation and retirement plans		80,283
Total liabilities		45,308,462
Net assets applicable to shares outstanding	$	2,085,320,245

Net assets consist of:
Shares of beneficial interest	$	927,534,814
Distributable earnings		1,157,785,431
	$	2,085,320,245
Net Assets:
Class A	$	1,440,328,615
Class C	$	310,592,748
Class Y	$	315,713,519
Class R6	$	18,685,363
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		34,370,692
Class C		7,750,056
Class Y		7,418,077
Class R6		438,500
Class A:
Net asset value per share	$	41.91
Maximum offering price per share (Net asset value of $41.91 ÷ 94.50%)	$	44.35
Class C:
Net asset value and offering price per share	$	40.08
Class Y:
Net asset value and offering price per share	$	42.56
Class R6:
Net asset value and offering price per share	$	42.61

* At February 28, 2023, securities with an aggregate value of $40,212,031 were on loan to brokers.

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, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $4,005)	$	16,586,586
Dividends from affiliates (includes net securities lending income of $64,798)		879,154
Total investment income		17,465,740
Expenses:
Advisory fees		1,202,293
Administrative services fees		135,608
Custodian fees		9,065
Distribution fees:
Class A		1,722,449
Class C		1,589,685
Transfer agent fees - A, C and Y		1,265,747
Transfer agent fees - R6		2,499
Trustees’ and officers’ fees and benefits		12,526
Registration and filing fees		60,194
Licensing fees		227,319
Reports to shareholders		37,972
Professional services fees		30,927
Other		11,776
Total expenses		6,308,060
Less: Fees waived and/or expense offset arrangement(s)		(34,749	)
Net expenses		6,273,311
Net investment income		11,192,429
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(383,042	)
Affiliated investment securities		12,031
Futures contracts		493,650
		122,639
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		8,784,487
Affiliated investment securities		32,327
Futures contracts		(457,134	)
		8,359,680
Net realized and unrealized gain		8,482,319
Net increase in net assets resulting from operations	$	19,674,748

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income	$	11,192,429		$	18,700,160
Net realized gain		122,639			763,744
Change in net unrealized appreciation (depreciation)		8,359,680			(292,359,933	)
Net increase (decrease) in net assets resulting from operations		19,674,748			(272,896,029	)
Distributions to shareholders from distributable earnings:
Class A		(14,619,439	)		(30,656,639	)
Class C		(2,697,047	)		(5,524,672	)
Class Y		(3,119,538	)		(6,585,646	)
Class R6		(201,236	)		(322,866	)
Total distributions from distributable earnings		(20,637,260	)		(43,089,823	)
Share transactions–net:
Class A		48,178,523			62,649,656
Class C		(17,928,709	)		(18,470,272	)
Class Y		31,410,720			43,987,251
Class R6		2,187,611			5,899,741
Net increase in net assets resulting from share transactions		63,848,145			94,066,376
Net increase (decrease) in net assets		62,885,633			(221,919,476	)
Net assets:
Beginning of period		2,022,434,612			2,244,354,088
End of period	$	2,085,320,245		$	2,022,434,612

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 02/28/23		$41.94		$0.25		$0.15			$0.40			$(0.43	)		$—			$(0.43	)		$41.91	��	0.99	%		$1,440,329		0.55	%(d)		0.55	%(d)		1.19	%(d)		1	%
Year ended 08/31/22		48.42		0.44		(5.97	)		(5.53	)		(0.39	)		(0.56	)		(0.95	)		41.94		(11.70	)		1,392,433		0.54			0.54			0.95			2
Year ended 08/31/21		37.59		0.39		10.94			11.33			(0.43	)		(0.07	)		(0.50	)		48.42		30.46			1,544,523		0.54			0.54			0.93			5
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
Class C
Six months ended 02/28/23		40.17		0.09		0.15			0.24			(0.33	)		—			(0.33	)		40.08		0.63			310,593		1.30	(d)		1.30	(d)		0.44	(d)		1
Year ended 08/31/22		46.48		0.09		(5.75	)		(5.66	)		(0.09	)		(0.56	)		(0.65	)		40.17		(12.38	)		329,140		1.29			1.29			0.20			2
Year ended 08/31/21		36.09		0.12		10.52			10.64			(0.18	)		(0.07	)		(0.25	)		46.48		29.65	(f)		400,963		1.18	(f)		1.18	(f)		0.29	(f)		5
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
Class Y
Six months ended
02/28/23		42.57		0.30		0.16			0.46			(0.47	)		—			(0.47	)		42.56		1.11			315,714		0.30	(d)		0.30	(d)		1.44	(d)		1
Year ended 08/31/22		49.12		0.56		(6.05	)		(5.49	)		(0.50	)		(0.56	)		(1.06	)		42.57		(11.48	)		284,424		0.29			0.29			1.20			2
Year ended 08/31/21		38.11		0.50		11.10			11.60			(0.52	)		(0.07	)		(0.59	)		49.12		30.80			286,102		0.29			0.29			1.18			5
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
Class R6
Six months ended 02/28/23		42.61		0.32		0.16			0.48			(0.48	)		—			(0.48	)		42.61		1.16			18,685		0.20	(d)		0.20	(d)		1.54	(d)		1
Year ended 08/31/22		49.15		0.60		(6.05	)		(5.45	)		(0.53	)		(0.56	)		(1.09	)		42.61		(11.40	)		16,438		0.20			0.20			1.29			2
Year ended 08/31/21		38.13		0.53		11.09			11.62			(0.53	)		(0.07	)		(0.60	)		49.15		30.86			12,765		0.24			0.24			1.23			5
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

^(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) Annualized.

^(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 0.89% and 0.97% for the years ended August 31, 2021 and August 31, 2018, respectively.

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, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

17 Invesco S&P 500 Index Fund

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “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

18 Invesco S&P 500 Index Fund

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.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2023, the Fund paid the Adviser $4,141 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliates on the Statement of Operations.

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

K. Collateral –To the extent the Fund has 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.

L. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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, 2023, 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, 2023. 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 these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, 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, 2023, the Adviser waived advisory fees of $22,031.

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, 2023, 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, 2023, 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.

19 Invesco S&P 500 Index Fund

For the six months ended February 28, 2023, 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, 2023, IDI advised the Fund that IDI retained $144,390 in front-end sales commissions from the sale of Class A shares and $2,857 and $13,615 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended February 28, 2023, the Fund incurred $5,314 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. 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 Adviser’s 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, 2023. 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	$	2,043,679,549		$	–	$	–	$	2,043,679,549
Money Market Funds		40,728,109			41,270,678		–		81,998,787
Total Investments in Securities		2,084,407,658			41,270,678		–		2,125,678,336
Other Investments - Liabilities*
Futures Contracts		(206,938	)		–		–		(206,938	)
Total Investments	$	2,084,200,720		$	41,270,678	$	–	$	2,125,471,398

* 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, 2023:

	Value
	Equity
Derivative Liabilities	Risk
Unrealized depreciation on futures contracts —Exchange-Traded(a)	$	(206,938	)
Derivatives not subject to master netting agreements		206,938
Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended February 28, 2023

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		$  493,650

20 Invesco S&P 500 Index Fund

	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		$(457,134)
Total		$   36,516

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

	Futures
	Contracts
Average notional value	$	45,549,563

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $12,718.

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 carryforward 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, 2022.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $64,364,954 and $25,117,008, 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	$	1,198,997,319
Aggregate unrealized (depreciation) of investments		(40,418,397	)
Net unrealized appreciation of investments	$	1,158,578,922

Cost of investments for tax purposes is $966,892,476.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended February 28, 2023(a)				Year ended August 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		2,405,622	$	99,340,892		4,519,315	$	208,693,476
Class C		630,454		24,768,806		1,215,205		53,651,131
Class Y		2,013,494		85,282,660		2,834,966		133,402,035
Class R6		89,344		3,732,606		218,902		10,153,148

21 Invesco S&P 500 Index Fund

	Summary of Share Activity
	Six months ended February 28, 2023(a)						Year ended August 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		316,826		$	12,853,559			555,173		$	27,286,842
Class C		62,344			2,422,678			106,663			5,049,443
Class Y		59,930			2,467,906			108,842			5,420,328
Class R6		4,666			192,374			6,202			308,974
Automatic conversion of Class C shares to Class A shares:
Class A		525,362			21,983,553			679,046			31,059,957
Class C		(549,079	)		(21,983,553	)		(707,353	)		(31,059,957	)
Reacquired:
Class A		(2,079,268	)		(85,999,481	)		(4,447,608	)		(204,390,619	)
Class C		(586,426	)		(23,136,640	)		(1,048,533	)		(46,110,889	)
Class Y		(1,336,966	)		(56,339,846	)		(2,086,614	)		(94,835,112	)
Class R6		(41,287	)		(1,737,369	)		(99,040	)		(4,562,381	)
Net increase in share activity		1,515,016		$	63,848,145			1,855,166		$	94,066,376

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,009.90	$2.74	$1,022.07	$2.76	0.55%
Class C	1,000.00	1,006.30	6.47	1,018.35	6.51	1.30
Class Y	1,000.00	1,011.10	1.50	1,023.31	1.51	0.30
Class R6	1,000.00	1,011.60	1.00	1,023.80	1.00	0.20

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc.                     ��                 MS-SPI-SAR-1

Semiannual Report to Shareholders February 28, 2023

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
23	Financial Statements
26	Financial Highlights
27	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 is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.39	%
Class C Shares	3.16
Class R Shares	3.26
Class Y Shares	3.51
Class R5 Shares	3.55
Class R6 Shares	3.69
Custom Invesco Senior Floating Rate Index▼	4.01
JP Morgan Leveraged Loan Index∎	4.01
Source(s): ▼Invesco, Bloomberg LP; ∎ Bloomberg LP
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 Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (9/8/99)	3.97	%
10 Years	2.32
5 Years	0.57
1 Year	-1.24
Class C Shares
Inception (9/8/99)	3.95	%
10 Years	2.08
5 Years	0.47
1 Year	0.45
Class R Shares
Inception (10/26/12)	2.56	%
10 Years	2.41
5 Years	0.97
1 Year	1.88
Class Y Shares
Inception (11/28/05)	3.84	%
10 Years	2.93
5 Years	1.49
1 Year	2.36
Class R5 Shares
10 Years	2.79	%
5 Years	1.48
1 Year	2.47
Class R6 Shares
Inception (10/26/12)	3.17	%
10 Years	3.03
5 Years	1.60
1 Year	2.45

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, 2023

(Unaudited)

	Interest    Rate		Maturity Date		Principal    Amount (000)(a)		Value
Variable Rate Senior Loan Interests-82.45%(b)(c)
Aerospace & Defense-3.87%
Brown Group Holding LLC (Signature Aviation US Holdings, Inc.) Incremental Term Loan B-2 (1 mo. Term SOFR + 3.75%)		8.37%		07/01/2029	$	6,020	$       6,028,377
Term Loan (1 mo. USD LIBOR + 2.50%)		7.13%		06/07/2028		14,951	14,855,687
Castlelake Aviation Ltd.
Term Loan (3 mo. USD LIBOR + 2.75%)		7.52%		10/22/2026		12,879	12,785,696
Term Loan(d)		-		10/22/2027		5,807	5,750,919
CEP IV Investment 16 S.a.r.l. (ADB Safegate) (Luxembourg), Term Loan B(d)		-		10/03/2026	EUR	12,104	10,817,694
Dynasty Acquisition Co., Inc.
Term Loan B-1 (1 mo. USD LIBOR + 3.50%)		8.22%		04/08/2026		13,193	12,942,172
Term Loan B-2 (1 mo. USD LIBOR + 3.50%)		8.12%		04/08/2026		7,087	6,951,685
Gogo Intermediate Holdings LLC, Term Loan B (3 mo. USD LIBOR + 3.75%)		8.70%		04/30/2028		2,959	2,949,505
Greenrock Finance, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.35%)		8.93%		06/21/2029		1,188	1,180,673
Term Loan B (3 mo. Term SOFR + 4.25%)		8.93%		06/21/2029		2,574	2,558,124
KKR Apple Bidco LLC
First Lien Term Loan (1 mo. Term SOFR + 2.75%)		7.38%		09/22/2028		14,942	14,873,180
First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.62%		09/22/2028		5,044	5,055,666
Second Lien Term Loan (1 mo. USD LIBOR + 5.75%)		10.38%		09/21/2029		2,335	2,292,306
Peraton Corp., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.65%		02/01/2029		9,237	9,073,500
Propulsion (BC) Finco S.a.r.l. (Spain), Term Loan B (3 mo. Term SOFR + 4.00%)		8.58%		09/13/2029		7,789	7,735,429
Rand Parent LLC (Atlas Air), Term Loan B(d)		-		02/09/2030		5,682	5,532,725
Spirit AeroSystems, Inc., First Lien Term Loan (1 mo. Term SOFR + 4.50%)		9.18%		01/14/2027		8,019	8,039,866
Transdigm, Inc., Term Loan H (1 mo. Term SOFR + 3.25%)		7.83%		02/28/2027		496	495,964
							129,919,168
Air Transport-2.94%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. USD LIBOR + 4.75%)		9.56%		04/20/2028		30,762	31,583,625
American Airlines, Inc., Term Loan(d)		-		02/09/2028		6,064	5,914,101
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		10.00%		06/21/2027		18,093	18,869,833
PrimeFlight Aviation Services, Inc., Term Loan(e)		10.30%		05/09/2024		2,861	2,861,515
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Term Loan (3 mo. USD LIBOR + 3.75%)		8.56%		10/20/2027		2,643	2,740,820
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.57%		04/21/2028		24,976	24,997,597
WestJet Airlines Ltd. (Canada), Term Loan (1 mo. USD LIBOR + 3.00%)		7.59%		12/11/2026		12,271	11,721,243
							98,688,734
Automotive-1.98%
Adient PLC, Term Loan B-1 (1 mo. USD LIBOR + 3.25%)		7.88%		04/10/2028		16,158	16,173,428
American Axle & Manufacturing, Inc., Term Loan (1 mo. Term SOFR + 3.50%)		8.16%		12/08/2029		2,515	2,518,401
Autokiniton US Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 4.50%)		9.10%		04/06/2028		11,166	11,097,606
BCA Marketplace (United Kingdom)
Second Lien Term Loan B		11.43%		07/27/2029	GBP	5,046	3,206,482
Term Loan B		8.18%		07/28/2028	GBP	1,187	1,152,210
DexKo Global, Inc., First Lien Term Loan (1 mo. Term SOFR + 6.50%)(e)		11.08%		10/04/2028		1,328	1,268,279
Driven Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.00%)		7.74%		12/16/2028		2,318	2,273,117
First Brands Group Intermediate LLC
Term Loan B (6 mo. Term SOFR + 5.00%)		10.25%		03/30/2027		3,030	2,956,290
Term Loan B(d)		-		03/30/2027		8,737	8,373,150
Garrett Borrowing LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		8.08%		04/30/2028		1,170	1,159,579
Highline Aftermarket Acquisition LLC, Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		11/09/2027		6,122	5,853,753
Mavis Tire Express Services TopCo L.P., First Lien Term Loan (1 mo. Term SOFR + 4.00%)		8.73%		05/04/2028		9,270	8,993,973
Panther BF Aggregator 2 L.P. (Canada), Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		04/30/2026		1,469	1,465,504
							66,491,772

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
Beverage & Tobacco-0.76%
AI Aqua Merger Sub, Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.37%		07/31/2028	$	14,148	$       13,665,517
Arctic Glacier U.S.A., Inc., Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		03/20/2024		5,604	5,214,914
City Brewing Co. LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.33%		03/31/2028		13,569	6,711,152
							25,591,583
Brokers, Dealers & Investment Houses-0.12%
AqGen Island Intermediate Holdings, Inc., Second Lien Term Loan B (3 mo. USD LIBOR + 6.50%)		11.31%		08/05/2029		143	128,981
Zebra Buyer LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/01/2028		3,811	3,796,687
							3,925,668
Building & Development-1.81%
Chariot Buyer LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		11/03/2028		5,157	4,977,484
Empire Today LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		9.60%		04/01/2028		12,131	9,832,209
Fusilli HoldCo (Jersey), Term Loan B (3 mo. EURIBOR + 6.00%) (Acquired 02/24/2022-03/03/2022; Cost $2,356,708)(f)		8.54%		10/12/2023	EUR	2,175	2,002,709
Icebox Holdco III, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.23%		12/22/2028		8,465	8,042,135
LBM Holdings LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		12/17/2027		5	4,582
LHS Borrow LLC (Leaf Home Solutions), Term Loan (1 mo. Term SOFR + 4.75%)		9.47%		02/16/2029		12,847	10,614,508
Mayfair Mall LLC, Term Loan(e)		7.82%		04/20/2023		3,608	3,300,909
Oldcastle BuildingEnvelope, Inc., Term Loan B (3 mo. Term SOFR + 4.50%)		9.18%		04/29/2029		8,781	8,523,785
Quikrete Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 2.63%)		7.26%		02/01/2027		2,019	2,005,143
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.63%		06/11/2028		6,073	6,058,524
Standard Industries, Inc., Term Loan B (6 mo. USD LIBOR + 2.25%)		6.43%		09/22/2028		1,992	1,989,947
TAMKO Building Products LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.78%		05/29/2026		3,386	3,349,729
							60,701,664
Business Equipment & Services-7.96%
Aegion Corp., Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		05/17/2028		4,025	3,932,046
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		05/12/2028		807	778,752
Asurion LLC (fka Asurion Corp.), Term Loan B-7 (1 mo. USD LIBOR + 3.00%)		7.63%		11/03/2024		3,325	3,318,082
Camelot Finance L.P.
Incremental Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026		6,741	6,728,696
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		10/30/2026		5,419	5,405,206
Checkout Holding Corp.
Term Loan		0.00%		06/30/2023		1,040	1,040,062
Term Loan(e)		14.87%		09/08/2029		0	23
Cimpress USA, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		05/17/2028		9,699	8,818,797
Constant Contact
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.31%		02/15/2029		3,743	3,134,345
Term Loan B (1 mo. USD LIBOR + 4.00%)		8.81%		02/10/2028		7,916	7,507,039
Corp. Service Co., Term Loan B (1 mo. Term SOFR + 3.25%)		7.97%		08/08/2029		5,522	5,530,787
Creation Technologies, Inc., Term Loan B (3 mo. USD LIBOR + 5.50%)(e)		10.28%		10/05/2028		6,271	5,409,036
Dakota Holding Corp.
First Lien Term Loan (1 mo. Term SOFR + 3.75%)		8.37%		04/09/2027		8,866	8,524,968
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		04/07/2028		1,901	1,785,533
Dun & Bradstreet Corp. (The)
Incremental Term Loan B-2 (1 mo. Term SOFR + 3.25%)		7.85%		01/18/2029		2,820	2,810,488
Revolver Loan (1 mo. USD LIBOR + 3.00%)(e)		4.06%		09/11/2025		2,032	2,011,055
Revolver Loan(e)(g)		0.00%		09/11/2025		11,786	11,664,118
Term Loan (1 mo. USD LIBOR + 3.25%)		7.87%		02/06/2026		11,593	11,580,828
Garda World Security Corp. (Canada)
Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.81%		02/01/2029		7,036	7,005,076
Term Loan B-2 (1 mo. USD LIBOR + 4.25%)		8.91%		10/30/2026		11,373	11,376,503
GI Revelation Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		05/12/2028		14,316	13,722,018
Holding Socotec (France), Term Loan B(d)		-		06/30/2028		515	503,015

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)
iQor US, Inc.
Term Loan		12.13%		11/19/2024	$	11,503	$     11,445,937
Term Loan(e)		12.13%		11/19/2025		15,413	11,174,624
Karman Buyer Corp., First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.50%)		9.29%		10/28/2027		9,274	7,671,211
Konecta (Kronosnet CX Bidco 2022, S.L.) (Spain)
First Lien Term Loan (3 mo. EURIBOR + 5.75%)		8.17%		09/30/2029	EUR	1,192	1,173,589
Term Loan		8.20%		09/30/2029	EUR	740	728,431
Monitronics International, Inc.
Term Loan (3 mo. USD LIBOR + 7.50%) (Acquired 08/30/2019-01/28/2021; Cost $31,831,371)(f)		12.33%		03/29/2024		33,327	21,829,459
Term Loan (1 mo. USD LIBOR + 6.00%) (Acquired 04/27/2022; Cost $1,535,884)(e)(f)		10.83%		07/03/2024		1,533	1,456,174
Orchid Merger Sub II LLC, Term Loan (6 mo. Term SOFR + 4.75%)(e)		9.48%		07/27/2027		10,582	9,153,385
Prime Security Services Borrower LLC, First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.75%)		6.41%		09/23/2026		2,224	2,222,343
QA Group (IndigoCyan) (Jersey), Term Loan B (3 mo. GBP LIBOR + 4.75%)		8.80%		06/23/2024	GBP	10,053	11,661,945
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. Term SOFR + 2.50%)		9.25%		11/08/2024		8,568	8,569,346
Sitel Worldwide Corp., Term Loan (1 mo. USD LIBOR + 3.75%)		8.39%		08/28/2028		392	391,479
Skillsoft Corp., Term Loan (1 mo. Term SOFR + 4.75%)		9.93%		07/14/2028		4,131	3,581,364
Solera (Polaris Newco LLC), Term Loan B		9.18%		06/05/2028	GBP	1,509	1,695,514
Spin Holdco, Inc., Term Loan (3 mo. USD LIBOR + 4.00%)		8.77%		03/04/2028		20,139	17,061,070
Tempo Acquisition LLC, Term Loan B (1 mo. Term SOFR + 3.00%)		7.62%		08/31/2028		2,962	2,962,737
Thevelia (US) LLC, First Lien Term Loan B (3 mo. Term SOFR + 4.00%)		8.73%		06/17/2029		6,392	6,255,778
Trans Union LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		6.88%		11/30/2028		6,005	5,979,424
Verra Mobility Corp., Term Loan B (6 mo. USD LIBOR + 3.25%)		7.88%		03/19/2028		7,854	7,852,822
Virtusa Corp.
Incremental Term Loan B (1 mo. Term SOFR + 3.75%)		8.47%		02/08/2029		4,237	4,221,903
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/11/2028		2,644	2,636,151
WebHelp (France), Term Loan B (1 mo. USD LIBOR + 4.00%)		8.05%		08/04/2028		5,219	5,064,147
							267,375,306
Cable & Satellite Television-3.67%
Altice Financing S.A. (Luxembourg), Term Loan (e)		9.57%		10/31/2027		27,382	27,347,971
Atlantic Broadband Finance LLC, Incremental Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		09/01/2028		1,118	1,102,729
CSC Holdings LLC
Term Loan (1 mo. Term SOFR + 2.50%)		7.09%		04/15/2027		566	511,621
Term Loan B (1 mo. Term SOFR + 4.50%)		9.06%		01/15/2028		17,160	16,108,683
Numericable-SFR S.A. (France)
Incremental Term Loan B-13 (3 mo. USD LIBOR + 4.00%)		8.86%		08/14/2026		14,677	14,289,044
Term Loan B-12 (3 mo. USD LIBOR + 3.69%)		8.52%		01/31/2026		23,399	22,745,021
Telenet - LG, Term Loan AR (6 mo. USD LIBOR + 2.00%)		0.00%		04/30/2028		526	514,910
UPC - LG, Term Loan AX (1 mo. USD LIBOR + 2.93%)		7.51%		01/31/2029		17,002	16,799,797
Virgin Media 02 - LG (United Kingdom)
Term Loan N (1 mo. USD LIBOR + 2.50%)		7.09%		01/31/2028		11,928	11,721,209
Term Loan Q (1 mo. USD LIBOR + 3.25%)		7.84%		01/31/2029		10,195	10,162,762
Vodafone Ziggo - LG, Term Loan I		7.09%		04/30/2028		2,000	1,961,670
							123,265,417
Chemicals & Plastics-4.80%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		7.53%		10/01/2025		12,905	12,851,987
Aruba Investments, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 7.75%)		12.38%		11/24/2028		4,299	3,911,762
Ascend Performance Materials Operations LLC, Term Loan (6 mo. Term SOFR + 4.75%)		8.83%		08/27/2026		7,014	7,014,902
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-4 (1 mo. Term SOFR + 3.00%)		7.51%		12/20/2029		8,167	8,214,118
BASF Construction Chemicals (Germany), Term Loan B-3 (3 mo. USD LIBOR + 3.50%)		7.17%		09/29/2027		24,855	24,846,909
BES (Discovery Purchaser Corp.), Second Lien Term Loan (3 mo. Term SOFR + 4.38%)		8.96%		10/03/2029		1,394	1,338,718
Charter NEX US, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.48%		12/01/2027		7,122	7,017,799

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-4 (3 mo. EURIBOR + 4.25%)		0.75%		09/21/2023	EUR	0	$                205
First Lien Term Loan B-5(d)		-		09/21/2023	EUR	0	235
PIK First Lien Term Loan, 0.75% PIK Rate, 5.75% Cash Rate(h)		0.75%		09/21/2023	EUR	23	17,608
PIK Second Lien Term Loan B-2, 5.75% PIK Rate, 9.07% Cash Rate(h)		5.75%		09/21/2024	$	155	81,319
Cyanco Intermediate 2 Corp., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.13%		03/16/2025		865	850,776
Eastman Tire Additives (River Buyer, Inc.), First Lien Term Loan (1 mo. USD LIBOR + 5.25%)		9.98%		11/01/2028		10,870	9,928,301
Fusion (Fusion UK Holding Ltd. & US HoldCo VAD, Inc.), Term Loan B (3 mo. Term SOFR + 3.75%)		8.30%		05/28/2029		2,485	2,360,552
Gemini HDPE LLC, Term Loan (3 mo. USD LIBOR + 3.00%)		7.83%		12/31/2027		8,115	8,111,124
H.B. Fuller Co., Term Loan B(d)		-		02/08/2030		2,512	2,532,682
ICP Group Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		12/29/2027		7,764	6,570,693
Ineos US Finance LLC
Term Loan(d)		-		11/08/2027		12,554	12,536,115
Term Loan(d)		-		02/09/2030		5,356	5,323,789
Kersia International S.A.S. (Belgium), Term Loan B (3 mo. EURIBOR + 3.93%)		6.13%		12/23/2027	EUR	14	13,455
Lummus Technology (Illuminate Buyer LLC), Term Loan B (1 mo. USD LIBOR + 3.50%)		8.13%		06/30/2027		6,179	6,058,905
Nobian Finance B.V., Term Loan B		5.40%		07/01/2026	EUR	6,100	6,157,358
Proampac PG Borrower LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		7.58%		11/03/2025		4,944	4,878,408
Quantix, Term Loan(e)		10.80%		05/03/2025		4,916	4,817,223
Tronox Finance LLC, Incremental Term Loan B (3 mo. Term SOFR + 3.25%)		7.83%		03/03/2029		6,591	6,574,019
Vertellus
Revolver Loan(e)		10.42%		12/22/2025		169	158,258
Revolver Loan(e)(g)		0.00%		12/22/2025		721	676,992
Term Loan B(e)		10.87%		12/22/2027		7,260	6,947,438
W.R. Grace & Co., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		09/22/2028		11,279	11,244,867
							161,036,517
Clothing & Textiles-0.73%
ABG Intermediate Holdings 2 LLC
First Lien Term Loan B-1 (1 mo. Term SOFR + 3.50%)		8.22%		12/21/2028		15,343	15,089,137
Second Lien Term Loan (1 mo. Term SOFR + 6.00%)		10.72%		12/20/2029		2,770	2,572,424
BK LC Lux SPV S.a.r.l. (Birkenstock), Term Loan B (1 mo. USD LIBOR + 3.25%)		8.06%		04/28/2028		6,822	6,783,972
							24,445,533
Conglomerates-0.33%
APi Group DE, Inc., Incremental Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		01/03/2029		3,246	3,249,582
Safe Fleet Holdings LLC
Incremental First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.66%		02/23/2029		1,239	1,232,846
Term Loan B (1 mo. Term SOFR + 3.75%)		8.41%		02/17/2029		6,541	6,416,041
							10,898,469
Containers & Glass Products-2.10%
Berlin Packaging LLC, Term Loan B-5 (1 mo. USD LIBOR + 3.75%)		8.48%		03/11/2028		6,940	6,813,759
Keter Group B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 4.25%) (Acquired 11/03/2020-02/21/2023; Cost $16,182,015)(f)		6.74%		10/31/2023	EUR	16,109	13,432,139
Term Loan B-3 (Acquired 09/01/2020-02/21/2023; Cost $5,932,424)(d)(f)		-		10/31/2023	EUR	6,460	5,386,244
LABL, Inc. (Multi-Color), Term Loan (1 mo. USD LIBOR + 5.00%)		9.63%		10/29/2028		15,198	14,870,216
Libbey Glass, Inc., First Lien Term Loan
(Acquired 11/22/2022-02/22/2023; Cost $11,467,503)(f)		8.71%		11/22/2027		12,128	11,673,627
Logoplaste (Mar Bidco S.a.r.l.) (Portugal), Term Loan B (1 mo. USD LIBOR + 4.30%)		9.03%		07/07/2028		3,568	3,318,206
Mold-Rite Plastics LLC (Valcour Packaging LLC)
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)(e)		7.98%		10/04/2028		4,739	4,158,212
Second Lien Term Loan (6 mo. USD LIBOR + 7.00%)(e)		11.23%		10/04/2029		1,504	1,052,806
Refresco Group N.V. (Netherlands), Term Loan B (3 mo. Term SOFR + 4.25%)		9.01%		07/12/2029		9,735	9,703,097
							70,408,306

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
Cosmetics & Toiletries-0.74%
Bausch and Lomb, Inc., Term Loan (1 mo. Term SOFR + 3.25%)		7.84%		05/10/2027	$	18,889	$     18,517,726
Coty, Inc., Term Loan B (3 mo. USD LIBOR + 2.25%)		6.84%		04/05/2025		5,707	5,701,196
Rodenstock (Germany), Term Loan B (3 mo. EURIBOR + 5.00%)		7.49%		06/29/2028	EUR	832	753,732
							24,972,654
Drugs-0.17%
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)		6.63%		11/15/2027		1,640	1,599,297
Perrigo Investments LLC, Term Loan B (1 mo. Term SOFR + 2.50%)		7.22%		04/06/2029		4,045	4,057,453
							5,656,750
Ecological Services & Equipment-0.87%
Anticimex (Sweden), Term Loan B-1 (3 mo. USD LIBOR + 3.50%)		8.45%		11/16/2028		3,021	2,995,080
EnergySolutions LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/11/2025		7,477	7,238,333
GFL Environmental, Inc. (Canada), Term Loan B		7.72%		05/28/2027		1,109	1,112,482
Groundworks LLC
Delayed Draw Term Loan(e)		9.48%		01/17/2026		224	223,736
Delayed Draw Term Loan(e)		9.48%		01/17/2026		6,771	6,770,905
Delayed Draw Term Loan(e)(g)		0.00%		01/17/2026		1,780	1,779,626
Term Loan(e)		9.48%		01/17/2026		397	396,809
Term Loan(e)(g)		0.00%		03/14/2029		265	257,393
Term Loan(e)(g)		0.00%		03/14/2030		829	804,354
OGF (France), Term Loan B-2 (6 mo. EURIBOR + 4.75%)		7.11%		12/31/2025	EUR	1,133	1,114,968
Patriot Container Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.47%		03/20/2025		2,458	2,317,003
TruGreen L.P., Second Lien Term Loan (1 mo. USD LIBOR + 8.50%)(e)		13.33%		11/02/2028		5,636	4,057,645
							29,068,334
Electronics & Electrical-9.18%
Altar BidCo, Inc. (Brooks Automation, Inc.), Second Lien Term Loan (6 mo. Term SOFR + 5.60%)		10.49%		02/01/2030		1,427	1,262,000
AppLovin Corp., Term Loan (3 mo. Term SOFR + 3.00%)		9.50%		10/25/2028		7,553	7,496,120
Boxer Parent Co., Inc., Term Loan B (1 mo. EURIBOR + 4.00%)		6.43%		10/02/2025	EUR	134	139,568
Brave Parent Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.00%)		8.63%		04/18/2025		7,414	7,331,081
CommerceHub, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.78%		01/01/2028		7,863	7,526,821
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		04/06/2026		10,078	9,805,747
Delta Topco, Inc. (Infoblox, Inc.), First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.15%		12/01/2027		2,657	2,483,918
Diebold Nixdorf, Inc.
Term Loan (1 mo. Term SOFR + 5.25%)		9.97%		07/15/2025		5,851	4,000,388
Term Loan (1 mo. Term SOFR + 6.40%)		11.63%		07/15/2025		2,297	2,399,933
Digi International, Inc., Term Loan (6 mo. USD LIBOR + 5.00%)(e)		9.63%		11/01/2028		5,343	5,349,522
E2Open LLC, Term Loan (3 mo. USD LIBOR + 3.50%)		8.08%		02/04/2028		3,344	3,332,193
Entegris, Inc., Term Loan B (1 mo. Term SOFR + 3.00%)		7.62%		07/06/2029		9,574	9,607,514
ETA Australia Holdings III Pty. Ltd. (Australia), First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.62%		05/06/2026		163	157,670
EverCommerce, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		07/01/2028		1,395	1,391,935
Forcepoint, Term Loan (3 mo. USD LIBOR + 4.25%)		9.08%		01/07/2028		2,279	2,154,176
Go Daddy Operating Co. LLC, Term Loan		7.87%		11/09/2029		497	497,824
GoTo Group, Inc. (LogMeIn), First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.38%		08/31/2027		26,412	14,653,303
Imperva, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.75%)		12.65%		01/11/2027		5,160	3,866,647
Term Loan (3 mo. USD LIBOR + 4.00%)		8.86%		01/10/2026		4,895	4,182,768
Inetum (Granite Fin Bidco SAS) (France)
Term Loan(d)(e)		-		09/23/2028	EUR	1,128	1,139,626
Term Loan B		7.06%		10/17/2028	EUR	1,995	2,014,914
Infinite Electronics, Second Lien Term Loan (3 mo. USD LIBOR + 7.00%)		11.73%		03/02/2029		1,609	1,451,730
Informatica Corp., Term Loan (1 mo. USD LIBOR + 2.75%)		7.44%		10/15/2028		4,420	4,417,767
Internap Corp., Second Lien Term Loan(d)(e)		-		05/08/2025		9,522	4,761,262
Learning Pool (Brook Bidco Ltd.) (United Kingdom)
Term Loan(e)		9.97%		08/17/2028	GBP	2,181	2,565,721
Term Loan 1(d)(e)		-		08/17/2028		2,878	2,762,534

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)
Mavenir Systems, Inc., Term Loan B (3 mo. USD LIBOR + 4.75%)		9.65%		08/13/2028	$	14,058	$       9,489,152
McAfee Enterprise
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		07/27/2029		1,712	1,350,072
Term Loan B (1 mo. USD LIBOR + 4.75%)		9.58%		07/27/2028		2,504	2,142,543
McAfee LLC, Term Loan B-1 (1 mo. Term SOFR + 4.50%)		8.42%		03/01/2029		10,558	9,920,899
Mirion Technologies, Inc., Term Loan (6 mo. USD LIBOR + 2.75%)		7.48%		10/20/2028		6,777	6,739,099
Natel Engineering Co., Inc., Term Loan (3 mo. USD LIBOR + 6.25%) (Acquired 04/16/2020-02/01/2022; Cost $12,439,019)(f)		10.42%		04/29/2026		13,585	12,192,261
Native Instruments (Germany), Term Loan(e)		7.98%		03/03/2028	EUR	5,364	5,349,932
NCR Corp., Term Loan B (3 mo. USD LIBOR + 2.50%)		7.33%		08/28/2026		5,085	5,055,371
Oberthur Tech, Term Loan B (3 mo. USD LIBOR + 4.50%)		9.23%		01/09/2026		1,711	1,696,165
Open Text Corp. (Canada), Incremental Term Loan B(d)		-		08/27/2029		14,483	14,481,781
Optiv, Inc.
Second Lien Term Loan (3 mo. USD LIBOR + 7.25%)		11.42%		01/31/2025		2,025	1,884,629
Term Loan (3 mo. USD LIBOR + 3.25%)		7.42%		02/01/2024		17,110	17,019,162
Philips Domestic Appliances (Nobel Bidco) (Netherlands), Term Loan(d)		-		06/23/2028	EUR	5,000	4,358,807
Project Accelerate Parent LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%)(e)		8.88%		01/02/2025		7,421	7,235,849
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		7.88%		08/31/2028		4,974	4,843,064
Quest Software US Holdings, Inc.
Second Lien Term Loan (3 mo. Term SOFR + 7.50%)		12.33%		01/20/2030		938	609,151
Term Loan B (3 mo. Term SOFR + 4.25%)		9.08%		01/19/2029		19,802	17,115,149
Riverbed Technology, Inc., PIK Term Loan, 2.00% PIK Rate, 10.83% Cash Rate (Acquired 12/06/2021-02/07/2023; Cost $24,059,059)(f)(h)		2.00%		12/08/2026		20,380	7,425,974
Sandvine Corp.
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.33%		10/31/2025		3,981	3,778,533
Second Lien Term Loan		12.83%		11/02/2026		1,652	1,474,426
SonicWall U.S. Holdings, Inc.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.71%		05/16/2025		5,925	5,871,742
Second Lien Term Loan (3 mo. USD LIBOR + 7.50%)		12.46%		05/18/2026		1,804	1,689,152
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.58%		05/04/2026		7,072	6,991,269
Incremental First Lien Term Loan (3 mo. USD LIBOR + 3.25%)		8.03%		05/04/2026		8,147	7,999,700
Second Lien Term Loan (3 mo. USD LIBOR + 5.25%)		10.03%		05/03/2027		1,068	1,044,206
UST Holdings Ltd., Term Loan B (1 mo. USD LIBOR + 3.75%)		8.48%		11/19/2028		5,477	5,461,212
Utimaco (Germany)
Term Loan B(e)		8.95%		05/31/2029	EUR	13,364	13,541,134
Term Loan B(e)		11.06%		05/31/2029		7,500	7,245,292
Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		09/01/2025		13,767	10,831,329
WebPros, Term Loan (3 mo. USD LIBOR + 5.25%)		9.98%		02/18/2027		6,788	6,669,370
							308,259,107
Financial Intermediaries-1.00%
Edelman Financial Center LLC (The)
Incremental Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		04/07/2028		18,000	17,569,985
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		07/20/2026		705	688,548
LendingTree, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		8.39%		09/15/2028		7,050	6,527,355
MoneyGram International, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 4.50%)		9.13%		07/21/2026		3,974	3,968,481
Stiphout Finance LLC, Incremental Term Loan (1 mo. EURIBOR + 3.75%)		6.18%		10/26/2025	EUR	6	6,314
Tegra118 Wealth Solutions, Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		8.56%		02/18/2027		4,854	4,737,469
							33,498,152
Food Products-1.81%
Biscuit Intl (Cookie Acq S.A.S., De Banketgroep Holding) (France), First Lien Term Loan (6 mo. EURIBOR + 4.00%)		5.86%		02/15/2027	EUR	11,538	9,583,462
Florida Food Products LLC
First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.62%		10/18/2028		3,055	2,856,429
First Lien Term Loan (1 mo. Term SOFR + 5.00%)(e)		9.63%		10/18/2028		20,626	19,284,839
Second Lien Term Loan (1 mo. USD LIBOR + 8.00%)		12.63%		10/08/2029		4,194	3,774,714

