# EDGAR Filing Document

**Accession Number:** 0001605283
**File Stem:** 0001193125-25-271066
**Filing Date:** 2025-11
**Character Count:** 197908
**Document Hash:** 953a0b3a2edec56ad963f45253405eed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271066.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271066

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Management Trust
- **CENTRAL INDEX KEY:** 0001605283

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22957
- **FILM NUMBER:** 251460546

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 713-626-1919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

## Series and Classes Contracts Data

### Invesco Conservative Income Fund (Series ID: S000045836)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000142880 | Institutional Class | ICIFX           |
| C000199848 | Class A             | ICIVX           |
| C000217951 | Class R6            | ICIRX           |
| C000217952 | Class Y             | ICIYX           |

?xml version='1.0' encoding='ASCII'? aa272829-46f8-4adf-8cd1-0f0bed2b9fac

#### 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

#### 811-22957

#### Invesco Management Trust
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### August 31

#### Date of reporting period:

#### August 31, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2587.jpg)

### Invesco Conservative Income Fund

### Class A: ICIVX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Conservative Income Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Conservative Income Fund<br>(Class A) | $410.40%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** The Federal Open Market Committee (FOMC) lowered the target range of the effective federal funds rate by 1.00% in the last four months of 2024 to 4.25%-4.50% and then held policy rates steady for the eight months ending August 31, 2025. Despite Liberation Day/tariff induced volatility in the first half of 2025, short-term credit spreads improved on a year-over-year basis. Overall general corporate credit fundamentals remained strong despite the gradual slowing of the economy and because the Fund holds predominantly corporate bonds and commercial paper, performance of the Fund benefited from this broader market environment of abundant supply, declining yields, and improved credit spreads.

**•** For the fiscal year ended August 31, 2025, Class A shares of the Fund returned 4.94%. For the same time period, the ICE BofA US Treasury Bill Index (the "Benchmark") returned 4.54%.

**What contributed to performance?**

• The Fund's allocation to investment grade corporate bonds, asset-backed securities ("ABS") and money market securities contributed most to returns relative to the Benchmark.

• During the period, the Fund increased its holdings of financial corporate debt which contributed most to relative performance. Cash securities with 1-7 day maturities, consumer cyclical corporate bonds, auto related ABS and industrial corporate bonds also contributed positively to relative return.

**What detracted from performance?**

• The Fund's allocation to government securities was the main detractor from performance relative to the Benchmark.

• The Fund's duration exposure to money market securities was a detractor to relative performance during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9588928.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Conservative Income Fund (Class A)** | 4.94% | 2.83% | 2.30% |
| **ICE BofA US Treasury Bill Index** | 4.54% | 2.91% | 2.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Prior to July 1, 2022, the Benchmark returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, the Benchmark returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

Class A shares incepted on April 2, 2018. Performance shown prior to that date is that of Institutional Class shares restated to reflect the higher 12b-1 fees applicable to Class A shares.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1796471738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3817006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9588933.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2586.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CINC-AR-A **Invesco Conservative Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Conservative Income Fund

### Class Y: ICIYX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Conservative Income Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Conservative Income Fund<br>(Class Y) | $310.30%<sup>†</sup> |

---

 **<sup>†</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

### How Did The Fund Perform During The Period?
**•** The Federal Open Market Committee (FOMC) lowered the target range of the effective federal funds rate by 1.00% in the last four months of 2024 to 4.25%-4.50% and then held policy rates steady for the eight months ending August 31, 2025. Despite Liberation Day/tariff induced volatility in the first half of 2025, short-term credit spreads improved on a year-over-year basis. Overall general corporate credit fundamentals remained strong despite the gradual slowing of the economy and because the Fund holds predominantly corporate bonds and commercial paper, performance of the Fund benefited from this broader market environment of abundant supply, declining yields, and improved credit spreads.

**•** For the fiscal year ended August 31, 2025, Class Y shares of the Fund returned 5.04%. For the same time period, the ICE BofA US Treasury Bill Index (the "Benchmark") returned 4.54%.

**What contributed to performance?**

• The Fund's allocation to investment grade corporate bonds, asset-backed securities ("ABS") and money market securities contributed most to returns relative to the Benchmark.

• During the period, the Fund increased its holdings of financial corporate debt which contributed most to relative performance. Cash securities with 1-7 day maturities, consumer cyclical corporate bonds, auto related ABS and industrial corporate bonds also contributed positively to relative return.

**What detracted from performance?** 

• The Fund's allocation to government securities was the main detractor from performance relative to the Benchmark.

• The Fund's duration exposure to money market securities was a detractor to relative performance during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9588964.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Conservative Income Fund (Class Y)** | 5.04% | 2.97% | 2.41% |
| **ICE BofA US Treasury Bill Index** | 4.54% | 2.91% | 2.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Prior to July 1, 2022, the Benchmark returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, the Benchmark returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

Class Y shares incepted on December 10, 2019. Performance shown prior to that date is that of Institutional Class shares and includes the 12b-1 fees applicable to Institutional Class shares.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1796471738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3817006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9588969.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2586.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CINC-AR-Y **Invesco Conservative Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Conservative Income Fund

### Institutional Class: ICIFX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Conservative Income Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Conservative Income Fund<br>(Institutional Class) | $29 | 0.28% |

---

### How Did The Fund Perform During The Period?
**•** The Federal Open Market Committee (FOMC) lowered the target range of the effective federal funds rate by 1.00% in the last four months of 2024 to 4.25%-4.50% and then held policy rates steady for the eight months ending August 31, 2025. Despite Liberation Day/tariff induced volatility in the first half of 2025, short-term credit spreads improved on a year-over-year basis. Overall general corporate credit fundamentals remained strong despite the gradual slowing of the economy and because the Fund holds predominantly corporate bonds and commercial paper, performance of the Fund benefited from this broader market environment of abundant supply, declining yields, and improved credit spreads.

• For the fiscal year ended August 31, 2025, Institutional Class shares of the Fund returned 5.07%. For the same time period, the ICE BofA US Treasury Bill Index (the "Benchmark") returned 4.54%.

**What contributed to performance?**

• The Fund's allocation to investment grade corporate bonds, asset-backed securities ("ABS") and money market securities contributed most to returns relative to the Benchmark.

• During the period, the Fund increased its holdings of financial corporate debt which contributed most to relative performance. Cash securities with 1-7 day maturities, consumer cyclical corporate bonds, auto related ABS and industrial corporate bonds also contributed positively to relative return.

#### What detracted from performance?
• The Fund's allocation to government securities was the main detractor from performance relative to the Benchmark.

• The Fund's duration exposure to money market securities was a detractor to relative performance during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9588892.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Conservative Income Fund (Institutional Class)** | 5.07% | 2.98% | 2.42% |
| **ICE BofA US Treasury Bill Index** | 4.54% | 2.91% | 2.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Prior to July 1, 2022, the Benchmark returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, the Benchmark returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1796471738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3817006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9588897.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2586.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CINC-AR-INST **Invesco Conservative Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Conservative Income Fund

### Class R6: ICIRX

#### ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This annual shareholder report contains important information about Invesco Conservative Income Fund (the "Fund") for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Conservative Income Fund<br>(Class R6) | $31 | 0.30% |

---

### How Did The Fund Perform During The Period?
**•** The Federal Open Market Committee (FOMC) lowered the target range of the effective federal funds rate by 1.00% in the last four months of 2024 to 4.25%-4.50% and then held policy rates steady for the eight months ending August 31, 2025. Despite Liberation Day/tariff induced volatility in the first half of 2025, short-term credit spreads improved on a year-over-year basis. Overall general corporate credit fundamentals remained strong despite the gradual slowing of the economy and because the Fund holds predominantly corporate bonds and commercial paper, performance of the Fund benefited from this broader market environment of abundant supply, declining yields, and improved credit spreads.

**•** For the fiscal year ended August 31, 2025, Class R6 shares of the Fund returned 5.04%. For the same time period, the ICE BofA US Treasury Bill Index (the "Benchmark") returned 4.54%.

**What contributed to performance?**

**•** The Fund's allocation to investment grade corporate bonds, asset-backed securities ("ABS") and money market securities contributed most to returns relative to the Benchmark.

• During the period, the Fund increased its holdings of financial corporate debt which contributed most to relative performance. Cash securities with 1-7 day maturities, consumer cyclical corporate bonds, auto related ABS and industrial corporate bonds also contributed positively to relative return.

#### What detracted from performance?
• The Fund's allocation to government securities was the main detractor from performance relative to the Benchmark.

• The Fund's duration exposure to money market securities was a detractor to relative performance during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9589000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **<br>AVERAGE ANNUAL TOTAL RETURNS** | **<br>1 Year** | **<br>5 Years** | **<br>10 Years** |
| **Invesco Conservative Income Fund (Class R6)** | 5.04% | 2.97% | 2.43% |
| **ICE BofA US Treasury Bill Index** | 4.54% | 2.91% | 2.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14% | -0.68% | 1.80% |

---

Prior to July 1, 2022, the Benchmark returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, the Benchmark returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

Class R6 shares incepted on May 15, 2020. Performance shown prior to that date is that of Institutional Class shares and includes the 12b-1 fees applicable to Institutional Class shares.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of August 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1796471738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3817006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of August 31, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9589005.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2586.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CINC-AR-R6 **Invesco Conservative Income Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 43779  | $&nbsp;&nbsp;&nbsp;&nbsp;41230  |
| Audit-Related Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0  |
| Tax Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$17567  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16165  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;61346  | $57395  |

---

(1) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 1177000  | $1121000  |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u>  |
| Total Fees  | $&nbsp;&nbsp;&nbsp;&nbsp;1177000  | $&nbsp;&nbsp;&nbsp;&nbsp; 1121000  |

---

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

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In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

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Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

V. **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

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VI. **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

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#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions; 

· Human resources; 

· Broker-dealer, investment adviser, or investment banking services; 

· Legal services; 

· Expert services unrelated to the audit; 

· Any service or product provided for a contingent fee or a commission; 

· Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; 

· Tax services for persons in financial reporting oversight roles at the Fund; and 

· Any other service that the Public Company Oversight Board determines by regulation is impermissible. 

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

· Bookkeeping or other services related to the accounting records or financial statements of the audit client; 

· Financial information systems design and implementation; 

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; 

· Actuarial services; and 

· Internal audit outsourcing services. 

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,681,000 for the fiscal year ended August 31, 2025 and $6,608,000 for the fiscal year ended August 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,875,567 for the fiscal year ended August 31, 2025 and $7,745,165 for the fiscal year ended August 31, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 million.

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(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

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| | |
|:---|:---|
| 1  | Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.  |

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Item 5. Audit Committee of Listed Registrants.

Not applicable.

