# EDGAR Filing Document

**Accession Number:** 0000842790
**File Stem:** 0001193125-25-271064
**Filing Date:** 2025-11
**Character Count:** 1732341
**Document Hash:** bb2b8cb8f6e1bd185fea109974cf80ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271064.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271064

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM INVESTMENT SECURITIES FUNDS (INVESCO INVESTMENT SECURITIES FUNDS)
- **CENTRAL INDEX KEY:** 0000842790

**ORGANIZATION NAME:**
- **EIN:** 760343427
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05686
- **FILM NUMBER:** 251460544

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INVESTMENT SECURITIES FUNDS
- **DATE OF NAME CHANGE:** 20000921

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM INVESTMENT SECURITIES FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM PRIME RATE PREMIUM INCOME FUND INC
- **DATE OF NAME CHANGE:** 19910320

## Series and Classes Contracts Data

### INVESCO High Yield Fund (Series ID: S000000243)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000586 | Class A        | AMHYX           |
| C000000588 | Class C        | AHYCX           |
| C000000589 | Investor Class | HYINX           |
| C000023117 | CLASS R5       | AHIYX           |
| C000071210 | Class Y        | AHHYX           |
| C000120675 | Class R6       | HYIFX           |

### INVESCO Income Fund (Series ID: S000000251)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000601 | Class A        | AGOVX           |
| C000000603 | Class C        | AGVCX           |
| C000000604 | Class R        | AGVRX           |
| C000000605 | Investor Class | AGIVX           |
| C000029663 | CLASS R5       | AGOIX           |
| C000071212 | Class Y        | AGVYX           |
| C000188949 | Class R6       |  |

### INVESCO Short Duration Inflation Protected Fund (Series ID: S000000252)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000606 | Class A2     | SHTIX           |
| C000000607 | Class A      | LMTAX           |
| C000023119 | CLASS R5     | ALMIX           |
| C000071213 | Class Y      | LMTYX           |
| C000164285 | Class R6     |  |

### INVESCO Government Money Market Fund (Series ID: S000000253)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000000609 | Class C              |  |
| C000000610 | Class R              |  |
| C000000611 | Invesco Cash Reserve | AIMXX           |
| C000023120 | Investor Class       | INAXX           |
| C000071214 | Class Y              |  |
| C000085152 | CLASS AX             | ACZXX           |
| C000085154 | CLASS CX             | ACXXX           |
| C000188950 | Class R6             |  |
| C000217953 | Class A              |  |

### INVESCO Real Estate Fund (Series ID: S000000255)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000616 | Class A        | IARAX           |
| C000000618 | Class C        | IARCX           |
| C000000619 | Class R        | IARRX           |
| C000000620 | Investor Class | REINX           |
| C000023123 | CLASS R5       | IARIX           |
| C000071216 | Class Y        | IARYX           |
| C000120676 | Class R6       | IARFX           |

### INVESCO Short Term Bond Fund (Series ID: S000000256)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000621 | Class A      | STBAX           |
| C000000622 | Class C      | STBCX           |
| C000000623 | Class R      | STBRX           |
| C000023124 | CLASS R5     | ISTBX           |
| C000071217 | Class Y      | STBYX           |
| C000120677 | Class R6     | ISTFX           |

### INVESCO Global Real Estate Fund (Series ID: S000010736)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029658 | Class A      | AGREX           |
| C000029660 | Class C      | CGREX           |
| C000029661 | Class R      | RGREX           |
| C000029662 | CLASS R5     | IGREX           |
| C000071219 | Class Y      | ARGYX           |
| C000120678 | Class R6     | FGREX           |

### INVESCO CORPORATE BOND FUND (Series ID: S000027851)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084553 | CLASS C      | ACCEX           |
| C000084554 | CLASS Y      | ACCHX           |
| C000084555 | CLASS R5     | ACCWX           |
| C000084556 | CLASS A      | ACCBX           |
| C000095838 | Class R      | ACCZX           |
| C000120680 | Class R6     | ICBFX           |

### Invesco U.S. Government Money Portfolio (Series ID: S000064669)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000209395 | Invesco Cash Reserve |  |
| C000209396 | Class R              |  |
| C000209397 | Class Y              |  |
| C000209398 | Class R6             |  |
| C000209399 | Class C              |  |

### Invesco SMA High Yield Bond Fund (Series ID: S000079750)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000241067 | Invesco SMA High Yield Bond Fund |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05686

#### AIM Investment Securities Funds (Invesco Investment Securities Funds)
(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:

#### February 28

#### Date of reporting period:

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

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

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class A: ACCBX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class A) | $36 | 0.71% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584180.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.

VK-CBD-SAR-A **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class C: ACCEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class C) | $72 | 1.42% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584232.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.

VK-CBD-SAR-C **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class R: ACCZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class R) | $49 | 0.96% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584268.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.

VK-CBD-SAR-R **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class Y: ACCHX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class Y) | $23 | 0.46% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584304.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.

VK-CBD-SAR-Y **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class R5: ACCWX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class R5) | $21 | 0.41% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584340.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.

VK-CBD-SAR-R5 **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Corporate Bond Fund

### Class R6: ICBFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Corporate Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Corporate Bond Fund<br> (Class R6) | $17 | 0.34% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3949975710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., 5.62%, 04/24/2036 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. Finance Corp., 4.55%, 08/04/2030 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B, 9.50%, 10/27/2029 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer L.P., 6.50%, 02/15/2056 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMD Finance LLC, 4.38%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584376.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.

VK-CBD-SAR-R6 **Invesco Corporate Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class A: AGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class A) | $74 | 1.44% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584412.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.

GRE-SAR-A **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class C: CGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class C) | $112 | 2.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584448.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.

GRE-SAR-C **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class R: RGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class R) | $87 | 1.69% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584484.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.

GRE-SAR-R **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class Y: ARGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class Y) | $61 | 1.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584520.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.

GRE-SAR-Y **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class R5: IGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class R5) | $53 | 1.04% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584556.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.

GRE-SAR-R5 **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Global Real Estate Fund

### Class R6: FGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Global Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Global Real Estate Fund<br> (Class R6) | $50 | 0.97% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$121997215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Country allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584592.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.

GRE-SAR-R6 **Invesco Global Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Invesco Cash Reserve: AIMXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Government Money Market Fund<br> (Invesco Cash Reserve) | $23 | 0.46% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-CR **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class A: ADAXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(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 Government Money Market Fund<br>(Class A) | $26 | 0.51% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-A **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class AX: ACZXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(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 Government Money Market Fund<br>(Class AX) | $23 | 0.46% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-AX **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class C: ACNXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Government Money Market Fund<br> (Class C) | $54 | 1.06% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-C **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class CX: ACXXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(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 Government Money Market Fund<br>(Class CX) | $61 | 1.21% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-CX **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class R: AIRXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Government Money Market Fund<br> (Class R) | $36 | 0.71% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-R **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class Y: AIYXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Government Money Market Fund<br> (Class Y) | $16 | 0.31% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-Y **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Investor Class: INAXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(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 Government Money Market Fund<br>(Investor Class) | $16 | 0.31% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-INV **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco Government Money Market Fund

### Class R6: INVXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Government Money Market Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Government Money Market Fund<br> (Class R6) | $12 | 0.24% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6401453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;110 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;52.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.6% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

GMKT-SAR-R6 **Invesco Government Money Market Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Class A: AMHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Class A) | $51 | 1.00% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584628.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.

HYI-SAR-A **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Class C: AHYCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Class C) | $90 | 1.75% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584664.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.

HYI-SAR-C **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Class Y: AHHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Class Y) | $38 | 0.75% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584700.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.

HYI-SAR-Y **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Investor Class: HYINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Investor Class) | $51 | 1.00% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584736.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.

HYI-SAR-INV **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Class R5: AHIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Class R5) | $35 | 0.68% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584772.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.

HYI-SAR-R5 **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco High Yield Fund

### Class R6: HYIFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco High Yield Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 High Yield Fund<br> (Class R6) | $31 | 0.61% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1165068613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 0.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia Capital S.A., 7.72%, 06/04/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584808.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.

HYI-SAR-R6 **Invesco High Yield Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class A: AGOVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Fund<br> (Class A) | $521.01%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585492.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.

INC-SAR-A **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class C: AGVCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Fund<br> (Class C) | $901.76%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585528.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.

INC-SAR-C **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class R: AGVRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Fund<br> (Class R) | $651.26%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585564.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.

INC-SAR-R **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class Y: AGVYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Fund<br> (Class Y) | $390.76%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585600.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.

INC-SAR-Y **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class R5: AGOIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Income Fund<br> (Class R5) | $35 | 0.69% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585672.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.

INC-SAR-R5 **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Class R6: AGVSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Income Fund<br> (Class R6) | $31 | 0.60% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585708.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.

INC-SAR-R6 **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Income Fund

### Investor Class: AGIVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Income Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Income Fund<br> (Investor Class) | $470.92%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$273773120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;102% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galton Funding Mortgage Trust, Series 2019-H1, Class B1, 3.89%, 10/25/2059 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.12%, 01/25/2067 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBX Trust, Series 2022-NQM7, Class A1, 5.11%, 08/25/2062 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 09/01/2055 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2023-V3, Class AS, 7.10%, 07/15/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585636.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.

INC-SAR-INV **Invesco Income Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class A: IARAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Real Estate Fund<br> (Class A) | $781.57%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584844.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.

REA-SAR-A **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class C: IARCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Real Estate Fund<br> (Class C) | $1152.32%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584880.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.

REA-SAR-C **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class R: IARRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Real Estate Fund<br> (Class R) | $901.82%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584916.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.

REA-SAR-R **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class Y: IARYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Real Estate Fund<br> (Class Y) | $661.32%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584952.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.

REA-SAR-Y **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Investor Class: REINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Real Estate Fund<br> (Investor Class) | $751.51%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9584988.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.

REA-SAR-INV **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class R5: IARIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Real Estate Fund<br> (Class R5) | $59 | 1.19% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585024.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.

REA-SAR-R5 **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Real Estate Fund

### Class R6: IARFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Real Estate Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Real Estate Fund<br> (Class R6) | $56 | 1.13% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$712953878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;3.09% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Property type** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585060.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.

REA-SAR-R6 **Invesco Real Estate Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Duration Inflation Protected Fund

### Class A: LMTAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Inflation Protected Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Duration Inflation Protected Fund<br>(Class A) | $280.55%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399616239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Composition by maturity**

**(% of total investments)**

---

| | |
|:---|:---|
| 10/15/2026 | 4.9% |
| 1/15/2027 | 8.4% |
| 4/15/2027 | 4.8% |
| 7/15/2027 | 5.3% |
| 10/15/2027 | 4.9% |
| 1/15/2028 | 8.2% |
| 4/15/2028 | 8.6% |
| 7/15/2028 | 5.1% |
| 10/15/2028 | 5.1% |
| 1/15/2029 | 7.5% |
| 4/15/2029 | 9.7% |
| 7/15/2029 | 5.3% |
| 10/15/2029 | 5.3% |
| 1/15/2030 | 5.4% |
| 4/15/2030 | 5.9% |
| 7/15/2030 | 5.6% |

---

### 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.

SDIP-SAR-A **Invesco Short Duration Inflation Protected Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Duration Inflation Protected Fund

### Class A2: SHTIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Inflation Protected Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Duration Inflation Protected Fund<br>(Class A2) | $230.45%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399616239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Composition by maturity**

**(% of total investments)**

---

| | |
|:---|:---|
| 10/15/2026 | 4.9% |
| 1/15/2027 | 8.4% |
| 4/15/2027 | 4.8% |
| 7/15/2027 | 5.3% |
| 10/15/2027 | 4.9% |
| 1/15/2028 | 8.2% |
| 4/15/2028 | 8.6% |
| 7/15/2028 | 5.1% |
| 10/15/2028 | 5.1% |
| 1/15/2029 | 7.5% |
| 4/15/2029 | 9.7% |
| 7/15/2029 | 5.3% |
| 10/15/2029 | 5.3% |
| 1/15/2030 | 5.4% |
| 4/15/2030 | 5.9% |
| 7/15/2030 | 5.6% |

---

### 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.

SDIP-SAR-A2 **Invesco Short Duration Inflation Protected Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Duration Inflation Protected Fund

### Class Y: LMTYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Inflation Protected Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Duration Inflation Protected Fund<br>(Class Y) | $150.30%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399616239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Composition by maturity**

**(% of total investments)**

---

| | |
|:---|:---|
| 10/15/2026 | 4.9% |
| 1/15/2027 | 8.4% |
| 4/15/2027 | 4.8% |
| 7/15/2027 | 5.3% |
| 10/15/2027 | 4.9% |
| 1/15/2028 | 8.2% |
| 4/15/2028 | 8.6% |
| 7/15/2028 | 5.1% |
| 10/15/2028 | 5.1% |
| 1/15/2029 | 7.5% |
| 4/15/2029 | 9.7% |
| 7/15/2029 | 5.3% |
| 10/15/2029 | 5.3% |
| 1/15/2030 | 5.4% |
| 4/15/2030 | 5.9% |
| 7/15/2030 | 5.6% |

---

### 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.

SDIP-SAR-Y **Invesco Short Duration Inflation Protected Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Duration Inflation Protected Fund

### Class R5: ALMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Inflation Protected Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Duration Inflation Protected Fund<br>(Class R5) | $150.30%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399616239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Composition by maturity**

**(% of total investments)**

---

| | |
|:---|:---|
| 10/15/2026 | 4.9% |
| 1/15/2027 | 8.4% |
| 4/15/2027 | 4.8% |
| 7/15/2027 | 5.3% |
| 10/15/2027 | 4.9% |
| 1/15/2028 | 8.2% |
| 4/15/2028 | 8.6% |
| 7/15/2028 | 5.1% |
| 10/15/2028 | 5.1% |
| 1/15/2029 | 7.5% |
| 4/15/2029 | 9.7% |
| 7/15/2029 | 5.3% |
| 10/15/2029 | 5.3% |
| 1/15/2030 | 5.4% |
| 4/15/2030 | 5.9% |
| 7/15/2030 | 5.6% |

---

### 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.

SDIP-SAR-R5 **Invesco Short Duration Inflation Protected Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Duration Inflation Protected Fund

### Class R6: SDPSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Duration Inflation Protected Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Duration Inflation Protected Fund<br>(Class R6) | $150.30%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$399616239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Composition by maturity**

**(% of total investments)**

---

| | |
|:---|:---|
| 10/15/2026 | 4.9% |
| 1/15/2027 | 8.4% |
| 4/15/2027 | 4.8% |
| 7/15/2027 | 5.3% |
| 10/15/2027 | 4.9% |
| 1/15/2028 | 8.2% |
| 4/15/2028 | 8.6% |
| 7/15/2028 | 5.1% |
| 10/15/2028 | 5.1% |
| 1/15/2029 | 7.5% |
| 4/15/2029 | 9.7% |
| 7/15/2029 | 5.3% |
| 10/15/2029 | 5.3% |
| 1/15/2030 | 5.4% |
| 4/15/2030 | 5.9% |
| 7/15/2030 | 5.6% |

---

### 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.

SDIP-SAR-R6 **Invesco Short Duration Inflation Protected Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class A: STBAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Short Term Bond Fund<br> (Class A) | $33 | 0.64% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585276.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.

STB-SAR-A **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class C: STBCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Short Term Bond Fund<br> (Class C) | $510.99%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585312.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.

STB-SAR-C **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class R: STBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Short Term Bond Fund<br> (Class R) | $51 | 0.99% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585348.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.

STB-SAR-R **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class Y: STBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Short Term Bond Fund<br> (Class Y) | $25 | 0.49% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585384.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.

STB-SAR-Y **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class R5: ISTBX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Short Term Bond Fund<br> (Class R5) | $24 | 0.46% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585420.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.

STB-SAR-R5 **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco Short Term Bond Fund

### Class R6: ISTFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco Short Term Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(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 Short Term Bond Fund<br> (Class R6) | $20 | 0.39% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2065468714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LGCY, Class A, 4.98%, 10/15/2036 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-5A, Class A, 6.12%, 04/20/2027 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Funding LuxCo S.a.r.l., 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc., 5.63%, 04/24/2027 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centersquare Issuer LLC, Series 2025-3A, Class A2, 5.00%, 08/25/2055 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd., 4.69%, 07/08/2030 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust, Series 2022-4, Class A4, 5.70%, 07/17/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9585456.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.

STB-SAR-R6 **Invesco Short Term Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco SMA High Yield Bond Fund

### SMHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco SMA High Yield Bond Fund (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco SMA High Yield Bond Fund | $00.00%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10756941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maya S.A.S., 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Studio City Finance Ltd., 5.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95%, 03/10/2055 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC, 6.50%, 01/15/2034 | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;VMED O2 UK Financing I PLC, 3.25%, 01/31/2031 | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp., 4.25%, 07/01/2032 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrise FinCo I B.V., 4.63%, 05/15/2032 | &nbsp;&nbsp;&nbsp;1.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9586248.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.

SMAHYB-SAR-NA **Invesco SMA High Yield Bond Fund**

![TSR_logo](images_2587.jpg)

### Invesco U.S. Government Money Portfolio

### Invesco Cash Reserve: GMQXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco U.S. Government Money Portfolio (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco U.S. Government Money Portfolio<br> (Invesco Cash Reserve) | $370.73%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1155412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;58.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.7% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

O-GMKT-SAR-CR **Invesco U.S. Government Money Portfolio**

![TSR_logo](images_2587.jpg)

### Invesco U.S. Government Money Portfolio

### Class C: GMCXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco U.S. Government Money Portfolio (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco U.S. Government Money Portfolio<br> (Class C) | $801.58%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1155412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;58.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.7% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

O-GMKT-SAR-C **Invesco U.S. Government Money Portfolio**

![TSR_logo](images_2587.jpg)

### Invesco U.S. Government Money Portfolio

### Class R: GMLXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco U.S. Government Money Portfolio (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco U.S. Government Money Portfolio<br> (Class R) | $551.08%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1155412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;58.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.7% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

O-GMKT-SAR-R **Invesco U.S. Government Money Portfolio**

![TSR_logo](images_2587.jpg)

### Invesco U.S. Government Money Portfolio

### Class Y: OMBXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco U.S. Government Money Portfolio (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco U.S. Government Money Portfolio<br> (Class Y) | $300.58%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1155412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;58.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.7% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

O-GMKT-SAR-Y **Invesco U.S. Government Money Portfolio**

![TSR_logo](images_2587.jpg)

### Invesco U.S. Government Money Portfolio

### Class R6: GMRXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025
This semi-annual shareholder report contains important information about Invesco U.S. Government Money Portfolio (the "Fund") for the period March 1, 2025 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 Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco U.S. Government Money Portfolio<br> (Class R6) | $240.48%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1155412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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

 **Composition by maturity, in days** 

 **(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;58.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.7% |
| \* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

### 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.

O-GMKT-SAR-R6 **Invesco U.S. Government Money Portfolio**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

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

(b) Not applicable.

------

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

------

![](img43c39e851.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Corporate Bond Fund**

Nasdaq:

A: ACCBX ■ C: ACCEX ■ R: ACCZX ■ Y: ACCHX ■ R5: ACCWX ■ R6: ICBFX

------

---

| | |
|:---|:---|
| [2](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_SOI-Continued-101_1) | Schedule of Investments |
| [29](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_FS-Continued-101_1) | Financial Statements |
| [32](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_FS-Continued-101_4) | Financial Highlights |
| [33](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_NTF-Continued-101_1) | Notes to Financial Statements |
| [41](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_AOC-Continued-101_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [44](#xx_f88ff3db-6d13-4c3f-af53-eda21e540b1b_OIRSR-Continued-101_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–91.11%** | **U.S. Dollar Denominated Bonds & Notes–91.11%** | **U.S. Dollar Denominated Bonds & Notes–91.11%** | **U.S. Dollar Denominated Bonds & Notes–91.11%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | $270000 | &nbsp;&nbsp; $274503 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 275001 |
| Interpublic Group of Cos., Inc. <br> (The), 4.75%, 03/30/2030<sup>(c)</sup> <br>|  | 1218000 | &nbsp;&nbsp; 1228696 |
|  |  |  | &nbsp;&nbsp; 1778200 |
| **Aerospace & Defense–1.69%** | **Aerospace & Defense–1.69%** | **Aerospace & Defense–1.69%** | **Aerospace & Defense–1.69%** |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.13%, 03/26/2029<sup>(b)</sup> <br>|  | 1996000 | &nbsp;&nbsp; 2059290 |
| 5.50%, 03/26/2054<sup>(b)</sup> <br>|  | 1428000 | &nbsp;&nbsp; 1396418 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.30%, 05/01/2029 |  | 2240000 | &nbsp;&nbsp; 2379703 |
| 6.39%, 05/01/2031 |  | 5000 | &nbsp;&nbsp; 5433 |
| 6.53%, 05/01/2034 |  | 3157000 | &nbsp;&nbsp; 3459354 |
| 5.81%, 05/01/2050 |  | 7378000 | &nbsp;&nbsp; 7099907 |
| 5.93%, 05/01/2060 |  | 53000 | &nbsp;&nbsp; 50958 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<sup>(c)</sup> <br>|  | 2371000 | &nbsp;&nbsp; 2397129 |
| Hexcel Corp., 5.88%, <br> 02/26/2035<br>|  | 714000 | &nbsp;&nbsp; 728509 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<sup>(c)</sup> <br>|  | 465000 | &nbsp;&nbsp; 476488 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 617000 | &nbsp;&nbsp; 636277 |
| 5.75%, 01/15/2035<sup>(c)</sup> <br>|  | 1927000 | &nbsp;&nbsp; 2000010 |
| L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |  |  |
| 5.40%, 07/31/2033 |  | 2719000 | &nbsp;&nbsp; 2809964 |
| 5.60%, 07/31/2053<sup>(c)</sup> <br>|  | 1778000 | &nbsp;&nbsp; 1731031 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.40%, 08/15/2030 |  | 3042000 | &nbsp;&nbsp; 3067588 |
| 4.75%, 02/15/2034<sup>(c)</sup> <br>|  | 1524000 | &nbsp;&nbsp; 1525580 |
| 4.80%, 08/15/2034<sup>(c)</sup> <br>|  | 1029000 | &nbsp;&nbsp; 1032840 |
| 5.00%, 08/15/2035<sup>(c)</sup> <br>|  | 4310000 | &nbsp;&nbsp; 4339079 |
| 4.50%, 05/15/2036 |  | 130000 | &nbsp;&nbsp; 125450 |
| 4.15%, 06/15/2053 |  | 888000 | &nbsp;&nbsp; 696762 |
| 4.30%, 06/15/2062 |  | 948000 | &nbsp;&nbsp; 738524 |
| 5.90%, 11/15/2063 |  | 1149000 | &nbsp;&nbsp; 1177545 |
| 5.20%, 02/15/2064 |  | 84000 | &nbsp;&nbsp; 76441 |
| Northrop Grumman Corp., | Northrop Grumman Corp., |  |  |
| 4.03%, 10/15/2047 |  | 134000 | &nbsp;&nbsp; 106387 |
| 4.95%, 03/15/2053 |  | 1508000 | &nbsp;&nbsp; 1343262 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 1904000 | &nbsp;&nbsp; 1999688 |
| 6.00%, 03/15/2031 |  | 707000 | &nbsp;&nbsp; 763880 |
| 5.15%, 02/27/2033 |  | 2249000 | &nbsp;&nbsp; 2311301 |
| 6.10%, 03/15/2034<sup>(c)</sup> <br>|  | 2378000 | &nbsp;&nbsp; 2582594 |
| 6.40%, 03/15/2054<sup>(c)</sup> <br>|  | 2015000 | &nbsp;&nbsp; 2182362 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Aerospace & Defense–(continued)** | **Aerospace & Defense–(continued)** | **Aerospace & Defense–(continued)** | **Aerospace & Defense–(continued)** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | $1876000 | &nbsp;&nbsp; $1930943 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 2711000 | &nbsp;&nbsp; 2779000 |
| 6.88%, 12/15/2030<sup>(b)</sup> <br>|  | 510000 | &nbsp;&nbsp; 529230 |
| 7.13%, 12/01/2031<sup>(b)</sup> <br>|  | 340000 | &nbsp;&nbsp; 354827 |
| 6.00%, 01/15/2033<sup>(b)(c)</sup> <br>|  | 1137000 | &nbsp;&nbsp; 1150578 |
| 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 7400000 | &nbsp;&nbsp; 7516839 |
| 6.25%, 01/31/2034<sup>(b)(c)</sup> <br>|  | 1289000 | &nbsp;&nbsp; 1323553 |
|  |  |  | &nbsp;&nbsp; 66884724 |
| **Agricultural & Farm Machinery–0.44%** | **Agricultural & Farm Machinery–0.44%** | **Agricultural & Farm Machinery–0.44%** | **Agricultural & Farm Machinery–0.44%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 224000 | &nbsp;&nbsp; 227035 |
| 5.80%, 03/21/2034<sup>(c)</sup> <br>|  | 1596000 | &nbsp;&nbsp; 1644192 |
| CNH Industrial Capital LLC, <br> 4.75%, 03/21/2028<br>|  | 1143000 | &nbsp;&nbsp; 1156137 |
| Imperial Brands Finance PLC (United <br> Kingdom), | Imperial Brands Finance PLC (United <br> Kingdom), |  |  |
| 4.50%, 06/30/2028<sup>(b)</sup> <br>|  | 1756000 | &nbsp;&nbsp; 1767730 |
| 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 2798000 | &nbsp;&nbsp; 2827580 |
| 6.38%, 07/01/2055<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4017897 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 4.38%, 10/15/2030 |  | 3157000 | &nbsp;&nbsp; 3183766 |
| 5.10%, 04/11/2034 |  | 2615000 | &nbsp;&nbsp; 2682026 |
|  |  |  | &nbsp;&nbsp; 17506363 |
| **Agricultural Products & Services–0.69%** | **Agricultural Products & Services–0.69%** | **Agricultural Products & Services–0.69%** | **Agricultural Products & Services–0.69%** |
| Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |  |  |
| 4.55%, 08/04/2030 |  | 16205000 | &nbsp;&nbsp; 16297856 |
| 5.15%, 08/04/2035 |  | 8781000 | &nbsp;&nbsp; 8807907 |
| Cargill, Inc., | Cargill, Inc., |  |  |
| 5.13%, 10/11/2032<sup>(b)(c)</sup> <br>|  | 803000 | &nbsp;&nbsp; 831342 |
| 4.75%, 04/24/2033<sup>(b)(c)</sup> <br>|  | 1343000 | &nbsp;&nbsp; 1352171 |
|  |  |  | &nbsp;&nbsp; 27289276 |
| **Air Freight & Logistics–0.43%** | **Air Freight & Logistics–0.43%** | **Air Freight & Logistics–0.43%** | **Air Freight & Logistics–0.43%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029<sup>(c)</sup> <br>|  | 2030000 | &nbsp;&nbsp; 2130009 |
| 6.50%, 05/06/2034 |  | 1991000 | &nbsp;&nbsp; 2107225 |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030 |  | 4377000 | &nbsp;&nbsp; 4475340 |
| 5.15%, 05/22/2034<sup>(c)</sup> <br>|  | 1976000 | &nbsp;&nbsp; 2037019 |
| 5.25%, 05/14/2035<sup>(c)</sup> <br>|  | 1198000 | &nbsp;&nbsp; 1228680 |
| 5.50%, 05/22/2054<sup>(c)</sup> <br>|  | 5325000 | &nbsp;&nbsp; 5114496 |
| 5.95%, 05/14/2055 |  | 83000 | &nbsp;&nbsp; 84083 |
|  |  |  | &nbsp;&nbsp; 17176852 |
| **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** |
| Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 108000 | &nbsp;&nbsp; 109528 |
| Windstream Services LLC/<br> Windstream Escrow Finance <br> Corp., 8.25%, 10/01/2031<sup>(b)</sup> <br>|  | 537000 | &nbsp;&nbsp; 559042 |
|  |  |  | &nbsp;&nbsp; 668570 |

---

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

**2**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** | **Apparel Retail–0.00%** |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | $326310 | &nbsp;&nbsp; $132123 |
| **Application Software–0.52%** | **Application Software–0.52%** | **Application Software–0.52%** | **Application Software–0.52%** |
| Autodesk, Inc., 5.30%, <br> 06/15/2035<br>|  | 1793000 | &nbsp;&nbsp; 1825637 |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<sup>(c)</sup> <br>|  | 994000 | &nbsp;&nbsp; 984433 |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 6.50%, 03/31/2029<sup>(b)</sup> <br>|  | 387000 | &nbsp;&nbsp; 391564 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 157000 | &nbsp;&nbsp; 167972 |
| Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)</sup> <br>|  | 1739000 | &nbsp;&nbsp; 1766681 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 2521000 | &nbsp;&nbsp; 2615477 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.45%, 09/15/2030 |  | 1318000 | &nbsp;&nbsp; 1321310 |
| 4.75%, 02/15/2032 |  | 395000 | &nbsp;&nbsp; 397992 |
| 4.90%, 10/15/2034<sup>(c)</sup> <br>|  | 2166000 | &nbsp;&nbsp; 2145043 |
| 5.10%, 09/15/2035 |  | 5266000 | &nbsp;&nbsp; 5255242 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 1426000 | &nbsp;&nbsp; 1427447 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 938000 | &nbsp;&nbsp; 974067 |
| Synopsys, Inc., 5.70%, <br> 04/01/2055<sup>(c)</sup> <br>|  | 1117000 | &nbsp;&nbsp; 1097748 |
|  |  |  | &nbsp;&nbsp; 20370613 |
| **Asset Management & Custody Banks–1.00%** | **Asset Management & Custody Banks–1.00%** | **Asset Management & Custody Banks–1.00%** | **Asset Management & Custody Banks–1.00%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<sup>(c)</sup> <br>|  | 5619000 | &nbsp;&nbsp; 5702923 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 4.50%, 05/13/2032 |  | 579000 | &nbsp;&nbsp; 578890 |
| 5.15%, 05/15/2033<sup>(c)</sup> <br>|  | 2621000 | &nbsp;&nbsp; 2695643 |
| 5.20%, 04/15/2035<sup>(c)</sup> <br>|  | 5419000 | &nbsp;&nbsp; 5485854 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.89%, 07/21/2028<sup>(d)</sup> <br>|  | 2563000 | &nbsp;&nbsp; 2605010 |
| 4.54%, 02/01/2029<sup>(c)(d)</sup> <br>|  | 930000 | &nbsp;&nbsp; 941277 |
| 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 476000 | &nbsp;&nbsp; 489320 |
| 5.06%, 07/22/2032<sup>(d)</sup> <br>|  | 2072000 | &nbsp;&nbsp; 2135130 |
| 5.83%, 10/25/2033<sup>(d)</sup> <br>|  | 983000 | &nbsp;&nbsp; 1050735 |
| 4.71%, 02/01/2034<sup>(d)</sup> <br>|  | 729000 | &nbsp;&nbsp; 726696 |
| 5.19%, 03/14/2035<sup>(d)</sup> <br>|  | 449000 | &nbsp;&nbsp; 458185 |
| 5.32%, 06/06/2036<sup>(d)</sup> <br>|  | 2064000 | &nbsp;&nbsp; 2117518 |
| Series J, 4.97%, <br> 04/26/2034<sup>(c)(d)</sup> <br>|  | 1119000 | &nbsp;&nbsp; 1130312 |
| Series G, 4.70%<sup>(d)(e)</sup> <br>|  | 1365000 | &nbsp;&nbsp; 1365559 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<br>|  | 2537000 | &nbsp;&nbsp; 2576701 |
| Brookfield Asset Management Ltd. <br> (Canada), 5.80%, <br> 04/24/2035<br>|  | 4484000 | &nbsp;&nbsp; 4649288 |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | 382000 | &nbsp;&nbsp; 398160 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 836000 | &nbsp;&nbsp; 880820 |
| Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)</sup> <br>|  | 1671000 | &nbsp;&nbsp; 1678166 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 1321000 | &nbsp;&nbsp; 1439125 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| State Street Corp., | State Street Corp., |  |  |
| 5.34% (SOFR + 0.95%), <br> 04/24/2028<sup>(f)</sup> <br>|  | $31000 | &nbsp;&nbsp; $31210 |
| 5.68%, 11/21/2029<sup>(d)</sup> <br>|  | 47000 | &nbsp;&nbsp; 49338 |
| 4.73%, 02/28/2030 |  | 91000 | &nbsp;&nbsp; 93069 |
| 4.83%, 04/24/2030 |  | 52000 | &nbsp;&nbsp; 53420 |
| 6.12%, 11/21/2034<sup>(d)</sup> <br>|  | 40000 | &nbsp;&nbsp; 42969 |
| 5.15%, 02/28/2036<sup>(d)</sup> <br>|  | 117000 | &nbsp;&nbsp; 118525 |
|  |  |  | &nbsp;&nbsp; 39493843 |
| **Automobile Manufacturers–2.42%** | **Automobile Manufacturers–2.42%** | **Automobile Manufacturers–2.42%** | **Automobile Manufacturers–2.42%** |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 36707 |
| 3.75%, 01/30/2031<sup>(b)(c)</sup> <br>|  | 2490000 | &nbsp;&nbsp; 2299663 |
| American Honda Finance Corp., <br> 4.60%, 04/17/2030<br>|  | 595000 | &nbsp;&nbsp; 600778 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 4.65%, 10/12/2030<sup>(b)</sup> <br>|  | 3133000 | &nbsp;&nbsp; 3140025 |
| 5.00%, 10/12/2032<sup>(b)</sup> <br>|  | 10126000 | &nbsp;&nbsp; 10135145 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 6030000 | &nbsp;&nbsp; 6201275 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026<sup>(c)</sup> <br>|  | 2519000 | &nbsp;&nbsp; 2552472 |
| 2.70%, 08/10/2026 |  | 826000 | &nbsp;&nbsp; 809711 |
| 7.35%, 11/04/2027 |  | 1988000 | &nbsp;&nbsp; 2070372 |
| 5.92%, 03/20/2028 |  | 4476000 | &nbsp;&nbsp; 4543973 |
| 6.80%, 05/12/2028 |  | 3136000 | &nbsp;&nbsp; 3257725 |
| 6.80%, 11/07/2028 |  | 54000 | &nbsp;&nbsp; 56221 |
| 7.35%, 03/06/2030 |  | 48000 | &nbsp;&nbsp; 51129 |
| 7.20%, 06/10/2030<sup>(c)</sup> <br>|  | 1674000 | &nbsp;&nbsp; 1779357 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.69%, 07/08/2030 |  | 12369000 | &nbsp;&nbsp; 12488155 |
| 5.34%, 07/08/2035 |  | 13294000 | &nbsp;&nbsp; 13372028 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.50%, 03/30/2026<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16099 |
| 4.88%, 06/23/2027<sup>(b)(c)</sup> <br>|  | 3336000 | &nbsp;&nbsp; 3366239 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 4566000 | &nbsp;&nbsp; 4629682 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12323 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 2054000 | &nbsp;&nbsp; 2116016 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104817 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 2711000 | &nbsp;&nbsp; 2766977 |
| Mercedes-Benz Finance North <br> America LLC (Germany), <br> 5.13%, 08/01/2034<sup>(b)(c)</sup> <br>|  | 4274000 | &nbsp;&nbsp; 4292322 |
| Nissan Motor Co. Ltd. (Japan), <br> 4.81%, 09/17/2030<sup>(b)(c)</sup> <br>|  | 633000 | &nbsp;&nbsp; 591810 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/09/2029 |  | 19000 | &nbsp;&nbsp; 19334 |
| 5.35%, 01/09/2035<sup>(c)</sup> <br>|  | 7489000 | &nbsp;&nbsp; 7737115 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 5.25%, 03/22/2029<sup>(b)(c)</sup> <br>|  | 3038000 | &nbsp;&nbsp; 3099164 |
| 4.60%, 06/08/2029<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 55032 |
| 5.60%, 03/22/2034<sup>(b)(c)</sup> <br>|  | 3173000 | &nbsp;&nbsp; 3227456 |
|  |  |  | &nbsp;&nbsp; 95429122 |
| **Automotive Parts & Equipment–0.55%** | **Automotive Parts & Equipment–0.55%** | **Automotive Parts & Equipment–0.55%** | **Automotive Parts & Equipment–0.55%** |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| 4.50%, 08/11/2030<sup>(b)</sup> <br>|  | 1238000 | &nbsp;&nbsp; 1239547 |
| 5.20%, 08/11/2035<sup>(b)</sup> <br>|  | 3325000 | &nbsp;&nbsp; 3308403 |