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
Food Products-(continued)
H-Food Holdings LLC
Incremental Term Loan B-2 (1 mo. USD LIBOR + 4.00%)		8.63%		05/23/2025	$	2,401	$       2,168,364
Incremental Term Loan B-3 (1 mo. USD LIBOR + 5.00%)		9.63%		05/23/2025		736	666,375
Term Loan (3 mo. USD LIBOR + 3.69%)		8.32%		05/23/2025		7,831	7,065,442
Nomad Foods US LLC (United Kingdom), Term Loan B (1 mo. Term SOFR + 3.75%)		8.23%		11/10/2029		2,212	2,218,802
Sigma Bidco B.V. (Netherlands)
Term Loan B-1 (3 mo. EURIBOR + 3.50%)		6.24%		07/02/2025	EUR	9,400	9,277,977
Term Loan B-2 (3 mo. USD LIBOR + 3.00%)		7.46%		07/02/2025		1,852	1,739,773
United Natural Foods, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)		7.98%		10/22/2025		348	349,698
Valeo Foods (Jersey) Ltd. (United Kingdom), First Lien Term Loan B		5.16%		09/29/2028	EUR	2,109	1,898,723
							60,884,598
Food Service-0.77%
Euro Garages (Netherlands), Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		02/07/2025		1,116	1,047,052
Financiere Pax S.A.S.
Revolver Loan(e)		3.52%		01/02/2026	EUR	395	340,945
Revolver Loan(e)(g)		0.00%		03/25/2023	EUR	1,186	1,022,835
Term Loan B (6 mo. EURIBOR + 4.75%)		7.19%		07/01/2026	EUR	12,436	12,018,775
US Foods, Inc., Incremental Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		11/22/2028		4,852	4,852,433
WW International, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		8.14%		04/13/2028		11,008	6,398,463
							25,680,503
Health Care-1.71%
athenahealth Group, Inc.
Term Loan (1 mo. Term SOFR + 3.50%)		8.06%		02/15/2029		12,648	11,736,397
Delayed Draw Term Loan(g)		0.00%		02/15/2029		1,266	1,174,665
Biogroup-LCD (France), Term Loan		6.49%		04/25/2026	EUR	13	13,190
Dermatology Intermediate Holdings III, Inc.
Delayed Draw Term Loan (1 mo. Term SOFR + 4.25%)(e)		4.25%		03/31/2029		21	20,701
Delayed Draw Term Loan(e)(g)		0.00%		03/31/2029		1	772
Term Loan B(d)(e)		-		03/23/2029		116	114,305
Ethypharm (Financiere Verdi, Orphea Ltf) (France), Term Loan B		7.93%		04/17/2028	GBP	2,378	2,547,069
Explorer Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 4.50%)		9.13%		02/04/2027		3,920	3,618,933
Global Medical Response, Inc.
Term Loan (1 mo. USD LIBOR + 4.25%)		9.20%		03/14/2025		1,991	1,595,339
Term Loan (1 mo. USD LIBOR + 4.25%)		8.83%		10/02/2025		7,333	5,849,521
International SOS L.P., Term Loan B (3 mo. USD LIBOR + 3.75%)(e)		8.50%		09/07/2028		2,606	2,570,248
MedAssets Software Intermediate Holdings, Inc. (nThrive TSG)
First Lien Term Loan (1 mo. USD LIBOR + 4.00%)		8.63%		12/18/2028		10,713	10,039,021
Second Lien Term Loan (1 mo. USD LIBOR + 6.75%)		11.38%		12/17/2029		2,752	1,969,673
Neuraxpharm (Cerebro BidCo/Blitz F20-80 GmbH) (Germany)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR	10	10,722
Term Loan B-2 (3 mo. EURIBOR + 4.25%)		6.74%		12/15/2027	EUR	6	6,193
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)		7.75%		06/02/2028		4,095	4,062,826
Stamina BidCo B.V. (Synthon) (Netherlands), Term Loan B (3 mo. EURIBOR + 4.00%)(e)		6.33%		11/02/2028	EUR	883	908,009
Summit Behavioral Healthcare LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.75%)		9.88%		11/24/2028		6,302	6,116,577
Veonet (Blitz F21-433 GmbH) (Germany), First Lien Term Loan(e)		6.95%		03/14/2029	EUR	762	785,916
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.63%		08/27/2025		1,497	1,498,336
Women’s Care Holdings, Inc. LLC
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		9.33%		01/15/2028		1,581	1,485,835
Second Lien Term Loan (1 mo. USD LIBOR + 8.25%)		13.08%		01/15/2029		1,508	1,368,012
							57,492,260
Home Furnishings-2.07%
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. Term SOFR + 3.50%)		8.37%		02/26/2029		19,800	18,276,558
Hunter Douglas, Inc., First Lien Term Loan (3 mo. EURIBOR + 4.00%)		6.67%		02/26/2029	EUR	6,748	6,538,311
Mattress Holding Corp., Term Loan (6 mo. USD LIBOR + 4.25%)		8.44%		09/25/2028		15,322	14,498,028
Serta Simmons Bedding LLC
First Lien Term Loan(i)(j)		0.00%		08/10/2023		8,185	8,097,080
Second Lien Term Loan(i)(j)		0.00%		08/10/2023		15,003	8,412,157

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
Home Furnishings–(continued)
SIWF Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 4.00%)		8.75%		10/06/2028		$         9,290	$       8,020,074
TGP Holdings III LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		8.08%		06/29/2028		1,657	1,334,431
VC GB Holdings, Inc., Second Lien Term Loan (3 mo. USD LIBOR + 6.75%)		11.38%		07/01/2029		2,063	1,638,135
Weber-Stephen Products LLC
Incremental Term Loan B (1 mo. Term SOFR + 4.25%)		8.97%		10/30/2027		491	432,454
Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		10/30/2027		2,734	2,400,789
							69,648,017
Industrial Equipment–3.54%
Chart Industries, Inc., Term Loan B (d)		-		12/08/2029		6,641	6,645,372
Deliver Buyer, Inc. (MHS Holdings), Term Loan B (3 mo. Term SOFR + 5.50%)		10.08%		06/08/2029		8,456	7,314,537
DXP Enterprises, Inc., Term Loan (1 mo. Term SOFR + 4.75%)		10.17%		12/23/2027		5,823	5,731,729
Engineered Machinery Holdings, Inc., Second Lien Incremental Term Loan (3 mo. USD LIBOR + 6.00%)(e)		10.73%		05/21/2029		754	704,937
Kantar (Summer BC Bidco) (United Kingdom)
Revolver Loan(e)(g)		0.00%		06/04/2026		10,250	9,327,500
Term Loan (3 mo. EURIBOR + 4.25%)		6.32%		12/04/2026		EUR         1,204	1,213,479
Term Loan B (3 mo. USD LIBOR + 5.00%)(e)		9.77%		12/04/2026		10,259	9,746,100
Term Loan B-2(d)		-		12/04/2026		2,278	2,172,325
Madison IAQ LLC, Term Loan (3 mo. USD LIBOR + 3.25%)		7.99%		06/21/2028		11,154	10,648,488
MKS Instruments, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)		7.41%		08/17/2029		5,771	5,737,772
New VAC US LLC, Term Loan B (3 mo. USD LIBOR + 4.00%)		8.73%		03/08/2025		4,613	4,151,733
Robertshaw US Holding Corp.
First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		8.25%		02/28/2025		20,788	11,624,141
Second Lien Term Loan (3 mo. USD LIBOR + 8.00%)		12.75%		02/28/2026		3,526	1,220,817
Tank Holding Corp.
Revolver Loan(e)		10.47%		03/31/2028		295	274,174
Revolver Loan(e)(g)		0.00%		03/31/2028		627	582,621
Term Loan (1 mo. Term SOFR + 6.00%)		12.25%		03/31/2028		13,783	13,240,686
Thyssenkrupp Elevators (Vertical Midco GmbH) (Germany), Term Loan B (6 mo. USD LIBOR + 3.50%)		8.60%		07/31/2027		18,222	17,850,185
Victory Buyer LLC (Vantage Elevator)
Second Lien Term Loan B(e)		11.59%		11/19/2029		1,148	924,081
Term Loan B (1 mo. USD LIBOR + 3.75%)(e)		8.34%		11/15/2028		11,241	9,892,441
							119,003,118
Insurance–2.00%
Acrisure LLC
First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		02/15/2027		17,476	16,743,783
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/15/2027		4,764	4,575,793
First Lien Term Loan (1 mo. USD LIBOR + 4.25%)		8.88%		02/15/2027		4,128	3,987,332
Term Loan (1 mo. Term SOFR + 5.75%)		10.45%		02/15/2027		4,529	4,540,252
Alliant Holdings Intermediate LLC
Term Loan(d)		-		05/09/2025		3,960	3,918,377
Term Loan (1 mo. USD LIBOR + 3.50%)		8.09%		11/06/2027		3,265	3,232,124
AmWINS Group LLC, Term Loan B(d)		-		02/19/2028		3,024	3,015,803
HUB International Ltd.
Incremental Term Loan B-3 (1 mo. USD LIBOR + 3.25%)		8.06%		04/25/2025		3,506	3,504,986
Term Loan (3 mo. USD LIBOR + 3.00%)		7.82%		04/25/2025		1,258	1,256,364
Ryan Specialty Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.72%		09/01/2027		5,473	5,474,968
Sedgwick Claims Management Services, Inc., Term Loan B(d)		-		02/21/2028		1,400	1,385,534
USI, Inc.
Term Loan (1 mo. USD LIBOR + 3.25%)		7.98%		12/02/2026		6,571	6,572,772
Term Loan		8.33%		11/22/2029		9,029	9,024,703
							67,232,791
Leisure Goods, Activities & Movies–3.18%
Carnival Corp.
Incremental Term Loan (6 mo. USD LIBOR + 3.25%)		7.88%		10/18/2028		31,086	30,230,821
Term Loan (6 mo. USD LIBOR + 3.00%)		7.63%		06/30/2025		1,677	1,653,293

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–(continued)
Crown Finance US, Inc.
DIP Term Loan (Acquired 09/14/2022-09/23/2022; Cost $19,587,610)(f)		14.40%		09/07/2023		$       20,466	$     20,926,717
First Lien Term Loan (Acquired 02/27/2020-07/26/2022; Cost $10,169,548)(f)(i)(j)		0.00%		09/30/2026		14,274	2,332,371
Revolver Loan(i)		0.00%		03/02/2023		3,916	658,383
Term Loan (Acquired 08/28/2020-11/30/2022; Cost $1,558,678)(f)(i)(j)		0.00%		02/28/2025		EUR         1,928	333,375
Term Loan (Acquired 02/09/2022-10/20/2022; Cost $3,535,751)(f)(i)(j)		0.00%		02/28/2025		5,451	896,649
Delta 2 Lux S.a.r.l. (United Kingdom), First Lien Term Loan		7.87%		01/15/2030		5,617	5,639,736
Fitness International LLC, Term Loan B (3 mo. USD LIBOR + 3.25%)		8.08%		04/18/2025		2,900	2,786,125
Global University Systems (Netherlands), Term Loan B		5.55%		01/29/2027		EUR         1,035	1,034,903
Nord Anglia Education, Term Loan B(d)		-		01/25/2028		2,420	2,422,529
Parques Reunidos (Piolin Bidco s.a.u) (Spain)
Revolver Loan(e)		5.63%		03/16/2026		EUR         1,678	1,588,835
Revolver Loan(e)(g)		0.00%		03/16/2026		EUR            963	911,526
Royal Caribbean Cruises
Revolver Loan(d)(e)		-		04/05/2024		12,468	11,937,742
Revolver Loan(e)(g)		0.00%		04/05/2024		3,195	3,059,680
Scenic (Columbus Capital B.V.) (Australia), Term Loan B (3 mo. EURIBOR + 3.75%)		5.95%		02/27/2027		EUR         5,217	4,519,429
SeaWorld Parks & Entertainment, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		7.69%		08/25/2028		6,997	6,987,279
Vue International Bidco PLC (United Kingdom)
First Lien Term Loan(e)(j)		0.00%		07/03/2025		GBP         2,500	1,661,436
Term Loan		0.00%		06/30/2027		EUR            326	301,371
Term Loan		9.77%		06/30/2027		EUR         1,867	1,728,026
Term Loan		4.35%		12/31/2027		EUR         7,856	5,238,320
							106,848,546
Lodging & Casinos–3.78%
Aimbridge Acquisition Co., Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		02/02/2026		6,891	6,556,971
First Lien Term Loan (1 mo. USD LIBOR + 4.75%)		9.34%		02/02/2026		6,611	6,301,798
B&B Hotels S.A.S. (France), Term Loan B-3-A (6 mo. EURIBOR + 3.38%)		6.04%		07/31/2026		EUR         3,892	3,988,660
Bally’s Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		7.85%		10/02/2028		5,833	5,570,956
Caesars Entertainment, Inc., Term Loan B(d)		-		01/26/2030		12,901	12,899,972
Everi Payments, Inc., Term Loan B (1 mo. USD LIBOR + 2.50%)		7.13%		08/03/2028		7,630	7,611,470
Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. Term SOFR + 4.00%)		8.62%		01/31/2029		6,996	6,818,767
Flutter Financing B.V. (Stars Group), Term Loan B (1 mo. Term SOFR + 3.25%)		8.09%		07/04/2028		8,098	8,110,227
GVC Finance LLC
First Lien Term Loan (1 mo. Term SOFR + 3.50%)		8.18%		10/31/2029		9,135	9,142,290
Term Loan B-4 (3 mo. USD LIBOR + 2.50%)		7.23%		03/16/2027		5,475	5,474,600
Hilton Grand Vacations Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		08/02/2028		2,378	2,377,079
HotelBeds (United Kingdom)
Term Loan B (3 mo. EURIBOR + 4.25%)		6.71%		09/12/2025		EUR         9,800	9,739,952
Term Loan C		6.96%		09/30/2027		EUR       10,722	10,579,555
Term Loan D (6 mo. EURIBOR + 5.50%)		7.75%		09/12/2027		EUR       14,533	14,607,209
Light & Wonder, Inc., Term Loan (1 mo. Term SOFR + 3.00%)		7.66%		04/07/2029		4,994	4,988,843
Penn National Gaming, Inc., Term Loan B (1 mo. Term SOFR + 2.75%)		7.47%		05/03/2029		7,867	7,853,517
Scientific Games Lottery, Term Loan B		8.10%		04/04/2029		1,917	1,887,826
Travel + Leisure Co., Incremental Term Loan (1 mo. Term SOFR + 4.00%)		8.61%		12/14/2029		2,505	2,501,675
							127,011,367
Nonferrous Metals & Minerals–0.48%
ACNR Holdings, Inc., PIK Term Loan, 3.00% PIK Rate, 17.82% Cash Rate (h)		3.00%		09/16/2025		2,026	2,039,679
American Rock Salt Co. LLC, Second Lien Term Loan (1 mo. USD LIBOR + 7.25%)(e)		11.88%		06/11/2029		369	350,406
AZZ, Inc., Term Loan		8.97%		05/13/2029		6,188	6,198,370
Form Technologies LLC
First Lien Term Loan (3 mo. USD LIBOR + 4.50%)		9.46%		07/19/2025		5,111	4,680,816
First Lien Term Loan (3 mo. USD LIBOR + 9.00%)(e)		13.96%		10/22/2025		3,053	2,472,928

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
Nonferrous Metals & Minerals–(continued)
SCIH Salt Holdings Inc. (Kissner Group), Incremental First Lien Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		8.83%		03/16/2027		$            447	$          436,135
							16,178,334
Oil & Gas–2.50%
Brazos Delaware II LLC, First Lien Term Loan (d)		-		02/01/2030		7,152	7,119,322
Gulf Finance LLC, Term Loan (1 mo. USD LIBOR + 6.75%)		11.48%		08/25/2026		5,018	4,933,943
McDermott International Ltd.
LOC(g)		0.00%		06/30/2024		15,188	12,377,968
LOC(e)		5.48%		06/30/2024		7,455	5,218,209
PIK Term Loan, 3.00% PIK Rate, 5.63% Cash Rate(h)		3.00%		06/30/2025		3,954	2,624,768
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		06/30/2024		425	258,409
Par Petroleum LLC and Par Petroleum Finance Corp. (Par Pacific), Term Loan B(d)		-		02/14/2030		4,955	4,901,981
Petroleum GEO-Services ASA (Norway)
Term Loan (Acquired 05/23/2022; Cost $1,752,010)(e)(f)		11.33%		03/18/2024		1,752	1,778,290
Term Loan (1 mo. USD LIBOR + 7.50%) (Acquired 02/03/2021-03/02/2021; Cost $11,391,684)(f)		12.14%		03/19/2024		12,926	12,732,669
QuarterNorth Energy, Inc., Second Lien Term Loan (1 mo. USD LIBOR + 8.00%) (Acquired 08/03/2021-10/14/2022; Cost $24,041,870)(f)		12.63%		08/27/2026		24,443	24,402,755
TransMontaigne Partners LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)		8.09%		11/17/2028		5,432	5,411,780
WhiteWater Whistler Holdings LLC, Term Loan B(d)		-		01/25/2030		2,222	2,220,430
							83,980,524
Publishing–3.38%
Adtalem Global Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.00%)		8.63%		08/12/2028		1,232	1,231,652
Cengage Learning, Inc., Term Loan B (6 mo. USD LIBOR + 4.75%)		9.88%		06/29/2026		20,654	19,581,239
Clear Channel Worldwide Holdings, Inc., Term Loan B (3 mo. USD LIBOR + 3.50%)		4.56%		08/21/2026		17,818	16,911,960
Dotdash Meredith, Inc., Term Loan B (1 mo. Term SOFR + 4.00%)(e)		8.67%		12/01/2028		20,131	17,815,496
Harbor Purchaser, Inc. (Houghton Mifflin Harcourt)
Second Lien Term Loan(e)		13.12%		04/08/2030		9,822	8,544,950
Term Loan B (1 mo. Term SOFR + 5.25%)		9.97%		04/09/2029		14,427	13,273,372
McGraw-Hill Education, Inc., Term Loan B (1 mo. USD LIBOR + 4.75%)		9.38%		07/30/2028		23,404	22,526,541
Micro Holding L.P.
First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024		584	580,989
Term Loan (1 mo. USD LIBOR + 3.75%)		8.38%		09/13/2024		13,241	13,166,489
							113,632,688
Radio & Television–1.43%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. Term SOFR + 3.25%) (Acquired 03/01/2022; Cost $6,394,647)(f)		8.03%		08/24/2026		9,684	1,138,697
E.W. Scripps Co. (The), Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		01/07/2028		5,345	5,279,815
Gray Television, Inc., Term Loan D (1 mo. USD LIBOR + 3.00%)		7.57%		12/01/2028		9,405	9,316,548
iHeartCommunications, Inc.
Incremental Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		05/01/2026		2,801	2,730,496
Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		05/01/2026		12,780	12,405,396
Sinclair Television Group, Inc.
Term Loan B-2-B (1 mo. USD LIBOR + 2.50%)		7.14%		09/30/2026		5,129	4,981,906
Term Loan B-3 (1 mo. USD LIBOR + 3.00%)		7.64%		04/01/2028		12,428	12,002,100
							47,854,958
Retailers (except Food & Drug)–1.93%
Bass Pro Group LLC, Term Loan B-2 (1 mo. USD LIBOR + 3.75%)		8.38%		03/06/2028		13,427	13,255,066
CNT Holdings I Corp. (1-800 Contacts), First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		11/08/2027		11,078	10,898,107
Kirk Beauty One GmbH (Germany)
Term Loan B-1 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR         1,487	1,503,839
Term Loan B-2 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR            858	867,595
Term Loan B-3		7.45%		04/08/2026		EUR         1,724	1,742,987
Term Loan B-4 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR         2,624	2,652,390
Term Loan B-5 (6 mo. EURIBOR + 5.50%)		7.45%		04/08/2026		EUR            585	591,181

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
Retailers (except Food & Drug)–(continued)
Petco Animal Supplies, Inc., First Lien Term loan (3 mo. Term SOFR + 3.25%)		8.09%		03/02/2028		$         6,949	$       6,888,372
PetSmart LLC, Term Loan (1 mo. Term SOFR + 3.75%)		8.47%		02/11/2028		18,875	18,849,283
Savers, Inc., Term Loan (3 mo. USD LIBOR + 5.50%)		10.34%		04/26/2028		7,705	7,634,174
							64,882,994
Structured Products–0.08%
Madison Park Funding XVIII Ltd. (Cayman Islands), Series 2015-18A, Class ER (k)		6.35%		10/21/2030		3,150	2,804,328
Surface Transport–2.10%
American Trailer World Corp., First Lien Term Loan (1 mo. Term SOFR + 3.75%)		8.47%		03/03/2028		4,119	3,662,350
Carriage Purchaser, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)		8.88%		09/30/2028		3,727	3,676,926
First Student Bidco, Inc.
Delayed Draw Term Loan (3 mo. Term SOFR + 4.00%)		8.68%		07/21/2028		721	704,192
Incremental Term Loan B (3 mo. Term SOFR + 4.00%)		8.68%		07/21/2028		10,380	10,140,360
Term Loan B (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028		14,021	13,408,781
Term Loan C (3 mo. USD LIBOR + 3.00%)		7.73%		07/21/2028		5,228	4,999,545
Hurtigruten (Explorer II AS) (Norway)
Term Loan B (3 mo. EURIBOR + 4.00%) (Acquired 04/16/2021-09/27/2021; Cost $16,530,827)(f)		7.20%		02/24/2025		EUR       14,280	13,767,017
Term Loan C (3 mo. EURIBOR + 8.00%) (Acquired 10/05/2021; Cost $2,322,126)(f)		10.63%		06/16/2023		EUR         2,000	2,108,789
Term Loan D (3 mo. EURIBOR + 8.00%) (Acquired 09/30/2021; Cost $1,748,584)(f)		9.30%		06/22/2023		EUR         1,505	1,587,142
Novae LLC, Term Loan B (3 mo. Term SOFR + 5.00%)		9.70%		12/22/2028		2,141	1,855,473
PODS LLC
Term Loan(d)(e)		-		04/01/2028		3,869	3,849,987
Term Loan B (1 mo. USD LIBOR + 3.00%)		7.73%		04/01/2028		6,910	6,758,422
STG - XPOI Opportunity, Term Loan B (1 mo. Term SOFR + 6.00%)		10.78%		04/30/2028		4,047	3,879,505
							70,398,489
Telecommunications–6.36%
Avaya, Inc.
DIP Term Loan(e)		0.00%		08/15/2023		4,152	4,318,317
DIP Term Loan(e)(g)		0.00%		08/15/2023		1,038	1,079,579
First Lien Term Loan(i)(j)		0.00%		12/15/2027		21,667	5,655,023
Term Loan B-2(i)(j)		0.00%		12/15/2027		6,107	1,580,301
Cablevision Lightpath LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		7.84%		11/30/2027		3,183	3,166,887
CCI Buyer, Inc. (Consumer Cellular), Term Loan(d)		-		12/17/2027		13,823	13,625,489
CenturyLink, Inc.
Term Loan A(d)		-		01/31/2025		3,613	3,482,339
Term Loan B (1 mo. USD LIBOR + 2.25%)		6.88%		03/15/2027		23,609	19,690,898
Crown Subsea Communications Holding, Inc.
Incremental Term Loan(d)		-		04/27/2027		4,089	4,031,609
Term Loan (1 mo. Term SOFR + 4.75%)		9.32%		04/27/2027		10,393	10,247,275
Eagle Broadband Investments LLC (Mega Broadband), Term Loan (3 mo. USD LIBOR + 3.00%)		7.75%		11/12/2027		5,597	5,544,999
Frontier Communications Corp., Term Loan B (3 mo. USD LIBOR + 3.75%)		8.50%		05/01/2028		39	38,168
II-VI, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		7.38%		07/01/2029		11,221	11,199,850
Inmarsat Finance PLC (United Kingdom), Term Loan (1 mo. USD LIBOR + 3.50%)		8.14%		12/11/2026		5,434	5,351,226
Intelsat Jackson Holdings S.A. (Luxembourg), Term Loan B (6 mo. Term SOFR + 4.25%)		9.08%		02/01/2029		28,728	28,447,281
MLN US HoldCo LLC (dba Mitel)
First Lien Term Loan (6 mo. USD LIBOR + 4.50%)		8.25%		11/30/2025		164	48,701
First Lien Term Loan(e)		11.15%		11/01/2027		23,471	17,016,089
First Lien Term Loan		13.70%		11/01/2027		8,152	6,236,182
Term Loan		10.89%		11/01/2027		9,986	9,786,621
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)		7.88%		09/25/2026		10,427	8,684,320
Telesat LLC, Term Loan B-5 (1 mo. USD LIBOR + 2.75%)		7.58%		12/07/2026		15,834	8,561,761
Viasat, Inc., Term Loan (1 mo. Term SOFR + 3.75%)		9.23%		03/02/2029		7,317	7,252,991
Voyage Digital (NC) Ltd., Term Loan B (3 mo. Term SOFR + 4.50%)(e)		9.30%		05/10/2029		6,014	5,968,897
Windstream Services LLC, Term Loan (1 mo. Term SOFR + 6.25%)		10.97%		09/21/2027		18,426	16,588,994

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
Telecommunications–(continued)
Zayo Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 3.00%)		7.63%		03/09/2027	$	15,138	$     12,638,447
Zayo Group LLC, Incremental Term Loan (1 mo. Term SOFR + 4.25%)		8.87%		03/09/2027		3,825	3,274,042
							213,516,286
Utilities–2.30%
APLP Holdings L.P. (Canada), Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		05/14/2027		3,314	3,323,109
Brookfield WEC Holdings, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 2.75%)		7.38%		08/01/2025		3,303	3,294,897
Incremental Term Loan		8.37%		08/01/2025		9,705	9,715,885
Eastern Power LLC, Term Loan (3 mo. USD LIBOR + 3.75%)		8.48%		10/02/2025		8,014	7,315,967
Frontera Generation Holdings LLC
First Lien Term Loan (Prime Rate + 13.00%) (Acquired 07/28/2021; Cost $4,144,155)(e)(f)		17.73%		07/28/2026		4,165	4,164,980
Second Lien Term Loan (Prime Rate + 1.50%) (Acquired 07/28/2021; Cost $2,069,196)(e)(f)		6.23%		07/28/2028		4,043	1,010,645
Generation Bridge LLC
Term Loan B (3 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028		2,561	2,558,979
Term Loan C (1 mo. USD LIBOR + 5.00%)		9.73%		12/01/2028		56	56,318
Granite Generation LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		10.50%		11/09/2026		6,673	6,410,143
KAMC Holdings, Inc. (Franklin Energy Group), First Lien Term Loan B		8.95%		08/14/2026		2,974	2,601,967
Lightstone Holdco LLC
Term Loan B (1 mo. Term SOFR + 5.75%)		10.37%		02/01/2027		13,431	11,470,809
Term Loan C (1 mo. Term SOFR + 5.75%)		10.37%		02/01/2027		756	646,069
Nautilus Power LLC, Term Loan (3 mo. USD LIBOR + 4.25%) (Acquired 05/21/2020-06/02/2020; Cost $6,159,189)(f)		8.88%		05/16/2024		6,246	4,643,874
Osmose Utilities Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)		7.88%		06/23/2028		2,513	2,432,541
Talen Energy Supply LLC
DIP Term Loan (3 mo. Term SOFR + 4.75%)		9.27%		11/11/2023		5,859	5,921,222
Term Loan		0.00%		09/30/2024		7,332	8,811,923
USIC Holding, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		8.13%		05/12/2028		3,032	2,946,714
							77,326,042
Total Variable Rate Senior Loan Interests (Cost $2,969,255,234)							2,768,578,977
					Shares
Common Stocks & Other Equity Interests–5.94%(l)
Building & Development–0.00%
Haya (Holdco2 PLC/Real Estate SAU) (Acquired 06/14/2022; Cost $0)(e)(f)						12,156	0
Business Equipment & Services–0.77%
iQor US, Inc., Term Loan(e)						451,676	338,757
My Alarm Center LLC, Class A (Acquired 03/09/2021-12/03/2021; Cost $21,866,485)(e)(f)(m)						162,067	25,525,595
							25,864,352
Containers & Glass Products–0.22%
Libbey Glass, Inc. (Acquired 11/13/2020-02/10/2022; Cost $3,769,108)(f)						864,916	7,459,900
Electronics & Electrical–0.00%
Fusion Connect, Inc. (Acquired 05/03/2018-12/31/2019; Cost $1,142)(e)(f)						113	1
Fusion Connect, Inc., Wts., expiring 01/14/2040 (Acquired 05/03/2018-12/31/2019; Cost $10,615,018)(e)(f)(m)						1,052,649	10,526
Internap Corp. (Acquired 02/06/2018-02/24/2020; Cost $8,725,189)(e)(f)						2,426,706	0
Riverbed Technology, Inc. (Acquired 12/06/2021; Cost $1,900,489)(e)(f)						113,462	28,933
Sungard Availability Services Capital, Inc. (Acquired 06/27/2018-05/03/2019; Cost $3,020,003)(f)						37,318	21,085
							60,545
Industrial Equipment–0.15%
North American Lifting Holdings, Inc.(m)						679,193	5,178,847
Leisure Goods, Activities & Movies–0.00%
Crown Finance US, Inc., Wts., expiring 11/23/2025 (Acquired 12/09/2020; Cost $0)(f)						781,854	0

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

15 Invesco Senior Floating Rate Fund

					Shares		Value
Leisure Goods, Activities & Movies–(continued)
Vue International Bidco PLC(e)						7,855,967	$0
							0
Oil & Gas–4.73%
Aquadrill LLC (Acquired 05/27/2021; Cost $5,147,302)(f)						166,042	9,353,727
Catalina Marketing Corp.						245,192	76,622
Harvey Gulf International Marine LLC (Acquired 03/18/2014-07/02/2018; Cost $10,077,450)(e)(f)(m)						116,926	2,630,835
Larchmont Resources LLC (Acquired 12/09/2016; Cost $2,732,241)(e)(f)(m)						8,096	210,484
McDermott International Ltd.(e)						789,865	307,652
QuarterNorth Energy, Inc. (Acquired 06/02/2021-10/29/2021; Cost $27,641,655)(e)(f)(m)						671,335	133,924,617
Sabine Oil & Gas Holdings, Inc. (Acquired 01/16/2013-03/12/2021; Cost $18,267,226)(e)(f)						18,025	361
Southcross Energy Partners L.P. (Acquired 07/30/2014-10/29/2020; Cost $29,026,224)(e)(f)(m)						2,914,935	21,862
Tribune Resources LLC (Acquired 03/30/2018; Cost $18,014,717)(f)(m)						5,811,199	12,168,651
Tribune Resources LLC, Wts., expiring 04/03/2023 (Acquired 03/30/2018; Cost $150,456)(e)(f)(m)						1,504,557	37,614
							158,732,425
Surface Transport–0.07%
Commercial Barge Line Co. (Acquired 01/31/2020-02/06/2020; Cost $1,838,610)(f)						35,397	1,044,212
Commercial Barge Line Co., Series A, Wts., expiring 08/18/2030 (Acquired 02/03/2023; Cost $0)(f)(m)						138,456	64,901
Commercial Barge Line Co., Series B, Wts., expiring 04/30/2045 (Acquired 02/03/2023; Cost $0)(f)(m)						100,115	62,572
Commercial Barge Line Co., Wts., expiring 04/27/2045 (Acquired 01/31/2020-08/25/2020; Cost $1,932,877)(f)(m)						37,211	1,097,724
							2,269,409
Utilities–0.00%
Frontera Generation Holdings LLC (Acquired 07/28/2021-11/30/2021; Cost $1,035,881)(e)(f)(m)						295,967	4,440
Total Common Stocks & Other Equity Interests (Cost $194,067,321)							199,569,918
	Interest    Rate		Maturity Date		Principal    Amount (000)(a)
Non-U.S. Dollar Denominated Bonds & Notes–3.67%(n)
Automotive–0.22%
Cabonline Group Holding AB (Sweden) (3 mo. STIBOR + 9.50%)(k)(o)		12.37%		04/19/2026	SEK	71,250	6,261,941
Leather 2 S.p.A. (Italy) (3 mo. EURIBOR + 4.50%)(k)(o)		6.70%		09/30/2028	EUR	1,369	1,164,684
							7,426,625
Building & Development–0.15%
APCOA Parking Holdings GmbH (Germany) (3 mo. EURIBOR + 5.00%)(k)(o)		7.29%		01/15/2027	EUR	750	776,576
Haya (Holdco2 PLC/Real Estate SAU) (Spain) (Acquired 06/14/2022; Cost $7,341,357)(f)		10.95%		11/30/2025	EUR	10,024	4,161,276
							4,937,852
Cable & Satellite Television–0.09%
Altice Finco S.A. (Luxembourg)(k)		4.75%		01/15/2028	EUR	3,744	3,072,823
Chemicals & Plastics–0.07%
Herens Midco S.a.r.l. (Luxembourg)(k)		5.25%		05/15/2029	EUR	3,268	2,389,349
Electronics & Electrical–0.20%
Nobel Bidco B.V. (Netherlands)(k)		3.13%		06/15/2028	EUR	9,070	6,742,033
Financial Intermediaries–1.23%
AnaCap Financial Europe S.A. SICAV-RAIF (Italy) (3 mo. EURIBOR + 5.00%)(k)(o)		7.48%		08/01/2024	EUR	13,583	11,990,189
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)		6.75%		11/01/2025	EUR	2,100	1,828,533
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(o)		8.73%		05/01/2026	EUR	10,341	9,648,667
Garfunkelux Holdco 3 S.A. (Luxembourg)(k)		6.75%		11/01/2025	EUR	1,000	870,730