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Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

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Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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![](img044a4b131.jpg)

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**Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Conservative Income Fund**

Nasdaq:

A: ICIVX ■ Y: ICIYX ■ Institutional: ICIFX ■ R6: ICIRX

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| | |
|:---|:---|
| [2](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_SOI-Continued-389_1) | Schedule of Investments |
| [9](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_FS-Continued-389_1) | Financial Statements |
| [12](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_FS-Continued-389_4) | Financial Highlights |
| [13](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_NTF-Continued-389_1) | Notes to Financial Statements |
| [18](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_RIR-Continued-389_1) | Report of Independent Registered Public Accounting Firm |
| [19](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_AOC-Continued-389_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [22](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_TI-Continued-389_1) | Tax Information |
| [23](#xx_2e34206a-075c-40a4-a56c-c9601fd93351_OIRSR-Continued-389_1) | Other Information Required in Form N-CSR (Items 8-11)  |

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**Schedule of Investments**<sup>(a)</sup> 

*August 31, 2025* 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-66.79%** |  |  |  |  |
| **Agricultural & Farm Machinery-1.67%** | **Agricultural & Farm Machinery-1.67%** | **Agricultural & Farm Machinery-1.67%** | **Agricultural & Farm Machinery-1.67%** | **Agricultural & Farm Machinery-1.67%** |
| John Deere Capital Corp. (SOFR + 0.40%)<sup>(b)</sup> <br>| 4.77% | 01/05/2027 | $10000 | &nbsp;&nbsp; $10007257 |
| John Deere Capital Corp. (SOFR + 0.44%)<sup>(b)</sup> <br>| 4.80% | 03/06/2026 | 10000 | &nbsp;&nbsp; 10014170 |
| John Deere Capital Corp. (SOFR + 0.50%)<sup>(b)</sup> <br>| 4.86% | 03/06/2028 | 10000 | &nbsp;&nbsp; 10003740 |
|  |  |  |  | &nbsp;&nbsp; 30025167 |
| **Agricultural Products & Services-0.56%** | **Agricultural Products & Services-0.56%** | **Agricultural Products & Services-0.56%** | **Agricultural Products & Services-0.56%** | **Agricultural Products & Services-0.56%** |
| Cargill, Inc. (SOFR + 0.61%)<sup>(b)(c)</sup> <br>| 4.98% | 02/11/2028 | 10000 | &nbsp;&nbsp; 10009400 |
| **Application Software-0.20%** | **Application Software-0.20%** | **Application Software-0.20%** | **Application Software-0.20%** | **Application Software-0.20%** |
| Roper Technologies, Inc. | 4.25% | 09/15/2028 | 1015 | &nbsp;&nbsp; 1019065 |
| Synopsys, Inc. | 4.55% | 04/01/2027 | 2500 | &nbsp;&nbsp; 2515918 |
|  |  |  |  | &nbsp;&nbsp; 3534983 |
| **Asset Management & Custody Banks-3.10%** | **Asset Management & Custody Banks-3.10%** | **Asset Management & Custody Banks-3.10%** | **Asset Management & Custody Banks-3.10%** | **Asset Management & Custody Banks-3.10%** |
| Ares Capital Corp. | 3.88% | 01/15/2026 | 11946 | &nbsp;&nbsp; 11912171 |
| Blue Owl Capital Corp. | 4.25% | 01/15/2026 | 10000 | &nbsp;&nbsp; 9975963 |
| Mizuho Markets Cayman L.P. (Japan) (SOFR + 1.10%)<sup>(b)(c)</sup> <br>| 5.47% | 11/21/2025 | 15000 | &nbsp;&nbsp; 15023890 |
| State Street Corp.<sup>(d)</sup> <br>| 4.54% | 04/24/2028 | 1432 | &nbsp;&nbsp; 1443172 |
| State Street Corp. (SOFR + 0.64%)<sup>(b)</sup> <br>| 5.00% | 10/22/2027 | 2857 | &nbsp;&nbsp; 2862163 |
| State Street Corp. (SOFR + 0.85%)<sup>(b)</sup> <br>| 5.21% | 08/03/2026 | 14458 | &nbsp;&nbsp; 14518665 |
|  |  |  |  | &nbsp;&nbsp; 55736024 |
| **Automobile Manufacturers-6.10%** | **Automobile Manufacturers-6.10%** | **Automobile Manufacturers-6.10%** | **Automobile Manufacturers-6.10%** | **Automobile Manufacturers-6.10%** |
| American Honda Finance Corp. (SOFR + 0.72%)<sup>(b)</sup> <br>| 5.08% | 10/05/2026 | 15000 | &nbsp;&nbsp; 15045891 |
| American Honda Finance Corp. (SOFR + 0.82%)<sup>(b)</sup> <br>| 5.18% | 03/03/2028 | 10000 | &nbsp;&nbsp; 10023817 |
| American Honda Finance Corp. (SOFR + 0.87%)<sup>(b)</sup> <br>| 5.23% | 07/09/2027 | 10000 | &nbsp;&nbsp; 10032974 |
| Daimler Truck Finance North America LLC (Germany)<sup>(c)</sup> <br>| 4.30% | 08/12/2027 | 4179 | &nbsp;&nbsp; 4186614 |
| Daimler Truck Finance North America LLC (Germany)<sup>(c)</sup> <br>| 5.13% | 09/25/2027 | 5905 | &nbsp;&nbsp; 6005051 |
| Hyundai Capital America<sup>(c)</sup> <br>| 3.50% | 11/02/2026 | 2000 | &nbsp;&nbsp; 1979945 |
| Hyundai Capital America<sup>(c)</sup> <br>| 4.88% | 06/23/2027 | 8000 | &nbsp;&nbsp; 8072516 |
| Mercedes-Benz Finance North America LLC (Germany)<sup>(c)</sup> <br>| 4.80% | 03/30/2026 | 11104 | &nbsp;&nbsp; 11131318 |
| Toyota Motor Credit Corp. (SOFR + 0.65%)<sup>(b)</sup> <br>| 5.01% | 01/05/2026 | 15000 | &nbsp;&nbsp; 15022591 |
| Toyota Motor Credit Corp. | 5.40% | 11/20/2026 | 8000 | &nbsp;&nbsp; 8134342 |
| Volkswagen Group of America Finance LLC (Germany) (SOFR + 0.83%)<sup>(b)(c)</sup> <br>| 5.19% | 03/20/2026 | 10000 | &nbsp;&nbsp; 10015713 |
| Volkswagen Group of America Finance LLC (Germany)<sup>(c)</sup> <br>| 6.00% | 11/16/2026 | 9785 | &nbsp;&nbsp; 9958805 |
|  |  |  |  | &nbsp;&nbsp; 109609577 |
| **Automotive Parts & Equipment-0.60%** | **Automotive Parts & Equipment-0.60%** | **Automotive Parts & Equipment-0.60%** | **Automotive Parts & Equipment-0.60%** | **Automotive Parts & Equipment-0.60%** |
| BMW US Capital LLC (Germany) (SOFR + 0.80%)<sup>(b)(c)</sup> <br>| 5.17% | 08/13/2026 | 10811 | &nbsp;&nbsp; 10853601 |
| **Broadline Retail-0.25%** | **Broadline Retail-0.25%** | **Broadline Retail-0.25%** | **Broadline Retail-0.25%** | **Broadline Retail-0.25%** |
| eBay, Inc. | 1.40% | 05/10/2026 | 4500 | &nbsp;&nbsp; 4413186 |
| **Commercial & Residential Mortgage Finance-0.11%** | **Commercial & Residential Mortgage Finance-0.11%** | **Commercial & Residential Mortgage Finance-0.11%** | **Commercial & Residential Mortgage Finance-0.11%** | **Commercial & Residential Mortgage Finance-0.11%** |
| Aviation Capital Group LLC<sup>(c)</sup> <br>| 4.75% | 04/14/2027 | 1936 | &nbsp;&nbsp; 1946175 |
| **Construction Machinery & Heavy Transportation Equipment-0.49%** | **Construction Machinery & Heavy Transportation Equipment-0.49%** | **Construction Machinery & Heavy Transportation Equipment-0.49%** | **Construction Machinery & Heavy Transportation Equipment-0.49%** | **Construction Machinery & Heavy Transportation Equipment-0.49%** |
| Caterpillar Financial Services Corp., Series K | 4.10% | 08/15/2028 | 8734 | &nbsp;&nbsp; 8765385 |
| **Consumer Finance-2.48%** | **Consumer Finance-2.48%** | **Consumer Finance-2.48%** | **Consumer Finance-2.48%** | **Consumer Finance-2.48%** |
| American Express Co. (SOFR + 1.35%)<sup>(b)</sup> <br>| 5.72% | 10/30/2026 | 15000 | &nbsp;&nbsp; 15038986 |
| Capital One Financial Corp. | 3.75% | 03/09/2027 | 6081 | &nbsp;&nbsp; 6045810 |
| Capital One Financial Corp.<sup>(d)</sup> <br>| 4.93% | 05/10/2028 | 10000 | &nbsp;&nbsp; 10102863 |
| General Motors Financial Co., Inc. | 5.00% | 07/15/2027 | 3333 | &nbsp;&nbsp; 3371616 |
| General Motors Financial Co., Inc. (SOFR + 1.17%)<sup>(b)</sup> <br>| 5.53% | 04/04/2028 | 10000 | &nbsp;&nbsp; 10011556 |
|  |  |  |  | &nbsp;&nbsp; 44570831 |