---

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

**3**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | $3634000 | &nbsp;&nbsp; $3767895 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)(c)</sup> <br>|  | 535000 | &nbsp;&nbsp; 567602 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 4.60%, 05/01/2028<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16221 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 2536000 | &nbsp;&nbsp; 2564622 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | 624000 | &nbsp;&nbsp; 658807 |
| Magna International, Inc. <br> (Canada), 5.88%, <br> 06/01/2035<br>|  | 921000 | &nbsp;&nbsp; 958746 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(c)</sup> <br>|  | 600000 | &nbsp;&nbsp; 585767 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 263000 | &nbsp;&nbsp; 271811 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 298000 | &nbsp;&nbsp; 306296 |
| ZF North America Capital, Inc. <br> (Germany), | ZF North America Capital, Inc. <br> (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 2155000 | &nbsp;&nbsp; 2184384 |
| 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 2273000 | &nbsp;&nbsp; 2264743 |
| 6.88%, 04/23/2032<sup>(b)(c)</sup> <br>|  | 3050000 | &nbsp;&nbsp; 2926876 |
|  |  |  | &nbsp;&nbsp; 21621720 |
| **Automotive Retail–0.36%** | **Automotive Retail–0.36%** | **Automotive Retail–0.36%** | **Automotive Retail–0.36%** |
| Advance Auto Parts, Inc., | Advance Auto Parts, Inc., |  |  |
| 7.00%, 08/01/2030<sup>(b)(c)</sup> <br>|  | 1862000 | &nbsp;&nbsp; 1911953 |
| 7.38%, 08/01/2033<sup>(b)(c)</sup> <br>|  | 2190000 | &nbsp;&nbsp; 2246513 |
| Asbury Automotive Group, Inc., <br> 4.63%, 11/15/2029<sup>(b)(c)</sup> <br>|  | 425000 | &nbsp;&nbsp; 413734 |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| 4.75%, 08/01/2032<sup>(c)</sup> <br>|  | 858000 | &nbsp;&nbsp; 859867 |
| 5.20%, 08/01/2033 |  | 1510000 | &nbsp;&nbsp; 1541306 |
| Carvana Co., 0.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(g)</sup> <br>|  | 546770 | &nbsp;&nbsp; 620815 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 601000 | &nbsp;&nbsp; 583571 |
| 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 559000 | &nbsp;&nbsp; 573809 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 289879 |
| 8.25%, 08/01/2031<sup>(b)(c)</sup> <br>|  | 538000 | &nbsp;&nbsp; 570796 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 574000 | &nbsp;&nbsp; 569153 |
| 4.38%, 01/15/2031<sup>(b)(c)</sup> <br>|  | 617000 | &nbsp;&nbsp; 586805 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 3444000 | &nbsp;&nbsp; 3447710 |
|  |  |  | &nbsp;&nbsp; 14215911 |
| **Biotechnology–0.63%** | **Biotechnology–0.63%** | **Biotechnology–0.63%** | **Biotechnology–0.63%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 5.05%, 03/15/2034 |  | 1054000 | &nbsp;&nbsp; 1074155 |
| 4.88%, 11/14/2048<sup>(c)</sup> <br>|  | 1088000 | &nbsp;&nbsp; 982564 |
| 5.40%, 03/15/2054 |  | 191000 | &nbsp;&nbsp; 183483 |
| 5.50%, 03/15/2064 |  | 3198000 | &nbsp;&nbsp; 3075136 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.25%, 03/02/2030 |  | 1659000 | &nbsp;&nbsp; 1718969 |
| 4.40%, 05/01/2045 |  | 425000 | &nbsp;&nbsp; 359861 |
| 5.65%, 03/02/2053<sup>(c)</sup> <br>|  | 6827000 | &nbsp;&nbsp; 6607740 |
| 5.75%, 03/02/2063 |  | 5101000 | &nbsp;&nbsp; 4906459 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033<sup>(c)</sup> <br>|  | $2462000 | &nbsp;&nbsp; $2558460 |
| 5.55%, 10/15/2053 |  | 3545000 | &nbsp;&nbsp; 3470663 |
|  |  |  | &nbsp;&nbsp; 24937490 |
| **Brewers–0.01%** | **Brewers–0.01%** | **Brewers–0.01%** | **Brewers–0.01%** |
| Anheuser-Busch InBev Worldwide, <br> Inc. (Belgium), 5.55%, <br> 01/23/2049<br>|  | 276000 | &nbsp;&nbsp; 271457 |
| **Broadcasting–0.10%** | **Broadcasting–0.10%** | **Broadcasting–0.10%** | **Broadcasting–0.10%** |
| Gray Media, Inc., 9.63%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 165000 | &nbsp;&nbsp; 165972 |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 1589000 | &nbsp;&nbsp; 1430520 |
| 4.95%, 05/19/2050 |  | 1655000 | &nbsp;&nbsp; 1293110 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)(c)</sup> <br>|  | 316000 | &nbsp;&nbsp; 328228 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 642000 | &nbsp;&nbsp; 676486 |
|  |  |  | &nbsp;&nbsp; 3894316 |
| **Broadline Retail–0.15%** | **Broadline Retail–0.15%** | **Broadline Retail–0.15%** | **Broadline Retail–0.15%** |
| El Puerto de Liverpool S.A.B. de <br> C.V. (Mexico), 6.66%, <br> 01/22/2037<sup>(b)</sup> <br>|  | 2726000 | &nbsp;&nbsp; 2894194 |
| Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, |  |  |
| 6.13%, 03/15/2032<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 73286 |
| 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 2373000 | &nbsp;&nbsp; 2439517 |
| 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 691000 | &nbsp;&nbsp; 603803 |
|  |  |  | &nbsp;&nbsp; 6010800 |
| **Building Products–0.27%** | **Building Products–0.27%** | **Building Products–0.27%** | **Building Products–0.27%** |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 2697000 | &nbsp;&nbsp; 2731120 |
| 4.95%, 04/07/2030<sup>(b)(c)</sup> <br>|  | 1894000 | &nbsp;&nbsp; 1933884 |
| 5.40%, 04/07/2035<sup>(b)</sup> <br>|  | 3385000 | &nbsp;&nbsp; 3436259 |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 632000 | &nbsp;&nbsp; 674102 |
| Lennox International, Inc., <br> 5.50%, 09/15/2028<br>|  | 1293000 | &nbsp;&nbsp; 1340158 |
| New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 575000 | &nbsp;&nbsp; 568861 |
|  |  |  | &nbsp;&nbsp; 10684384 |
| **Cable & Satellite–0.78%** | **Cable & Satellite–0.78%** | **Cable & Satellite–0.78%** | **Cable & Satellite–0.78%** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)(c)</sup> <br>|  | 345000 | &nbsp;&nbsp; 342536 |
| 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 201148 |
| 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 234000 | &nbsp;&nbsp; 217211 |
| 4.50%, 05/01/2032 |  | 1058000 | &nbsp;&nbsp; 968155 |
| 4.50%, 06/01/2033<sup>(b)(c)</sup> <br>|  | 860000 | &nbsp;&nbsp; 767774 |
| 4.25%, 01/15/2034<sup>(b)(c)</sup> <br>|  | 650000 | &nbsp;&nbsp; 564874 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., |  |  |
| 6.65%, 02/01/2034<sup>(c)</sup> <br>|  | 3530000 | &nbsp;&nbsp; 3766739 |
| 5.85%, 12/01/2035 |  | 3383000 | &nbsp;&nbsp; 3390270 |
| 5.75%, 04/01/2048 |  | 1012000 | &nbsp;&nbsp; 902463 |
| 6.83%, 10/23/2055<sup>(c)</sup> <br>|  | 1836000 | &nbsp;&nbsp; 1836334 |
| 6.70%, 12/01/2055 |  | 2937000 | &nbsp;&nbsp; 2903599 |

---

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

**4**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032<sup>(c)</sup> <br>|  | $2214000 | &nbsp;&nbsp; $2334746 |
| 3.45%, 02/01/2050 |  | 156000 | &nbsp;&nbsp; 106183 |
| 2.89%, 11/01/2051 |  | 192000 | &nbsp;&nbsp; 115112 |
| 6.05%, 05/15/2055<sup>(c)</sup> <br>|  | 7108000 | &nbsp;&nbsp; 7196150 |
| Cox Communications, Inc., | Cox Communications, Inc., |  |  |
| 5.70%, 06/15/2033<sup>(b)</sup> <br>|  | 721000 | &nbsp;&nbsp; 729909 |
| 5.80%, 12/15/2053<sup>(b)</sup> <br>|  | 2785000 | &nbsp;&nbsp; 2476769 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., |  |  |
| 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | 288000 | &nbsp;&nbsp; 286782 |
| 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 286000 | &nbsp;&nbsp; 284497 |
| Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 112000 | &nbsp;&nbsp; 114842 |
| Virgin Media Secured Finance PLC <br> (United Kingdom), 5.50%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1182376 |
|  |  |  | &nbsp;&nbsp; 30688469 |
| **Cargo Ground Transportation–0.19%** | **Cargo Ground Transportation–0.19%** | **Cargo Ground Transportation–0.19%** | **Cargo Ground Transportation–0.19%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6073 |
| 4.40%, 07/01/2027<sup>(b)</sup> <br>|  | 1653000 | &nbsp;&nbsp; 1656999 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 740000 | &nbsp;&nbsp; 762156 |
| 5.55%, 05/01/2028<sup>(b)(c)</sup> <br>|  | 2057000 | &nbsp;&nbsp; 2121870 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1516000 | &nbsp;&nbsp; 1586860 |
| 6.20%, 06/15/2030<sup>(b)(c)</sup> <br>|  | 469000 | &nbsp;&nbsp; 502921 |
| Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 995000 | &nbsp;&nbsp; 1016671 |
|  |  |  | &nbsp;&nbsp; 7653550 |
| **Casinos & Gaming–0.03%** | **Casinos & Gaming–0.03%** | **Casinos & Gaming–0.03%** | **Casinos & Gaming–0.03%** |
| Studio City Finance Ltd. (Macau), <br> 5.00%, 01/15/2029<sup>(b)(c)</sup> <br>|  | 652000 | &nbsp;&nbsp; 618416 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 545000 | &nbsp;&nbsp; 575518 |
|  |  |  | &nbsp;&nbsp; 1193934 |
| **Commercial & Residential Mortgage Finance–0.50%** | **Commercial & Residential Mortgage Finance–0.50%** | **Commercial & Residential Mortgage Finance–0.50%** | **Commercial & Residential Mortgage Finance–0.50%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 1241000 | &nbsp;&nbsp; 1296738 |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 1805000 | &nbsp;&nbsp; 1924494 |
| 4.80%, 10/24/2030<sup>(b)</sup> <br>|  | 6495000 | &nbsp;&nbsp; 6494617 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 552000 | &nbsp;&nbsp; 566842 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 531000 | &nbsp;&nbsp; 553902 |
| Nationwide Building Society <br> (United Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | 1821000 | &nbsp;&nbsp; 1864134 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 302000 | &nbsp;&nbsp; 291501 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<sup>(c)</sup> <br>|  | 1224000 | &nbsp;&nbsp; 1282787 |
| Rocket Cos., Inc., | Rocket Cos., Inc., |  |  |
| 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 1652000 | &nbsp;&nbsp; 1700940 |
| 6.38%, 08/01/2033<sup>(b)</sup> <br>|  | 2877000 | &nbsp;&nbsp; 2989131 |
| Rocket Mortgage LLC/Rocket <br> Mortgage Co-Issuer, Inc., <br> 2.88%, 10/15/2026<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 231158 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)(c)</sup> <br>|  | 555000 | &nbsp;&nbsp; 577838 |
|  |  |  | &nbsp;&nbsp; 19774082 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commodity Chemicals–0.01%** | **Commodity Chemicals–0.01%** | **Commodity Chemicals–0.01%** | **Commodity Chemicals–0.01%** |
| Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | $540000 | &nbsp;&nbsp; $572821 |
| **Communications Equipment–0.02%** | **Communications Equipment–0.02%** | **Communications Equipment–0.02%** | **Communications Equipment–0.02%** |
| Cisco Systems, Inc., 5.30%, <br> 02/26/2054<sup>(c)</sup> <br>|  | 911000 | &nbsp;&nbsp; 876728 |
| **Computer & Electronics Retail–0.23%** | **Computer & Electronics Retail–0.23%** | **Computer & Electronics Retail–0.23%** | **Computer & Electronics Retail–0.23%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 5.50%, 04/01/2035<sup>(c)</sup> <br>|  | 7363000 | &nbsp;&nbsp; 7503363 |
| 8.10%, 07/15/2036 |  | 149000 | &nbsp;&nbsp; 180835 |
| Leidos, Inc., 5.75%, <br> 03/15/2033<br>|  | 1207000 | &nbsp;&nbsp; 1265678 |
|  |  |  | &nbsp;&nbsp; 8949876 |
| **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** | **Construction & Engineering–0.17%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 6461000 | &nbsp;&nbsp; 6598942 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.87%** |
| Caterpillar, Inc., | Caterpillar, Inc., |  |  |
| 5.20%, 05/15/2035<sup>(c)</sup> <br>|  | 2469000 | &nbsp;&nbsp; 2531085 |
| 5.50%, 05/15/2055 |  | 850000 | &nbsp;&nbsp; 843965 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031 |  | 6445000 | &nbsp;&nbsp; 6551148 |
| 5.15%, 02/20/2034<sup>(c)</sup> <br>|  | 1958000 | &nbsp;&nbsp; 2008355 |
| 5.30%, 05/09/2035<sup>(c)</sup> <br>|  | 3844000 | &nbsp;&nbsp; 3929447 |
| 5.45%, 02/20/2054<sup>(c)</sup> <br>|  | 2681000 | &nbsp;&nbsp; 2598760 |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 548000 | &nbsp;&nbsp; 563944 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030<sup>(c)</sup> <br>|  | 3538000 | &nbsp;&nbsp; 3620655 |
| 5.50%, 05/29/2035 |  | 11272000 | &nbsp;&nbsp; 11570135 |
|  |  |  | &nbsp;&nbsp; 34217494 |
| **Construction Materials–0.14%** | **Construction Materials–0.14%** | **Construction Materials–0.14%** | **Construction Materials–0.14%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 2340000 | &nbsp;&nbsp; 2367296 |
| 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 3254000 | &nbsp;&nbsp; 3304811 |
|  |  |  | &nbsp;&nbsp; 5672107 |
| **Consumer Electronics–0.09%** | **Consumer Electronics–0.09%** | **Consumer Electronics–0.09%** | **Consumer Electronics–0.09%** |
| LG Electronics, Inc. (South Korea), | LG Electronics, Inc. (South Korea), |  |  |
| 5.63%, 04/24/2027<sup>(b)</sup> <br>|  | 1598000 | &nbsp;&nbsp; 1629265 |
| 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 1692500 | &nbsp;&nbsp; 1763025 |
|  |  |  | &nbsp;&nbsp; 3392290 |
| **Consumer Finance–1.66%** | **Consumer Finance–1.66%** | **Consumer Finance–1.66%** | **Consumer Finance–1.66%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 56462 |
| 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 2441000 | &nbsp;&nbsp; 2481410 |
| 5.65% (SOFR + 1.26%), <br> 04/25/2029<sup>(f)</sup> <br>|  | 7525000 | &nbsp;&nbsp; 7633302 |
| 4.35%, 07/20/2029<sup>(d)</sup> <br>|  | 6786000 | &nbsp;&nbsp; 6822146 |
| 5.20% (SOFR + 0.81%), <br> 07/20/2029<sup>(f)</sup> <br>|  | 10112000 | &nbsp;&nbsp; 10133695 |
| 5.53%, 04/25/2030<sup>(c)(d)</sup> <br>|  | 6477000 | &nbsp;&nbsp; 6765269 |
| 5.42% (SOFR + 1.02%), <br> 01/30/2031<sup>(f)</sup> <br>|  | 709000 | &nbsp;&nbsp; 712742 |
| 5.02%, 04/25/2031<sup>(d)</sup> <br>|  | 5398000 | &nbsp;&nbsp; 5548060 |
| 4.92%, 07/20/2033<sup>(c)(d)</sup> <br>|  | 4618000 | &nbsp;&nbsp; 4678877 |

---

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

**5**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** |
| 5.44%, 01/30/2036<sup>(d)</sup> <br>|  | $2617000 | &nbsp;&nbsp; $2691145 |
| 5.67%, 04/25/2036<sup>(c)(d)</sup> <br>|  | 3403000 | &nbsp;&nbsp; 3557266 |
| Capital One Financial Corp., <br> 7.15%, 10/29/2027<sup>(c)(d)</sup> <br>|  | 984000 | &nbsp;&nbsp; 1014273 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)(c)</sup> <br>|  | 1081000 | &nbsp;&nbsp; 1142487 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)(c)</sup> <br>|  | 4222000 | &nbsp;&nbsp; 4386384 |
| General Motors Financial Co., Inc., <br> Series B, 6.50%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196825 |
| goeasy Ltd. (Canada), 6.88%, <br> 02/15/2031<sup>(b)(c)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1500979 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 389000 | &nbsp;&nbsp; 386423 |
| 9.38%, 07/25/2030 |  | 173000 | &nbsp;&nbsp; 191228 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | 360000 | &nbsp;&nbsp; 370633 |
| 4.00%, 09/15/2030 |  | 171000 | &nbsp;&nbsp; 158178 |
| 6.75%, 03/15/2032 |  | 260000 | &nbsp;&nbsp; 266494 |
| 7.13%, 09/15/2032 |  | 2815000 | &nbsp;&nbsp; 2934667 |
| Synchrony Financial, | Synchrony Financial, |  |  |
| 5.02%, 07/29/2029<sup>(d)</sup> <br>|  | 739000 | &nbsp;&nbsp; 744408 |
| 6.00%, 07/29/2036<sup>(d)</sup> <br>|  | 1044000 | &nbsp;&nbsp; 1055924 |
|  |  |  | &nbsp;&nbsp; 65429277 |
| **Consumer Staples Merchandise Retail–0.14%** | **Consumer Staples Merchandise Retail–0.14%** | **Consumer Staples Merchandise Retail–0.14%** | **Consumer Staples Merchandise Retail–0.14%** |
| Dollar General Corp., | Dollar General Corp., |  |  |
| 5.00%, 11/01/2032<sup>(c)</sup> <br>|  | 518000 | &nbsp;&nbsp; 522659 |
| 5.50%, 11/01/2052<sup>(c)</sup> <br>|  | 1531000 | &nbsp;&nbsp; 1429674 |
| Target Corp., 5.00%, <br> 04/15/2035<sup>(c)</sup> <br>|  | 3365000 | &nbsp;&nbsp; 3375727 |
| Walmart, Inc., | Walmart, Inc., |  |  |
| 4.90%, 04/28/2035 |  | 66000 | &nbsp;&nbsp; 67071 |
| 4.50%, 09/09/2052 |  | 88000 | &nbsp;&nbsp; 76374 |
|  |  |  | &nbsp;&nbsp; 5471505 |
| **Copper–0.02%** | **Copper–0.02%** | **Copper–0.02%** | **Copper–0.02%** |
| Freeport-McMoRan, Inc., 5.00%, <br> 09/01/2027<sup>(c)</sup> <br>|  | 658000 | &nbsp;&nbsp; 658154 |
| **Distillers & Vintners–0.05%** | **Distillers & Vintners–0.05%** | **Distillers & Vintners–0.05%** | **Distillers & Vintners–0.05%** |
| Brown-Forman Corp., 4.75%, <br> 04/15/2033<sup>(c)</sup> <br>|  | 606000 | &nbsp;&nbsp; 609880 |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030<sup>(c)</sup> <br>|  | 910000 | &nbsp;&nbsp; 924380 |
| 4.90%, 05/01/2033<sup>(c)</sup> <br>|  | 473000 | &nbsp;&nbsp; 472105 |
|  |  |  | &nbsp;&nbsp; 2006365 |
| **Distributors–0.22%** | **Distributors–0.22%** | **Distributors–0.22%** | **Distributors–0.22%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | 2950000 | &nbsp;&nbsp; 3142322 |
| 4.95%, 08/15/2029 |  | 2219000 | &nbsp;&nbsp; 2266027 |
| 6.88%, 11/01/2033 |  | 2820000 | &nbsp;&nbsp; 3168551 |
|  |  |  | &nbsp;&nbsp; 8576900 |
| **Diversified Banks–14.35%** | **Diversified Banks–14.35%** | **Diversified Banks–14.35%** | **Diversified Banks–14.35%** |
| Africa Finance Corp. (Supranational), | Africa Finance Corp. (Supranational), |  |  |
| 4.38%, 04/17/2026<sup>(b)</sup> <br>|  | 7620000 | &nbsp;&nbsp; 7591521 |
| 7.50%<sup>(b)(d)(e)</sup> <br>|  | 3241000 | &nbsp;&nbsp; 3188003 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Australia and New Zealand Banking <br> Group Ltd. (Australia), | Australia and New Zealand Banking <br> Group Ltd. (Australia), |  |  |
| 6.74%, 12/08/2032<sup>(b)</sup> <br>|  | $2500000 | &nbsp;&nbsp; $2749765 |
| 5.20%, 09/30/2035<sup>(b)(c)(d)</sup> <br>|  | 9622000 | &nbsp;&nbsp; 9561617 |
| 6.75%<sup>(b)(d)(e)</sup> <br>|  | 2512000 | &nbsp;&nbsp; 2547301 |
| Banco Bilbao Vizcaya Argentaria <br> S.A. (Spain), 9.38%<sup>(d)(e)</sup> <br>|  | 1403000 | &nbsp;&nbsp; 1554262 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 5.55%, 03/14/2028<sup>(c)(d)</sup> <br>|  | 2200000 | &nbsp;&nbsp; 2239718 |
| 8.00%<sup>(d)(e)</sup> <br>|  | 63492 | &nbsp;&nbsp; 69078 |
| 9.63%<sup>(d)(e)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2218958 |
| 9.63%<sup>(c)(d)(e)</sup> <br>|  | 2600000 | &nbsp;&nbsp; 3071312 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 5.23% (SOFR + 0.83%), <br> 01/24/2029<sup>(f)</sup> <br>|  | 2029000 | &nbsp;&nbsp; 2032488 |
| 5.20%, 04/25/2029<sup>(d)</sup> <br>|  | 2243000 | &nbsp;&nbsp; 2300267 |
| 5.16%, 01/24/2031<sup>(c)(d)</sup> <br>|  | 1078000 | &nbsp;&nbsp; 1112884 |
| 5.41% (SOFR + 1.01%), <br> 01/24/2031<sup>(f)</sup> <br>|  | 2855000 | &nbsp;&nbsp; 2856333 |
| 5.43%, 08/15/2035<sup>(d)</sup> <br>|  | 3461000 | &nbsp;&nbsp; 3484929 |
| 5.51%, 01/24/2036<sup>(d)</sup> <br>|  | 4678000 | &nbsp;&nbsp; 4821498 |
| 5.74%, 02/12/2036<sup>(d)</sup> <br>|  | 5532000 | &nbsp;&nbsp; 5669915 |
| 5.46%, 05/09/2036<sup>(d)</sup> <br>|  | 4339000 | &nbsp;&nbsp; 4458715 |
| 2.48%, 09/21/2036<sup>(d)</sup> <br>|  | 284000 | &nbsp;&nbsp; 245787 |
| 7.75%, 05/14/2038 |  | 1450000 | &nbsp;&nbsp; 1744706 |
| 3.31%, 04/22/2042<sup>(d)</sup> <br>|  | 363000 | &nbsp;&nbsp; 279951 |
| 6.63%<sup>(d)(e)</sup> <br>|  | 3910000 | &nbsp;&nbsp; 4035151 |
| Series DD, 6.30%<sup>(c)(d)(e)</sup> <br>|  | 705000 | &nbsp;&nbsp; 709550 |
| Series TT, 6.13%<sup>(d)(e)</sup> <br>|  | 93000 | &nbsp;&nbsp; 94097 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 7.70%, 05/26/2084<sup>(d)</sup> <br>|  | 4869000 | &nbsp;&nbsp; 5088792 |
| 7.30%, 11/26/2084<sup>(d)</sup> <br>|  | 3941000 | &nbsp;&nbsp; 4139453 |
| Bank of New York Mellon (The), <br> 4.73%, 04/20/2029<sup>(d)</sup> <br>|  | 1376000 | &nbsp;&nbsp; 1398937 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(d)</sup> <br>|  | 3421000 | &nbsp;&nbsp; 3631788 |
| 8.00%, 01/27/2084<sup>(d)</sup> <br>|  | 3504000 | &nbsp;&nbsp; 3742482 |
| Banque Federative du Credit <br> Mutuel (France), 4.59%, <br> 10/16/2028<sup>(b)</sup> <br>|  | 8900000 | &nbsp;&nbsp; 8983898 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 5.37%, 02/25/2031<sup>(d)</sup> <br>|  | 1732000 | &nbsp;&nbsp; 1786939 |
| 6.69%, 09/13/2034<sup>(d)</sup> <br>|  | 77000 | &nbsp;&nbsp; 84381 |
| 3.33%, 11/24/2042<sup>(d)</sup> <br>|  | 423000 | &nbsp;&nbsp; 316298 |
| 5.86%, 08/11/2046<sup>(d)</sup> <br>|  | 3216000 | &nbsp;&nbsp; 3196885 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(d)</sup> <br>|  | 2287000 | &nbsp;&nbsp; 2309122 |
| 5.83% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(f)</sup> <br>|  | 6812000 | &nbsp;&nbsp; 6894185 |
| 5.09%, 05/09/2031<sup>(b)(c)(d)</sup> <br>|  | 6486000 | &nbsp;&nbsp; 6591771 |
| 7.45%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204612 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 6.29%, 01/14/2036<sup>(b)(d)</sup> <br>|  | 3148000 | &nbsp;&nbsp; 3314110 |
| 6.92%, 01/14/2046<sup>(b)(d)</sup> <br>|  | 2138000 | &nbsp;&nbsp; 2231207 |
| CaixaBank S.A. (Spain), 4.89%, <br> 07/03/2031<sup>(b)(d)</sup> <br>|  | 3527000 | &nbsp;&nbsp; 3569447 |

---

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

**6**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.55% (SOFR + 1.14%), <br> 05/07/2028<sup>(f)</sup> <br>|  | $5809000 | &nbsp;&nbsp; $5850105 |
| 5.28% (SOFR + 0.87%), <br> 03/04/2029<sup>(f)</sup> <br>|  | 709000 | &nbsp;&nbsp; 710103 |
| 5.17%, 02/13/2030<sup>(d)</sup> <br>|  | 1154000 | &nbsp;&nbsp; 1184425 |
| 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 3230000 | &nbsp;&nbsp; 3245877 |
| 4.95%, 05/07/2031<sup>(c)(d)</sup> <br>|  | 6377000 | &nbsp;&nbsp; 6498982 |
| 5.87% (SOFR + 1.46%), <br> 05/07/2031<sup>(f)</sup> <br>|  | 6391000 | &nbsp;&nbsp; 6498073 |
| 6.17%, 05/25/2034<sup>(d)</sup> <br>|  | 3572000 | &nbsp;&nbsp; 3764451 |
| 5.83%, 02/13/2035<sup>(d)</sup> <br>|  | 3855000 | &nbsp;&nbsp; 3964611 |
| 6.02%, 01/24/2036<sup>(d)</sup> <br>|  | 2327000 | &nbsp;&nbsp; 2405398 |
| 3.88%, 01/24/2039<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 245130 |
| 5.41%, 09/19/2039<sup>(c)(d)</sup> <br>|  | 4448000 | &nbsp;&nbsp; 4405659 |
| 2.90%, 11/03/2042<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 207110 |
| 5.61%, 03/04/2056<sup>(c)(d)</sup> <br>|  | 9055000 | &nbsp;&nbsp; 8845783 |
| Series AA, 7.63%<sup>(d)(e)</sup> <br>|  | 5029000 | &nbsp;&nbsp; 5272655 |
| Series BB, 7.20%<sup>(d)(e)</sup> <br>|  | 3724000 | &nbsp;&nbsp; 3843149 |
| Series DD, 7.00%<sup>(c)(d)(e)</sup> <br>|  | 4689000 | &nbsp;&nbsp; 4933264 |
| Series W, 4.00%<sup>(d)(e)</sup> <br>|  | 4628000 | &nbsp;&nbsp; 4596152 |
| Series Y, 4.15%<sup>(d)(e)</sup> <br>|  | 585000 | &nbsp;&nbsp; 572431 |
| Series Z, 7.38%<sup>(c)(d)(e)</sup> <br>|  | 4989000 | &nbsp;&nbsp; 5196053 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(d)</sup> <br>|  | 675000 | &nbsp;&nbsp; 700461 |
| Corporacion Financiera de <br> Desarrollo S.A. (Peru), 5.95%, <br> 04/30/2029<sup>(b)</sup> <br>|  | 7135000 | &nbsp;&nbsp; 7383227 |
| Credit Agricole S.A. (France), <br> 5.22%, 05/27/2031<sup>(b)(d)</sup> <br>|  | 2940000 | &nbsp;&nbsp; 3008850 |
| Federation des caisses Desjardins <br> du Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(b)(c)</sup> <br>|  | 2466000 | &nbsp;&nbsp; 2490134 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(d)</sup> <br>|  | 460000 | &nbsp;&nbsp; 446450 |
| 6.34%, 07/27/2029<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 298772 |
| 4.77%, 07/28/2030<sup>(d)</sup> <br>|  | 1010000 | &nbsp;&nbsp; 1022708 |
| 5.63%, 01/29/2032<sup>(c)(d)</sup> <br>|  | 319000 | &nbsp;&nbsp; 334184 |
| 4.34%, 04/25/2033<sup>(c)(d)</sup> <br>|  | 977000 | &nbsp;&nbsp; 945515 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.89%, 08/14/2027<sup>(d)</sup> <br>|  | 2161000 | &nbsp;&nbsp; 2190649 |
| 5.60%, 05/17/2028<sup>(d)</sup> <br>|  | 2919000 | &nbsp;&nbsp; 2980915 |
| 5.21%, 08/11/2028<sup>(d)</sup> <br>|  | 1218000 | &nbsp;&nbsp; 1237734 |
| 5.29%, 11/19/2030<sup>(d)</sup> <br>|  | 3492000 | &nbsp;&nbsp; 3602115 |
| 5.13%, 03/03/2031<sup>(d)</sup> <br>|  | 2939000 | &nbsp;&nbsp; 3011569 |
| 5.24%, 05/13/2031<sup>(d)</sup> <br>|  | 4359000 | &nbsp;&nbsp; 4482243 |
| 5.97% (SOFR + 1.57%), <br> 05/13/2031<sup>(f)</sup> <br>|  | 7374000 | &nbsp;&nbsp; 7506530 |
| 7.40%, 11/13/2034<sup>(d)</sup> <br>|  | 2162000 | &nbsp;&nbsp; 2436989 |
| 5.79%, 05/13/2036<sup>(d)</sup> <br>|  | 4460000 | &nbsp;&nbsp; 4641929 |
| 6.33%, 03/09/2044<sup>(d)</sup> <br>|  | 3989000 | &nbsp;&nbsp; 4282406 |
| 6.88%<sup>(d)(e)</sup> <br>|  | 2421000 | &nbsp;&nbsp; 2502922 |
| 7.05%<sup>(d)(e)</sup> <br>|  | 8567000 | &nbsp;&nbsp; 8859297 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(c)(d)</sup> <br>|  | 2278000 | &nbsp;&nbsp; 2352203 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | $1857000 | &nbsp;&nbsp; $1897078 |
| 4.32%, 04/26/2028<sup>(d)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1150566 |
| 4.85%, 07/25/2028<sup>(c)(d)</sup> <br>|  | 900000 | &nbsp;&nbsp; 911310 |
| 4.92%, 01/24/2029<sup>(c)(d)</sup> <br>|  | 915000 | &nbsp;&nbsp; 931412 |
| 5.30%, 07/24/2029<sup>(d)</sup> <br>|  | 1535000 | &nbsp;&nbsp; 1581445 |
| 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 1660000 | &nbsp;&nbsp; 1751572 |
| 5.01%, 01/23/2030<sup>(d)</sup> <br>|  | 716000 | &nbsp;&nbsp; 733523 |
| 5.58%, 04/22/2030<sup>(d)</sup> <br>|  | 1564000 | &nbsp;&nbsp; 1633202 |
| 5.00%, 07/22/2030<sup>(d)</sup> <br>|  | 2712000 | &nbsp;&nbsp; 2782127 |
| 4.60%, 10/22/2030<sup>(d)</sup> <br>|  | 2917000 | &nbsp;&nbsp; 2949677 |
| 5.14%, 01/24/2031<sup>(d)</sup> <br>|  | 2255000 | &nbsp;&nbsp; 2324508 |
| 5.10%, 04/22/2031<sup>(d)</sup> <br>|  | 2898000 | &nbsp;&nbsp; 2990703 |
| 4.59%, 04/26/2033<sup>(c)(d)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1235187 |
| 4.91%, 07/25/2033<sup>(d)</sup> <br>|  | 141000 | &nbsp;&nbsp; 143014 |
| 5.72%, 09/14/2033<sup>(c)(d)</sup> <br>|  | 2901000 | &nbsp;&nbsp; 3046596 |
| 5.35%, 06/01/2034<sup>(d)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62998 |
| 5.34%, 01/23/2035<sup>(d)</sup> <br>|  | 704000 | &nbsp;&nbsp; 723393 |
| 5.50%, 01/24/2036<sup>(d)</sup> <br>|  | 2741000 | &nbsp;&nbsp; 2831449 |
| 5.57%, 04/22/2036<sup>(d)</sup> <br>|  | 5829000 | &nbsp;&nbsp; 6062486 |
| 5.58%, 07/23/2036<sup>(d)</sup> <br>|  | 2779000 | &nbsp;&nbsp; 2841547 |
| 3.88%, 07/24/2038<sup>(d)</sup> <br>|  | 244000 | &nbsp;&nbsp; 215856 |
| 5.53%, 11/29/2045<sup>(d)</sup> <br>|  | 3943000 | &nbsp;&nbsp; 3962152 |
| 4.26%, 02/22/2048<sup>(d)</sup> <br>|  | 600000 | &nbsp;&nbsp; 501538 |
| Series W, 5.47% (3 mo. Term <br> SOFR + 1.26%), <br> 05/15/2047<sup>(f)</sup> <br>|  | 2010000 | &nbsp;&nbsp; 1788434 |
| Series CC, 7.14% (3 mo. Term <br> SOFR + 2.84%)<sup>(c)(e)(f)</sup> <br>|  | 903000 | &nbsp;&nbsp; 911316 |
| Series NN, 6.88%<sup>(c)(d)(e)</sup> <br>|  | 2585000 | &nbsp;&nbsp; 2722718 |
| Series OO, 6.50%<sup>(d)(e)</sup> <br>|  | 10094000 | &nbsp;&nbsp; 10392510 |
| KeyBank N.A., 5.85%, <br> 11/15/2027<br>|  | 1077000 | &nbsp;&nbsp; 1111183 |
| KeyCorp, 2.55%, 10/01/2029<sup>(c)</sup> <br>|  | 413000 | &nbsp;&nbsp; 386412 |
| Manufacturers & Traders <br> Trust Co., 4.70%, <br> 01/27/2028<br>|  | 1579000 | &nbsp;&nbsp; 1599136 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.02%, 07/20/2028<sup>(c)(d)</sup> <br>|  | 1093000 | &nbsp;&nbsp; 1110302 |
| 5.26%, 04/17/2030<sup>(d)</sup> <br>|  | 2987000 | &nbsp;&nbsp; 3085112 |
| 5.16%, 04/24/2031<sup>(d)</sup> <br>|  | 3498000 | &nbsp;&nbsp; 3609413 |
| 5.87% (SOFR + 1.48%), <br> 04/24/2031<sup>(f)</sup> <br>|  | 2850000 | &nbsp;&nbsp; 2904840 |
| 5.41%, 04/19/2034<sup>(c)(d)</sup> <br>|  | 1235000 | &nbsp;&nbsp; 1289231 |
| 5.43%, 04/17/2035<sup>(d)</sup> <br>|  | 3012000 | &nbsp;&nbsp; 3106639 |
| 5.57%, 01/16/2036<sup>(d)</sup> <br>|  | 3891000 | &nbsp;&nbsp; 4049838 |
| 5.62%, 04/24/2036<sup>(d)</sup> <br>|  | 17673000 | &nbsp;&nbsp; 18431195 |
| 8.20%<sup>(c)(d)(e)</sup> <br>|  | 4841000 | &nbsp;&nbsp; 5298847 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 5.78%, 07/06/2029<sup>(d)</sup> <br>|  | 1148000 | &nbsp;&nbsp; 1196244 |
| 5.38%, 07/10/2030<sup>(c)(d)</sup> <br>|  | 3066000 | &nbsp;&nbsp; 3177300 |
| 4.71%, 07/08/2031<sup>(d)</sup> <br>|  | 5900000 | &nbsp;&nbsp; 5970903 |
| 5.63% (SOFR + 1.25%), <br> 07/08/2031<sup>(f)</sup> <br>|  | 5824000 | &nbsp;&nbsp; 5874643 |
| 5.59%, 07/10/2035<sup>(c)(d)</sup> <br>|  | 3892000 | &nbsp;&nbsp; 4052786 |
| 5.32%, 07/08/2036<sup>(d)</sup> <br>|  | 8747000 | &nbsp;&nbsp; 8887760 |
| Morgan Stanley Bank N.A., <br> 5.02%, 01/12/2029<sup>(d)</sup> <br>|  | 1405000 | &nbsp;&nbsp; 1429329 |