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

16 Invesco Senior Floating Rate Fund

	Interest    Rate		Maturity Date		Principal    Amount (000)(a)		Value
Financial Intermediaries–(continued)
Garfunkelux Holdco 3 S.A. (Luxembourg) (3 mo. EURIBOR + 6.25%)(k)(o)		8.73%		05/01/2026	EUR	1,825	$1,702,816
Kane Bidco Ltd. (United Kingdom)(k)		5.00%		02/15/2027	EUR	976	964,624
Kane Bidco Ltd. (United Kingdom)(k)		6.50%		02/15/2027	GBP	1,219	1,338,589
Sherwood Financing PLC (United Kingdom)(k)		4.50%		11/15/2026	EUR	1,391	1,297,927
Sherwood Financing PLC (United Kingdom)(k)		6.00%		11/15/2026	GBP	1,404	1,408,460
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(k)(o)		7.28%		11/15/2027	EUR	9,180	9,247,259
Sherwood Financing PLC (United Kingdom) (3 mo. EURIBOR + 4.63%)(k)(o)		7.28%		11/15/2027	EUR	1,000	1,007,327
							41,305,121
Food Products–0.30%
Sigma Holdco B.V. (Netherlands)(k)		5.75%		05/15/2026	EUR	11,623	9,949,651
Home Furnishings–0.45%
Ideal Standard International S.A. (Belgium)(k)		6.38%		07/30/2026	EUR	2,054	1,227,262
Very Group Funding PLC (The) (United Kingdom)(k)		6.50%		08/01/2026	GBP	14,141	13,713,909
							14,941,171
Industrial Equipment–0.12%
Summer (BC) Holdco A S.a.r.l. (Luxembourg)(k)		9.25%		10/31/2027	EUR	4,597	4,051,446
Leisure Goods, Activities & Movies–0.04%
Deuce Finco PLC (United Kingdom)(k)		5.50%		06/15/2027	GBP	1,363	1,392,422
Retailers (except Food & Drug)–0.52%
Douglas GmbH (Germany)(k)		6.00%		04/08/2026	EUR	5,000	4,665,751
Douglas GmbH (Germany)(k)		6.00%		04/08/2026	EUR	6,486	6,052,412
Kirk Beauty SUN GmbH (Germany)(k)		8.25%		10/01/2026	EUR	8,485	6,854,312
							17,572,475
Surface Transport–0.28%
Zenith Finco PLC (United Kingdom)(k)		6.50%		06/30/2027	GBP	9,042	8,633,230
Zenith Finco PLC (United Kingdom)(k)		6.50%		06/30/2027	GBP	752	718,004
							9,351,234
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $152,067,071)							123,132,202
U.S. Dollar Denominated Bonds & Notes–2.08%
Aerospace & Defense–0.30%
Castlelake Aviation Finance DAC (k)		5.00%		04/15/2027	$	5,800	5,215,250
Rand Parent LLC(k)		8.50%		02/15/2030		4,914	4,723,582
							9,938,832
Building & Development–0.38%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 11/02/2020-12/11/2020; Cost $4,792,041)(f)(k)		5.75%		05/15/2026		5,180	4,774,378
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC (Acquired 09/22/2021-12/15/2021; Cost $9,299,448)(f)(k)		4.50%		04/01/2027		9,367	8,035,996
							12,810,374
Business Equipment & Services–0.12%
ADT Security Corp. (The) (k)		4.13%		08/01/2029		4,743	4,086,047
Cable & Satellite Television–0.61%
Altice Financing S.A. (Luxembourg) (k)		5.75%		08/15/2029		1,414	1,157,918
Altice Financing S.A. (Luxembourg)(k)		5.00%		01/15/2028		13,121	10,900,664
Altice France S.A. (France)(k)		5.50%		10/15/2029		6,838	5,358,828
Virgin Media Secured Finance PLC (United Kingdom)(k)		4.50%		08/15/2030		3,741	3,083,080
							20,500,490
Chemicals & Plastics–0.17%
SK Invictus Intermediate II S.a.r.l. (Luxembourg) (k)		5.00%		10/30/2029		7,312	5,825,690

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)(a)		Value
Food Service–0.07%
WW International, Inc. (k)		4.50%		04/15/2029	$	4,476	$2,287,840
Health Care–0.05%
Global Medical Response, Inc. (k)		6.50%		10/01/2025		2,186	1,641,949
Industrial Equipment–0.02%
Chart Industries, Inc. (k)		7.50%		01/01/2030		669	679,871
Lodging & Casinos–0.05%
Caesars Entertainment, Inc. (k)		7.00%		02/15/2030		1,548	1,561,429
Nonferrous Metals & Minerals–0.04%
SCIH Salt Holdings, Inc. (k)		4.88%		05/01/2028		1,735	1,501,816
Publishing–0.06%
McGraw-Hill Education, Inc. (k)		5.75%		08/01/2028		2,153	1,887,551
Radio & Television–0.02%
Diamond Sports Group LLC/Diamond Sports Finance Co. (Acquired 10/14/2020-10/23/2020; Cost $4,635,672)(f)(k)		5.38%		08/15/2026		6,116	693,860
Retailers (except Food & Drug)–0.10%
Evergreen Acqco 1 L.P./TVI, Inc. (k)		9.75%		04/26/2028		3,315	3,282,331
Telecommunications–0.09%
Windstream Escrow LLC/Windstream Escrow Finance Corp. (k)		7.75%		08/15/2028		3,818	3,124,594
Total U.S. Dollar Denominated Bonds & Notes (Cost $84,414,588)							69,822,674
					Shares
Preferred Stocks–1.81%(l)
Electronics & Electrical–0.00%
Riverbed Technology, Inc., Pfd. (Acquired 12/06/2021; Cost $0)(e)(f)						174,464	44,488
Riverbed Technology, Inc., Pfd.(e)						49,182	12,542
							57,030
Nonferrous Metals & Minerals–1.24%
ACNR Holdings, Inc., Pfd.						68,978	41,490,267
Oil & Gas–0.10%
McDermott International Ltd., Pfd.(e)						4,210	2,736,505
Southcross Energy Partners L.P., Series A, Pfd. (Acquired 05/07/2019-10/31/2019; Cost $11,607,048)(e)(f)(m)						11,609,066	638,499
							3,375,004
Surface Transport–0.47%
Commercial Barge Line Co., Series A, Pfd. (Acquired 01/31/2020-08/25/2020; Cost $4,105,181)(f)						131,713	2,831,829
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045 (Acquired 01/31/2020-02/01/2021; Cost $4,315,155)(f)(m)						138,456	2,976,804
Commercial Barge Line Co., Series B, Pfd. (Acquired 02/05/2020-10/27/2020; Cost $3,389,672)(f)						142,554	5,844,714
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045 (Acquired 02/05/2020-02/17/2021; Cost $2,380,533)(f)(m)						100,115	4,104,715
							15,758,062
Total Preferred Stocks (Cost $28,307,719)							60,680,363
	Interest    Rate		Maturity Date		Principal    Amount (000)(a)
Asset-Backed Securities–0.35%
Structured Products–0.35%
Babson Euro CLO B.V., Series 2021-1A, Class E (Ireland) (3 mo. EURIBOR + 7.05%) (k)(n)(o)		9.47%		04/24/2034	EUR	977	918,263
CIFC Funding Ltd., Series 2014-4RA, Class DR (Cayman Islands) (3 mo. USD LIBOR + 7.00%)(k)(o)		11.79%		01/17/2035	$	1,250	1,126,416

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

18 Invesco Senior Floating Rate Fund

	Interest    Rate		Maturity Date		Principal    Amount (000)(a)		Value
Structured Products–(continued)
CVC Cordatus Loan Fund XXIII, Series 23A, Class E (Ireland) (3 mo. EURIBOR + 7.26%)(k)(n)(o)		9.71%		04/25/2036	EUR	2,873	$2,864,684
Jubilee CLO, Series 2018-21A, Class E-R (Ireland) (3 mo. EURIBOR + 6.07%)(k)(n)(o)		8.36%		04/15/2035	EUR	1,959	1,860,987
Madison Park Funding XXX Ltd., Series 2018-30A, Class E (Cayman Islands) (3 mo. USD LIBOR + 4.95%)(k)(o)		9.74%		04/15/2029	$	3,275	3,017,221
Regatta XIV Funding Ltd., Series 2018-3A, Class E (Cayman Islands) (3 mo. USD LIBOR + 5.95%)(k)(o)		10.77%		10/25/2031		2,200	1,890,304
Total Asset-Backed Securities (Cost $12,735,745)							11,677,875
Municipal Obligations–0.37%
Arizona–0.37%
Arizona (State of) Industrial Development Authority,(NewLife Forest Restoration, LLC), Series 2022, RB (Acquired 02/22/2022; Cost $13,788,812) (Cost $15,269,219)(f)(k)		0.00%		01/01/2028		15,101	12,579,255
					Shares
Money Market Funds–2.78%
Invesco Government & Agency Portfolio,Institutional Class, 4.51%(m)(p)						58,234,151	58,234,151
Invesco Treasury Portfolio,Institutional Class, 4.50%(m)(p)						35,136,767	35,136,767
Total Money Market Funds (Cost $93,370,918)							93,370,918
TOTAL INVESTMENTS IN SECURITIES–99.45% (Cost $3,549,487,815)							3,339,412,182
OTHER ASSETS LESS LIABILITIES–0.55%							18,402,226
NET ASSETS–100.00%							$3,357,814,408

Investment Abbreviations:

CLO	– Collateralized Loan Obligation
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
RB	– Revenue Bonds
SEK	– Swedish Krona
SOFR	– Secured Overnight Financing Rate
STIBOR	– Stockholm Interbank Offered Rate
USD	– U.S. Dollar
Wts.	– Warrants

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

19 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, 2023, 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, 2023 was $407,576,411, which represented 12.14% 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) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

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

^(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, 2023 was $28,968,392, 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, 2023 was $215,855,058, which represented 6.43% of the Fund’s Net Assets.

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

^(m) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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, 2023.

	Value August 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value February 28, 2023		Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	110,290,453	$	217,361,904	$	(269,418,206	)	$	-		$	-	$	58,234,151	$	1,305,666
Invesco Treasury Portfolio, Institutional Class		69,840,969		144,907,936		(179,612,138	)		-			-		35,136,767		677,223
Investments in Other Affiliates:
Commercial Barge Line Co., Wts., expiring 04/27/2045		725,614		-		-			372,110			-		1,097,724		-
Commercial Barge Line Co., Series A, Pfd., Wts., expiring 04/27/2045		3,484,453		-		-			(507,649	)		-		2,976,804		-
Commercial Barge Line Co., Series B, Pfd., Wts., expiring 04/27/2045		4,880,606		-		-			(775,891	)		-		4,104,715		-
Commercial Barge Line Co., Series A, Wts.,expiring 08/18/2030		584,111		-		(584,133	)		(519,210	)		584,133		64,901		-
Commercial Barge Line Co., Series B, Wts.,expiring 04/30/2045		563,147		-		(563,168	)		(500,575	)		563,168		62,572		-
Frontera Generation Holdings LLC		92,490		-		-			(88,050	)		-		4,440		-
Fusion Connect, Inc., Wts., expiring 01/14/2040		10,526		-		-			-			-		10,526		-
Harvey Gulf International Marine LLC		2,747,761		-		-			(116,926	)		-		2,630,835		-
Larchmont Resources LLC		809,553		-		-			(599,069	)		-		210,484		546,742
My Alarm Center LLC, Class A		25,849,729		-		-			(324,134	)		-		25,525,595		-
North American Lifting Holdings, Inc.		6,791,930		-		-			(1,613,083	)		-		5,178,847		-
QuarterNorth Energy, Inc.		80,784,090		-		-			53,140,527			-		133,924,617		4,160,800
Southcross Energy Partners L.P., Series A, Pfd.		870,680		-		-			(232,181	)		-		638,499		1,139,915
Southcross Energy Partners L.P.		87,448		-		-			(65,586	)		-		21,862		-
Tribune Resources LLC, Wts., expiring 04/03/2023		37,614		-		-			-			-		37,614		-
Tribune Resources LLC		16,163,850		-		-			(3,995,199	)		-		12,168,651		639,232
Total	$	324,615,024	$	362,269,840	$	(450,177,645	)	$	44,175,084		$	1,147,301	$	282,029,604	$	8,469,578

⁽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, 2023.

^(p) The rate shown is the 7-day SEC standardized yield as of February 28, 2023.

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

20 Invesco Senior Floating Rate Fund

Open Forward Foreign Currency Contracts
Settlement		Contract to						Unrealized Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
04/28/2023	Barclays Bank PLC		EUR	4,889,862		USD	5,236,042	$	46,742
04/28/2023	Barclays Bank PLC		GBP	13,238,993		USD	16,042,870		101,572
03/31/2023	BNP Paribas S.A.		EUR	90,335,879		USD	98,681,993		2,967,785
03/31/2023	BNP Paribas S.A.		GBP	16,701,021		USD	20,615,164		515,764
04/28/2023	BNP Paribas S.A.		EUR	88,361,330		USD	94,465,852		693,572
04/28/2023	Canadian Imperial Bank of Commerce		GBP	13,439,584		USD	16,309,817		126,983
03/31/2023	Morgan Stanley Capital Services LLC		EUR	91,704,604		USD	100,278,526		3,114,103
03/31/2023	Morgan Stanley Capital Services LLC		GBP	1,760,774		USD	2,142,784		23,721
03/31/2023	Morgan Stanley Capital Services LLC		USD	388,471		GBP	322,926		165
04/28/2023	Morgan Stanley Capital Services LLC		EUR	88,402,737		USD	94,524,628		708,405
04/28/2023	Morgan Stanley Capital Services LLC		SEK	65,269,489		USD	6,338,733		84,584
03/31/2023	Royal Bank of Canada		EUR	91,704,604		USD	100,213,691		3,049,268
03/31/2023	Royal Bank of Canada		GBP	16,451,752		USD	20,258,359		458,949
04/28/2023	Royal Bank of Canada		EUR	88,361,330		USD	94,537,963		765,684
03/31/2023	State Street Bank & Trust Co.		EUR	1,510,981		USD	1,651,519		50,578
03/31/2023	State Street Bank & Trust Co.		SEK	64,299,379		USD	6,299,929		148,157
03/31/2023	Toronto Dominion Bank (The)		EUR	1,000,000		USD	1,070,701		11,164
03/31/2023	Toronto Dominion Bank (The)		GBP	16,701,021		USD	20,607,615		508,215
04/28/2023	Toronto Dominion Bank (The)		GBP	13,439,584		USD	16,329,222		146,389
03/31/2023	UBS		EUR	3,509,094		USD	3,774,083		56,068
Subtotal–Appreciation									13,577,868
Currency Risk
03/31/2023	Barclays Bank PLC		SEK	661,398		USD	62,414		(865	)
03/31/2023	Barclays Bank PLC		USD	15,882,427		GBP	13,114,234		(99,665	)
03/31/2023	BNP Paribas S.A.		USD	94,313,428		EUR	88,361,329		(691,328	)
03/31/2023	Canadian Imperial Bank of Commerce		USD	16,146,766		GBP	13,312,935		(124,871	)
03/31/2023	Morgan Stanley Capital Services LLC		GBP	495,653		USD	596,064		(446	)
03/31/2023	Morgan Stanley Capital Services LLC		USD	100,569,086		EUR	94,042,504		(927,572	)
03/31/2023	Morgan Stanley Capital Services LLC		USD	2,832,963		GBP	2,294,374		(71,722	)
03/31/2023	Morgan Stanley Capital Services LLC		USD	6,299,256		SEK	64,960,777		(84,205	)
04/28/2023	Morgan Stanley Capital Services LLC		USD	2,126,706		EUR	2,000,000		(4,232	)
03/31/2023	Royal Bank of Canada		USD	100,931,181		EUR	94,361,330		(951,859	)
03/31/2023	Toronto Dominion Bank (The)		USD	24,318,696		GBP	20,065,752		(169,898	)
03/31/2023	UBS		USD	3,252,879		EUR	3,000,000		(74,268	)
03/31/2023	UBS		USD	3,610,830		GBP	3,000,000		(380	)
Subtotal–Depreciation									(3,201,311	)
Total Forward Foreign Currency Contracts								$	10,376,557

Abbreviations:

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.

21 Invesco Senior Floating Rate Fund

Portfolio Composition^†

By credit quality, based on total investments

as of February 28, 2023

BBB-	1.31%
BB+	1.41
BB	6.68
BB-	8.62
B+	12.13
B	22.79
B-	19.37
CCC+	6.44
CCC	2.33
CCC-	0.23
CC	0.04
D	0.37
Non-Rated	10.34
Equity	7.94

^†  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.

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

22 Invesco Senior Floating Rate Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,297,747,774)	$	3,057,382,578
Investments in affiliates, at value (Cost $251,740,041)		282,029,604
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		13,577,868
Cash		60,301,741
Foreign currencies, at value (Cost $1,690,419)		1,686,644
Receivable for:
Investments sold		143,134,109
Fund shares sold		2,257,271
Dividends		505,237
Interest		38,400,691
Investments matured, at value (Cost $11,602,385)		9,028,201
Investment for trustee deferred compensation and retirement plans		389,554
Other assets		749,321
Total assets		3,609,442,819
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		3,201,311
Payable for:
Investments purchased		188,119,840
Dividends		6,606,993
Fund shares reacquired		4,292,850
Accrued fees to affiliates		1,428,424
Accrued trustees’ and officers’ fees and benefits		2,881
Accrued other operating expenses		474,920
Trustee deferred compensation and retirement plans		389,554
Unfunded loan commitments		47,111,638
Total liabilities		251,628,411
Net assets applicable to shares outstanding	$	3,357,814,408

Net assets consist of:
Shares of beneficial interest	$	6,093,435,913
Distributable earnings (loss)		(2,735,621,505	)
	$	3,357,814,408
Net Assets:
Class A	$	1,562,061,611
Class C	$	228,036,534
Class R	$	54,680,324
Class Y	$	1,334,338,888
Class R5	$	19,597
Class R6	$	178,677,454
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		236,273,304
Class C		34,469,997
Class R		8,275,806
Class Y		202,234,291
Class R5		2,962
Class R6		27,083,044
Class A:
Net asset value per share	$	6.61
Maximum offering price per share
(Net asset value of $6.61 ÷ 96.75%)	$	6.83
Class C:
Net asset value and offering price per share	$	6.62
Class R:
Net asset value and offering price per share	$	6.61
Class Y:
Net asset value and offering price per share	$	6.60
Class R5:
Net asset value and offering price per share	$	6.62
Class R6:
Net asset value and offering price per share	$	6.60

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

23 Invesco Senior Floating Rate Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	148,407,288
Dividends		301,675
Dividends from affiliates		8,469,578
Total investment income		157,178,541
Expenses:
Advisory fees		10,453,971
Administrative services fees		249,580
Custodian fees		149,121
Distribution fees:
Class A		1,948,543
Class C		1,225,425
Class R		135,208
Interest, facilities and maintenance fees		729,570
Transfer agent fees - A, C, R and Y		2,213,778
Transfer agent fees - R5		2
Transfer agent fees - R6		30,591
Trustees’ and officers’ fees and benefits		19,081
Registration and filing fees		123,585
Reports to shareholders		102,055
Professional services fees		188,096
Other		20,036
Total expenses		17,588,642
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(686,527	)
Net expenses		16,902,115
Net investment income		140,276,426
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(55,016,243	)
Affiliated investment securities		1,147,301
Foreign currencies		1,339,583
Forward foreign currency contracts		(13,902,332	)
		(66,431,691	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(5,168,638	)
Affiliated investment securities		44,175,084
Foreign currencies		830,663
Forward foreign currency contracts		1,263,164
		41,100,273
Net realized and unrealized gain (loss)		(25,331,418	)
Net increase in net assets resulting from operations	$	114,945,008

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

24 Invesco Senior Floating Rate Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28, 2023			August 31, 2022
Operations:
Net investment income	$	140,276,426		$	192,029,545
Net realized gain (loss)		(66,431,691	)		(11,120,621	)
Change in net unrealized appreciation (depreciation)		41,100,273			(174,503,134	)
Net increase in net assets resulting from operations		114,945,008			6,405,790
Distributions to shareholders from distributable earnings:
Class A		(94,713,592	)		(80,741,633	)
Class C		(13,760,424	)		(13,510,386	)
Class R		(3,201,635	)		(2,706,058	)
Class Y		(84,282,475	)		(76,112,499	)
Class R5		(746	)		(619	)
Class R6		(11,832,883	)		(10,713,187	)
Total distributions from distributable earnings		(207,791,755	)		(183,784,382	)
Share transactions–net:
Class A		(35,161,984	)		49,014,679
Class C		(33,333,592	)		(116,082,537	)
Class R		488,717			(1,790,388	)
Class Y		(78,922,881	)		201,656,747
Class R5		8,335			–
Class R6		(61,469,249	)		59,681,079
Net increase (decrease) in net assets resulting from share transactions		(208,390,654	)		192,479,580
Net increase (decrease) in net assets		(301,237,401	)		15,100,988
Net assets:
Beginning of period		3,659,051,809			3,643,950,821
End of period	$	3,357,814,408		$	3,659,051,809

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

25 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 02/28/23		$6.79		$0.27		$(0.05	)		$0.22			$(0.40	)		$6.61		3.39	%		$1,562,062		1.05	%(e)		1.09	%(e)		1.00	%(e)		8.12	%(e)		15	%
Year ended 08/31/22		7.10		0.35		(0.32	)		0.03			(0.34	)		6.79		0.40			1,639,394		1.04			1.04			1.00			5.05			68
Year ended 08/31/21		6.61		0.31		0.49			0.80			(0.31	)		7.10		12.35			1,666,116		1.07			1.10			1.00			4.56			86
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	(e)		1.12	(e)		1.01	(e)		5.25	(e)		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
Class C
Six months ended 02/28/23		6.79		0.24		(0.03	)		0.21			(0.38	)		6.62		3.16			228,037		1.80	(e)		1.84	(e)		1.75	(e)		7.37	(e)		15
Year ended 08/31/22		7.11		0.30		(0.33	)		(0.03	)		(0.29	)		6.79		(0.49	)		268,127		1.79			1.79			1.75			4.30			68
Year ended 08/31/21		6.62		0.26		0.49			0.75			(0.26	)		7.11		11.50			398,409		1.82			1.85			1.75			3.81			86
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	(e)		1.87	(e)		1.76	(e)		4.50	(e)		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
Class R
Six months ended 02/28/23		6.79		0.26		(0.05	)		0.21			(0.39	)		6.61		3.26			54,680		1.30	(e)		1.34	(e)		1.25	(e)		7.87	(e)		15
Year ended 08/31/22		7.10		0.34		(0.33	)		0.01			(0.32	)		6.79		0.14			55,615		1.29			1.29			1.25			4.80			68
Year ended 08/31/21		6.61		0.30		0.48			0.78			(0.29	)		7.10		12.07			60,060		1.32			1.35			1.25			4.31			86
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	(e)		1.37	(e)		1.26	(e)		5.00	(e)		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
Class Y
Six months ended 02/28/23		6.78		0.28		(0.05	)		0.23			(0.41	)		6.60		3.51			1,334,339		0.80	(e)		0.84	(e)		0.75	(e)		8.37	(e)		15
Year ended 08/31/22		7.09		0.37		(0.33	)		0.04			(0.35	)		6.78		0.63			1,450,652		0.79			0.79			0.75			5.30			68
Year ended 08/31/21		6.60		0.33		0.49			0.82			(0.33	)		7.09		12.65			1,323,124		0.82			0.85			0.75			4.81			86
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	(e)		0.87	(e)		0.76	(e)		5.50	(e)		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
Class R5
Six months ended 02/28/23		6.80		0.28		(0.05	)		0.23			(0.41	)		6.62		3.55			20		0.73	(e)		0.73	(e)		0.69	(e)		8.44	(e)		15
Year ended 08/31/22		7.11		0.38		(0.33	)		0.05			(0.36	)		6.80		0.74			12		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.62		0.34		0.48			0.82			(0.33	)		7.11		12.65			12		0.73			0.74			0.66			4.90			86
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	(e)		0.82	(e)		0.71	(e)		5.55	(e)		1
Period ended 07/31/19(f)		7.87		0.08		(0.10	)		(0.02	)		(0.08	)		7.77		(0.28	)		10		0.77	(e)		0.77	(e)		0.67	(e)		5.45	(e)		25
Class R6
Six months ended 02/28/23		6.77		0.28		(0.04	)		0.24			(0.41	)		6.60		3.69			178,677		0.73	(e)		0.73	(e)		0.69	(e)		8.44	(e)		15
Year ended 08/31/22		7.08		0.37		(0.32	)		0.05			(0.36	)		6.77		0.72			245,252		0.70			0.70			0.66			5.39			68
Year ended 08/31/21		6.60		0.34		0.47			0.81			(0.33	)		7.08		12.60			196,230		0.69			0.74			0.62			4.94			86
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	(e)		0.76	(e)		0.65	(e)		5.61	(e)		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

^(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 1.12%, 1.10% and 1.13% for the one month ended August 31, 2019 and the years ended July 31, 2019 and 2018, respectively.

^(d)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended August 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $42,745,724 in connection with the acquisition of Invesco Senior Floating Rate Plus Fund into the Fund.

^(e)  Annualized.

^(f)  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.

26 Invesco Senior Floating Rate Fund

Notes to Financial Statements

February 28, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 (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 daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and the asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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

27 Invesco Senior Floating Rate Fund

other public health issues, war, acts of terrorism, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 based on relative net assets of Class R5 and Class R6. 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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

28 Invesco Senior Floating Rate Fund

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.

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 exchange of the two currencies on the settlement date, 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).

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 for hedging 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. LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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 net asset value 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.

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”.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

R. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including

29 Invesco Senior Floating Rate Fund

business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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 $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%

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

For the six months ended February 28, 2023, 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 Fund.

Effective January 1, 2023, the Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.02%, 1.77%, 1.27%, 0.77%, 0.77% and 0.77%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to January 1, 2023, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.00%, 1.75%, 1.25%, 0.75%, 0.75% and 0.75%, 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, 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, 2023. 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, 2024, 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, 2023, the Adviser waived advisory fees of $53,829 and reimbursed class level expenses of $291,062, $46,911, $10,554, $264,542, $0 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, 2023, 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 Fund, SSB also serves as the funds’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, 2023, 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 Plans, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $28,521 in front-end sales commissions from the sale of Class A shares and $14,075 and $18,809 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.

30 Invesco Senior Floating Rate 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. 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 Adviser’s 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, 2023. 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
Variable Rate Senior Loan Interests	$	–	$	2,457,541,928		$	311,037,049	$	2,768,578,977
Common Stocks & Other Equity Interests		–		36,528,241			163,041,677		199,569,918
Non-U.S. Dollar Denominated Bonds & Notes		–		123,132,202			–		123,132,202
U.S. Dollar Denominated Bonds & Notes		–		69,822,674			–		69,822,674
Preferred Stocks		–		57,248,329			3,432,034		60,680,363
Municipal Obligations		–		12,579,255			–		12,579,255
Asset-Backed Securities		–		11,677,875			–		11,677,875
Money Market Funds		93,370,918		–			–		93,370,918
Total Investments in Securities		93,370,918		2,768,530,504			477,510,760		3,339,412,182
Other Investments - Assets*
Investments Matured		–		9,028,201			–		9,028,201
Forward Foreign Currency Contracts		–		13,577,868			–		13,577,868
		–		22,606,069			–		22,606,069
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(3,201,311	)		–		(3,201,311	)
Total Other Investments		–		19,404,758			–		19,404,758
Total Investments	$	93,370,918	$	2,787,935,262		$	477,510,760	$	3,358,816,940

* 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, 2023:

	Value 08/31/22		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 02/28/23
Variable Rate Senior Loan Interests	$	290,176,775	$	75,981,572	$	(37,872,221	)	$	1,510,354	$	(2,575,441	)	$	(8,190,390	)	$	77,058,864	$	(85,052,464	)	$	311,037,049
Common Stocks & Other Equity Interests		48,978,198		–		(1,979,186	)		–		(79,225	)		49,735,146			81,131,871		(14,745,127	)		163,041,677
Preferred Stocks		3,607,185		–		–			–		–			(1,293,381	)		1,118,230		–			3,432,034
Total	$	342,762,158	$	75,981,572	$	(39,851,407	)	$	1,510,354	$	(2,654,666	)	$	40,251,375		$	159,308,965	$	(99,797,591	)	$	477,510,760

* Transfers into and out of level 3 are due to increases or decreases in market activity impacting the available market inputs to determine the price.

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a 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 02/28/23		Valuation Technique		Unobservable Inputs		Range of Unobservable Inputs	Unobservable Input Used
QuarterNorth Energy, Inc.	$	133,924,617		Bid Offer		Bid Offer Price	N/A		$199.49          (a)

^(a)  QuarterNorth Energy, Inc. publicly announced that it has engaged a financial advisor to pursue a sale of the company. The Adviser values the common shares at the first round of bids for the sale of the business. The Adviser periodically reviews the financial statements and monitors such investments for additional market information of the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

31 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, 2023:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding		$13,577,868
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements		$13,577,868
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding		$(3,201,311	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements		$(3,201,311	)

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, 2023.

	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		$     148,314		$   (100,530	)		$       47,784		$–	$–		$47,784
BNP Paribas S.A.		4,177,121		(691,328	)		3,485,793		–	–		3,485,793
Canadian Imperial Bank of Commerce		126,983		(124,871	)		2,112		–	–		2,112
Morgan Stanley Capital Services LLC		3,930,978		(1,088,177	)		2,842,801		–	–		2,842,801
Royal Bank of Canada		4,273,901		(951,859	)		3,322,042		–	–		3,322,042
State Street Bank & Trust Co.		198,735		–			198,735		–	–		198,735
Toronto Dominion Bank (The)		665,768		(169,898	)		495,870		–	–		495,870
UBS		56,068		(74,648	)		(18,580	)	–	–		(18,580	)
Total		$13,577,868		$(3,201,311	)		$10,376,557		$–	$–		$10,376,557

Effect of Derivative Investments for the six months ended February 28, 2023

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		$(13,902,332)
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,263,164
Total		$(12,639,168)

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

	Forward Foreign Currency Contracts
Average notional value		$1,116,473,393

32 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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $19,629.

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 17, 2023, the Fund has entered into a credit agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.07 billion, collectively by certain Invesco Funds, and which will expire on February 16, 2024. Prior to February 17, 2023, the credit agreement permitted borrowings up to $1.1 billion. The credit agreement is secured by the assets of the Fund. 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. During the six months ended February 28, 2023, the Fund did not borrow 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.

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, 2023. 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.

				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)
athenahealth Group, Inc.	Delayed Draw Term Loan	$	1,265,919	$	(91,254	)
Avaya, Inc.	DIP Term Loan		1,006,358		73,221
Dermatology Intermediate Holdings III, Inc.	Delayed Draw Term Loan		784		(12	)
Dun & Bradstreet Corp. (The)	Revolver Loan		10,890,083		774,035
Financiere Pax S.A.S.	Revolver Loan		1,152,650		(129,815	)
Groundworks LLC	Delayed Draw Term Loan		1,762,720		16,906
Groundworks LLC	Term Loan		804,354		0
Groundworks LLC	Term Loan		257,393		0
Kantar (Summer BC Bidco)	Revolver Loan		9,376,125		(48,625	)
McDermott International Ltd.	LOC		15,187,691		(2,809,722	)
Parques Reunidos (Piolin Bidco s.a.u)	Revolver Loan		1,027,180		(115,654	)
Royal Caribbean Cruises	Revolver Loan		3,054,973		4,707
Tank Holding Corp.	Revolver Loan		616,076		(33,455	)
Vertellus	Revolver Loan		709,332		(32,340	)
		$	47,111,638	$	(2,392,008	)

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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	176,781,660	$	2,293,312,640	$	2,470,094,300

* 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.

33 Invesco Senior Floating Rate Fund

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $509,210,819 and $829,292,650, 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	$ 202,203,479
Aggregate unrealized (depreciation) of investments	(412,082,486	)
Net unrealized appreciation (depreciation) of investments	$(209,879,007	)

Cost of investments for tax purposes is $3,568,695,947.

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, 2023, 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
Bank of America, N.A.	$	17,418,003	$	16,853,905
Barclays Bank PLC		15,187,691		12,605,784
Credit Agricole CIB		1,582,065		1,313,114
JPMorgan Europe Ltd.		2,825,635		1,659,668

NOTE 12–Dividends

The Fund declared the following monthly dividends from net investment income subsequent to February 28, 2023:

		Amount Per Share
Share Class	Record Date	Payable April 28, 2023
Class A	Daily	$0.0422
Class C	Daily	$0.0380
Class R	Daily	$0.0407
Class Y	Daily	$0.0434
Class R5	Daily	$0.0440
Class R6	Daily	$0.0439

NOTE 13–Share Information

				Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Sold:
Class A		14,705,290		$	98,020,143			47,641,433		$	334,278,812
Class C		2,627,854			17,526,979			8,088,635			56,812,169
Class R		407,150			2,710,126			1,427,305			9,999,546
Class Y		39,016,825			259,513,006			152,010,600			1,065,154,555
Class R5		1,256			8,335			-			-
Class R6		9,936,659			65,854,094			47,951,917			333,995,515
Issued as reinvestment of dividends:
Class A		10,301,533			67,912,540			8,291,919			57,698,731
Class C		1,567,540			10,341,044			1,430,472			9,981,569
Class R		469,500			3,093,018			375,423			2,612,061
Class Y		8,023,486			52,799,242			7,087,693			49,232,229
Class R6		968,851			6,376,854			742,943			5,140,709
Automatic conversion of Class C shares to Class A shares:
Class A		3,795,657			25,227,964			15,437,423			108,140,623
Class C		(3,792,018	)		(25,227,964	)		(15,424,045	)		(108,140,623	)

34 Invesco Senior Floating Rate Fund

				Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(33,985,839	)	$	(226,322,631	)		(64,565,601	)	$	(451,103,487	)
Class C		(5,399,059	)		(35,973,651	)		(10,698,524	)		(74,735,652	)
Class R		(797,274	)		(5,314,427	)		(2,070,887	)		(14,401,995	)
Class Y		(58,907,275	)		(391,235,129	)		(131,743,792	)		(912,730,037	)
Class R6		(20,025,699	)		(133,700,197	)		(40,196,462	)		(279,455,145	)
Net increase (decrease) in share activity		(31,085,563	)	$	(208,390,654	)		25,786,452		$	192,479,580

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

35 Invesco 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses       Paid During       Period2	Ending       Account Value       (02/28/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,033.90	$5.30	$1,019.59	$5.26	1.05%
Class C	1,000.00	1,031.60	9.07	1,015.87	9.00	1.80
Class R	1,000.00	1,032.60	6.55	1,018.35	6.51	1.30
Class Y	1,000.00	1,035.10	4.04	1,020.83	4.01	0.80
Class R5	1,000.00	1,035.50	3.68	1,021.17	3.66	0.73
Class R6	1,000.00	1,036.90	3.69	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, 2022 through February 28, 2023, 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 Senior Floating Rate Fund

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

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each 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 number(s): 811-09913 and 333-36074                  Invesco Distributors, Inc. O-SFLR-SAR-1                                         

Semiannual Report to Shareholders February 28, 2023

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 is 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, 8/31/22 to 2/28/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.02%
Class C Shares	-1.29
Class Y Shares	-0.79
Class R5 Shares	-0.79
Class R6 Shares	-0.75
S&P Municipal Bond High Yield Indexq (Broad Market Index)	-1.68
Custom Invesco Short Duration High Yield Municipal Index∎ (Style-Specific Index)	-0.87
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	-1.54
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 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 2/28/23, including maximum applicable sales charges

Class A Shares
Inception (9/30/15)	1.98%
5 Years	0.60
1 Year	-9.12
Class C Shares
Inception (9/30/15)	1.57%
5 Years	0.37
1 Year	-8.37
Class Y Shares
Inception (9/30/15)	2.60%
5 Years	1.37
1 Year	-6.50
Class R5 Shares
Inception (9/30/15)	2.63%
5 Years	1.39
1 Year	-6.50
Class R6 Shares
Inception	2.58%
5 Years	1.40
1 Year	-6.43

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, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–99.10%
Alabama–2.50%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.25%		06/01/2025	$	875	$          859,692
Black Belt Energy Gas District (The);
Series 2022 C-1, RB(a)		5.25%		06/01/2029		5,750	6,071,036
Series 2022 F, RB(a)		5.50%		12/01/2028		2,500	2,641,134
Fairfield (City of), AL; Series 2012, GO Wts. (Acquired 04/30/2012; Cost $3,622,756)(b)(c)		6.00%		06/01/2031		3,585	2,868,000
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB (Acquired 12/29/2015; Cost $90,000)(b)(c)		5.50%		01/01/2028		90	55,800
Series 2014, RB		3.50%		07/01/2026		5,022	3,113,940
Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB		5.00%		08/01/2025		770	759,665
Series 2016 A, RB		5.25%		08/01/2030		200	190,146
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(a)		4.00%		12/01/2031		5,390	5,253,355
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(a)		5.50%		12/01/2029		5,000	5,361,650
Talladega (County of), AL; Series 2002 D, TAC (INS - NATL)(d)		5.25%		01/01/2029		25	25,039
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining);
Series 2019 A, Ref. IDR(e)		4.50%		05/01/2032		7,691	6,910,900
Series 2019 A, Ref. IDR(e)		5.25%		05/01/2044		1,000	867,590
							34,977,947
American Samoa–0.07%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.25%		09/01/2029		1,000	1,041,201
Arizona–3.37%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB		5.00%		07/01/2030		495	518,860
Series 2017 A, Ref. RB		5.00%		07/01/2031		515	538,938
Series 2017 A, Ref. RB		5.00%		07/01/2032		545	569,277
Series 2017 A, Ref. RB		5.00%		07/01/2033		575	599,186
Arizona (State of) Industrial Development Authority (ACCEL Schools); Series 2018 A, RB(e)		5.00%		08/01/2033		1,955	1,888,706
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(e)		6.00%		07/01/2037		3,440	3,538,489
Series 2017, Ref. RB(e)		6.00%		07/01/2047		1,385	1,405,359
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(e)		5.00%		07/01/2026		410	411,595
Arizona (State of) Industrial Development Authority (Doral Academy of Northern Nevada); Series 2021 A, Ref. RB(e)		4.00%		07/15/2041		530	433,976
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(e)		4.50%		07/01/2029		765	730,417
Series 2019, RB(e)		5.00%		07/01/2039		2,135	1,975,217
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(e)		5.00%		06/01/2031		2,505	2,488,907
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(e)		4.75%		12/15/2028		1,440	1,443,098
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e)		5.00%		07/15/2028		865	872,532
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Northern Nevada); Series 2022 A, RB(e)		4.50%		07/15/2029		2,970	2,845,898
Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone Mountain Campus);
Series 2019 A, IDR(e)		5.00%		12/15/2039		400	382,027
Series 2019 A, IDR(e)		5.00%		12/15/2049		700	632,165
Chandler (City of) Industrial Development Authority (Intel Corp.); Series 2022, RB(a)(f)		5.00%		09/01/2027		2,000	2,069,052
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix);
Series 2018 A, Ref. RB		3.60%		07/01/2023		155	154,067
Series 2018 A, Ref. RB		5.00%		07/01/2038		320	278,316
Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)(d)		4.38%		08/01/2032		5	5,006