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

**2**

**Invesco Conservative Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Diversified Banks-24.07%** | **Diversified Banks-24.07%** | **Diversified Banks-24.07%** | **Diversified Banks-24.07%** | **Diversified Banks-24.07%** |
| Australia and New Zealand Banking Group Ltd. (Australia) (SOFR + 0.81%)<sup>(b)(c)</sup> <br>| 5.17% | 01/18/2027 | $14000 | &nbsp;&nbsp; $14084829 |
| Bank of America N.A. | 5.53% | 08/18/2026 | 15000 | &nbsp;&nbsp; 15191364 |
| Bank of Montreal (Canada) (SOFR + 0.76%)<sup>(b)</sup> <br>| 5.12% | 06/04/2027 | 10000 | &nbsp;&nbsp; 10057580 |
| Bank of Montreal (Canada) (SOFR + 0.95%)<sup>(b)</sup> <br>| 5.32% | 09/25/2025 | 15000 | &nbsp;&nbsp; 15007586 |
| Bank of New York Mellon (The) (SOFR + 0.71%)<sup>(b)</sup> <br>| 5.07% | 04/20/2027 | 3311 | &nbsp;&nbsp; 3319147 |
| Barclays Bank PLC (United Kingdom) (SOFR + 0.58%)<sup>(b)</sup> <br>| 4.94% | 08/14/2026 | 12000 | &nbsp;&nbsp; 12010761 |
| Canadian Imperial Bank of Commerce (Canada) (SOFR + 0.93%)<sup>(b)</sup> <br>| 5.29% | 09/11/2027 | 10000 | &nbsp;&nbsp; 10049923 |
| Canadian Imperial Bank of Commerce (Canada) (SOFR + 1.22%)<sup>(b)</sup> <br>| 5.59% | 10/02/2026 | 15000 | &nbsp;&nbsp; 15133905 |
| Citigroup, Inc.<sup>(d)</sup> <br>| 4.64% | 05/07/2028 | 10000 | &nbsp;&nbsp; 10057092 |
| Commonwealth Bank of Australia (Australia) (SOFR + 0.75%)<sup>(b)(c)</sup> <br>| 5.11% | 03/13/2026 | 14512 | &nbsp;&nbsp; 14547124 |
| Cooperatieve Rabobank U.A. (Netherlands) (SOFR + 0.59%)<sup>(b)</sup> <br>| 4.95% | 05/27/2027 | 8571 | &nbsp;&nbsp; 8605621 |
| Cooperatieve Rabobank U.A. (Netherlands) (SOFR + 0.62%)<sup>(b)</sup> <br>| 4.98% | 08/28/2026 | 8035 | &nbsp;&nbsp; 8063961 |
| Fifth Third Bank N.A. (SOFR + 0.81%)<sup>(b)</sup> <br>| 5.18% | 01/28/2028 | 5300 | &nbsp;&nbsp; 5299703 |
| Goldman Sachs Bank USA<sup>(d)</sup> <br>| 4.65% | 03/07/2027 | 10000 | &nbsp;&nbsp; 10134477 |
| HSBC USA, Inc. (SOFR + 0.97%)<sup>(b)</sup> <br>| 5.33% | 06/03/2028 | 6522 | &nbsp;&nbsp; 6577258 |
| Huntington National Bank (The) (SOFR + 0.72%)<sup>(b)</sup> <br>| 5.08% | 04/12/2028 | 6897 | &nbsp;&nbsp; 6895633 |
| ING Groep N.V. (Netherlands) (SOFR + 1.56%)<sup>(b)</sup> <br>| 5.92% | 09/11/2027 | 10000 | &nbsp;&nbsp; 10089751 |
| JPMorgan Chase Bank N.A. | 5.11% | 12/08/2026 | 7589 | &nbsp;&nbsp; 7688637 |
| Morgan Stanley Bank N.A. (SOFR + 0.69%)<sup>(b)</sup> <br>| 5.05% | 10/15/2027 | 10000 | &nbsp;&nbsp; 10030913 |
| Morgan Stanley Private Bank N.A. (SOFR + 0.77%)<sup>(b)</sup> <br>| 5.13% | 07/06/2028 | 6969 | &nbsp;&nbsp; 6990849 |
| National Australia Bank Ltd. (Australia) | 4.97% | 01/12/2026 | 13334 | &nbsp;&nbsp; 13362779 |
| National Bank of Canada (Canada) (SOFR + 0.80%)<sup>(b)</sup> <br>| 5.16% | 08/20/2026 | 10000 | &nbsp;&nbsp; 10003472 |
| National Bank of Canada (Canada) (SOFR + 1.03%)<sup>(b)</sup> <br>| 5.40% | 07/02/2027 | 5797 | &nbsp;&nbsp; 5817737 |
| Nordea Bank Abp (Finland)<sup>(c)</sup> <br>| 4.38% | 03/17/2028 | 5000 | &nbsp;&nbsp; 5061839 |
| Nordea Bank Abp (Finland) (SOFR + 0.74%)<sup>(b)(c)</sup> <br>| 5.10% | 03/19/2027 | 14286 | &nbsp;&nbsp; 14362247 |
| PNC Bank N.A.<sup>(d)</sup> <br>| 4.54% | 05/13/2027 | 6977 | &nbsp;&nbsp; 6989436 |
| PNC Bank N.A. (SOFR + 0.73%)<sup>(b)</sup> <br>| 5.09% | 07/21/2028 | 2633 | &nbsp;&nbsp; 2637943 |
| Royal Bank of Canada (Canada) (SOFR + 0.95%)<sup>(b)</sup> <br>| 5.31% | 01/19/2027 | 16667 | &nbsp;&nbsp; 16794777 |
| Societe Generale S.A. (France)<sup>(c)(d)</sup> <br>| 1.49% | 12/14/2026 | 10437 | &nbsp;&nbsp; 10342692 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan)<sup>(c)</sup> <br>| 5.20% | 03/07/2027 | 6557 | &nbsp;&nbsp; 6664710 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan)<sup>(c)</sup> <br>| 5.65% | 09/14/2026 | 4349 | &nbsp;&nbsp; 4412131 |
| Svenska Handelsbanken AB (Sweden) (SOFR + 0.74%)<sup>(b)(c)</sup> <br>| 5.10% | 05/23/2028 | 6522 | &nbsp;&nbsp; 6558372 |
| Swedbank AB (Sweden) (SOFR + 1.38%)<sup>(b)(c)</sup> <br>| 5.74% | 06/15/2026 | 15000 | &nbsp;&nbsp; 15125410 |
| Swedbank AB (Sweden)<sup>(c)</sup> <br>| 6.14% | 09/12/2026 | 8130 | &nbsp;&nbsp; 8285059 |
| Toronto-Dominion Bank (The) (Canada) (SOFR + 0.82%)<sup>(b)</sup> <br>| 5.19% | 01/31/2028 | 8791 | &nbsp;&nbsp; 8830717 |
| Toronto-Dominion Bank (The) (Canada) (SOFR + 0.91%)<sup>(b)</sup> <br>| 5.27% | 06/02/2028 | 10000 | &nbsp;&nbsp; 10060719 |
| Toronto-Dominion Bank (The) (Canada) (SOFR + 1.00%)<sup>(b)</sup> <br>| 5.36% | 10/20/2026 | 9800 | &nbsp;&nbsp; 9799611 |
| Toronto-Dominion Bank (The) (Canada) (SOFR + 1.08%)<sup>(b)</sup> <br>| 5.44% | 07/17/2026 | 13050 | &nbsp;&nbsp; 13136707 |
| Truist Bank (SOFR + 0.77%)<sup>(b)</sup> <br>| 5.14% | 07/24/2028 | 9757 | &nbsp;&nbsp; 9762715 |
| U.S. Bank N.A. (SOFR + 0.69%)<sup>(b)</sup> <br>| 5.05% | 10/22/2027 | 10000 | &nbsp;&nbsp; 10027956 |
| U.S. Bank N.A. (SOFR + 0.91%)<sup>(b)</sup> <br>| 5.28% | 05/15/2028 | 10000 | &nbsp;&nbsp; 10061730 |
| UBS AG (Switzerland)<sup>(d)</sup> <br>| 4.86% | 01/10/2028 | 5608 | &nbsp;&nbsp; 5660857 |
| UBS AG (Switzerland) | 5.80% | 09/11/2025 | 14927 | &nbsp;&nbsp; 14931301 |
| Wells Fargo & Co. (SOFR + 0.78%)<sup>(b)</sup> <br>| 5.15% | 01/24/2028 | 7461 | &nbsp;&nbsp; 7488237 |
| Wells Fargo Bank N.A. (SOFR + 0.71%)<sup>(b)</sup> <br>| 5.07% | 01/15/2026 | 6400 | &nbsp;&nbsp; 6408092 |
|  |  |  |  | &nbsp;&nbsp; 432423360 |
| **Diversified Metals & Mining-1.71%** | **Diversified Metals & Mining-1.71%** | **Diversified Metals & Mining-1.71%** | **Diversified Metals & Mining-1.71%** | **Diversified Metals & Mining-1.71%** |
| BHP Billiton Finance (USA) Ltd. (Australia) | 5.25% | 09/08/2026 | 14815 | &nbsp;&nbsp; 14971732 |
| Glencore Funding LLC (Australia) (SOFR + 0.75%)<sup>(b)(c)</sup> <br>| 5.12% | 10/01/2026 | 5357 | &nbsp;&nbsp; 5370420 |
| Glencore Funding LLC (Australia) (SOFR + 1.06%)<sup>(b)(c)</sup> <br>| 5.44% | 04/04/2027 | 8522 | &nbsp;&nbsp; 8571237 |
| Rio Tinto Finance (USA) PLC (Australia) | 4.38% | 03/12/2027 | 1741 | &nbsp;&nbsp; 1752007 |
|  |  |  |  | &nbsp;&nbsp; 30665396 |
| **Electric Utilities-2.64%** | **Electric Utilities-2.64%** | **Electric Utilities-2.64%** | **Electric Utilities-2.64%** | **Electric Utilities-2.64%** |
| National Rural Utilities Cooperative Finance Corp., Series D | 4.15% | 08/25/2028 | 5128 | &nbsp;&nbsp; 5147870 |
| National Rural Utilities Cooperative Finance Corp. | 5.10% | 05/06/2027 | 7500 | &nbsp;&nbsp; 7627666 |
| National Rural Utilities Cooperative Finance Corp. (SOFR + 0.82%)<sup>(b)</sup> <br>| 5.18% | 09/16/2027 | 15000 | &nbsp;&nbsp; 15083507 |