---

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

**7**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(d)</sup> <br>|  | $3953000 | &nbsp;&nbsp; $3971876 |
| 4.73%, 07/18/2031<sup>(d)</sup> <br>|  | 3512000 | &nbsp;&nbsp; 3562429 |
| Multibank, Inc. (Panama), 7.75%, <br> 02/03/2028<sup>(b)</sup> <br>|  | 392000 | &nbsp;&nbsp; 408162 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(c)(d)</sup> <br>|  | 5559000 | &nbsp;&nbsp; 5784586 |
| National Securities Clearing Corp., <br> 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 74000 | &nbsp;&nbsp; 75645 |
| Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |  |  |
| 4.25%, 08/28/2030<sup>(b)</sup> <br>|  | 9231000 | &nbsp;&nbsp; 9248349 |
| 6.30%<sup>(b)(c)(d)(e)</sup> <br>|  | 3074000 | &nbsp;&nbsp; 3081333 |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)</sup> <br>|  | 1096000 | &nbsp;&nbsp; 1120263 |
| Panama Infrastructure Receivable <br> Purchaser PLC (United <br> Kingdom), 0.00%, <br> 04/05/2032<sup>(b)(h)</sup> <br>|  | 1766000 | &nbsp;&nbsp; 1320579 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 1736000 | &nbsp;&nbsp; 1779936 |
| 5.58%, 06/12/2029<sup>(c)(d)</sup> <br>|  | 1914000 | &nbsp;&nbsp; 1985810 |
| 4.90%, 05/13/2031<sup>(c)(d)</sup> <br>|  | 5893000 | &nbsp;&nbsp; 6015553 |
| 4.63%, 06/06/2033<sup>(d)</sup> <br>|  | 231000 | &nbsp;&nbsp; 227394 |
| 6.04%, 10/28/2033<sup>(d)</sup> <br>|  | 1153000 | &nbsp;&nbsp; 1235410 |
| 5.07%, 01/24/2034<sup>(d)</sup> <br>|  | 1162000 | &nbsp;&nbsp; 1176023 |
| 5.37%, 07/21/2036<sup>(d)</sup> <br>|  | 3316000 | &nbsp;&nbsp; 3371045 |
| Series U, 6.00%<sup>(d)(e)</sup> <br>|  | 55000 | &nbsp;&nbsp; 55506 |
| Series V, 6.20%<sup>(c)(d)(e)</sup> <br>|  | 2189000 | &nbsp;&nbsp; 2229527 |
| Series W, 6.25%<sup>(c)(d)(e)</sup> <br>|  | 2449000 | &nbsp;&nbsp; 2483129 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 5.22% (SOFR + 0.83%), <br> 01/24/2029<sup>(f)</sup> <br>|  | 709000 | &nbsp;&nbsp; 710945 |
| 5.00%, 02/01/2033<sup>(c)</sup> <br>|  | 1714000 | &nbsp;&nbsp; 1757774 |
| 7.50%, 05/02/2084<sup>(d)</sup> <br>|  | 5580000 | &nbsp;&nbsp; 5848074 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | 1077000 | &nbsp;&nbsp; 1092637 |
| 6.75%, 02/08/2028<sup>(b)(d)</sup> <br>|  | 1237000 | &nbsp;&nbsp; 1277143 |
| 7.02%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 1647000 | &nbsp;&nbsp; 1780376 |
| 5.01%, 10/15/2030<sup>(b)(d)</sup> <br>|  | 2699000 | &nbsp;&nbsp; 2748390 |
| 5.24%, 05/13/2031<sup>(b)(d)</sup> <br>|  | 3402000 | &nbsp;&nbsp; 3489664 |
| 6.08% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(f)</sup> <br>|  | 3376000 | &nbsp;&nbsp; 3443165 |
| 2.68%, 06/29/2032<sup>(b)(d)</sup> <br>|  | 3050000 | &nbsp;&nbsp; 2713376 |
| 5.40%, 08/12/2036<sup>(b)(d)</sup> <br>|  | 8398000 | &nbsp;&nbsp; 8393331 |
| 7.75%<sup>(b)(d)(e)</sup> <br>|  | 2465000 | &nbsp;&nbsp; 2561998 |
| Sumitomo Mitsui Financial Group, <br> Inc. (Japan), 6.60%<sup>(c)(d)(e)</sup> <br>|  | 3345000 | &nbsp;&nbsp; 3485446 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 09/14/2026<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 42610 |
| 5.55%, 09/14/2028<sup>(b)</sup> <br>|  | 2154000 | &nbsp;&nbsp; 2243503 |
| 5.20%, 03/07/2029<sup>(b)(c)</sup> <br>|  | 2406000 | &nbsp;&nbsp; 2483757 |
| 5.35%, 03/07/2034<sup>(b)(c)</sup> <br>|  | 2190000 | &nbsp;&nbsp; 2261360 |
| Synovus Bank, 5.63%, <br> 02/15/2028<br>|  | 3757000 | &nbsp;&nbsp; 3836126 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 4.78%, 12/17/2029<sup>(c)</sup> <br>|  | 2508000 | &nbsp;&nbsp; 2563910 |
| 8.13%, 10/31/2082<sup>(d)</sup> <br>|  | 3042000 | &nbsp;&nbsp; 3211260 |
| 7.25%, 07/31/2084<sup>(c)(d)</sup> <br>|  | 144000 | &nbsp;&nbsp; 149959 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Truist Bank, | Truist Bank, |  |  |
| 4.42%, 07/24/2028<sup>(d)</sup> <br>|  | $7908000 | &nbsp;&nbsp; $7933335 |
| 5.14% (SOFR + 0.77%), <br> 07/24/2028<sup>(f)</sup> <br>|  | 9826000 | &nbsp;&nbsp; 9831755 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(c)(d)</sup> <br>|  | 1479000 | &nbsp;&nbsp; 1541358 |
| 5.84%, 06/12/2034<sup>(d)</sup> <br>|  | 46000 | &nbsp;&nbsp; 48529 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.15% (SOFR + 0.78%), <br> 01/24/2028<sup>(f)</sup> <br>|  | 729000 | &nbsp;&nbsp; 731661 |
| 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 1153000 | &nbsp;&nbsp; 1179490 |
| 4.81%, 07/25/2028<sup>(d)</sup> <br>|  | 494000 | &nbsp;&nbsp; 499368 |
| 5.76% (SOFR + 1.37%), <br> 04/23/2029<sup>(f)</sup> <br>|  | 3264000 | &nbsp;&nbsp; 3316126 |
| 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 1065000 | &nbsp;&nbsp; 1104253 |
| 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 1144000 | &nbsp;&nbsp; 1212868 |
| 5.20%, 01/23/2030<sup>(d)</sup> <br>|  | 809000 | &nbsp;&nbsp; 833450 |
| 5.15%, 04/23/2031<sup>(c)(d)</sup> <br>|  | 5188000 | &nbsp;&nbsp; 5344734 |
| 5.39%, 04/24/2034<sup>(d)</sup> <br>|  | 923000 | &nbsp;&nbsp; 950152 |
| 5.56%, 07/25/2034<sup>(d)</sup> <br>|  | 1045000 | &nbsp;&nbsp; 1085406 |
| 5.50%, 01/23/2035<sup>(c)(d)</sup> <br>|  | 3334000 | &nbsp;&nbsp; 3441800 |
| 5.61%, 04/23/2036<sup>(c)(d)</sup> <br>|  | 6549000 | &nbsp;&nbsp; 6802081 |
| 5.38%, 11/02/2043 |  | 2583000 | &nbsp;&nbsp; 2464731 |
| 4.75%, 12/07/2046<sup>(c)</sup> <br>|  | 967000 | &nbsp;&nbsp; 834496 |
| 4.61%, 04/25/2053<sup>(d)</sup> <br>|  | 1965000 | &nbsp;&nbsp; 1667317 |
| 6.85%<sup>(d)(e)</sup> <br>|  | 3017000 | &nbsp;&nbsp; 3168173 |
| 7.63%<sup>(c)(d)(e)</sup> <br>|  | 1977000 | &nbsp;&nbsp; 2116414 |
| Series BB, 3.90%<sup>(d)(e)</sup> <br>|  | 2254000 | &nbsp;&nbsp; 2233731 |
| Westpac Banking Corp. (Australia), <br> 5.62%, 11/20/2035<sup>(c)(d)</sup> <br>|  | 2494000 | &nbsp;&nbsp; 2539974 |
|  |  |  | &nbsp;&nbsp; 566837317 |
| **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** |
| Amazon Conservation DAC <br> (Ecuador), 6.03%, <br> 01/16/2042<sup>(b)</sup> <br>|  | 6975000 | &nbsp;&nbsp; 7101805 |
| Credit Suisse Group AG (Switzerland), | Credit Suisse Group AG (Switzerland), |  |  |
| 4.50%<sup>(b)(d)(e)(i)(j)</sup> <br>|  | 3057000 | &nbsp;&nbsp; 183420 |
| 5.25%<sup>(b)(d)(e)(i)(j)</sup> <br>|  | 1903000 | &nbsp;&nbsp; 114180 |
| 7.25%<sup>(b)(d)(e)(i)(j)</sup> <br>|  | 330000 | &nbsp;&nbsp; 19800 |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13412 |
| SMBC Aviation Capital Finance DAC <br> (Ireland), | SMBC Aviation Capital Finance DAC <br> (Ireland), |  |  |
| 5.30%, 04/03/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205680 |
| 5.55%, 04/03/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204065 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.71%, 01/12/2027<sup>(b)(d)</sup> <br>|  | 877000 | &nbsp;&nbsp; 880760 |
| 4.75%, 05/12/2028<sup>(b)(c)(d)</sup> <br>|  | 1296000 | &nbsp;&nbsp; 1305823 |
| 5.43%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 830000 | &nbsp;&nbsp; 857604 |
| 4.38%<sup>(b)(d)(e)</sup> <br>|  | 2080000 | &nbsp;&nbsp; 1870119 |
| 6.60%<sup>(b)(c)(d)(e)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1151797 |
| 7.00%<sup>(b)(d)(e)</sup> <br>|  | 821000 | &nbsp;&nbsp; 829640 |
| 7.13%<sup>(b)(d)(e)</sup> <br>|  | 4247000 | &nbsp;&nbsp; 4334221 |
|  |  |  | &nbsp;&nbsp; 19072326 |
| **Diversified Financial Services–3.07%** | **Diversified Financial Services–3.07%** | **Diversified Financial Services–3.07%** | **Diversified Financial Services–3.07%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), |  |  |
| 6.95%, 03/10/2055<sup>(d)</sup> <br>|  | 1056000 | &nbsp;&nbsp; 1106241 |
| 6.50%, 01/31/2056<sup>(d)</sup> <br>|  | 3157000 | &nbsp;&nbsp; 3255527 |

---

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

**8**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Aircastle Ltd./Aircastle Ireland <br> DAC, 5.00%, 09/15/2030<sup>(b)</sup> <br>|  | $2627000 | &nbsp;&nbsp; $2649386 |
| Apollo Global Management, Inc., | Apollo Global Management, Inc., |  |  |
| 6.38%, 11/15/2033 |  | 2113000 | &nbsp;&nbsp; 2331237 |
| 5.15%, 08/12/2035 |  | 3802000 | &nbsp;&nbsp; 3787776 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 2518000 | &nbsp;&nbsp; 2544567 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 1961000 | &nbsp;&nbsp; 2051791 |
| 5.75%, 03/01/2029<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55950 |
| 5.75%, 11/15/2029<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31171 |
| 5.15%, 01/15/2030<sup>(b)</sup> <br>|  | 108000 | &nbsp;&nbsp; 109938 |
| BlackRock Funding, Inc., | BlackRock Funding, Inc., |  |  |
| 4.90%, 01/08/2035 |  | 1350000 | &nbsp;&nbsp; 1374612 |
| 5.35%, 01/08/2055 |  | 63000 | &nbsp;&nbsp; 60828 |
| Citadel Finance LLC, 5.90%, <br> 02/10/2030<sup>(b)</sup> <br>|  | 2738000 | &nbsp;&nbsp; 2778399 |
| Citadel Securities Global Holdings LLC, | Citadel Securities Global Holdings LLC, |  |  |
| 5.50%, 06/18/2030<sup>(b)</sup> <br>|  | 1639000 | &nbsp;&nbsp; 1677760 |
| 6.20%, 06/18/2035<sup>(b)</sup> <br>|  | 1093000 | &nbsp;&nbsp; 1123105 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 2299000 | &nbsp;&nbsp; 2439898 |
| 5.75%, 01/15/2034 |  | 2769000 | &nbsp;&nbsp; 2894878 |
| Eagle Funding LuxCo S.a.r.l. <br> (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup> <br>|  | 29232000 | &nbsp;&nbsp; 29680711 |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)(c)</sup> <br>|  | 284000 | &nbsp;&nbsp; 293107 |
| Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup> <br>|  | 6793000 | &nbsp;&nbsp; 6868813 |
| GGAM Finance Ltd. (Ireland), <br> 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 1087000 | &nbsp;&nbsp; 1127767 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | 823000 | &nbsp;&nbsp; 847836 |
| Horizon Mutual Holdings, Inc., <br> 6.20%, 11/15/2034<sup>(b)</sup> <br>|  | 18929000 | &nbsp;&nbsp; 18396984 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 870000 | &nbsp;&nbsp; 909522 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 3784000 | &nbsp;&nbsp; 3804214 |
| 6.75%, 05/01/2033<sup>(b)(c)</sup> <br>|  | 3696000 | &nbsp;&nbsp; 3821612 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 1799000 | &nbsp;&nbsp; 1834512 |
| 5.20%, 03/15/2030<sup>(c)</sup> <br>|  | 4074000 | &nbsp;&nbsp; 4170454 |
| 5.15%, 06/15/2030 |  | 2490000 | &nbsp;&nbsp; 2545138 |
| 5.65%, 03/15/2035 |  | 6054000 | &nbsp;&nbsp; 6122779 |
| 5.75%, 06/15/2035<sup>(c)</sup> <br>|  | 2638000 | &nbsp;&nbsp; 2680157 |
| Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| 6.40%, 03/26/2029<sup>(b)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12631 |
| 5.15%, 03/17/2030<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 34466 |
| 6.50%, 03/26/2031<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 15009 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 814000 | &nbsp;&nbsp; 856260 |
| Wynnton Funding Trust II, 5.99%, <br> 08/15/2055<sup>(b)</sup> <br>|  | 7211000 | &nbsp;&nbsp; 7175490 |
|  |  |  | &nbsp;&nbsp; 121470526 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–1.21%** | **Diversified Metals & Mining–1.21%** | **Diversified Metals & Mining–1.21%** | **Diversified Metals & Mining–1.21%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.25%, 09/08/2030 |  | $1479000 | &nbsp;&nbsp; $1544367 |
| 5.25%, 09/08/2033 |  | 8667000 | &nbsp;&nbsp; 8940878 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 2139000 | &nbsp;&nbsp; 2175465 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 1659000 | &nbsp;&nbsp; 1709700 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 3782000 | &nbsp;&nbsp; 3889232 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 2782000 | &nbsp;&nbsp; 2856005 |
| 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 3192000 | &nbsp;&nbsp; 3267712 |
| 5.89%, 04/04/2054<sup>(b)(c)</sup> <br>|  | 1418000 | &nbsp;&nbsp; 1388846 |
| 6.14%, 04/01/2055<sup>(b)(c)</sup> <br>|  | 1417000 | &nbsp;&nbsp; 1429883 |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| 4.88%, 03/14/2030 |  | 4905000 | &nbsp;&nbsp; 5031175 |
| 5.00%, 03/14/2032 |  | 1187000 | &nbsp;&nbsp; 1217457 |
| 5.25%, 03/14/2035 |  | 4652000 | &nbsp;&nbsp; 4742452 |
| 5.13%, 03/09/2053 |  | 229000 | &nbsp;&nbsp; 210165 |
| 5.75%, 03/14/2055 |  | 3560000 | &nbsp;&nbsp; 3566403 |
| 5.88%, 03/14/2065 |  | 2765000 | &nbsp;&nbsp; 2775328 |
| Windfall Mining Group, <br> Inc./Groupe Minier Windfall, <br> Inc. (South Africa), 5.85%, <br> 05/13/2032<sup>(b)</sup> <br>|  | 3109000 | &nbsp;&nbsp; 3199320 |
|  |  |  | &nbsp;&nbsp; 47944388 |
| **Diversified REITs–0.16%** | **Diversified REITs–0.16%** | **Diversified REITs–0.16%** | **Diversified REITs–0.16%** |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 636000 | &nbsp;&nbsp; 611929 |
| Trust Fibra Uno (Mexico), 6.39%, <br> 01/15/2050<sup>(b)</sup> <br>|  | 4001000 | &nbsp;&nbsp; 3571423 |
| Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, | Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, |  |  |
| 10.50%, 02/15/2028<sup>(b)</sup> <br>|  | 398000 | &nbsp;&nbsp; 419050 |
| 8.63%, 06/15/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98420 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.13%, 05/15/2032 |  | 26000 | &nbsp;&nbsp; 26102 |
| 5.75%, 04/01/2034<sup>(c)</sup> <br>|  | 702000 | &nbsp;&nbsp; 722447 |
| 5.63%, 05/15/2052 |  | 137000 | &nbsp;&nbsp; 125311 |
| 6.13%, 04/01/2054 |  | 946000 | &nbsp;&nbsp; 920353 |
|  |  |  | &nbsp;&nbsp; 6495035 |
| **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** | **Diversified Support Services–0.21%** |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 1347000 | &nbsp;&nbsp; 1427032 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 3214000 | &nbsp;&nbsp; 3279119 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 2052000 | &nbsp;&nbsp; 2102847 |
| 7.75%, 03/15/2031<sup>(b)(c)</sup> <br>|  | 1375000 | &nbsp;&nbsp; 1444635 |
|  |  |  | &nbsp;&nbsp; 8253633 |
| **Drug Retail–0.18%** | **Drug Retail–0.18%** | **Drug Retail–0.18%** | **Drug Retail–0.18%** |
| CK Hutchison International (23) Ltd. <br> (United Kingdom), | CK Hutchison International (23) Ltd. <br> (United Kingdom), |  |  |
| 4.75%, 04/21/2028<sup>(b)</sup> <br>|  | 1858000 | &nbsp;&nbsp; 1887375 |
| 4.88%, 04/21/2033<sup>(b)</sup> <br>|  | 3457000 | &nbsp;&nbsp; 3490735 |
| CVS Pass-Through Trust, | CVS Pass-Through Trust, |  |  |
| 6.04%, 12/10/2028 |  | 513495 | &nbsp;&nbsp; 524606 |
| 5.77%, 01/10/2033<sup>(b)</sup> <br>|  | 1061563 | &nbsp;&nbsp; 1076489 |
|  |  |  | &nbsp;&nbsp; 6979205 |

---

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

**9**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–7.53%** | **Electric Utilities–7.53%** | **Electric Utilities–7.53%** | **Electric Utilities–7.53%** |
| AEP Texas, Inc., 5.25%, <br> 05/15/2052<br>|  | $1076000 | &nbsp;&nbsp; $957895 |
| AEP Transmission Co. LLC, <br> 5.38%, 06/15/2035<br>|  | 865000 | &nbsp;&nbsp; 886755 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| 5.85%, 11/15/2033 |  | 1183000 | &nbsp;&nbsp; 1264843 |
| 5.10%, 04/02/2035 |  | 1987000 | &nbsp;&nbsp; 2012949 |
| Alexander Funding Trust II, <br> 7.47%, 07/31/2028<sup>(b)</sup> <br>|  | 1194000 | &nbsp;&nbsp; 1279215 |
| American Electric Power Co., Inc., <br> 5.20%, 01/15/2029<sup>(c)</sup> <br>|  | 1099000 | &nbsp;&nbsp; 1133979 |
| Arizona Public Service Co., <br> 5.90%, 08/15/2055<br>|  | 6352000 | &nbsp;&nbsp; 6338152 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<br>|  | 2223000 | &nbsp;&nbsp; 2292048 |
| Berkshire Hathaway Energy Co., <br> 3.80%, 07/15/2048<br>|  | 188000 | &nbsp;&nbsp; 141331 |
| Brookfield Infrastructure Finance <br> ULC (Canada), 6.75%, <br> 03/15/2055<sup>(d)</sup> <br>|  | 849000 | &nbsp;&nbsp; 865090 |
| Capital Power (US Holdings), Inc. <br> (Canada), | Capital Power (US Holdings), Inc. <br> (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 1211000 | &nbsp;&nbsp; 1232195 |
| 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 4418000 | &nbsp;&nbsp; 4572790 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | 2114000 | &nbsp;&nbsp; 2166434 |
| 5.05%, 03/01/2035 |  | 1387000 | &nbsp;&nbsp; 1394408 |
| Series AJ, 4.85%, <br> 10/01/2052<br>|  | 2614000 | &nbsp;&nbsp; 2322525 |
| Chile Electricity Lux MPC II S.a.r.l. <br> (Chile), 5.58%, <br> 10/20/2035<sup>(b)</sup> <br>|  | 4046871 | &nbsp;&nbsp; 4093814 |
| Commonwealth Edison Co., <br> 5.95%, 06/01/2055<sup>(c)</sup> <br>|  | 1807000 | &nbsp;&nbsp; 1859184 |
| Connecticut Light and Power Co. <br> (The), 5.25%, 01/15/2053<br>|  | 1094000 | &nbsp;&nbsp; 1023919 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 18000 | &nbsp;&nbsp; 18800 |
| 6.15%, 11/15/2052 |  | 675000 | &nbsp;&nbsp; 706699 |
| 5.90%, 11/15/2053 |  | 2201000 | &nbsp;&nbsp; 2248427 |
| Series C, 3.00%, 12/01/2060 |  | 173000 | &nbsp;&nbsp; 102129 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034<sup>(c)</sup> <br>|  | 885000 | &nbsp;&nbsp; 960669 |
| 6.50%, 10/01/2053 |  | 1464000 | &nbsp;&nbsp; 1580695 |
| 5.75%, 03/15/2054 |  | 2317000 | &nbsp;&nbsp; 2269260 |
| Dominion Energy South Carolina, <br> Inc., 6.25%, 10/15/2053<br>|  | 121000 | &nbsp;&nbsp; 130210 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 459000 | &nbsp;&nbsp; 472939 |
| 5.25%, 03/15/2035 |  | 3961000 | &nbsp;&nbsp; 4076635 |
| 5.35%, 01/15/2053 |  | 1970000 | &nbsp;&nbsp; 1870524 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | 1641000 | &nbsp;&nbsp; 1672960 |
| 5.00%, 08/15/2052<sup>(c)</sup> <br>|  | 1949000 | &nbsp;&nbsp; 1703254 |
| 6.45%, 09/01/2054<sup>(d)</sup> <br>|  | 552000 | &nbsp;&nbsp; 572905 |
| Duke Energy Florida LLC, 6.20%, <br> 11/15/2053<br>|  | 174000 | &nbsp;&nbsp; 184696 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053<sup>(c)</sup> <br>|  | 3676000 | &nbsp;&nbsp; 3503303 |
| 5.90%, 05/15/2055 |  | 980000 | &nbsp;&nbsp; 999238 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 5.70%, 05/23/2028<sup>(b)</sup> <br>|  | $1457000 | &nbsp;&nbsp; $1508191 |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 10824000 | &nbsp;&nbsp; 10876394 |
| 6.00%, 04/22/2064<sup>(b)</sup> <br>|  | 4711000 | &nbsp;&nbsp; 4470710 |
| 9.13%<sup>(b)(d)(e)</sup> <br>|  | 1818000 | &nbsp;&nbsp; 2099821 |
| Enel Finance International N.V. <br> (Italy), 7.05%, 10/14/2025<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 53139 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(d)</sup> <br>|  | 2174000 | &nbsp;&nbsp; 2269555 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 1774000 | &nbsp;&nbsp; 1796571 |
| 5.80%, 03/15/2055 |  | 2200000 | &nbsp;&nbsp; 2192519 |
| Entergy Texas, Inc., | Entergy Texas, Inc., |  |  |
| 5.25%, 04/15/2035 |  | 2493000 | &nbsp;&nbsp; 2538913 |
| 5.55%, 09/15/2054 |  | 1536000 | &nbsp;&nbsp; 1465950 |
| Evergy Metro, Inc., | Evergy Metro, Inc., |  |  |
| 4.95%, 04/15/2033 |  | 792000 | &nbsp;&nbsp; 801805 |
| 5.13%, 08/15/2035 |  | 3665000 | &nbsp;&nbsp; 3666072 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 889000 | &nbsp;&nbsp; 915323 |
| 5.13%, 03/15/2031 |  | 3943000 | &nbsp;&nbsp; 4073368 |
| 5.45%, 03/15/2034<sup>(c)</sup> <br>|  | 1353000 | &nbsp;&nbsp; 1395519 |
| 5.60%, 03/15/2053 |  | 2997000 | &nbsp;&nbsp; 2843552 |
| 5.88%, 03/15/2055 |  | 4624000 | &nbsp;&nbsp; 4579675 |
| FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 251000 | &nbsp;&nbsp; 256990 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 1589000 | &nbsp;&nbsp; 1603375 |
| 5.00%, 01/15/2035<sup>(c)</sup> <br>|  | 1424000 | &nbsp;&nbsp; 1413446 |
| Florida Power & Light Co., 5.80%, <br> 03/15/2065<br>|  | 2466000 | &nbsp;&nbsp; 2500272 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 1062000 | &nbsp;&nbsp; 1075419 |
| Indiana Michigan Power Co., <br> 5.63%, 04/01/2053<br>|  | 186000 | &nbsp;&nbsp; 180710 |
| Kentucky Utilities Co., 5.85%, <br> 08/15/2055<br>|  | 2085000 | &nbsp;&nbsp; 2073109 |
| Louisville Gas and Electric Co., <br> 5.85%, 08/15/2055<br>|  | 12096000 | &nbsp;&nbsp; 12020858 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 928000 | &nbsp;&nbsp; 965022 |
| 5.85%, 09/15/2054 |  | 2966000 | &nbsp;&nbsp; 3049267 |
| 5.30%, 02/01/2055 |  | 1753000 | &nbsp;&nbsp; 1654343 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| Series D, 4.15%, <br> 08/25/2028<br>|  | 5128000 | &nbsp;&nbsp; 5147870 |
| 4.85%, 02/07/2029 |  | 1627000 | &nbsp;&nbsp; 1666545 |
| 5.00%, 02/07/2031 |  | 2187000 | &nbsp;&nbsp; 2262106 |
| 5.80%, 01/15/2033<sup>(c)</sup> <br>|  | 930000 | &nbsp;&nbsp; 991379 |
| 5.00%, 08/15/2034 |  | 3146000 | &nbsp;&nbsp; 3180790 |
| 7.13%, 09/15/2053<sup>(c)(d)</sup> <br>|  | 8673000 | &nbsp;&nbsp; 9127777 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 5.00%, 07/15/2032 |  | 613000 | &nbsp;&nbsp; 623499 |
| 5.45%, 03/15/2035<sup>(c)</sup> <br>|  | 4684000 | &nbsp;&nbsp; 4791027 |
| 5.55%, 03/15/2054 |  | 5023000 | &nbsp;&nbsp; 4786744 |
| 6.75%, 06/15/2054<sup>(d)</sup> <br>|  | 1376000 | &nbsp;&nbsp; 1457196 |
| 5.90%, 03/15/2055<sup>(c)</sup> <br>|  | 4701000 | &nbsp;&nbsp; 4690284 |
| 6.38%, 08/15/2055<sup>(d)</sup> <br>|  | 5420000 | &nbsp;&nbsp; 5600925 |

---

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

**10**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)</sup> <br>|  | $3856000 | &nbsp;&nbsp; $3875024 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 1797000 | &nbsp;&nbsp; 1815125 |
| 5.66%, 01/17/2054<sup>(b)</sup> <br>|  | 1110000 | &nbsp;&nbsp; 1061283 |
| 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 10130000 | &nbsp;&nbsp; 10085086 |
| Northern States Power Co., | Northern States Power Co., |  |  |
| 5.05%, 05/15/2035 |  | 3309000 | &nbsp;&nbsp; 3346821 |
| 5.65%, 05/15/2055 |  | 3531000 | &nbsp;&nbsp; 3507311 |
| Oglethorpe Power Corp., 5.90%, <br> 02/01/2055<sup>(c)</sup> <br>|  | 2076000 | &nbsp;&nbsp; 2036568 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<sup>(c)</sup> <br>|  | 6295000 | &nbsp;&nbsp; 6527371 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<sup>(c)</sup> <br>|  | 7311000 | &nbsp;&nbsp; 7099500 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 5.65%, 11/15/2033 |  | 1626000 | &nbsp;&nbsp; 1722330 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 7997000 | &nbsp;&nbsp; 8006826 |
| Pacific Gas and Electric Co., <br> 6.15%, 03/01/2055<br>|  | 39000 | &nbsp;&nbsp; 37801 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 1223000 | &nbsp;&nbsp; 1253374 |
| 5.30%, 02/15/2031 |  | 1369000 | &nbsp;&nbsp; 1421611 |
| 5.45%, 02/15/2034 |  | 2274000 | &nbsp;&nbsp; 2312865 |
| 5.80%, 01/15/2055 |  | 2521000 | &nbsp;&nbsp; 2386916 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 288000 | &nbsp;&nbsp; 292445 |
| 5.15%, 05/15/2030<sup>(c)</sup> <br>|  | 948000 | &nbsp;&nbsp; 975906 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 971000 | &nbsp;&nbsp; 986818 |
| PPL Electric Utilities Corp., <br> 5.55%, 08/15/2055<br>|  | 1529000 | &nbsp;&nbsp; 1496394 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 3410000 | &nbsp;&nbsp; 3510357 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 2883000 | &nbsp;&nbsp; 2626296 |
| Public Service Co. of New <br> Hampshire, 5.35%, <br> 10/01/2033<br>|  | 838000 | &nbsp;&nbsp; 874751 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 3015000 | &nbsp;&nbsp; 2814112 |
| 5.55%, 04/15/2054<sup>(c)</sup> <br>|  | 2435000 | &nbsp;&nbsp; 2332186 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 3827000 | &nbsp;&nbsp; 3814003 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Conv., 3.25%, 06/15/2028<sup>(b)</sup> <br>|  | 3832000 | &nbsp;&nbsp; 3866488 |
| 5.70%, 10/15/2032 |  | 875000 | &nbsp;&nbsp; 923083 |
| 5.70%, 03/15/2034 |  | 3423000 | &nbsp;&nbsp; 3586482 |
| 4.85%, 03/15/2035 |  | 2181000 | &nbsp;&nbsp; 2143134 |
| Series B, 4.00%, <br> 01/15/2051<sup>(d)</sup> <br>|  | 7708000 | &nbsp;&nbsp; 7690951 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 1203000 | &nbsp;&nbsp; 1223566 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 1781000 | &nbsp;&nbsp; 1825644 |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | 2907000 | &nbsp;&nbsp; 2978754 |
| 5.25%, 04/15/2035 |  | 2577000 | &nbsp;&nbsp; 2634075 |
| 5.13%, 03/15/2055 |  | 1693000 | &nbsp;&nbsp; 1548555 |
| Virginia Electric & Power Co., | Virginia Electric & Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 1082000 | &nbsp;&nbsp; 1097644 |
| 2.95%, 11/15/2051 |  | 312000 | &nbsp;&nbsp; 194830 |
| 5.70%, 08/15/2053 |  | 251000 | &nbsp;&nbsp; 246652 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | $1777000 | &nbsp;&nbsp; $1778830 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 244000 | &nbsp;&nbsp; 243494 |
| 4.38%, 05/01/2029<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 76287 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 3894000 | &nbsp;&nbsp; 4139735 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 1818000 | &nbsp;&nbsp; 1909140 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 2267000 | &nbsp;&nbsp; 2505915 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 1421000 | &nbsp;&nbsp; 1481971 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62243 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 1503000 | &nbsp;&nbsp; 1522174 |
|  |  |  | &nbsp;&nbsp; 297475626 |
| **Electrical Components & Equipment–0.30%** | **Electrical Components & Equipment–0.30%** | **Electrical Components & Equipment–0.30%** | **Electrical Components & Equipment–0.30%** |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 585000 | &nbsp;&nbsp; 575249 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 279475 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 2332000 | &nbsp;&nbsp; 2357457 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 3061000 | &nbsp;&nbsp; 3111028 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.05%, 04/15/2028 |  | 844000 | &nbsp;&nbsp; 874152 |
| 6.40%, 04/15/2033<sup>(c)</sup> <br>|  | 4350000 | &nbsp;&nbsp; 4630446 |
|  |  |  | &nbsp;&nbsp; 11827807 |
| **Electronic Components–0.18%** | **Electronic Components–0.18%** | **Electronic Components–0.18%** | **Electronic Components–0.18%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 5.00%, 01/15/2035 |  | 1966000 | &nbsp;&nbsp; 1983547 |
| 5.38%, 11/15/2054<sup>(c)</sup> <br>|  | 1393000 | &nbsp;&nbsp; 1353504 |
| Corning, Inc., 5.45%, <br> 11/15/2079<br>|  | 3067000 | &nbsp;&nbsp; 2786449 |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 556000 | &nbsp;&nbsp; 511487 |
| 6.63%, 07/15/2032<sup>(b)(c)</sup> <br>|  | 324000 | &nbsp;&nbsp; 334924 |
|  |  |  | &nbsp;&nbsp; 6969911 |
| **Electronic Equipment & Instruments–0.06%** | **Electronic Equipment & Instruments–0.06%** | **Electronic Equipment & Instruments–0.06%** | **Electronic Equipment & Instruments–0.06%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 2346000 | &nbsp;&nbsp; 2438103 |
| **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** | **Electronic Manufacturing Services–0.02%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 836000 | &nbsp;&nbsp; 859639 |
| **Environmental & Facilities Services–0.41%** | **Environmental & Facilities Services–0.41%** | **Environmental & Facilities Services–0.41%** | **Environmental & Facilities Services–0.41%** |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 1196000 | &nbsp;&nbsp; 1166823 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 589000 | &nbsp;&nbsp; 570864 |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 5.00%, 12/15/2033<sup>(c)</sup> <br>|  | 1781000 | &nbsp;&nbsp; 1824269 |
| 5.00%, 04/01/2034 |  | 1394000 | &nbsp;&nbsp; 1419371 |
| Rollins, Inc., 5.25%, <br> 02/24/2035<br>|  | 2557000 | &nbsp;&nbsp; 2575514 |
| Veralto Corp., 5.35%, <br> 09/18/2028<br>|  | 1993000 | &nbsp;&nbsp; 2059241 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<sup>(c)</sup> <br>|  | 7026000 | &nbsp;&nbsp; 6738173 |
|  |  |  | &nbsp;&nbsp; 16354255 |

---

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

**11**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–0.32%** | **Financial Exchanges & Data–0.32%** | **Financial Exchanges & Data–0.32%** | **Financial Exchanges & Data–0.32%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 4.60%, 03/15/2033 |  | $1052000 | &nbsp;&nbsp; $1054128 |
| 4.95%, 06/15/2052<sup>(c)</sup> <br>|  | 1801000 | &nbsp;&nbsp; 1623633 |
| 5.20%, 06/15/2062<sup>(c)</sup> <br>|  | 2280000 | &nbsp;&nbsp; 2099872 |
| Moody's Corp., | Moody's Corp., |  |  |
| 5.25%, 07/15/2044 |  | 676000 | &nbsp;&nbsp; 649085 |
| 3.10%, 11/29/2061 |  | 325000 | &nbsp;&nbsp; 199773 |
| MSCI, Inc., 5.25%, 09/01/2035 |  | 3362000 | &nbsp;&nbsp; 3337209 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 632000 | &nbsp;&nbsp; 652349 |
| 5.55%, 02/15/2034 |  | 1077000 | &nbsp;&nbsp; 1123616 |
| 5.95%, 08/15/2053<sup>(c)</sup> <br>|  | 628000 | &nbsp;&nbsp; 640802 |
| 6.10%, 06/28/2063 |  | 1254000 | &nbsp;&nbsp; 1287907 |
|  |  |  | &nbsp;&nbsp; 12668374 |
| **Food Distributors–0.71%** | **Food Distributors–0.71%** | **Food Distributors–0.71%** | **Food Distributors–0.71%** |
| JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co., | JBS USA Holding Lux S.a.r.l./JBS USA <br> Foods Group Holdings, Inc./JBS USA <br> Food Co., |  |  |
| 5.50%, 01/15/2036<sup>(b)</sup> <br>|  | 10834000 | &nbsp;&nbsp; 10876517 |
| 6.25%, 03/01/2056<sup>(b)</sup> <br>|  | 11870000 | &nbsp;&nbsp; 11712163 |
| 6.38%, 04/15/2066<sup>(b)</sup> <br>|  | 4119000 | &nbsp;&nbsp; 4075970 |
| Sysco Corp., 5.10%, <br> 09/23/2030<sup>(c)</sup> <br>|  | 1415000 | &nbsp;&nbsp; 1459668 |
|  |  |  | &nbsp;&nbsp; 28124318 |
| **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** | **Food Retail–0.07%** |
| Kroger Co. (The), 5.65%, <br> 09/15/2064<br>|  | 2788000 | &nbsp;&nbsp; 2619185 |
| **Forest Products–0.07%** | **Forest Products–0.07%** | **Forest Products–0.07%** | **Forest Products–0.07%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 1133000 | &nbsp;&nbsp; 1143596 |
| 4.95%, 06/30/2032<sup>(b)(c)</sup> <br>|  | 1694000 | &nbsp;&nbsp; 1728008 |
|  |  |  | &nbsp;&nbsp; 2871604 |
| **Gas Utilities–0.64%** | **Gas Utilities–0.64%** | **Gas Utilities–0.64%** | **Gas Utilities–0.64%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 1074000 | &nbsp;&nbsp; 1157183 |
| 5.20%, 08/15/2035<sup>(c)</sup> <br>|  | 8790000 | &nbsp;&nbsp; 8912734 |
| 6.20%, 11/15/2053 |  | 1225000 | &nbsp;&nbsp; 1307171 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 1525000 | &nbsp;&nbsp; 1575853 |
| Snam S.p.A. (Italy), | Snam S.p.A. (Italy), |  |  |
| 5.00%, 05/28/2030<sup>(b)(c)</sup> <br>|  | 1443000 | &nbsp;&nbsp; 1464345 |
| 5.75%, 05/28/2035<sup>(b)</sup> <br>|  | 3259000 | &nbsp;&nbsp; 3348258 |
| 6.50%, 05/28/2055<sup>(b)</sup> <br>|  | 3692000 | &nbsp;&nbsp; 3848960 |
| Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<sup>(c)</sup> <br>|  | 1547000 | &nbsp;&nbsp; 1629932 |
| Southern Natural Gas Co. L.L.C., <br> 5.45%, 08/01/2035<sup>(b)(c)</sup> <br>|  | 1419000 | &nbsp;&nbsp; 1427781 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 512000 | &nbsp;&nbsp; 527130 |
|  |  |  | &nbsp;&nbsp; 25199347 |
| **Gold–0.18%** | **Gold–0.18%** | **Gold–0.18%** | **Gold–0.18%** |
| Boroo Investments Pte. Ltd. <br> (Peru), 9.50%, <br> 08/07/2032<sup>(b)</sup> <br>|  | 6022000 | &nbsp;&nbsp; 5766065 |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1123000 | &nbsp;&nbsp; 1171404 |
|  |  |  | &nbsp;&nbsp; 6937469 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** |
| Cardinal Health, Inc., | Cardinal Health, Inc., |  |  |
| 4.50%, 09/15/2030 |  | $1008000 | &nbsp;&nbsp; $1010209 |
| 5.45%, 02/15/2034<sup>(c)</sup> <br>|  | 1127000 | &nbsp;&nbsp; 1158025 |
| 5.15%, 09/15/2035<sup>(c)</sup> <br>|  | 1951000 | &nbsp;&nbsp; 1938268 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.65%, 05/30/2030<sup>(c)</sup> <br>|  | 3924000 | &nbsp;&nbsp; 3992934 |
| 4.95%, 05/30/2032<sup>(c)</sup> <br>|  | 3456000 | &nbsp;&nbsp; 3525953 |
| 5.25%, 05/30/2035 |  | 5957000 | &nbsp;&nbsp; 6073888 |
|  |  |  | &nbsp;&nbsp; 17699277 |
| **Health Care Equipment–0.39%** | **Health Care Equipment–0.39%** | **Health Care Equipment–0.39%** | **Health Care Equipment–0.39%** |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 3334000 | &nbsp;&nbsp; 3390945 |
| Hologic, Inc., 3.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 234228 |
| Smith & Nephew PLC (United <br> Kingdom), 5.40%, <br> 03/20/2034<br>|  | 5100000 | &nbsp;&nbsp; 5224412 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.25%, 09/11/2029 |  | 570000 | &nbsp;&nbsp; 572106 |
| 4.85%, 02/10/2030 |  | 2650000 | &nbsp;&nbsp; 2720043 |
| 5.20%, 02/10/2035 |  | 3361000 | &nbsp;&nbsp; 3439235 |
|  |  |  | &nbsp;&nbsp; 15580969 |
| **Health Care Facilities–0.29%** | **Health Care Facilities–0.29%** | **Health Care Facilities–0.29%** | **Health Care Facilities–0.29%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | 1061000 | &nbsp;&nbsp; 1070362 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 2268000 | &nbsp;&nbsp; 1310328 |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(c)</sup> <br>|  | 551000 | &nbsp;&nbsp; 554673 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 4.25%, 06/01/2029 |  | 407000 | &nbsp;&nbsp; 396513 |
| 6.75%, 05/15/2031 |  | 457000 | &nbsp;&nbsp; 475298 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 1244000 | &nbsp;&nbsp; 1242182 |
| 5.05%, 10/15/2034 |  | 3507000 | &nbsp;&nbsp; 3382895 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033<sup>(c)</sup> <br>|  | 2054000 | &nbsp;&nbsp; 2081961 |
| 5.38%, 05/15/2043 |  | 794000 | &nbsp;&nbsp; 760655 |
|  |  |  | &nbsp;&nbsp; 11274867 |
| **Health Care REITs–0.29%** | **Health Care REITs–0.29%** | **Health Care REITs–0.29%** | **Health Care REITs–0.29%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 853000 | &nbsp;&nbsp; 846275 |
| 5.15%, 04/15/2053 |  | 63000 | &nbsp;&nbsp; 55207 |
| 5.63%, 05/15/2054<sup>(c)</sup> <br>|  | 4876000 | &nbsp;&nbsp; 4583486 |
| Diversified Healthcare Trust, <br> 0.00%, 01/15/2026<sup>(b)(h)</sup> <br>|  | 600000 | &nbsp;&nbsp; 590448 |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 1392000 | &nbsp;&nbsp; 1408057 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 109000 | &nbsp;&nbsp; 114364 |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 3681000 | &nbsp;&nbsp; 3735755 |
|  |  |  | &nbsp;&nbsp; 11333592 |
| **Health Care Services–1.80%** | **Health Care Services–1.80%** | **Health Care Services–1.80%** | **Health Care Services–1.80%** |
| Cigna Group (The), 3.40%, <br> 03/15/2051<br>|  | 150000 | &nbsp;&nbsp; 100213 |