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)
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(e)		4.80%		07/01/2028	$	1,600	$       1,610,737
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB(e)		5.00%		07/01/2035		2,900	2,879,490
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2015, Ref. RB(e)		5.00%		07/01/2035		2,820	2,809,538
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(e)		4.60%		06/15/2025		930	927,746
Series 2015, Ref. RB(e)		5.38%		06/15/2035		3,370	3,395,263
Series 2019, Ref. RB(e)		5.00%		06/15/2034		730	730,101
Series 2022, Ref. RB(e)		4.00%		06/15/2031		545	509,418
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); Series 2013 Q, Ref. RB		5.38%		07/01/2031		4,860	4,755,987
Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020, Ref. RB(e)		4.75%		05/01/2030		1,925	1,843,620
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)		5.00%		09/01/2026		230	228,401
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e)		4.13%		07/01/2026		1,000	967,748
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
Series 2019, RB(e)		5.00%		07/01/2029		300	301,623
Series 2019, RB(e)		5.00%		07/01/2034		400	398,262
Series 2019, RB(e)		5.00%		07/01/2039		500	478,963
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13%		07/01/2029		175	163,963
Tempe (City of), AZ Industrial Development Authority (Friendship Village of Tempe);
Series 2021 A, Ref. RB		4.00%		12/01/2029		380	352,869
Series 2021 A, Ref. RB		4.00%		12/01/2030		495	453,921
Series 2021 A, Ref. RB		4.00%		12/01/2031		465	420,964
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB(e)		6.13%		10/01/2052		300	227,666
							47,237,368
Arkansas–1.05%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2020, RB(e)(f)		4.75%		09/01/2049		7,370	6,816,143
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(e)(f)		5.45%		09/01/2052		8,000	7,884,514
							14,700,657
California–7.05%
California (State of);
Series 1996, GO Bonds (INS - FGIC)(d)		5.38%		06/01/2026		1,885	1,896,733
Series 2020, GO Bonds		4.00%		03/01/2046		2,500	2,443,095
Series 2021, GO Bonds		3.00%		12/01/2046		2,000	1,572,424
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2022 A-1, RB(a)		4.00%		08/01/2028		21,065	21,045,294
Series 2023, RB(a)		5.00%		08/01/2029		2,500	2,623,755
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB		6.00%		06/01/2042		135	137,233
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		1,555	1,555,043
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy);
Series 2018 A, RB(e)		5.00%		06/01/2028		825	817,441
Series 2018 A, RB(e)		5.00%		06/01/2038		845	798,363
California (State of) Municipal Finance Authority (Palomar Health);
Series 2022 A, Ref. COP (INS - AGM)(d)		5.25%		11/01/2035		1,200	1,326,359
Series 2022 A, Ref. COP (INS - AGM)(d)		5.25%		11/01/2036		1,250	1,362,016
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(f)		4.00%		07/15/2029		7,000	6,706,520
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB(a)(f)		4.13%		10/01/2025		4,000	4,008,203
California (State of) Pollution Control Financing Authority;
Series 2012, RB(e)(f)		5.00%		07/01/2037		2,000	2,005,116
Series 2012, RB(e)(f)		5.00%		11/21/2045		4,230	4,234,972
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)(b)(c)(e)(f)		7.00%		12/01/2027		710	71,000

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) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB(b)(e)(f)		7.50%		07/01/2032	$	4,950	$          247,500
Series 2020, RB (Acquired 10/06/2020; Cost $955,203)(b)(c)(e)(f)		7.50%		07/01/2032		1,000	130,000
California (State of) Public Finance Authority (California University of Science and Medicine); Series 2019 A, RB(e)		6.25%		07/01/2054		4,100	4,351,254
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021, RB(e)		2.38%		11/15/2028		510	472,293
Series 2021, RB(e)		3.13%		05/15/2029		2,000	1,763,729
California (State of) Public Finance Authority (Excelsior Charter Schools); Series 2020 A, RB(e)		5.00%		06/15/2040		1,060	993,402
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB(e)		5.00%		07/01/2026		250	240,261
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.25%		06/01/2032		1,000	1,000,457
California (State of) School Finance Authority (Sonoma County Junior College); Series 2021, RB(e)		4.00%		11/01/2031		1,000	932,329
California (State of) School Finance Authority (TEACH Public Schools);
Series 2019 A, RB(e)		5.00%		06/01/2029		275	278,264
Series 2019 A, RB(e)		5.00%		06/01/2039		740	731,029
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25%		11/15/2034		6,250	6,249,663
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(e)		4.00%		06/01/2026		410	399,861
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB		5.25%		12/01/2034		500	509,057
Series 2014, RB		5.50%		12/01/2054		5,000	4,955,907
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(e)		5.00%		07/01/2029		900	874,743
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB(a)(g)		5.00%		06/01/2027		145	158,255
Irvine Unified School District (Community Facilities District No. 09-1); Series 2017 B, RB		5.00%		09/01/2033		225	235,375
North City (City of), CA West School Facilities Financing Authority; Series 2012 A, RB (INS - AGM)(d)		5.00%		09/01/2026		605	605,841
Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)(d)		5.00%		12/01/2034		5,405	5,414,878
Sacramento (County of), CA (Metro Air Park Community);
Series 2022, Ref. RB		5.00%		09/01/2029		2,000	2,115,608
Series 2022, Ref. RB		5.00%		09/01/2030		2,000	2,124,393
West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB		5.00%		06/01/2030		2,935	2,940,191
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2014, RB		5.00%		06/01/2044		8,395	8,447,749
							98,775,606
Colorado–6.74%
3rd and Havana Metropolitan District; Series 2020 A, GO Bonds		4.50%		12/01/2030		2,490	2,275,511
Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds		5.00%		12/01/2037		713	671,321
Arista Metropolitan District;
Series 2018 A, Ref. GO Bonds		4.38%		12/01/2028		1,000	948,909
Series 2018 A, Ref. GO Bonds		5.00%		12/01/2038		1,240	1,187,688
Baseline Metropolitan District No. 1;
Seires 2018 A-2, RB		5.13%		12/01/2028		1,500	1,518,843
Seires 2018 A-2, RB		5.50%		12/01/2034		1,000	1,016,134
Brighton Crossing Metropolitan District No. 6;
Series 2020 A, GO Bonds		5.00%		12/01/2035		530	501,346
Series 2020 A, GO Bonds		5.00%		12/01/2040		515	468,199
Canyon Pines Metropolitan District; Series 2022 A, GO Bonds(h)		0.00%		12/01/2027		8,770	6,045,961
Canyons Metropolitan District No. 5; Series 2016, GO Bonds		7.00%		12/15/2057		1,500	1,017,895
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds		4.00%		12/01/2029		1,115	1,032,399
Clear Creek Station Metropolitan District No. 2; Series 2017 A, Ref. GO Bonds		4.38%		12/01/2032		738	687,313
Clear Creek Transit Metropolitan District No. 2; Series 2021 A, GO Bonds		5.00%		12/01/2041		1,100	992,936
Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds		7.63%		12/15/2042		2,000	1,810,450
Colorado (State of) Health Facilities Authority (Aberdeen Ridge);
Series 2021 A, RB		5.00%		05/15/2035		5,205	4,597,794
Series 2021 B, RB		2.63%		05/15/2029		1,125	1,006,799

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) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB		5.00%		11/01/2027	$	600	$          638,982
Series 2022, RB		5.00%		11/01/2028		500	540,829
Series 2022, RB		5.00%		11/01/2029		900	982,442
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community);
Series 2017 A, Ref. RB		5.00%		05/15/2025		525	525,177
Series 2017 A, Ref. RB		5.00%		05/15/2026		475	474,548
Colorado (State of) Health Facilities Authority (Ralston Creek at Arvada); Series 2017 B, RB		4.00%		11/01/2027		4,200	3,714,781
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB(e)		5.00%		12/01/2025		105	95,163
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB		5.30%		07/01/2037		1,285	1,019,979
Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds		5.63%		12/01/2032		1,000	988,385
Colorado (State of) Science and Technology Park Metropolitan District No. 1; Series 2018, RB		5.00%		12/01/2033		1,000	981,538
Copper Ridge Metropolitan District; Series 2019, RB		4.00%		12/01/2029		2,739	2,505,468
Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds		6.00%		12/15/2041		1,225	1,164,298
Denver (City & County of), CO Health & Hospital Authority (550 Acoma, Inc.);
Series 2018, COP		5.00%		12/01/2028		310	330,574
Series 2018, COP		5.00%		12/01/2029		500	529,960
Series 2018, COP		5.00%		12/01/2030		350	371,130
Series 2018, COP		5.00%		12/01/2031		375	396,794
Series 2018, COP		5.00%		12/01/2032		455	479,846
Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds		5.50%		12/01/2038		1,369	1,339,266
Dominion Water & Sanitation District;
Series 2022, Ref. RB		5.00%		12/01/2027		2,185	2,162,132
Series 2022, Ref. RB		5.25%		12/01/2032		3,415	3,373,729
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds(e)		5.00%		12/01/2041		1,700	1,514,687
Frisco (Town of), CO (Marina Enterprise); Series 2019, RB		5.00%		12/01/2036		600	602,916
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(e)		4.88%		12/01/2028		675	655,382
Highlands Metropolitan District No. 1; Series 2021, GO Bonds		4.00%		12/01/2031		1,190	1,056,351
Independence Water & Sanitation District; Series 2019, RB		7.25%		12/01/2038		1,254	1,259,188
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		5,499	5,239,994
Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds		4.63%		12/01/2035		1,000	854,620
Mirabelle Metropolitan District No. 2; Series 2020 A, GO Bonds		5.00%		12/01/2039		700	658,172
Morgan Hill Metropolitan District No. 3;
Series 2021 A, GO Bonds		3.00%		12/01/2031		980	786,599
Series 2021 A, GO Bonds		3.50%		12/01/2041		2,940	2,177,060
Mulberry Metropolitan District No. 2; Series 2022, RB		7.00%		12/01/2034		6,000	6,082,107
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds		5.13%		12/01/2031		1,445	1,412,224
Nexus North at DIA Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2041		520	469,388
Nine Mile Metropolitan District; Series 2020, RB		4.63%		12/01/2030		2,265	2,128,898
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25%		12/01/2048		2,250	2,068,510
Peak Metropolitan District No. 1; Series 2021 A, GO Bonds(e)		4.00%		12/01/2035		540	454,532
Plaza Metropolitan District No. 1; Series 2013, Ref. RB(e)		5.00%		12/01/2040		1,465	1,377,638
Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds		6.38%		06/15/2046		1,330	1,197,465
Rampart Range Metropolitan District No. 5; Series 2021, RB		4.00%		12/01/2036		1,250	1,041,071
Riverwalk Metropolitan District No. 2; Series 2022 A, RB		4.50%		12/01/2032		4,000	3,576,810
Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds(e)		5.00%		12/01/2031		1,945	1,839,888
Series 2021 A, GO Bonds(e)		5.00%		12/01/2041		2,000	1,712,187
Thompson Crossing Metropolitan District No. 4; Series 2019, Ref. GO Bonds		3.50%		12/01/2029		515	462,957
Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds		5.00%		12/01/2041		2,700	2,387,209
Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)(d)		3.25%		12/15/2050		822	647,604
Verve Metropolitan District No. 1; Series 2023, GO Bonds		5.75%		12/01/2033		2,895	2,722,208
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(e)		5.70%		12/01/2051		166	146,336
Westerly Metropolitan District No. 4;
Series 2021 A, GO Bonds		4.13%		12/01/2031		615	543,902
Series 2021 A, GO Bonds		5.00%		12/01/2040		1,000	913,118
							94,383,540

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
Connecticut–0.24%
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB		5.00%		01/01/2030	$	3,480	$       3,379,837
Delaware–0.16%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB(e)		5.00%		07/01/2028		2,249	2,254,163
District of Columbia–3.20%
District of Columbia; Series 2013, RB		5.00%		10/01/2035		1,285	1,264,107
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		4.13%		07/01/2027		1,160	1,119,841
Series 2017 A, RB		5.00%		07/01/2032		1,500	1,470,340
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB		6.50%		05/15/2033		5,785	5,917,899
Series 2001, RB		6.75%		05/15/2040		24,435	25,155,345
Metropolitan Washington Airports Authority; Series 2015 B, Ref. RB(f)		5.00%		10/01/2032		9,575	9,879,468
							44,807,000
Florida–5.07%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB (Acquired 12/04/2020; Cost $185,398)(c)		5.63%		11/15/2029		185	156,224
Series 2014, RB (Acquired 06/04/2020; Cost $861,250)(c)		6.00%		11/15/2029		1,000	849,607
Series 2014, RB (Acquired 01/17/2020; Cost $1,408,850)(c)		6.00%		11/15/2034		1,500	1,158,139
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(e)		5.00%		11/15/2061		965	646,367
Series 2022 B, RB(e)		6.50%		11/15/2033		100	87,233
Amelia Concourse Community Development District; Series 2019 B-1, RB		5.25%		05/01/2029		70	71,142
Broward (County of), FL; Series 2015 A, RB(f)		5.00%		10/01/2045		10,000	10,084,345
Broward (County of), FL Housing Finance Authority (Golden Villas); Series 2008 B, RB(a)(f)		6.75%		04/01/2025		40	40,108
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.); Series 2015, Ref. RB(e)		5.88%		07/01/2040		250	226,402
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB(e)		5.38%		08/01/2032		1,000	835,014
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(e)		5.00%		12/15/2035		1,085	1,030,783
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 B, RB(b)		4.00%		07/01/2028		750	75,000
Series 2018 B, RB(b)		4.25%		07/01/2033		625	62,500
Capital Trust Agency, Inc. (Imagine School at North Manatee);
Series 2021 C, RB(e)		5.00%		06/01/2041		465	419,538
Series 2021, RB(e)		3.25%		06/01/2031		230	196,456
Series 2021, RB(e)		5.00%		06/01/2041		1,295	1,168,390
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(e)		5.00%		07/01/2027		1,000	961,537
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(e)		4.00%		06/15/2031		700	635,177
Capital Trust Agency, Inc. (University Bridge LLC Student Housing);
Series 2018 A, RB(e)		4.00%		12/01/2028		6,310	5,857,382
Series 2018 A, RB(e)		5.25%		12/01/2043		2,500	2,360,997
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB(e)(f)		5.00%		10/01/2029		895	904,073
Series 2021, RB(e)(f)		4.00%		10/01/2041		1,800	1,457,869
Florida Development Finance Corp.; Series 2021, RB(e)		3.00%		07/01/2031		325	290,173
Florida Development Finance Corp. (Brightline Fllorida Passenger Rail Expansion); Series 2022 A, Ref. RB(a)(e)(f)		7.25%		10/03/2023		3,000	3,009,590
Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB(e)		5.25%		06/15/2029		1,000	990,959
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2020 C, Ref. RB(e)		4.00%		09/15/2030		470	420,524
Series 2020 C, Ref. RB(e)		5.00%		09/15/2040		400	346,028
Florida Development Finance Corp. (River City Science Academy);
Series 2022, RB		4.00%		07/01/2031		345	336,060
Series 2022, RB		5.00%		07/01/2042		435	435,648
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(a)(e)(f)		6.25%		01/01/2024		3,405	3,311,512
Series 2019 A, Ref. RB(a)(e)(f)		6.38%		01/01/2026		5,000	4,644,756
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65%		07/01/2041		1,140	1,128,048
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB		5.50%		08/15/2030		3,805	3,680,801

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)
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(e)		5.00%		07/15/2028	$	480	$          469,049
Series 2018 A, RB(e)		5.38%		07/15/2038		1,300	1,188,573
Miami-Dade (County of), FL;
Series 2014, Ref. RB(f)		5.00%		10/01/2031		3,000	3,039,968
Series 2014, Ref. RB(f)		5.00%		10/01/2032		5,000	5,064,546
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); Series 2016, Ref. RB		5.00%		11/15/2032		3,000	3,043,284
Palm Beach (County of), FL Health Facilities Authority (Harbour’s Edge); Series 2004 A, RB		6.00%		11/15/2024		10	10,006
Palm Beach (County of), FL Health Facilities Authority (Toby & Leon Cooperman Sinai Residences of Boca Raton Expanison);
Series 2022, Ref. RB		4.00%		06/01/2031		1,250	1,151,934
Series 2022, Ref. RB		4.00%		06/01/2036		2,000	1,721,941
Pembroke Harbor Community Development District; Series 2008 A, RB		7.00%		05/01/2038		1,060	1,061,748
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB		5.00%		07/01/2029		1,620	1,635,073
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates);
Series 2019, Ref. IDR		5.00%		01/01/2039		300	275,626
Series 2019, Ref. IDR		5.00%		01/01/2049		1,750	1,511,274
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(e)(f)		5.88%		01/01/2033		3,000	3,011,938
							71,063,342
Georgia–1.38%
Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(f)		5.30%		05/15/2026		810	811,435
Burke (County of), GA Development Authority (Oglethorpe Power Corp.); Series 2017 E, RB(a)		3.25%		02/03/2025		3,000	2,956,635
Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB		5.50%		12/01/2028		1,900	1,860,506
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB(e)		3.63%		01/01/2031		2,750	2,381,045
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(d)		5.00%		12/01/2023		5	5,008
Macon-Bibb (County of), GA Housing Authority (Green Meadows Apartments); Series 2021 B, RB(a)		4.50%		05/01/2023		4,250	4,247,837
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(e)		5.00%		06/15/2027		390	388,337
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(e)		5.00%		11/01/2023		2,280	2,287,087
Series 2017 A, Ref. RB(e)		5.00%		11/01/2037		2,000	1,931,311
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); Series 2018 A-1, RB		5.75%		12/01/2028		2,630	2,530,262
							19,399,463
Guam–0.52%
Guam (Territory of); Series 2015 D, Ref. RB		5.00%		11/15/2033		3,000	3,061,639
Guam (Territory of) Department of Education (John F. Kennedy);
Series 2020, Ref. COP		4.25%		02/01/2030		1,500	1,484,478
Series 2020, Ref. COP		5.00%		02/01/2040		2,750	2,726,541
							7,272,658
Idaho–0.34%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		4.00%		11/15/2027		1,015	985,464
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018 A, RB(e)		4.63%		07/01/2029		170	171,574
Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB(e)		4.00%		05/01/2042		2,280	1,824,631
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2014 A, Ref. RB		6.75%		07/01/2036		526	552,288
Series 2014 A, Ref. RB		6.75%		07/01/2048		1,061	1,109,906
Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB(f)		6.45%		08/01/2032		130	130,461
							4,774,324
Illinois–8.66%
Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB		5.00%		12/30/2027		820	797,687
Aurora (City of), IL (River City TIF No. 3); Series 2018 B, Ref. RB		4.50%		12/30/2023		420	417,085

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)
Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB		4.00%		01/01/2024	$	475	$471,315
Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB(e)		4.00%		12/01/2028		1,440	1,340,294
Bradley (Village of), IL (Bradley Commons);
Series 2018 A, Ref. RB		5.00%		01/01/2024		455	455,171
Series 2018 A, Ref. RB		5.00%		01/01/2025		485	484,585
Series 2018 A, Ref. RB		5.00%		01/01/2026		505	502,861
Series 2018 A, Ref. RB		5.00%		01/01/2027		530	526,867
Chicago (City of), IL;
Series 2014 A, Ref. GO Bonds		5.00%		01/01/2035		11,270	11,291,452
Series 2014, RB (INS - BAM)(d)		5.00%		01/01/2039		2,000	2,011,937
Series 2017 A, Ref. GO Bonds		5.63%		01/01/2029		1,000	1,044,927
Series 2017 A, Ref. GO Bonds		5.75%		01/01/2034		1,500	1,568,304
Chicago (City of), IL (Hearts United Apartments); Series 1999 A, RB (CEP - GNMA)(f)		5.60%		01/01/2041		70	70,362
Chicago (City of), IL (Lakeshore East);
Series 2022, Ref. RB(e)		2.87%		12/01/2027		255	237,022
Series 2022, Ref. RB(e)		3.04%		12/01/2028		270	248,294
Series 2022, Ref. RB(e)		3.20%		12/01/2029		325	296,374
Series 2022, Ref. RB(e)		3.29%		12/01/2030		342	310,730
Series 2022, Ref. RB(e)		3.38%		12/01/2031		375	338,477
Series 2022, Ref. RB(e)		3.45%		12/01/2032		300	269,527
Chicago (City of), IL (O’Hare International Airport);
Series 2015 C, RB(f)		5.00%		01/01/2046		8,000	7,973,761
Series 2017 D, RB		5.25%		01/01/2029		1,500	1,626,840
Series 2017 D, RB		5.25%		01/01/2030		3,000	3,245,111
Series 2017 G, RB(f)		5.25%		01/01/2028		250	262,956
Series 2017 G, RB(f)		5.25%		01/01/2029		350	369,058
Series 2017 G, RB(f)		5.25%		01/01/2030		400	422,136
Series 2017 G, RB(f)		5.25%		01/01/2031		350	369,468
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(d)(h)		0.00%		12/01/2025		1,000	895,075
Series 2012 A, GO Bonds		5.00%		12/01/2042		15,000	14,171,195
Series 2017 C, Ref. GO Bonds		5.00%		12/01/2024		1,000	1,013,937
Series 2018 C, Ref. GO Bonds		5.00%		12/01/2023		2,000	2,014,162
Series 2018 C, Ref. GO Bonds		5.00%		12/01/2026		2,000	2,053,007
Evanston (City of), IL (Roycemore School);
Series 2021, RB(e)		4.00%		04/01/2032		245	204,367
Series 2021, RB(e)		4.38%		04/01/2041		830	623,021
Hillside (Village of), IL (Mannheim Redevelopment);
Series 2018, Ref. RB		5.00%		01/01/2024		335	335,977
Series 2018, Ref. RB		5.00%		01/01/2030		2,195	2,177,205
Illinois (State of);
First Series 2020, GO Bonds (INS - NATL)(d)(i)(j)		6.00%		11/01/2026		3,500	3,667,988
Series 2013, GO Bonds		5.50%		07/01/2033		1,500	1,507,502
Series 2017 D, GO Bonds		5.00%		11/01/2025		4,000	4,112,825
Series 2020 A, GO Bonds(i)(j)		6.00%		05/01/2025		2,500	2,608,756
Series 2020, GO Bonds		5.38%		05/01/2023		1,000	1,002,325
Series 2020, GO Bonds		5.50%		05/01/2030		2,000	2,193,000
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(f)		8.00%		06/01/2032		11,805	11,814,876
Illinois (State of) Finance Authority; Series 2007, RB		5.40%		04/01/2027		140	137,387
Illinois (State of) Finance Authority (Benedictine University);
Series 2017, Ref. RB		5.00%		10/01/2030		1,000	1,016,315
Series 2017, Ref. RB		5.00%		10/01/2033		1,000	1,015,159
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(e)		5.25%		12/01/2025		255	259,450
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2027		2,065	2,017,905
Series 2019 A, Ref. RB		5.00%		11/01/2035		2,020	1,822,454
Illinois (State of) Finance Authority (Montgomery Place); Series 2017, Ref. RB (Acquired 04/12/2017; Cost $1,125,253)(c)		5.00%		05/15/2024		1,115	1,098,103
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB		5.13%		05/15/2060		1,089	632,742

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 (Peace Village); Series 2013, RB(g)		5.25	%		08/15/2023	$	160	$	161,319
Illinois (State of) Finance Authority (Plymouth Place); Series 2015, Ref. RB(g)		5.00	%		05/15/2025		160		163,401
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB		5.50	%		04/01/2037		2,000		1,859,011
Series 2019 A, RB(e)		6.13	%		04/01/2049		3,000		2,914,028
Illinois (State of) Finance Authority (Rosalind Franklin University);
Series 2017, Ref. RB		5.00	%		08/01/2027		425		439,578
Series 2017, Ref. RB		5.00	%		08/01/2028		500		517,802
Series 2017, Ref. RB		5.00	%		08/01/2029		325		336,519
Series 2017, Ref. RB		5.00	%		08/01/2030		380		393,031
Series 2017, Ref. RB		5.00	%		08/01/2031		375		387,335
Series 2017, Ref. RB		5.00	%		08/01/2033		470		483,313
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB		5.00	%		11/15/2038		8,700		8,789,572
Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB		4.00	%		02/15/2027		1,460		1,414,796
Illinois (State of) Medical District Commission;
Series 2002, COP (INS - NATL)(d)		5.13	%		06/01/2026		50		50,054
Series 2002, COP (INS - NATL)(d)		5.25	%		06/01/2032		140		140,105
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2022 B, RB		5.00	%		12/15/2027		3,000		3,089,373
Illinois (State of) Regional Transportation Authority; Series 2018 B, RB(j)		5.00	%		06/01/2030		3,000		3,324,196
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB		4.25	%		03/01/2024		82		81,632
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		4.25	%		01/01/2029		880		834,322
Yorkville (United City of), IL (Raintree Village); Series 2013, Ref. RB		4.60	%		03/01/2025		640		629,879
									121,356,600
Indiana–1.92%
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB		4.80	%		01/01/2028		300		274,461
Indiana (State of) Finance Authority; Series 2022, Ref. RB(a)(f)		4.50	%		11/15/2023		10,000		9,974,350
Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB(e)		5.50	%		07/01/2028		815		809,001
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.);
Series 2012 A, RB		4.25	%		11/01/2030		1,580		1,533,663
Series 2012 B, RB		3.00	%		11/01/2030		2,000		1,782,099
Series 2012 C, RB		3.00	%		11/01/2030		2,000		1,782,099
Indiana (State of) Finance Authority (United States Steel Corp.); Series 2021 A, Ref. RB		4.13	%		12/01/2026		6,980		6,859,593
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25	%		09/01/2037		1,865		1,863,084
Lake County 2000 Building Corp.; Series 2012, RB (CEP - Colorado Higher Education Intercept Program)		5.00	%		02/01/2024		1,520		1,520,062
Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB(e)		5.10	%		01/01/2032		555		480,731
									26,879,143
Iowa–1.52%
Ackley (City of), IA (Grand Jivante); Series 2018 A, RB		4.50	%		08/01/2033		600		491,902
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB		4.30	%		10/01/2028		660		614,239
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(a)		4.00	%		12/01/2032		9,000		8,835,580
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.);
Series 2018, RB		4.45	%		08/01/2028		625		575,584
Series 2018, RB		5.00	%		08/01/2033		500		446,650
PEFA, Inc.; Series 2019, RB(a)		5.00	%		09/01/2026		10,000		10,293,209
									21,257,164
Kansas–1.00%
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB		5.00	%		05/15/2027		1,440		1,448,564
Pittsburgh (City of), KS (North Broadway - Pittsburgh Town Center); Series 2006, RB		4.80	%		04/01/2027		240		194,412
University of Kansas Hospital Authority; Series 2015, Ref. RB		5.00	%		09/01/2034		5,000		5,205,623
Wichita (City of), KS (Kansas Masonic Home);
Series 2016 II-A, RB (Acquired 05/01/2017; Cost $ 499,162)(c)		4.25	%		12/01/2024		500		115,000
Series 2016 II-A, RB (Acquired 06/24/2016-11/06/2019; Cost $1,849,794)(c)		5.00	%		12/01/2031		1,800		414,000
Series 2016 II-A, RB (Acquired 06/24/2016-02/20/2018; Cost $1,014,014)(c)		5.25	%		12/01/2036		1,000		230,000
Wichita (City of), KS (Larksfield Place); Series 2013 III, Ref. RB(a)(g)		7.13	%		12/15/2023		1,000		1,029,004

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 (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB		5.00	%		05/15/2028	$	935	$	907,034
Series 2018 I, Ref. RB		5.00	%		05/15/2033		500		469,110
Series 2019, Ref. RB		4.00	%		05/15/2023		655		653,368
Series 2019, Ref. RB		5.00	%		05/15/2026		1,110		1,096,370
Series 2019, Ref. RB		5.00	%		05/15/2027		1,165		1,140,323
Series 2019, Ref. RB		5.00	%		05/15/2028		1,220		1,183,510
									14,086,318
Kentucky–0.60%
Ashland (City of), KY (King’s Daughters Medical Center); Series 2016 A, Ref. RB		5.00	%		02/01/2029		1,000		1,033,477
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB		5.00	%		02/01/2026		470		480,832
Series 2016, Ref. RB		5.50	%		02/01/2044		2,170		2,205,405
Henderson (City of), KY (Pratt Paper LLC); Series 2022 B, RB(e)(f)		3.70	%		01/01/2032		2,500		2,433,665
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB		4.25	%		07/01/2031		1,000		869,797
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB		5.00	%		07/01/2032		1,000		1,013,840
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB		5.00	%		11/15/2025		380		370,061
									8,407,077
Louisiana–2.06%
Calcasieu Parish Industrial Development Board, Inc. (Citgo Petroleum Corp.); Series 1993, RB(f)		6.00	%		07/01/2023		70		70,054
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB(e)		5.38	%		11/01/2038		4,095		4,253,463
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB(e)		4.63	%		11/01/2038		1,825		1,828,048
Louisiana (State of) Public Facilities Authority (Encore Academy);
Series 2021, RB(e)		5.00	%		06/01/2031		815		715,478
Series 2021, RB(e)		5.00	%		06/01/2041		1,640		1,233,133
New Orleans (City of), LA Aviation Board; Series 2015 B, RB(f)		5.00	%		01/01/2040		7,700		7,776,519
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(d)		5.00	%		10/01/2034		540		584,104
Series 2018 A, RB (INS - AGM)(d)		5.00	%		10/01/2036		1,115		1,188,170
Series 2018 A, RB (INS - AGM)(d)		5.00	%		10/01/2037		755		801,502
Series 2018 A, RB (INS - AGM)(d)		5.00	%		10/01/2038		475		503,637
Series 2018 B, Ref. RB (INS - AGM)(d)		5.00	%		10/01/2032		1,000		1,094,215
Series 2018 B, Ref. RB (INS - AGM)(d)		5.00	%		10/01/2033		715		778,830
Series 2018 B, Ref. RB (INS - AGM)(d)		5.00	%		10/01/2034		515		557,063
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB(a)(e)		5.85	%		06/01/2025		4,000		4,109,568
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.25	%		05/15/2035		3,410		3,421,081
									28,914,865
Maryland–0.35%
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB		5.00	%		09/01/2026		2,160		2,152,577
Series 2017, Ref. RB		5.00	%		09/01/2027		1,100		1,099,424
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB		4.00	%		09/01/2027		425		416,592
Baltimore (City of), MD (Harbor Point); Series 2022, RB		4.50	%		06/01/2033		400		389,092
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(e)		4.00	%		02/15/2028		480		464,491
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); Series 2017 A, RB(e)		5.00	%		07/01/2027		400		399,971
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical Institutions Parking Facilities); Series 1996, RB (INS - AMBAC)(d)		5.50	%		07/01/2026		40		40,294
									4,962,441
Massachusetts–0.57%
Collegiate Charter School of Lowell; Series 2019, RB		5.00	%		06/15/2039		1,000		967,463

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
Massachusetts–(continued)
Lynn Housing Authority & Neighborhood Development;
Series 2018, Ref. RB		3.60	%		10/01/2023	$	200	$	198,433
Series 2018, Ref. RB		3.75	%		10/01/2024		250		246,099
Series 2018, Ref. RB		4.00	%		10/01/2025		200		200,004
Series 2018, Ref. RB		4.00	%		10/01/2026		100		100,100
Series 2018, Ref. RB		4.00	%		10/01/2027		150		150,274
Series 2018, Ref. RB		4.25	%		10/01/2028		320		321,364
Series 2018, Ref. RB		4.38	%		10/01/2029		385		386,998
Series 2018, Ref. RB		4.50	%		10/01/2030		690		694,111
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB		5.00	%		07/01/2028		675		650,816
Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2018, RB(e)		5.00	%		11/15/2033		1,500		1,565,955
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref. RB(e)		5.00	%		10/01/2057		1,500		1,397,570
Massachusetts (Commonwealth of) Development Finance Agency (Plantation Apartments L.P.); Series 2004 A, RB (LOC - Fleet National Bank)(f)(k)		5.00	%		12/15/2024		1,155		1,155,502
									8,034,689
Michigan–1.82%
Advanced Technology Academy;
Series 2019, Ref. RB		3.88	%		11/01/2029		1,210		1,111,241
Series 2019, Ref. RB		5.00	%		11/01/2034		1,200		1,140,821
Detroit (City of), MI; Series 2018, GO Bonds		5.00	%		04/01/2026		1,000		1,018,813
Ecorse (City of), MI; Series 2011, GO Bonds		5.80	%		11/01/2026		1,430		1,432,248
Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2021, Ref. RB(e)		5.00	%		08/15/2031		1,080		1,009,853
Michigan (State of) Finance Authority (Cesar Chavez Academy);
Series 2019, Ref. RB		3.25	%		02/01/2024		90		88,780
Series 2019, Ref. RB		4.00	%		02/01/2029		700		663,829
Series 2019, Ref. RB		5.00	%		02/01/2033		830		822,930
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2003 B-2, RB		6.00	%		11/01/2023		10		10,024
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB		4.25	%		12/01/2039		1,575		1,228,627
Michigan (State of) Finance Authority (Universal Learning Academy);
Series 2018, Ref. RB		5.00	%		11/01/2023		100		100,123
Series 2018, Ref. RB		5.50	%		11/01/2028		500		506,750
Series 2018, Ref. RB		6.00	%		11/01/2032		500		516,150
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB		5.50	%		06/01/2047		3,000		2,558,348
Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB(e)		5.00	%		08/15/2031		810		757,390
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(a)(f)		4.00	%		10/01/2026		7,610		7,509,946
Michigan (State of) Strategic Fund (I-75 Improvement Project);
Series 2018, RB(f)		5.00	%		12/31/2032		1,730		1,790,912
Series 2018, RB(f)		5.00	%		12/31/2033		2,000		2,064,824
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A, Ref. RB(e)		5.00	%		07/01/2026		1,280		1,176,495
									25,508,104
Minnesota–1.35%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB		5.00	%		12/01/2033		1,250		1,085,440
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB		3.50	%		07/01/2027		620		573,208
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015 A, RB		4.75	%		07/01/2025		530		517,877
Series 2015 A, RB		5.25	%		07/01/2030		580		552,142
Series 2015, RB		5.50	%		07/01/2035		665		612,827
Series 2015, RB		5.75	%		07/01/2046		1,400		1,215,900
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB (Acquired 01/18/2019; Cost $965,250)(c)		5.75	%		08/01/2030		975		783,703
Deephaven (City of), MN (Seven Hills Preparatory Academy);
Series 2017, RB		4.38	%		10/01/2027		235		226,160
Series 2017, RB		5.00	%		10/01/2037		1,000		906,383