---

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

**3**

**Invesco Conservative Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| NextEra Energy Capital Holdings, Inc. (SOFR + 0.76%)<sup>(b)</sup> <br>| 5.13% | 01/29/2026 | $11456 | &nbsp;&nbsp; $11478987 |
| NextEra Energy Capital Holdings, Inc. (SOFR + 0.80%)<sup>(b)</sup> <br>| 5.17% | 02/04/2028 | 7330 | &nbsp;&nbsp; 7380347 |
| Pinnacle West Capital Corp. | 4.90% | 05/15/2028 | 649 | &nbsp;&nbsp; 659017 |
|  |  |  |  | &nbsp;&nbsp; 47377394 |
| **Fertilizers & Agricultural Chemicals-0.33%** | **Fertilizers & Agricultural Chemicals-0.33%** | **Fertilizers & Agricultural Chemicals-0.33%** | **Fertilizers & Agricultural Chemicals-0.33%** | **Fertilizers & Agricultural Chemicals-0.33%** |
| Nutrien Ltd. (Canada) | 4.50% | 03/12/2027 | 5970 | &nbsp;&nbsp; 6000652 |
| **Home Improvement Retail-0.63%** | **Home Improvement Retail-0.63%** | **Home Improvement Retail-0.63%** | **Home Improvement Retail-0.63%** | **Home Improvement Retail-0.63%** |
| Home Depot, Inc. (The) | 5.15% | 06/25/2026 | 4504 | &nbsp;&nbsp; 4543078 |
| Lowe's Cos., Inc. | 4.80% | 04/01/2026 | 6766 | &nbsp;&nbsp; 6781441 |
|  |  |  |  | &nbsp;&nbsp; 11324519 |
| **Hotels, Resorts & Cruise Lines-0.10%** | **Hotels, Resorts & Cruise Lines-0.10%** | **Hotels, Resorts & Cruise Lines-0.10%** | **Hotels, Resorts & Cruise Lines-0.10%** | **Hotels, Resorts & Cruise Lines-0.10%** |
| Marriott International, Inc. | 4.20% | 07/15/2027 | 1709 | &nbsp;&nbsp; 1712324 |
| **Integrated Oil & Gas-0.36%** | **Integrated Oil & Gas-0.36%** | **Integrated Oil & Gas-0.36%** | **Integrated Oil & Gas-0.36%** | **Integrated Oil & Gas-0.36%** |
| Chevron USA, Inc. (SOFR + 0.36%)<sup>(b)</sup> <br>| 4.73% | 02/26/2027 | 6465 | &nbsp;&nbsp; 6473277 |
| **Investment Banking & Brokerage-1.39%** | **Investment Banking & Brokerage-1.39%** | **Investment Banking & Brokerage-1.39%** | **Investment Banking & Brokerage-1.39%** | **Investment Banking & Brokerage-1.39%** |
| Goldman Sachs Group, Inc. (The)<sup>(d)</sup> <br>| 4.94% | 04/23/2028 | 5129 | &nbsp;&nbsp; 5183639 |
| Jefferies Financial Group, Inc. | 4.75% | 08/11/2026 | 8846 | &nbsp;&nbsp; 8877570 |
| Jefferies Financial Group, Inc. | 5.03% | 03/16/2026 | 10929 | &nbsp;&nbsp; 10915576 |
|  |  |  |  | &nbsp;&nbsp; 24976785 |
| **Life & Health Insurance-13.14%** | **Life & Health Insurance-13.14%** | **Life & Health Insurance-13.14%** | **Life & Health Insurance-13.14%** | **Life & Health Insurance-13.14%** |
| Athene Global Funding (SOFR + 1.03%)<sup>(b)(c)</sup> <br>| 5.39% | 08/27/2026 | 10000 | &nbsp;&nbsp; 10043218 |
| Athene Global Funding (SOFR + 1.21%)<sup>(b)(c)</sup> <br>| 5.58% | 03/25/2027 | 12000 | &nbsp;&nbsp; 12089544 |
| Athene Global Funding<sup>(c)</sup> <br>| 5.62% | 05/08/2026 | 12000 | &nbsp;&nbsp; 12097687 |
| Brighthouse Financial Global Funding<sup>(c)</sup> <br>| 5.55% | 04/09/2027 | 8150 | &nbsp;&nbsp; 8283947 |
| CNO Global Funding<sup>(c)</sup> <br>| 4.88% | 12/10/2027 | 4918 | &nbsp;&nbsp; 4988319 |
| Corebridge Global Funding<sup>(c)</sup> <br>| 4.25% | 08/21/2028 | 3043 | &nbsp;&nbsp; 3053055 |
| Corebridge Global Funding (SOFR + 0.75%)<sup>(b)(c)</sup> <br>| 5.11% | 01/07/2028 | 10000 | &nbsp;&nbsp; 9985634 |
| Corebridge Global Funding (SOFR + 1.30%)<sup>(b)(c)</sup> <br>| 5.67% | 09/25/2026 | 15000 | &nbsp;&nbsp; 15115130 |
| Corebridge Global Funding<sup>(c)</sup> <br>| 5.75% | 07/02/2026 | 7758 | &nbsp;&nbsp; 7856226 |
| GA Global Funding Trust<sup>(c)</sup> <br>| 2.25% | 01/06/2027 | 3700 | &nbsp;&nbsp; 3595691 |
| Jackson National Life Global Funding<sup>(c)</sup> <br>| 5.50% | 01/09/2026 | 16667 | &nbsp;&nbsp; 16721094 |
| Jackson National Life Global Funding<sup>(c)</sup> <br>| 5.55% | 07/02/2027 | 6719 | &nbsp;&nbsp; 6866405 |
| Lincoln Financial Global Funding<sup>(c)</sup> <br>| 4.63% | 05/28/2028 | 3000 | &nbsp;&nbsp; 3031397 |
| MassMutual Global Funding II (SOFR + 0.77%)<sup>(b)(c)</sup> <br>| 5.14% | 01/29/2027 | 15000 | &nbsp;&nbsp; 15074916 |
| MassMutual Global Funding II (SOFR + 0.98%)<sup>(b)(c)</sup> <br>| 5.34% | 07/10/2026 | 13500 | &nbsp;&nbsp; 13591951 |
| Met Tower Global Funding<sup>(c)</sup> <br>| 5.40% | 06/20/2026 | 10000 | &nbsp;&nbsp; 10090166 |
| New York Life Global Funding<sup>(c)</sup> <br>| 4.40% | 04/25/2028 | 3695 | &nbsp;&nbsp; 3737045 |
| New York Life Global Funding (SOFR + 0.67%)<sup>(b)(c)</sup> <br>| 5.04% | 04/02/2027 | 7000 | &nbsp;&nbsp; 7028616 |
| Northwestern Mutual Global Funding (SOFR + 0.66%)<sup>(b)(c)</sup> <br>| 5.03% | 08/25/2028 | 6250 | &nbsp;&nbsp; 6265122 |
| Pacific Life Global Funding II<sup>(c)</sup> <br>| 4.45% | 05/01/2028 | 9434 | &nbsp;&nbsp; 9555001 |
| Pacific Life Global Funding II (SOFR + 0.60%)<sup>(b)(c)</sup> <br>| 4.97% | 03/27/2026 | 9750 | &nbsp;&nbsp; 9768090 |
| Pacific Life Global Funding II (SOFR + 1.05%)<sup>(b)(c)</sup> <br>| 5.42% | 07/28/2026 | 12500 | &nbsp;&nbsp; 12588877 |
| Pricoa Global Funding I<sup>(c)</sup> <br>| 5.55% | 08/28/2026 | 3407 | &nbsp;&nbsp; 3453748 |
| Principal Life Global Funding II<sup>(c)</sup> <br>| 4.25% | 08/18/2028 | 4348 | &nbsp;&nbsp; 4359397 |
| Principal Life Global Funding II<sup>(c)</sup> <br>| 4.60% | 08/19/2027 | 4777 | &nbsp;&nbsp; 4817053 |
| Principal Life Global Funding II<sup>(c)</sup> <br>| 5.00% | 01/16/2027 | 4500 | &nbsp;&nbsp; 4551841 |
| Protective Life Global Funding<sup>(c)</sup> <br>| 5.37% | 01/06/2026 | 10339 | &nbsp;&nbsp; 10372280 |
| Reliance Standard Life Global Funding II<sup>(c)</sup> <br>| 5.24% | 02/02/2026 | 7125 | &nbsp;&nbsp; 7140968 |
|  |  |  |  | &nbsp;&nbsp; 236122418 |
| **Multi-line Insurance-0.91%** | **Multi-line Insurance-0.91%** | **Multi-line Insurance-0.91%** | **Multi-line Insurance-0.91%** | **Multi-line Insurance-0.91%** |
| Metropolitan Life Global Funding I<sup>(c)</sup> <br>| 4.15% | 08/25/2028 | 2800 | &nbsp;&nbsp; 2810007 |
| USAA Capital Corp.<sup>(c)</sup> <br>| 4.38% | 06/01/2028 | 3330 | &nbsp;&nbsp; 3368213 |

---

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

**4**

**Invesco Conservative Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Multi-line Insurance-(continued)** | **Multi-line Insurance-(continued)** | **Multi-line Insurance-(continued)** | **Multi-line Insurance-(continued)** | **Multi-line Insurance-(continued)** |
| USAA Capital Corp.<sup>(c)</sup> <br>| 5.25% | 06/01/2027 | $10000 | &nbsp;&nbsp; $10222190 |
|  |  |  |  | &nbsp;&nbsp; 16400410 |
| **Oil & Gas Storage & Transportation-0.43%** | **Oil & Gas Storage & Transportation-0.43%** | **Oil & Gas Storage & Transportation-0.43%** | **Oil & Gas Storage & Transportation-0.43%** | **Oil & Gas Storage & Transportation-0.43%** |
| Enbridge, Inc. (Canada) | 4.60% | 06/20/2028 | 2905 | &nbsp;&nbsp; 2936956 |
| Enbridge, Inc. (Canada) | 5.25% | 04/05/2027 | 4666 | &nbsp;&nbsp; 4743396 |
|  |  |  |  | &nbsp;&nbsp; 7680352 |
| **Packaged Foods & Meats-0.46%** | **Packaged Foods & Meats-0.46%** | **Packaged Foods & Meats-0.46%** | **Packaged Foods & Meats-0.46%** | **Packaged Foods & Meats-0.46%** |
| Campbell's Co. (The) | 5.30% | 03/20/2026 | 2352 | &nbsp;&nbsp; 2362861 |
| Mars, Inc.<sup>(c)</sup> <br>| 4.45% | 03/01/2027 | 5956 | &nbsp;&nbsp; 5993943 |
|  |  |  |  | &nbsp;&nbsp; 8356804 |
| **Pharmaceuticals-1.65%** | **Pharmaceuticals-1.65%** | **Pharmaceuticals-1.65%** | **Pharmaceuticals-1.65%** | **Pharmaceuticals-1.65%** |
| Bristol-Myers Squibb Co. (SOFR + 0.49%)<sup>(b)</sup> <br>| 4.85% | 02/20/2026 | 4651 | &nbsp;&nbsp; 4658243 |
| Eli Lilly and Co. | 4.00% | 10/15/2028 | 3333 | &nbsp;&nbsp; 3341514 |
| Eli Lilly and Co. | 5.00% | 02/27/2026 | 10257 | &nbsp;&nbsp; 10258279 |
| GlaxoSmithKline Capital PLC (United Kingdom) (SOFR + 0.50%)<sup>(b)</sup> <br>| 4.86% | 03/12/2027 | 6593 | &nbsp;&nbsp; 6616834 |
| Zoetis, Inc. | 4.15% | 08/17/2028 | 4808 | &nbsp;&nbsp; 4820960 |
|  |  |  |  | &nbsp;&nbsp; 29695830 |
| **Regional Banks-0.19%** | **Regional Banks-0.19%** | **Regional Banks-0.19%** | **Regional Banks-0.19%** | **Regional Banks-0.19%** |
| Zions Bancorp. N.A.<sup>(d)</sup> <br>| 4.70% | 08/18/2028 | 3418 | &nbsp;&nbsp; 3431523 |
| **Retail REITs-0.21%** | **Retail REITs-0.21%** | **Retail REITs-0.21%** | **Retail REITs-0.21%** | **Retail REITs-0.21%** |
| Realty Income Corp. | 5.05% | 01/13/2026 | 3687 | &nbsp;&nbsp; 3687340 |
| **Self-Storage REITs-0.56%** | **Self-Storage REITs-0.56%** | **Self-Storage REITs-0.56%** | **Self-Storage REITs-0.56%** | **Self-Storage REITs-0.56%** |
| Public Storage Operating Co. (SOFR + 0.70%)<sup>(b)</sup> <br>| 5.06% | 04/16/2027 | 10000 | &nbsp;&nbsp; 10036964 |
| **Semiconductors-0.56%** | **Semiconductors-0.56%** | **Semiconductors-0.56%** | **Semiconductors-0.56%** | **Semiconductors-0.56%** |
| Advanced Micro Devices, Inc. | 4.21% | 09/24/2026 | 10000 | &nbsp;&nbsp; 10025806 |
| **Soft Drinks & Non-alcoholic Beverages-0.56%** | **Soft Drinks & Non-alcoholic Beverages-0.56%** | **Soft Drinks & Non-alcoholic Beverages-0.56%** | **Soft Drinks & Non-alcoholic Beverages-0.56%** | **Soft Drinks & Non-alcoholic Beverages-0.56%** |
| Keurig Dr Pepper, Inc. (SOFR + 0.88%)<sup>(b)</sup> <br>| 5.24% | 03/15/2027 | 10000 | &nbsp;&nbsp; 10046934 |
| **Specialty Chemicals-0.26%** | **Specialty Chemicals-0.26%** | **Specialty Chemicals-0.26%** | **Specialty Chemicals-0.26%** | **Specialty Chemicals-0.26%** |
| Sherwin-Williams Co. (The) | 4.55% | 03/01/2028 | 4587 | &nbsp;&nbsp; 4636980 |
| **Systems Software-0.82%** | **Systems Software-0.82%** | **Systems Software-0.82%** | **Systems Software-0.82%** | **Systems Software-0.82%** |
| Oracle Corp. | 1.65% | 03/25/2026 | 14972 | &nbsp;&nbsp; 14749805 |
| **Transaction & Payment Processing Services-0.25%** | **Transaction & Payment Processing Services-0.25%** | **Transaction & Payment Processing Services-0.25%** | **Transaction & Payment Processing Services-0.25%** | **Transaction & Payment Processing Services-0.25%** |
| PayPal Holdings, Inc. | 4.45% | 03/06/2028 | 4464 | &nbsp;&nbsp; 4515915 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $1,193,026,496) | Total U.S. Dollar Denominated Bonds & Notes (Cost $1,193,026,496) | Total U.S. Dollar Denominated Bonds & Notes (Cost $1,193,026,496) |  | &nbsp;&nbsp; 1199805117 |
| **Commercial Paper-13.89%**<sup>(e)</sup>  | **Commercial Paper-13.89%**<sup>(e)</sup>  | **Commercial Paper-13.89%**<sup>(e)</sup>  | **Commercial Paper-13.89%**<sup>(e)</sup>  | **Commercial Paper-13.89%**<sup>(e)</sup>  |
| **Automobile Manufacturers-1.89%** | **Automobile Manufacturers-1.89%** | **Automobile Manufacturers-1.89%** | **Automobile Manufacturers-1.89%** | **Automobile Manufacturers-1.89%** |
| Harley-Davidson Financial Services, Inc.<sup>(c)</sup> <br>| 5.00% | 09/19/2025 | 5500 | &nbsp;&nbsp; 5485046 |
| Harley-Davidson Financial Services, Inc.<sup>(c)</sup> <br>| 4.97% | 10/02/2025 | 10000 | &nbsp;&nbsp; 9956200 |
| Harley-Davidson Financial Services, Inc.<sup>(c)</sup> <br>| 4.96% | 10/03/2025 | 4300 | &nbsp;&nbsp; 4280607 |
| Harley-Davidson Financial Services, Inc.<sup>(c)</sup> <br>| 4.97% | 10/06/2025 | 9300 | &nbsp;&nbsp; 9254411 |
| VW Credit, Inc. (Germany)<sup>(c)</sup> <br>| 4.53% | 09/11/2025 | 5000 | &nbsp;&nbsp; 4991745 |
|  |  |  |  | &nbsp;&nbsp; 33968009 |
| **Building Products-0.22%** | **Building Products-0.22%** | **Building Products-0.22%** | **Building Products-0.22%** | **Building Products-0.22%** |
| Carrier Global Corp. | 4.52% | 09/05/2025 | 4000 | &nbsp;&nbsp; 3996500 |
| **Diversified Banks-0.56%** | **Diversified Banks-0.56%** | **Diversified Banks-0.56%** | **Diversified Banks-0.56%** | **Diversified Banks-0.56%** |
| HSBC USA, Inc.<sup>(c)</sup> <br>| 4.27% | 08/27/2026 | 10500 | &nbsp;&nbsp; 10065961 |
| **Diversified Capital Markets-0.56%** | **Diversified Capital Markets-0.56%** | **Diversified Capital Markets-0.56%** | **Diversified Capital Markets-0.56%** | **Diversified Capital Markets-0.56%** |
| Washington Morgan Capital Co. LLC; Series A (SOFR + 0.45%)<sup>(b)(c)</sup> <br>| 4.79% | 07/17/2026 | 10000 | &nbsp;&nbsp; 10012545 |