---

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

**12**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.32%, 12/01/2034 |  | $3743000 | &nbsp;&nbsp; $3784007 |
| 5.55%, 12/01/2054 |  | 1335000 | &nbsp;&nbsp; 1265116 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.25%, 05/15/2030<sup>(b)(c)</sup> <br>|  | 377000 | &nbsp;&nbsp; 338271 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 251000 | &nbsp;&nbsp; 214184 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 2036000 | &nbsp;&nbsp; 2075409 |
| 5.25%, 01/30/2031 |  | 717000 | &nbsp;&nbsp; 737614 |
| 5.45%, 09/15/2035 |  | 6086000 | &nbsp;&nbsp; 6101997 |
| 6.75%, 12/10/2054<sup>(d)</sup> <br>|  | 5461000 | &nbsp;&nbsp; 5549512 |
| 7.00%, 03/10/2055<sup>(c)(d)</sup> <br>|  | 14765000 | &nbsp;&nbsp; 15408872 |
| 6.20%, 09/15/2055<sup>(c)</sup> <br>|  | 5435000 | &nbsp;&nbsp; 5353312 |
| 6.00%, 06/01/2063 |  | 22000 | &nbsp;&nbsp; 20881 |
| 6.25%, 09/15/2065 |  | 6368000 | &nbsp;&nbsp; 6230628 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 273000 | &nbsp;&nbsp; 282635 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 290000 | &nbsp;&nbsp; 300789 |
| HCA, Inc., | HCA, Inc., |  |  |
| 5.00%, 03/01/2028<sup>(c)</sup> <br>|  | 1696000 | &nbsp;&nbsp; 1727061 |
| 5.45%, 09/15/2034 |  | 815000 | &nbsp;&nbsp; 825729 |
| 5.75%, 03/01/2035 |  | 3050000 | &nbsp;&nbsp; 3138933 |
| 5.25%, 06/15/2049 |  | 258000 | &nbsp;&nbsp; 227974 |
| 5.90%, 06/01/2053 |  | 2865000 | &nbsp;&nbsp; 2739334 |
| 6.20%, 03/01/2055<sup>(c)</sup> <br>|  | 2266000 | &nbsp;&nbsp; 2251822 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 3282000 | &nbsp;&nbsp; 3351701 |
| 5.85%, 05/08/2029 |  | 3820000 | &nbsp;&nbsp; 3996395 |
| 6.00%, 05/08/2034 |  | 2590000 | &nbsp;&nbsp; 2693606 |
| Piedmont Healthcare, Inc., <br> 2.86%, 01/01/2052<br>|  | 1211000 | &nbsp;&nbsp; 748118 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<sup>(c)</sup> <br>|  | 1321000 | &nbsp;&nbsp; 1456151 |
|  |  |  | &nbsp;&nbsp; 70920264 |
| **Health Care Supplies–0.63%** | **Health Care Supplies–0.63%** | **Health Care Supplies–0.63%** | **Health Care Supplies–0.63%** |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(d)</sup> <br>|  | 8343000 | &nbsp;&nbsp; 8513164 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 303000 | &nbsp;&nbsp; 291144 |
| 5.25%, 10/01/2029<sup>(b)(c)</sup> <br>|  | 584000 | &nbsp;&nbsp; 578711 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.40%, 03/01/2029 |  | 2299000 | &nbsp;&nbsp; 2397592 |
| 5.60%, 03/23/2034 |  | 4954000 | &nbsp;&nbsp; 5147162 |
| 5.90%, 04/30/2054<sup>(c)</sup> <br>|  | 4189000 | &nbsp;&nbsp; 4197779 |
| 6.00%, 05/15/2064 |  | 3707000 | &nbsp;&nbsp; 3700815 |
|  |  |  | &nbsp;&nbsp; 24826367 |
| **Home Improvement Retail–0.04%** | **Home Improvement Retail–0.04%** | **Home Improvement Retail–0.04%** | **Home Improvement Retail–0.04%** |
| Home Depot, Inc. (The), 4.95%, <br> 09/15/2052<sup>(c)</sup> <br>|  | 1035000 | &nbsp;&nbsp; 935258 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.63%, 04/15/2053 |  | 236000 | &nbsp;&nbsp; 225496 |
| 4.45%, 04/01/2062 |  | 39000 | &nbsp;&nbsp; 29969 |
| 5.80%, 09/15/2062 |  | 194000 | &nbsp;&nbsp; 186870 |
| 5.85%, 04/01/2063 |  | 108000 | &nbsp;&nbsp; 104767 |
|  |  |  | &nbsp;&nbsp; 1482360 |
| **Homebuilding–0.19%** | **Homebuilding–0.19%** | **Homebuilding–0.19%** | **Homebuilding–0.19%** |
| D.R. Horton, Inc., 5.00%, <br> 10/15/2034<sup>(c)</sup> <br>|  | 1647000 | &nbsp;&nbsp; 1648258 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Homebuilding–(continued)** | **Homebuilding–(continued)** | **Homebuilding–(continued)** | **Homebuilding–(continued)** |
| Taylor Morrison Communities, <br> Inc., 5.13%, <br> 08/01/2030<sup>(b)(c)</sup> <br>|  | $567000 | &nbsp;&nbsp; $565756 |
| Toll Brothers Finance Corp., <br> 5.60%, 06/15/2035<sup>(c)</sup> <br>|  | 5095000 | &nbsp;&nbsp; 5176022 |
|  |  |  | &nbsp;&nbsp; 7390036 |
| **Hotel & Resort REITs–0.19%** | **Hotel & Resort REITs–0.19%** | **Hotel & Resort REITs–0.19%** | **Hotel & Resort REITs–0.19%** |
| Phillips Edison Grocery Center <br> Operating Partnership I L.P., | Phillips Edison Grocery Center <br> Operating Partnership I L.P., |  |  |
| 5.25%, 08/15/2032 |  | 3577000 | &nbsp;&nbsp; 3652969 |
| 5.75%, 07/15/2034 |  | 844000 | &nbsp;&nbsp; 873328 |
| 4.95%, 01/15/2035 |  | 1753000 | &nbsp;&nbsp; 1715263 |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 566000 | &nbsp;&nbsp; 585002 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(c)</sup> <br>|  | 601000 | &nbsp;&nbsp; 564411 |
| Service Properties Trust, 8.88%, <br> 06/15/2032<br>|  | 166000 | &nbsp;&nbsp; 171420 |
|  |  |  | &nbsp;&nbsp; 7562393 |
| **Hotels, Resorts & Cruise Lines–0.80%** | **Hotels, Resorts & Cruise Lines–0.80%** | **Hotels, Resorts & Cruise Lines–0.80%** | **Hotels, Resorts & Cruise Lines–0.80%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.00%, 08/15/2029<sup>(b)(c)</sup> <br>|  | 452000 | &nbsp;&nbsp; 477049 |
| 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 64627 |
| 5.88%, 06/15/2031<sup>(b)(c)</sup> <br>|  | 8328000 | &nbsp;&nbsp; 8542612 |
| 5.75%, 08/01/2032<sup>(b)(c)</sup> <br>|  | 7306000 | &nbsp;&nbsp; 7435681 |
| 6.13%, 02/15/2033<sup>(b)</sup> <br>|  | 831000 | &nbsp;&nbsp; 853877 |
| Choice Hotels International, Inc., <br> 5.85%, 08/01/2034<br>|  | 18000 | &nbsp;&nbsp; 18219 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<sup>(c)</sup> <br>|  | 4748000 | &nbsp;&nbsp; 4826940 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 954000 | &nbsp;&nbsp; 972088 |
| 6.13%, 04/01/2032<sup>(b)(c)</sup> <br>|  | 602000 | &nbsp;&nbsp; 618661 |
| 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 1108000 | &nbsp;&nbsp; 1131443 |
| 5.75%, 09/15/2033<sup>(b)</sup> <br>|  | 2873000 | &nbsp;&nbsp; 2898498 |
| Marriott International, Inc., <br> 5.30%, 05/15/2034<sup>(c)</sup> <br>|  | 1273000 | &nbsp;&nbsp; 1292140 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| 5.50%, 04/01/2028<sup>(b)(c)</sup> <br>|  | 709000 | &nbsp;&nbsp; 722099 |
| 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 845000 | &nbsp;&nbsp; 872636 |
| 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 1025000 | &nbsp;&nbsp; 1052261 |
|  |  |  | &nbsp;&nbsp; 31778831 |
| **Household Appliances–0.06%** | **Household Appliances–0.06%** | **Household Appliances–0.06%** | **Household Appliances–0.06%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| 4.75%, 02/26/2029<sup>(c)</sup> <br>|  | 582000 | &nbsp;&nbsp; 575038 |
| 6.13%, 06/15/2030 |  | 534000 | &nbsp;&nbsp; 540355 |
| 6.50%, 06/15/2033<sup>(c)</sup> <br>|  | 1067000 | &nbsp;&nbsp; 1075449 |
|  |  |  | &nbsp;&nbsp; 2190842 |
| **Housewares & Specialties–0.03%** | **Housewares & Specialties–0.03%** | **Housewares & Specialties–0.03%** | **Housewares & Specialties–0.03%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.38%, 09/15/2027 |  | 175000 | &nbsp;&nbsp; 177482 |
| 6.63%, 09/15/2029 |  | 282000 | &nbsp;&nbsp; 283899 |
| 6.38%, 05/15/2030<sup>(c)</sup> <br>|  | 625000 | &nbsp;&nbsp; 617956 |
|  |  |  | &nbsp;&nbsp; 1079337 |
| **Independent Power Producers & Energy Traders–0.48%** | **Independent Power Producers & Energy Traders–0.48%** | **Independent Power Producers & Energy Traders–0.48%** | **Independent Power Producers & Energy Traders–0.48%** |
| AES Corp. (The), 5.80%, <br> 03/15/2032<sup>(c)</sup> <br>|  | 10292000 | &nbsp;&nbsp; 10594689 |

---

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

**13**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** | **Independent Power Producers & Energy Traders–(continued)** |
| Calpine Corp., 5.13%, <br> 03/15/2028<sup>(b)</sup> <br>|  | $855000 | &nbsp;&nbsp; $854908 |
| FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple (Mexico), 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 1370862 | &nbsp;&nbsp; 1409904 |
| NSTAR Electric Co., 4.55%, <br> 06/01/2052<br>|  | 1109000 | &nbsp;&nbsp; 920613 |
| Vistra Corp., | Vistra Corp., |  |  |
| 7.00%<sup>(b)(d)(e)</sup> <br>|  | 2207000 | &nbsp;&nbsp; 2240043 |
| 8.00%<sup>(b)(d)(e)</sup> <br>|  | 271000 | &nbsp;&nbsp; 276800 |
| Series C, 8.88%<sup>(b)(d)(e)</sup> <br>|  | 2374000 | &nbsp;&nbsp; 2588341 |
|  |  |  | &nbsp;&nbsp; 18885298 |
| **Industrial Conglomerates–0.28%** | **Industrial Conglomerates–0.28%** | **Industrial Conglomerates–0.28%** | **Industrial Conglomerates–0.28%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.25%, 01/15/2029 |  | 15000 | &nbsp;&nbsp; 15101 |
| 4.95%, 09/01/2031 |  | 2765000 | &nbsp;&nbsp; 2852832 |
| 5.00%, 02/15/2033<sup>(c)</sup> <br>|  | 743000 | &nbsp;&nbsp; 758164 |
| 5.25%, 03/01/2054 |  | 366000 | &nbsp;&nbsp; 340721 |
| 5.35%, 03/01/2064 |  | 276000 | &nbsp;&nbsp; 257309 |
| Siemens Funding B.V. (Germany), | Siemens Funding B.V. (Germany), |  |  |
| 4.60%, 05/28/2030<sup>(b)</sup> <br>|  | 2027000 | &nbsp;&nbsp; 2063548 |
| 4.90%, 05/28/2032<sup>(b)</sup> <br>|  | 1207000 | &nbsp;&nbsp; 1235441 |
| 5.20%, 05/28/2035<sup>(b)</sup> <br>|  | 2521000 | &nbsp;&nbsp; 2596360 |
| 5.90%, 05/28/2065<sup>(b)(c)</sup> <br>|  | 1057000 | &nbsp;&nbsp; 1096771 |
|  |  |  | &nbsp;&nbsp; 11216247 |
| **Industrial Machinery & Supplies & Components–0.38%** | **Industrial Machinery & Supplies & Components–0.38%** | **Industrial Machinery & Supplies & Components–0.38%** | **Industrial Machinery & Supplies & Components–0.38%** |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 4271000 | &nbsp;&nbsp; 4368874 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 833000 | &nbsp;&nbsp; 857544 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 1282000 | &nbsp;&nbsp; 1304551 |
| 5.40%, 08/14/2028 |  | 264000 | &nbsp;&nbsp; 273194 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 454000 | &nbsp;&nbsp; 470990 |
| 5.80%, 09/15/2033<sup>(c)</sup> <br>|  | 1160000 | &nbsp;&nbsp; 1232633 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, <br> 05/15/2033<br>|  | 1886000 | &nbsp;&nbsp; 1941482 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 592000 | &nbsp;&nbsp; 576631 |
| Weir Group, Inc. (United <br> Kingdom), 5.35%, <br> 05/06/2030<sup>(b)</sup> <br>|  | 3838000 | &nbsp;&nbsp; 3920370 |
|  |  |  | &nbsp;&nbsp; 14946269 |
| **Industrial REITs–0.01%** | **Industrial REITs–0.01%** | **Industrial REITs–0.01%** | **Industrial REITs–0.01%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 570000 | &nbsp;&nbsp; 606847 |
| **Insurance Brokers–0.34%** | **Insurance Brokers–0.34%** | **Insurance Brokers–0.34%** | **Insurance Brokers–0.34%** |
| Alliant Holdings Intermediate LLC, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 838000 | &nbsp;&nbsp; 867382 |
| Aon Corp./Aon Global Holdings <br> PLC, 5.35%, 02/28/2033<br>|  | 673000 | &nbsp;&nbsp; 697837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** | **Insurance Brokers–(continued)** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | $394000 | &nbsp;&nbsp; $401847 |
| 5.00%, 02/15/2032 |  | 580000 | &nbsp;&nbsp; 590976 |
| 5.15%, 02/15/2035 |  | 1368000 | &nbsp;&nbsp; 1372629 |
| 6.75%, 02/15/2054 |  | 46000 | &nbsp;&nbsp; 50312 |
| 5.55%, 02/15/2055 |  | 2511000 | &nbsp;&nbsp; 2368696 |
| HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 811000 | &nbsp;&nbsp; 848816 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033<sup>(c)</sup> <br>|  | 1981000 | &nbsp;&nbsp; 2063879 |
| 2.90%, 12/15/2051 |  | 68000 | &nbsp;&nbsp; 42044 |
| 6.25%, 11/01/2052 |  | 808000 | &nbsp;&nbsp; 859863 |
| 5.45%, 03/15/2053 |  | 879000 | &nbsp;&nbsp; 843404 |
| 5.70%, 09/15/2053<sup>(c)</sup> <br>|  | 2420000 | &nbsp;&nbsp; 2402319 |
|  |  |  | &nbsp;&nbsp; 13410004 |
| **Integrated Oil & Gas–1.99%** | **Integrated Oil & Gas–1.99%** | **Integrated Oil & Gas–1.99%** | **Integrated Oil & Gas–1.99%** |
| BP Capital Markets PLC, <br> 6.13%<sup>(d)(e)</sup> <br>|  | 6241000 | &nbsp;&nbsp; 6378539 |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| 8.88%, 01/13/2033 |  | 5115000 | &nbsp;&nbsp; 5444152 |
| 8.38%, 01/19/2036 |  | 832000 | &nbsp;&nbsp; 843378 |
| Eni S.p.A. (Italy), 5.50%, <br> 05/15/2034<sup>(b)(c)</sup> <br>|  | 2383000 | &nbsp;&nbsp; 2431427 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.20%, 08/01/2029 |  | 527000 | &nbsp;&nbsp; 534121 |
| 5.38%, 01/01/2032 |  | 540000 | &nbsp;&nbsp; 543505 |
| 5.55%, 10/01/2034 |  | 3384000 | &nbsp;&nbsp; 3369517 |
| 6.45%, 09/15/2036 |  | 3848000 | &nbsp;&nbsp; 3982930 |
| 6.20%, 03/15/2040 |  | 3945000 | &nbsp;&nbsp; 3898744 |
| 4.63%, 06/15/2045 |  | 5406000 | &nbsp;&nbsp; 4139032 |
| 6.60%, 03/15/2046 |  | 11755000 | &nbsp;&nbsp; 11811212 |
| 4.10%, 02/15/2047 |  | 4329000 | &nbsp;&nbsp; 3048792 |
| Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |  |
| 8.75%, 06/02/2029 |  | 4302000 | &nbsp;&nbsp; 4568284 |
| 6.63%, 06/15/2035 |  | 7135000 | &nbsp;&nbsp; 6495706 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 6662000 | &nbsp;&nbsp; 6774973 |
| 5.38%, 06/02/2035<sup>(b)</sup> <br>|  | 6734000 | &nbsp;&nbsp; 6918723 |
| 6.38%, 06/02/2055<sup>(b)</sup> <br>|  | 6889000 | &nbsp;&nbsp; 7093501 |
| Shell Finance US, Inc., 3.75%, <br> 09/12/2046<br>|  | 260000 | &nbsp;&nbsp; 200336 |
|  |  |  | &nbsp;&nbsp; 78476872 |
| **Integrated Telecommunication Services–1.79%** | **Integrated Telecommunication Services–1.79%** | **Integrated Telecommunication Services–1.79%** | **Integrated Telecommunication Services–1.79%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.70%, 08/15/2030<sup>(c)</sup> <br>|  | 4278000 | &nbsp;&nbsp; 4344593 |
| 5.40%, 02/15/2034<sup>(c)</sup> <br>|  | 1855000 | &nbsp;&nbsp; 1912942 |
| 5.38%, 08/15/2035<sup>(c)</sup> <br>|  | 6193000 | &nbsp;&nbsp; 6313113 |
| 4.50%, 03/09/2048 |  | 270000 | &nbsp;&nbsp; 222983 |
| 3.50%, 09/15/2053 |  | 342000 | &nbsp;&nbsp; 229146 |
| 3.55%, 09/15/2055 |  | 13938000 | &nbsp;&nbsp; 9276975 |
| 6.05%, 08/15/2056<sup>(c)</sup> <br>|  | 12270000 | &nbsp;&nbsp; 12347789 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(d)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24571 |
| 7.00%, 09/15/2055<sup>(d)</sup> <br>|  | 3514000 | &nbsp;&nbsp; 3602852 |
| FIBERCOP S.p.A. (Italy), | FIBERCOP S.p.A. (Italy), |  |  |
| 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 570783 |
| 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 625000 | &nbsp;&nbsp; 628894 |

---

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

**14**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | $638000 | &nbsp;&nbsp; $644351 |
| 7.00%, 03/31/2034<sup>(b)(c)</sup> <br>|  | 319667 | &nbsp;&nbsp; 322119 |
| Maya S.A.S. (France), | Maya S.A.S. (France), |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 137000 | &nbsp;&nbsp; 139514 |
| 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 1386000 | &nbsp;&nbsp; 1492230 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 97825 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.88%, 07/16/2030<sup>(b)</sup> <br>|  | 1512000 | &nbsp;&nbsp; 1535849 |
| 5.50%, 07/16/2035<sup>(b)</sup> <br>|  | 2444000 | &nbsp;&nbsp; 2505031 |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| 6.38%, 11/15/2033 |  | 553000 | &nbsp;&nbsp; 573844 |
| 7.72%, 06/04/2038 |  | 551000 | &nbsp;&nbsp; 602255 |
| Telefonica Emisiones S.A. (Spain), <br> 7.05%, 06/20/2036<br>|  | 1120000 | &nbsp;&nbsp; 1247651 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.63%, 10/15/2055<sup>(d)</sup> <br>|  | 931000 | &nbsp;&nbsp; 947408 |
| 7.00%, 10/15/2055<sup>(d)</sup> <br>|  | 925000 | &nbsp;&nbsp; 951530 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 4.50%, 08/10/2033 |  | 9753000 | &nbsp;&nbsp; 9544281 |
| 5.25%, 04/02/2035<sup>(c)</sup> <br>|  | 5868000 | &nbsp;&nbsp; 5925981 |
| 3.40%, 03/22/2041 |  | 480000 | &nbsp;&nbsp; 372124 |
| 5.50%, 02/23/2054<sup>(c)</sup> <br>|  | 342000 | &nbsp;&nbsp; 328454 |
| 3.00%, 11/20/2060 |  | 1740000 | &nbsp;&nbsp; 1015620 |
| 3.70%, 03/22/2061 |  | 1061000 | &nbsp;&nbsp; 727856 |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 1969000 | &nbsp;&nbsp; 2097556 |
|  |  |  | &nbsp;&nbsp; 70546120 |
| **Interactive Media & Services–1.27%** | **Interactive Media & Services–1.27%** | **Interactive Media & Services–1.27%** | **Interactive Media & Services–1.27%** |
| Alphabet, Inc., 5.30%, <br> 05/15/2065<br>|  | 2377000 | &nbsp;&nbsp; 2288148 |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)</sup> <br>|  | 6718000 | &nbsp;&nbsp; 6844534 |
| Match Group Holdings II LLC, | Match Group Holdings II LLC, |  |  |
| 3.63%, 10/01/2031<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 49678 |
| 6.13%, 09/15/2033<sup>(b)(c)</sup> <br>|  | 3896000 | &nbsp;&nbsp; 3941455 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031<sup>(c)</sup> <br>|  | 909000 | &nbsp;&nbsp; 927005 |
| 4.75%, 08/15/2034<sup>(c)</sup> <br>|  | 3199000 | &nbsp;&nbsp; 3216509 |
| 4.45%, 08/15/2052 |  | 965000 | &nbsp;&nbsp; 804621 |
| 5.40%, 08/15/2054 |  | 6454000 | &nbsp;&nbsp; 6196202 |
| 4.65%, 08/15/2062 |  | 2427000 | &nbsp;&nbsp; 2023744 |
| 5.75%, 05/15/2063 |  | 2757000 | &nbsp;&nbsp; 2750593 |
| 5.55%, 08/15/2064 |  | 7084000 | &nbsp;&nbsp; 6860769 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032<sup>(c)</sup> <br>|  | 1403000 | &nbsp;&nbsp; 1211666 |
| 5.05%, 03/15/2042 |  | 19324000 | &nbsp;&nbsp; 13035294 |
| 5.14%, 03/15/2052 |  | 204000 | &nbsp;&nbsp; 127206 |
|  |  |  | &nbsp;&nbsp; 50277424 |
| **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)(c)</sup> <br>|  | 5359000 | &nbsp;&nbsp; 5383866 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 2282000 | &nbsp;&nbsp; 2262024 |
|  |  |  | &nbsp;&nbsp; 7645890 |
| **Investment Banking & Brokerage–2.96%** | **Investment Banking & Brokerage–2.96%** | **Investment Banking & Brokerage–2.96%** | **Investment Banking & Brokerage–2.96%** |
| Blue Owl Technology Finance <br> Corp., 6.75%, 04/04/2029<br>|  | 70000 | &nbsp;&nbsp; 72493 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)</sup> <br>|  | $525000 | &nbsp;&nbsp; $557321 |
| Brookfield Finance, Inc. (Canada), | Brookfield Finance, Inc. (Canada), |  |  |
| 5.33%, 01/15/2036 |  | 11273000 | &nbsp;&nbsp; 11210323 |
| 5.97%, 03/04/2054 |  | 98000 | &nbsp;&nbsp; 98247 |
| Charles Schwab Corp. (The), <br> Series K, 5.00%<sup>(c)(d)(e)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1393269 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.15% (SOFR + 0.79%), <br> 12/09/2026<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 38043 |
| 5.17% (SOFR + 0.81%), <br> 03/09/2027<sup>(f)</sup> <br>|  | 57000 | &nbsp;&nbsp; 57094 |
| 5.31% (SOFR + 0.92%), <br> 10/21/2027<sup>(f)</sup> <br>|  | 440000 | &nbsp;&nbsp; 441370 |
| 6.33% (3 mo. Term SOFR + <br> 2.01%), 10/28/2027<sup>(f)</sup> <br>|  | 709000 | &nbsp;&nbsp; 721199 |
| 5.53% (SOFR + 1.12%), <br> 02/24/2028<sup>(f)</sup> <br>|  | 382000 | &nbsp;&nbsp; 383951 |
| 5.68% (SOFR + 1.29%), <br> 04/23/2028<sup>(f)</sup> <br>|  | 2617000 | &nbsp;&nbsp; 2642907 |
| 4.48%, 08/23/2028<sup>(d)</sup> <br>|  | 606000 | &nbsp;&nbsp; 608794 |
| 5.73%, 04/25/2030<sup>(d)</sup> <br>|  | 1420000 | &nbsp;&nbsp; 1487613 |
| 5.05%, 07/23/2030<sup>(d)</sup> <br>|  | 2261000 | &nbsp;&nbsp; 2315326 |
| 4.69%, 10/23/2030<sup>(d)</sup> <br>|  | 1719000 | &nbsp;&nbsp; 1738356 |
| 5.21%, 01/28/2031<sup>(d)</sup> <br>|  | 2381000 | &nbsp;&nbsp; 2454226 |
| 5.22%, 04/23/2031<sup>(d)</sup> <br>|  | 5220000 | &nbsp;&nbsp; 5390897 |
| 5.85%, 04/25/2035<sup>(d)</sup> <br>|  | 1972000 | &nbsp;&nbsp; 2080238 |
| 5.33%, 07/23/2035<sup>(d)</sup> <br>|  | 2154000 | &nbsp;&nbsp; 2191599 |
| 5.54%, 01/28/2036<sup>(c)(d)</sup> <br>|  | 6321000 | &nbsp;&nbsp; 6520573 |
| 6.75%, 10/01/2037 |  | 1380000 | &nbsp;&nbsp; 1534520 |
| 4.02%, 10/31/2038<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 249048 |
| 3.21%, 04/22/2042<sup>(d)</sup> <br>|  | 184000 | &nbsp;&nbsp; 138536 |
| 4.80%, 07/08/2044 |  | 1399000 | &nbsp;&nbsp; 1259503 |
| 5.73%, 01/28/2056<sup>(d)</sup> <br>|  | 6979000 | &nbsp;&nbsp; 6962616 |
| Series T, 3.80%<sup>(d)(e)</sup> <br>|  | 124000 | &nbsp;&nbsp; 121809 |
| Series V, 4.13%<sup>(d)(e)</sup> <br>|  | 1507000 | &nbsp;&nbsp; 1466195 |
| Series W, 7.50%<sup>(c)(d)(e)</sup> <br>|  | 7388000 | &nbsp;&nbsp; 7852491 |
| Series X, 7.50%<sup>(d)(e)</sup> <br>|  | 6870000 | &nbsp;&nbsp; 7228854 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(d)</sup> <br>|  | 558000 | &nbsp;&nbsp; 569982 |
| 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 1448000 | &nbsp;&nbsp; 1475089 |
| 5.16%, 04/20/2029<sup>(d)</sup> <br>|  | 2542000 | &nbsp;&nbsp; 2599277 |
| 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 582000 | &nbsp;&nbsp; 600943 |
| 6.41%, 11/01/2029<sup>(d)</sup> <br>|  | 1365000 | &nbsp;&nbsp; 1451304 |
| 5.17%, 01/16/2030<sup>(d)</sup> <br>|  | 786000 | &nbsp;&nbsp; 808113 |
| 5.04%, 07/19/2030<sup>(c)(d)</sup> <br>|  | 1624000 | &nbsp;&nbsp; 1664062 |
| 4.65%, 10/18/2030<sup>(d)</sup> <br>|  | 2548000 | &nbsp;&nbsp; 2573346 |
| 5.19%, 04/17/2031<sup>(d)</sup> <br>|  | 4268000 | &nbsp;&nbsp; 4400652 |
| 4.89%, 07/20/2033<sup>(d)</sup> <br>|  | 40000 | &nbsp;&nbsp; 40341 |
| 5.25%, 04/21/2034<sup>(d)</sup> <br>|  | 3082000 | &nbsp;&nbsp; 3147484 |
| 5.42%, 07/21/2034<sup>(d)</sup> <br>|  | 1604000 | &nbsp;&nbsp; 1656573 |
| 5.47%, 01/18/2035<sup>(d)</sup> <br>|  | 987000 | &nbsp;&nbsp; 1018099 |
| 5.83%, 04/19/2035<sup>(d)</sup> <br>|  | 1695000 | &nbsp;&nbsp; 1789592 |
| 5.32%, 07/19/2035<sup>(d)</sup> <br>|  | 2984000 | &nbsp;&nbsp; 3042022 |
| 5.59%, 01/18/2036<sup>(d)</sup> <br>|  | 3036000 | &nbsp;&nbsp; 3140243 |
| 5.66%, 04/17/2036<sup>(c)(d)</sup> <br>|  | 8202000 | &nbsp;&nbsp; 8540748 |
| 5.95%, 01/19/2038<sup>(c)(d)</sup> <br>|  | 779000 | &nbsp;&nbsp; 809707 |
| Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |  |  |
| 4.90%, 07/01/2030 |  | 4281000 | &nbsp;&nbsp; 4344074 |
| 5.49%, 06/29/2035<sup>(c)</sup> <br>|  | 3911000 | &nbsp;&nbsp; 3996013 |

---

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

**15**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Raymond James Financial, Inc., <br> 3.75%, 04/01/2051<br>|  | $119000 | &nbsp;&nbsp; $87129 |
|  |  |  | &nbsp;&nbsp; 116972204 |
| **IT Consulting & Other Services–0.09%** | **IT Consulting & Other Services–0.09%** | **IT Consulting & Other Services–0.09%** | **IT Consulting & Other Services–0.09%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 4.80%, 02/10/2030 |  | 157000 | &nbsp;&nbsp; 160968 |
| 5.70%, 02/10/2055<sup>(c)</sup> <br>|  | 3590000 | &nbsp;&nbsp; 3528750 |
|  |  |  | &nbsp;&nbsp; 3689718 |
| **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)(c)</sup> <br>|  | 3134000 | &nbsp;&nbsp; 3177735 |
| **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** | **Leisure Products–0.02%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<sup>(c)</sup> <br>|  | 850000 | &nbsp;&nbsp; 881612 |
| **Life & Health Insurance–3.16%** | **Life & Health Insurance–3.16%** | **Life & Health Insurance–3.16%** | **Life & Health Insurance–3.16%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 3994000 | &nbsp;&nbsp; 3917223 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 5.38%, 04/05/2034<sup>(b)</sup> <br>|  | 2573000 | &nbsp;&nbsp; 2669020 |
| 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 4518000 | &nbsp;&nbsp; 4542124 |
| 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 2618000 | &nbsp;&nbsp; 2508461 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 1281000 | &nbsp;&nbsp; 1320946 |
| American National Group, Inc., | American National Group, Inc., |  |  |
| 5.00%, 06/15/2027 |  | 1587000 | &nbsp;&nbsp; 1600427 |
| 6.00%, 07/15/2035 |  | 7009000 | &nbsp;&nbsp; 7089707 |
| 7.00%, 12/01/2055<sup>(d)</sup> <br>|  | 4287000 | &nbsp;&nbsp; 4397347 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 2205000 | &nbsp;&nbsp; 2282957 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 2252000 | &nbsp;&nbsp; 2226107 |
| 6.63%, 05/19/2055 |  | 4226000 | &nbsp;&nbsp; 4336863 |
| Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup> <br>|  | 6833000 | &nbsp;&nbsp; 7089386 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1178000 | &nbsp;&nbsp; 1233143 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1898000 | &nbsp;&nbsp; 1952819 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 1932000 | &nbsp;&nbsp; 1991007 |
| Dai-ichi Life Insurance Co. Ltd. <br> (The) (Japan), 6.20%<sup>(b)(d)(e)</sup> <br>|  | 3938000 | &nbsp;&nbsp; 4092917 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(b)</sup> <br>|  | 12766000 | &nbsp;&nbsp; 12483962 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(b)</sup> <br>|  | 1242000 | &nbsp;&nbsp; 1283446 |
| High Street Funding Trust III, <br> 5.81%, 02/15/2055<sup>(b)</sup> <br>|  | 2320000 | &nbsp;&nbsp; 2228808 |
| Jackson National Life Global <br> Funding, 4.70%, <br> 06/05/2028<sup>(b)</sup> <br>|  | 2503000 | &nbsp;&nbsp; 2533756 |
| Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |  |  |
| 4.63%, 05/28/2028<sup>(b)</sup> <br>|  | 2935000 | &nbsp;&nbsp; 2965717 |
| 4.63%, 08/18/2030<sup>(b)(c)</sup> <br>|  | 2058000 | &nbsp;&nbsp; 2072982 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(j)</sup> <br>|  | 11777000 | &nbsp;&nbsp; 10634631 |
| MassMutual Global Funding II, <br> 4.55%, 05/07/2030<sup>(b)</sup> <br>|  | 4008000 | &nbsp;&nbsp; 4057958 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 4.60%, 05/13/2046 |  | $254000 | &nbsp;&nbsp; $224521 |
| 5.00%, 07/15/2052<sup>(c)</sup> <br>|  | 775000 | &nbsp;&nbsp; 699423 |
| 5.25%, 01/15/2054<sup>(c)</sup> <br>|  | 3848000 | &nbsp;&nbsp; 3618564 |
| Series G, <br>6.35%, 03/15/2055<sup>(d)</sup> <br>|  | 4238000 | &nbsp;&nbsp; 4419645 |
| 3.85%<sup>(d)(e)</sup> <br>|  | 40000 | &nbsp;&nbsp; 39925 |
| New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(b)(c)</sup> <br>|  | 2094000 | &nbsp;&nbsp; 2070268 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(d)</sup> <br>|  | 4018000 | &nbsp;&nbsp; 4166797 |
| 6.50%, 04/30/2055<sup>(b)(d)</sup> <br>|  | 2839000 | &nbsp;&nbsp; 3030615 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 1331000 | &nbsp;&nbsp; 1345273 |
| Principal Financial Group, Inc., <br> 5.50%, 03/15/2053<br>|  | 36000 | &nbsp;&nbsp; 34555 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 6184000 | &nbsp;&nbsp; 6296073 |
| Wynnton Funding Trust, 5.25%, <br> 08/15/2035<sup>(b)</sup> <br>|  | 7524000 | &nbsp;&nbsp; 7535585 |
|  |  |  | &nbsp;&nbsp; 124992958 |
| **Managed Health Care–0.36%** | **Managed Health Care–0.36%** | **Managed Health Care–0.36%** | **Managed Health Care–0.36%** |
| Humana, Inc., 5.75%, <br> 12/01/2028<br>|  | 673000 | &nbsp;&nbsp; 701803 |
| Kaiser Foundation Hospitals, <br> Series 2021, 2.81%, <br> 06/01/2041<br>|  | 41000 | &nbsp;&nbsp; 29569 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 4.25%, 01/15/2029 |  | 637000 | &nbsp;&nbsp; 639704 |
| 5.30%, 02/15/2030<sup>(c)</sup> <br>|  | 2112000 | &nbsp;&nbsp; 2198443 |
| 5.35%, 02/15/2033<sup>(c)</sup> <br>|  | 2708000 | &nbsp;&nbsp; 2802150 |
| 4.50%, 04/15/2033 |  | 459000 | &nbsp;&nbsp; 450049 |
| 4.25%, 06/15/2048 |  | 223000 | &nbsp;&nbsp; 178522 |
| 5.05%, 04/15/2053 |  | 1307000 | &nbsp;&nbsp; 1148018 |
| 5.63%, 07/15/2054<sup>(c)</sup> <br>|  | 2804000 | &nbsp;&nbsp; 2671134 |
| 5.20%, 04/15/2063 |  | 1778000 | &nbsp;&nbsp; 1563641 |
| 5.75%, 07/15/2064 |  | 2094000 | &nbsp;&nbsp; 2006906 |
|  |  |  | &nbsp;&nbsp; 14389939 |
| **Marine Transportation–0.13%** | **Marine Transportation–0.13%** | **Marine Transportation–0.13%** | **Marine Transportation–0.13%** |
| A.P. Moller - Maersk A/S <br> (Denmark), 5.88%, <br> 09/14/2033<sup>(b)</sup> <br>|  | 1627000 | &nbsp;&nbsp; 1721176 |
| NCL Corp. Ltd., 6.75%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46437 |
| Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)</sup> <br>|  | 3188000 | &nbsp;&nbsp; 3291591 |
|  |  |  | &nbsp;&nbsp; 5059204 |
| **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 550456 |
| Ball Corp., 5.50%, 09/15/2033 |  | 8624000 | &nbsp;&nbsp; 8733540 |
| Crown Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 4208000 | &nbsp;&nbsp; 4260263 |
| LABL, Inc., 8.63%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 68000 | &nbsp;&nbsp; 50262 |