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
Minnesota–(continued)
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB		4.25	%		11/01/2028	$	1,680	$	1,605,637
Series 2018 A, Ref. RB		5.00	%		11/01/2033		1,070		1,033,043
Minneapolis (City of), MN (Spero Academy);
Series 2017 A, RB(e)		5.50	%		07/01/2027		590		591,130
Series 2017 A, RB(e)		6.00	%		07/01/2032		1,080		1,094,655
Ramsey (City of), MN; Series 2022 A, Ref. RB		5.00	%		06/01/2032		2,000		1,954,992
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88	%		12/01/2048		1,000		1,002,700
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $2,000,000)(a)(b)(c)(e)		6.00	%		07/01/2027		2,000		1,800,000
St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, RB(e)		5.25	%		07/01/2033		140		140,635
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, RB		5.13	%		10/01/2023		80		79,827
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023, Ref. RB		4.25	%		12/01/2032		1,315		1,304,568
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB		5.00	%		09/01/2026		810		811,228
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		214,264
Series 2018, Ref. RB		4.13	%		10/01/2033		250		209,140
St. Paul Park (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB		4.10	%		09/01/2033		500		480,577
Wayzata (City of), MN (Folkstone Senior Living Co.); Series 2019, Ref. RB		5.00	%		08/01/2035		100		98,452
									18,894,488
Mississippi–0.86%
Mississippi (State of) Development Bank (Hospital Construction); Series 2014, RB		5.00	%		09/01/2030		720		739,113
Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB(e)		3.63	%		11/01/2036		3,500		3,143,303
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2016, RB		5.00	%		09/01/2046		3,870		3,836,295
Mississippi Business Finance Corp. (Waste Pro USA Inc.); Series 2017, RB(a)(e)(f)		5.00	%		08/02/2027		3,000		2,843,753
Tunica (County of), MS; Series 2019, Ref. RB		6.00	%		10/01/2040		1,620		1,427,154
									11,989,618
Missouri–1.94%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00	%		11/01/2028		145		135,123
Branson (City of), MO Industrial Development Authority (Branson Shoppes Redevelopment);
Series 2017 A, Ref. RB		4.00	%		11/01/2025		1,440		1,396,311
Series 2017 A, Ref. RB		4.00	%		11/01/2026		750		715,711
Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper Products Co. (The)); Series 1998, RB(f)		5.30	%		05/15/2028		30		30,059
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(e)		4.50	%		12/01/2029		1,680		1,640,728
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District);
Series 2016 A, Ref. RB(e)		4.25	%		04/01/2026		310		299,483
Series 2016 A, Ref. RB(e)		5.00	%		04/01/2036		2,000		1,840,837
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(e)		4.38	%		02/01/2031		960		818,742
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. IDR		5.00	%		05/15/2026		1,000		979,399
Series 2017 A, Ref. IDR		5.00	%		05/15/2027		800		776,072
Series 2017, Ref. RB		5.00	%		05/15/2024		1,700		1,689,319
Series 2017, Ref. RB		5.25	%		05/15/2037		1,000		898,828
Series 2017, Ref. RB		5.25	%		05/15/2042		1,000		864,880
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group);
Series 2014 A, RB		5.00	%		08/15/2034		490		452,490
Series 2014 A, RB		5.25	%		08/15/2039		5,235		4,797,128
Series 2018, Ref. RB		5.00	%		08/15/2032		2,680		2,525,580
Maryland Heights (City of), MO (Westport Plaza Redevelopment);
Series 2020, RB		3.63	%		11/01/2031		1,365		1,201,714
Series 2020, RB		4.13	%		11/01/2038		2,500		2,068,397

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)
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017, RB(e)		5.00	%		12/01/2037	$	300	$	308,119
Northpark Lane Community Improvement District; Series 2018, RB		4.50	%		11/01/2036		560		559,715
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e)		4.25	%		10/01/2034		1,325		1,137,357
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB		5.00	%		09/01/2025		1,000		1,002,555
Series 2018 A, RB		5.00	%		09/01/2026		1,000		1,003,495
									27,142,042
Nebraska–0.07%
Douglas (County of), NE Hospital Authority No. 2 (NE Methodist Health); Series 2015, Ref. RB		5.00	%		11/01/2045		1,000		1,007,920
Nevada–0.43%
Las Vegas (City of), NV Special Improvement District No. 607;
Series 2013, Ref. RB		5.00	%		06/01/2023		205		205,527
Series 2013, Ref. RB		5.00	%		06/01/2024		50		50,619
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB		4.75	%		12/01/2040		350		332,323
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada);
Series 2017 A, RB(e)		5.00	%		07/15/2027		335		336,837
Series 2017 A, RB(e)		5.00	%		07/15/2037		500		493,918
Nevada (State of) Department of Business & Industry (Somerset Academy); Series 2018 A, RB(e)		4.50	%		12/15/2029		525		508,576
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1); Series 2022, RB(e)		5.50	%		06/01/2037		750		747,001
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)		2.75	%		06/15/2028		2,500		2,246,264
Tahoe-Douglas Visitors Authority; Series 2020, RB		5.00	%		07/01/2032		1,000		1,038,364
									5,959,429
New Hampshire–0.60%
New Hampshire (State of) Business Finance Authority (Covanta);
Series 2018 A, Ref. RB(e)(f)		4.00	%		11/01/2027		1,500		1,429,198
Series 2020 A, Ref. RB(a)(e)		3.63	%		07/02/2040		3,455		2,643,258
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00	%		10/20/2036		3,980		3,717,300
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,323,137)(b)(c)(e)		5.25	%		07/01/2027		1,323		291,090
Series 2017 B, RB (Acquired 06/12/2017; Cost $1,214,615)(b)(c)(e)		4.13	%		07/01/2024		1,215		267,215
									8,348,061
New Jersey–2.23%
New Jersey (State of) Economic Development Authority; Series 2017 B, Ref. RB		5.00	%		11/01/2023		1,500		1,514,511
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); Series 2019 A, RB(e)		5.00	%		06/15/2039		825		792,071
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(e)		5.13	%		11/01/2029		215		213,489
New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter School); Series 2017 A, RB(e)		5.00	%		07/01/2027		395		389,839
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); Series 2018 A, RB(e)		4.75	%		10/01/2028		1,305		1,275,581
New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds); Series 2020 A, RB		5.00	%		11/01/2030		3,225		3,546,487
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13	%		06/15/2037		517		551,537
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 C, RB		5.00	%		07/01/2032		1,385		1,368,654
New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); Series 2017 A, Ref. RB(e)		4.25	%		09/01/2027		210		205,876
New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. RB(f)		5.00	%		12/01/2026		1,000		1,048,835

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) Transportation Trust Fund Authority;
Series 2008 A, RB(h)		0.00	%		12/15/2028	$	715	$	575,602
Series 2008 A, RB(h)		0.00	%		12/15/2035		1,000		570,521
Series 2009 A, RB(h)		0.00	%		12/15/2032		1,465		981,143
Series 2010 A, RB (INS - BAM)(d)(h)		0.00	%		12/15/2028		4,850		3,944,565
Series 2013 AA, RB		5.25	%		06/15/2031		1,150		1,155,960
Series 2018 A, Ref. RB		5.00	%		12/15/2024		1,000		1,023,562
Series 2018 A, RN(i)(j)		5.00	%		06/15/2029		1,000		1,052,647
Series 2018 A, RN(i)(j)		5.00	%		06/15/2030		2,845		2,993,246
Series 2019, Ref. RB		5.00	%		12/15/2033		2,850		3,102,398
Series 2020 A, Ref. RN(i)(j)		5.00	%		06/15/2031		4,680		4,914,737
Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB		3.20	%		06/01/2027		45		44,971
									31,266,232
New Mexico–0.22%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 C, RB		2.25	%		07/01/2023		1,125		1,112,981
Winrock Town Center Tax Increment Development District No. 1;
Series 2022, Ref. RB(e)		3.75	%		05/01/2028		1,008		943,362
Series 2022, Ref. RB(e)		4.00	%		05/01/2033		1,250		1,092,867
									3,149,210
New York–6.49%
Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB		5.00	%		12/01/2032		1,385		1,462,948
Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
Series 2018, Ref. RB(e)		5.00	%		10/01/2028		375		365,726
Series 2018, Ref. RB(e)		5.00	%		10/01/2038		2,445		2,197,310
Build NYC Resource Corp. (Brooklyn Navy Yard);
Series 2019, Ref. RB(e)(f)		5.25	%		12/31/2033		3,000		2,752,913
Series 2019, Ref. RB(e)(f)		5.50	%		12/31/2040		5,000		4,329,090
Build NYC Resource Corp. (NY Preparatory Charter School);
Series 2021 A, RB		4.00	%		06/15/2031		300		281,580
Series 2021 A, RB		4.00	%		06/15/2041		525		430,648
Build NYC Resource Corp. (Shefa School);
Series 2021 A, RB(e)		2.50	%		06/15/2031		375		312,472
Series 2021 A, RB(e)		5.00	%		06/15/2051		750		671,790
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00	%		06/01/2045		3,210		3,015,684
Metropolitan Transportation Authority;
Series 2013 E, RB		5.00	%		11/15/2038		1,400		1,395,996
Subseries 2015 C-1, Ref. RB		5.25	%		11/15/2031		2,000		2,038,536
Metropolitan Transportation Authority (Green Bonds); Series 2020 E, Ref. RB		5.00	%		11/15/2029		4,100		4,367,265
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 01/19/2016-02/28/2018; Cost $1,095,340)(c)		5.00	%		01/01/2058		967		466,165
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $445,000)(c)(e)		9.00	%		01/01/2041		445		367,873
New York & New Jersey (States of) Port Authority; Series 2014, Ref. RB(f)		5.00	%		10/15/2044		2,380		2,393,492
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB		5.00	%		08/01/2035		1,250		1,253,952
New York Counties Tobacco Trust II; Series 2001, RB		5.63	%		06/01/2035		95		96,896
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB		5.63	%		06/01/2035		1,255		1,291,258
Series 2016 A, Ref. RB		6.00	%		06/01/2043		3,360		3,415,560
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB(e)		7.25	%		11/15/2044		3,000		3,030,980
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(f)		5.25	%		08/01/2031		3,025		3,080,610
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(f)		5.00	%		08/01/2026		5,495		5,497,402
Series 2016, Ref. RB(f)		5.00	%		08/01/2031		8,500		8,507,788
Series 2021, Ref. RB(f)		3.00	%		08/01/2031		545		486,478

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 Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(f)	5.00%		01/01/2030	$	2,000	$       2,071,174
Series 2018, RB(f)	5.00%		01/01/2031		5,000	5,163,567
Series 2018, RB(f)	5.00%		01/01/2032		4,315	4,453,529
Series 2020, RB(f)	4.00%		10/01/2030		6,000	5,847,579
Series 2020, RB(f)	5.00%		10/01/2035		5,000	5,133,032
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, RB(f)	5.00%		12/01/2029		7,000	7,449,333
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(b)	5.00%		07/01/2027		1,000	495,000
Series 2013 A, RB(b)	5.00%		07/01/2032		1,000	495,000
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(e)(f)	7.00%		06/01/2046		3,500	3,068,294
Westchester County Local Development Corp.; Series 2021, Ref. RB(e)	2.88%		07/01/2026		3,385	3,231,960
						90,918,880
North Dakota–0.06%
Burleigh (County of), ND (University of Mary); Series 2016, RB	4.38%		04/15/2026		820	802,089
Ohio–2.58%
Buckeye Tobacco Settlement Financing Authority; Series 2020 B-2, Ref. RB	5.00%		06/01/2055		2,500	2,273,600
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB	5.00%		08/01/2029		600	614,941
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB	6.00%		11/15/2035		1,000	1,002,052
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(f)	5.38%		09/15/2027		485	484,968
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB	5.00%		02/15/2031		2,500	2,598,140
Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB	5.25%		11/15/2040		1,500	1,373,612
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB	6.30%		02/15/2024		165	164,613
Series 2004, RB	6.40%		02/15/2034		1,950	1,888,891
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(a)	4.38%		06/15/2026		1,700	1,626,860
Lorain (County of), OH Port Authority (Kendal at Oberlin); Series 2013 A, Ref. RB(a)(g)	5.00%		11/15/2023		1,500	1,517,543
Lucas Metropolitan Housing Authority;
Series 2012, RB	5.25%		09/01/2024		275	280,946
Series 2012, RB	5.25%		09/01/2025		290	296,304
Series 2012, RB	5.25%		09/01/2026		305	311,662
Series 2012, RB	5.25%		09/01/2027		320	327,018
Marion (County of), OH (United Church Homes, Inc.); Series 2019, Ref. RB	5.13%		12/01/2049		2,040	1,752,857
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB	5.00%		02/15/2033		1,000	1,000,193
Series 2013, RB	5.00%		02/15/2044		3,000	2,698,833
Series 2013, RB	5.00%		02/15/2048		7,180	6,178,585
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(e)	5.00%		12/01/2023		1,460	1,451,460
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(f)	5.00%		12/31/2039		1,000	996,131
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2019 A, Ref. PCR	3.25%		09/01/2029		2,000	1,818,096
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(e)(f)	4.25%		01/15/2038		250	240,379
Ohio (State of) Housing Finance Agency (Sanctuary at Springboro); Series 2017, RB(e)	5.13%		01/01/2032		450	374,906
RiverSouth Authority; Series 2007 A, RB	5.75%		12/01/2027		580	579,945
Southern Ohio Port Authority (Purecycle);
Series 2020 A, RB(e)(f)	6.25%		12/01/2025		3,620	3,258,867
Series 2020 A, RB(e)(f)	7.00%		12/01/2042		1,165	829,565
Youngstown (City of), OH Metropolitan Housing Authority;
Series 2014, RB	3.20%		06/15/2023		35	34,836
Series 2014, RB	4.00%		12/15/2024		210	210,046
						36,185,849

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
Oklahoma–0.60%
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing); Series 2017 A, RB(b)	5.00%		08/01/2037	$	1,650	$              1,650
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(b)	4.75%		11/01/2023		978	2,446
Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB(f)	5.50%		12/01/2035		2,000	2,002,303
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(f)	5.00%		06/01/2025		6,340	6,347,515
						8,353,914
Oregon–0.00%
Local Oregon Capital Assets Program; Series 2011 C, COP	4.60%		06/01/2031		35	35,023
Oregon (State of) (Elderly & Disabled Housing); Series 1993 C, GO Bonds(f)	5.65%		08/01/2026		10	10,019
						45,042
Pennsylvania–2.87%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue);
Series 2018 A, Ref. RB	5.00%		04/01/2032		3,000	3,206,628
Series 2018, Ref. RB	5.00%		04/01/2030		3,875	4,144,583
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB	4.88%		11/01/2024		3,000	3,016,230
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB (Acquired 08/10/2017; Cost $500,092)(c)	5.60%		07/01/2023		508	456,937
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(e)	6.00%		05/01/2042		690	698,809
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2017, RB(e)	5.00%		05/01/2027		2,750	2,796,532
Series 2018, RB(e)	5.00%		05/01/2028		2,250	2,292,861
Series 2018, RB(e)	5.00%		05/01/2033		500	506,763
Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); Series 2018, RB(e)	4.38%		03/01/2028		227	222,462
Delaware Valley Regional Finance Authority; Series 1997 B, RB (INS - AMBAC)(d)	5.70%		07/01/2027		1,000	1,098,668
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%		12/01/2028		630	591,245
Series 2018, Ref. RB	5.00%		12/01/2030		910	837,216
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB	5.00%		10/01/2024		1,165	1,168,578
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)(c)(l)(m)	5.00%		12/31/2023		350	63,025
Series 2013, RB(l)(m)	5.00%		12/31/2023		163	29,311
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB	5.25%		09/01/2050		10,080	10,188,996
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.);
Series 2019 A, RB	4.00%		06/15/2029		765	722,936
Series 2019 A, RB	5.00%		06/15/2039		1,840	1,751,209
Philadelphia (City of), PA Authority for Industrial Development (La Salle University);
Series 2017, Ref. RB	5.00%		05/01/2027		1,735	1,705,599
Series 2017, Ref. RB	5.00%		05/01/2028		1,810	1,772,041
Philadelphia (City of), PA Authority for Industrial Development (University of the Arts); Series 2017, Ref. RB(e)	5.00%		03/15/2045		2,000	1,586,064
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB	5.00%		07/01/2031		500	465,022
Series 2017, Ref. RB	5.00%		07/01/2032		1,000	921,136
						40,242,851
Puerto Rico–9.69%
Children’s Trust Fund;
Series 2002, RB	5.38%		05/15/2033		185	185,062
Series 2002, RB	5.50%		05/15/2039		13,770	13,770,800
Series 2002, RB	5.63%		05/15/2043		7,645	7,721,860

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
Puerto Rico–(continued)
Corp. Para El Financiamiento Publico de Puerto Rico;
Series 2011, RB		6.00%		08/01/2024	$	10,675	$          280,219
Series 2011, RB		6.00%		08/01/2025		17,475	458,719
Series 2011, RB		6.00%		08/01/2026		6,495	170,494
Series 2011, RB		6.50%		08/01/2028		37,400	981,750
Series 2011, RB		5.50%		08/01/2031		54,770	1,437,712
PRHTA Custodial Trust; Series 2022, RB(l)		5.75%		12/06/2049		258	92,786
PRPBA Custodial Trust; Series 2022, RB		0.00%		03/15/2049		278	2,549
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)		0.00%		07/01/2024		1,819	1,707,120
Series 2021 A, GO Bonds(h)		0.00%		07/01/2033		2,034	1,159,219
Series 2021 A-1, GO Bonds		5.25%		07/01/2023		5,006	5,020,784
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		10,510	10,857,084
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		3,000	3,130,196
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		3,300	2,957,016
Subseries 2022, RN		0.00%		11/01/2043		8,027	3,461,829
Subseries 2022, RN		0.00%		11/01/2051		2,118	926,447
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		655	665,508
Series 2022 A, Ref. RB(e)		5.00%		07/01/2029		5,000	5,093,601
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(d)		5.00%		07/01/2023		2,500	2,499,998
Series 2005 RR, RB (INS - SGI)(d)		5.00%		07/01/2025		100	100,387
Series 2005 RR, RB (INS - AGC)(d)		5.00%		07/01/2026		155	156,048
Series 2007 TT, RB (INS - NATL)(d)		5.00%		07/01/2026		165	165,156
Series 2007 TT, RB(b)		5.00%		07/01/2032		1,990	1,388,025
Series 2007 TT, RB(b)		5.00%		07/01/2037		500	348,750
Series 2007 TT, RB(b)		5.00%		12/01/2049		1,380	940,125
Series 2007 UU, Ref. RB (INS - AGM)(d)		5.00%		07/01/2023		10	10,068
Series 2007 UU, Ref. RB (INS - AGC)(d)		5.00%		07/01/2026		1,435	1,444,698
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25%		07/01/2025		1,705	1,710,353
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25%		07/01/2030		1,000	1,003,605
Series 2010 AAA, RB(b)		5.25%		07/01/2028		5,685	3,965,287
Series 2010 CCC, RB(b)		5.25%		07/01/2026		6,565	4,579,087
Series 2010 DDD, Ref. RB (INS - AGM)(d)		5.00%		07/01/2023		40	40,270
Series 2010 XX, RB(b)		5.25%		07/01/2027		250	174,375
Series 2010 XX, RB(b)	��	5.25%		07/01/2040		1,875	1,317,188
Series 2010 ZZ, Ref. RB(b)		5.25%		07/01/2025		1,180	821,575
Series 2010 ZZ, Ref. RB(b)(n)		5.00%		12/01/2049		6,280	4,278,250
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		333	309,103
Series 2022 B, RB(h)		0.00%		07/01/2032		217	135,361
Series 2022 C, RB(o)		5.00%		07/01/2053		370	205,677
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(f)		6.63%		06/01/2026		6,580	6,682,807
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(d)		5.00%		08/01/2027		1,450	1,459,800
Series 2005 A, RB (INS - AGM)(d)		5.00%		08/01/2030		305	307,061
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)		0.00%		07/01/2024		373	351,634
Series 2018 A-1, RB(h)		0.00%		07/01/2027		1,027	841,851
Series 2018 A-1, RB(h)		0.00%		07/01/2029		1,003	743,896
Series 2018 A-1, RB(h)		0.00%		07/01/2033		11,167	6,670,852
Series 2018 A-1, RB		4.50%		07/01/2034		7,162	7,101,478
Series 2018 A-1, RB		4.55%		07/01/2040		538	502,423
Series 2018 A-1, RB(h)		0.00%		07/01/2046		13,831	3,544,609
Series 2018 A-1, RB(h)		0.00%		07/01/2051		11,268	2,126,046
Series 2018 A-1, RB		4.75%		07/01/2053		3,953	3,543,398
Series 2019 A-2, RB		4.33%		07/01/2040		5,475	4,975,145

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)
Series 2019 A-2, RB	4.54%		07/01/2053	$	163	$          140,961
Series 2019 A-2, RB	4.78%		07/01/2058		2,196	1,962,924
Series 2019 A-2B, RB	4.55%		07/01/2040		1,871	1,747,274
University of Puerto Rico;
Series 2006 P, Ref. RB	5.00%		06/01/2023		2,535	2,530,579
Series 2006 Q, RB	5.00%		06/01/2025		5,000	4,941,505
						135,848,384
Rhode Island–0.02%
Pawtucket (City of), RI Housing Authority; Series 2010, RB	5.50%		09/01/2028		195	197,316
Rhode Island Housing and Mortgage Finance Corp.; Series 1992 10-A, RB	6.50%		04/01/2027		80	80,172
						277,488
South Carolina–0.83%
South Carolina (State of) Jobs-Economic Development Authority (Green Charter Schools); Series 2021, Ref. RB(e)	4.00%		06/01/2036		2,000	1,701,679
South Carolina (State of) Jobs-Economic Development Authority (Kiawah Life Plan Village, Inc.); Series 2021, RB(e)	8.75%		07/01/2025		1,000	1,059,021
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	1,647,097
Series 2018, Ref. RB	5.00%		04/01/2038		2,500	2,307,740
South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green Community Program - AAC East LLC) (Green Bonds); Series 2019, RB(e)	7.00%		05/01/2026		1,485	1,415,287
South Carolina (State of) Jobs-Economic Development Authority (Virtus Academy);
Series 2021 A, RB(e)	4.00%		06/15/2031		200	177,292
Series 2021 A, RB(e)	5.00%		06/15/2041		920	808,383
South Carolina (State of) Public Service Authority; Series 2014 A, RB	5.50%		12/01/2054		2,450	2,472,133
						11,588,632
Tennessee–2.23%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB	5.00%		06/01/2027		5,525	5,266,107
Knox (County of), TN Health, Educational & Housing Facility Board (University Health); Series 2017, Ref. RB	5.00%		04/01/2036		2,605	2,677,688
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	255,553
Metropolitan Development and Housing Agency (Fifth + Broadway Development);
Series 2018, RB(e)	4.50%		06/01/2028		1,215	1,217,013
Series 2018, RB(e)	5.13%		06/01/2036		1,000	1,010,223
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-01/31/2019; Cost $1,995,192)(c)(e)	5.25%		04/01/2028		2,000	700,000
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB	5.38%		09/01/2041		205	175,053
Series 2013 A, Ref. RB	5.50%		09/01/2047		200	166,400
Series 2016 A, Ref. RB(e)	5.00%		09/01/2024		1,000	980,897
Series 2016 A, Ref. RB(e)	5.00%		09/01/2031		3,000	2,703,843
Series 2016 A, Ref. RB(e)	5.00%		09/01/2037		1,475	1,241,965
Tennergy Corp.;
Series 2021 A, RB(a)	4.00%		09/01/2028		3,610	3,594,001
Series 2022 A, RB(a)	5.50%		12/01/2030		5,950	6,325,781
Tennessee Energy Acquisition Corp.; Series 2018, RB(a)	4.00%		11/01/2025		5,000	4,997,077
						31,311,601
Texas–7.36%
Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB	4.25%		09/01/2027		315	312,199
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB	4.00%		02/15/2031		1,400	1,242,044
Series 2021, Ref. RB	4.13%		02/15/2041		3,325	2,518,551

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
Texas–(continued)
Arlington Higher Education Finance Corp. (Newman International Academy);
Series 2021, RB	4.00%		08/15/2031	$	200	$          182,593
Series 2021, RB	5.00%		08/15/2041		600	551,775
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB	4.55%		08/15/2028		585	566,944
Arlington Higher Education Finance Corp. (Winfree Academy Charter School);
Series 2019, RB	5.50%		08/15/2023		110	108,902
Series 2019, Ref. RB	5.15%		08/15/2029		890	884,196
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
Series 2016, Ref. RB	5.00%		07/15/2025		430	429,215
Series 2016, Ref. RB	5.00%		07/15/2026		250	248,991
Series 2018, Ref. RB	5.00%		07/15/2026		1,000	995,963
Series 2018, Ref. RB	5.00%		07/15/2033		1,630	1,561,164
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019, RB(f)	7.00%		03/01/2039		400	370,007
Series 2019, RB(e)(f)	9.00%		03/01/2039		2,095	2,209,288
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(e)(f)	3.63%		07/01/2026		7,000	6,337,290
Clifton Higher Education Finance Corp.; Series 2018 A, RB	6.00%		03/01/2029		989	997,260
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB	5.75%		08/15/2033		2,000	2,034,164
Crandall (City of), TX;
Series 2021, RB(e)	4.13%		09/15/2026		100	95,755
Series 2021, RB(e)	4.75%		09/15/2031		100	92,460
Series 2021, RB(e)	5.25%		09/15/2051		500	461,849
Edinburg Economic Development Corp.; Series 2019, RB(e)	4.00%		08/15/2029		585	547,919
Gulf Coast Industrial Development Authority; Series 1998, RB(f)	8.00%		04/01/2028		340	340,284
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB	5.00%		11/15/2030		2,000	2,046,765
Houston (City of), TX;
Series 2002 A, RB (INS - AGM)(d)(f)	5.13%		07/01/2032		5	5,004
Series 2002 B, RB (INS - AGM)(d)	5.00%		07/01/2032		50	50,072
Series 2011, Ref. RB(f)	6.50%		07/15/2030		1,450	1,450,756
Series 2015 B-1, RB(f)	5.00%		07/15/2030		5,000	4,949,856
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(f)	4.75%		07/01/2024		3,225	3,222,331
Series 2014, Ref. RB(f)	5.00%		07/01/2029		1,500	1,478,417
Series 2020 A, Ref. RB(f)	5.00%		07/01/2027		2,325	2,324,103
Houston (City of), TX Airport System (United Airlines, Inc.); Series 2018, RB(f)	5.00%		07/15/2028		1,750	1,748,907
Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB	3.38%		10/01/2037		700	577,756
Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2012, RB(f)	5.00%		11/01/2028		3,000	3,004,202
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2023, Ref. RB (INS - AGM)(d)	5.00%		05/15/2035		2,000	2,284,839
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref. RB (Acquired 05/08/2018-12/17/2018; Cost $647,140)(b)(c)	5.00%		02/15/2035		650	461,500
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(e)(f)	4.63%		10/01/2031		7,500	7,330,975
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB	4.00%		07/01/2023		1,235	1,225,512
Series 2016, Ref. RB	4.00%		07/01/2028		2,915	2,557,262
Series 2016, Ref. RB	5.00%		07/01/2036		3,950	3,221,563
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB(e)	4.00%		08/15/2030		5,000	4,668,308
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref. RB	4.00%		01/01/2032		1,500	1,286,347
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB	5.38%		11/15/2036		1,165	1,031,693
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022 B3, RB	4.25%		10/01/2026		1,100	1,088,816
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB	5.00%		10/01/2024		1,650	1,637,842
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2019, Ref. RB	5.00%		01/01/2039		500	409,375
Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
Series 2020, Ref. RB(e)(f)	3.63%		01/01/2035		3,000	2,442,330
Series 2021, RB(e)(f)	2.50%		01/01/2030		3,150	2,582,963
Series 2021, RB(e)(f)	2.63%		01/01/2031		800	643,229

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)
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB(g)	6.75%		11/15/2024	$	95	$            97,786
Series 2014 A, RB(a)(g)	7.50%		11/15/2024		100	106,849
Series 2014 A, RB(a)(g)	7.75%		11/15/2024		1,815	1,946,757
Series 2014 A, RB(a)(g)	8.00%		11/15/2024		1,355	1,457,754
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB	4.90%		09/15/2024		130	128,581
Series 2016, RB	5.38%		09/15/2030		670	664,222
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB	5.00%		05/15/2037		1,400	1,272,299
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,011,589)(b)(c)	6.00%		02/15/2031		1,000	550,000
Series 2017, RB (Acquired 11/05/2019; Cost $3,271,528)(b)(c)	6.38%		02/15/2041		3,000	1,650,000
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB	3.00%		11/15/2026		450	429,857
Series 2020, Ref. RB	4.00%		11/15/2027		1,000	945,649
Series 2020, Ref. RB	6.25%		11/15/2031		1,000	970,561
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020, RB	5.75%		12/01/2054		2,355	1,530,644
Temple (City of), TX; Series 2018 A, RB	5.00%		08/01/2028		4,320	4,399,500
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(f)	6.75%		06/30/2043		10,000	10,117,260
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(d)	5.38%		11/15/2024		30	30,102
						103,117,357
Utah–1.70%
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds(e)	3.25%		03/01/2031		1,050	925,551
Series 2021 A, GO Bonds(e)	3.50%		03/01/2036		1,750	1,450,004
Mida Golf and Equestrian Center Public Infrastructure District;
Series 2021, GO Bonds(e)	4.13%		06/01/2036		1,790	1,481,066
Series 2021, GO Bonds(e)	4.25%		06/01/2041		2,205	1,751,441
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB(e)	4.25%		08/01/2035		1,645	1,509,815
Series 2020 A, RB(e)	4.50%		08/01/2040		1,205	1,082,942
Military Installation Development Authority; Series 2021 A-2, RB	4.00%		06/01/2036		1,500	1,247,256
Salt Lake City (City of), UT; Series 2017 A, RB(f)	5.00%		07/01/2036		3,000	3,098,481
UIPA Crossroads Public Infrastructure District; Series 2021, RB(e)	4.13%		06/01/2041		3,000	2,568,733
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah);
Series 2022, RB(e)	4.25%		06/15/2027		1,810	1,704,082
Series 2022, RB(e)	4.50%		06/15/2032		2,000	1,801,835
Series 2022, RB(e)	5.00%		06/15/2037		2,515	2,266,795
Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The)); Series 2017, Ref. RB(e)	4.50%		06/15/2027		170	165,595
Utah (State of) Charter School Finance Authority (Merit Preparatory Academy);
Series 2019 A, RB(e)	4.50%		06/15/2029		500	472,674
Series 2019 A, RB(e)	5.00%		06/15/2034		1,270	1,193,612
Utah (State of) Charter School Finance Authority (Renaissance Academy);
Series 2020, Ref. RB(e)	3.50%		06/15/2025		260	253,024
Series 2020, Ref. RB(e)	4.00%		06/15/2030		520	491,276
Series 2020, Ref. RB(e)	5.00%		06/15/2040		350	338,181
						23,802,363
Virgin Islands–0.22%
Matching Fund Special Purpose Securitization Corp.;
Series 2022 A, Ref. RB	5.00%		10/01/2025		1,000	1,021,793
Series 2022 A, Ref. RB	5.00%		10/01/2026		1,000	1,027,978
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB(f)	5.00%		09/01/2023		1,000	997,045
						3,046,816

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
Virginia–0.85%
Hanover (County of), VA Economic Development Authority (Covenant Woods); Series 2018, Ref. RB	5.00%		07/01/2038	$	250	$          240,653
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	926,372
Series 2019 B, RB	4.00%		01/01/2025		3,200	3,109,726
Peninsula Town Center Community Development Authority;
Series 2018, Ref. RB(e)	4.00%		09/01/2023		140	139,219
Series 2018, Ref. RB(e)	4.50%		09/01/2028		1,450	1,405,543
Roanoke (City of), VA Economic Development Authority (Richfield Living); Series 2020, RB (Acquired 01/23/2020; Cost $770,000)(c)	4.30%		09/01/2030		770	585,298
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(f)	5.00%		01/01/2037		3,200	3,302,906
Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB(a)(e)(f)	5.00%		07/01/2038		2,310	2,152,694
						11,862,411
Washington–1.21%
Kalispel Tribe of Indians;
Series 2018 A, RB(e)	5.00%		01/01/2032		395	407,846
Series 2018 B, RB(e)	5.00%		01/01/2032		100	103,252
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%		03/01/2028		105	104,989
King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB(f)	5.75%		01/01/2028		5	5,007
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB	6.25%		12/01/2045		1,175	1,202,838
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(f)	5.00%		04/01/2030		6,475	6,478,435
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2014 C, RB	5.00%		10/01/2044		4,165	4,126,478
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(e)	4.00%		07/01/2026		440	418,082
Washington (State of) Housing Finance Commission (Judson Park);
Series 2018, Ref. RB(e)	3.70%		07/01/2023		80	79,526
Series 2018, Ref. RB(e)	5.00%		07/01/2038		385	337,940
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(e)	5.00%		01/01/2036		1,755	1,489,938
Washington (State of) Housing Finance Commission (Spokane International Academy); Series 2021 A, RB(e)	4.00%		07/01/2040		1,640	1,346,483
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(e)	4.50%		07/01/2028		965	881,575
						16,982,389
West Virginia–0.45%
Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2008 A, Ref. RB	6.50%		06/01/2023		175	175,030
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District); Series 2019 A, RB(e)	5.75%		06/01/2042		1,000	729,767
Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group);
Series 2015, Ref. RB	5.00%		07/01/2025		360	365,830
Series 2015, Ref. RB	5.00%		07/01/2026		460	465,667
Series 2015, Ref. RB	5.00%		07/01/2027		560	567,475
Series 2015, Ref. RB	4.00%		07/01/2035		190	179,504
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(e)	4.50%		06/01/2027		2,915	2,880,462
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(e)(f)	6.75%		02/01/2026		1,000	700,000
Series 2018, RB(e)(f)	8.75%		02/01/2036		320	256,000
						6,319,735
Wisconsin–4.05%
Lomira (Village of), WI Community Development Authority;
Series 2018 B, Ref. RB	3.65%		10/01/2028		705	704,994
Series 2018 B, Ref. RB	3.75%		10/01/2029		175	169,144
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB	5.00%		08/01/2027		450	424,759
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); Series 2017, Ref. RB	5.00%		06/01/2028		1,205	1,192,327

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
Wisconsin–(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB	5.00%		11/01/2028	$	935	$          889,721
Series 2019, Ref. RB	5.00%		11/01/2030		1,035	969,651
Series 2019, Ref. RB	5.00%		11/01/2039		1,000	860,486
Wisconsin (State of) Health & Educational Facilities Authority (Clement Manor, Inc.); Series 2019, Ref. RB	4.25%		08/01/2034		1,000	770,359
Wisconsin (State of) Health & Educational Facilities Authority (Hope Christian Schools);
Series 2021, RB	3.00%		12/01/2031		560	481,040
Series 2021, RB	4.00%		12/01/2041		850	656,140
Wisconsin (State of) Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries); Series 2021, Ref. RB	4.00%		01/01/2037		1,470	1,211,992
Wisconsin (State of) Public Finance Authority;
Series 2020 A, RB(e)	4.00%		03/01/2030		1,810	1,639,344
Series 2022 B, RB(e)	7.00%		02/01/2028		700	685,359
Series 2022, RB(e)	5.38%		06/01/2037		335	328,603
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB(e)	6.25%		10/01/2031		2,000	1,699,339
Wisconsin (State of) Public Finance Authority (Alamance Community School); Series 2021 A, RB(e)	5.00%		06/15/2041		510	431,696
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(b)(e)	6.25%		08/01/2027		500	375,000
Series 2017, RB(b)(e)	6.75%		08/01/2031		500	275,000
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
Series 2021 A, RB(e)	4.25%		06/15/2031		550	479,324
Series 2021 A, RB(e)	5.00%		06/15/2041		615	518,823
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);
Series 2016 A, RB(e)	5.00%		06/01/2025		650	644,918
Series 2016 A, RB(e)	5.00%		06/01/2026		1,005	989,863
Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB	5.00%		10/01/2033		390	386,197
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno);
Series 2019, Ref. RB(e)	5.00%		06/01/2029		375	371,406
Series 2019, Ref. RB(e)	5.00%		06/01/2039		1,415	1,312,247
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); Series 2017 A, RB (Acquired 04/03/2017; Cost $1,500,000)(b)(c)(e)	5.75%		11/01/2024		1,500	900,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(e)	6.13%		02/01/2039		4,310	3,878,704
Series 2020, RB(e)	7.00%		02/01/2025		285	283,372
Series 2022 A, RB(e)	6.13%		02/01/2039		4,175	3,757,214
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(e)	4.38%		06/15/2029		1,655	1,588,467
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(f)	7.25%		06/01/2035		3,800	3,611,455
Series 2017, Ref. RB(e)(f)	7.13%		06/01/2041		160	142,631
Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB	3.75%		07/01/2031		3,780	3,266,722
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
Series 2019, RB(e)	4.00%		06/15/2029		555	522,483
Series 2019, RB(e)	5.00%		06/15/2039		440	413,339
Series 2019, RB(e)	5.00%		06/15/2049		540	478,726
Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB(e)	5.50%		01/01/2031		5,375	4,672,027
Series 2021 A, RB(e)	6.50%		01/01/2041		3,110	2,481,460
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2022, Ref. RB(e)	4.00%		04/01/2032		915	842,538
Wisconsin (State of) Public Finance Authority (Searstone CCRC);
Series 2021 A, Ref. RB(e)	4.00%		06/01/2031		2,500	2,241,557
Series 2021 A, Ref. RB(e)	4.00%		06/01/2036		1,500	1,236,802
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(e)	4.50%		06/15/2032		500	467,438
Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB(e)	4.00%		03/01/2027		910	866,625
Wisconsin (State of) Public Finance Authority (Wingate University);
Series 2018 A, Ref. RB	5.25%		10/01/2029		1,825	1,895,450
Series 2018 A, Ref. RB	5.25%		10/01/2030		1,925	1,995,481
Series 2018 A, Ref. RB	5.25%		10/01/2031		1,030	1,065,222
Series 2018 A, Ref. RB	5.25%		10/01/2032		720	742,937

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 (Wittenberg University); Series 2016, RB(e)		5.25	%		12/01/2039	$	1,000	$          870,702
								56,689,084
Total Municipal Obligations (Cost $1,469,454,824)								1,388,625,392
U.S. Dollar Denominated Bonds & Notes–0.21%
California–0.21%
CalPlant I LLC;
Series 21A(e)(l)		9.50	%		06/05/2023		255	255,000
Series 21B(e)(l)		9.50	%		06/05/2023		955	955,000
Series 22A(e)(l)		9.50	%		06/05/2023		530	530,000
Series 22B(e)(l)		9.50	%		06/05/2023		45	45,000
Series 22C(e)(l)		9.50	%		06/05/2023		345	345,000
Series 22X(e)		9.50	%		03/31/2023		520	522,813
Series 23A(e)(l)		9.50	%		03/31/2023		180	180,000
Series 23B(e)		9.50	%		03/31/2023		165	165,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,995,000)								2,997,813
						Shares
Common Stocks & Other Equity Interests–0.01%
Resolute Forest Products, Inc. (Cost $80,903)							6,757	148,113
TOTAL INVESTMENTS IN SECURITIES(p)-99.32% (Cost $1,472,530,727)								1,391,771,318
FLOATING RATE NOTE OBLIGATIONS-(0.92)%
Notes with interest and fee rates ranging from 3.97% to 3.98% at 02/28/2023 and contractual maturities of collateral ranging from 05/01/2025 to 06/15/2031 (See Note 1J)(q)								(12,950,000)
BORROWINGS–(0.12)%								(1,700,000)
OTHER ASSETS LESS LIABILITIES-1.72%								24,142,110
NET ASSETS–100.00%								$1,401,263,428

Investment Abbreviations:
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.
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)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(b)  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, 2023 was $28,886,363, which represented 2.06% of the Fund’s Net Assets.