---

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

**5**

**Invesco Conservative Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Diversified Support Services-0.47%** | **Diversified Support Services-0.47%** | **Diversified Support Services-0.47%** | **Diversified Support Services-0.47%** | **Diversified Support Services-0.47%** |
| Element Fleet Management Corp. (Canada)<sup>(c)</sup> <br>| 4.61% | 09/15/2025 | $8500 | &nbsp;&nbsp; $8481878 |
| **Electric Utilities-0.72%** | **Electric Utilities-0.72%** | **Electric Utilities-0.72%** | **Electric Utilities-0.72%** | **Electric Utilities-0.72%** |
| Brookfield BRP Holdings (Canada), Inc. (Canada) | 4.78% | 09/12/2025 | 5000 | &nbsp;&nbsp; 4991250 |
| Eversource Energy<sup>(c)</sup> <br>| 4.63% | 09/15/2025 | 8000 | &nbsp;&nbsp; 7982512 |
|  |  |  |  | &nbsp;&nbsp; 12973762 |
| **Health Care Facilities-0.73%** | **Health Care Facilities-0.73%** | **Health Care Facilities-0.73%** | **Health Care Facilities-0.73%** | **Health Care Facilities-0.73%** |
| CommonSpirit Health; Series A | 4.63% | 10/24/2025 | 5100 | &nbsp;&nbsp; 5060679 |
| HCA, Inc.<sup>(c)</sup> <br>| 4.92% | 09/09/2025 | 8000 | &nbsp;&nbsp; 7988168 |
|  |  |  |  | &nbsp;&nbsp; 13048847 |
| **Health Care REITs-0.55%** | **Health Care REITs-0.55%** | **Health Care REITs-0.55%** | **Health Care REITs-0.55%** | **Health Care REITs-0.55%** |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> <br>| 4.66% | 10/03/2025 | 10000 | &nbsp;&nbsp; 9956200 |
| **Industrial Machinery & Supplies & Components-0.55%** | **Industrial Machinery & Supplies & Components-0.55%** | **Industrial Machinery & Supplies & Components-0.55%** | **Industrial Machinery & Supplies & Components-0.55%** | **Industrial Machinery & Supplies & Components-0.55%** |
| Stanley Black & Decker, Inc.<sup>(c)</sup> <br>| 4.55% | 11/21/2025 | 10000 | &nbsp;&nbsp; 9895000 |
| **Integrated Telecommunication Services-1.84%** | **Integrated Telecommunication Services-1.84%** | **Integrated Telecommunication Services-1.84%** | **Integrated Telecommunication Services-1.84%** | **Integrated Telecommunication Services-1.84%** |
| Bell Canada (Canada)<sup>(c)</sup> <br>| 4.53% | 10/01/2025 | 5000 | &nbsp;&nbsp; 4979835 |
| TELUS Corp. (Canada)<sup>(c)</sup> <br>| 5.10% | 11/06/2025 | 10000 | &nbsp;&nbsp; 9905980 |
| TELUS Corp. (Canada)<sup>(c)</sup> <br>| 4.96% | 01/16/2026 | 10540 | &nbsp;&nbsp; 10342565 |
| TELUS Corp. (Canada)<sup>(c)</sup> <br>| 4.76% | 02/24/2026 | 8000 | &nbsp;&nbsp; 7810200 |
|  |  |  |  | &nbsp;&nbsp; 33038580 |
| **Office REITs-1.00%** | **Office REITs-1.00%** | **Office REITs-1.00%** | **Office REITs-1.00%** | **Office REITs-1.00%** |
| Boston Properties L.P.<sup>(c)</sup> <br>| 4.66% | 09/23/2025 | 6000 | &nbsp;&nbsp; 5981148 |
| Boston Properties L.P.<sup>(c)</sup> <br>| 4.62% | 10/09/2025 | 12000 | &nbsp;&nbsp; 11938356 |
|  |  |  |  | &nbsp;&nbsp; 17919504 |
| **Oil & Gas Exploration & Production-0.78%** | **Oil & Gas Exploration & Production-0.78%** | **Oil & Gas Exploration & Production-0.78%** | **Oil & Gas Exploration & Production-0.78%** | **Oil & Gas Exploration & Production-0.78%** |
| Canadian Natural Resources Ltd. (Canada)<sup>(c)</sup> <br>| 4.73% | 09/25/2025 | 14000 | &nbsp;&nbsp; 13950678 |
| **Oil & Gas Refining & Marketing-0.47%** | **Oil & Gas Refining & Marketing-0.47%** | **Oil & Gas Refining & Marketing-0.47%** | **Oil & Gas Refining & Marketing-0.47%** | **Oil & Gas Refining & Marketing-0.47%** |
| Phillips 66<sup>(c)</sup> <br>| 4.59% | 09/29/2025 | 8500 | &nbsp;&nbsp; 8466989 |
| **Pharmaceuticals-0.53%** | **Pharmaceuticals-0.53%** | **Pharmaceuticals-0.53%** | **Pharmaceuticals-0.53%** | **Pharmaceuticals-0.53%** |
| Bayer Corp. (Germany)<sup>(c)</sup> <br>| 4.54% | 08/03/2026 | 10000 | &nbsp;&nbsp; 9599420 |
| **Telecom Tower REITs-0.83%** | **Telecom Tower REITs-0.83%** | **Telecom Tower REITs-0.83%** | **Telecom Tower REITs-0.83%** | **Telecom Tower REITs-0.83%** |
| Crown Castle, Inc.<sup>(c)</sup> <br>| 5.01% | 09/11/2025 | 15000 | &nbsp;&nbsp; 14972985 |
| **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** | **Trading Companies & Distributors-0.36%** |
| Air Lease Corp.<sup>(c)</sup> <br>| 4.79% | 09/12/2025 | 6500 | &nbsp;&nbsp; 6488001 |
| **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** | **Transaction & Payment Processing Services-1.83%** |
| Global Payments, Inc. | 4.84% | 09/02/2025 | 27800 | &nbsp;&nbsp; 27785019 |
| Global Payments, Inc. | 5.02% | 09/08/2025 | 5000 | &nbsp;&nbsp; 4993245 |
|  |  |  |  | &nbsp;&nbsp; 32778264 |
| Total Commercial Paper (Cost $249,679,967) | Total Commercial Paper (Cost $249,679,967) | Total Commercial Paper (Cost $249,679,967) |  | &nbsp;&nbsp; 249613123 |
| **Asset-Backed Securities-11.29%** | **Asset-Backed Securities-11.29%** | **Asset-Backed Securities-11.29%** | **Asset-Backed Securities-11.29%** | **Asset-Backed Securities-11.29%** |
| **Auto Loans/Leases-9.02%** | **Auto Loans/Leases-9.02%** | **Auto Loans/Leases-9.02%** | **Auto Loans/Leases-9.02%** | **Auto Loans/Leases-9.02%** |
| AutoNation Finance Trust; Series 2025-1A, Class A2<sup>(c)</sup> <br>| 4.72% | 04/10/2028 | 5760 | &nbsp;&nbsp; 5775960 |
| Barclays Dryrock Issuance Trust; Series 2023-2, Class A (30 Day Average SOFR + 0.90%)<sup>(b)</sup> <br>| 5.24% | 08/15/2028 | 13880 | &nbsp;&nbsp; 13891537 |
| BMW Vehicle Lease Trust; Series 2024-2, Class A2A | 4.29% | 01/25/2027 | 2602 | &nbsp;&nbsp; 2602504 |
| CarMax Auto Owner Trust; |  |  |  |  |
| Series 2024-1, Class A3 | 4.92% | 10/16/2028 | 9860 | &nbsp;&nbsp; 9926765 |
| Series 2025-2, Class A2A | 4.59% | 07/17/2028 | 3640 | &nbsp;&nbsp; 3654698 |
| CCG Receivables Trust; Series 2025-1, Class A2<sup>(c)</sup> <br>| 4.48% | 10/14/2032 | 4550 | &nbsp;&nbsp; 4572063 |