---

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

**16**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers–(continued)** | **Metal, Glass & Plastic Containers–(continued)** | **Metal, Glass & Plastic Containers–(continued)** | **Metal, Glass & Plastic Containers–(continued)** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | $1761000 | &nbsp;&nbsp; $1824713 |
| 5.44%, 04/03/2034 |  | 3073000 | &nbsp;&nbsp; 3156692 |
| 5.78%, 04/03/2054 |  | 2387000 | &nbsp;&nbsp; 2351102 |
|  |  |  | &nbsp;&nbsp; 20927028 |
| **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** | **Movies & Entertainment–0.05%** |
| Netflix, Inc., 5.40%, <br> 08/15/2054<br>|  | 636000 | &nbsp;&nbsp; 620381 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)(c)</sup> <br>|  | 609000 | &nbsp;&nbsp; 558715 |
| Walt Disney Co. (The), | Walt Disney Co. (The), |  |  |
| 3.50%, 05/13/2040 |  | 75000 | &nbsp;&nbsp; 61977 |
| 3.80%, 05/13/2060 |  | 143000 | &nbsp;&nbsp; 104010 |
| WMG Acquisition Corp., 3.75%, <br> 12/01/2029<sup>(b)(c)</sup> <br>|  | 585000 | &nbsp;&nbsp; 555572 |
|  |  |  | &nbsp;&nbsp; 1900655 |
| **Multi-Family Residential REITs–0.25%** | **Multi-Family Residential REITs–0.25%** | **Multi-Family Residential REITs–0.25%** | **Multi-Family Residential REITs–0.25%** |
| AvalonBay Communities, Inc., | AvalonBay Communities, Inc., |  |  |
| 5.00%, 02/15/2033 |  | 589000 | &nbsp;&nbsp; 599791 |
| 5.30%, 12/07/2033 |  | 2141000 | &nbsp;&nbsp; 2213660 |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 1608000 | &nbsp;&nbsp; 1643248 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 1234000 | &nbsp;&nbsp; 1274963 |
| Mid-America Apartments L.P., <br> 5.30%, 02/15/2032<br>|  | 2916000 | &nbsp;&nbsp; 3038284 |
| UDR, Inc., 5.13%, 09/01/2034 |  | 925000 | &nbsp;&nbsp; 929405 |
|  |  |  | &nbsp;&nbsp; 9699351 |
| **Multi-line Insurance–0.33%** | **Multi-line Insurance–0.33%** | **Multi-line Insurance–0.33%** | **Multi-line Insurance–0.33%** |
| Acrisure LLC, 7.50%, <br> 11/06/2030<sup>(b)</sup> <br>|  | 833000 | &nbsp;&nbsp; 863827 |
| Allianz SE (Germany), <br> 3.50%<sup>(b)(d)(e)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 6954205 |
| American International Group, Inc., | American International Group, Inc., |  |  |
| 4.85%, 05/07/2030<sup>(c)</sup> <br>|  | 1126000 | &nbsp;&nbsp; 1152814 |
| 4.38%, 06/30/2050 |  | 257000 | &nbsp;&nbsp; 211287 |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 3737000 | &nbsp;&nbsp; 3844352 |
|  |  |  | &nbsp;&nbsp; 13026485 |
| **Multi-Utilities–1.75%** | **Multi-Utilities–1.75%** | **Multi-Utilities–1.75%** | **Multi-Utilities–1.75%** |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<sup>(c)</sup> <br>|  | 1212000 | &nbsp;&nbsp; 1234910 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<sup>(c)</sup> <br>|  | 5702000 | &nbsp;&nbsp; 6052141 |
| CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |  |  |
| Conv., 3.00%, 08/01/2028<sup>(b)</sup> <br>|  | 6144000 | &nbsp;&nbsp; 6190993 |
| 6.70%, 05/15/2055<sup>(d)</sup> <br>|  | 548000 | &nbsp;&nbsp; 562565 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(d)</sup> <br>|  | 2675000 | &nbsp;&nbsp; 2735302 |
| Dominion Energy, Inc., | Dominion Energy, Inc., |  |  |
| 5.38%, 11/15/2032<sup>(c)</sup> <br>|  | 2414000 | &nbsp;&nbsp; 2493227 |
| 6.63%, 05/15/2055<sup>(d)</sup> <br>|  | 39000 | &nbsp;&nbsp; 40050 |
| 6.00%, 02/15/2056<sup>(d)</sup> <br>|  | 2016000 | &nbsp;&nbsp; 2036467 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034<sup>(c)</sup> <br>|  | 1307000 | &nbsp;&nbsp; 1346880 |
| 5.85%, 05/15/2055 |  | 1679000 | &nbsp;&nbsp; 1719100 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| DTE Energy Co., | DTE Energy Co., |  |  |
| 4.95%, 07/01/2027 |  | $867000 | &nbsp;&nbsp; $879121 |
| 5.85%, 06/01/2034<sup>(c)</sup> <br>|  | 2408000 | &nbsp;&nbsp; 2530992 |
| ENGIE S.A. (France), | ENGIE S.A. (France), |  |  |
| 5.25%, 04/10/2029<sup>(b)(c)</sup> <br>|  | 1574000 | &nbsp;&nbsp; 1620845 |
| 5.63%, 04/10/2034<sup>(b)(c)</sup> <br>|  | 1947000 | &nbsp;&nbsp; 2020630 |
| 5.88%, 04/10/2054<sup>(b)(c)</sup> <br>|  | 2163000 | &nbsp;&nbsp; 2188011 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028<sup>(c)</sup> <br>|  | 606000 | &nbsp;&nbsp; 622852 |
| 5.35%, 04/01/2034 |  | 2019000 | &nbsp;&nbsp; 2066685 |
| 5.85%, 04/01/2055 |  | 3516000 | &nbsp;&nbsp; 3461609 |
| Public Service Enterprise Group, <br> Inc., 6.13%, 10/15/2033<sup>(c)</sup> <br>|  | 2054000 | &nbsp;&nbsp; 2205799 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(d)</sup> <br>|  | 4990000 | &nbsp;&nbsp; 5076053 |
| 6.55%, 04/01/2055<sup>(c)(d)</sup> <br>|  | 7279000 | &nbsp;&nbsp; 7186878 |
| 6.63%, 04/01/2055<sup>(c)(d)</sup> <br>|  | 4089000 | &nbsp;&nbsp; 4110561 |
| 6.38%, 04/01/2056<sup>(d)</sup> <br>|  | 6344000 | &nbsp;&nbsp; 6398093 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.15%, 10/01/2027 |  | 838000 | &nbsp;&nbsp; 854253 |
| 4.75%, 01/15/2028 |  | 133000 | &nbsp;&nbsp; 135117 |
| Conv., 3.38%, 06/01/2028<sup>(b)</sup> <br>|  | 3419000 | &nbsp;&nbsp; 3464302 |
|  |  |  | &nbsp;&nbsp; 69233436 |
| **Office REITs–0.23%** | **Office REITs–0.23%** | **Office REITs–0.23%** | **Office REITs–0.23%** |
| Brandywine Operating Partnership L.P., | Brandywine Operating Partnership L.P., |  |  |
| 8.30%, 03/15/2028<sup>(c)</sup> <br>|  | 3246000 | &nbsp;&nbsp; 3454140 |
| 8.88%, 04/12/2029<sup>(c)</sup> <br>|  | 2427000 | &nbsp;&nbsp; 2640503 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.38%, 02/15/2032 |  | 809000 | &nbsp;&nbsp; 826369 |
| 5.88%, 10/01/2034 |  | 1964000 | &nbsp;&nbsp; 2032309 |
|  |  |  | &nbsp;&nbsp; 8953321 |
| **Oil & Gas Drilling–0.02%** | **Oil & Gas Drilling–0.02%** | **Oil & Gas Drilling–0.02%** | **Oil & Gas Drilling–0.02%** |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 559000 | &nbsp;&nbsp; 557944 |
| Transocean, Inc., 8.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 358500 | &nbsp;&nbsp; 379763 |
|  |  |  | &nbsp;&nbsp; 937707 |
| **Oil & Gas Equipment & Services–0.02%** | **Oil & Gas Equipment & Services–0.02%** | **Oil & Gas Equipment & Services–0.02%** | **Oil & Gas Equipment & Services–0.02%** |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 573000 | &nbsp;&nbsp; 611825 |
| **Oil & Gas Exploration & Production–0.93%** | **Oil & Gas Exploration & Production–0.93%** | **Oil & Gas Exploration & Production–0.93%** | **Oil & Gas Exploration & Production–0.93%** |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 576000 | &nbsp;&nbsp; 601213 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)(c)</sup> <br>|  | 553000 | &nbsp;&nbsp; 574211 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)(c)</sup> <br>|  | 562000 | &nbsp;&nbsp; 554511 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 1167000 | &nbsp;&nbsp; 1111362 |
| Devon Energy Corp., 5.00%, <br> 06/15/2045<br>|  | 5254000 | &nbsp;&nbsp; 4423248 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.15%, 01/30/2030<sup>(c)</sup> <br>|  | 2605000 | &nbsp;&nbsp; 2677064 |
| 6.25%, 03/15/2053 |  | 3466000 | &nbsp;&nbsp; 3436818 |
| 5.90%, 04/18/2064 |  | 1222000 | &nbsp;&nbsp; 1132177 |

---

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

**17**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | $1168000 | &nbsp;&nbsp; $1179656 |
| 5.35%, 01/15/2036 |  | 2849000 | &nbsp;&nbsp; 2893233 |
| 5.95%, 07/15/2055 |  | 4108000 | &nbsp;&nbsp; 4147958 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 668000 | &nbsp;&nbsp; 675156 |
| Hilcorp Energy I L.P./Hilcorp Finance <br> Co., | Hilcorp Energy I L.P./Hilcorp Finance <br> Co., |  |  |
| 8.38%, 11/01/2033<sup>(b)</sup> <br>|  | 551000 | &nbsp;&nbsp; 575787 |
| 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 56672 |
| 7.25%, 02/15/2035<sup>(b)(c)</sup> <br>|  | 1437000 | &nbsp;&nbsp; 1403102 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 450905 | &nbsp;&nbsp; 463615 |
| Uzbekneftegaz JSC (Uzbekistan), <br> 4.75%, 11/16/2028<sup>(b)</sup> <br>|  | 3661000 | &nbsp;&nbsp; 3470407 |
| Var Energi ASA (Norway), | Var Energi ASA (Norway), |  |  |
| 5.88%, 05/22/2030<sup>(b)</sup> <br>|  | 3259000 | &nbsp;&nbsp; 3381139 |
| 6.50%, 05/22/2035<sup>(b)</sup> <br>|  | 2998000 | &nbsp;&nbsp; 3141382 |
| Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 635000 | &nbsp;&nbsp; 656513 |
|  |  |  | &nbsp;&nbsp; 36555224 |
| **Oil & Gas Refining & Marketing–0.21%** | **Oil & Gas Refining & Marketing–0.21%** | **Oil & Gas Refining & Marketing–0.21%** | **Oil & Gas Refining & Marketing–0.21%** |
| Empresa Nacional del Petroleo <br> (Chile), 5.95%, <br> 07/30/2034<sup>(b)</sup> <br>|  | 1880000 | &nbsp;&nbsp; 1946770 |
| Phillips 66 Co., 5.30%, <br> 06/30/2033<sup>(c)</sup> <br>|  | 1828000 | &nbsp;&nbsp; 1870024 |
| Raizen Fuels Finance S.A. (Brazil), | Raizen Fuels Finance S.A. (Brazil), |  |  |
| 6.70%, 02/25/2037<sup>(b)</sup> <br>|  | 1846000 | &nbsp;&nbsp; 1770692 |
| 6.95%, 03/05/2054<sup>(b)</sup> <br>|  | 1840000 | &nbsp;&nbsp; 1700044 |
| Sunoco L.P., 6.25%, <br> 07/01/2033<sup>(b)(c)</sup> <br>|  | 850000 | &nbsp;&nbsp; 869253 |
|  |  |  | &nbsp;&nbsp; 8156783 |
| **Oil & Gas Storage & Transportation–5.40%** | **Oil & Gas Storage & Transportation–5.40%** | **Oil & Gas Storage & Transportation–5.40%** | **Oil & Gas Storage & Transportation–5.40%** |
| Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 3228000 | &nbsp;&nbsp; 3340415 |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<sup>(c)</sup> <br>|  | 1363000 | &nbsp;&nbsp; 1427716 |
| Columbia Pipelines Holding Co. <br> LLC, 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 478807 |
| Columbia Pipelines Operating Co. <br> LLC, 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 3348000 | &nbsp;&nbsp; 3096081 |
| Delek Logistics Partners <br> L.P./Delek Logistics Finance <br> Corp., 7.38%, <br> 06/30/2033<sup>(b)(c)</sup> <br>|  | 590000 | &nbsp;&nbsp; 590817 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 2361000 | &nbsp;&nbsp; 2256834 |
| El Paso Natural Gas Co. LLC, <br> 8.38%, 06/15/2032<br>|  | 538000 | &nbsp;&nbsp; 641500 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 1612000 | &nbsp;&nbsp; 1682257 |
| 7.63%, 01/15/2083<sup>(c)(d)</sup> <br>|  | 1789000 | &nbsp;&nbsp; 1914169 |
| Series NC5, 8.25%, <br> 01/15/2084<sup>(c)(d)</sup> <br>|  | 2274000 | &nbsp;&nbsp; 2427902 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 5.55%, 02/15/2028 |  | $290000 | &nbsp;&nbsp; $298567 |
| 6.10%, 12/01/2028 |  | 803000 | &nbsp;&nbsp; 844997 |
| 6.40%, 12/01/2030 |  | 414000 | &nbsp;&nbsp; 448127 |
| 7.38%, 02/01/2031<sup>(b)</sup> <br>|  | 767000 | &nbsp;&nbsp; 802431 |
| 5.55%, 05/15/2034 |  | 2406000 | &nbsp;&nbsp; 2444409 |
| 4.90%, 03/15/2035 |  | 4195000 | &nbsp;&nbsp; 4039599 |
| 5.00%, 05/15/2050 |  | 3201000 | &nbsp;&nbsp; 2659710 |
| 5.95%, 05/15/2054 |  | 4129000 | &nbsp;&nbsp; 3871760 |
| 8.00%, 05/15/2054<sup>(c)(d)</sup> <br>|  | 1029000 | &nbsp;&nbsp; 1096950 |
| 6.05%, 09/01/2054 |  | 4254000 | &nbsp;&nbsp; 4050791 |
| 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 8992000 | &nbsp;&nbsp; 9295687 |
| 6.50%, 02/15/2056<sup>(d)</sup> <br>|  | 14094000 | &nbsp;&nbsp; 14037369 |
| 6.75%, 02/15/2056<sup>(d)</sup> <br>|  | 7535000 | &nbsp;&nbsp; 7516911 |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| Series D, <br>6.88%, 03/01/2033<br>|  | 961000 | &nbsp;&nbsp; 1082307 |
| 7.43% (3 mo. Term SOFR + <br> 3.25%), 08/16/2077<sup>(c)(f)</sup> <br>|  | 2581000 | &nbsp;&nbsp; 2580414 |
| 5.20%, 01/15/2036 |  | 5137000 | &nbsp;&nbsp; 5186732 |
| 4.25%, 02/15/2048 |  | 439000 | &nbsp;&nbsp; 354470 |
| 4.20%, 01/31/2050 |  | 1034000 | &nbsp;&nbsp; 814119 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 552000 | &nbsp;&nbsp; 588163 |
| Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | 7092000 | &nbsp;&nbsp; 7312910 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 8.88%, 04/15/2030 |  | 11000 | &nbsp;&nbsp; 11649 |
| 7.88%, 05/15/2032<sup>(c)</sup> <br>|  | 430000 | &nbsp;&nbsp; 446602 |
| 8.00%, 05/15/2033 |  | 392000 | &nbsp;&nbsp; 409725 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 595000 | &nbsp;&nbsp; 609457 |
| GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), | GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), |  |  |
| 5.85%, 02/23/2036<sup>(b)</sup> <br>|  | 4980000 | &nbsp;&nbsp; 5164243 |
| 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 1166000 | &nbsp;&nbsp; 1233008 |
| 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 2700000 | &nbsp;&nbsp; 2881397 |
| 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 6175000 | &nbsp;&nbsp; 6385308 |
| Gulfstream Natural Gas System <br> L.L.C., 5.60%, <br> 07/23/2035<sup>(b)</sup> <br>|  | 5005000 | &nbsp;&nbsp; 5066322 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 2638000 | &nbsp;&nbsp; 2713702 |
| 7.80%, 08/01/2031 |  | 4679000 | &nbsp;&nbsp; 5420556 |
| 7.75%, 01/15/2032<sup>(c)</sup> <br>|  | 3742000 | &nbsp;&nbsp; 4334017 |
| 5.20%, 06/01/2033 |  | 2013000 | &nbsp;&nbsp; 2037052 |
| 5.85%, 06/01/2035 |  | 3005000 | &nbsp;&nbsp; 3123514 |
| MPLX L.P., | MPLX L.P., |  |  |
| 4.80%, 02/15/2029 |  | 519000 | &nbsp;&nbsp; 525932 |
| 4.80%, 02/15/2031 |  | 4642000 | &nbsp;&nbsp; 4646893 |
| 5.40%, 09/15/2035 |  | 6841000 | &nbsp;&nbsp; 6756191 |
| 4.70%, 04/15/2048 |  | 1119000 | &nbsp;&nbsp; 908460 |
| 5.50%, 02/15/2049 |  | 1752000 | &nbsp;&nbsp; 1578700 |
| 4.95%, 03/14/2052 |  | 2658000 | &nbsp;&nbsp; 2191904 |
| 5.65%, 03/01/2053 |  | 514000 | &nbsp;&nbsp; 466974 |
| 6.20%, 09/15/2055 |  | 4298000 | &nbsp;&nbsp; 4180861 |
| NGL Energy Operating LLC/NGL <br> Energy Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)(c)</sup> <br>|  | 422000 | &nbsp;&nbsp; 429518 |

---

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

**18**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| NGPL PipeCo LLC, 7.77%, <br> 12/15/2037<sup>(b)</sup> <br>|  | $5211000 | &nbsp;&nbsp; $5992777 |
| Northern Natural Gas Co., | Northern Natural Gas Co., |  |  |
| 3.40%, 10/16/2051<sup>(b)</sup> <br>|  | 537000 | &nbsp;&nbsp; 354731 |
| 5.63%, 02/01/2054<sup>(b)</sup> <br>|  | 893000 | &nbsp;&nbsp; 845890 |
| ONEOK Partners L.P., 6.85%, <br> 10/15/2037<br>|  | 1690000 | &nbsp;&nbsp; 1843801 |
| ONEOK, Inc., 6.63%, <br> 09/01/2053<br>|  | 3678000 | &nbsp;&nbsp; 3779812 |
| Plains All American Pipeline L.P., <br> Series B, 8.58% (3 mo. Term <br> SOFR + 4.37%)<sup>(e)(f)</sup> <br>|  | 168000 | &nbsp;&nbsp; 168481 |
| Prairie Acquiror L.P., 9.00%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 548000 | &nbsp;&nbsp; 571796 |
| South Bow Canadian infrastructure <br> Holdings Ltd. (Canada), | South Bow Canadian infrastructure <br> Holdings Ltd. (Canada), |  |  |
| 7.50%, 03/01/2055<sup>(c)(d)</sup> <br>|  | 2112000 | &nbsp;&nbsp; 2208765 |
| 7.63%, 03/01/2055<sup>(d)</sup> <br>|  | 3602000 | &nbsp;&nbsp; 3751252 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 5.03%, 10/01/2029 |  | 474000 | &nbsp;&nbsp; 480072 |
| 5.58%, 10/01/2034 |  | 1947000 | &nbsp;&nbsp; 1932234 |
| 6.18%, 10/01/2054<sup>(c)</sup> <br>|  | 2448000 | &nbsp;&nbsp; 2326492 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 2125000 | &nbsp;&nbsp; 2190820 |
| Targa Resources Corp., | Targa Resources Corp., |  |  |
| 5.20%, 07/01/2027 |  | 16000 | &nbsp;&nbsp; 16275 |
| 5.50%, 02/15/2035 |  | 18000 | &nbsp;&nbsp; 18163 |
| 6.25%, 07/01/2052 |  | 23000 | &nbsp;&nbsp; 22706 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.50%, 02/01/2029<sup>(b)(c)</sup> <br>|  | 2408000 | &nbsp;&nbsp; 2648894 |
| 9.88%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 2117000 | &nbsp;&nbsp; 2306480 |
| 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 570000 | &nbsp;&nbsp; 566393 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 7.50%, 05/01/2033<sup>(b)(c)</sup> <br>|  | 2646000 | &nbsp;&nbsp; 2903980 |
| 6.50%, 01/15/2034<sup>(b)(c)</sup> <br>|  | 2131000 | &nbsp;&nbsp; 2226025 |
| 7.75%, 05/01/2035<sup>(b)(c)</sup> <br>|  | 3850000 | &nbsp;&nbsp; 4289185 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 1661000 | &nbsp;&nbsp; 1744175 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 6.15%, 04/01/2033<sup>(c)</sup> <br>|  | 1421000 | &nbsp;&nbsp; 1485283 |
| 5.45%, 11/15/2034 |  | 3215000 | &nbsp;&nbsp; 3177301 |
| 5.30%, 03/01/2048 |  | 6994000 | &nbsp;&nbsp; 5898007 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 924000 | &nbsp;&nbsp; 953564 |
| 4.80%, 11/15/2029 |  | 1200000 | &nbsp;&nbsp; 1221898 |
| 4.65%, 08/15/2032 |  | 736000 | &nbsp;&nbsp; 727126 |
| 5.65%, 03/15/2033<sup>(c)</sup> <br>|  | 1768000 | &nbsp;&nbsp; 1841270 |
| 5.80%, 11/15/2054 |  | 2898000 | &nbsp;&nbsp; 2811055 |
| 6.00%, 03/15/2055<sup>(c)</sup> <br>|  | 3156000 | &nbsp;&nbsp; 3142337 |
|  |  |  | &nbsp;&nbsp; 213151946 |
| **Other Specialized REITs–0.04%** | **Other Specialized REITs–0.04%** | **Other Specialized REITs–0.04%** | **Other Specialized REITs–0.04%** |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 515352 |
| 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 583000 | &nbsp;&nbsp; 554993 |
| 6.25%, 01/15/2033<sup>(b)(c)</sup> <br>|  | 579000 | &nbsp;&nbsp; 592847 |
|  |  |  | &nbsp;&nbsp; 1663192 |
| **Other Specialty Retail–0.04%** | **Other Specialty Retail–0.04%** | **Other Specialty Retail–0.04%** | **Other Specialty Retail–0.04%** |
| Bath & Body Works, Inc., 6.63%, <br> 10/01/2030<sup>(b)(c)</sup> <br>|  | 557000 | &nbsp;&nbsp; 572374 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Other Specialty Retail–(continued)** | **Other Specialty Retail–(continued)** | **Other Specialty Retail–(continued)** | **Other Specialty Retail–(continued)** |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | $145690 | &nbsp;&nbsp; $129516 |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<sup>(c)</sup> <br>|  | 724000 | &nbsp;&nbsp; 743024 |
|  |  |  | &nbsp;&nbsp; 1444914 |
| **Packaged Foods & Meats–0.73%** | **Packaged Foods & Meats–0.73%** | **Packaged Foods & Meats–0.73%** | **Packaged Foods & Meats–0.73%** |
| Campbell's Co. (The), | Campbell's Co. (The), |  |  |
| 5.20%, 03/21/2029 |  | 896000 | &nbsp;&nbsp; 920560 |
| 5.25%, 10/13/2054<sup>(c)</sup> <br>|  | 1742000 | &nbsp;&nbsp; 1570129 |
| General Mills, Inc., 5.50%, <br> 10/17/2028<sup>(c)</sup> <br>|  | 1278000 | &nbsp;&nbsp; 1329867 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<sup>(c)</sup> <br>|  | 1111000 | &nbsp;&nbsp; 1195391 |
| Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)(c)</sup> <br>|  | 620000 | &nbsp;&nbsp; 583625 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 1808000 | &nbsp;&nbsp; 1843094 |
| 5.00%, 03/01/2032<sup>(b)(c)</sup> <br>|  | 1430000 | &nbsp;&nbsp; 1460507 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 5160000 | &nbsp;&nbsp; 5211061 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 1882000 | &nbsp;&nbsp; 1856799 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 4275000 | &nbsp;&nbsp; 4173689 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 2924000 | &nbsp;&nbsp; 2871957 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<sup>(c)</sup> <br>|  | 2448000 | &nbsp;&nbsp; 2378663 |
| Minerva (Luxembourg) S.A. <br> (Brazil), 8.88%, <br> 09/13/2033<sup>(b)</sup> <br>|  | 1266000 | &nbsp;&nbsp; 1391290 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28236 |
| The Campbell's Company, 4.75%, <br> 03/23/2035<sup>(c)</sup> <br>|  | 2190000 | &nbsp;&nbsp; 2098150 |
|  |  |  | &nbsp;&nbsp; 28913018 |
| **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** | **Paper & Plastic Packaging Products & Materials–0.13%** |
| Cascades, Inc./Cascades USA, Inc. <br> (Canada), 6.75%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 1615000 | &nbsp;&nbsp; 1641978 |
| Graphic Packaging <br> International LLC, 6.38%, <br> 07/15/2032<sup>(b)(c)</sup> <br>|  | 1286000 | &nbsp;&nbsp; 1308244 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 291000 | &nbsp;&nbsp; 288860 |
| 7.25%, 02/15/2031<sup>(b)(c)</sup> <br>|  | 1682000 | &nbsp;&nbsp; 1772917 |
| 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 267000 | &nbsp;&nbsp; 288602 |
|  |  |  | &nbsp;&nbsp; 5300601 |
| **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** | **Paper Products–0.00%** |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 73887 |
| **Passenger Airlines–0.78%** | **Passenger Airlines–0.78%** | **Passenger Airlines–0.78%** | **Passenger Airlines–0.78%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2016-3, Class A, <br> 3.00%, 10/15/2028<br>|  | 886069 | &nbsp;&nbsp; 850807 |
| Series 2021-1, Class B, <br> 3.95%, 07/11/2030<br>|  | 987690 | &nbsp;&nbsp; 948136 |
| Series 2021-1, Class A, <br> 2.88%, 07/11/2034<br>|  | 1477709 | &nbsp;&nbsp; 1333055 |
| American Airlines, <br> Inc./AAdvantage Loyalty IP <br> Ltd., 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 1942000 | &nbsp;&nbsp; 1953932 |

---

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

**19**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | $1205000 | &nbsp;&nbsp; $1207686 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 1527000 | &nbsp;&nbsp; 1530113 |
| British Airways Pass-Through <br> Trust (United Kingdom), <br> Series 2021-1, Class A, <br> 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | 1044838 | &nbsp;&nbsp; 955146 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 276000 | &nbsp;&nbsp; 275014 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 5630000 | &nbsp;&nbsp; 5702740 |
| 5.25%, 07/10/2030 |  | 2436000 | &nbsp;&nbsp; 2485777 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 115711 | &nbsp;&nbsp; 115581 |
| 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 3697854 | &nbsp;&nbsp; 3719682 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2016-1, Class B, <br> 3.65%, 01/07/2026<br>|  | 708483 | &nbsp;&nbsp; 703319 |
| Series 2020-1, Class A, <br> 5.88%, 10/15/2027<br>|  | 751936 | &nbsp;&nbsp; 770355 |
| Series 2018-1, Class AA, <br> 3.50%, 03/01/2030<br>|  | 810905 | &nbsp;&nbsp; 776857 |
| Series 2019-1, Class A, <br> 4.55%, 08/25/2031<br>|  | 910308 | &nbsp;&nbsp; 863352 |
| Series 2019-1, Class AA, <br> 4.15%, 08/25/2031<br>|  | 1445932 | &nbsp;&nbsp; 1401905 |
| Series 24-A, 5.88%, <br> 02/15/2037<br>|  | 2713115 | &nbsp;&nbsp; 2765932 |
| Series AA, 5.45%, <br> 02/15/2037<br>|  | 2520977 | &nbsp;&nbsp; 2592019 |
|  |  |  | &nbsp;&nbsp; 30951408 |
| **Passenger Ground Transportation–0.08%** | **Passenger Ground Transportation–0.08%** | **Passenger Ground Transportation–0.08%** | **Passenger Ground Transportation–0.08%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 7.50%, 09/15/2027<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 73031 |
| 5.35%, 09/15/2054<sup>(c)</sup> <br>|  | 3239000 | &nbsp;&nbsp; 3043258 |
|  |  |  | &nbsp;&nbsp; 3116289 |
| **Personal Care Products–0.12%** | **Personal Care Products–0.12%** | **Personal Care Products–0.12%** | **Personal Care Products–0.12%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 4.90%, 03/22/2033 |  | 2084000 | &nbsp;&nbsp; 2117887 |
| 5.10%, 03/22/2043<sup>(c)</sup> <br>|  | 1009000 | &nbsp;&nbsp; 971252 |
| 5.20%, 03/22/2063<sup>(c)</sup> <br>|  | 1068000 | &nbsp;&nbsp; 973473 |
| Opal Bidco SAS (France), 6.50%, <br> 03/31/2032 (Acquired <br> 03/31/2025-04/14/2025; <br> Cost $554,215)<sup>(b)(c)(k)</sup> <br>|  | 555000 | &nbsp;&nbsp; 565128 |
|  |  |  | &nbsp;&nbsp; 4627740 |
| **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** | **Pharmaceuticals–1.82%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 415658 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 645000 | &nbsp;&nbsp; 664457 |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.90%, 02/26/2031 |  | 39000 | &nbsp;&nbsp; 40357 |
| 5.00%, 02/26/2034 |  | 32000 | &nbsp;&nbsp; 32703 |
| Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 167000 | &nbsp;&nbsp; 175297 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 5.90%, 11/15/2033 |  | $22000 | &nbsp;&nbsp; $23706 |
| 6.25%, 11/15/2053 |  | 17000 | &nbsp;&nbsp; 18029 |
| 5.55%, 02/22/2054 |  | 210000 | &nbsp;&nbsp; 202687 |
| 6.40%, 11/15/2063 |  | 208000 | &nbsp;&nbsp; 222701 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 5.00%, 02/09/2054 |  | 1703000 | &nbsp;&nbsp; 1562023 |
| 5.05%, 08/14/2054 |  | 4540000 | &nbsp;&nbsp; 4204725 |
| 5.55%, 10/15/2055 |  | 2483000 | &nbsp;&nbsp; 2465399 |
| 5.10%, 02/09/2064 |  | 2906000 | &nbsp;&nbsp; 2649241 |
| 5.20%, 08/14/2064 |  | 1134000 | &nbsp;&nbsp; 1051020 |
| 5.65%, 10/15/2065 |  | 2432000 | &nbsp;&nbsp; 2413565 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 2582000 | &nbsp;&nbsp; 2582679 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 13901000 | &nbsp;&nbsp; 13888526 |
| 4.63%, 10/15/2032<sup>(b)(c)</sup> <br>|  | 1665000 | &nbsp;&nbsp; 1654017 |
| 5.00%, 10/15/2035<sup>(b)</sup> <br>|  | 3610000 | &nbsp;&nbsp; 3575231 |
| Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)(c)</sup> <br>|  | 511000 | &nbsp;&nbsp; 544653 |
| HLF Financing S.a.r.l. <br> LLC/Herbalife International, <br> Inc., 4.88%, 06/01/2029<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 61641 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 5.00%, 05/17/2053<sup>(c)</sup> <br>|  | 1362000 | &nbsp;&nbsp; 1234250 |
| 5.15%, 05/17/2063 |  | 768000 | &nbsp;&nbsp; 699234 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 4.20%, 09/18/2034<sup>(c)</sup> <br>|  | 5339000 | &nbsp;&nbsp; 5174643 |
| 4.70%, 09/18/2054 |  | 4651000 | &nbsp;&nbsp; 4107889 |
| Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.75%, 05/19/2033 |  | 43000 | &nbsp;&nbsp; 43102 |
| 5.34%, 05/19/2063 |  | 186000 | &nbsp;&nbsp; 169637 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035<sup>(c)</sup> <br>|  | 8034000 | &nbsp;&nbsp; 8074042 |
| 5.90%, 07/07/2055 |  | 6419000 | &nbsp;&nbsp; 6393519 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), <br> 5.75%, 12/01/2030<br>|  | 5392000 | &nbsp;&nbsp; 5510322 |
| Teva Pharmaceuticals Finance <br> Netherlands B.V. (Israel), <br> 6.00%, 12/01/2032<sup>(c)</sup> <br>|  | 1917000 | &nbsp;&nbsp; 1972687 |
|  |  |  | &nbsp;&nbsp; 71827640 |
| **Property & Casualty Insurance–0.47%** | **Property & Casualty Insurance–0.47%** | **Property & Casualty Insurance–0.47%** | **Property & Casualty Insurance–0.47%** |
| Arch Capital Finance LLC, 5.03%, <br> 12/15/2046<br>|  | 249000 | &nbsp;&nbsp; 226662 |
| CNA Financial Corp., 5.20%, <br> 08/15/2035<br>|  | 7450000 | &nbsp;&nbsp; 7379613 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, <br> 03/15/2055<br>|  | 5046000 | &nbsp;&nbsp; 4985374 |
| Hanover Insurance Group, Inc. <br> (The), 5.50%, 09/01/2035<br>|  | 2062000 | &nbsp;&nbsp; 2063766 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 5.05%, 07/24/2035 |  | 999000 | &nbsp;&nbsp; 1006065 |
| 5.45%, 05/25/2053<sup>(c)</sup> <br>|  | 1195000 | &nbsp;&nbsp; 1162282 |
| 5.70%, 07/24/2055 |  | 1775000 | &nbsp;&nbsp; 1779705 |
|  |  |  | &nbsp;&nbsp; 18603467 |
| **Rail Transportation–0.52%** | **Rail Transportation–0.52%** | **Rail Transportation–0.52%** | **Rail Transportation–0.52%** |
| Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |  |  |
| 5.20%, 04/15/2054 |  | 3222000 | &nbsp;&nbsp; 3009582 |
| 5.80%, 03/15/2056<sup>(c)</sup> <br>|  | 7401000 | &nbsp;&nbsp; 7516424 |

---

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

**20**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** |
| Canadian Pacific Railway Co. <br> (Canada), 5.20%, <br> 03/30/2035<sup>(c)</sup> <br>|  | $7457000 | &nbsp;&nbsp; $7601620 |
| CSX Corp., | CSX Corp., |  |  |
| 6.15%, 05/01/2037 |  | 88000 | &nbsp;&nbsp; 96058 |
| 4.75%, 11/15/2048 |  | 186000 | &nbsp;&nbsp; 163886 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 42000 | &nbsp;&nbsp; 43505 |
| 5.55%, 03/15/2034 |  | 23000 | &nbsp;&nbsp; 24161 |
| 5.35%, 08/01/2054 |  | 42000 | &nbsp;&nbsp; 40031 |
| 5.95%, 03/15/2064<sup>(c)</sup> <br>|  | 184000 | &nbsp;&nbsp; 187832 |
| TTX Co., 5.05%, 11/15/2034<sup>(b)</sup> <br>|  | 1719000 | &nbsp;&nbsp; 1752571 |
| Union Pacific Corp., 5.15%, <br> 01/20/2063<br>|  | 59000 | &nbsp;&nbsp; 53500 |
|  |  |  | &nbsp;&nbsp; 20489170 |
| **Real Estate Development–0.29%** | **Real Estate Development–0.29%** | **Real Estate Development–0.29%** | **Real Estate Development–0.29%** |
| Cushman & Wakefield <br> U.S. Borrower LLC, 8.88%, <br> 09/01/2031<sup>(b)(c)</sup> <br>|  | 524000 | &nbsp;&nbsp; 562255 |
| Essential Properties L.P., 5.40%, <br> 12/01/2035<sup>(c)</sup> <br>|  | 2220000 | &nbsp;&nbsp; 2191708 |
| Greystar Real Estate Partners LLC, <br> 7.75%, 09/01/2030<sup>(b)</sup> <br>|  | 497000 | &nbsp;&nbsp; 526627 |
| Piedmont Operating Partnership L.P., | Piedmont Operating Partnership L.P., |  |  |
| 9.25%, 07/20/2028 |  | 5411000 | &nbsp;&nbsp; 6016623 |
| 6.88%, 07/15/2029 |  | 2000000 | &nbsp;&nbsp; 2117406 |
|  |  |  | &nbsp;&nbsp; 11414619 |
| **Regional Banks–0.29%** | **Regional Banks–0.29%** | **Regional Banks–0.29%** | **Regional Banks–0.29%** |
| Citizens Financial Group, Inc., <br> 5.64%, 05/21/2037<sup>(d)</sup> <br>|  | 1843000 | &nbsp;&nbsp; 1852095 |
| Huntington Bancshares, Inc., <br> 4.44%, 08/04/2028<sup>(c)(d)</sup> <br>|  | 505000 | &nbsp;&nbsp; 506620 |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(c)(d)</sup> <br>|  | 1716000 | &nbsp;&nbsp; 1786774 |
| Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(d)</sup> <br>|  | 1003000 | &nbsp;&nbsp; 1043703 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 5.87%, 06/08/2034<sup>(d)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39960 |
| Series P, 4.95%<sup>(d)(e)</sup> <br>|  | 970000 | &nbsp;&nbsp; 967915 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(d)</sup> <br>|  | 4136000 | &nbsp;&nbsp; 4152363 |
| Zions Bancorporation N.A., <br> 6.82%, 11/19/2035<sup>(d)</sup> <br>|  | 1257000 | &nbsp;&nbsp; 1317664 |
|  |  |  | &nbsp;&nbsp; 11667094 |
| **Reinsurance–0.54%** | **Reinsurance–0.54%** | **Reinsurance–0.54%** | **Reinsurance–0.54%** |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 1190000 | &nbsp;&nbsp; 1237609 |
| Global Atlantic (Fin) Co., | Global Atlantic (Fin) Co., |  |  |
| 4.40%, 10/15/2029<sup>(b)</sup> <br>|  | 2474000 | &nbsp;&nbsp; 2438893 |
| 4.70%, 10/15/2051<sup>(b)(d)</sup> <br>|  | 578000 | &nbsp;&nbsp; 568832 |
| 6.75%, 03/15/2054<sup>(b)</sup> <br>|  | 4182000 | &nbsp;&nbsp; 4277520 |
| 7.95%, 10/15/2054<sup>(b)(c)(d)</sup> <br>|  | 2335000 | &nbsp;&nbsp; 2462949 |
| RGA Global Funding, 5.00%, <br> 08/25/2032<sup>(b)</sup> <br>|  | 10343000 | &nbsp;&nbsp; 10390179 |
|  |  |  | &nbsp;&nbsp; 21375982 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | $525000 | &nbsp;&nbsp; $532811 |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 628000 | &nbsp;&nbsp; 645020 |
|  |  |  | &nbsp;&nbsp; 1177831 |
| **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** | **Research & Consulting Services–0.18%** |
| CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 629942 |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)(c)</sup> <br>|  | 624000 | &nbsp;&nbsp; 590043 |
| Verisk Analytics, Inc., | Verisk Analytics, Inc., |  |  |
| 4.50%, 08/15/2030<sup>(c)</sup> <br>|  | 1355000 | &nbsp;&nbsp; 1361244 |
| 5.13%, 02/15/2036 |  | 4700000 | &nbsp;&nbsp; 4671604 |
|  |  |  | &nbsp;&nbsp; 7252833 |
| **Restaurants–1.16%** | **Restaurants–1.16%** | **Restaurants–1.16%** | **Restaurants–1.16%** |
| 1011778 BC ULC/New Red <br> Finance, Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 1244000 | &nbsp;&nbsp; 1260360 |
| Arcos Dorados B.V. (Brazil), <br> 6.38%, 01/29/2032<sup>(b)</sup> <br>|  | 5640000 | &nbsp;&nbsp; 5900794 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.40%, 02/12/2031 |  | 11227000 | &nbsp;&nbsp; 11269005 |
| 4.95%, 03/03/2035<sup>(c)</sup> <br>|  | 7796000 | &nbsp;&nbsp; 7850801 |
| 5.00%, 02/13/2036 |  | 6863000 | &nbsp;&nbsp; 6871163 |
| 5.15%, 09/09/2052<sup>(c)</sup> <br>|  | 324000 | &nbsp;&nbsp; 298229 |
| 5.45%, 08/14/2053<sup>(c)</sup> <br>|  | 5287000 | &nbsp;&nbsp; 5075545 |
| Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup> <br>|  | 6868000 | &nbsp;&nbsp; 7248226 |
|  |  |  | &nbsp;&nbsp; 45774123 |
| **Retail REITs–0.72%** | **Retail REITs–0.72%** | **Retail REITs–0.72%** | **Retail REITs–0.72%** |
| Agree L.P., 5.63%, 06/15/2034 |  | 1264000 | &nbsp;&nbsp; 1301595 |
| Brixmor Operating Partnership <br> L.P., 5.75%, 02/15/2035<br>|  | 934000 | &nbsp;&nbsp; 967735 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 2.70%, 10/01/2030 |  | 250000 | &nbsp;&nbsp; 230872 |
| 4.85%, 03/01/2035 |  | 2015000 | &nbsp;&nbsp; 1987898 |
| 5.30%, 02/01/2036 |  | 6948000 | &nbsp;&nbsp; 7025023 |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | 1115000 | &nbsp;&nbsp; 1129161 |
| 5.50%, 03/01/2034 |  | 636000 | &nbsp;&nbsp; 650988 |
| Kite Realty Group Trust, 4.75%, <br> 09/15/2030<br>|  | 623000 | &nbsp;&nbsp; 625999 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 907000 | &nbsp;&nbsp; 944787 |
| 5.50%, 06/15/2034 |  | 1182000 | &nbsp;&nbsp; 1218298 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 4.85%, 03/15/2030<sup>(c)</sup> <br>|  | 310000 | &nbsp;&nbsp; 318171 |
| 5.63%, 10/13/2032 |  | 1088000 | &nbsp;&nbsp; 1145369 |
| 5.13%, 04/15/2035 |  | 984000 | &nbsp;&nbsp; 991754 |
| 5.38%, 09/01/2054<sup>(c)</sup> <br>|  | 870000 | &nbsp;&nbsp; 824961 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | 1709000 | &nbsp;&nbsp; 1744850 |
| 5.25%, 01/15/2034 |  | 1263000 | &nbsp;&nbsp; 1293887 |
| 5.10%, 01/15/2035 |  | 979000 | &nbsp;&nbsp; 982927 |
| Simon Property Group L.P., <br> 4.75%, 09/26/2034<br>|  | 5315000 | &nbsp;&nbsp; 5227608 |
|  |  |  | &nbsp;&nbsp; 28611883 |