^(c)  Restricted security. The aggregate value of these securities at February 28, 2023 was $16,488,679, which represented 1.18% of the Fund’s Net Assets.

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

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $342,179,946, which represented 24.42% of the Fund’s Net Assets.

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

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

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

⁽ⁱ⁾  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $10,940,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

^(m)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁿ⁾ Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

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

^(p)  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 obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(q)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2023. At February 28, 2023, the Fund’s investments with a value of $18,561,570 are held by TOB Trusts and serve as collateral for the $12,950,000 in the floating rate note obligations outstanding at that date.

Open Futures Contracts(a)
	Number of		Expiration		Notional				Unrealized
Short Futures Contracts	Contracts		Month		Value		Value		Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes		206		June-2023		$(23,001,188)		$22,531		$22,531

^(a)  Futures contracts collateralized by $3,025,000 cash held with Goldman Sachs & Co., the futures commission merchant.

Portfolio Composition

By credit sector, based on total investments

As of February 28, 2023

Revenue Bonds	89.71%
General Obligation Bonds	9.81
Pre-Refunded Bonds	0.48

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, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,472,530,727)	$	1,391,771,318
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,025,000
Receivable for:
Investments sold		4,821,155
Fund shares sold		1,135,547
Interest		19,396,398
Investments matured, at value (Cost $6,524,998)		5,108,373
Investment for trustee deferred compensation and retirement plans		99,422
Other assets		512,871
Total assets		1,425,870,084
Liabilities:
Floating rate note obligations		12,950,000
Other investments:
Variation margin payable – futures contracts		9,646
Payable for:
Borrowings		1,700,000
Investments purchased		3,399,046
Dividends		1,683,644
Fund shares reacquired		1,610,682
Amount due custodian		2,341,278
Accrued fees to affiliates		508,753
Accrued interest expense		25,442
Accrued trustees’ and officers’ fees and benefits		1,423
Accrued other operating expenses		277,320
Trustee deferred compensation and retirement plans		99,422
Total liabilities		24,606,656
Net assets applicable to shares outstanding	$	1,401,263,428

Net assets consist of:
Shares of beneficial interest	$	1,962,776,910
Distributable earnings (loss)		(561,513,482	)
	$	1,401,263,428
Net Assets:
Class A	$	842,384,704
Class C	$	66,643,480
Class Y	$	460,946,308
Class R5	$	124,620
Class R6	$	31,164,316
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		90,445,397
Class C		7,164,074
Class Y		49,462,061
Class R5		13,344
Class R6		3,341,510
Class A:
Net asset value per share	$	9.31
Maximum offering price per share (Net asset value of $9.31 ÷ 97.50%)	$	9.55
Class C:
Net asset value and offering price per share	$	9.30
Class Y:
Net asset value and offering price per share	$	9.32
Class R5:
Net asset value and offering price per share	$	9.34
Class R6:
Net asset value and offering price per share	$	9.33

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, 2023

(Unaudited)

Investment income:
Interest	$	33,838,935
Expenses:
Advisory fees		2,907,995
Administrative services fees		107,998
Custodian fees		6,309
Distribution fees:
Class A		1,098,043
Class C		350,739
Interest, facilities and maintenance fees		760,493
Transfer agent fees – A, C and Y		603,305
Transfer agent fees – R5		2,739
Transfer agent fees – R6		2,374
Trustees’ and officers’ fees and benefits		11,941
Registration and filing fees		95,404
Reports to shareholders		25,802
Professional services fees		103,758
Other		110,826
Total expenses		6,187,726
Less: Expense offset arrangement(s)		(2,464	)
Net expenses		6,185,262
Net investment income		27,653,673
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,175,065))		(142,290,196	)
Futures contracts		881,849
		(141,408,347	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		100,438,441
Futures contracts		(359,185	)
		100,079,256
Net realized and unrealized gain (loss)		(41,329,091	)
Net increase (decrease) in net assets resulting from operations	$	(13,675,418	)

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, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income	$	27,653,673		$	47,478,640
Net realized gain (loss)		(141,408,347	)		(27,843,584	)
Change in net unrealized appreciation (depreciation)		100,079,256			(129,965,122	)
Net increase (decrease) in net assets resulting from operations		(13,675,418	)		(110,330,066	)
Distributions to shareholders from distributable earnings:
Class A		(16,275,753	)		(32,038,329	)
Class C		(1,024,813	)		(2,303,684	)
Class Y		(9,194,871	)		(16,315,132	)
Class R5		(104,630	)		(439,600	)
Class R6		(634,702	)		(980,820	)
Total distributions from distributable earnings		(27,234,769	)		(52,077,565	)
Share transactions–net:
Class A		(47,672,665	)		81,054,772
Class C		(8,150,146	)		(6,882,430	)
Class Y		(23,168,522	)		180,742,643
Class R5		(9,500,664	)		(3,413,519	)
Class R6		1,054,679			13,644,959
Net increase (decrease) in net assets resulting from share transactions		(87,437,318	)		265,146,425
Net increase (decrease) in net assets		(128,347,505	)		102,738,794
Net assets:
Beginning of period		1,529,610,933			1,426,872,139
End of period	$	1,401,263,428		$	1,529,610,933

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.

																																		Supplemental
																																		ratio of
																																		expenses
																												Ratio of			Ratio of			to average
																												expenses			expenses			net assets
							Net gains																					to average			to average net			with fee waivers
							(losses)																					net assets			assets without			(excluding			Ratio of net
	Net asset						on securities								Dividends													with fee waivers			fee waivers			interest,			investment
	value,			Net			(both				Total from				from net				Net asset						Net assets,			and/or			and/or			facilities and			income
	beginning			investment			realized and				investment				investment				value, end						end of period			expenses			expenses			maintenance			to average			Portfolio
	of period			income(a)			unrealized)				operations				income				of period			Total return (b)			(000’s omitted)			absorbed			absorbed			fees)			net assets			turnover (c)
Class A
Six months ended 02/28/23		$	9.58		$	0.17		$	(0.27	)		$	(0.10	)		$	(0.17	)		$	9.31		(1.02	)%		$	842,385		0.89	%(d)		0.89	%(d)		0.79	%(d)		3.75	%(d)		20	%
Year ended 08/31/22			10.67			0.32			(1.06	)			(0.74	)			(0.35	)			9.58		(7.07	)			914,354		0.84			0.84			0.77			3.13			26
Year ended 08/31/21			10.17			0.34			0.51				0.85				(0.35	)			10.67		8.50				933,441		0.86			0.86			0.79			3.25			19
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
Class C
Six months ended 02/28/23			9.56			0.14			(0.26	)			(0.12	)			(0.14	)			9.30		(1.29	)			66,643		1.64	(d)		1.64	(d)		1.55	(d)		3.00	(d)		20
Year ended 08/31/22			10.65			0.24			(1.06	)			(0.82	)			(0.27	)			9.56		(7.79	)			76,878		1.59			1.59			1.52			2.38			26
Year ended 08/31/21			10.16			0.26			0.50				0.76				(0.27	)			10.65		7.60				92,982		1.61			1.61			1.54			2.50			19
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
Class Y
Six months ended 02/28/23			9.58			0.19			(0.27	)			(0.08	)			(0.18	)			9.32		(0.79	)			460,946		0.64	(d)		0.64	(d)		0.55	(d)		4.00	(d)		20
Year ended 08/31/22			10.67			0.34			(1.06	)			(0.72	)			(0.37	)			9.58		(6.84	)			497,651		0.59			0.59			0.52			3.38			26
Year ended 08/31/21			10.18			0.37			0.50				0.87				(0.38	)			10.67		8.66				365,892		0.61			0.61			0.54			3.50			19
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
Class R5
Six months ended 02/28/23			9.60			0.19			(0.27	)			(0.08	)			(0.18	)			9.34		(0.79	)			125		0.66	(d)		0.66	(d)		0.57	(d)		3.98	(d)		20
Year ended 08/31/22			10.70			0.35			(1.08	)			(0.73	)			(0.37	)			9.60		(6.93	)			9,800		0.62			0.62			0.55			3.35			26
Year ended 08/31/21			10.20			0.37			0.51				0.88				(0.38	)			10.70		8.78				14,437		0.61			0.61			0.54			3.50			19
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
Class R6
Six months ended 02/28/23			9.59			0.19			(0.26	)			(0.07	)			(0.19	)			9.33		(0.75	)			31,164		0.57	(d)		0.57	(d)		0.48	(d)		4.07	(d)		20
Year ended 08/31/22			10.68			0.35			(1.06	)			(0.71	)			(0.38	)			9.59		(6.77	)			30,929		0.53			0.53			0.46			3.44			26
Year ended 08/31/21			10.19			0.37			0.51				0.88				(0.39	)			10.68		8.73				20,121		0.54			0.54			0.47			3.57			19
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

^(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)  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, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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 New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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    

31                    Invesco Short Duration High Yield Municipal 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. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

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

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

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

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

F. Expenses –Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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

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

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

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a    

32                    Invesco Short Duration High Yield Municipal Fund

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.

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

L. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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 the Adviser. 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, 2023, 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 at least, June 30, 2023 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 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waiver and/or 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, 2023. 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 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, 2023, 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, 2023, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $(9,796) in front-end sales commissions from the sale of Class A shares and $58,149 and $2,422 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. 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 Adviser’s 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.

34                    Invesco Short Duration High Yield Municipal Fund

The following is a summary of the tiered valuation input levels, as of February 28, 2023. 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	$	—	$	1,388,440,270	$	185,122	$	1,388,625,392
U.S. Dollar Denominated Bonds & Notes		—		687,813		2,310,000		2,997,813
Common Stocks & Other Equity Interests		148,113		—		—		148,113
Total Investments in Securities		148,113		1,389,128,083		2,495,122		1,391,771,318
Other Investments - Assets*
Investments Matured		—		5,108,373		—		5,108,373
Futures Contracts		22,531		—		—		22,531
Total Investments	$	170,644	$	1,394,236,456	$	2,495,122	$	1,396,902,222

* Futures contracts are valued at unrealized appreciation. Investments matured are shown at value.

NOTE 4–Derivative Investments

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

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

	Value
	Interest
Derivative Assets	Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)	$	22,531
Derivatives not subject to master netting agreements		(22,531	)
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, 2023

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

	Location of Gain (Loss) on
	Statement of Operations
	Interest
	Rate Risk
Realized Gain:
Futures contracts	$	881,849
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(359,185	)
Total	$	522,664

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

	Futures
	Contracts
Average notional value	$	45,635,016

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, the Fund engaged in securities purchases of $6,309,235 and securities sales of $12,665,265, which resulted in net realized gains (losses) of $(1,175,065).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,464.

35                    Invesco Short Duration High Yield Municipal Fund

NOTE 7–Trustees’ and Officers’ Fees and Benefits

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

NOTE 8–Cash Balances and Borrowings

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

During the six months ended February 28, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $1,661,644 with an average interest rate of 4.45%. 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, 2023, 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, 2023 were $16,111,429 and 4.96%, respectively.

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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$56,494,220	$272,455,249	$328,949,469

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $279,596,549 and $342,669,805, 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	$	12,501,760
Aggregate unrealized (depreciation) of investments		(107,819,424	)
Net unrealized appreciation (depreciation) of investments	$	(95,317,664	)

Cost of investments for tax purposes is $1,492,219,886.

NOTE 11–Share Information

			Summary of Share Activity
	Six months ended				Year ended
	February 28, 2023(a)				August 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		23,967,455	$	223,153,772		34,556,377	$	346,153,124
Class C		1,214,066		11,292,955		2,533,501		25,306,548
Class Y		21,160,152		196,943,009		45,685,270		456,750,375
Class R5		-		-		6,348		67,589
Class R6		1,752,659		16,350,030		3,178,747		31,754,461

36                    Invesco Short Duration High Yield Municipal Fund

				Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		1,094,030		$	10,166,332			1,993,380		$	20,154,927
Class C		78,267			726,421			162,500			1,645,038
Class Y		538,576			5,006,583			962,662			9,693,037
Class R5		240			2,235			942			9,529
Class R6		49,569			461,429			66,516			668,645
Automatic conversion of Class C shares to Class A shares:
Class A		406,732			3,780,951			898,628			9,081,040
Class C		(407,208	)		(3,780,951	)		(899,832	)		(9,081,040	)
Reacquired:
Class A		(30,511,841	)		(284,773,720	)		(29,478,381	)		(294,334,319	)
Class C		(1,759,850	)		(16,388,571	)		(2,486,886	)		(24,752,976	)
Class Y		(24,172,637	)		(225,118,114	)		(28,989,895	)		(285,700,769	)
Class R5		(1,007,198	)		(9,502,899	)		(336,298	)		(3,490,637	)
Class R6		(1,686,036	)		(15,756,780	)		(1,903,335	)		(18,778,147	)
Net increase (decrease) in share activity		(9,283,024	)	$	(87,437,318	)		25,950,244		$	265,146,425

(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.

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, 2022 through February 28, 2023.

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
	(09/01/22)		(02/28/23)1		Period2		(02/28/23)		Period2		Ratio
Class A		$1,000.00		$989.80		$4.44		$1,020.33		$4.51		0.90	%
Class C		1,000.00		987.10		8.13		1,016.61		8.25		1.65
Class Y		1,000.00		992.10		3.21		1,021.57		3.26		0.65
Class R5		1,000.00		992.10		3.31		1,021.47		3.36		0.67
Class R6		1,000.00		992.50		2.87		1,021.92		2.91		0.58

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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 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 number(s): 811-09913 and 333-36074             Invesco Distributors, Inc. SDHYM-SAR-1

Semiannual Report to Shareholders February 28, 2023

Invesco Short Term Municipal Fund

Nasdaq:

A: ORSTX ∎ Y: ORSYX ∎ R6: STMUX

2	Fund Performance
4	Schedule of Investments
23	Financial Statements
26	Financial Highlights
27	Notes to Financial Statements
32	Fund Expenses

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

Unless otherwise noted, all data is 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, 8/31/22 to 2/28/23, 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	0.92	%
Class Y Shares	1.04
Class R6 Shares	0.81
S&P Municipal Bond Short Index▼	0.31
Source(s): ▼RIMES Technologies Corp.
The S&P Municipal Bond Short Index tracks fixed-rate tax-free bonds and bonds subject to the alternative minimum tax (AMT) that have maturities between six months and four years.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Short Term Municipal Fund

Average Annual Total Returns
As of 2/28/23, including maximum applicable sales charges
Class A Shares
Inception (12/6/10)	1.85	%
10 Years	1.48
5 Years	1.33
1 Year	0.23
Class Y Shares
Inception (12/6/10)	2.10	%
10 Years	1.73
5 Years	1.58
1 Year	0.48
Class R6 Shares
10 Years	1.63	%
5 Years	1.62
1 Year	0.55

Effective May 24, 2019, Class A and Class Y shares of the Oppenheimer Short Term Municipal Fund, (the predecessor fund), were reorganized into Class A 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 and Class Y shares are those for Class A 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 A, Class Y and Class R6 shares do not have a front-end sales charge or a contingent deferred sales charge (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, 2023

(Unaudited)

	Interest    Rate		Maturity Date	Principal     Amount     (000)		Value
Municipal Obligations–95.28%
Alabama–1.06%
Alabama (City of), AL Industrial Development Board; Series 2009, VRD RB(a)		1.95%	06/01/2034		$  8,600	$       8,600,000
Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS - SGI)(b)		4.38%	06/01/2028		10	10,009
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(c)		4.00%	12/01/2025		7,000	7,006,588
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(c)		4.00%	10/01/2026		5,000	4,991,344
University of Alabama (The); Series 2012 A, Ref. RB		5.00%	07/01/2023		2,160	2,163,022
						22,770,963
Alaska–0.12%
Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB		4.00%	06/01/2050		2,610	2,493,225
Arizona–1.16%
Arizona (State of) Game & Fish Department & Commission; Series 2006, RB		5.00%	07/01/2032		105	105,144
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB		5.00%	12/01/2027		100	102,893
Chandler (City of) Industrial Development Authority (Intel Corp.); Series 2022, RB(c)(d)		5.00%	09/01/2027		10,000	10,345,262
Glendale Municipal Property Corp.;
Series 2012 B, Ref. RB		5.00%	07/01/2025		1,000	1,001,366
Series 2012 B, Ref. RB		5.00%	07/01/2029		3,550	3,554,267
Series 2012 B, Ref. RB		5.00%	07/01/2033		570	570,615
Maricopa (County of), AZ Special Health Care District; Series 2018 C, GO Bonds		5.00%	07/01/2025		2,475	2,579,843
Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)(b)		4.50%	07/01/2024		15	15,024
Pima (County of), AZ; Series 2014, RB		5.00%	07/01/2028		745	749,340
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)		5.00%	09/01/2026		105	104,270
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB		4.13%	07/01/2029		210	196,755
Salt Verde Financial Corp.; Series 2007, RB		5.25%	12/01/2025		4,000	4,077,886
Sun Devil Energy Center LLC; Series 2008, Ref. RB		5.00%	07/01/2027		100	100,583
Sun Devil Energy Center LLC (Arizona State University); Series 2008, Ref. RB		5.00%	07/01/2030		155	155,821
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b)		4.38%	06/01/2024		10	10,010
Westpark Community Facility District; Series 2016, Ref. GO Bonds		4.00%	07/15/2025		990	981,277
Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB(e)		3.90%	09/01/2024		365	358,351
Yavapai (County of), AZ Industrial Development Authority (The) (Yavapai Regional Medical Center); Series 2013 A, Ref. RB		5.00%	08/01/2028		100	100,313
						25,109,020
California–3.80%
Alameda (County of), CA Joint Powers Authority (Multiple Capital);
Series 2013 A, RB		5.00%	12/01/2033		3,465	3,511,854
Series 2013 A, RB		5.00%	12/01/2034		1,865	1,890,464
Alhambra (City of), CA (Police Facilities Assessment District No. 91-1); Series 1992, COP (INS - AMBAC)(b)		6.75%	09/01/2023		2,000	2,024,595
Anaheim (City of), CA Public Financing Authority; Series 1997 A, RB (INS - AGM)(b)		6.00%	09/01/2024		2,430	2,493,951
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB(f)		5.00%	09/01/2023		475	479,362
California (State of);
Series 2012, GO Bonds (INS - AGM)(b)		4.00%	09/01/2037		1,000	1,000,141
Series 2012, Ref. GO Bonds		5.00%	09/01/2025		10	10,017
Series 2013, Ref. GO Bonds		5.00%	10/01/2026		480	480,837
Series 2018, Ref. GO Bonds		5.00%	10/01/2029		400	400,619
California (State of) Health Facilities Financing Authority (Adventist Health System); Series 2013 A, RB		5.00%	03/01/2025		2,720	2,721,053
California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB		5.00%	11/15/2024		100	100,142
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00%	07/01/2024		405	407,324
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2017 A, Ref. RB		5.00%	11/15/2032		1,285	1,397,034
Series 2018 A, RB		5.00%	11/15/2032		1,230	1,337,239

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) Housing Finance Agency (Social Certificates); Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)	3.75%		03/25/2035		$  3,931	$       3,836,640
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB(c)(d)	4.13%		10/01/2025		5,000	5,010,254
California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021 B-3, RB(e)	2.13%		11/15/2027		6,000	5,605,259
California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB (INS - NATL)(b)	4.50%		10/01/2026		170	170,203
California (State of) Public Works Board (Judicial Council of California);
Series 2013 A, RB	5.00%		03/01/2025		1,525	1,527,410
Series 2013 A, RB	5.00%		03/01/2026		1,600	1,602,659
California (State of) Public Works Board (Various Capital); Series 2013 I, RB	5.50%		11/01/2031		2,000	2,029,544
Glendale (City of), CA;
Series 2013, RB	5.00%		02/01/2027		125	125,802
Series 2013, Ref. RB	5.00%		02/01/2030		175	175,200
Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - AGM)(b)(g)	0.00%		08/01/2027		870	731,729
Imperial Irrigation District;
Series 2012 A, Ref. RB	5.00%		11/01/2024		325	325,513
Series 2012 A, Ref. RB	5.00%		11/01/2027		225	225,326
Lodi (City of), CA; Series 2004 A, COP (INS - NATL)(b)	4.75%		10/01/2024		10	10,013
Long Beach Unified School District;
Series 2012, Ref. GO Bonds	5.00%		08/01/2025		675	675,994
Series 2012, Ref. GO Bonds	5.00%		08/01/2028		775	776,116
Series 2012, Ref. GO Bonds	5.00%		08/01/2029		100	100,143
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2013, RB	5.00%		05/15/2029		1,115	1,120,228
Series 2013, RB	5.00%		05/15/2030		1,200	1,205,537
Los Angeles (City of), CA Department of Water & Power;
Series 2013 B, RB	5.00%		07/01/2028		8,890	8,940,906
Series 2013 B, RB	5.00%		07/01/2029		820	824,777
Series 2013 B, RB	5.00%		07/01/2030		1,265	1,272,202
Series 2013 B, RB	5.00%		07/01/2031		10,000	10,057,262
Series 2013 B, RB	5.00%		07/01/2031		110	110,615
Los Angeles (County of), CA Metropolitan Transportation Authority; Series 2013 B, RB	5.00%		07/01/2031		900	905,632
Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C);
Series 2013 B, RB	5.00%		07/01/2025		140	140,936
Series 2013 B, RB	5.00%		07/01/2030		725	729,561
Series 2013 B, RB	5.00%		07/01/2033		6,170	6,204,717
Series 2014 A, Ref. RB	5.00%		07/01/2029		500	503,195
Modesto (City of), CA (Golf Course); Series 1993 B, COP (INS - NATL)(b)	5.00%		11/01/2023		5	4,970
Modesto (City of), CA Irrigation District; Series 2012 A, Ref. RB (INS - AGM)(b)	5.00%		07/01/2026		100	100,566
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB	4.00%		06/01/2049		1,005	954,748
Pasadena (City of), CA; Series 2013 A, Ref. RB	5.00%		06/01/2030		320	321,316
Rowland Unified School District; Series 2013, Ref. GO Bonds	5.00%		08/01/2026		220	221,611
Sacramento (County of), CA; Series 2003 B, RB (INS - NATL)(b)	5.73%		08/15/2023		337	337,305
San Francisco (City & County of), CA; Series 2015 R-1, Ref. GO Bonds	5.00%		06/15/2025		370	372,523
San Francisco (City & County of), CA (Multiple Capital Imporovement); Series 2012 A, COP	5.00%		04/01/2031		250	250,483
San Mateo (County of), CA Joint Powers Financing Authority (Capital); Series 2013 A, Ref. RB	5.25%		07/15/2027		100	100,706
University of California;
Series 2013 AI, RB(c)(f)	5.00%		05/15/2023		1,240	1,244,579
Series 2013 AL-3, Ref. VRD RB(a)	0.01%		05/15/2048		4,800	4,800,000
						81,906,812
Colorado–1.34%
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB	2.13%		05/15/2028		1,000	910,040
Colorado (State of) Health Facilities Authority (National Jewish Health); Series 2005, VRD RB (LOC - UMB Bank, N.A.)(a)(h)	2.75%		01/01/2035		7,400	7,400,000
Colorado Springs (City of), CO; Series 2013 A, Ref. RB	5.00%		11/15/2027		1,160	1,175,264
Denver (City & County of), CO; Series 2013 B, RB	5.00%		11/15/2025		100	101,137

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
Colorado–(continued)
Denver City & County School District No. 1;
Series 2013 C, COP	5.00%	12/15/2024		$     100	$          101,442
Series 2013 C, COP	5.00%	12/15/2026		1,680	1,701,813
Public Authority for Colorado Energy; Series 2008, RB	6.13%	11/15/2023		440	445,967
Rib Floater Trust; Series 2022-004, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h)	2.95%	02/01/2046		15,500	15,500,000
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/15/2024		130	133,590
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/15/2025		125	130,960
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/15/2026		140	148,843
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2023		385	389,212
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2024		400	410,565
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2025		355	370,842
					28,919,675
Connecticut–1.84%
Connecticut (State of);
Series 2013 A, RB	5.00%	10/01/2025		565	570,914
Series 2013 A, RB	5.00%	03/01/2026		550	550,000
Series 2013 A, RB	5.00%	10/01/2028		350	353,651
Series 2013 A, RB	5.00%	10/01/2031		1,175	1,185,492
Series 2013 B, GO Bonds(c)(f)	5.00%	03/01/2023		5,200	5,200,000
Series 2016 A, GO Bonds	5.00%	03/15/2032		3,280	3,464,404
Series 2018 C, GO Bonds	4.00%	06/15/2024		10,000	10,115,727
Connecticut (State of) (Transportation Infrastructure);
Series 2013 A, RB	5.00%	10/01/2024		275	277,907
Series 2013 A, RB	5.00%	10/01/2027		150	151,584
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare);
Series 2014 E, RB	5.00%	07/01/2025		125	127,460
Series 2014 E, RB	5.00%	07/01/2026		1,000	1,019,615
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital);
Series 2013 N, RB	5.00%	07/01/2027		225	225,983
Series 2014 A, RB	5.00%	07/01/2032		10,650	10,899,898
Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2016 A, Ref. VRD RB(a)	1.10%	07/01/2042		5,000	5,000,000
South Central Connecticut Regional Water Authority; Twenty Ninth Series 2014, Ref. RB	5.00%	08/01/2025		500	503,861
Willington (Town of), CT; Series 2006, GO Bonds (INS - AGM)(b)	4.00%	12/01/2023		5	5,004
					39,651,500
Delaware–0.02%
Delaware (State of) River & Bay Authority; Series 2014 C, Ref. RB	5.00%	01/01/2028		400	405,420
District of Columbia–0.32%
District of Columbia;
Series 2012, RB	5.00%	12/01/2024		280	280,466
Series 2012, RB	5.00%	12/01/2026		100	100,154
Series 2013 A, GO Bonds	5.00%	06/01/2025		4,620	4,641,648
Series 2013 A, GO Bonds	5.00%	06/01/2027		355	356,575
Series 2013 A, GO Bonds	5.00%	06/01/2030		100	100,429
District of Columbia (KIPP Charter School); Series 2013, RB(f)	5.00%	07/01/2023		165	165,852
Washington Metropolitan Area Transit Authority; Series 2017 B, RB	5.00%	07/01/2029		1,110	1,201,162
					6,846,286
Florida–7.13%
Board of Governors of Florida Atlantic University; Series 2017, Ref. RB	5.00%	07/01/2031		1,000	1,062,125
Broward (County of), FL;
Series 2012 Q-1, RB	5.00%	10/01/2024		1,850	1,852,586
Series 2013 B, RB	5.00%	10/01/2026		260	262,603
Broward (County of), FL (Parks & Land Preservation); Series 2012, Ref. GO Bonds	5.00%	01/01/2024		1,500	1,503,992
Broward (County of), FL School Board; Series 2016 A, Ref. COP	5.00%	07/01/2032		1,115	1,171,935
Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB	3.50%	07/01/2025		545	479,487

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
Florida–(continued)
Coral Springs (City of), FL (Municipal Complex); Series 2016 A, RB		5.00%		09/01/2032		$  1,115	$       1,178,314
Florida (State of) Department of Transportation; Series 2013 A, Ref. RB		5.00%		07/01/2024		575	578,510
Florida Development Finance Corp. (Brightline Fllorida Passenger Rail Expansion); Series 2021, RB(c)(d)		2.90%		04/04/2023		4,000	3,995,749
Florida Development Finance Corp. (Mayflower Retirement Community); Series 2021, RB(e)		1.75%		06/01/2026		1,020	918,044
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)		3.65%		07/01/2041		1,155	1,142,891
Florida Housing Finance Corp. (Social Bonds); Series 2022 3, RB (CEP - GNMA)		5.50%		01/01/2054		4,400	4,668,656
Gainesville (City of), FL;
Series 2012 B, Ref. VRD RB(a)		1.90%		10/01/2042		9,005	9,005,000
Series 2017 A, RB		5.00%		10/01/2031		1,265	1,383,352
Hialeah (City of), FL Utility System;
Series 2022, Ref. RB		5.00%		10/01/2033		1,970	2,229,625
Series 2022, Ref. RB		5.00%		10/01/2034		2,065	2,322,181
Jacksonville (City of), FL; Series 2014, Ref. RB		5.00%		10/01/2031		1,000	1,029,166
JEA Electric System;
Series 2008 3-A, VRD RB(a)		2.80%		10/01/2036		10,720	10,720,000
Series 2008 C-2, VRD RB(a)		2.75%		10/01/2034		20,425	20,425,000
Series 2017 B, Ref. RB		5.00%		10/01/2031		7,935	8,592,171
Series 2017 B, Ref. RB		5.00%		10/01/2032		1,300	1,405,525
Miami (City of) & Dade (County of), FL School Board;
Series 2014 D, Ref. COP		5.00%		11/01/2030		1,860	1,910,249
Series 2014 D, Ref. COP		5.00%		11/01/2031		1,420	1,452,108
Miami-Dade (County of), FL;
Series 2012 B, Ref. RB		5.00%		10/01/2024		1,285	1,286,796
Series 2014, RB		5.00%		10/01/2032		1,160	1,185,859
Series 2015 B, Ref. GO Bonds		5.00%		07/01/2029		1,105	1,136,225
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);
Series 2012 A, RB		5.00%		04/01/2024		250	250,321
Series 2012 A, RB		5.00%		04/01/2027		525	525,743
Series 2012 A, RB		5.00%		04/01/2028		1,500	1,502,185
Miami-Dade (County of), FL Expressway Authority;
Series 2010 A, RB		5.00%		07/01/2040		10,000	10,005,455
Series 2014 B, Ref. RB		5.00%		07/01/2025		300	304,775
Miami-Dade (County of), FL Housing Finance Authority (Palm Lakes); Series 2012, RB (LOC - Fannie Mae)(h)		4.05%		01/15/2028		8,430	8,470,912
Miami-Dade (County of), FL Industrial Development Authority (Florida Power & Light); Series 2021, Ref. VRD RB(a)		2.10%		05/01/2046		10,000	10,000,000
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group);
Series 2023 A, RB		5.00%		10/01/2035		1,000	1,115,951
Series 2023 A, RB		5.00%		10/01/2036		710	783,435
Orlando (City of), FL; Series 2013, Ref. RB		5.00%		10/01/2027		750	758,142
Orlando (City of), FL Utilities Commission; Series 2015 B, Ref. VRD RB(a)		2.95%		10/01/2039		31,450	31,450,000
Polk (County of), FL;
Series 2012, Ref. RB		5.00%		10/01/2024		125	125,186
Series 2012, Ref. RB		5.00%		10/01/2025		165	165,217
Pompano Beach (City of), FL (John Knox Village);
Series 2021 B-1, RB		2.00%		01/01/2029		1,545	1,296,235
Series 2021 B-2, RB		1.45%		01/01/2027		1,340	1,176,422
Port St. Lucie (City of), FL; Series 2005 A, RB (INS - NATL)(b)		4.38%		07/01/2023		5	5,005
Reedy Creek Improvement District; Series 2017 A, GO Bonds		5.00%		06/01/2023		1,600	1,606,180
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 1998 B, Ref. RB (INS - NATL)(b)		5.25%		07/01/2024		250	253,698
St. Johns (County of), FL Industrial Development Authority (Vicar’s Landing); Series 2021, Ref. RB		4.00%		12/15/2023		120	119,052
Sunrise Lakes Phase 4 Recreation District;
Series 2008, Ref. GO Bonds (INS - AGC)(b)		4.00%		08/01/2023		5	5,004
Series 2008, Ref. GO Bonds (INS - AGC)(b)		4.13%		08/01/2024		20	20,016
Volusia (County of), FL School Board; Series 2014 B, Ref. COP		5.00%		08/01/2031		1,000	1,019,517
							153,856,600

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
Georgia–5.66%
Atlanta (City of), GA;
Series 2014 A, Ref. RB	5.00%	01/01/2028		$  1,000	$       1,015,233
Series 2014 A, Ref. RB	5.00%	01/01/2031		3,670	3,726,027
Series 2019 F, Ref. RB	5.00%	07/01/2023		3,000	3,018,473
Series 2019 F, Ref. RB	5.00%	07/01/2024		2,000	2,047,804
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB	5.00%	07/01/2025		1,050	1,095,201
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle);
Series 2012, Ref. RB(c)	2.88%	08/19/2025		5,000	4,826,072
Series 2013, Ref. RB(c)	2.93%	03/12/2024		7,000	6,891,209
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(b)	4.38%	01/01/2026		30	30,024
DeKalb (County of), GA; Series 2013, Ref. RB	5.00%	10/01/2030		100	101,244
Fulton (County of), GA; Series 2013, Ref. RB	5.00%	01/01/2027		1,605	1,607,610
Georgia (State of);
Series 2013 D, GO Bonds	5.00%	02/01/2025		100	100,155
Series 2017 A-2, GO Bonds	5.00%	02/01/2029		5,020	5,456,751
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b)	5.00%	12/01/2023		25	25,041
Housing Authority of Clayton County Facilities Holding Co. LLC (The) (Riverwood Townhouses); Series 2021 B, RB(c)(e)	1.40%	04/01/2023		2,000	1,999,154
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB(c)(f)	5.00%	04/01/2024		1,520	1,538,388
Macon-Bibb (County of), GA Housing Authority (Green Meadows Apartments); Series 2021 B, RB(c)	4.50%	05/01/2023		2,000	1,998,982
Main Street Natural Gas, Inc.;
Series 2018 A, RB(c)	4.00%	09/01/2023		27,930	27,989,005
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.75%)(c)(i)	3.87%	09/01/2023		1,000	1,001,556
Series 2021 A, RB(c)	4.00%	09/01/2027		8,500	8,498,602
Subseries 2018 C, RB(c)	4.00%	12/01/2023		18,970	19,020,823
Subseries 2018 D, RB (1 mo. USD LIBOR + 0.83%)(c)(i)	3.95%	12/01/2023		30,000	30,076,416
Milledgeville (City of) & Baldwin (County of), GA Development Authority; Series 2003 A, RB (INS - AGC)(b)	4.50%	09/01/2025		30	30,018
					122,093,788
Hawaii–0.00%
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group); Series 2013 B, Ref. RB	5.00%	07/01/2030		100	100,173
Illinois–6.68%
Bellwood (Village of), IL; Series 2016 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2026		210	224,205
Chicago (City of), IL;
Series 1999, GO Bonds (INS - NATL)(b)(g)	0.00%	01/01/2024		6,110	5,902,341
Series 2008, Ref. RB (INS - AGM)(b)	5.00%	11/01/2025		905	926,514
Series 2008, Ref. RB (INS - AGM)(b)	5.25%	11/01/2033		3,905	3,940,642
Series 2012 A, Ref. RB (INS - AGM)(b)	5.00%	11/01/2025		235	240,587
Series 2012, RB	5.00%	01/01/2028		3,500	3,513,166
Series 2012, RB	5.00%	11/01/2029		1,250	1,258,327
Series 2012, RB	5.00%	11/01/2030		2,500	2,516,673
Chicago (City of), IL (O’Hare International Airport); Series 2012 B, Ref. RB(d)	5.00%	01/01/2024		9,045	9,052,122
Chicago (City of), IL Board of Education; Series 2005 A, Ref. GO Bonds (INS - AMBAC)(b)	5.50%	12/01/2023		200	202,622
Chicago (City of), IL Midway International Airport;
Series 2014 A, Ref. RB(d)	5.00%	01/01/2034		2,090	2,105,204
Series 2014 B, Ref. RB	5.00%	01/01/2033		3,830	3,874,887
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds); Series 2021, Ref. RB	5.00%	06/01/2023		1,320	1,324,014
Chicago State University; Series 1998, RB (INS - NATL)(b)	5.50%	12/01/2023		465	469,346
Collinsville (City of), IL Area Recreation District;
Series 2004, GO Bonds (INS - NATL)(b)	4.50%	12/01/2023		630	631,058
Series 2004, GO Bonds (INS - NATL)(b)	4.60%	12/01/2025		350	350,347
Series 2004, GO Bonds (INS - NATL)(b)	4.65%	12/01/2026		450	450,435
Series 2007, Ref. GO Bonds (INS - AMBAC)(b)	4.00%	12/01/2027		65	64,057
Cook County Community High School District No. 212 Leyden; Series 2016 C, RB (INS - BAM)(b)	5.00%	12/01/2028		2,385	2,445,542