---

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

**6**

**Invesco Conservative Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Auto Loans/Leases-(continued)** | **Auto Loans/Leases-(continued)** | **Auto Loans/Leases-(continued)** | **Auto Loans/Leases-(continued)** | **Auto Loans/Leases-(continued)** | **Auto Loans/Leases-(continued)** |
| Chesapeake Funding II LLC (Canada); |  |  |  |  |  |
| Series 2023-1A, Class A1<sup>(c)</sup> <br>| 5.65% | 05/15/2035 |  | $2287 | &nbsp;&nbsp; $2301907 |
| Series 2023-2A, Class A2 (30 Day Average SOFR + 1.10%)<sup>(b)(c)</sup> <br>| 5.44% | 10/15/2035 |  | 6842 | &nbsp;&nbsp; 6875086 |
| Series 2024-1A, Class A2 (30 Day Average SOFR + 0.77%)<sup>(b)(c)</sup> <br>| 5.11% | 05/15/2036 |  | 1681 | &nbsp;&nbsp; 1681249 |
| Citizens Auto Receivables Trust; Series 2024-2, Class A3<sup>(c)</sup> <br>| 5.33% | 08/15/2028 |  | 7625 | &nbsp;&nbsp; 7688075 |
| DLLST LLC; Series 2024-1A, Class A3<sup>(c)</sup> <br>| 5.05% | 08/20/2027 |  | 5440 | &nbsp;&nbsp; 5463330 |
| Enterprise Fleet Financing LLC; |  |  |  |  |  |
| Series 2023-3, Class A2<sup>(c)</sup> <br>| 6.40% | 03/20/2030 |  | 5265 | &nbsp;&nbsp; 5344855 |
| Series 2024-1, Class A2<sup>(c)</sup> <br>| 5.23% | 03/20/2030 |  | 2433 | &nbsp;&nbsp; 2452536 |
| Series 2024-3, Class A2<sup>(c)</sup> <br>| 5.31% | 04/20/2027 |  | 2477 | &nbsp;&nbsp; 2489976 |
| Series 2024-4, Class A2<sup>(c)</sup> <br>| 4.69% | 07/20/2027 |  | 3920 | &nbsp;&nbsp; 3930857 |
| GM Financial Automobile Leasing Trust; Series 2025-2, Class A2B (30 Day Average SOFR + <br> 0.50%)<sup>(b)</sup> <br>| 4.85% | 07/20/2027 |  | 2500 | &nbsp;&nbsp; 2504097 |
| GreatAmerica Leasing Receivables Funding LLC; |  |  |  |  |  |
| Series 2024-2, Class A3<sup>(c)</sup> <br>| 5.00% | 09/15/2028 |  | 4000 | &nbsp;&nbsp; 4063969 |
| Series 2025-1, Class A2<sup>(c)</sup> <br>| 4.52% | 10/15/2027 |  | 2600 | &nbsp;&nbsp; 2607314 |
| Harley-Davidson Motorcycle Trust; Series 2025-A, Class A2A | 4.71% | 07/17/2028 |  | 2500 | &nbsp;&nbsp; 2508726 |
| Hyundai Auto Lease Securitization Trust; |  |  |  |  |  |
| Series 2024-C, Class A2B (30 Day Average SOFR + 0.50%)<sup>(b)(c)</sup> <br>| 4.84% | 03/15/2027 |  | 2439 | &nbsp;&nbsp; 2442598 |
| Series 2025-B, Class A3<sup>(c)</sup> <br>| 4.53% | 04/17/2028 |  | 3200 | &nbsp;&nbsp; 3226860 |
| Hyundai Auto Receivables Trust; Series 2025-A, Class A2B (30 Day Average SOFR + 0.34%)<sup>(b)</sup> <br>| 4.68% | 12/15/2027 |  | 7760 | &nbsp;&nbsp; 7765874 |
| John Deere Owner Trust; Series 2025-A, Class A2B (30 Day Average SOFR + 0.29%)<sup>(b)</sup> <br>| 4.63% | 03/15/2028 |  | 4420 | &nbsp;&nbsp; 4422282 |
| M&T Equipment LLC; Series 2025-1A, Class A2<sup>(c)</sup> <br>| 4.70% | 12/16/2027 |  | 4000 | &nbsp;&nbsp; 4023760 |
| Mercedes-Benz Auto Lease Trust; Series 2024-A, Class A2A | 5.44% | 02/16/2027 |  | 3664 | &nbsp;&nbsp; 3673227 |
| Porsche Innovative Lease Owner Trust; Series 2024-1A, Class A3<sup>(c)</sup> <br>| 4.67% | 11/22/2027 |  | 2500 | &nbsp;&nbsp; 2510884 |
| Toyota Auto Receivables Owner Trust; Series 2025-B, Class A2A | 4.46% | 03/15/2028 |  | 6900 | &nbsp;&nbsp; 6914674 |
| Westlake Automobile Receivables Trust; Series 2025-P1, Class A2<sup>(c)</sup> <br>| 4.65% | 02/15/2028 |  | 5300 | &nbsp;&nbsp; 5315806 |
| Wheels Fleet Lease Funding 1 LLC; |  |  |  |  |  |
| Series 2023-2A, Class A<sup>(c)</sup> <br>| 6.46% | 08/18/2038 |  | 5328 | &nbsp;&nbsp; 5400099 |
| Series 2024-1A, Class A2 (1 mo. Term SOFR + 0.83%)<sup>(b)(c)</sup> <br>| 5.19% | 02/18/2039 |  | 3534 | &nbsp;&nbsp; 3546044 |
| Series 2024-2A, Class A2 (1 mo. Term SOFR + 1.00%)<sup>(b)(c)</sup> <br>| 5.36% | 06/21/2039 |  | 3585 | &nbsp;&nbsp; 3612432 |
| Series 2025-1A, Class A1<sup>(c)</sup> <br>| 4.57% | 01/18/2040 |  | 6750 | &nbsp;&nbsp; 6806492 |
| Series 2025-2A, Class A1<sup>(c)</sup> <br>| 4.41% | 05/18/2040 |  | 10000 | &nbsp;&nbsp; 10049765 |
| World Omni Automobile Lease Securitization Trust; Series 2025-A, Class A2B (30 Day Average <br> SOFR + 0.39%)<sup>(b)</sup> <br>| 4.73% | 12/15/2027 |  | 1897 | &nbsp;&nbsp; 1898469 |
|  |  |  |  |  | &nbsp;&nbsp; 161944770 |
| **Equipment Leasing-0.42%** | **Equipment Leasing-0.42%** | **Equipment Leasing-0.42%** | **Equipment Leasing-0.42%** | **Equipment Leasing-0.42%** | **Equipment Leasing-0.42%** |
| Dell Equipment Finance Trust; |  |  |  |  |  |
| Series 2024-1, Class A3<sup>(c)</sup> <br>| 5.39% | 03/22/2030 |  | 2750 | &nbsp;&nbsp; 2774916 |
| Series 2025-1, Class A3<sup>(c)</sup> <br>| 4.61% | 02/24/2031 |  | 2480 | &nbsp;&nbsp; 2506613 |
| HPEFS Equipment Trust; Series 2024-2A, Class A2<sup>(c)</sup> <br>| 5.50% | 10/20/2031 |  | 2275 | &nbsp;&nbsp; 2278575 |
|  |  |  |  |  | &nbsp;&nbsp; 7560104 |
| **Specialized Finance-1.85%** | **Specialized Finance-1.85%** | **Specialized Finance-1.85%** | **Specialized Finance-1.85%** | **Specialized Finance-1.85%** | **Specialized Finance-1.85%** |
| Capital One Multi-Asset Execution Trust; Series 2022-A3, Class A | 4.95% | 10/15/2027 |  | 10000 | &nbsp;&nbsp; 10007857 |
| First National Master Note Trust; Series 2024-1, Class A | 5.34% | 05/15/2030 |  | 3870 | &nbsp;&nbsp; 3950592 |
| Navient Private Education Refi Loan Trust; |  |  |  |  |  |
| Series 2020-FA, Class A<sup>(c)</sup> <br>| 1.22% | 07/15/2069 |  | 3879 | &nbsp;&nbsp; 3658508 |
| Series 2021-FA, Class A<sup>(c)</sup> <br>| 1.11% | 02/18/2070 |  | 2603 | &nbsp;&nbsp; 2331124 |
| Synchrony Card Funding LLC; Series 2024-A1, Class A | 5.04% | 03/15/2030 |  | 10000 | &nbsp;&nbsp; 10148820 |
| Volvo Financial Equipment LLC; Series 2025-1A, Class A2<sup>(c)</sup> <br>| 4.41% | 11/15/2027 |  | 3150 | &nbsp;&nbsp; 3155095 |
|  |  |  |  |  | &nbsp;&nbsp; 33251996 |
| Total Asset-Backed Securities (Cost $202,118,108) | Total Asset-Backed Securities (Cost $202,118,108) | Total Asset-Backed Securities (Cost $202,118,108) | Total Asset-Backed Securities (Cost $202,118,108) |  | &nbsp;&nbsp; 202756870 |
| **Certificates of Deposit-1.67%** | **Certificates of Deposit-1.67%** | **Certificates of Deposit-1.67%** | **Certificates of Deposit-1.67%** | **Certificates of Deposit-1.67%** | **Certificates of Deposit-1.67%** |
| **Diversified Banks-1.67%** | **Diversified Banks-1.67%** | **Diversified Banks-1.67%** | **Diversified Banks-1.67%** | **Diversified Banks-1.67%** | **Diversified Banks-1.67%** |
| Deutsche Bank AG (Germany) | 4.44% | 08/03/2026 |  | 10000 | &nbsp;&nbsp; 10022900 |
| Intesa Sanpaolo S.p.A. | 5.00% | 01/07/2026 |  | 10000 | &nbsp;&nbsp; 10013770 |