---

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

**21**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Security & Alarm Services–0.03%** | **Security & Alarm Services–0.03%** | **Security & Alarm Services–0.03%** | **Security & Alarm Services–0.03%** |
| Brink's Co. (The), | Brink's Co. (The), |  |  |
| 6.50%, 06/15/2029<sup>(b)</sup> <br>|  | $540000 | &nbsp;&nbsp; $555716 |
| 6.75%, 06/15/2032<sup>(b)(c)</sup> <br>|  | 532000 | &nbsp;&nbsp; 551535 |
|  |  |  | &nbsp;&nbsp; 1107251 |
| **Self-Storage REITs–1.04%** | **Self-Storage REITs–1.04%** | **Self-Storage REITs–1.04%** | **Self-Storage REITs–1.04%** |
| Americold Realty Operating Partnership <br> L.P., | Americold Realty Operating Partnership <br> L.P., |  |  |
| 5.60%, 05/15/2032 |  | 2303000 | &nbsp;&nbsp; 2336380 |
| 5.41%, 09/12/2034<sup>(c)</sup> <br>|  | 2515000 | &nbsp;&nbsp; 2472284 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 656000 | &nbsp;&nbsp; 677913 |
| 2.55%, 06/01/2031 |  | 279000 | &nbsp;&nbsp; 250670 |
| 4.95%, 01/15/2033<sup>(c)</sup> <br>|  | 2305000 | &nbsp;&nbsp; 2313398 |
| 5.40%, 02/01/2034 |  | 2311000 | &nbsp;&nbsp; 2358939 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 737000 | &nbsp;&nbsp; 737352 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.63%, 01/15/2033<sup>(c)</sup> <br>|  | 2431000 | &nbsp;&nbsp; 2425720 |
| 4.75%, 06/15/2033<sup>(c)</sup> <br>|  | 2648000 | &nbsp;&nbsp; 2655756 |
| 5.13%, 01/15/2034<sup>(c)</sup> <br>|  | 1335000 | &nbsp;&nbsp; 1364839 |
| 5.00%, 03/15/2034 |  | 4897000 | &nbsp;&nbsp; 4949834 |
| 5.00%, 01/31/2035 |  | 3157000 | &nbsp;&nbsp; 3175509 |
| 5.25%, 05/15/2035 |  | 3586000 | &nbsp;&nbsp; 3658210 |
| 5.25%, 06/15/2053<sup>(c)</sup> <br>|  | 4318000 | &nbsp;&nbsp; 4042097 |
| 5.25%, 03/15/2054<sup>(c)</sup> <br>|  | 5434000 | &nbsp;&nbsp; 5086559 |
| Public Storage Operating Co., <br> 5.35%, 08/01/2053<sup>(c)</sup> <br>|  | 2566000 | &nbsp;&nbsp; 2447074 |
|  |  |  | &nbsp;&nbsp; 40952534 |
| **Semiconductors–1.12%** | **Semiconductors–1.12%** | **Semiconductors–1.12%** | **Semiconductors–1.12%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 5.05%, 07/12/2029 |  | 1893000 | &nbsp;&nbsp; 1946880 |
| 5.15%, 11/15/2031 |  | 1939000 | &nbsp;&nbsp; 2005484 |
| 5.20%, 07/15/2035 |  | 4211000 | &nbsp;&nbsp; 4250995 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)(c)</sup> <br>|  | 1031000 | &nbsp;&nbsp; 1088587 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 1813000 | &nbsp;&nbsp; 1883932 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 3129000 | &nbsp;&nbsp; 3324553 |
| 5.90%, 01/25/2033<sup>(b)</sup> <br>|  | 744000 | &nbsp;&nbsp; 780437 |
| 5.88%, 01/25/2034<sup>(b)</sup> <br>|  | 3624000 | &nbsp;&nbsp; 3724065 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 4409000 | &nbsp;&nbsp; 4670862 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 2813000 | &nbsp;&nbsp; 2946476 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 2954000 | &nbsp;&nbsp; 3109949 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 1272000 | &nbsp;&nbsp; 1363877 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 2470000 | &nbsp;&nbsp; 2614501 |
| Kioxia Holdings Corp. (Japan), | Kioxia Holdings Corp. (Japan), |  |  |
| 6.25%, 07/24/2030<sup>(b)</sup> <br>|  | 1070000 | &nbsp;&nbsp; 1071781 |
| 6.63%, 07/24/2033<sup>(b)</sup> <br>|  | 1048000 | &nbsp;&nbsp; 1042933 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 1146000 | &nbsp;&nbsp; 1182954 |
| 5.65%, 11/01/2032<sup>(c)</sup> <br>|  | 1708000 | &nbsp;&nbsp; 1786581 |
| 6.05%, 11/01/2035 |  | 5183000 | &nbsp;&nbsp; 5448031 |
|  |  |  | &nbsp;&nbsp; 44242878 |
| **Single-Family Residential REITs–0.18%** | **Single-Family Residential REITs–0.18%** | **Single-Family Residential REITs–0.18%** | **Single-Family Residential REITs–0.18%** |
| American Homes 4 Rent L.P., <br> 5.50%, 07/15/2034<br>|  | 5072000 | &nbsp;&nbsp; 5195217 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Single-Family Residential REITs–(continued)** | **Single-Family Residential REITs–(continued)** | **Single-Family Residential REITs–(continued)** | **Single-Family Residential REITs–(continued)** |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | $1789000 | &nbsp;&nbsp; $1748744 |
|  |  |  | &nbsp;&nbsp; 6943961 |
| **Soft Drinks & Non-alcoholic Beverages–0.96%** | **Soft Drinks & Non-alcoholic Beverages–0.96%** | **Soft Drinks & Non-alcoholic Beverages–0.96%** | **Soft Drinks & Non-alcoholic Beverages–0.96%** |
| Coca-Cola Co. (The), | Coca-Cola Co. (The), |  |  |
| 5.30%, 05/13/2054<sup>(c)</sup> <br>|  | 8587000 | &nbsp;&nbsp; 8287503 |
| 5.40%, 05/13/2064 |  | 7402000 | &nbsp;&nbsp; 7135069 |
| Coca-Cola FEMSA S.A.B. de C.V. <br> (Mexico), 5.10%, <br> 05/06/2035<br>|  | 6659000 | &nbsp;&nbsp; 6679044 |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| 4.35%, 05/15/2028 |  | 2317000 | &nbsp;&nbsp; 2315123 |
| 4.60%, 05/15/2030 |  | 7451000 | &nbsp;&nbsp; 7455533 |
| 5.15%, 05/15/2035 |  | 2912000 | &nbsp;&nbsp; 2877234 |
| PepsiCo, Inc., 4.30%, <br> 07/23/2030<br>|  | 3297000 | &nbsp;&nbsp; 3318741 |
|  |  |  | &nbsp;&nbsp; 38068247 |
| **Sovereign Debt–1.84%** | **Sovereign Debt–1.84%** | **Sovereign Debt–1.84%** | **Sovereign Debt–1.84%** |
| Bahamas Government <br> International Bond (Bahamas), <br> 8.25%, 06/24/2036<sup>(b)</sup> <br>|  | 2181000 | &nbsp;&nbsp; 2258600 |
| Barbados Government <br> International Bond (Barbados), <br> 8.00%, 06/26/2035<sup>(b)</sup> <br>|  | 2297000 | &nbsp;&nbsp; 2314721 |
| Costa Rica Government <br> International Bond (Costa <br> Rica), 7.30%, 11/13/2054<sup>(b)</sup> <br>|  | 1763000 | &nbsp;&nbsp; 1864593 |
| Dominican Republic International Bond <br> (Dominican Republic), | Dominican Republic International Bond <br> (Dominican Republic), |  |  |
| 6.95%, 03/15/2037<sup>(b)</sup> <br>|  | 8475000 | &nbsp;&nbsp; 8848324 |
| 7.15%, 02/24/2055<sup>(b)</sup> <br>|  | 5337000 | &nbsp;&nbsp; 5542474 |
| Guatemala Government Bond <br> (Guatemala), | Guatemala Government Bond <br> (Guatemala), |  |  |
| 6.05%, 08/06/2031<sup>(b)</sup> <br>|  | 1870000 | &nbsp;&nbsp; 1936385 |
| 6.25%, 08/15/2036<sup>(b)</sup> <br>|  | 4490000 | &nbsp;&nbsp; 4616259 |
| 6.55%, 02/06/2037<sup>(b)</sup> <br>|  | 2180000 | &nbsp;&nbsp; 2266110 |
| 6.88%, 08/15/2055<sup>(b)</sup> <br>|  | 3762000 | &nbsp;&nbsp; 3789275 |
| Peruvian Government <br> International Bond (Peru), <br> 5.38%, 02/08/2035<br>|  | 1754000 | &nbsp;&nbsp; 1778346 |
| Republic of Poland Government <br> International Bond (Poland), <br> 5.38%, 02/12/2035<br>|  | 6600000 | &nbsp;&nbsp; 6765990 |
| Romanian Government International <br> Bond (Romania), | Romanian Government International <br> Bond (Romania), |  |  |
| 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 2522000 | &nbsp;&nbsp; 2626384 |
| 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 1992000 | &nbsp;&nbsp; 2038327 |
| 5.75%, 09/16/2030<sup>(b)</sup> <br>|  | 7304000 | &nbsp;&nbsp; 7377887 |
| 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 1620000 | &nbsp;&nbsp; 1726216 |
| 5.75%, 03/24/2035<sup>(b)</sup> <br>|  | 3622000 | &nbsp;&nbsp; 3445035 |
| 6.63%, 05/16/2036<sup>(b)</sup> <br>|  | 7702000 | &nbsp;&nbsp; 7711165 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 5735000 | &nbsp;&nbsp; 5749223 |
|  |  |  | &nbsp;&nbsp; 72655314 |
| **Specialized Consumer Services–0.53%** | **Specialized Consumer Services–0.53%** | **Specialized Consumer Services–0.53%** | **Specialized Consumer Services–0.53%** |
| Ashtead Capital, Inc. (United <br> Kingdom), 5.55%, <br> 05/30/2033<sup>(b)</sup> <br>|  | 1852000 | &nbsp;&nbsp; 1888182 |

---

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

**22**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Specialized Consumer Services–(continued)** | **Specialized Consumer Services–(continued)** | **Specialized Consumer Services–(continued)** | **Specialized Consumer Services–(continued)** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)(c)</sup> <br>|  | $912000 | &nbsp;&nbsp; $861217 |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 6772000 | &nbsp;&nbsp; 6900120 |
| 5.63%, 04/28/2035<sup>(b)</sup> <br>|  | 11273000 | &nbsp;&nbsp; 11456229 |
|  |  |  | &nbsp;&nbsp; 21105748 |
| **Specialized Finance–0.13%** | **Specialized Finance–0.13%** | **Specialized Finance–0.13%** | **Specialized Finance–0.13%** |
| CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 68000 | &nbsp;&nbsp; 51889 |
| Jefferson Capital Holdings LLC, | Jefferson Capital Holdings LLC, |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> <br>|  | 989000 | &nbsp;&nbsp; 1051456 |
| 8.25%, 05/15/2030<sup>(b)</sup> <br>|  | 3176000 | &nbsp;&nbsp; 3328219 |
| TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 546000 | &nbsp;&nbsp; 580562 |
|  |  |  | &nbsp;&nbsp; 5012126 |
| **Specialty Chemicals–0.64%** | **Specialty Chemicals–0.64%** | **Specialty Chemicals–0.64%** | **Specialty Chemicals–0.64%** |
| Celanese US Holdings LLC, <br> 7.20%, 11/15/2033<sup>(c)</sup> <br>|  | 545000 | &nbsp;&nbsp; 567429 |
| OCP S.A. (Morocco), | OCP S.A. (Morocco), |  |  |
| 6.10%, 04/30/2030<sup>(b)</sup> <br>|  | 2667000 | &nbsp;&nbsp; 2751227 |
| 6.70%, 03/01/2036<sup>(b)</sup> <br>|  | 3187000 | &nbsp;&nbsp; 3299070 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 6370000 | &nbsp;&nbsp; 6399559 |
| 4.50%, 08/15/2030<sup>(c)</sup> <br>|  | 4806000 | &nbsp;&nbsp; 4834884 |
| 5.15%, 08/15/2035 |  | 6171000 | &nbsp;&nbsp; 6219557 |
| Sociedad Quimica y Minera de <br> Chile S.A. (Chile), 6.50%, <br> 11/07/2033<sup>(b)</sup> <br>|  | 1034000 | &nbsp;&nbsp; 1104927 |
| Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 66000 | &nbsp;&nbsp; 67461 |
|  |  |  | &nbsp;&nbsp; 25244114 |
| **Steel–0.22%** | **Steel–0.22%** | **Steel–0.22%** | **Steel–0.22%** |
| ArcelorMittal S.A. (Luxembourg), <br> 6.55%, 11/29/2027<br>|  | 1698000 | &nbsp;&nbsp; 1772364 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 2366000 | &nbsp;&nbsp; 2404682 |
| 7.00%, 03/15/2032<sup>(b)(c)</sup> <br>|  | 371000 | &nbsp;&nbsp; 369292 |
| 7.38%, 05/01/2033<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 32900 |
| POSCO Holdings, Inc. (South Korea), | POSCO Holdings, Inc. (South Korea), |  |  |
| 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 2459000 | &nbsp;&nbsp; 2524033 |
| 5.75%, 05/07/2035<sup>(b)</sup> <br>|  | 1599000 | &nbsp;&nbsp; 1671191 |
|  |  |  | &nbsp;&nbsp; 8774462 |
| **Systems Software–0.79%** | **Systems Software–0.79%** | **Systems Software–0.79%** | **Systems Software–0.79%** |
| CrowdStrike Holdings, Inc., <br> 3.00%, 02/15/2029<br>|  | 928000 | &nbsp;&nbsp; 875337 |
| Oracle Corp., | Oracle Corp., |  |  |
| 6.25%, 11/09/2032 |  | 3826000 | &nbsp;&nbsp; 4136061 |
| 4.90%, 02/06/2033 |  | 1798000 | &nbsp;&nbsp; 1799263 |
| 4.70%, 09/27/2034 |  | 4202000 | &nbsp;&nbsp; 4063654 |
| 4.00%, 11/15/2047 |  | 174000 | &nbsp;&nbsp; 131593 |
| 6.90%, 11/09/2052 |  | 2568000 | &nbsp;&nbsp; 2783029 |
| 5.55%, 02/06/2053 |  | 174000 | &nbsp;&nbsp; 159806 |
| 5.38%, 09/27/2054 |  | 6101000 | &nbsp;&nbsp; 5438882 |
| 6.00%, 08/03/2055<sup>(c)</sup> <br>|  | 3135000 | &nbsp;&nbsp; 3065003 |
| 5.50%, 09/27/2064 |  | 4092000 | &nbsp;&nbsp; 3632988 |
| 6.13%, 08/03/2065 |  | 5099000 | &nbsp;&nbsp; 4955281 |
|  |  |  | &nbsp;&nbsp; 31040897 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Technology Hardware, Storage & Peripherals–0.27%** | **Technology Hardware, Storage & Peripherals–0.27%** | **Technology Hardware, Storage & Peripherals–0.27%** | **Technology Hardware, Storage & Peripherals–0.27%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 3.95%, 08/08/2052 |  | $156000 | &nbsp;&nbsp; $122813 |
| 4.10%, 08/08/2062 |  | 2629000 | &nbsp;&nbsp; 2061398 |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| 5.00%, 10/15/2034 |  | 3168000 | &nbsp;&nbsp; 3115731 |
| 5.60%, 10/15/2054 |  | 5646000 | &nbsp;&nbsp; 5218379 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 48854 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 83000 | &nbsp;&nbsp; 50863 |
|  |  |  | &nbsp;&nbsp; 10618038 |
| **Telecom Tower REITs–0.03%** | **Telecom Tower REITs–0.03%** | **Telecom Tower REITs–0.03%** | **Telecom Tower REITs–0.03%** |
| American Tower Corp., 3.10%, <br> 06/15/2050<br>|  | 120000 | &nbsp;&nbsp; 77916 |
| SBA Communications Corp., <br> 3.13%, 02/01/2029<sup>(c)</sup> <br>|  | 1107000 | &nbsp;&nbsp; 1041173 |
|  |  |  | &nbsp;&nbsp; 1119089 |
| **Tobacco–1.22%** | **Tobacco–1.22%** | **Tobacco–1.22%** | **Tobacco–1.22%** |
| Altria Group, Inc., 3.70%, <br> 02/04/2051<sup>(c)</sup> <br>|  | 514000 | &nbsp;&nbsp; 356149 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 2361000 | &nbsp;&nbsp; 2498410 |
| 6.00%, 02/20/2034 |  | 3291000 | &nbsp;&nbsp; 3494732 |
| 7.08%, 08/02/2043 |  | 229000 | &nbsp;&nbsp; 254259 |
| 7.08%, 08/02/2053 |  | 6090000 | &nbsp;&nbsp; 6773287 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 5.13%, 11/17/2027 |  | 33000 | &nbsp;&nbsp; 33713 |
| 4.88%, 02/13/2029 |  | 48000 | &nbsp;&nbsp; 49036 |
| 4.63%, 11/01/2029<sup>(c)</sup> <br>|  | 1501000 | &nbsp;&nbsp; 1525331 |
| 4.38%, 04/30/2030<sup>(c)</sup> <br>|  | 4772000 | &nbsp;&nbsp; 4800577 |
| 5.13%, 02/13/2031 |  | 824000 | &nbsp;&nbsp; 851812 |
| 4.75%, 11/01/2031 |  | 1184000 | &nbsp;&nbsp; 1201687 |
| 5.75%, 11/17/2032 |  | 2672000 | &nbsp;&nbsp; 2830556 |
| 5.38%, 02/15/2033<sup>(c)</sup> <br>|  | 6402000 | &nbsp;&nbsp; 6630317 |
| 5.63%, 09/07/2033 |  | 4397000 | &nbsp;&nbsp; 4617449 |
| 5.25%, 02/13/2034<sup>(c)</sup> <br>|  | 2151000 | &nbsp;&nbsp; 2198839 |
| 4.90%, 11/01/2034<sup>(c)</sup> <br>|  | 6066000 | &nbsp;&nbsp; 6042398 |
| 4.88%, 04/30/2035 |  | 4270000 | &nbsp;&nbsp; 4232581 |
|  |  |  | &nbsp;&nbsp; 48391133 |
| **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** | **Trading Companies & Distributors–0.31%** |
| Air Lease Corp., Series B, <br> 4.65%<sup>(d)(e)</sup> <br>|  | 2698000 | &nbsp;&nbsp; 2675147 |
| Aircastle Ltd., 5.25%<sup>(b)(d)(e)</sup> <br>|  | 1154000 | &nbsp;&nbsp; 1149500 |
| Ferguson Enterprises, Inc., <br> 5.00%, 10/03/2034<sup>(c)</sup> <br>|  | 1899000 | &nbsp;&nbsp; 1881224 |
| GATX Corp., | GATX Corp., |  |  |
| 5.50%, 06/15/2035 |  | 45000 | &nbsp;&nbsp; 45846 |
| 6.05%, 06/05/2054 |  | 62000 | &nbsp;&nbsp; 62067 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)(c)</sup> <br>|  | 2677000 | &nbsp;&nbsp; 2756397 |
| 5.13%, 07/17/2034<sup>(b)(c)</sup> <br>|  | 3552000 | &nbsp;&nbsp; 3646115 |
|  |  |  | &nbsp;&nbsp; 12216296 |
| **Transaction & Payment Processing Services–0.41%** | **Transaction & Payment Processing Services–0.41%** | **Transaction & Payment Processing Services–0.41%** | **Transaction & Payment Processing Services–0.41%** |
| Block, Inc., | Block, Inc., |  |  |
| 5.63%, 08/15/2030<sup>(b)(c)</sup> <br>|  | 945000 | &nbsp;&nbsp; 966571 |
| 6.00%, 08/15/2033<sup>(b)(c)</sup> <br>|  | 1133000 | &nbsp;&nbsp; 1163904 |

---

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

**23**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Transaction & Payment Processing Services–(continued)** | **Transaction & Payment Processing Services–(continued)** | **Transaction & Payment Processing Services–(continued)** | **Transaction & Payment Processing Services–(continued)** |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | $1861000 | &nbsp;&nbsp; $1920521 |
| 4.55%, 02/15/2031 |  | 1302000 | &nbsp;&nbsp; 1302268 |
| 5.63%, 08/21/2033 |  | 2246000 | &nbsp;&nbsp; 2331708 |
| 5.45%, 03/15/2034<sup>(c)</sup> <br>|  | 3844000 | &nbsp;&nbsp; 3940507 |
| 5.25%, 08/11/2035 |  | 2811000 | &nbsp;&nbsp; 2801008 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 1295000 | &nbsp;&nbsp; 1324593 |
| PayPal Holdings, Inc., | PayPal Holdings, Inc., |  |  |
| 5.05%, 06/01/2052 |  | 208000 | &nbsp;&nbsp; 190352 |
| 5.25%, 06/01/2062<sup>(c)</sup> <br>|  | 366000 | &nbsp;&nbsp; 336661 |
|  |  |  | &nbsp;&nbsp; 16278093 |
| **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** | **Water Utilities–0.05%** |
| American Water Capital Corp., <br> 5.70%, 09/01/2055<br>|  | 2093000 | &nbsp;&nbsp; 2062536 |
| **Wireless Telecommunication Services–0.40%** | **Wireless Telecommunication Services–0.40%** | **Wireless Telecommunication Services–0.40%** | **Wireless Telecommunication Services–0.40%** |
| Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |  |  |
| 7.00%, 04/15/2055<sup>(d)</sup> <br>|  | 2314000 | &nbsp;&nbsp; 2379440 |
| 7.13%, 04/15/2055<sup>(d)</sup> <br>|  | 1614000 | &nbsp;&nbsp; 1676266 |
| Sprint Spectrum Co. LLC/Sprint <br> Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC, 5.15%, <br> 03/20/2028<sup>(b)</sup> <br>|  | 2097700 | &nbsp;&nbsp; 2113402 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 4.50%, 04/15/2050 |  | 1135000 | &nbsp;&nbsp; 928535 |
| 5.65%, 01/15/2053<sup>(c)</sup> <br>|  | 2849000 | &nbsp;&nbsp; 2730564 |
| 6.00%, 06/15/2054 |  | 1159000 | &nbsp;&nbsp; 1167507 |
| 5.50%, 01/15/2055 |  | 47000 | &nbsp;&nbsp; 44017 |
| 5.88%, 11/15/2055<sup>(c)</sup> <br>|  | 2790000 | &nbsp;&nbsp; 2755057 |
| Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), |  |  |
| 5.75%, 02/10/2063 |  | 545000 | &nbsp;&nbsp; 514210 |
| 4.13%, 06/04/2081<sup>(d)</sup> <br>|  | 1095000 | &nbsp;&nbsp; 1015388 |
| 5.13%, 06/04/2081<sup>(d)</sup> <br>|  | 466000 | &nbsp;&nbsp; 362029 |
|  |  |  | &nbsp;&nbsp; 15686415 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,552,297,537) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,552,297,537) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $3,552,297,537) | &nbsp;&nbsp; 3598748386 |
| **Asset-Backed Securities–2.99%** | **Asset-Backed Securities–2.99%** | **Asset-Backed Securities–2.99%** | **Asset-Backed Securities–2.99%** |
| Centersquare Issuer LLC, | Centersquare Issuer LLC, |  |  |
| Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 6160000 | &nbsp;&nbsp; 5952515 |
| Series 2025-4A, Class A2, <br> 5.20%, 08/25/2055<sup>(j)</sup> <br>|  | 7750000 | &nbsp;&nbsp; 7310622 |
| CLI Funding IX LLC, <br> Series 2025-1A, Class A, <br> 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 2475967 | &nbsp;&nbsp; 2519950 |
| Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |  |  |
| Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 6530000 | &nbsp;&nbsp; 6580132 |
| Series 2025-1A, Class A2II, <br> 5.22%, 07/25/2055<sup>(b)</sup> <br>|  | 5550000 | &nbsp;&nbsp; 5604035 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, <br> 4.88%, 05/27/2042<sup>(b)</sup> <br>|  | 1853791 | &nbsp;&nbsp; 1882570 |
| IP Lending IV Ltd., <br> Series 2022-4A, Class SNR, <br> 6.05%, 04/28/2027<sup>(b)(j)</sup> <br>|  | 5941000 | &nbsp;&nbsp; 5917236 |
| Jersey Mike's Funding, <br> Series 2025-1A, Class A2, <br> 5.61%, 08/16/2055<sup>(b)</sup> <br>|  | 5300000 | &nbsp;&nbsp; 5414032 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Jimmy John's Funding LLC, <br> Series 2017-1A, Class A2II, <br> 4.85%, 07/30/2047<sup>(b)</sup> <br>|  | $2537558 | &nbsp;&nbsp; $2525608 |
| Metronet Infrastructure <br> Issuer LLC, 6.01%, <br> 07/20/2055<sup>(j)</sup> <br>|  | 4750000 | &nbsp;&nbsp; 4762049 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 11268757 | &nbsp;&nbsp; 11795331 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 10156450 | &nbsp;&nbsp; 9986991 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 2450125 | &nbsp;&nbsp; 2267508 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 2411692 | &nbsp;&nbsp; 2090201 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 4701473 | &nbsp;&nbsp; 4850325 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 5159015 | &nbsp;&nbsp; 5245658 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 5116338 | &nbsp;&nbsp; 5246036 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 5304912 | &nbsp;&nbsp; 5289583 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 4893025 | &nbsp;&nbsp; 4900615 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 5022050 | &nbsp;&nbsp; 5042917 |
| Wendy's Funding LLC, <br> Series 2018-1A, Class A2II, <br> 3.88%, 03/15/2048<sup>(b)</sup> <br>|  | 4207778 | &nbsp;&nbsp; 4130946 |
| Zaxby's Funding LLC, <br> Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 3059100 | &nbsp;&nbsp; 3141291 |
| Zayo Issuer LLC, Series 2025-2A, <br> Class A2, 5.95%, <br> 06/20/2055<sup>(b)</sup> <br>|  | 5671000 | &nbsp;&nbsp; 5862916 |
| Total Asset-Backed Securities <br> (Cost $117,455,685) | Total Asset-Backed Securities <br> (Cost $117,455,685) | Total Asset-Backed Securities <br> (Cost $117,455,685) | &nbsp;&nbsp; 118319067 |
| **U.S. Treasury Securities–2.28%** | **U.S. Treasury Securities–2.28%** | **U.S. Treasury Securities–2.28%** | **U.S. Treasury Securities–2.28%** |
| **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** |
| 3.83% - 4.12%, <br> 05/14/2026<sup>(l)(m)</sup> <br>|  | 18626000 | &nbsp;&nbsp; 18137130 |
| **U.S. Treasury Bonds–0.13%** | **U.S. Treasury Bonds–0.13%** | **U.S. Treasury Bonds–0.13%** | **U.S. Treasury Bonds–0.13%** |
| 4.88%, 08/15/2045 |  | 3992700 | &nbsp;&nbsp; 3997691 |
| 4.75%, 05/15/2055 |  | 1006000 | &nbsp;&nbsp; 978964 |
|  |  |  | &nbsp;&nbsp; 4976655 |
| **U.S. Treasury Notes–1.69%** | **U.S. Treasury Notes–1.69%** | **U.S. Treasury Notes–1.69%** | **U.S. Treasury Notes–1.69%** |
| 3.88%, 07/31/2027 |  | 2930600 | &nbsp;&nbsp; 2942963 |
| 3.88%, 07/15/2028 |  | 1000 | &nbsp;&nbsp; 1008 |
| 3.63%, 08/15/2028 |  | 13834500 | &nbsp;&nbsp; 13853414 |
| 3.88%, 07/31/2030 |  | 5366100 | &nbsp;&nbsp; 5410119 |
| 4.00%, 07/31/2032 |  | 60000 | &nbsp;&nbsp; 60281 |
| 4.25%, 08/15/2035 |  | 44538500 | &nbsp;&nbsp; 44632449 |
|  |  |  | &nbsp;&nbsp; 66900234 |
| Total U.S. Treasury Securities <br> (Cost $89,531,738) | Total U.S. Treasury Securities <br> (Cost $89,531,738) | Total U.S. Treasury Securities <br> (Cost $89,531,738) | &nbsp;&nbsp; 90014019 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–1.16%** | **Preferred Stocks–1.16%** | **Preferred Stocks–1.16%** | **Preferred Stocks–1.16%** |
| **Aerospace & Defense–0.10%** | **Aerospace & Defense–0.10%** | **Aerospace & Defense–0.10%** | **Aerospace & Defense–0.10%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 52000 | &nbsp;&nbsp; 3869840 |

---

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

**24**

**Invesco Corporate Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Diversified Banks–0.44%** | **Diversified Banks–0.44%** | **Diversified Banks–0.44%** | **Diversified Banks–0.44%** |
| Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | 14224 | &nbsp;&nbsp; $17282160 |
| **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** | **Diversified Financial Services–0.19%** |
| Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(d)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd.<sup>(d)</sup>  | 287800 | &nbsp;&nbsp; 7612310 |
| **Investment Banking & Brokerage–0.26%** | **Investment Banking & Brokerage–0.26%** | **Investment Banking & Brokerage–0.26%** | **Investment Banking & Brokerage–0.26%** |
| Morgan Stanley, 7.13%, Series E, Pfd. | Morgan Stanley, 7.13%, Series E, Pfd. | 256997 | &nbsp;&nbsp; 6561133 |
| Morgan Stanley, 6.88%, Series F, Pfd. | Morgan Stanley, 6.88%, Series F, Pfd. | 150000 | &nbsp;&nbsp; 3804000 |
|  |  |  | &nbsp;&nbsp; 10365133 |
| **Regional Banks–0.17%** | **Regional Banks–0.17%** | **Regional Banks–0.17%** | **Regional Banks–0.17%** |
| M&T Bank Corp., 7.50%, Series J, <br> Pfd.<sup>(c)</sup>  | M&T Bank Corp., 7.50%, Series J, <br> Pfd.<sup>(c)</sup>  | 251487 | &nbsp;&nbsp; 6815298 |
| Total Preferred Stocks (Cost $44,455,139) | Total Preferred Stocks (Cost $44,455,139) | Total Preferred Stocks (Cost $44,455,139) | &nbsp;&nbsp; 45944741 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.87%**<sup>(n)(o)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(n)(o)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(n)(o)</sup>  | **Variable Rate Senior Loan Interests–0.87%**<sup>(n)(o)</sup>  |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| TransDigm, Inc., Term Loan M, <br> —%, 08/30/2032<sup>(p)</sup> <br>|  | $2014133 | &nbsp;&nbsp; 2016993 |
| **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** | **Automobile Manufacturers–0.03%** |
| Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL) (United Kingdom), <br> Term Loan B, 7.07% (1 mo. <br> SOFR + 2.75%), 01/15/2032<br>|  | 975500 | &nbsp;&nbsp; 977480 |
| **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** | **Health Care Facilities–0.04%** |
| Select Medical Corp., Term Loan <br> B, 6.32% (1 mo. SOFR + <br> 0.20%), 11/30/2031<br>|  | 1648078 | &nbsp;&nbsp; 1654259 |
| **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** | **Passenger Airlines–0.12%** |
| AAdvantage Loyalty IP Ltd. <br> (American Airlines, Inc.), Term <br> Loan B, 7.58% (3 mo. Term <br> SOFR + 3.25%), 05/07/2032<br>|  | 4595782 | &nbsp;&nbsp; 4625953 |
| **Restaurants–0.25%** | **Restaurants–0.25%** | **Restaurants–0.25%** | **Restaurants–0.25%** |
| Raising Cane's Restaurants LLC, <br> Term Loan B, 6.32% (1 mo. <br> SOFR + 2.00%), 09/10/2031<br>|  | 10044475 | &nbsp;&nbsp; 10060195 |
| **Wireless Telecommunication Services–0.38%** | **Wireless Telecommunication Services–0.38%** | **Wireless Telecommunication Services–0.38%** | **Wireless Telecommunication Services–0.38%** |
| X Corp., Term Loan B, 9.50%, <br> 10/27/2029<br>|  | 15171000 | &nbsp;&nbsp; 14937973 |
| Total Variable Rate Senior Loan Interests <br> (Cost $34,461,616) | Total Variable Rate Senior Loan Interests <br> (Cost $34,461,616) | Total Variable Rate Senior Loan Interests <br> (Cost $34,461,616) | &nbsp;&nbsp; 34272853 |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.22%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.22%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.22%**<sup>(q)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.22%**<sup>(q)</sup>  |
| **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** | **Cable & Satellite–0.01%** |
| Sunrise FinCo I B.V. (Netherlands), <br> 4.63%, 05/15/2032<sup>(b)</sup> <br>| EUR | 500000 | &nbsp;&nbsp; 591353 |
| **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** | **Drug Retail–0.06%** |
| Boots Group Finco L.P. (United <br> Kingdom), | Boots Group Finco L.P. (United <br> Kingdom), |  |  |
| 5.38%, 08/31/2032<sup>(b)</sup> <br>| EUR | 750000 | &nbsp;&nbsp; 903610 |
| 7.38%, 08/31/2032<sup>(b)</sup> <br>| GBP | 1075000 | &nbsp;&nbsp; 1485693 |
|  |  |  | &nbsp;&nbsp; 2389303 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies–0.01%** | **Health Care Supplies–0.01%** | **Health Care Supplies–0.01%** | **Health Care Supplies–0.01%** |
| Bausch + Lomb Netherlands B.V. <br> and Bausch & Lomb, Inc., <br> 5.87% (3 mo. EURIBOR + <br> 3.88%), 01/15/2031<sup>(b)(f)</sup> <br>| EUR | 500000 | &nbsp;&nbsp; $591583 |
| **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** | **Hotels, Resorts & Cruise Lines–0.01%** |
| Carnival PLC, 4.13%, <br> 07/15/2031<sup>(b)</sup> <br>| EUR | 500000 | &nbsp;&nbsp; 590867 |
| **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** |
| Ball Corp., 4.25%, 07/01/2032 | EUR | 510000 | &nbsp;&nbsp; 609275 |
| **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** | **Movies & Entertainment–0.08%** |
| Netflix, Inc., 3.88%, <br> 11/15/2029<sup>(b)</sup> <br>| EUR | 2600000 | &nbsp;&nbsp; 3173770 |
| **Specialized Consumer Services–0.01%** | **Specialized Consumer Services–0.01%** | **Specialized Consumer Services–0.01%** | **Specialized Consumer Services–0.01%** |
| Allwyn Entertainment Financing <br> (UK) PLC (Czech Republic), <br> 4.13%, 02/15/2031<sup>(b)</sup> <br>| EUR | 275000 | &nbsp;&nbsp; 318469 |
| **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** | **Transaction & Payment Processing Services–0.02%** |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc., <br> 5.50%, 05/15/2033<sup>(b)</sup> <br>| EUR | 507000 | &nbsp;&nbsp; 615463 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $8,425,581) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $8,425,581) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $8,425,581) | &nbsp;&nbsp; 8880083 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** | **Exchange-Traded Funds–0.18%** |
| Invesco High Yield Bond Factor ETF<sup>(r)</sup>  | Invesco High Yield Bond Factor ETF<sup>(r)</sup>  | 82000 | &nbsp;&nbsp; 1861810 |
| Invesco High Yield Select ETF<sup>(r)</sup>  | Invesco High Yield Select ETF<sup>(r)</sup>  | 9000 | &nbsp;&nbsp; 230850 |
| Invesco Short Duration Total Return <br> Bond ETF<sup>(r)(s)</sup>  | Invesco Short Duration Total Return <br> Bond ETF<sup>(r)(s)</sup>  | 13000 | &nbsp;&nbsp; 325455 |
| Invesco Total Return Bond ETF<sup>(c)(r)</sup>  | Invesco Total Return Bond ETF<sup>(c)(r)</sup>  | 100000 | &nbsp;&nbsp; 4704000 |
| Total Exchange-Traded Funds (Cost $8,231,898) | Total Exchange-Traded Funds (Cost $8,231,898) | Total Exchange-Traded Funds (Cost $8,231,898) | &nbsp;&nbsp; 7122115 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Municipal Obligations–0.00%** | **Municipal Obligations–0.00%** | **Municipal Obligations–0.00%** | **Municipal Obligations–0.00%** |
| Florida Development Finance Corp. <br> (Palm Bay Academy, Inc.), | Florida Development Finance Corp. <br> (Palm Bay Academy, Inc.), |  |  |
| Series 2017, Ref. RB, 6.38%, <br> 05/15/2037<sup>(b)</sup> <br>|  | $360000 | &nbsp;&nbsp; 4 |
| Series 2017, Ref. RB, 9.00%, <br> 05/15/2037<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 35000 |
| Total Municipal Obligations (Cost $392,750) | Total Municipal Obligations (Cost $392,750) | Total Municipal Obligations (Cost $392,750) | &nbsp;&nbsp; 35004 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(r)(t)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(r)(t)</sup>  | 4969843 | &nbsp;&nbsp; 4969843 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(r)(t)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(r)(t)</sup>  | 9229708 | &nbsp;&nbsp; 9229708 |
| Total Money Market Funds (Cost $14,199,551) | Total Money Market Funds (Cost $14,199,551) | Total Money Market Funds (Cost $14,199,551) | &nbsp;&nbsp; 14199551 |
| **Options Purchased–0.04%** | **Options Purchased–0.04%** | **Options Purchased–0.04%** | **Options Purchased–0.04%** |
| (Cost $1,648,889)<sup>(u)</sup>  | (Cost $1,648,889)<sup>(u)</sup>  | (Cost $1,648,889)<sup>(u)</sup>  | &nbsp;&nbsp; 1429740 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> investments purchased with <br> cash collateral from securities <br> on loan)-99.21% <br> (Cost $3,871,100,384)<br>|  |  | &nbsp;&nbsp; 3918965559 |

---

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

**25**

**Invesco Corporate Bond Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–13.16%** | **Money Market Funds–13.16%** | **Money Market Funds–13.16%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(r)(t)(v)</sup>  | 141049891 | &nbsp;&nbsp; $141049891 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(r)(t)(v)</sup>  | 378525220 | &nbsp;&nbsp; 378638777 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $519,660,063) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $519,660,063) | &nbsp;&nbsp; 519688668 |
| TOTAL INVESTMENTS IN SECURITIES–112.37% <br> (Cost $4,390,760,447) | TOTAL INVESTMENTS IN SECURITIES–112.37% <br> (Cost $4,390,760,447) | &nbsp;&nbsp; 4438654227 |
| OTHER ASSETS LESS LIABILITIES—(12.37)% | OTHER ASSETS LESS LIABILITIES—(12.37)% | &nbsp;&nbsp; (488678517)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3949975710 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| REIT | – Real Estate Investment Trust |
| SOFR | – Secured Overnight Financing Rate |

---

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

**26**

**Invesco Corporate Bond Fund**

------

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> 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 $1,282,497,342, which represented 32.47% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<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> Perpetual bond with no specified maturity date.

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

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

<sup>(h)</sup> Zero coupon bond issued at a discount.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2025 was $317,400, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(k)</sup> Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(l)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

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

<sup>(n)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(o)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act") and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(p)</sup> This variable rate interest will settle after August 31, 2025, at which time the interest rate will be determined.