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
Illinois–(continued)
Illinois (State of);
Series 2016, GO Bonds	5.00%	11/01/2025		$  2,000	$       2,056,413
Series 2017 D, GO Bonds	5.00%	11/01/2025		10,960	11,269,141
Series 2018 A, GO Bonds	4.00%	05/01/2024		2,085	2,087,770
Series 2020 A, GO Bonds	5.00%	11/01/2026		2,935	3,047,990
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d)	8.00%	06/01/2032		560	560,469
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2014, Ref. RB	5.00%	08/01/2025		155	158,786
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB	4.00%	11/01/2023		405	401,949
Series 2019 A, Ref. RB	5.00%	11/01/2025		440	436,084
Series 2019 A, Ref. RB	5.00%	11/01/2026		460	453,024
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); Series 2020 D, Ref. VRD RB(a)	1.80%	08/15/2057		15,000	15,000,000
Illinois (State of) Finance Authority (Rehabilitation Institute of Chicago); Series 2013 A, RB(f)	5.00%	07/01/2023		1,000	1,002,519
Illinois (State of) Finance Authority (The University of Chicago);
Series 2014 A, Ref. RB	5.00%	10/01/2026		125	128,373
Series 2014 A, Ref. RB	5.00%	10/01/2027		10	10,257
Illinois (State of) Finance Authority (UChicago Medicine); Series 2022 B-1, RB(c)	5.00%	08/15/2025		10,000	10,327,848
Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)(b)	4.60%	09/01/2025		20	20,021
Illinois (State of) Regional Transportation Authority; Series 1997, Ref. RB (INS - NATL)(b)	6.00%	06/01/2023		495	498,190
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB	5.00%	01/01/2031		11,035	11,054,278
Series 2013 A, RB	5.00%	01/01/2032		4,600	4,607,602
Series 2014 B, RB	5.00%	01/01/2029		345	350,774
Series 2016 B, RB	5.00%	01/01/2031		1,000	1,064,915
Lake County Community College District No. 532; Series 2013 A, GO Bonds	4.00%	06/01/2023		500	500,315
Peoria (City of), IL Public Building Commission; Series 2019 A, Ref. RB (INS - AGM)(b)	5.00%	12/01/2029		4,430	4,809,407
Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds	3.75%	12/15/2025		280	280,160
Sales Tax Securitization Corp.; Series 2017 A, Ref. RB	5.00%	01/01/2024		10,200	10,334,006
University of Illinois;
Series 2008 A, Ref. COP (INS - AGM)(b)	5.25%	10/01/2026		1,020	1,021,798
Series 2013 A, Ref. RB	5.00%	04/01/2028		3,210	3,213,015
Series 2014 A, Ref. COP	5.00%	10/01/2025		400	408,868
University Park (Village of), IL; Series 2003, GO Bonds (INS - AMBAC)(b)	4.65%	12/01/2023		30	30,041
West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)(b)	4.75%	01/01/2029		15	15,016
Will County Community Unit School District No. 365; Series 2003, GO Bonds (INS - AGM)(b)(g)	0.00%	11/01/2023		19,955	19,479,522
					144,120,640
Indiana–0.84%
Ball State University; Series 2013, RB	5.00%	07/01/2025		410	411,886
Gary (City of), IN & Chicago (City of), IL International Airport Authority (Gary/Chicago International Airport); Series 2014, RB(d)	5.50%	02/01/2025		385	385,283
Indiana (State of) Finance Authority;
Series 2014 A, RB	5.00%	10/01/2026		1,750	1,796,676
Series 2014 A, RB	5.00%	10/01/2027		1,750	1,796,676
Series 2022, Ref. RB(c)(d)	4.50%	11/15/2023		10,000	9,974,350
Indiana (State of) Finance Authority (United States Steel Corp.); Series 2021 A, Ref. RB	4.13%	12/01/2026		3,500	3,439,624
Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB	5.05%	04/01/2026		395	377,104
					18,181,599
Iowa–0.70%
Iowa (State of) Finance Authority (Unitypoint Health); Series 2014 C, RB	5.00%	02/15/2032		1,150	1,167,786
Iowa City (City of), IA Community School District; Series 2015, RB	5.00%	06/01/2024		125	125,647
PEFA, Inc.; Series 2019, RB(c)	5.00%	09/01/2026		13,500	13,895,832
					15,189,265
Kansas–0.11%
Johnson County Unified School District No. 231 Gardner - Edgerton; Series 2013 A, Ref. GO Bonds	5.00%	10/01/2025		250	252,570

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
Kansas–(continued)
University of Kansas Hospital Authority; Series 2015, Ref. RB	5.00%	09/01/2030		$  1,930	$       2,028,362
					2,280,932
Kentucky–3.06%
Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGM)(b)	4.38%	06/01/2028		25	25,025
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB	5.00%	07/01/2025		1,635	1,647,186
Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 A, RB	5.00%	02/01/2032		1,000	1,046,824
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB	5.00%	05/01/2027		4,750	5,095,244
Series 2018, RB	5.00%	05/01/2028		5,000	5,450,916
Kentucky (Commonwealth of) Public Energy Authority;
Series 2018 A, RB(c)	4.00%	04/01/2024		5,000	5,003,683
Series 2019 A-1, RB(c)	4.00%	06/01/2025		5,000	5,003,844
Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)(c)(i)	4.24%	06/01/2025		10,000	10,022,553
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Louisville Gas and Electric Co.); Series 2007, Ref. VRD RB(a)	2.75%	06/01/2033		29,700	29,700,000
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2016, Ref. RB	5.00%	10/01/2032		2,660	2,775,301
Louisville (City of) & Jefferson (County of), KY Sewer District; Series 2013 B, Ref. RB	5.00%	05/15/2026		220	220,871
					65,991,447
Louisiana–0.94%
Jefferson (Parish of), LA Sales Tax District;
Series 2019 A, Ref. RB (INS - AGM)(b)	5.00%	12/01/2023		1,000	1,013,460
Series 2019 A, Ref. RB (INS - AGM)(b)	5.00%	12/01/2024		1,000	1,031,911
Louisiana (State of); Series 2022 A, Ref. RB (SOFR + 0.50%)(c)(i)	3.69%	05/01/2026		3,175	3,100,888
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System); Series 2019 A, RB	5.00%	01/01/2024		175	172,936
Louisiana (State of) Stadium & Exposition District; Series 2020, RB	5.00%	07/03/2023		15,000	15,014,824
					20,334,019
Maine–0.30%
Maine (State of) Educational Loan Authority; Series 2012 A-1, RB (INS - AGC)(b)(d)	4.75%	12/01/2024		1,550	1,553,619
Maine (State of) State housing Authority (Social Bonds); Series 2023 B, RB(c)	3.13%	05/01/2024		5,000	4,968,232
					6,521,851
Maryland–0.63%
Anne Arundel (County of), MD; Series 2013, GO Bonds	5.00%	04/01/2027		100	100,173
Baltimore (County of), MD; Series 2014 B, GO Bonds	5.00%	08/01/2032		2,950	3,041,657
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB	5.00%	07/01/2031		3,000	3,166,412
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2013 B, RB	5.00%	08/15/2027		200	200,923
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB	5.75%	09/01/2025		7,030	7,095,958
					13,605,123
Massachusetts–0.27%
Cheshire (Town of), MA; Series 2009, GO Bonds (INS - AGM)(b)	4.75%	02/01/2024		10	10,018
Massachusetts (Commonwealth of);
Series 2018 C, GO Bonds	5.00%	05/01/2029		150	150,480
Series 2018 C, GO Bonds	5.00%	05/01/2030		100	100,306
Series 2018 C, GO Bonds	5.00%	05/01/2031		930	932,739
Series 2018 C, GO Bonds	5.00%	05/01/2032		1,245	1,248,630
Massachusetts (Commonwealth of) (Green Bonds); Series 2014 E, GO Bonds	5.00%	09/01/2024		680	681,030
Massachusetts (Commonwealth of) Development Finance Agency; Series 2007 C, RB (3 mo. USD LIBOR + 0.82%)(i)	4.08%	11/15/2032		2,645	2,603,526
North Reading (Town of), MA; Series 2005, GO Bonds (INS - AMBAC)(b)	4.00%	09/15/2023		10	10,008
Waltham (City of), MA;
Series 2008, GO Bonds	4.00%	09/15/2024		25	25,017
Series 2008, GO Bonds	4.20%	09/15/2027		15	15,017

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
Massachusetts–(continued)
Worcester (City of), MA;
Series 2005 C, GO Bonds (INS - AMBAC)(b)	4.13%	09/15/2023		$       15	$            15,012
Series 2006, GO Bonds (INS - SGI)(b)	4.20%	11/01/2024		10	10,009
					5,801,792
Michigan–3.69%
Advanced Technology Academy; Series 2019, Ref. RB	3.50%	11/01/2024		260	254,198
Charyl Stockwell Academy; Series 2015, Ref. RB	4.88%	10/01/2023		60	59,749
Detroit (City of), MI; Series 2006, Ref. RB (3 mo. USD LIBOR + 0.60%) (INS - AGM)(b)(i)	3.79%	07/01/2032		7,825	7,416,973
Kenowa Hills Public Schools; Series 2015, Ref. GO Bonds	5.00%	05/01/2025		1,000	1,025,218
Michigan (State of) Building Authority (Facilities Program);
Series 2013-1A, Ref. RB	5.00%	10/15/2024		540	546,031
Series 2019, Ref. RB	5.00%	04/15/2025		2,100	2,181,518
Michigan (State of) Finance Authority; Series 2022 A, Ref. RB	5.00%	11/15/2023		2,210	2,230,456
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 D-2, Ref. RB (INS - AGM)(b)	5.00%	07/01/2028		3,475	3,546,196
Series 2014 D-4, Ref. RB	5.00%	07/01/2029		1,400	1,424,474
Series 2014, Ref. RB (INS - AGM)(b)	5.00%	07/01/2023		1,500	1,507,744
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB	5.00%	11/15/2032		1,620	1,662,775
Michigan (State of) Housing Development Authority; Series 2021 A, RB	0.55%	04/01/2025		2,750	2,576,039
Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)(b)	4.00%	11/01/2026		185	181,458
Rib Floater Trust; Series 2022-048, VRD RB(a)(e)	1.87%	06/01/2044		34,995	34,995,000
Tender Option Bond Trust Receipts/Certificates; Series 2021, VRD RB(a)(e)	2.86%	10/15/2051		1,145	1,145,000
Wayne (County of), MI Airport Authority; Series 2017 C, Ref. RB	5.00%	12/01/2023		925	936,489
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport);
Series 2012 A, RB	5.00%	12/01/2024		2,135	2,137,926
Series 2012 A, RB	5.00%	12/01/2026		5,380	5,387,386
Series 2012 D, Ref. RB(d)	5.00%	12/01/2028		9,050	9,056,612
Wayne State University;
Series 2013 A, RB	5.00%	11/15/2025		1,245	1,257,822
Series 2015 A, Ref. RB	5.00%	11/15/2030		125	127,525
					79,656,589
Minnesota–1.39%
Eden Prairie (City of), MN (Eden Glen Apartments); Series 2016 A, Ref. VRD RB (LOC - Bridgewater Bank)(a)(h)	2.93%	02/01/2031		1,880	1,880,000
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System);
Series 2009 B-2, VRD RB (LOC - JPMorgan Chase Bank, N.A.)(a)(h)	1.85%	11/15/2035		10,000	10,000,000
Series 2019, Ref. RB	5.00%	11/15/2023		1,600	1,617,592
Series 2019, Ref. RB	5.00%	11/15/2024		1,900	1,950,398
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;
Series 2014 A, Ref. RB	5.00%	01/01/2027		140	142,025
Series 2014 A, Ref. RB	5.00%	01/01/2030		315	319,399
Minneapolis (City of), MN (Riverton Community Housing); Series 2003, VRD RB (LOC - Bridgewater Bank)(a)(h)	2.89%	10/01/2033		4,680	4,680,000
Minnesota (State of); Series 2014 A, RB	5.00%	06/01/2031		2,500	2,507,291
Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)(b)	4.13%	03/01/2027		15	15,001
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2017 A, Ref. RB	5.00%	10/01/2029		1,400	1,505,914
New Prague (City of), MN; Series 2009 A, GO Bonds	4.15%	02/01/2024		5	5,003
North Mankato (City of), MN; Series 2009 C, GO Bonds	4.00%	12/01/2024		10	10,006
Northern Municipal Power Agency;
Series 2013 A, RB	5.00%	01/01/2030		340	340,423
Series 2013 A, RB	5.00%	01/01/2031		460	460,572
Owatonna (City of), MN (Second Century); Series 2003 A, Ref. VRD RB (LOC - Bridgewater Bank)(a)(h)	2.91%	01/01/2030		1,295	1,295,000
St. Louis Park (City of), MN (Shorehan (The)); Series 2015, VRD RB (LOC - Bridgewater Bank)(a)(h)	2.90%	11/01/2045		1,375	1,375,000
St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 A, Ref. RB(c)(f)	4.50%	07/01/2026		385	392,486

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
Minnesota–(continued)
St. Paul (City of), MN Port Authority (Sibley); Series 2004, Ref. VRD RB(a)	2.92%	02/01/2034		$  1,400	$       1,400,000
					29,896,110
Mississippi–0.07%
Mississippi (State of) Development Bank; Series 2013 B, RB (INS - BAM)(b)	5.00%	10/01/2023		270	272,697
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital); Series 2019 B, Ref. RB	5.00%	01/01/2025		1,105	1,130,768
Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB	4.55%	12/01/2028		25	24,725
					1,428,190
Missouri–0.59%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB	3.00%	11/01/2028		180	167,738
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e)	4.25%	04/01/2026		220	212,537
Lindbergh School District; Series 2019 A, GO Bonds	5.00%	03/01/2033		1,475	1,596,182
Missouri (State of) Health & Educational Facilities Authority;
Series 2014, RB	5.00%	01/01/2030		1,000	1,017,434
Series 2016, Ref. RB	5.00%	11/15/2030		1,215	1,271,610
Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA)	5.75%	05/01/2053		2,800	3,010,199
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2);
Series 2014 A, Ref. RB	5.00%	01/01/2027		1,850	1,868,539
Series 2014 A, Ref. RB	5.00%	01/01/2030		1,195	1,206,682
Series 2014 A, Ref. RB	5.00%	01/01/2032		1,755	1,771,869
Missouri Western State University; Series 2012, Ref. RB	3.00%	10/01/2024		50	48,797
Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)(b)(g)	0.00%	06/01/2025		180	160,798
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB	5.00%	09/01/2023		305	305,162
					12,637,547
Montana–1.17%
Mizuho Floater/Residual Trust; Series 2020-MIZ9027, VRD Revenue Ctfs. (LOC - Mizuho Capital Markets LLC)(a)(e)(h)	3.05%	01/01/2034		25,265	25,265,000
Ravalli County School District No. 7 Victor; Series 2006, GO Bonds (INS - AGM)(b)	4.00%	07/01/2023		10	10,007
					25,275,007
Nebraska–0.33%
Central Plains Energy Project; Series 2019, Ref. RB	4.00%	08/01/2024		1,000	1,003,249
Gretna Public Schools; Series 2022 B, GO Bonds	5.00%	12/15/2027		1,000	1,049,484
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2015, Ref. RB	5.00%	01/01/2031		5,040	5,157,532
					7,210,265
Nevada–0.35%
Clark (County of), NV Department of Aviation;
Series 2014 A-2, Ref. RB	5.00%	07/01/2028		400	409,896
Series 2014 A-2, Ref. RB	5.00%	07/01/2030		5,050	5,175,809
Series 2014 A-2, Ref. RB	5.00%	07/01/2033		1,000	1,023,579
Nevada (State of);
Series 2012 C, Ref. GO Bonds	5.00%	08/01/2023		460	460,662
Series 2012 D, Ref. GO Bonds	5.00%	06/01/2023		225	225,324
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)	2.50%	06/15/2024		235	228,754
					7,524,024
New Hampshire–0.43%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		5,398	5,041,588
New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB	5.50%	06/01/2031		4,000	4,200,367
					9,241,955
New Jersey–6.71%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)	5.00%	03/01/2027		250	267,543

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 Jersey–(continued)
Camden (County of), NJ Improvement Authority (The) (Rowan University School of Osteopathic Medicine); Series 2013 A, Ref. RB	5.00%	12/01/2027		$  1,610	$       1,628,762
Casino Reinvestment Development Authority, Inc.;
Series 2004, RB (INS - AMBAC)(b)	5.25%	01/01/2024		1,500	1,501,416
Series 2014, Ref. RB	5.00%	11/01/2023		3,515	3,530,599
Jersey (City of), NJ; Series 2022 A, GO Notes	5.00%	10/26/2023		1,664	1,682,541
Livingston (Township of), NJ; Series 2022, GO Notes	5.00%	12/12/2023		5,000	5,063,019
New Jersey (State of);
Series 2020 A, GO Bonds	5.00%	06/01/2026		14,015	14,896,388
Series 2020 A, GO Bonds	5.00%	06/01/2027		2,885	3,128,208
New Jersey (State of) Building Authority; Series 2016 A, Ref. RB (INS - BAM)(b)	5.00%	06/15/2025		1,500	1,547,730
New Jersey (State of) Economic Development Authority;
Series 2004 A, RB (INS - NATL)(b)	5.25%	07/01/2025		6,840	7,092,896
Series 2004 A, RB(f)	5.25%	07/01/2025		820	858,367
Series 2005 N-1, Ref. RB (INS - NATL)(b)	5.50%	09/01/2023		3,010	3,039,354
Series 2005 N-1, Ref. RB (INS - AMBAC)(b)	5.50%	09/01/2024		6,000	6,164,577
Series 2012 KK, RB	5.00%	03/01/2023		2,135	2,135,000
Series 2013 NN, Ref. RB	5.00%	03/01/2023		2,000	2,000,000
Series 2013 NN, Ref. RB	5.00%	03/01/2025		3,100	3,101,936
Series 2017 B, Ref. RB	5.00%	11/01/2023		1,500	1,514,511
New Jersey (State of) Economic Development Authority (Rutgers University); Series 2013, RB	5.00%	06/15/2025		130	130,628
New Jersey (State of) Educational Facilities Authority (Higher Education Facilities Trust Fund); Series 2014, RB	5.00%	06/15/2026		1,000	1,014,627
New Jersey (State of) Health Care Facilities Financing Authority (Greystone Park Psychiatric Hospital); Series 2013, Ref. RB	5.00%	09/15/2023		400	403,145
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group);
Series 2017, Ref. RB	5.00%	07/01/2029		1,120	1,208,673
Series 2017, Ref. RB	5.00%	07/01/2032		815	877,902
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB	5.00%	07/01/2031		5,100	5,336,033
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2016 A, Ref. RB	5.00%	07/01/2031		8,840	9,412,296
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB	5.00%	10/01/2053		3,000	3,118,389
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - AMBAC)(b)	5.25%	12/15/2023		1,000	1,013,346
Series 2006 A, RB (INS - AGM)(b)	5.25%	12/15/2023		1,370	1,389,458
Series 2010 D, RB	5.25%	12/15/2023		4,505	4,565,123
Series 2016, RN	5.00%	06/15/2023		1,250	1,255,747
Series 2018 A, Ref. RB	5.00%	06/15/2028		5,000	5,259,640
Series 2018 A, Ref. RN	5.00%	06/15/2024		3,500	3,573,153
New Jersey (State of) Turnpike Authority;
Series 2014 A, RB	5.00%	01/01/2027		8,650	8,857,059
Series 2014 A, RB	5.00%	01/01/2033		15,350	15,698,482
Series 2015 E, RB	5.00%	01/01/2032		5,635	5,831,702
Series 2015 E, RB	5.00%	01/01/2034		3,785	3,911,642
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, PCR(d)(f)	5.00%	12/01/2023		450	453,732
Tender Option Bond Trust Receipts/Certificates;
Series 2016-XF1059, VRD Ctfs. (INS - AMBAC)(a)(b)(e)	2.89%	12/15/2036		8,491	8,491,000
Series 2017-XF2482, VRD Ctfs. (INS - BAM)(a)(b)(e)	2.90%	03/01/2042		3,935	3,935,000
					144,889,624
New Mexico–0.72%
Albuquerque Municipal School District No. 12;
Series 2017, GO Bonds	5.00%	08/01/2029		2,575	2,742,008
Series 2017, GO Bonds	5.00%	08/01/2030		1,250	1,327,313
Series 2017, GO Bonds	5.00%	08/01/2031		1,700	1,805,145
Series 2017, GO Bonds	5.00%	08/01/2032		2,910	3,088,043
Farmington (City of), NM (San Juan and Four Corners); Series 2010 D, Ref. RB(c)	1.10%	06/01/2023		4,000	3,966,122
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 C, RB	2.25%	07/01/2023		1,145	1,132,767

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
New Mexico–(continued)
New Mexico (State of) Severance Tax Permanent Fund; Series 2021 A, RB	5.00%	07/01/2023		$  1,150	$       1,156,890
Saltillo Public Improvement District;
Series 2018, Ref. RB (INS - BAM)(b)	4.00%	10/01/2024		105	106,212
Series 2018, Ref. RB (INS - BAM)(b)	4.00%	10/01/2025		160	163,097
					15,487,597
New York–8.70%
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District);
Series 2013 A, RB	5.00%	05/01/2027		250	250,653
Series 2013 A, RB	5.00%	05/01/2028		970	972,453
Metropolitan Transportation Authority;
Series 2015 D-1, Ref. RB	5.00%	11/15/2024		115	117,772
Series 2015 F, Ref. RB	5.00%	11/15/2027		525	534,487
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB	4.00%	11/15/2025		145	146,131
Series 2016 A-2, Ref. RB	5.00%	11/15/2023		1,450	1,462,618
Series 2017 B, Ref. RB	5.00%	11/15/2024		3,500	3,583,771
Series 2017 C-1, Ref. RB	5.00%	11/15/2023		3,000	3,026,106
Series 2017 C-1, Ref. RB	5.00%	11/15/2026		605	632,177
Series 2018 B, Ref. RB	5.00%	11/15/2023		7,200	7,262,654
Series 2018 B, Ref. RB	5.00%	11/15/2024		175	179,189
Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2013, RB	5.00%	05/01/2024		125	125,359
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB	5.00%	07/01/2032		1,500	1,529,491
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB	5.25%	06/01/2026		2,712	2,663,637
New York & New Jersey (States of) Port Authority;
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2023		2,000	2,002,873
One Hundred Seventy Fifth Series 2012, RB	5.00%	12/01/2025		480	480,719
One Hundred Seventy Fifth Series 2012, RB	4.00%	12/01/2026		470	470,357
New York (City of), NY;
Series 2012 B, GO Bonds	5.00%	08/01/2023		250	250,368
Series 2012 I, GO Bonds(c)(f)	5.00%	04/13/2023		520	521,031
Series 2012 I, GO Bonds(c)(f)	5.00%	04/13/2023		1,425	1,427,824
Series 2012 I, GO Bonds(c)(f)	5.00%	04/13/2023		245	245,486
Series 2012 I, GO Bonds	5.00%	08/01/2023		360	360,530
Series 2014 I, GO Bonds	5.00%	03/01/2028		1,000	1,017,118
Series 2014 I, GO Bonds	5.00%	03/01/2032		1,000	1,016,133
New York (City of), NY Industrial Development Agency (123 Washington LLC); Series 2007, VRD RB (LOC - Bank of China Ltd.)(a)(h)	3.00%	10/01/2042		21,180	21,180,000
New York (City of), NY Transitional Finance Authority;
Subseries 2013 F-1, RB(c)(f)	5.00%	03/30/2023		5,675	5,682,889
Subseries 2013 H, RB(c)(f)	5.00%	05/01/2023		110	110,324
Subseries 2013 H, RB(c)(f)	5.00%	05/01/2023		325	325,957
New York (State of) Dormitory Authority;
Series 2015 A, Ref. RB	5.00%	03/15/2031		6,000	6,217,784
Series 2015 A, Ref. RB	5.00%	03/15/2033		2,500	2,587,741
Series 2015 A-1, Ref. RB(e)	4.80%	12/01/2023		155	151,700
Series 2016 D, Ref. RB	5.00%	02/15/2029		3,965	4,216,138
New York (State of) Dormitory Authority (New York University); Series 2016 A, RB	5.00%	07/01/2031		1,410	1,503,075
New York (State of) Housing Finance Agency (Sustainability Bonds); Series 2021 D-2, RB(c)	0.25%	05/01/2023		2,000	1,985,379
New York (State of) Utility Debt Securitization Authority;
Series 2013 TE, RB	5.00%	12/15/2030		10,000	10,130,616
Series 2015, Ref. RB	5.00%	06/15/2025		500	502,285
New York City Housing Development Corp. (Sustainability Bonds); Series 2020 I-2, RB (CEP - Federal Housing Administration)(c)	0.70%	05/01/2025		5,000	4,629,300
New York City Housing Development Corp. (Sustainable development Bonds); Series 2022 2B, RB(c)	3.40%	12/22/2026		12,845	12,663,473
New York City Housing Development Corp. (Sustainable Development); Series 2021 F-2, RB (CEP - Federal Housing Administration)(c)	0.60%	07/01/2025		1,000	916,689
New York City Housing Development Corp. (Sustainable Neighborhood); Series 2019, RB(c)	1.75%	07/03/2023		1,890	1,874,129

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
New York–(continued)
New York Counties Tobacco Trust VI;
Series 2016 B, Ref. RB		5.00%		06/01/2023		$     685	$          687,380
Series 2016 B, Ref. RB		5.00%		06/01/2026		460	473,533
New York State Urban Development Corp.; Series 2013 C, RB		5.00%		03/15/2030		275	275,405
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(d)		5.25%		08/01/2031		15,460	15,744,207
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(d)		5.00%		08/01/2026		11,500	11,505,028
Series 2016, Ref. RB(d)		5.00%		08/01/2031		20,070	20,088,388
Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB		4.00%		07/01/2024		695	694,271
Rib Floater Trust; Series 2022-003, VRD RB(a)(e)		3.00%		11/01/2041		10,000	10,000,000
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB		4.00%		06/01/2050		2,430	2,359,131
Triborough Bridge & Tunnel Authority;
Series 2012 A, RB(c)(f)		5.00%		03/16/2023		250	250,168
Series 2012 B, Ref. RB(c)(f)		4.00%		03/16/2023		300	300,087
Series 2012 B, Ref. RB(c)(f)		5.00%		03/16/2023		650	650,438
Series 2012 B, Ref. RB(c)(f)		5.00%		03/16/2023		250	250,168
Series 2012 B, Ref. RB(c)(f)		5.00%		03/16/2023		5,245	5,248,534
Series 2012 B, Ref. RB(c)(f)		5.00%		03/16/2023		2,500	2,501,684
Series 2012 B, Ref. RB(c)(f)		5.00%		03/16/2023		4,665	4,668,143
Series 2012 B, Ref. RB		5.00%		11/15/2023		705	705,475
Series 2012 B, Ref. RB		5.00%		11/15/2024		420	420,283
Series 2013 A, Ref. RB(c)(f)		5.00%		05/15/2023		640	642,271
Series 2013 A, Ref. RB(c)(f)		5.00%		05/15/2023		1,050	1,053,726
Series 2013 A, Ref. RB(c)(f)		5.00%		05/15/2023		630	632,236
Series 2013 C, RB(c)(f)		5.00%		05/15/2023		550	551,952
Westchester County Local Development Corp.; Series 2021, Ref. RB(e)		2.88%		07/01/2026		3,180	3,036,229
							187,695,153
North Carolina–0.67%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2014, Ref. RB		5.00%		07/01/2031		2,540	2,601,528
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health);
Series 2018 E, RB(c)		0.80%		10/31/2025		5,000	4,669,268
Series 2021, Ref. VRD RB (LOC - Royal Bank Of Canada)(a)(h)		1.85%		01/15/2042		4,860	4,860,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB		5.00%		01/15/2026		230	230,222
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB		5.00%		01/01/2025		2,025	2,077,647
University of North Carolina; Series 2008 A, RB (INS - AGC)(b)		4.75%		10/01/2028		10	10,011
							14,448,676
North Dakota–0.14%
Ward (County of), ND; Series 2017 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2025		3,125	3,126,355
Ohio–2.10%
American Municipal Power, Inc. (Prairie State Energy);
Series 2015 A, Ref. RB		5.00%		02/15/2027		430	436,795
Series 2015 A, Ref. RB		5.00%		02/15/2028		9,895	10,050,426
Series 2015 A, Ref. RB		5.00%		02/15/2029		6,860	6,959,359
Columbus City School District; Series 2016 A, Ref. GO Bonds		5.00%		12/01/2031		3,260	3,449,456
Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB		5.00%		12/01/2025		825	826,175
Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)(b)(d)		5.00%		12/01/2026		1,335	1,336,065
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(c)		4.38%		06/15/2026		1,500	1,435,465
Mayfield Heights (City of), OH; Series 2022, GO Notes		3.00%		07/20/2023		2,000	1,992,277
Ohio (State of);
Series 2015, VRD RB(a)		2.95%		01/15/2045		10,000	10,000,000
Series 2017 A, GO Bonds		5.00%		09/01/2031		3,335	3,397,356
Series 2017 A, GO Bonds		5.00%		03/15/2032		1,155	1,177,340
Series 2018 A, GO Bonds(c)(f)		5.00%		03/15/2023		125	125,083
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(e)		5.00%		12/01/2023		1,050	1,043,859

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
Ohio–(continued)
Ohio (State of) Higher Educational Facility Commission; Series 2006, RB (CPI Rate + 1.12%) (INS - AMBAC)(b)(i)	9.66%	12/01/2023		$  2,460	$       2,508,680
RiverSouth Authority; Series 2007 A, RB	5.75%	12/01/2027		575	574,945
Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)(b)	4.38%	12/01/2024		5	5,005
					45,318,286
Oklahoma–0.20%
Oklahoma (State of) Capitol Improvement Authority;
Series 2014 A, Ref. RB	5.00%	07/01/2027		750	769,211
Series 2014 C, Ref. RB	5.00%	07/01/2028		365	373,916
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB	5.00%	07/01/2025		1,190	1,174,000
Oklahoma (State of) Municipal Power Authority; Series 1992 B, RB(f)	5.75%	01/01/2024		150	153,169
University of Oklahoma (The);
Series 2014 C, Ref. RB	5.00%	07/01/2024		1,000	1,001,418
Series 2014 C, Ref. RB	5.00%	07/01/2029		250	250,124
Series 2014, Ref. RB	5.00%	07/01/2027		500	500,322
					4,222,160
Ontario–0.29%
Deutsche Bank Spears/Lifers Trust; Series 2021, VRD RB(a)(d)(e)	3.03%	04/01/2031		6,300	6,300,000
Oregon–0.50%
Metro; Series 2012 A, GO Bonds	5.00%	06/01/2025		4,320	4,324,046
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds);
Series 2021 B, Ref. RB	1.20%	06/01/2028		1,150	970,972
Series 2021 B2, Ref. RB	0.95%	06/01/2027		2,965	2,575,743
Portland Community College District; Series 2018, GO Bonds	5.00%	06/15/2032		1,680	1,782,210
Yamhill (County of), OR Hospital Authority (Friendsview); Series 2021 B-3, RB	1.75%	11/15/2026		1,355	1,245,287
					10,898,258
Pennsylvania–6.88%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); Series 2008 A, Ref. VRD RB(a)	1.93%	12/01/2037		10,500	10,500,000
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); Series 2017, RB	5.00%	10/15/2026		445	450,214
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB (Acquired 08/10/2017; Cost $320,749)(j)	5.60%	07/01/2023		326	293,070
Allegheny (County of), PA Sanitary Authority; Series 2013, RB (INS - BAM)(b)	5.00%	12/01/2028		145	146,887
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)(b)	5.00%	12/01/2023		400	401,321
Series 2018, RB (INS - BAM)(b)	5.00%	12/01/2024		425	426,573
Cumberland Valley School District; Series 2015, GO Bonds	5.00%	11/15/2031		2,580	2,610,346
Geisinger Authority (Geisinger Health System); Series 2014 B, Ref. RB (1 mo. USD LIBOR + 1.07%)(c)(i)	4.22%	06/01/2024		13,600	13,658,993
Luzerne (County of), PA;
Series 2015 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	11/15/2023		2,795	2,825,731
Series 2015 B, Ref. GO Bonds (INS - AGM)(b)	5.00%	05/15/2023		2,260	2,267,092
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB	5.00%	10/01/2024		1,165	1,168,578
Pennsylvania (Commonwealth of);
First series 2013, GO Bonds	4.00%	04/01/2029		2,150	2,151,814
Second series 2013, GO Bonds	5.00%	10/15/2031		1,000	1,012,367
Second Series 2013, GO Bonds	5.00%	10/15/2025		100	101,224
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB(a)	3.36%	09/01/2045		58,095	58,095,000
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); Series 2015 A, Ref. RB	5.00%	06/01/2023		6,200	6,223,021

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
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2016 A, Ref. RB	5.00%	12/01/2030		$  9,990	$     10,594,759
Series 2016 B, Ref. RB (INS - AGM)(b)	5.00%	06/01/2029		800	853,322
Series 2017, Ref. RB	5.00%	12/01/2032		3,325	3,609,669
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.60%)(i)	3.40%	12/01/2023		1,500	1,500,958
Philadelphia (City of), PA;
Series 2016, Ref. RB	5.00%	10/01/2028		1,400	1,471,488
Series 2016, Ref. RB	5.00%	10/01/2031		3,270	3,426,865
Series 2017 A, Ref. GO Bonds	5.00%	08/01/2023		1,000	1,007,200
Series 2019 B, GO Bonds	5.00%	02/01/2025		1,000	1,031,628
Philadelphia (City of), PA Authority for Industrial Development;
Series 2013 A-1, RB	6.25%	06/15/2023		145	146,081
Series 2013, RB(c)(f)	5.00%	04/03/2023		1,765	1,767,325
Pittsburgh (City of), PA Water & Sewer Authority; Series 2017 C, Ref. RB (SIFMA Municipal Swap Index + 0.65%), (INS - AGM)(b)(c)(i)	3.45%	12/01/2023		17,500	17,507,896
Sayre (City of), PA Health Care Facilities Authority (Guthrie Health); Series 2007, RB (3 mo. USD LIBOR + 0.78%)(i)	4.11%	12/01/2024		30	29,977
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB	5.00%	07/01/2028		1,025	1,020,668
Wilkes-Barre Area School District;
Series 2016 B, GO Bonds (INS - BAM)(b)	5.00%	08/01/2024		1,010	1,033,642
Series 2016 B, GO Bonds (INS - BAM)(b)	5.00%	08/01/2026		1,160	1,230,973
					148,564,682
Puerto Rico–0.36%
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2020 A, Ref. RB(e)	4.00%	07/01/2023		1,200	1,199,815
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - AGC)(b)	5.00%	07/01/2026		100	100,676
Series 2005 RR, RB (INS - SGI)(b)	5.00%	07/01/2026		3,905	3,920,113
Series 2005 RR, RB (INS - SGI)(b)	5.00%	07/01/2027		1,505	1,510,824
Series 2007 UU, Ref. RB (INS - AGM)(b)	5.00%	07/01/2024		500	503,379
Series 2008 WW, RB (INS - AGC)(b)	5.25%	07/01/2033		500	503,379
					7,738,186
Rhode Island–1.62%
Rhode Island Health and Educational Building Corp. (Higher Education Facilities- Brown); Series 2005 A, VRD RB(a)	2.75%	05/01/2035		27,615	27,615,000
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB	4.50%	06/01/2045		7,565	7,421,141
					35,036,141
South Carolina–0.93%
Charleston Educational Excellence Finance Corp. (Charleston County School); Series 2013, Ref. RB	5.00%	12/01/2025		3,000	3,043,068
College of Charleston; Series 2014 A, RB	5.00%	04/01/2026		150	152,452
Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. RB	5.00%	03/01/2028		620	625,714
Piedmont Municipal Power Agency; Series 2021 C, Ref. RB	5.00%	01/01/2032		4,000	4,248,096
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB(a)	3.39%	05/01/2048		10,000	10,000,000
South Carolina (State of) Public Service Authority; Series 2016 A, Ref. RB	5.00%	12/01/2029		1,885	1,975,261
					20,044,591
South Dakota–0.27%
South Dakota (State of) Housing Development Authority; Series 2009 A, VRD RB(a)	2.92%	11/01/2048		5,810	5,810,000
Tennessee–1.82%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB	5.00%	07/01/2025		2,000	2,005,565
Series 2018 A, Ref. RB	5.00%	07/01/2032		1,000	1,002,354
Memphis (City of), TN; Series 2014, RB	4.00%	12/01/2029		2,975	3,018,689
Nashville (City of) & Davidson (County of), TN Metropolitan Government;
Series 2013 A, Ref. RB	5.00%	05/15/2027		130	130,544
Series 2013 A, Ref. RB	5.00%	05/15/2029		780	783,417
Series 2013, Ref. GO Bonds	5.00%	07/01/2024		120	120,728