---

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

**7**

**Invesco Conservative Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** | **Diversified Banks-(continued)** |
| Intesa Sanpaolo S.p.A. (Italy) (SOFR + 0.70%)<sup>(b)</sup> <br>| 5.04% | 07/17/2026 |  | $10000 | &nbsp;&nbsp; $10006935 |
| Total Certificates of Deposit (Cost $30,000,000) | Total Certificates of Deposit (Cost $30,000,000) | Total Certificates of Deposit (Cost $30,000,000) | Total Certificates of Deposit (Cost $30,000,000) |  | &nbsp;&nbsp; 30043605 |
| **U.S. Treasury Securities-0.56%** | **U.S. Treasury Securities-0.56%** | **U.S. Treasury Securities-0.56%** | **U.S. Treasury Securities-0.56%** | **U.S. Treasury Securities-0.56%** | **U.S. Treasury Securities-0.56%** |
| **U.S. Treasury Notes-0.56%** | **U.S. Treasury Notes-0.56%** | **U.S. Treasury Notes-0.56%** | **U.S. Treasury Notes-0.56%** | **U.S. Treasury Notes-0.56%** | **U.S. Treasury Notes-0.56%** |
| U.S. Treasury Notes (Cost $9,974,842) | 4.50% | 03/31/2026 |  | 10000 | &nbsp;&nbsp; 10027910 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.20% <br>(Cost $1,684,799,413) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.20% <br>(Cost $1,684,799,413) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.20% <br>(Cost $1,684,799,413) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.20% <br>(Cost $1,684,799,413) |  | &nbsp;&nbsp; 1692246625 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-5.29%**<sup>(f)</sup>  | **Repurchase Agreements-5.29%**<sup>(f)</sup>  | **Repurchase Agreements-5.29%**<sup>(f)</sup>  | **Repurchase Agreements-5.29%**<sup>(f)</sup>  | **Repurchase Agreements-5.29%**<sup>(f)</sup>  | **Repurchase Agreements-5.29%**<sup>(f)</sup>  |
| BofA Securities, Inc., term agreement dated 08/01/2025, maturing value of $20,010,689 <br> (collateralized by non-agency asset-backed securities and a non-agency mortgage-backed <br> security valued at $21,000,001; 4.52% - 6.36%; 11/22/2027 - 09/15/2048)<sup>(g)</sup> <br>| 4.81% | 09/02/2025 |  | 20010689 | &nbsp;&nbsp; 20000000 |
| CF Secured LLC, joint open agreement dated 02/07/2025 (collateralized by agency and <br> non-agency mortgage-backed securities, non-agency asset-backed securities and <br> U.S. Treasury obligations valued at $27,232,297; 0.00% - 7.00%; 11/25/2025 - <br> 08/20/2065)<sup>(h)</sup> <br>| 5.09% | 09/02/2025 |  | 15067958 | &nbsp;&nbsp; 15000000 |
| Citigroup Global Markets, Inc., joint open agreement dated 05/15/2024 (collateralized by an <br> agency mortgage-backed security and non-agency mortgage-backed securities valued at <br> $197,180,909; 0.00% - 13.49%; 07/15/2029 - 05/15/2064)<sup>(h)</sup> <br>| 5.03% | 09/02/2025 |  | 20089422 | &nbsp;&nbsp; 20000000 |
| Nomura Securities International, Inc., joint term agreement dated 08/14/2025, aggregate <br> maturing value of $30,016,933 (collateralized by non-agency asset-backed securities and <br> non-agency mortgage-backed securities valued at $33,000,000; 0.00% - 10.59%; <br> 07/21/2031 - 03/25/2070)<sup>(g)</sup> <br>| 5.08% | 09/02/2025 |  | 20011289 | &nbsp;&nbsp; 20000000 |
| Santander US Capital Markets LLC, joint term agreement dated 08/06/2025, aggregate <br> maturing value of $30,016,800 (collateralized by non-agency asset-backed securities and <br> a non-agency mortgage-backed security valued at $33,415,873; 2.69% - 14.05%; <br> 06/20/2026 - 07/25/2067)<sup>(g)</sup> <br>| 5.04% | 09/02/2025 |  | 20011200 | &nbsp;&nbsp; 20000000 |
| Total Repurchase Agreements (Cost $95,000,000) | Total Repurchase Agreements (Cost $95,000,000) | Total Repurchase Agreements (Cost $95,000,000) | Total Repurchase Agreements (Cost $95,000,000) |  | &nbsp;&nbsp; 95000000 |
| TOTAL INVESTMENTS IN SECURITIES-99.49% (Cost $1,779,799,413) | TOTAL INVESTMENTS IN SECURITIES-99.49% (Cost $1,779,799,413) | TOTAL INVESTMENTS IN SECURITIES-99.49% (Cost $1,779,799,413) | TOTAL INVESTMENTS IN SECURITIES-99.49% (Cost $1,779,799,413) |  | &nbsp;&nbsp; 1787246625 |
| OTHER ASSETS LESS LIABILITIES-0.51% | OTHER ASSETS LESS LIABILITIES-0.51% | OTHER ASSETS LESS LIABILITIES-0.51% | OTHER ASSETS LESS LIABILITIES-0.51% |  | &nbsp;&nbsp; 9225113 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $1796471738 |

---

Investment Abbreviations:

REITs -Real Estate Investment Trusts <br> SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2025.

<sup>(c)</sup> 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 August 31, 2025 was $782,759,047, which represented 43.57% of the Fund's Net Assets. 

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

<sup>(e)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(f)</sup> Principal amount equals value at period end. See Note 1J.

<sup>(g)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

<sup>(h)</sup> Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. 

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

**8**

**Invesco Conservative Income Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value <br> (Cost $1,684,799,413)<br>| &nbsp;&nbsp; $1692246625 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 95000000 |
| Cash | &nbsp;&nbsp; 45465 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1586003 |
| Interest | &nbsp;&nbsp; 12774661 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 20960 |
| Total assets | &nbsp;&nbsp; 1801673714 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 2229087 |
| Dividends | &nbsp;&nbsp; 2436075 |
| Accrued fees to affiliates | &nbsp;&nbsp; 462528 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4884 |
| Accrued operating expenses | &nbsp;&nbsp; 48442 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 20960 |
| Total liabilities | &nbsp;&nbsp; 5201976 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1796471738 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1804544966 |
| Distributable earnings (loss) | &nbsp;&nbsp; (8073228)<br>|
|  | &nbsp;&nbsp; $1796471738 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $373705725 |
| Class Y | &nbsp;&nbsp; $246928682 |
| Institutional Class | &nbsp;&nbsp; $1173208671 |
| Class R6 | &nbsp;&nbsp; $2628660 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Class A | &nbsp;&nbsp; 37101839 |
| Class Y | &nbsp;&nbsp; 24522979 |
| Institutional Class | &nbsp;&nbsp; 116506910 |
| Class R6 | &nbsp;&nbsp; 260639 |
| Class A: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.07 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.07 |
| Institutional Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.07 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.09 |

---

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

**9**

**Invesco Conservative Income Fund**

------

**Statement of Operations**

*For the year ended August 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $92286962 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4180070 |
| Administrative services fees | &nbsp;&nbsp; 259131 |
| Custodian fees | &nbsp;&nbsp; 10810 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 319131 |
| Transfer agent fees - Class A | &nbsp;&nbsp; 305292 |
| Transfer agent fees - Class Y | &nbsp;&nbsp; 224010 |
| Transfer agent fees - Institutional Class | &nbsp;&nbsp; 108645 |
| Transfer agent fees - Class R6 | &nbsp;&nbsp; 998 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 34733 |
| Registration and filing fees | &nbsp;&nbsp; 106169 |
| Reports to shareholders | &nbsp;&nbsp; 62697 |
| Professional services fees | &nbsp;&nbsp; 85191 |
| Other | &nbsp;&nbsp; 31040 |
| Total expenses | &nbsp;&nbsp; 5727917 |
| Less: Fees waived and expense offset arrangement(s) | &nbsp;&nbsp; (365504)<br>|
| Net expenses | &nbsp;&nbsp; 5362413 |
| Net investment income | &nbsp;&nbsp; 86924549 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 73263 |
| Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | &nbsp;&nbsp; (421297)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (348034)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $86576515 |

---

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

**10**

**Invesco Conservative Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended August 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $86924549 | &nbsp;&nbsp; $103914304 |
| Net realized gain (loss) | &nbsp;&nbsp; 73263 | &nbsp;&nbsp; (4542853)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (421297)<br>| &nbsp;&nbsp; 19948404 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 86576515 | &nbsp;&nbsp; 119319855 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (15370922)<br>| &nbsp;&nbsp; (15047740)<br>|
| Class Y | &nbsp;&nbsp; (11543856)<br>| &nbsp;&nbsp; (12722718)<br>|
| Institutional Class | &nbsp;&nbsp; (59844949)<br>| &nbsp;&nbsp; (75983933)<br>|
| Class R6 | &nbsp;&nbsp; (164822)<br>| &nbsp;&nbsp; (135903)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (86924549)<br>| &nbsp;&nbsp; (103890294)<br>|
| **Share transactions-net:** |  |  |
| Class A | &nbsp;&nbsp; 92721084 | &nbsp;&nbsp; (29489515)<br>|
| Class Y | &nbsp;&nbsp; 25406791 | &nbsp;&nbsp; (59879621)<br>|
| Institutional Class | &nbsp;&nbsp; (97764235)<br>| &nbsp;&nbsp; (454406068)<br>|
| Class R6 | &nbsp;&nbsp; (1554432)<br>| &nbsp;&nbsp; 1941269 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 18809208 | &nbsp;&nbsp; (541833935)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 18461174 | &nbsp;&nbsp; (526404374)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1778010564 | &nbsp;&nbsp; 2304414938 |
| End of year | &nbsp;&nbsp; $1796471738 | &nbsp;&nbsp; $1778010564 |

---

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

**11**

**Invesco Conservative Income Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover**<sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 08/31/25 | $10.07 | $0.49 | $0.00 | $0.49 | $(0.49)<br>| $- | $(0.49)<br>| $10.07 | 4.94<br> %<br>| &nbsp;&nbsp; $373706 | 0.40<br> %<br>| 0.47<br> %<br>| 4.83<br> %<br>| 48<br> %<br>|
| Year ended 08/31/24 | 10.00 | 0.52 | 0.08 | 0.60 | (0.53)<br>| - | (0.53)<br>| 10.07 | 6.10 | &nbsp;&nbsp; 280961 | 0.40 | 0.47 | 5.23 | 75 |
| Year ended 08/31/23 | 9.93 | 0.32 | 0.08 | 0.40 | (0.33)<br>| - | (0.33)<br>| 10.00 | 4.08 | &nbsp;&nbsp; 308223 | 0.40 | 0.44 | 3.26 | 63 |
| Year ended 08/31/22 | 10.08 | 0.05 | (0.14)<br>| (0.09)<br>| (0.05)<br>| (0.01)<br>| (0.06)<br>| 9.93 | (0.86)<br>| &nbsp;&nbsp; 555442 | 0.40 | 0.44 | 0.51 | 53 |
| Year ended 08/31/21 | 10.10 | 0.03 | (0.02)<br>| 0.01 | (0.03)<br>| (0.00)<br>| (0.03)<br>| 10.08 | 0.10 | &nbsp;&nbsp; 1065418 | 0.40 | 0.44 | 0.29 | 68 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 08/31/25 | 10.07 | 0.50 | 0.00 | 0.50 | (0.50)<br>| - | (0.50)<br>| 10.07 | 5.04 | &nbsp;&nbsp; 246929 | 0.30 | 0.37 | 4.93 | 48 |
| Year ended 08/31/24 | 9.99 | 0.53 | 0.09 | 0.62 | (0.54)<br>| - | (0.54)<br>| 10.07 | 6.32 | &nbsp;&nbsp; 221582 | 0.30 | 0.37 | 5.33 | 75 |
| Year ended 08/31/23 | 9.93 | 0.33 | 0.07 | 0.40 | (0.34)<br>| - | (0.34)<br>| 9.99 | 4.08 | &nbsp;&nbsp; 279619 | 0.30 | 0.34 | 3.36 | 63 |
| Year ended 08/31/22 | 10.08 | 0.06 | (0.14)<br>| (0.08)<br>| (0.06)<br>| (0.01)<br>| (0.07)<br>| 9.93 | (0.76)<br>| &nbsp;&nbsp; 399304 | 0.30 | 0.34 | 0.61 | 53 |
| Year ended 08/31/21 | 10.09 | 0.04 | (0.01)<br>| 0.03 | (0.04)<br>| (0.00)<br>| (0.04)<br>| 10.08 | 0.34 | &nbsp;&nbsp; 575250 | 0.26 | 0.34 | 0.43 | 68 |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year ended 08/31/25 | 10.07 | 0.50 | 0.00 | 0.50 | (0.50)<br>| - | (0.50)<br>| 10.07 | 5.07 | &nbsp;&nbsp; 1173209 | 0.28 | 0.28 | 4.95 | 48 |
| Year ended 08/31/24 | 9.99 | 0.54 | 0.09 | 0.63 | (0.54)<br>| - | (0.54)<br>| 10.07 | 6.33 | &nbsp;&nbsp; 1271282 | 0.29 | 0.29 | 5.34 | 75 |
| Year ended 08/31/23 | 9.93 | 0.34 | 0.06 | 0.40 | (0.34)<br>| - | (0.34)<br>| 9.99 | 4.11 | &nbsp;&nbsp; 1714351 | 0.27 | 0.27 | 3.39 | 63 |
| Year ended 08/31/22 | 10.08 | 0.07 | (0.14)<br>| (0.07)<br>| (0.07)<br>| (0.01)<br>| (0.08)<br>| 9.93 | (0.73)<br>| &nbsp;&nbsp; 1946594 | 0.27 | 0.27 | 0.64 | 53 |
| Year ended 08/31/21 | 10.09 | 0.04 | (0.01)<br>| 0.03 | (0.04)<br>| (0.00)<br>| (0.04)<br>| 10.08 | 0.34 | &nbsp;&nbsp; 2322980 | 0.26 | 0.27 | 0.43 | 68 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 08/31/25 | 10.09 | 0.50 | (0.00)<br>| 0.50 | (0.50)<br>| - | (0.50)<br>| 10.09 | 5.04 | &nbsp;&nbsp; 2629 | 0.30 | 0.30 | 4.93 | 48 |
| Year ended 08/31/24 | 10.01 | 0.54 | 0.08 | 0.62 | (0.54)<br>| - | (0.54)<br>| 10.09 | 6.31 | &nbsp;&nbsp; 4185 | 0.30 | 0.31 | 5.33 | 75 |
| Year ended 08/31/23 | 9.95 | 0.34 | 0.06 | 0.40 | (0.34)<br>| - | (0.34)<br>| 10.01 | 4.08 | &nbsp;&nbsp; 2221 | 0.29 | 0.29 | 3.37 | 63 |
| Year ended 08/31/22 | 10.09 | 0.06 | (0.13)<br>| (0.07)<br>| (0.06)<br>| (0.01)<br>| (0.07)<br>| 9.95 | (0.66)<br>| &nbsp;&nbsp; 3709 | 0.29 | 0.29 | 0.62 | 53 |
| Year ended 08/31/21 | 10.11 | 0.04 | (0.02)<br>| 0.02 | (0.04)<br>| (0.00)<br>| (0.04)<br>| 10.09 | 0.24 | &nbsp;&nbsp; 7640 | 0.27 | 0.31 | 0.42 | 68 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