<sup>(q)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(r)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco High Yield Bond Factor ETF | $341423 | &nbsp;&nbsp; $1512919 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7468 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1861810 | &nbsp;&nbsp; $55410 |
| Invesco High Yield Select ETF | 255199 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25349) | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 230850 | &nbsp;&nbsp; 7263 |
| Invesco Short Duration Total Return Bond <br> ETF<br>| 299952 | &nbsp;&nbsp; 25020 | &nbsp;&nbsp; - | &nbsp;&nbsp; 483 | &nbsp;&nbsp; - | &nbsp;&nbsp; 325455 | &nbsp;&nbsp; 7695 |
| Invesco Total Return Bond ETF | 4729000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (25000) | &nbsp;&nbsp; - | &nbsp;&nbsp; 4704000 | &nbsp;&nbsp; 109592 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| - | &nbsp;&nbsp; 299515138 | &nbsp;&nbsp; (294545295) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4969843 | &nbsp;&nbsp; 206557 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| - | &nbsp;&nbsp; 556242398 | &nbsp;&nbsp; (547012690) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9229708 | &nbsp;&nbsp; 380463 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 160109774 | &nbsp;&nbsp; 391952988 | &nbsp;&nbsp; (411012871) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 141049891 | &nbsp;&nbsp; 3,032,274\* |
| Invesco Private Prime Fund | 423682964 | &nbsp;&nbsp; 918921747 | &nbsp;&nbsp; (963967830) | &nbsp;&nbsp; 28605 | &nbsp;&nbsp; (26709) | &nbsp;&nbsp; 378638777 | &nbsp;&nbsp; 8,212,288\* |
| Total | $589418312 | &nbsp;&nbsp; $2168170210 | &nbsp;&nbsp; $(2216564035) | &nbsp;&nbsp; $12122 | &nbsp;&nbsp; $(26275) | &nbsp;&nbsp; $541010334 | &nbsp;&nbsp; $12011542 |

---

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

<sup>(s)</sup> Formerly known as Invesco Short Duration Bond ETF.

<sup>(t)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(u)</sup> The table below details options purchased.

<sup>(v)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500® Index<br> Call | &nbsp;&nbsp;&nbsp; 11/28/2025 | &nbsp;&nbsp;&nbsp; 94 | USD | 6550.00 | USD | 61570000 | &nbsp;&nbsp;&nbsp; $1429740 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

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

**27**

**Invesco Corporate Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 2407 | December-2025 | &nbsp;&nbsp;&nbsp; $501953522 | &nbsp;&nbsp;&nbsp; $871601 | &nbsp;&nbsp;&nbsp; $871601 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 882 | December-2025 | &nbsp;&nbsp;&nbsp; 96551437 | &nbsp;&nbsp;&nbsp; 109977 | &nbsp;&nbsp;&nbsp; 109977 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 626 | December-2025 | &nbsp;&nbsp;&nbsp; 71520500 | &nbsp;&nbsp;&nbsp; (126753)<br>| &nbsp;&nbsp;&nbsp; (126753)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 705 | December-2025 | &nbsp;&nbsp;&nbsp; 82176563 | &nbsp;&nbsp;&nbsp; 78660 | &nbsp;&nbsp;&nbsp; 78660 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 933485 | &nbsp;&nbsp;&nbsp; 933485 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1362 | December-2025 | &nbsp;&nbsp;&nbsp; (153225000)<br>| &nbsp;&nbsp;&nbsp; (453362)<br>| &nbsp;&nbsp;&nbsp; (453362)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 1897 | December-2025 | &nbsp;&nbsp;&nbsp; (217028656)<br>| &nbsp;&nbsp;&nbsp; (563172)<br>| &nbsp;&nbsp;&nbsp; (563172)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (1016534)<br>| &nbsp;&nbsp;&nbsp; (1016534)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(83049)<br>| &nbsp;&nbsp;&nbsp; $(83049)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 2115000 | USD | 2491671 | &nbsp;&nbsp;&nbsp; $8167 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Morgan Stanley and Co. International PLC | GBP | 1070000 | USD | 1430879 | &nbsp;&nbsp;&nbsp; (15955)<br>|
| 10/31/2025 | State Street Bank & Trust Co. | EUR | 1505000 | USD | 1747662 | &nbsp;&nbsp;&nbsp; (19560)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (35515)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(27348)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |

---

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

**28**

**Invesco Corporate Bond Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,848,668,935)\*<br>| &nbsp;&nbsp; $3897643893 |
| Investments in affiliates, at value <br>(Cost $542,091,512)<br>| &nbsp;&nbsp; 541010334 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 8167 |
| Foreign currencies, at value (Cost $167,018) | &nbsp;&nbsp; 167598 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 11566968 |
| Fund shares sold | &nbsp;&nbsp; 2435331 |
| Dividends | &nbsp;&nbsp; 538323 |
| Interest | &nbsp;&nbsp; 49916588 |
| Investments matured, at value (Cost $428,663) | &nbsp;&nbsp; 29820 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 206219 |
| Other assets | &nbsp;&nbsp; 113831 |
| Total assets | &nbsp;&nbsp; 4503637072 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 460546 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 35515 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 26879343 |
| Dividends | &nbsp;&nbsp; 2658364 |
| Fund shares reacquired | &nbsp;&nbsp; 2388657 |
| Amount due custodian | &nbsp;&nbsp; 43909 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 519660063 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1133031 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4732 |
| Accrued other operating expenses | &nbsp;&nbsp; 180057 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 217145 |
| Total liabilities | &nbsp;&nbsp; 553661362 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3949975710 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4407815261 |
| Distributable earnings (loss) | &nbsp;&nbsp; (457839551)<br>|
|  | &nbsp;&nbsp; $3949975710 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1107725937 |
| Class C | &nbsp;&nbsp; $27549306 |
| Class R | &nbsp;&nbsp; $19699984 |
| Class Y | &nbsp;&nbsp; $1330877189 |
| Class R5 | &nbsp;&nbsp; $17520160 |
| Class R6 | &nbsp;&nbsp; $1446603134 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 176749418 |
| Class C | &nbsp;&nbsp; 4368792 |
| Class R | &nbsp;&nbsp; 3141896 |
| Class Y | &nbsp;&nbsp; 211977263 |
| Class R5 | &nbsp;&nbsp; 2792747 |
| Class R6 | &nbsp;&nbsp; 230386437 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.27 |
| Maximum offering price per share <br>(Net asset value of $6.27 ÷ 95.75%)<br>| &nbsp;&nbsp; $6.55 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.31 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.27 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.28 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.27 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.28 |

---

\* At August 31, 2025, securities with an aggregate value of $499,060,776 were on loan to brokers. 

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

**29**

**Invesco Corporate Bond Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $106099087 |
| Dividends | &nbsp;&nbsp; 1481260 |
| Dividends from affiliates (includes net securities lending income of $357,545) | &nbsp;&nbsp; 1124525 |
| Total investment income | &nbsp;&nbsp; 108704872 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5221587 |
| Administrative services fees | &nbsp;&nbsp; 267680 |
| Custodian fees | &nbsp;&nbsp; 45945 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1379034 |
| Class C | &nbsp;&nbsp; 139134 |
| Class R | &nbsp;&nbsp; 47097 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1873001 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 8873 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 191559 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24315 |
| Registration and filing fees | &nbsp;&nbsp; 104958 |
| Reports to shareholders | &nbsp;&nbsp; 164777 |
| Professional services fees | &nbsp;&nbsp; 37678 |
| Other | &nbsp;&nbsp; 31238 |
| Total expenses | &nbsp;&nbsp; 9536876 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (37835)<br>|
| Net expenses | &nbsp;&nbsp; 9499041 |
| Net investment income | &nbsp;&nbsp; 99205831 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (15001820)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (26275)<br>|
| Foreign currencies | &nbsp;&nbsp; 39288 |
| Forward foreign currency contracts | &nbsp;&nbsp; (79166)<br>|
| Futures contracts | &nbsp;&nbsp; (7017482)<br>|
| Option contracts written | &nbsp;&nbsp; 52833 |
|  | &nbsp;&nbsp; (22032622)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 20628486 |
| Affiliated investment securities | &nbsp;&nbsp; 12122 |
| Foreign currencies | &nbsp;&nbsp; 2845 |
| Forward foreign currency contracts | &nbsp;&nbsp; (27632)<br>|
| Futures contracts | &nbsp;&nbsp; (2433160)<br>|
|  | &nbsp;&nbsp; 18182661 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3849961)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $95355870 |

---

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

**30**

**Invesco Corporate Bond Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $99205831 | &nbsp;&nbsp; $186940248 |
| Net realized gain (loss) | &nbsp;&nbsp; (22032622)<br>| &nbsp;&nbsp; 7505765 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 18182661 | &nbsp;&nbsp; 52240005 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 95355870 | &nbsp;&nbsp; 246686018 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (27712897)<br>| &nbsp;&nbsp; (55184605)<br>|
| Class C | &nbsp;&nbsp; (622036)<br>| &nbsp;&nbsp; (1354830)<br>|
| Class R | &nbsp;&nbsp; (448841)<br>| &nbsp;&nbsp; (782507)<br>|
| Class Y | &nbsp;&nbsp; (34814853)<br>| &nbsp;&nbsp; (64847234)<br>|
| Class R5 | &nbsp;&nbsp; (472173)<br>| &nbsp;&nbsp; (959520)<br>|
| Class R6 | &nbsp;&nbsp; (36360130)<br>| &nbsp;&nbsp; (62774024)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (100430930)<br>| &nbsp;&nbsp; (185902720)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (12759599)<br>| &nbsp;&nbsp; 18814044 |
| Class C | &nbsp;&nbsp; (2175902)<br>| &nbsp;&nbsp; (3176885)<br>|
| Class R | &nbsp;&nbsp; 1261122 | &nbsp;&nbsp; 2946171 |
| Class Y | &nbsp;&nbsp; 2723707 | &nbsp;&nbsp; 436219068 |
| Class R5 | &nbsp;&nbsp; (250406)<br>| &nbsp;&nbsp; 935737 |
| Class R6 | &nbsp;&nbsp; 166366889 | &nbsp;&nbsp; 182588915 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 155165811 | &nbsp;&nbsp; 638327050 |
| Net increase in net assets | &nbsp;&nbsp; 150090751 | &nbsp;&nbsp; 699110348 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3799884959 | &nbsp;&nbsp; 3100774611 |
| End of period | &nbsp;&nbsp; $3949975710 | &nbsp;&nbsp; $3799884959 |

---

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

**31**

**Invesco Corporate Bond Fund**

------

**Financial Highlights**

*(Unaudited)*

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** |
| Six months ended 08/31/25 | $6.28 | $0.15 | $(0.00)<br>| $0.15 | $(0.16)<br>| $— | $(0.16)<br>| $6.27 | 2.38<br> %<br>| &nbsp;&nbsp; $1107726 | 0.71 %<sup>(d)</sup><br>| 0.71 %<sup>(d)</sup><br>| 4.95 %<sup>(d)</sup><br>| 106<br> %<br>|
| Year ended 02/28/25 | 6.17 | 0.31 | 0.11 | 0.42 | (0.31)<br>|  | (0.31)<br>| 6.28 | 6.98 | &nbsp;&nbsp; 1123034 | 0.71 | 0.71 | 5.03 | 146 |
| Year ended 02/29/24 | 6.18 | 0.30 | (0.02)<br>| 0.28 | (0.29)<br>|  | (0.29)<br>| 6.17 | 4.72 | &nbsp;&nbsp; 1086043 | 0.75 | 0.75 | 4.89 | 195 |
| Year ended 02/28/23 | 7.15 | 0.25 | (0.98)<br>| (0.73)<br>| (0.24)<br>|  | (0.24)<br>| 6.18 | (10.14)<br>| &nbsp;&nbsp; 1048198 | 0.77 | 0.77 | 3.91 | 171 |
| Year ended 02/28/22 | 7.80 | 0.21 | (0.49)<br>| (0.28)<br>| (0.21)<br>| (0.16)<br>| (0.37)<br>| 7.15 | (3.79)<br>| &nbsp;&nbsp; 1295987 | 0.72 | 0.72 | 2.66 | 133 |
| Year ended 02/28/21 | 7.80 | 0.22 | 0.25 | 0.47 | (0.24)<br>| (0.23)<br>| (0.47)<br>| 7.80 | 6.14 | &nbsp;&nbsp; 1342071 | 0.74 | 0.74 | 2.87 | 182 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 6.32 | 0.13 | (0.01)<br>| 0.12 | (0.13)<br>|  | (0.13)<br>| 6.31 | 2.02 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 27549 | 1.42 <br><sup>(d)(e)</sup><br>| 1.42 <br><sup>(d)(e)</sup><br>| 4.24 <br><sup>(d)(e)</sup><br>| 106 |
| Year ended 02/28/25 | 6.22 | 0.27 | 0.10 | 0.37 | (0.27)<br>|  | (0.27)<br>| 6.32 | 6.01 | &nbsp;&nbsp; 29816 | 1.46 | 1.46 | 4.28 | 146 |
| Year ended 02/29/24 | 6.22 | 0.25 | (0.00)<br>| 0.25 | (0.25)<br>|  | (0.25)<br>| 6.22 | 4.11 | &nbsp;&nbsp; 32470 | 1.50 | 1.50 | 4.14 | 195 |
| Year ended 02/28/23 | 7.20 | 0.20 | (0.98)<br>| (0.78)<br>| (0.20)<br>|  | (0.20)<br>| 6.22 | (10.84 )<sup>(e)</sup><br>| &nbsp;&nbsp; 35770 | 1.51 <br><sup>(e)</sup><br>| 1.51 <br><sup>(e)</sup><br>| 3.17 <br><sup>(e)</sup><br>| 171 |
| Year ended 02/28/22 | 7.86 | 0.15 | (0.49)<br>| (0.34)<br>| (0.16)<br>| (0.16)<br>| (0.32)<br>| 7.20 | (4.60)<br>| &nbsp;&nbsp; 51444 | 1.47 | 1.47 | 1.91 | 133 |
| Year ended 02/28/21 | 7.87 | 0.17 | 0.24 | 0.41 | (0.19)<br>| (0.23)<br>| (0.42)<br>| 7.86 | 5.23 | &nbsp;&nbsp; 65404 | 1.49 | 1.49 | 2.12 | 182 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 6.28 | 0.15 | (0.01)<br>| 0.14 | (0.15)<br>|  | (0.15)<br>| 6.27 | 2.25 | &nbsp;&nbsp; 19700 | 0.96 <br><sup>(d)</sup><br>| 0.96 <br><sup>(d)</sup><br>| 4.70 <br><sup>(d)</sup><br>| 106 |
| Year ended 02/28/25 | 6.18 | 0.30 | 0.10 | 0.40 | (0.30)<br>|  | (0.30)<br>| 6.28 | 6.55 | &nbsp;&nbsp; 18461 | 0.96 | 0.96 | 4.78 | 146 |
| Year ended 02/29/24 | 6.18 | 0.28 | (0.00)<br>| 0.28 | (0.28)<br>|  | (0.28)<br>| 6.18 | 4.62 | &nbsp;&nbsp; 15237 | 1.00 | 1.00 | 4.64 | 195 |
| Year ended 02/28/23 | 7.15 | 0.23 | (0.97)<br>| (0.74)<br>| (0.23)<br>|  | (0.23)<br>| 6.18 | (10.38)<br>| &nbsp;&nbsp; 12401 | 1.02 | 1.02 | 3.66 | 171 |
| Year ended 02/28/22 | 7.81 | 0.19 | (0.49)<br>| (0.30)<br>| (0.20)<br>| (0.16)<br>| (0.36)<br>| 7.15 | (4.16)<br>| &nbsp;&nbsp; 13750 | 0.97 | 0.97 | 2.41 | 133 |
| Year ended 02/28/21 | 7.81 | 0.20 | 0.25 | 0.45 | (0.22)<br>| (0.23)<br>| (0.45)<br>| 7.81 | 5.87 | &nbsp;&nbsp; 11819 | 0.99 | 0.99 | 2.62 | 182 |
| **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** |
| Six months ended 08/31/25 | 6.29 | 0.16 | (0.01)<br>| 0.15 | (0.16)<br>|  | (0.16)<br>| 6.28 | 2.51 | &nbsp;&nbsp; 1330877 | 0.46 <br><sup>(d)</sup><br>| 0.46 <br><sup>(d)</sup><br>| 5.20 <br><sup>(d)</sup><br>| 106 |
| Year ended 02/28/25 | 6.19 | 0.33 | 0.10 | 0.43 | (0.33)<br>|  | (0.33)<br>| 6.29 | 7.07 | &nbsp;&nbsp; 1330961 | 0.46 | 0.46 | 5.28 | 146 |
| Year ended 02/29/24 | 6.19 | 0.31 | (0.00)<br>| 0.31 | (0.31)<br>|  | (0.31)<br>| 6.19 | 5.15 | &nbsp;&nbsp; 870887 | 0.50 | 0.50 | 5.14 | 195 |
| Year ended 02/28/23 | 7.16 | 0.27 | (0.98)<br>| (0.71)<br>| (0.26)<br>|  | (0.26)<br>| 6.19 | (9.89)<br>| &nbsp;&nbsp; 594737 | 0.52 | 0.52 | 4.16 | 171 |
| Year ended 02/28/22 | 7.82 | 0.23 | (0.50)<br>| (0.27)<br>| (0.23)<br>| (0.16)<br>| (0.39)<br>| 7.16 | (3.66)<br>| &nbsp;&nbsp; 576512 | 0.47 | 0.47 | 2.91 | 133 |
| Year ended 02/28/21 | 7.82 | 0.24 | 0.25 | 0.49 | (0.26)<br>| (0.23)<br>| (0.49)<br>| 7.82 | 6.40 | &nbsp;&nbsp; 497643 | 0.49 | 0.49 | 3.12 | 182 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 6.29 | 0.16 | (0.01)<br>| 0.15 | (0.17)<br>|  | (0.17)<br>| 6.27 | 2.38 | &nbsp;&nbsp; 17520 | 0.41 <br><sup>(d)</sup><br>| 0.41 <br><sup>(d)</sup><br>| 5.25 <br><sup>(d)</sup><br>| 106 |
| Year ended 02/28/25 | 6.18 | 0.33 | 0.11 | 0.44 | (0.33)<br>|  | (0.33)<br>| 6.29 | 7.29 | &nbsp;&nbsp; 17795 | 0.41 | 0.41 | 5.33 | 146 |
| Year ended 02/29/24 | 6.18 | 0.32 | (0.01)<br>| 0.31 | (0.31)<br>|  | (0.31)<br>| 6.18 | 5.21 | &nbsp;&nbsp; 16570 | 0.44 | 0.44 | 5.20 | 195 |
| Year ended 02/28/23 | 7.16 | 0.27 | (0.98)<br>| (0.71)<br>| (0.27)<br>|  | (0.27)<br>| 6.18 | (9.96)<br>| &nbsp;&nbsp; 13992 | 0.43 | 0.43 | 4.25 | 171 |
| Year ended 02/28/22 | 7.81 | 0.23 | (0.48)<br>| (0.25)<br>| (0.24)<br>| (0.16)<br>| (0.40)<br>| 7.16 | (3.47)<br>| &nbsp;&nbsp; 14978 | 0.42 | 0.42 | 2.96 | 133 |
| Year ended 02/28/21 | 7.81 | 0.25 | 0.24 | 0.49 | (0.26)<br>| (0.23)<br>| (0.49)<br>| 7.81 | 6.45 | &nbsp;&nbsp; 14418 | 0.44 | 0.44 | 3.17 | 182 |
| **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** |
| Six months ended 08/31/25 | 6.29 | 0.17 | (0.01)<br>| 0.16 | (0.17)<br>|  | (0.17)<br>| 6.28 | 2.58 | &nbsp;&nbsp; 1446603 | 0.34 <br><sup>(d)</sup><br>| 0.34 <br><sup>(d)</sup><br>| 5.32 <br><sup>(d)</sup><br>| 106 |
| Year ended 02/28/25 | 6.19 | 0.34 | 0.10 | 0.44 | (0.34)<br>|  | (0.34)<br>| 6.29 | 7.20 | &nbsp;&nbsp; 1279819 | 0.34 | 0.34 | 5.40 | 146 |
| Year ended 02/29/24 | 6.19 | 0.32 | (0.00)<br>| 0.32 | (0.32)<br>|  | (0.32)<br>| 6.19 | 5.28 | &nbsp;&nbsp; 1079568 | 0.37 | 0.37 | 5.27 | 195 |
| Year ended 02/28/23 | 7.16 | 0.28 | (0.98)<br>| (0.70)<br>| (0.27)<br>|  | (0.27)<br>| 6.19 | (9.77)<br>| &nbsp;&nbsp; 840705 | 0.37 | 0.37 | 4.31 | 171 |
| Year ended 02/28/22 | 7.82 | 0.23 | (0.49)<br>| (0.26)<br>| (0.24)<br>| (0.16)<br>| (0.40)<br>| 7.16 | (3.54)<br>| &nbsp;&nbsp; 959566 | 0.35 | 0.35 | 3.03 | 133 |
| Year ended 02/28/21 | 7.82 | 0.25 | 0.25 | 0.50 | (0.27)<br>| (0.23)<br>| (0.50)<br>| 7.82 | 6.54 | &nbsp;&nbsp; 677403 | 0.36 | 0.36 | 3.25 | 182 |

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<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. Does not include sales charges and is 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.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.96% and 0.99% for the six months ended August 31, 2025 and the year ended February 28, 2023. 

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

**32**

**Invesco Corporate Bond Fund**

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**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Corporate Bond Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's primary investment objective is to seek to provide current income with preservation of capital. Capital appreciation is a secondary objective that is sought only when consistent with the Fund's primary investment objective.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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.

**33**

**Invesco Corporate Bond Fund**

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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.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**34**

**Invesco Corporate Bond Fund**

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

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended August 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

**35**

**Invesco Corporate Bond Fund**

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contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**N.** **Call Options Purchased and Written** – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

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

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Next $750 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Over $1.25 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.220% |

---

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.27%.

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. (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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $26,550.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

**36**

**Invesco Corporate Bond Fund**

------

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $48,479 in front-end sales commissions from the sale of Class A shares and $6,307 and $2,170 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3587796355 | &nbsp;&nbsp;&nbsp;&nbsp; $10952031 | &nbsp;&nbsp;&nbsp;&nbsp; $3598748386 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100329160 | &nbsp;&nbsp;&nbsp;&nbsp; 17989907 | &nbsp;&nbsp;&nbsp;&nbsp; 118319067 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90014019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90014019 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 45944741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45944741 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34272853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34272853 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8880083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8880083 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7122115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7122115 |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35004 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 14199551 | &nbsp;&nbsp;&nbsp;&nbsp; 519688668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533888219 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1429740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1429740 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 68696147 | &nbsp;&nbsp;&nbsp;&nbsp; 4341016142 | &nbsp;&nbsp;&nbsp;&nbsp; 28941938 | &nbsp;&nbsp;&nbsp;&nbsp; 4438654227 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29820 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1060238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1060238 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1060238 | &nbsp;&nbsp;&nbsp;&nbsp; 37987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098225 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1143287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1143287)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1143287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1178802)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (83049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (80577)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $68613098 | &nbsp;&nbsp;&nbsp;&nbsp; $4341018614 | &nbsp;&nbsp;&nbsp;&nbsp; $28941938 | &nbsp;&nbsp;&nbsp;&nbsp; $4438573650 |

---

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

**37**

**Invesco Corporate Bond Fund**

------

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1060238 | &nbsp;&nbsp;&nbsp;&nbsp; $1060238 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 8167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8167 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1429740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1429740 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 8167 | &nbsp;&nbsp;&nbsp;&nbsp; 1429740 | &nbsp;&nbsp;&nbsp;&nbsp; 1060238 | &nbsp;&nbsp;&nbsp;&nbsp; 2498145 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1429740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1060238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2489978)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $8167 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8167 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1143287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1143287)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1143287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1178802)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1143287 | &nbsp;&nbsp;&nbsp;&nbsp; 1143287 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(35515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(35515)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $8167 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $8167 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8167 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (15955)<br>| &nbsp;&nbsp;&nbsp; (15955)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15955)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (19560)<br>| &nbsp;&nbsp;&nbsp; (19560)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19560)<br>|
| Total | &nbsp;&nbsp;&nbsp; $8167 | &nbsp;&nbsp;&nbsp; $(35515)<br>| &nbsp;&nbsp;&nbsp; $(27348)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(27348)<br>|

---

**Effect of Derivative Investments for the six months ended August 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(79166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(79166)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (7017482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7017482)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 367731 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 367731 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 52833 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 52833 |

---

**38**

**Invesco Corporate Bond Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on**<br> **Statement of Operations** | **Location of Gain (Loss) on**<br> **Statement of Operations** | **Location of Gain (Loss) on**<br> **Statement of Operations** | **Location of Gain (Loss) on**<br> **Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity**<br> **Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest**<br> **Rate Risk**<br>| **Total** |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(27632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(27632)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (2433160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2433160)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1194003 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1194003 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(106798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1614567 | &nbsp;&nbsp;&nbsp;&nbsp; $(9450642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7942873)<br>|

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $2878540 | &nbsp;&nbsp;&nbsp;&nbsp; $1356480868 | &nbsp;&nbsp;&nbsp;&nbsp; $43955333 | &nbsp;&nbsp;&nbsp;&nbsp; $14070000 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,285.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 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; $113618047 | &nbsp;&nbsp;&nbsp;&nbsp; $371786932 | &nbsp;&nbsp;&nbsp;&nbsp; $485404979 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $2,257,322,628 and $2,014,012,701, 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; $78802797 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38690425)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $40112372 |

---

**39**

**Invesco Corporate Bond Fund**

------

Cost of investments for tax purposes is $4,398,461,278.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10120019 | &nbsp;&nbsp;&nbsp; $62704199 | &nbsp;&nbsp;&nbsp; 25256890 | &nbsp;&nbsp;&nbsp; $157873190 |
| Class C | &nbsp;&nbsp;&nbsp; 554429 | &nbsp;&nbsp;&nbsp; 3443534 | &nbsp;&nbsp;&nbsp; 1166589 | &nbsp;&nbsp;&nbsp; 7345884 |
| Class R | &nbsp;&nbsp;&nbsp; 502637 | &nbsp;&nbsp;&nbsp; 3116343 | &nbsp;&nbsp;&nbsp; 897709 | &nbsp;&nbsp;&nbsp; 5606519 |
| Class Y | &nbsp;&nbsp;&nbsp; 26146028 | &nbsp;&nbsp;&nbsp; 161992997 | &nbsp;&nbsp;&nbsp; 123000570 | &nbsp;&nbsp;&nbsp; 762005122 |
| Class R5 | &nbsp;&nbsp;&nbsp; 202537 | &nbsp;&nbsp;&nbsp; 1247455 | &nbsp;&nbsp;&nbsp; 588863 | &nbsp;&nbsp;&nbsp; 3679378 |
| Class R6 | &nbsp;&nbsp;&nbsp; 49975926 | &nbsp;&nbsp;&nbsp; 308674080 | &nbsp;&nbsp;&nbsp; 69666236 | &nbsp;&nbsp;&nbsp; 435858212 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3825369 | &nbsp;&nbsp;&nbsp; 23766918 | &nbsp;&nbsp;&nbsp; 7598510 | &nbsp;&nbsp;&nbsp; 47420580 |
| Class C | &nbsp;&nbsp;&nbsp; 77662 | &nbsp;&nbsp;&nbsp; 485573 | &nbsp;&nbsp;&nbsp; 167593 | &nbsp;&nbsp;&nbsp; 1052367 |
| Class R | &nbsp;&nbsp;&nbsp; 71898 | &nbsp;&nbsp;&nbsp; 446887 | &nbsp;&nbsp;&nbsp; 124569 | &nbsp;&nbsp;&nbsp; 777889 |
| Class Y | &nbsp;&nbsp;&nbsp; 4181994 | &nbsp;&nbsp;&nbsp; 26024896 | &nbsp;&nbsp;&nbsp; 7693806 | &nbsp;&nbsp;&nbsp; 48129779 |
| Class R5 | &nbsp;&nbsp;&nbsp; 75640 | &nbsp;&nbsp;&nbsp; 470457 | &nbsp;&nbsp;&nbsp; 151805 | &nbsp;&nbsp;&nbsp; 948487 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5338532 | &nbsp;&nbsp;&nbsp; 33232055 | &nbsp;&nbsp;&nbsp; 9134193 | &nbsp;&nbsp;&nbsp; 57125333 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 332356 | &nbsp;&nbsp;&nbsp; 2057444 | &nbsp;&nbsp;&nbsp; 768236 | &nbsp;&nbsp;&nbsp; 4810298 |
| Class C | &nbsp;&nbsp;&nbsp; (330224)<br>| &nbsp;&nbsp;&nbsp; (2057444)<br>| &nbsp;&nbsp;&nbsp; (763254)<br>| &nbsp;&nbsp;&nbsp; (4810298)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (16366314)<br>| &nbsp;&nbsp;&nbsp; (101288160)<br>| &nbsp;&nbsp;&nbsp; (30693505)<br>| &nbsp;&nbsp;&nbsp; (191290024)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (651237)<br>| &nbsp;&nbsp;&nbsp; (4047565)<br>| &nbsp;&nbsp;&nbsp; (1076609)<br>| &nbsp;&nbsp;&nbsp; (6764838)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (370873)<br>| &nbsp;&nbsp;&nbsp; (2302108)<br>| &nbsp;&nbsp;&nbsp; (550343)<br>| &nbsp;&nbsp;&nbsp; (3438237)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (29908908)<br>| &nbsp;&nbsp;&nbsp; (185294186)<br>| &nbsp;&nbsp;&nbsp; (59916584)<br>| &nbsp;&nbsp;&nbsp; (373915833)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (316237)<br>| &nbsp;&nbsp;&nbsp; (1968318)<br>| &nbsp;&nbsp;&nbsp; (590888)<br>| &nbsp;&nbsp;&nbsp; (3692128)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (28335055)<br>| &nbsp;&nbsp;&nbsp; (175539246)<br>| &nbsp;&nbsp;&nbsp; (49896202)<br>| &nbsp;&nbsp;&nbsp; (310394630)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 25126179 | &nbsp;&nbsp;&nbsp; $155165811 | &nbsp;&nbsp;&nbsp; 102728184 | &nbsp;&nbsp;&nbsp; $638327050 |

---

<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 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**40**

**Invesco Corporate Bond Fund**

------

**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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Corporate Bond 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. (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.&nbsp;&nbsp;&nbsp;&nbsp;

**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 Bloomberg U.S. Credit Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the fourth quintile for the three year period (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 Class A shares of the Fund was above the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board considered that the Fund's overweight exposure to the Financials/Banking sector and underweight exposure to various emerging market securities detracted from Fund performance for three year performance. The Board recognized that the performance data reflects a snapshot in time

**41**

**Invesco Corporate Bond Fund**

------

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.

*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 Class A shares of the Fund were each below 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 voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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.

*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.

**42**

**Invesco Corporate Bond Fund**

------

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 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.

**43**

**Invesco Corporate Bond Fund**

------

**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.

**44**

**Invesco Corporate Bond Fund**

------

![](img43c39e851.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

VK-CBD-NCSRS

------

![](img88cf1f3c1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Global Real Estate Fund**

Nasdaq:

A: AGREX ■ C: CGREX ■ R: RGREX ■ Y: ARGYX ■ R5: IGREX ■ R6: FGREX

------

---

| | |
|:---|:---|
| [2](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_SOI-Continued-102_1) | Schedule of Investments |
| [4](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_FS-Continued-102_1) | Financial Statements |
| [7](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_FS-Continued-102_4) | Financial Highlights |
| [8](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_NTF-Continued-102_1) | Notes to Financial Statements |
| [14](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_AOC-Continued-102_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_f9777f65-a281-4359-8b01-f7f6597817f1_OIRSR-Continued-102_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.15%** | **Common Stocks & Other Equity Interests–99.15%** | **Common Stocks & Other Equity Interests–99.15%** |
| **Australia–6.87%** | **Australia–6.87%** | **Australia–6.87%** |
| Dexus | 133303 | &nbsp;&nbsp; $654117 |
| Goodman Group | 151448 | &nbsp;&nbsp; 3389158 |
| NEXTDC Ltd.<sup>(a)</sup>  | 83101 | &nbsp;&nbsp; 892894 |
| Scentre Group | 731961 | &nbsp;&nbsp; 1950880 |
| Stockland | 368163 | &nbsp;&nbsp; 1491117 |
|  |  | &nbsp;&nbsp; 8378166 |
| **Belgium–1.49%** | **Belgium–1.49%** | **Belgium–1.49%** |
| Aedifica S.A. | 9707 | &nbsp;&nbsp; 746237 |
| Warehouses De Pauw C.V.A. | 30116 | &nbsp;&nbsp; 772987 |
| Xior Student Housing N.V.<sup>(b)</sup>  | 8414 | &nbsp;&nbsp; 297917 |
|  |  | &nbsp;&nbsp; 1817141 |
| **Canada–1.64%** | **Canada–1.64%** | **Canada–1.64%** |
| Canadian Apartment Properties REIT | 20209 | &nbsp;&nbsp; 625392 |
| Chartwell Retirement Residences | 65058 | &nbsp;&nbsp; 877325 |
| Dream Industrial REIT | 55800 | &nbsp;&nbsp; 498131 |
|  |  | &nbsp;&nbsp; 2000848 |
| **France–1.82%** | **France–1.82%** | **France–1.82%** |
| Klepierre S.A. | 24670 | &nbsp;&nbsp; 963288 |
| Unibail-Rodamco-Westfield | 12131 | &nbsp;&nbsp; 1262106 |
|  |  | &nbsp;&nbsp; 2225394 |
| **Germany–2.94%** | **Germany–2.94%** | **Germany–2.94%** |
| LEG Immobilien SE | 10881 | &nbsp;&nbsp; 912110 |
| Sirius Real Estate Ltd. | 707604 | &nbsp;&nbsp; 972058 |
| Vonovia SE | 52504 | &nbsp;&nbsp; 1700254 |
|  |  | &nbsp;&nbsp; 3584422 |
| **Hong Kong–3.08%** | **Hong Kong–3.08%** | **Hong Kong–3.08%** |
| Hongkong Land Holdings Ltd. | 128200 | &nbsp;&nbsp; 794881 |
| Link REIT | 248000 | &nbsp;&nbsp; 1324610 |
| Sun Hung Kai Properties Ltd. | 139100 | &nbsp;&nbsp; 1643103 |
|  |  | &nbsp;&nbsp; 3762594 |
| **Japan–9.19%** | **Japan–9.19%** | **Japan–9.19%** |
| Activia Properties, Inc. | 591 | &nbsp;&nbsp; 543361 |
| GLP J-Reit | 812 | &nbsp;&nbsp; 758384 |
| Invincible Investment Corp. | 1192 | &nbsp;&nbsp; 540220 |
| Japan Metropolitan Fund Investment <br> Corp. | 1245 | &nbsp;&nbsp; 947747 |
| KDX Realty Investment Corp. | 107 | &nbsp;&nbsp; 123014 |
| Mitsubishi Estate Co. Ltd. | 23800 | &nbsp;&nbsp; 507000 |
| Mitsui Fudosan Accommodations Fund, <br> Inc. | 599 | &nbsp;&nbsp; 502792 |
| Mitsui Fudosan Co. Ltd. | 278900 | &nbsp;&nbsp; 2948595 |
| Nippon Building Fund, Inc. | 1274 | &nbsp;&nbsp; 1232699 |
| Nippon Prologis REIT, Inc. | 1073 | &nbsp;&nbsp; 623469 |
| ORIX JREIT, Inc. | 1203 | &nbsp;&nbsp; 801902 |
| Sumitomo Realty & Development Co. <br> Ltd. | 26500 | &nbsp;&nbsp; 1088612 |
| Tokyu Fudosan Holdings Corp. | 74400 | &nbsp;&nbsp; 596797 |
|  |  | &nbsp;&nbsp; 11214592 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Netherlands–0.42%** | **Netherlands–0.42%** | **Netherlands–0.42%** |
| CTP N.V.<sup>(b)</sup>  | 23637 | &nbsp;&nbsp; $508264 |
| **Singapore–2.68%** | **Singapore–2.68%** | **Singapore–2.68%** |
| CapitaLand Integrated Commercial Trust | 746656 | &nbsp;&nbsp; 1326709 |
| Keppel DC REIT | 274400 | &nbsp;&nbsp; 504516 |
| Mapletree Logistics Trust | 537900 | &nbsp;&nbsp; 511062 |
| Mapletree Pan Asia Commercial Trust | 458200 | &nbsp;&nbsp; 492806 |
| Parkway Life REIT | 130100 | &nbsp;&nbsp; 427832 |
|  |  | &nbsp;&nbsp; 3262925 |
| **Spain–0.89%** | **Spain–0.89%** | **Spain–0.89%** |
| Inmobiliaria Colonial SOCIMI S.A. | 64118 | &nbsp;&nbsp; 423282 |
| Merlin Properties SOCIMI S.A. | 44647 | &nbsp;&nbsp; 665643 |
|  |  | &nbsp;&nbsp; 1088925 |
| **Sweden–1.64%** | **Sweden–1.64%** | **Sweden–1.64%** |
| Catena AB | 7781 | &nbsp;&nbsp; 357544 |
| Fastighets AB Balder, Class B<sup>(a)</sup>  | 146239 | &nbsp;&nbsp; 1041123 |
| Wihlborgs Fastigheter AB | 60292 | &nbsp;&nbsp; 598991 |
|  |  | &nbsp;&nbsp; 1997658 |
| **Switzerland–0.77%** | **Switzerland–0.77%** | **Switzerland–0.77%** |
| PSP Swiss Property AG | 5623 | &nbsp;&nbsp; 935439 |
| **United Kingdom–2.96%** | **United Kingdom–2.96%** | **United Kingdom–2.96%** |
| Big Yellow Group PLC | 43687 | &nbsp;&nbsp; 537712 |
| Grainger PLC | 123236 | &nbsp;&nbsp; 324048 |
| Great Portland Estates PLC | 108402 | &nbsp;&nbsp; 448207 |
| LondonMetric Property PLC | 367899 | &nbsp;&nbsp; 916316 |
| Segro PLC | 73177 | &nbsp;&nbsp; 620987 |
| Unite Group PLC (The) | 81269 | &nbsp;&nbsp; 767099 |
|  |  | &nbsp;&nbsp; 3614369 |
| **United States–62.76%** | **United States–62.76%** | **United States–62.76%** |
| Agree Realty Corp. | 15026 | &nbsp;&nbsp; 1092991 |
| American Healthcare REIT, Inc. | 39546 | &nbsp;&nbsp; 1692173 |
| American Homes 4 Rent, Class A | 44889 | &nbsp;&nbsp; 1607924 |
| American Tower Corp. | 4158 | &nbsp;&nbsp; 847608 |
| AvalonBay Communities, Inc. | 15340 | &nbsp;&nbsp; 3004339 |
| Brixmor Property Group, Inc. | 72950 | &nbsp;&nbsp; 2041871 |
| CareTrust REIT, Inc. | 48719 | &nbsp;&nbsp; 1676421 |
| Cousins Properties, Inc. | 15716 | &nbsp;&nbsp; 463465 |
| Crown Castle, Inc. | 6632 | &nbsp;&nbsp; 657497 |
| CubeSmart | 54012 | &nbsp;&nbsp; 2210171 |
| Digital Realty Trust, Inc. | 28206 | &nbsp;&nbsp; 4728454 |
| EastGroup Properties, Inc. | 11719 | &nbsp;&nbsp; 1987074 |
| Equinix, Inc. | 5448 | &nbsp;&nbsp; 4283163 |
| Equity Residential<sup>(c)</sup>  | 46116 | &nbsp;&nbsp; 3049190 |
| Essential Properties Realty Trust, Inc. | 70254 | &nbsp;&nbsp; 2200355 |
| Extra Space Storage, Inc. | 18809 | &nbsp;&nbsp; 2700596 |
| First Industrial Realty Trust, Inc. | 55597 | &nbsp;&nbsp; 2924402 |
| Gaming and Leisure Properties, Inc. | 52342 | &nbsp;&nbsp; 2512939 |
| Host Hotels & Resorts, Inc. | 89617 | &nbsp;&nbsp; 1542309 |
| Invitation Homes, Inc. | 51517 | &nbsp;&nbsp; 1611967 |
| Iron Mountain, Inc. | 38532 | &nbsp;&nbsp; 3557660 |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 7754 | &nbsp;&nbsp; 986697 |