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

17 Invesco Short Term Municipal Fund

	Interest    Rate		Maturity Date		Principal     Amount     (000)		Value
Tennessee–(continued)
Tennessee (State of) Local Development Authority; Series 2006, RB		4.13%		03/01/2023		$         5	$              5,000
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB		5.25%		09/01/2023		2,725	2,736,342
Series 2006 A, RB		5.25%		09/01/2024		15,115	15,266,106
Series 2018, RB(c)		4.00%		11/01/2025		10,130	10,124,078
Tennessee Housing Development Agency (Social Bonds); Series 2022, RB		5.50%		01/01/2053		3,750	3,980,109
							39,172,932
Texas–14.07%
Alamo Community College District;
Series 2007, GO Bonds (INS - NATL)(b)		4.50%		08/15/2033		590	590,597
Series 2012 A, Ref. RB		5.00%		11/01/2023		775	776,082
Alvarado Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(c)		2.75%		08/15/2025		2,000	1,991,803
Arlington Higher Education Finance Corp. (Basis Texas Charter School); Series 2021, RB(c)(e)		4.50%		06/15/2026		1,100	1,052,933
Austin Independent School District;
Series 2023, GO Bonds		5.00%		08/01/2035		2,000	2,323,672
Series 2023, GO Bonds		5.00%		08/01/2036		2,265	2,598,437
Bexar (County of), TX Hospital District;
Series 2018, GO Bonds		5.00%		02/15/2029		1,000	1,001,629
Series 2018, GO Bonds		5.00%		02/15/2030		1,895	1,898,025
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(d)(e)		3.63%		07/01/2026		4,000	3,621,309
Canadian River Municipal Water Authority; Series 2014, Ref. RB		5.00%		02/15/2024		250	250,348
Conroe Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		7,810	8,283,633
Cypress-Fairbanks Independent School District; Series 2014 C, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2028		1,500	1,524,975
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2013 D, Ref. RB		5.25%		11/01/2027		225	228,088
Series 2013 D, Ref. RB		5.25%		11/01/2031		85	86,087
Series 2013 F, Ref. RB		5.13%		11/01/2025		260	262,995
Series 2013 F, Ref. RB		5.25%		11/01/2028		2,295	2,326,137
Series 2013 F, Ref. RB		5.25%		11/01/2030		570	577,328
Series 2014 C, RB		5.00%		11/01/2030		850	859,545
Dallas (City of), TX; Series 2013 A, Ref. GO Bonds		5.00%		02/15/2031		3,465	3,470,771
Dallas (County of), TX; Series 2016, GO Bonds		5.00%		08/15/2029		4,605	4,882,708
Dallas College; Series 2022, GO Bonds		5.00%		02/15/2035		1,000	1,043,927
Denton (City of), TX;
Series 2017, RB		5.00%		12/01/2030		1,320	1,403,743
Series 2017, RB		5.00%		12/01/2032		3,000	3,181,696
El Paso (City of), TX; Series 2016, GO Bonds		5.00%		08/15/2028		5,000	5,321,191
El Paso (County of), TX Hospital District; Series 2013, Ctfs. of Obligation		5.00%		08/15/2025		675	678,485
Frisco (City of), TX; Series 2013, Ref. GO Bonds		5.00%		02/15/2025		1,000	1,001,552
Frisco Independent School District; Series 2013, GO Bonds (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		135	136,143
Goose Creek Consolidated Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2029		5,000	5,277,060
Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2026		675	675,490
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00%		12/01/2023		1,200	1,196,631
Series 2015, Ref. RB		5.00%		12/01/2024		1,865	1,854,539
Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO Bonds (INS -AGM)(b)		4.00%		09/01/2030		620	620,412
Harris County Industrial Development Corp. (Exxon Mobil Corp.); Series 1984, VRD RB(a)		1.85%		03/01/2024		12,000	12,000,000
Houston (City of), TX;
Series 2014 A, Ref. GO Bonds		5.00%		03/01/2026		100	101,953
Series 2018 C, Ref. VRD RB (LOC - Barclays Bank PLC)(a)(h)		2.83%		05/15/2034		16,670	16,670,000
Series 2021 B, Ref. RB (SIFMA Municipal Swap Index + 0.01%)(c)(i)		2.81%		03/10/2023		15,000	15,000,000
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(d)		4.75%		07/01/2024		1,095	1,094,094

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

18 Invesco Short Term Municipal Fund

	Interest    Rate	Maturity Date	Principal     Amount     (000)		Value
Texas–(continued)
Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		$  1,125	$       1,187,991
Katy Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2031		1,150	1,241,895
Laredo (City of), TX; Series 2016, Ref. RB	5.00%	03/01/2031		1,000	1,048,497
Lewisville (City of), TX; Series 2013, Ref. RB	5.00%	02/15/2029		1,600	1,601,976
Lewisville Independent School District;
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	08/15/2025		500	504,037
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	08/15/2026		100	100,798
Lower Colorado River Authority;
Series 2013 A, Ref. RB	5.13%	05/15/2024		100	100,388
Series 2013 A, Ref. RB(f)	5.00%	05/15/2026		1,950	1,956,839
Series 2013 A, Ref. RB(f)	5.00%	05/15/2027		785	787,802
Series 2013 A, Ref. RB(f)	5.00%	05/15/2031		2,810	2,819,221
Series 2013 A, Ref. RB(f)	5.00%	05/15/2032		5,955	5,973,198
Series 2013, Ref. RB	5.25%	05/15/2027		245	245,971
Series 2013, Ref. RB	5.50%	05/15/2030		4,025	4,042,304
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(e)	4.63%	10/01/2031		1,000	977,463
Mueller Local Government Corp.; Series 2009, RB	4.25%	09/01/2029		30	30,028
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University);
Series 2016 A, RB(f)	5.00%	04/01/2023		385	385,479
Series 2016 A, RB(f)	5.00%	04/01/2024		405	411,879
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(f)	4.00%	04/01/2023		1,295	1,295,637
North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB (INS - BAM)(b)	5.00%	12/15/2030		205	205,132
North Texas Municipal Water District; Series 2016, Ref. RB	5.00%	06/01/2028		1,050	1,111,021
North Texas Tollway Authority;
Series 2014 B, Ref. RB	5.00%	01/01/2031		2,420	2,447,589
Series 2016 A, Ref. RB	5.00%	01/01/2026		3,850	3,899,314
Series 2017 A, RB	5.00%	01/01/2025		55	55,077
Series 2017 B, Ref. RB	5.00%	01/01/2024		50	50,067
Series 2017 B, Ref. RB	5.00%	01/01/2025		15	15,021
Pearland (City of), TX; Series 2014, Ref. GO Bonds	5.00%	03/01/2025		200	200,303
Permanent University Fund - Texas A&M University System; Series 2012 A, RB	5.00%	07/01/2023		250	250,393
Plano Independent School District;
Series 2023, GO Bonds	5.00%	02/15/2035		2,600	3,007,832
Series 2023, GO Bonds	5.00%	02/15/2036		1,100	1,258,192
Port Arthur (Port of), TX Navigation District;
Series 2010, VRD RB(a)	3.67%	11/01/2040		8,175	8,175,000
Subseries 2010 D, VRD RB(a)	3.65%	11/01/2040		20,000	20,000,000
Rib Floater Trust; Series 2022-006, VRD RB (LOC - Barclays Bank PLC)(a)(e)(h)	2.95%	11/15/2046		36,250	36,250,000
Robstown (City of), TX; Series 2009, Ctfs. of Obligation (INS - AGM)(b)(g)	0.00%	03/01/2024		490	470,419
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB	4.90%	09/15/2024		65	64,290
San Antonio (City of), TX;
Series 2016, Ref. RB	5.00%	02/01/2031		2,145	2,289,066
Series 2017, Ref. RB	5.00%	02/01/2032		3,105	3,345,179
San Antonio (City of), TX Water System;
Series 2013 B, Ref. RB	5.00%	05/15/2027		535	536,975
Series 2013 E, Ref. RB	5.00%	05/15/2027		1,900	1,907,014
Southwest Independent School District; Series 2014, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/01/2030		1,400	1,422,126
Spring Independent School District; Series 2023, GO Bonds	5.00%	08/15/2035		3,120	3,619,210
Temple (City of), TX; Series 2012, Ref. GO Bonds	5.00%	08/01/2023		225	225,333
Texas (State of); Series 2015, Ref. GO Bonds	5.00%	10/01/2029		10,000	10,515,345
Texas (State of) Transportation Commission; Series 2014 B, VRD RB(a)	2.81%	04/01/2032		40,000	40,000,000
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%	12/15/2026		17,275	18,032,020
Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)(i)	3.35%	09/15/2027		12,915	12,701,049
Trinity River Authority; Series 2014, Ref. RB	5.00%	08/01/2024		500	503,896

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

19 Invesco Short Term Municipal Fund

	Interest    Rate	Maturity Date	Principal     Amount     (000)		Value
Texas–(continued)
West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)(b)	5.00%	08/15/2030		$       45	$            48,860
Wink-Loving Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2030		475	475,276
					303,656,420
Utah–0.11%
University of Utah (The); Series 2017 B-1, Ref. RB	5.00%	08/01/2029		1,870	2,042,675
Utah Telecommunication Open Infrastructure Agency; Series 2022, Ref. RB	5.00%	06/01/2023		250	250,991
					2,293,666
Vermont–0.04%
University of Vermont and State Agricultural College; Series 2014, Ref. RB	5.00%	10/01/2026		500	512,947
Vermont (State of); Series 2012 E, GO Bonds	5.00%	08/15/2023		340	340,506
					853,453
Virginia–0.56%
Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN	5.00%	11/01/2023		4,400	4,441,987
Fairfax (County of), VA Industrial Development Authority (Inova Health System); Series 2018 B-2, Ref. RB(c)	5.00%	05/15/2023		2,550	2,557,583
Virginia (Commonwealth of) Transportation Board (Garvee); Series 2017, Ref. RB	5.00%	09/15/2023		5,000	5,050,218
					12,049,788
Washington–2.79%
Auburn School District No. 408 of King & Pierce Counties; Series 2014, Ref. GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2027		100	101,398
Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)(b)	4.75%	02/01/2028		1,505	1,532,405
Chelan County School District No. 246 Wenatchee; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2030		1,480	1,511,578
Energy Northwest (Columbia Generating Station); Series 2014, Ref. RB	5.00%	07/01/2031		2,000	2,050,174
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		10	9,999
Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB	5.25%	04/01/2032		6,115	6,180,921
Seattle (City of), WA; Series 2013, Ref. RB	5.00%	07/01/2024		250	251,493
Seattle (Port of), WA;
Series 2015 A, RB	5.00%	04/01/2030		2,840	2,901,648
Series 2017 C, RB(d)	5.00%	05/01/2025		275	283,074
Snohomish County School District No. 15 Edmonds; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2031		3,250	3,318,142
Tacoma (City of), WA Regional Water Supply System; Series 2013, Ref. RB	5.00%	12/01/2026		250	251,109
Washington (State of);
Series 2013 A, GO Bonds	5.00%	08/01/2027		125	125,972
Series 2013 A, GO Bonds	5.50%	08/01/2029		12,750	12,875,164
Series 2013 A, GO Bonds	5.00%	08/01/2032		10,000	10,077,789
Series 2013 D, GO Bonds	5.00%	02/01/2026		250	250,244
Series 2016 B, GO Bonds	5.00%	08/01/2031		1,205	1,278,726
Series 2016 B, Ref. GO Bonds	5.00%	07/01/2032		3,840	4,033,640
Washington (State of) Health Care Facilities Authority (Providence Health & Services);
Series 2012 A, RB	5.00%	10/01/2025		125	125,669
Series 2012 A, RB	5.00%	10/01/2026		2,540	2,553,266
Series 2012 A, RB	5.00%	10/01/2027		2,415	2,427,303
Series 2012 A, RB	5.00%	10/01/2028		165	165,820
Series 2012 A, RB	4.25%	10/01/2040		2,800	2,784,357
Washington (State of) Tobacco Settlement Authority; Series 2018, Ref. RB	5.00%	06/01/2024		3,750	3,768,150
Yakima County School District No. JT3 Naches Valley; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%	12/01/2030		1,420	1,446,803
					60,304,844
West Virginia–0.66%
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2018 E, Ref. VRD RB(a)	3.37%	06/01/2033		14,255	14,255,000

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

20 Invesco Short Term Municipal Fund

	Interest    Rate		Maturity Date		Principal     Amount     (000)		Value
Wisconsin–1.14%
Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. RB(f)		5.50%		12/15/2026		$  3,360	$       3,553,793
Wisconsin (State of) Center District; Series 1999, Ref. RB (INS - AGM)(b)		5.25%		12/15/2023		235	237,880
Wisconsin (State of) Department of Transportation; Series 2017 1, Ref. RB		5.00%		07/01/2030		1,010	1,034,407
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);
Series 2013, RB		5.00%		08/15/2026		100	100,502
Series 2013, RB		5.00%		08/15/2027		800	803,475
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB		2.55%		11/01/2027		1,155	1,081,539
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.); Series 2014, Ref. RB		5.00%		11/15/2029		1,050	1,075,444
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00%		06/01/2027		3,225	3,227,235
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group);
Series 2015, Ref. RB		5.00%		08/15/2030		170	174,379
Series 2015, Ref. RB		5.00%		08/15/2031		815	834,528
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2015, Ref. RB		5.00%		12/15/2029		125	128,965
Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health); Series 2014 A, RB		5.00%		12/01/2028		980	1,008,864
Wisconsin (State of) Public Finance Authority;
Series 2016, RB		5.00%		03/01/2032		4,315	4,512,924
Series 2022, Ref. RB(c)		3.30%		10/01/2026		1,745	1,734,463
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2015 A, Ref. RB		5.00%		06/01/2031		3,295	3,403,469
Wisconsin (State of) Public Finance Authority (The Estates at Eagle’s Pomite); Series 2016 A, RB		4.00%		01/01/2024		100	98,066
WPPI Energy;
Series 2013 A, RB		5.00%		07/01/2024		580	583,232
Series 2014 A, Ref. RB		5.00%		07/01/2030		1,000	1,016,178
Series 2014 A, Ref. RB		5.00%		07/01/2032		100	101,605
							24,710,948
Total Municipal Obligations (Cost $2,059,880,225)							2,055,926,577
					Shares
MuniFund Preferred Shares–2.07%
Nuveen AMT-Free Municipal Credit Income Fund; MFP, Series B						57,500	5,750,000
Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D						34,870	34,870,000
Nuveen California AMT-Free Quality Municipal Income Fund; MFP						40,000	4,000,000
Total MuniFund Preferred Shares (Cost$ 44,621,503)							44,620,000
	Interest Rate		Maturity Date		Principal     Amount     (000)
U.S. Dollar Denominated Bonds & Notes–0.01%
California–0.01%
CalPlant I LLC;
Series 21A(e)(k)		9.50%		06/05/2023		$       25	25,000
Series 21B(e)(k)		9.50%		06/05/2023		90	90,000
Series 22A(e)(k)		9.50%		06/05/2023		50	50,000
Series 22B(e)(k)		9.50%		06/05/2023		5	5,000
Series 22C(e)(k)		9.50%		06/05/2023		35	35,000
Series 22X(e)		9.50%		03/31/2023		50	50,271
Series 23A(e)(k)		9.50%		03/31/2023		20	20,000
Series 23B(e)		9.50%		03/31/2023		15	15,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $290,000)							290,271
TOTAL INVESTMENTS IN SECURITIES(l)–97.36% (Cost $2,104,791,728)							2,100,836,848
OTHER ASSETS LESS LIABILITIES–2.64%							56,902,897
NET ASSETS–100.00%							$2,157,739,745

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

21 Invesco Short Term Municipal Fund

Investment Abbreviations:
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
CHF	- Swiss Franc
COP	- Certificates of Participation
CPI	- Consumer Price Index
Ctfs.	- Certificates
FHLMC	- Federal Home Loan Mortgage Corp.
GNMA	- Government National Mortgage Association
GO	- General Obligation
INS	- Insurer
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
MFP	- MuniFund Preferred Shares
NATL	- National Public Finance Guarantee Corp.
PCR	- Pollution Control Revenue Bonds
RAN	- Revenue Anticipation Notes
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
SGI	- Syncora Guarantee, Inc.
SIFMA	- Securities Industry and Financial Markets Association
SOFR	- Secured Overnight Financing Rate
USD	- U.S. Dollar
VRD	- Variable Rate Demand
Wts.	- Warrants

Notes to Schedule of Investments:

^(a)  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, 2023.

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

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

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

^(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $162,680,948, which represented 7.54% of the Fund’s Net Assets.

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

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

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

⁽ⁱ⁾ Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

^(j)  Restricted security. The value of this security at February 28, 2023 represented less than 1% of the Fund’s Net Assets.

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

^(l) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition

By credit sector, based on total investments

As of February 28, 2023

Revenue Bonds	56.71	%
Other	27.77
General Obligation Bonds	12.87
Pre-Refunded Bonds	2.65

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

22 Invesco Short Term Municipal Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,104,791,728)	$	2,100,836,848
Cash		46,400,374
Receivable for:
Investments sold		358,198
Fund shares sold		1,344,718
Interest		17,582,556
Investments matured, at value (Cost $566,990)		28,500
Investment for trustee deferred compensation and retirement plans		47,627
Other assets		85,013
Total assets		2,166,683,834
Liabilities:
Payable for:
Investments purchased		266,631
Dividends		1,406,409
Fund shares reacquired		6,420,098
Accrued fees to affiliates		679,606
Accrued trustees’ and officers’ fees and benefits		2,652
Accrued other operating expenses		121,066
Trustee deferred compensation and retirement plans		47,627
Total liabilities		8,944,089
Net assets applicable to shares outstanding	$	2,157,739,745

Net assets consist of:
Shares of beneficial interest	$	2,188,145,431
Distributable earnings (loss)		(30,405,686	)
	$	2,157,739,745
Net Assets:
Class A	$	743,947,726
Class Y	$	1,350,790,046
Class R6	$	63,001,973
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		199,496,683
Class Y		362,174,032
Class R6		16,836,958
Class A:
Net asset value and offering price per share	$	3.73
Class Y:
Net asset value and offering price per share	$	3.73
Class R6:
Net asset value and offering price per share	$	3.74

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

23 Invesco Short Term Municipal Fund

Statement of Operations

For the six months ended February 28, 2023

(Unaudited)

Investment income:
Interest	$	34,894,363
Expenses:
Advisory fees		4,463,346
Administrative services fees		171,683
Custodian fees		6,912
Distribution fees:
Class A		1,065,221
Transfer agent fees – A and Y		1,028,623
Transfer agent fees – R6		3,997
Trustees’ and officers’ fees and benefits		15,624
Registration and filing fees		125,428
Reports to shareholders		29,023
Professional services fees		39,079
Other		15,176
Total expenses		6,964,112
Less: Expense offset arrangement(s)		(957	)
Net expenses		6,963,155
Net investment income		27,931,208
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(2,073,204))		(11,010,053	)
Change in net unrealized appreciation of unaffiliated investment securities		2,946,693
Net realized and unrealized gain (loss)		(8,063,360	)
Net increase in net assets resulting from operations	$	19,867,848

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

24 Invesco Short Term Municipal Fund

Statement of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

	February 28,			August 31,
	2023			2022
Operations:
Net investment income	$	27,931,208		$	20,818,048
Net realized gain (loss)		(11,010,053	)		(1,327,151	)
Change in net unrealized appreciation (depreciation)		2,946,693			(49,188,704	)
Net increase (decrease) in net assets resulting from operations		19,867,848			(29,697,807	)
Distributions to shareholders from distributable earnings:
Class A		(7,709,862	)		(6,008,801	)
Class C		–			(3,851	)
Class Y		(15,022,353	)		(12,710,418	)
Class R6		(592,013	)		(299,912	)
Total distributions from distributable earnings		(23,324,228	)		(19,022,982	)
Share transactions–net:
Class A		(256,375,996	)		(559,051,213	)
Class C		–			(37,125,481	)
Class Y		(185,550,081	)		(198,850,549	)
Class R6		17,327,640			20,887,859
Net increase (decrease) in net assets resulting from share transactions		(424,598,437	)		(774,139,384	)
Net increase (decrease) in net assets		(428,054,817	)		(822,860,173	)
Net assets:
Beginning of period		2,585,794,562			3,408,654,735
End of period	$	2,157,739,745		$	2,585,794,562

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

25 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 02/28/23		$3.73		$0.04		$(0.01	)		$0.03			$(0.03	)		$3.73		0.92	%		$   743,948		0.75	%(d)		0.75	%(d)		0.75	%(d)		2.21	%(d)		58	%
Year ended 08/31/22		3.79		0.02		(0.06	)		(0.04	)		(0.02	)		3.73		(1.08	)		1,001,761		0.75			0.75			0.74			0.57			114
Year ended 08/31/21		3.79		0.02		0.01			0.03			(0.03	)		3.79		0.72			1,581,245		0.78			0.78			0.75			0.59			24
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	(d)		0.82	(d)		0.76	(d)		1.72	(d)		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
Class Y
Six months ended 02/28/23		3.73		0.05		(0.01	)		0.04			(0.04	)		3.73		1.04			1,350,790		0.50	(d)		0.50	(d)		0.50	(d)		2.46	(d)		58
Year ended 08/31/22		3.80		0.03		(0.07	)		(0.04	)		(0.03	)		3.73		(1.08	)		1,538,307		0.50			0.50			0.49			0.82			114
Year ended 08/31/21		3.79		0.03		0.02			0.05			(0.04	)		3.80		1.24			1,764,272		0.53			0.53			0.50			0.84			24
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	(d)		0.57	(d)		0.51	(d)		1.97	(d)		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
Class R6
Six months ended 02/28/23		3.75		0.05		(0.02	)		0.03			(0.04	)		3.74		0.81			63,002		0.43	(d)		0.43	(d)		0.43	(d)		2.53	(d)		58
Year ended 08/31/22		3.81		0.03		(0.06	)		(0.03	)		(0.03	)		3.75		(0.75	)		45,727		0.44			0.44			0.43			0.88			114
Year ended 08/31/21		3.80		0.03		0.02			0.05			(0.04	)		3.81		1.32			25,405		0.44			0.44			0.41			0.93			24
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	(d)		0.50	(d)		0.44	(d)		2.05	(d)		13
Period ended 05/31/19(e)		3.75		0.00		0.00			0.00			(0.00	)		3.75		2.73			10		0.50	(d)		0.50	(d)		0.42	(d)		2.20	(d)		69

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 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)  Annualized.

^(e)  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.

26 Invesco Short Term Municipal Fund

Notes to Financial Statements

February 28, 2023

(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 three different classes of shares: Class A, Class Y and Class R6. Class Y shares are available only to certain investors. Class A, Class Y and Class R6 shares are sold at net asset value.

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

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

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

Securities generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

27 Invesco Short Term Municipal Fund

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

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

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

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund 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 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. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

K. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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	0.500%
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, 2023, 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

28 Invesco Short Term Municipal Fund

The Adviser has contractually agreed, through at least June 30, 2023, 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 Y and Class R6 shares to 1.50%, 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, 2023. 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, 2023, 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, 2023, 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 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, shares (collectively, the “Plans”). The Fund, pursuant to the Plans, 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 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, 2023 , 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, 2023, IDI advised the Fund that IDI retained $993 in front-end sales commissions from the sale of Class A shares and $7,185 from Class A shares for CDSC imposed upon redemptions by shareholders.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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 Adviser’s 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, 2023. 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		$–		$	2,055,926,577		$	–		$	2,055,926,577
MuniFund Preferred Shares		–			44,620,000			–			44,620,000
U.S. Dollar Denominated Bonds & Notes		–			65,271			225,000			290,271
Total Investments in Securities		–			2,100,611,848			225,000			2,100,836,848
Other Investments - Assets
Investments Matured		–			28,500			–			28,500
Total Investments		$–		$	2,100,640,348		$	225,000		$	2,100,865,348

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s

29 Invesco Short Term Municipal Fund

“current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, the Fund engaged in securities purchases of $194,165,806 and securities sales of $192,481,660, which resulted in net realized gains (losses) of $(2,073,204).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $957.

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 carryforward 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, 2022, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	9,393,733	$	13,065,999	$	22,459,732

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended February 28, 2023 was $1,301,847,962 and $1,574,277,685, 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	$   5,548,234
Aggregate unrealized (depreciation) of investments	(11,019,605	)
Net unrealized appreciation (depreciation) of investments	$  (5,471,371	)

Cost of investments for tax purposes is $2,106,336,719.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	February 28, 2023(a)				August 31, 2022
	Shares		Amount		Shares		Amount
Sold:
Class A		20,704,666	$	77,169,376		117,070,926	$	441,433,972
Class C(b)		-		-		545,403		2,054,311
Class Y		142,413,947		531,201,908		322,528,289		1,214,169,350
Class R6		7,726,662		28,909,857		9,033,747		34,071,086

30 Invesco Short Term Municipal Fund

	Summary of Share Activity
	Six months ended						Year ended
	February 28, 2023(a)						August 31, 2022
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		1,538,473		$	5,735,181			1,173,576		$	4,406,761
Class C(b)		-			-			3			13
Class Y		2,596,332			9,679,251			2,240,517			8,418,611
Class R6		16,846			63,028			8,773			33,019
Automatic conversion of Class C shares to Class A shares:
Class A		-			-			2,324,699			8,721,184
Class C		-			-			(2,335,886	)		(8,721,184	)
Reacquired:
Class A		(91,000,648	)		(339,280,553	)		(268,989,560	)		(1,013,613,130	)
Class C(b)		-			-			(8,167,903	)		(30,458,621	)
Class Y		(194,758,109	)		(726,431,240	)		(377,691,670	)		(1,421,438,510	)
Class R6		(3,111,624	)		(11,645,245	)		(3,513,548	)		(13,216,246	)
Net increase (decrease) in share activity		(113,873,455	)	$	(424,598,437	)		(205,772,634	)	$	(774,139,384	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Class C shares activity for the period September 1, 2021 through June 30, 2022 (date of conversion).

31 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, 2022 through February 28, 2023.

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     (09/01/22)	Ending     Account Value     (02/28/23)1	Expenses     Paid During     Period2	Ending     Account Value     (02/28/23)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,009.20	$3.74	$1,021.08	$3.76	0.75%
Class Y	1,000.00	1,010.40	2.49	1,022.32	2.51	0.50
Class R6	1,000.00	1,008.10	2.14	1,022.66	2.16	0.43

¹  The actual ending account value is based on the actual total return of the Fund for the period September 1, 2022 through February 28, 2023, 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.

32 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 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 number(s): 811-09913 and 333-36074 Invesco Distributors, Inc. O-STM-SAR-1

Semiannual Report to Shareholders February 28, 2023

Invesco SMA Municipal Bond Fund

Nasdaq:

SMBMX

2	Fund Performance
3	Schedule of Investments
5	Financial Statements
8	Financial Highlights
9	Notes to Financial Statements
13	Fund Expenses

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

Unless otherwise noted, all data is 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

The Fund’s performance history is not presented here because, as of the date of this semi-annual report, the Fund has not completed a full six months of operations. The Fund’s most recent performance information is accessible on the Fund’s website.

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 SMA Municipal Bond Fund

Schedule of Investments

February 28, 2023

(Unaudited)

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Municipal Obligations–55.29%
California–12.63%
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023, RB(a)		5.00%		08/01/2029	$	250	$	263,018
University of California; Series 2023 BP-2, Ref. VRD RB(b)		1.00%		05/15/2048		1,000		1,000,000
								1,263,018
Georgia–2.60%
Main Street Natural Gas, Inc.; Series 2023 A, RB(a)		5.00%		06/01/2030		250		260,168
Illinois–10.00%
Illinois (State of) Finance Authority (Northshore Edward); Series 2022 F, Ref. VRD RB(b)		1.80%		08/15/2057		1,000		1,000,000
Iowa–3.01%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(a)		5.00%		12/01/2042		300		301,126
New Jersey–2.71%
New Jersey (State of) Transportation Trust Fund Authority; Series 2014, RB		5.00%		06/15/2032		250		270,963
New York–12.52%
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(c)(d)		4.50%		01/01/2025		250		251,633
New York (City of), NY Transitional Finance Authority; Series 2016 E4, VRD RB(b)		1.85%		02/01/2045		1,000		1,000,000
								1,251,633
Ohio–2.28%
Buckeye Tobacco Settlement Financing Authority; Series 2020 B-2, Ref. RB		5.00%		06/01/2055		250		227,360
Pennsylvania–5.07%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(c)		5.00%		05/01/2028		250		254,763
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(d)		5.00%		12/31/2034		250		252,499
								507,262
Puerto Rico–4.47%
Puerto Rico (Commonwealth of); Series 2021 A-1, GO Bonds		4.00%		07/01/2033		250		224,016
Puerto Rico Sales Tax Financing Corp.; Series 2018 A-1, RB		5.00%		07/01/2058		240		222,672
								446,688
TOTAL INVESTMENTS IN SECURITIES–55.29% (Cost $5,537,008)								5,528,218
OTHER ASSETS LESS LIABILITIES–44.71%								4,469,613
NET ASSETS–100.00%							$	9,997,831

Investment Abbreviations:
GO	- General Obligation
RB	- Revenue Bonds
Ref.	- Refunding
VRD	- Variable Rate Demand

Notes to Schedule of Investments:

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

^(b) 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, 2023.

^(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, 2023 was $506,396, which represented 5.07% of the Fund’s Net Assets.

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

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

3 Invesco SMA Municipal Bond Fund

Portfolio Composition

By credit sector, based on total investments

As of February 28, 2023

Other	54.27%
Revenue Bonds	41.68
General Obligation Bonds	4.05

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

4 Invesco SMA Municipal Bond Fund

Statement of Assets and Liabilities

February 28, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value
(Cost $5,537,008)	$	5,528,218
Cash		7,751,015
Receivable for:
Interest		28,340
Other assets		4,387
Total assets		13,311,960
Liabilities:
Payable for:
Investments purchased		3,309,741
Accrued fees to affiliates		63
Accrued trustees’ and officers’ fees and benefits		339
Accrued other operating expenses		3,986
Total liabilities		3,314,129
Net assets applicable to shares outstanding	$	9,997,831

Net assets consist of:
Shares of beneficial interest	$	10,000,000
Distributable earnings		(2,169	)
	$	9,997,831
Shares outstanding, no par value, with an unlimited number of shares authorized:
Shares outstanding		1,000,000
Net asset value and offering price per share	$	10.00

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

5 Invesco SMA Municipal Bond Fund

Statement of Operations

For the period February 21, 2023 (commencement date) through February 28, 2023

(Unaudited)

Investment income:
Interest	$	6,621
Expenses:
Administrative services fees		31
Custodian fees		44
Transfer agent fees		33
Trustees’ and officers’ fees and benefits		339
Reports to shareholders		347
Professional services fees		3,971
Other		327
Total expenses		5,092
Less: Expenses reimbursed		(5,092	)
Net expenses		–
Net investment income		6,621
Realized and unrealized gain (loss) from:
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(8,790	)
Net realized and unrealized gain (loss)		(8,790	)
Net increase (decrease) in net assets resulting from operations	$	(2,169	)

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

6 Invesco SMA Municipal Bond Fund

Statement of Changes in Net Assets

For the period February 21, 2023 (commencement date) through February 28, 2023

(Unaudited)

	February 21, 2023 (commencement date) through February 28, 2023
Operations:
Net investment income		$            6,621
Change in net unrealized appreciation (depreciation)		(8,790	)
Net increase (decrease) in net assets resulting from operations		(2,169	)
Net increase in net assets resulting from share transactions		10,000,000
Net increase in net assets		9,997,831
Net assets:
Beginning of period		–
End of period		$     9,997,831

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

7 Invesco SMA Municipal Bond Fund

Financial Highlights

(Unaudited)

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

	Period Ended February 28, 2023(a)
Net asset value, beginning of period		$10.00
Net investment income(b)		0.01
Net gains (losses) on securities (both realized and unrealized)		(0.01	)
Total from investment operations		–
Net asset value, end of period		$10.00
Total return(c)		0.00	%
Net assets, end of period (000’s omitted)		$9,998
Portfolio turnover rate(d)		115	%
Ratios/supplemental data based on average net assets:
Ratio of expenses:
With fee waivers and/or expense reimbursements		0.00	%(e)
Without fee waivers and/or expense reimbursements		2.32	%(e)
Ratio of net investment income to average net assets		3.02	%(e)

^(a)  Commencement date of February 21, 2023.

^(b) Calculated using average shares outstanding.

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

^(d)  Portfolio turnover is not annualized for periods less than one year, if applicable.

^(e) Annualized.

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

8 Invesco SMA Municipal Bond Fund

Notes to Financial Statements

February 28, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco SMA Municipal 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 to provide high current income exempt from regular federal income taxes with taxable capital appreciation as a secondary objective.

The Fund commenced operations on February 21, 2023. Shares of the Fund may be purchased and held by or on behalf of wrap fee, separately managed and other discretionary accounts (SMAs) for which Invesco Advisers, Inc (Invesco or the Adviser) or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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

9 Invesco SMA Municipal Bond Fund

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.

H. 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.

I. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

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

The Fund’s investments in high yield debt securities (commonly referred to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due and are more susceptible to default or decline in market value due to adverse economic, regulatory, political or company developments than higher rated or investment grade securities. Prices of high yield debt securities tend to be very volatile. These securities are less liquid than investment grade debt securities and may be difficult to sell at a desirable time or price, particularly in times of negative sentiment toward high yield securities.

Medium- and Lower-Grade Municipal Securities Risk. Medium- and lower-grade municipal securities generally involve more volatility and greater risks, including credit, market, liquidity and management risks, than higher-grade securities. Furthermore, many issuers of medium- and lower-grade securities choose not to have a rating assigned to their obligations. As such, the Fund’s portfolio may consist of a higher portion of unrated securities than an investment company investing solely in higher-grade securities. Unrated securities may not be as attractive to as many buyers as are rated securities, which may have the effect of limiting the Fund’s ability to sell such securities at their fair value.

J. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, Invesco will be compensated directly or indirectly by clients or account program sponsors for managed account advisory services, including with respect to assets that may be invested in 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).

Invesco has contractually agreed to reimburse expenses necessary to limit total fund operating expenses after expense reimbursement (excluding certain items discussed in the statement of additional information) of shares of the Fund to 0.00% of the Fund’s average daily net assets (the “expense limit”). This expense reimbursement agreement will continue in effect for so long as Invesco serves as adviser to the Fund. The expense reimbursement agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

For the period February 21, 2023 (commencement date) through February 28, 2023, the Adviser reimbursed expenses of $5,092.

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 February 21, 2023 (commencement date) through February 28, 2023, 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.

10 Invesco SMA Municipal Bond Fund

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the period February 21, 2023 (commencement date) through February 28, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Certain officers and trustees of the Trust are officers and directors of Invesco.

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. 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 Adviser’s 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, 2023, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the period February 21, 2023 (commencement date) through February 28, 2023, the Fund engaged in securities purchases of $3,004,635.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the period February 21, 2023 (commencement date) through February 28, 2023, was $15,037,140 and $9,500,000, 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	$	334
Aggregate unrealized (depreciation) of investments		(9,124	)
Net unrealized appreciation (depreciation) of investments	$	(8,790	)

Cost of investments for tax purposes is $5,537,008.

11 Invesco SMA Municipal Bond Fund

NOTE 9–Share Information

	Summary of Share Activity
	February 28, 2023(a)(b)
	Shares			Amount
Sold		1,000,001		$	10,000,010
Reacquired		(1	)		(10	)
Net increase in share activity		1,000,000		$	10,000,000

^(a) Commencement date of February 21, 2023.

^(b) 100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

12 Invesco SMA Municipal 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 February 21, 2023 (commencement date) through February 28, 2023.

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 (09/01/21)	Ending Account Value (02/28/23)1	Expenses Paid During Period2	Ending Account Value (02/28/23)	Expenses Paid During Period3	Annualized   Expense   Ratio
$1,000.00	$957.80	$0.00	$1,024.79	$0.00	0.00%

¹ The actual ending account value is based on the actual total return of the Funds for the period February 21, 2023 (commencement date) through February 28, 2023, 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 8 (as of close of business February 21, 2023 (commencement date) through February 28, 2023)/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 184/365 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.

13 Invesco SMA Municipal Bond 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 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 number(s): 811-09913 and 333-36074             Invesco Distributors, Inc.                                      SMAMB-SAR-1

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of April 19, 2023, 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, 2023, 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 3, 2023

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 3, 2023

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	May 3, 2023