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

**12**

**Invesco Conservative Income Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

**NOTE 1—Significant Accounting Policies**

Invesco Conservative Income Fund (the "Fund") is a series portfolio of Invesco Management Trust (the "Trust"). The Trust is organized as a Delaware statutory trust and is 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. 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 capital preservation and current income while maintaining liquidity.

The Fund currently consists of four different classes of shares: Class A, Class Y, Institutional Class and Class R6. Class A, Class Y, Institutional Class 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 ("FASB") 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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, 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.

**13**

**Invesco Conservative Income Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**J.** **Repurchase Agreements -** The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates ("Joint repurchase agreements"). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

**K.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**14**

**Invesco Conservative Income Fund**

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**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:

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Rate** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% |

---

For the year ended August 31, 2025, the effective advisory fees incurred by the Fund was 0.24%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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 December 31, 2025, 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, Institutional Class and Class R6 shares to 0.40%, 0.30%, 0.30% and 0.30%, 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 December 31, 2025. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended August 31, 2025, the Adviser reimbursed class level expenses of $208,676, $154,388, $0 and $0 of Class A, Class Y, Institutional Class 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 year ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon ("BNY") serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund. For the year ended August 31, 2025, 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. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.10% of the Fund's average daily net assets of Class A shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.10% of the average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. For the year ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution 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.

As of August 31, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,440.

**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.

**NOTE 6—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 BNY, the custodian bank. To compensate the custodian bank for such

**15**

**Invesco Conservative Income Fund**

------

overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended August 31, 2025 and August 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended August 31, 2025 and August 31, 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Years Ended August 31, 2025 and August 31, 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $86924549 | &nbsp;&nbsp;&nbsp;&nbsp; $103890294 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $139948 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 7447212 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (20727)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (15639661)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1804544966 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1796471738 |

---

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 has a capital loss carryforward as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $6227996 | &nbsp;&nbsp;&nbsp;&nbsp; $9411665 | &nbsp;&nbsp;&nbsp;&nbsp; $15639661 |

---

\* Capital loss carryforwards are 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 year ended August 31, 2025 was $652,629,691 and $609,709,430, respectively. As of August 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $8068905 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (621693)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $7447212 |

---

Cost of investments for tax purposes is $1,779,799,413.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Years ended August 31,** | **Years ended August 31,** | **Years ended August 31,** | **Years ended August 31,** |
|  | **2025**<sup>(a)</sup>  | **2025**<sup>(a)</sup>  | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 20741157 | &nbsp;&nbsp;&nbsp; $208749724 | &nbsp;&nbsp;&nbsp; 7646029 | &nbsp;&nbsp;&nbsp; $76734560 |
| Class Y | &nbsp;&nbsp;&nbsp; 23170714 | &nbsp;&nbsp;&nbsp; 233149483 | &nbsp;&nbsp;&nbsp; 12037013 | &nbsp;&nbsp;&nbsp; 120756096 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 51334259 | &nbsp;&nbsp;&nbsp; 516637337 | &nbsp;&nbsp;&nbsp; 35825095 | &nbsp;&nbsp;&nbsp; 359372241 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4893 | &nbsp;&nbsp;&nbsp; 49353 | &nbsp;&nbsp;&nbsp; 229874 | &nbsp;&nbsp;&nbsp; 2311664 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1159511 | &nbsp;&nbsp;&nbsp; 11675077 | &nbsp;&nbsp;&nbsp; 1150030 | &nbsp;&nbsp;&nbsp; 11540030 |
| Class Y | &nbsp;&nbsp;&nbsp; 963830 | &nbsp;&nbsp;&nbsp; 9702678 | &nbsp;&nbsp;&nbsp; 1028978 | &nbsp;&nbsp;&nbsp; 10324150 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 3379679 | &nbsp;&nbsp;&nbsp; 34022405 | &nbsp;&nbsp;&nbsp; 3748054 | &nbsp;&nbsp;&nbsp; 37604804 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11949 | &nbsp;&nbsp;&nbsp; 120490 | &nbsp;&nbsp;&nbsp; 7842 | &nbsp;&nbsp;&nbsp; 78853 |

---

**16**

**Invesco Conservative Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Years ended August 31,** | **Years ended August 31,** | **Years ended August 31,** | **Years ended August 31,** |
|  | **2025**<sup>(a)</sup> | **2025**<sup>(a)</sup> | **2024** | **2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (12689028)<br>| &nbsp;&nbsp;&nbsp; $(127703717)<br>| &nbsp;&nbsp;&nbsp; (11742307)<br>| &nbsp;&nbsp;&nbsp; $(117764105)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (21614323)<br>| &nbsp;&nbsp;&nbsp; (217445370)<br>| &nbsp;&nbsp;&nbsp; (19045846)<br>| &nbsp;&nbsp;&nbsp; (190959867)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (64428515)<br>| &nbsp;&nbsp;&nbsp; (648423977)<br>| &nbsp;&nbsp;&nbsp; (84892355)<br>| &nbsp;&nbsp;&nbsp; (851383113)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (171053)<br>| &nbsp;&nbsp;&nbsp; (1724275)<br>| &nbsp;&nbsp;&nbsp; (44806)<br>| &nbsp;&nbsp;&nbsp; (449248)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1863073 | &nbsp;&nbsp;&nbsp; $18809208 | &nbsp;&nbsp;&nbsp; (54052399)<br>| &nbsp;&nbsp;&nbsp; $(541833935)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**17**

**Invesco Conservative Income Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Invesco Management Trust and Shareholders of Invesco Conservative Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Conservative Income Fund (the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

October 24, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**18**

**Invesco Conservative Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of Invesco Management Trust as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Conservative Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by

which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal

and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the ICE BofA U.S. Treasury Bill Index (Index). The Board noted that performance of Institutional Class shares of the Fund was in the third quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Institutional Class shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**19**

**Invesco Conservative Income Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Institutional Class shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated

measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the

Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades

**20**

**Invesco Conservative Income Fund**

------

were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\*Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**21**

**Invesco Conservative Income Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 100.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 1.01% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**22**

**Invesco Conservative Income Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**23**

**Invesco Conservative Income Fund**

------

![](img044a4b131.jpg)

SEC file number(s): 811-22957 and 333-195218

Invesco Distributors, Inc.

CINC-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

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#### 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) <u>Invesco Management Trust</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: November 7, 2025

Pursuant to the requirements of the Securities 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: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: November 7, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: November 7, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Management Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; November 7, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Management Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>November 7, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Management Trust on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Invesco Management Trust on Form N-CSR for the period ended August 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 7, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

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| | |
|:---|:---|
| &nbsp;&nbsp; **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, including (unless otherwise specifically excluded), their respective series (together with the Invesco Funds, each a "Fund," and collectively, the "Funds").  |
| &nbsp;&nbsp; **Risk Addressed by Policy**  | &nbsp;&nbsp; Ethics Violations by Principals  |
| &nbsp;&nbsp; **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002  |
| &nbsp;&nbsp; **Revision Date**  | &nbsp;&nbsp; May 2024  |
| &nbsp;&nbsp; **Effective Date**  | &nbsp;&nbsp; June 2024  |

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#### GLOSSARY
I. **PURPOSE** 

This Code of Ethics (the "Code") for the Invesco Funds and series of the Trusts (with each Invesco Fund and series of the Trusts being referred to herein as a "Fund," and collectively as the "Funds") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

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The Code shall be administered by the Chief Compliance Officer of the Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II. **COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

· observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

· adhere to a high standard of business ethics; and

· place the interests of the Funds and its shareholders before the Covered Officer's own personal interests .

III. **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

***Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.***

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

------

· avoid conflicts of interest wherever possible;

· handle any actual or apparent conflict of interest ethically;

· not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

· not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

· not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

· service or significant business relationships as a trustee/ director on the board of any public or private company;

· being in the position of supervising, reviewing, or having any influence on the job evaluation, pay or benefit of any immediate family member;

· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

------

IV. **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

· familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

· not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

· upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

· annually thereafter affirm to the Chief Compliance Officer that he/she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

· the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

------

· any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Fund's Audit Committee;

· if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

· the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **AMENDMENTS** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee, other applicable committee of the Board, or to the Board at the next scheduled in-person meeting of the Board.

VIII. **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the

------

Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX. **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

#### Exhibit A
<u>Persons Covered by this Code of Ethics:</u>

· **Invesco Funds** 

o President and Principal Executive Officer – Glenn Brightman

o Treasurer and Principal Financial Officer – Adrian Deberghes

· **Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust** 

o President and Principal Executive Officer — Brian Hartigan

o Treasurer and Principal Financial Officer — Kelli Gallegos

---

| | |
|:---|:---|
| 1 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act, of the registrant."  |

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