---

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

**2**

**Invesco Global Real Estate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | 44618 | &nbsp;&nbsp; $1899388 |
| Prologis, Inc. | Prologis, Inc. | 49372 | &nbsp;&nbsp; 5617546 |
| Regency Centers Corp. | Regency Centers Corp. | 11679 | &nbsp;&nbsp; 846728 |
| Rexford Industrial Realty, Inc. | Rexford Industrial Realty, Inc. | 22784 | &nbsp;&nbsp; 943485 |
| Simon Property Group, Inc. | Simon Property Group, Inc. | 19664 | &nbsp;&nbsp; 3552498 |
| Tanger, Inc. | Tanger, Inc. | 42700 | &nbsp;&nbsp; 1459486 |
| UDR, Inc. | UDR, Inc. | 45692 | &nbsp;&nbsp; 1808032 |
| Ventas, Inc. | Ventas, Inc. | 12244 | &nbsp;&nbsp; 833572 |
| Vornado Realty Trust | Vornado Realty Trust | 43492 | &nbsp;&nbsp; 1654001 |
| W.P. Carey, Inc. | W.P. Carey, Inc. | 38313 | &nbsp;&nbsp; 2570802 |
| Welltower, Inc. | Welltower, Inc. | 47548 | &nbsp;&nbsp; 8001377 |
|  |  |  | &nbsp;&nbsp; 76566181 |
| Total Common Stocks & Other Equity Interests <br> (Cost $109,147,821) | Total Common Stocks & Other Equity Interests <br> (Cost $109,147,821) | Total Common Stocks & Other Equity Interests <br> (Cost $109,147,821) | &nbsp;&nbsp; 120956918 |
| **Money Market Funds–0.46%** | **Money Market Funds–0.46%** | **Money Market Funds–0.46%** | **Money Market Funds–0.46%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(d)(e)</sup>  | 197455 | &nbsp;&nbsp; 197455 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(d)(e)</sup>  | 366702 | &nbsp;&nbsp; 366702 |
| Total Money Market Funds (Cost $564,157) | Total Money Market Funds (Cost $564,157) | Total Money Market Funds (Cost $564,157) | &nbsp;&nbsp; 564157 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-99.61% (Cost $109,711,978)<br>|  |  | &nbsp;&nbsp; 121521075 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.20%** | **Money Market Funds–1.20%** | **Money Market Funds–1.20%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(d)(e)(f)</sup>  | 403817 | &nbsp;&nbsp; $403817 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 1055101 | &nbsp;&nbsp; 1055418 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,459,145) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $1,459,145) | &nbsp;&nbsp; 1459235 |
| TOTAL INVESTMENTS IN SECURITIES—100.81% <br> (Cost $111,171,123) | TOTAL INVESTMENTS IN SECURITIES—100.81% <br> (Cost $111,171,123) | &nbsp;&nbsp; 122980310 |
| OTHER ASSETS LESS LIABILITIES–(0.81)% | OTHER ASSETS LESS LIABILITIES–(0.81)% | &nbsp;&nbsp; (983095)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $121997215 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</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 $806,181, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $546337 | &nbsp;&nbsp; $6217925 | &nbsp;&nbsp; $(6566807) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $197455 | &nbsp;&nbsp; $9316 |
| Invesco Treasury Portfolio, Institutional Class | 1014626 | &nbsp;&nbsp; 11547575 | &nbsp;&nbsp; (12195499) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 366702 | &nbsp;&nbsp; 17183 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 7628544 | &nbsp;&nbsp; (7224727) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 403817 | &nbsp;&nbsp; 5,879\* |
| Invesco Private Prime Fund | 357698 | &nbsp;&nbsp; 18648808 | &nbsp;&nbsp; (17951189) | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1055418 | &nbsp;&nbsp; 15,965\* |
| Total | $1918661 | &nbsp;&nbsp; $44042852 | &nbsp;&nbsp; $(43938222) | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $2023392 | &nbsp;&nbsp; $48343 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco Global Real Estate Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $109,147,821)\*<br>| &nbsp;&nbsp; $120956918 |
| Investments in affiliated money market funds, at value <br> (Cost $2,023,302)<br>| &nbsp;&nbsp; 2023392 |
| Foreign currencies, at value (Cost $162,947) | &nbsp;&nbsp; 163126 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 479890 |
| Fund shares sold | &nbsp;&nbsp; 43466 |
| Dividends | &nbsp;&nbsp; 256831 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 139269 |
| Other assets | &nbsp;&nbsp; 79615 |
| Total assets | &nbsp;&nbsp; 124142507 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 271928 |
| Dividends | &nbsp;&nbsp; 5002 |
| Fund shares reacquired | &nbsp;&nbsp; 102658 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1459145 |
| Accrued fees to affiliates | &nbsp;&nbsp; 122857 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2005 |
| Accrued other operating expenses | &nbsp;&nbsp; 37322 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 144375 |
| Total liabilities | &nbsp;&nbsp; 2145292 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $121997215 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $121597205 |
| Distributable earnings | &nbsp;&nbsp; 400010 |
|  | &nbsp;&nbsp; $121997215 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $51359849 |
| Class C | &nbsp;&nbsp; $2365474 |
| Class R | &nbsp;&nbsp; $21482169 |
| Class Y | &nbsp;&nbsp; $28467806 |
| Class R5 | &nbsp;&nbsp; $4398971 |
| Class R6 | &nbsp;&nbsp; $13922946 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 5539328 |
| Class C | &nbsp;&nbsp; 254695 |
| Class R | &nbsp;&nbsp; 2317556 |
| Class Y | &nbsp;&nbsp; 3074314 |
| Class R5 | &nbsp;&nbsp; 476875 |
| Class R6 | &nbsp;&nbsp; 1510069 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.27 |
| Maximum offering price per share <br>(Net asset value of $9.27 ÷ 94.50%)<br>| &nbsp;&nbsp; $9.81 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.29 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.27 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.26 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.22 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.22 |

---

\* At August 31, 2025, securities with an aggregate value of $1,443,733 were on loan to brokers. 

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

**4**

**Invesco Global Real Estate Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $100,355) | &nbsp;&nbsp; $2464848 |
| Dividends from affiliated money market funds (includes net securities lending income of $679) | &nbsp;&nbsp; 27178 |
| Total investment income | &nbsp;&nbsp; 2492026 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 506548 |
| Administrative services fees | &nbsp;&nbsp; 9524 |
| Custodian fees | &nbsp;&nbsp; 7107 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 74240 |
| Class C | &nbsp;&nbsp; 11871 |
| Class R | &nbsp;&nbsp; 52446 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 141342 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2314 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2954 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11056 |
| Registration and filing fees | &nbsp;&nbsp; 42030 |
| Reports to shareholders | &nbsp;&nbsp; 17863 |
| Professional services fees | &nbsp;&nbsp; 31171 |
| Other | &nbsp;&nbsp; 6482 |
| Total expenses | &nbsp;&nbsp; 916948 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (3600)<br>|
| Net expenses | &nbsp;&nbsp; 913348 |
| Net investment income | &nbsp;&nbsp; 1578678 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes of $14) | &nbsp;&nbsp; (1025518)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 11 |
| Foreign currencies | &nbsp;&nbsp; 135515 |
|  | &nbsp;&nbsp; (889992)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3288906 |
| Affiliated investment securities | &nbsp;&nbsp; 90 |
| Foreign currencies | &nbsp;&nbsp; 1968 |
|  | &nbsp;&nbsp; 3290964 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2400972 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3979650 |

---

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

**5**

**Invesco Global Real Estate Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1578678 | &nbsp;&nbsp; $3723710 |
| Net realized gain (loss) | &nbsp;&nbsp; (889992)<br>| &nbsp;&nbsp; 1669781 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 3290964 | &nbsp;&nbsp; 6840552 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3979650 | &nbsp;&nbsp; 12234043 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (710275)<br>| &nbsp;&nbsp; (1258018)<br>|
| Class C | &nbsp;&nbsp; (19020)<br>| &nbsp;&nbsp; (31564)<br>|
| Class R | &nbsp;&nbsp; (220784)<br>| &nbsp;&nbsp; (339194)<br>|
| Class Y | &nbsp;&nbsp; (383760)<br>| &nbsp;&nbsp; (690047)<br>|
| Class R5 | &nbsp;&nbsp; (65039)<br>| &nbsp;&nbsp; (155938)<br>|
| Class R6 | &nbsp;&nbsp; (272431)<br>| &nbsp;&nbsp; (489084)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1671309)<br>| &nbsp;&nbsp; (2963845)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (13809175)<br>| &nbsp;&nbsp; (10730633)<br>|
| Class C | &nbsp;&nbsp; (213679)<br>| &nbsp;&nbsp; (769488)<br>|
| Class R | &nbsp;&nbsp; 40172 | &nbsp;&nbsp; (1353592)<br>|
| Class Y | &nbsp;&nbsp; (3175870)<br>| &nbsp;&nbsp; (5675995)<br>|
| Class R5 | &nbsp;&nbsp; (659598)<br>| &nbsp;&nbsp; (5145913)<br>|
| Class R6 | &nbsp;&nbsp; (6384471)<br>| &nbsp;&nbsp; (1590666)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (24202621)<br>| &nbsp;&nbsp; (25266287)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (21894280)<br>| &nbsp;&nbsp; (15996089)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 143891495 | &nbsp;&nbsp; 159887584 |
| End of period | &nbsp;&nbsp; $121997215 | &nbsp;&nbsp; $143891495 |

---

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

**6**

**Invesco Global Real Estate Fund**

------

**Financial Highlights**

*(Unaudited)*

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>| **Return of** <br>**capital**<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** | **Class A** |
| Six months ended 08/31/25 | $9.08 | $0.10 | $0.20 | $0.30 | $(0.11)<br>| $— | $— | $(0.11)<br>| $9.27 | 3.32<br> %<br>| $51360 | 1.44 %<sup>(d)</sup><br>| 1.44 %<sup>(d)</sup><br>| 2.25 %<sup>(d)</sup><br>| 46<br> %<br>|
| Year ended 02/28/25 | 8.57 | 0.21 | 0.46 | 0.67 | (0.16)<br>|  |  | (0.16)<br>| 9.08 | 7.88 | 64242 | 1.44 | 1.45 | 2.33 | 130 |
| Year ended 02/29/24 | 8.82 | 0.18 | (0.27)<br>| (0.09)<br>| (0.14)<br>|  | (0.02)<br>| (0.16)<br>| 8.57 | (0.89)<br>| 70881 | 1.42 | 1.42 | 2.14 | 89 |
| Year ended 02/28/23 | 11.63 | 0.17 | (1.87)<br>| (1.70)<br>| (0.21)<br>| (0.90)<br>|  | (1.11)<br>| 8.82 | (14.71)<br>| 82570 | 1.38 | 1.38 | 1.67 | 69 |
| Year ended 02/28/22 | 10.77 | 0.12 | 1.04 | 1.16 | (0.30)<br>|  |  | (0.30)<br>| 11.63 | 10.80 | 107880 | 1.30 | 1.30 | 1.01 | 88 |
| Year ended 02/28/21 | 11.65 | 0.17 | (0.56)<br>| (0.39)<br>| (0.21)<br>| (0.28)<br>|  | (0.49)<br>| 10.77 | (2.96)<br>| 108687 | 1.32 | 1.32 | 1.70 | 160 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 9.10 | 0.07 | 0.19 | 0.26 | (0.07)<br>|  |  | (0.07)<br>| 9.29 | 2.92 | 2365 | 2.19 <br><sup>(d)</sup><br>| 2.19 <br><sup>(d)</sup><br>| 1.50 <br><sup>(d)</sup><br>| 46 |
| Year ended 02/28/25 | 8.58 | 0.14 | 0.48 | 0.62 | (0.10)<br>|  |  | (0.10)<br>| 9.10 | 7.19 | 2536 | 2.19 | 2.20 | 1.58 | 130 |
| Year ended 02/29/24 | 8.83 | 0.12 | (0.27)<br>| (0.15)<br>| (0.08)<br>|  | (0.02)<br>| (0.10)<br>| 8.58 | (1.66)<br>| 3137 | 2.17 | 2.17 | 1.39 | 89 |
| Year ended 02/28/23 | 11.64 | 0.09 | (1.87)<br>| (1.78)<br>| (0.13)<br>| (0.90)<br>|  | (1.03)<br>| 8.83 | (15.38)<br>| 3619 | 2.13 | 2.13 | 0.92 | 69 |
| Year ended 02/28/22 | 10.78 | 0.03 | 1.05 | 1.08 | (0.22)<br>|  |  | (0.22)<br>| 11.64 | 9.96 | 5057 | 2.05 | 2.05 | 0.26 | 88 |
| Year ended 02/28/21 | 11.65 | 0.10 | (0.56)<br>| (0.46)<br>| (0.13)<br>| (0.28)<br>|  | (0.41)<br>| 10.78 | (3.68)<br>| 5493 | 2.07 | 2.07 | 0.95 | 160 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 9.08 | 0.09 | 0.19 | 0.28 | (0.09)<br>|  |  | (0.09)<br>| 9.27 | 3.18 | 21482 | 1.69 <br><sup>(d)</sup><br>| 1.69 <br><sup>(d)</sup><br>| 2.00 <br><sup>(d)</sup><br>| 46 |
| Year ended 02/28/25 | 8.57 | 0.19 | 0.46 | 0.65 | (0.14)<br>|  |  | (0.14)<br>| 9.08 | 7.61 | 20994 | 1.69 | 1.70 | 2.08 | 130 |
| Year ended 02/29/24 | 8.82 | 0.16 | (0.27)<br>| (0.11)<br>| (0.12)<br>|  | (0.02)<br>| (0.14)<br>| 8.57 | (1.15)<br>| 21082 | 1.67 | 1.67 | 1.89 | 89 |
| Year ended 02/28/23 | 11.62 | 0.14 | (1.86)<br>| (1.72)<br>| (0.18)<br>| (0.90)<br>|  | (1.08)<br>| 8.82 | (14.86)<br>| 21290 | 1.63 | 1.63 | 1.42 | 69 |
| Year ended 02/28/22 | 10.77 | 0.09 | 1.03 | 1.12 | (0.27)<br>|  |  | (0.27)<br>| 11.62 | 10.42 | 24519 | 1.55 | 1.55 | 0.76 | 88 |
| Year ended 02/28/21 | 11.64 | 0.15 | (0.56)<br>| (0.41)<br>| (0.18)<br>| (0.28)<br>|  | (0.46)<br>| 10.77 | (3.14)<br>| 23490 | 1.57 | 1.57 | 1.45 | 160 |
| **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** | **Class Y** |
| Six months ended 08/31/25 | 9.07 | 0.11 | 0.20 | 0.31 | (0.12)<br>|  |  | (0.12)<br>| 9.26 | 3.45 | 28468 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 2.50 <br><sup>(d)</sup><br>| 46 |
| Year ended 02/28/25 | 8.56 | 0.23 | 0.47 | 0.70 | (0.19)<br>|  |  | (0.19)<br>| 9.07 | 8.16 | 31041 | 1.19 | 1.20 | 2.58 | 130 |
| Year ended 02/29/24 | 8.81 | 0.20 | (0.26)<br>| (0.06)<br>| (0.17)<br>|  | (0.02)<br>| (0.19)<br>| 8.56 | (0.64)<br>| 34737 | 1.17 | 1.17 | 2.39 | 89 |
| Year ended 02/28/23 | 11.62 | 0.19 | (1.87)<br>| (1.68)<br>| (0.23)<br>| (0.90)<br>|  | (1.13)<br>| 8.81 | (14.50)<br>| 46126 | 1.13 | 1.13 | 1.92 | 69 |
| Year ended 02/28/22 | 10.77 | 0.15 | 1.03 | 1.18 | (0.33)<br>|  |  | (0.33)<br>| 11.62 | 10.98 | 67783 | 1.05 | 1.05 | 1.26 | 88 |
| Year ended 02/28/21 | 11.65 | 0.20 | (0.57)<br>| (0.37)<br>| (0.23)<br>| (0.28)<br>|  | (0.51)<br>| 10.77 | (2.69)<br>| 113549 | 1.07 | 1.07 | 1.95 | 160 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 9.04 | 0.12 | 0.18 | 0.30 | (0.12)<br>|  |  | (0.12)<br>| 9.22 | 3.43 | 4399 | 1.04 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 2.65 <br><sup>(d)</sup><br>| 46 |
| Year ended 02/28/25 | 8.53 | 0.25 | 0.46 | 0.71 | (0.20)<br>|  |  | (0.20)<br>| 9.04 | 8.37 | 4992 | 1.01 | 1.01 | 2.76 | 130 |
| Year ended 02/29/24 | 8.78 | 0.22 | (0.27)<br>| (0.05)<br>| (0.18)<br>|  | (0.02)<br>| (0.20)<br>| 8.53 | (0.50)<br>| 9681 | 0.98 | 0.98 | 2.58 | 89 |
| Year ended 02/28/23 | 11.58 | 0.22 | (1.87)<br>| (1.65)<br>| (0.25)<br>| (0.90)<br>|  | (1.15)<br>| 8.78 | (14.34)<br>| 16615 | 0.99 | 0.99 | 2.06 | 69 |
| Year ended 02/28/22 | 10.73 | 0.17 | 1.03 | 1.20 | (0.35)<br>|  |  | (0.35)<br>| 11.58 | 11.17 | 87664 | 0.91 | 0.91 | 1.40 | 88 |
| Year ended 02/28/21 | 11.61 | 0.21 | (0.56)<br>| (0.35)<br>| (0.25)<br>| (0.28)<br>|  | (0.53)<br>| 10.73 | (2.57)<br>| 124597 | 0.94 | 0.94 | 2.08 | 160 |
| **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** | **Class R6** |
| Six months ended 08/31/25 | 9.03 | 0.12 | 0.20 | 0.32 | (0.13)<br>|  |  | (0.13)<br>| 9.22 | 3.58 | 13923 | 0.97 <br><sup>(d)</sup><br>| 0.97 <br><sup>(d)</sup><br>| 2.72 <br><sup>(d)</sup><br>| 46 |
| Year ended 02/28/25 | 8.52 | 0.25 | 0.47 | 0.72 | (0.21)<br>|  |  | (0.21)<br>| 9.03 | 8.43 | 20086 | 0.95 | 0.95 | 2.82 | 130 |
| Year ended 02/29/24 | 8.78 | 0.22 | (0.28)<br>| (0.06)<br>| (0.18)<br>|  | (0.02)<br>| (0.20)<br>| 8.52 | (0.55)<br>| 20369 | 0.95 | 0.95 | 2.61 | 89 |
| Year ended 02/28/23 | 11.58 | 0.22 | (1.87)<br>| (1.65)<br>| (0.25)<br>| (0.90)<br>|  | (1.15)<br>| 8.78 | (14.27)<br>| 29968 | 0.92 | 0.92 | 2.13 | 69 |
| Year ended 02/28/22 | 10.73 | 0.18 | 1.03 | 1.21 | (0.36)<br>|  |  | (0.36)<br>| 11.58 | 11.26 | 165636 | 0.83 | 0.83 | 1.48 | 88 |
| Year ended 02/28/21 | 11.61 | 0.22 | (0.56)<br>| (0.34)<br>| (0.26)<br>| (0.28)<br>|  | (0.54)<br>| 10.73 | (2.48)<br>| 167055 | 0.85 | 0.85 | 2.17 | 160 |

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<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. Does not include sales charges and is 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.

<sup>(d)</sup> Annualized.

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

**7**

**Invesco Global Real Estate Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Global Real Estate Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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.

**8**

**Invesco Global Real Estate Fund**

------

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

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment

**9**

**Invesco Global Real Estate Fund**

------

of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended August 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**M.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund's investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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

**10**

**Invesco Global Real Estate 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** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

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For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.75%.

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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $768.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $2,033 in front-end sales commissions from the sale of Class A shares and $36 and $3 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended August 31, 2025, the Fund incurred $2,686 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

**11**

**Invesco Global Real Estate Fund**

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8378166 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8378166 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1817141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1817141 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 2000848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2000848 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2225394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2225394 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3584422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3584422 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3762594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3762594 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11214592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11214592 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 508264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 508264 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3262925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3262925 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1088925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1088925 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1997658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1997658 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 935439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 935439 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3614369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3614369 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 76566181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76566181 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 564157 | &nbsp;&nbsp;&nbsp;&nbsp; 1459235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2023392 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $79131186 | &nbsp;&nbsp;&nbsp;&nbsp; $43849124 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $122980310 |

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,832.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| **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; $548078 | &nbsp;&nbsp;&nbsp;&nbsp; $8820135 | &nbsp;&nbsp;&nbsp;&nbsp; $9368213 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $60,485,548 and $83,635,789, respectively. As of August 31, 2025, the aggregate cost of

**12**

**Invesco Global Real Estate Fund**

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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; $12334582 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2200730)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10133852 |

---

Cost of investments for tax purposes is $112,846,458.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 191017 | &nbsp;&nbsp;&nbsp; $1711011 | &nbsp;&nbsp;&nbsp; 493080 | &nbsp;&nbsp;&nbsp; $4369149 |
| Class C | &nbsp;&nbsp;&nbsp; 14895 | &nbsp;&nbsp;&nbsp; 134022 | &nbsp;&nbsp;&nbsp; 45787 | &nbsp;&nbsp;&nbsp; 409916 |
| Class R | &nbsp;&nbsp;&nbsp; 233706 | &nbsp;&nbsp;&nbsp; 2089348 | &nbsp;&nbsp;&nbsp; 555604 | &nbsp;&nbsp;&nbsp; 4956307 |
| Class Y | &nbsp;&nbsp;&nbsp; 340664 | &nbsp;&nbsp;&nbsp; 2964819 | &nbsp;&nbsp;&nbsp; 675893 | &nbsp;&nbsp;&nbsp; 6004956 |
| Class R5 | &nbsp;&nbsp;&nbsp; 23781 | &nbsp;&nbsp;&nbsp; 212226 | &nbsp;&nbsp;&nbsp; 89492 | &nbsp;&nbsp;&nbsp; 796940 |
| Class R6 | &nbsp;&nbsp;&nbsp; 150210 | &nbsp;&nbsp;&nbsp; 1333348 | &nbsp;&nbsp;&nbsp; 486903 | &nbsp;&nbsp;&nbsp; 4286176 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 74132 | &nbsp;&nbsp;&nbsp; 652424 | &nbsp;&nbsp;&nbsp; 129222 | &nbsp;&nbsp;&nbsp; 1162727 |
| Class C | &nbsp;&nbsp;&nbsp; 2087 | &nbsp;&nbsp;&nbsp; 18628 | &nbsp;&nbsp;&nbsp; 3310 | &nbsp;&nbsp;&nbsp; 29846 |
| Class R | &nbsp;&nbsp;&nbsp; 24810 | &nbsp;&nbsp;&nbsp; 220784 | &nbsp;&nbsp;&nbsp; 37670 | &nbsp;&nbsp;&nbsp; 339159 |
| Class Y | &nbsp;&nbsp;&nbsp; 26402 | &nbsp;&nbsp;&nbsp; 231323 | &nbsp;&nbsp;&nbsp; 47535 | &nbsp;&nbsp;&nbsp; 425026 |
| Class R5 | &nbsp;&nbsp;&nbsp; 7307 | &nbsp;&nbsp;&nbsp; 64044 | &nbsp;&nbsp;&nbsp; 14252 | &nbsp;&nbsp;&nbsp; 125821 |
| Class R6 | &nbsp;&nbsp;&nbsp; 29802 | &nbsp;&nbsp;&nbsp; 263240 | &nbsp;&nbsp;&nbsp; 52711 | &nbsp;&nbsp;&nbsp; 471633 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26071 | &nbsp;&nbsp;&nbsp; 232166 | &nbsp;&nbsp;&nbsp; 58926 | &nbsp;&nbsp;&nbsp; 517014 |
| Class C | &nbsp;&nbsp;&nbsp; (26014)<br>| &nbsp;&nbsp;&nbsp; (232166)<br>| &nbsp;&nbsp;&nbsp; (58788)<br>| &nbsp;&nbsp;&nbsp; (517014)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1824286)<br>| &nbsp;&nbsp;&nbsp; (16404776)<br>| &nbsp;&nbsp;&nbsp; (1881441)<br>| &nbsp;&nbsp;&nbsp; (16779523)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (15002)<br>| &nbsp;&nbsp;&nbsp; (134163)<br>| &nbsp;&nbsp;&nbsp; (77073)<br>| &nbsp;&nbsp;&nbsp; (692236)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (252894)<br>| &nbsp;&nbsp;&nbsp; (2269960)<br>| &nbsp;&nbsp;&nbsp; (742469)<br>| &nbsp;&nbsp;&nbsp; (6649058)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (714025)<br>| &nbsp;&nbsp;&nbsp; (6372012)<br>| &nbsp;&nbsp;&nbsp; (1360710)<br>| &nbsp;&nbsp;&nbsp; (12105977)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (106522)<br>| &nbsp;&nbsp;&nbsp; (935868)<br>| &nbsp;&nbsp;&nbsp; (686214)<br>| &nbsp;&nbsp;&nbsp; (6068674)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (893154)<br>| &nbsp;&nbsp;&nbsp; (7981059)<br>| &nbsp;&nbsp;&nbsp; (706684)<br>| &nbsp;&nbsp;&nbsp; (6348475)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2687013)<br>| &nbsp;&nbsp;&nbsp; $(24202621)<br>| &nbsp;&nbsp;&nbsp; (2822994)<br>| &nbsp;&nbsp;&nbsp; $(25266287)<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 32% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco Global Real Estate 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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Global Real Estate 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 as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited 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 Custom Invesco Global Real Estate Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the fifth quintile for the five year period (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 Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in the U.S. and sector allocation negatively impacted the Fund's relative performance over the shorter term, while the Fund's longer-term underperformance was primarily due to exposure to emerging markets. The Board also considered that the Fund underwent a change in portfolio

**14**

**Invesco Global Real Estate Fund**

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management in 2024, and that the chief investment officer for the Fund's portfolio management team also changed in 2024. 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.

*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 Class A shares of the Fund were reasonably comparable to and above, 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 also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees and total expense ratio were in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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.

The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management

*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 may benefit 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 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.

*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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

**15**

**Invesco Global Real Estate Fund**

------

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 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.

**16**

**Invesco Global Real Estate Fund**

------

**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.

**17**

**Invesco Global Real Estate Fund**

------

![](img88cf1f3c1.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

GRE-NCSRS

------

![](imgef4b85351.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Government Money Market Fund**

Nasdaq:

Invesco Cash Reserve: AIMXX ■ A: ADAXX ■ AX: ACZXX ■ C: ACNXX ■ CX: ACXXX

■ R: AIRXX ■ Y: AIYXX ■ Investor: INAXX ■ R6: INVXX

------

---

| | |
|:---|:---|
| [2](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_SOI-Continued-450_1) | Schedule of Investments |
| [6](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_FS-Continued-450_1) | Financial Statements |
| [9](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_FS-Continued-450_4) | Financial Highlights |
| [11](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_NTF-Continued-450_1) | Notes to Financial Statements |
| [15](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_AOC-Continued-450_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_2b124b71-6b23-4df6-bf1f-ac452b509704_OIRSR-Continued-450_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities-20.81%** | **U.S. Treasury Securities-20.81%** | **U.S. Treasury Securities-20.81%** | **U.S. Treasury Securities-20.81%** | **U.S. Treasury Securities-20.81%** | **U.S. Treasury Securities-20.81%** |
| **U.S. Treasury Bills-19.09%**<sup>(a)</sup> | **U.S. Treasury Bills-19.09%**<sup>(a)</sup> | **U.S. Treasury Bills-19.09%**<sup>(a)</sup> | **U.S. Treasury Bills-19.09%**<sup>(a)</sup> | **U.S. Treasury Bills-19.09%**<sup>(a)</sup> | **U.S. Treasury Bills-19.09%**<sup>(a)</sup> |
| U.S. Treasury Bills | 4.18% | 09/11/2025 |  | $200000 | &nbsp;&nbsp; $199772778 |
| U.S. Treasury Bills | 4.13%-4.27% | 10/02/2025 |  | 55000 | &nbsp;&nbsp; 54808980 |
| U.S. Treasury Bills | 4.19% | 10/14/2025 |  | 25000 | &nbsp;&nbsp; 24877763 |
| U.S. Treasury Bills | 4.15% | 10/16/2025 |  | 25000 | &nbsp;&nbsp; 24873125 |
| U.S. Treasury Bills | 4.22% | 10/21/2025 |  | 250000 | &nbsp;&nbsp; 248543229 |
| U.S. Treasury Bills | 4.28% | 10/30/2025 |  | 10000 | &nbsp;&nbsp; 9932806 |
| U.S. Treasury Bills | 4.17% | 11/06/2025 |  | 25000 | &nbsp;&nbsp; 24810708 |
| U.S. Treasury Bills | 4.21% | 11/12/2025 |  | 100000 | &nbsp;&nbsp; 99168000 |
| U.S. Treasury Bills | 4.38% | 11/28/2025 |  | 25000 | &nbsp;&nbsp; 24743944 |
| U.S. Treasury Bills | 4.17% | 12/02/2025 |  | 160000 | &nbsp;&nbsp; 158318117 |
| U.S. Treasury Bills | 4.15% | 12/09/2025 |  | 40000 | &nbsp;&nbsp; 39550062 |
| U.S. Treasury Bills | 4.05% | 02/05/2026 |  | 75000 | &nbsp;&nbsp; 73700989 |
| U.S. Treasury Bills | 4.02%-4.05% | 02/12/2026 |  | 90000 | &nbsp;&nbsp; 88377767 |
| U.S. Treasury Bills | 4.11%-4.12% | 03/19/2026 |  | 45000 | &nbsp;&nbsp; 44017299 |
| U.S. Treasury Bills | 4.07% | 07/09/2026 |  | 70000 | &nbsp;&nbsp; 67628495 |
| U.S. Treasury Bills | 3.91% | 08/06/2026 |  | 40000 | &nbsp;&nbsp; 38581473 |
|  |  |  |  |  | &nbsp;&nbsp; 1221705535 |
| **U.S. Treasury Floating Rate Notes-0.70%** | **U.S. Treasury Floating Rate Notes-0.70%** | **U.S. Treasury Floating Rate Notes-0.70%** | **U.S. Treasury Floating Rate Notes-0.70%** | **U.S. Treasury Floating Rate Notes-0.70%** | **U.S. Treasury Floating Rate Notes-0.70%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.25%)<sup>(b)</sup> <br>| 4.39% | 01/31/2026 |  | 10000 | &nbsp;&nbsp; 10001712 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.16%)<sup>(b)</sup> <br>| 4.30% | 04/30/2027 |  | 35000 | &nbsp;&nbsp; 35008119 |
|  |  |  |  |  | &nbsp;&nbsp; 45009831 |
| **U.S. Treasury Notes-1.02%** | **U.S. Treasury Notes-1.02%** | **U.S. Treasury Notes-1.02%** | **U.S. Treasury Notes-1.02%** | **U.S. Treasury Notes-1.02%** | **U.S. Treasury Notes-1.02%** |
| U.S. Treasury Notes | 4.63% | 06/30/2026 |  | 65000 | &nbsp;&nbsp; 65364228 |
| Total U.S. Treasury Securities (Cost $1,332,079,594) | Total U.S. Treasury Securities (Cost $1,332,079,594) | Total U.S. Treasury Securities (Cost $1,332,079,594) | Total U.S. Treasury Securities (Cost $1,332,079,594) |  | &nbsp;&nbsp; 1332079594 |
| **U.S. Government Sponsored Agency Securities-19.32%** | **U.S. Government Sponsored Agency Securities-19.32%** | **U.S. Government Sponsored Agency Securities-19.32%** | **U.S. Government Sponsored Agency Securities-19.32%** | **U.S. Government Sponsored Agency Securities-19.32%** | **U.S. Government Sponsored Agency Securities-19.32%** |
| **Federal Farm Credit Bank (FFCB)-16.82%** | **Federal Farm Credit Bank (FFCB)-16.82%** | **Federal Farm Credit Bank (FFCB)-16.82%** | **Federal Farm Credit Bank (FFCB)-16.82%** | **Federal Farm Credit Bank (FFCB)-16.82%** | **Federal Farm Credit Bank (FFCB)-16.82%** |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 11/26/2025 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(b)</sup> <br>| 4.50% | 11/28/2025 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(b)</sup> <br>| 4.50% | 12/01/2025 |  | 6500 | &nbsp;&nbsp; 6500000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 12/12/2025 |  | 50000 | &nbsp;&nbsp; 50000000 |
| Federal Farm Credit Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/29/2025 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 01/30/2026 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 02/02/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 02/12/2026 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 03/04/2026 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.02%)<sup>(b)</sup> <br>| 4.36% | 03/19/2026 |  | 50000 | &nbsp;&nbsp; 50000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 03/26/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.10%)<sup>(b)</sup> <br>| 4.43% | 04/01/2026 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 05/21/2026 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/03/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/18/2026 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 07/01/2026 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 08/07/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 08/26/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 08/28/2026 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/04/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/09/2026 |  | 45000 | &nbsp;&nbsp; 45005814 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(b)</sup> <br>| 4.38% | 09/17/2026 |  | 47000 | &nbsp;&nbsp; 47000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/25/2026 |  | 99000 | &nbsp;&nbsp; 99000000 |

---

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

**2**

**Invesco Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/01/2026 |  | $11000 | &nbsp;&nbsp; $11000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/15/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/02/2026 |  | 30000 | &nbsp;&nbsp; 30000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 12/07/2026 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/09/2026 |  | 14000 | &nbsp;&nbsp; 14000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/18/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 12/29/2026 |  | 40000 | &nbsp;&nbsp; 40000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/30/2026 |  | 20500 | &nbsp;&nbsp; 20500000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 01/14/2027 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 02/03/2027 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 4.46% | 02/10/2027 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 03/11/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 03/24/2027 |  | 41000 | &nbsp;&nbsp; 41000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 03/26/2027 |  | 45000 | &nbsp;&nbsp; 45000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 04/02/2027 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 04/09/2027 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 4.46% | 05/06/2027 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 05/27/2027 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/29/2027 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 07/21/2027 |  | 30000 | &nbsp;&nbsp; 30000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 4.46% | 07/30/2027 |  | 75000 | &nbsp;&nbsp; 75000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 09/02/2027 |  | 25000 | &nbsp;&nbsp; 25000000 |
|  |  |  |  |  | &nbsp;&nbsp; 1077005814 |
| **Federal Home Loan Bank (FHLB)-2.50%** | **Federal Home Loan Bank (FHLB)-2.50%** | **Federal Home Loan Bank (FHLB)-2.50%** | **Federal Home Loan Bank (FHLB)-2.50%** | **Federal Home Loan Bank (FHLB)-2.50%** | **Federal Home Loan Bank (FHLB)-2.50%** |
| Federal Home Loan Bank (SOFR + 0.16%)<sup>(b)</sup> <br>| 4.50% | 11/20/2025 |  | 30000 | &nbsp;&nbsp; 30004722 |
| Federal Home Loan Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/11/2025 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.34% | 01/12/2026 |  | 50000 | &nbsp;&nbsp; 50000000 |
| Federal Home Loan Bank<sup>(a)</sup> <br>| 4.03% | 02/05/2026 |  | 5500 | &nbsp;&nbsp; 5405255 |
| Federal Home Loan Bank<sup>(a)</sup> <br>| 4.00% | 03/06/2026 |  | 20000 | &nbsp;&nbsp; 19595967 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/24/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Home Loan Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 07/19/2027 |  | 30000 | &nbsp;&nbsp; 30000000 |
|  |  |  |  |  | &nbsp;&nbsp; 160005944 |
| Total U.S. Government Sponsored Agency Securities (Cost $1,237,011,758) | Total U.S. Government Sponsored Agency Securities (Cost $1,237,011,758) | Total U.S. Government Sponsored Agency Securities (Cost $1,237,011,758) | Total U.S. Government Sponsored Agency Securities (Cost $1,237,011,758) |  | &nbsp;&nbsp; 1237011758 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.52%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)-2.42%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 02/09/2026 |  | 60000 | &nbsp;&nbsp; 60000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/04/2026 |  | 40000 | &nbsp;&nbsp; 40000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/16/2026 |  | 20000 | &nbsp;&nbsp; 20000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/29/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 04/23/2027 |  | 25000 | &nbsp;&nbsp; 25000000 |
|  |  |  |  |  | &nbsp;&nbsp; 155000000 |
| **Federal National Mortgage Association (FNMA)-1.10%** | **Federal National Mortgage Association (FNMA)-1.10%** | **Federal National Mortgage Association (FNMA)-1.10%** | **Federal National Mortgage Association (FNMA)-1.10%** | **Federal National Mortgage Association (FNMA)-1.10%** | **Federal National Mortgage Association (FNMA)-1.10%** |
| Federal National Mortgage Association (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/18/2026 |  | 25000 | &nbsp;&nbsp; 25000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 08/21/2026 |  | 23000 | &nbsp;&nbsp; 23000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/11/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/11/2026 |  | 16000 | &nbsp;&nbsp; 16000000 |
|  |  |  |  |  | &nbsp;&nbsp; 70000000 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $225,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $225,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $225,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $225,000,000) |  | &nbsp;&nbsp; 225000000 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.65% <br>(Cost $2,794,091,352) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.65% <br>(Cost $2,794,091,352) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.65% <br>(Cost $2,794,091,352) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.65% <br>(Cost $2,794,091,352) |  | &nbsp;&nbsp; 2794091352 |

---

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

**3**

**Invesco Government Money Market Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| **Repurchase Agreements-56.98%**<sup>(c)</sup>  | **Repurchase Agreements-56.98%**<sup>(c)</sup>  | **Repurchase Agreements-56.98%**<sup>(c)</sup>  | **Repurchase Agreements-56.98%**<sup>(c)</sup>  | **Repurchase Agreements-56.98%**<sup>(c)</sup>  |
| BMO Capital Markets Corp., joint term agreement dated 08/29/2025, aggregate <br> maturing value of $1,506,387,500 (collateralized by agency mortgage-backed <br> securities valued at $1,530,000,006; 0.13% - 5.85%; 05/20/2031 - <br> 11/20/2072)<sup>(d)</sup> <br>| 4.38% | 10/03/2025 | $80340667 | &nbsp;&nbsp; $80000000 |
| BNP Paribas Securities Corp., joint term agreement dated 02/10/2025, aggregate <br> maturing value of $1,435,581,000 (collateralized by U.S. Treasury obligations <br> valued at $1,428,000,181; 0.00% - 4.88%; 10/14/2025 - 02/15/2054)<sup>(d)(e)</sup> <br>| 4.42% | 09/05/2025 | 51270750 | &nbsp;&nbsp; 50000000 |
| BNP Paribas Securities Corp., joint term agreement dated 07/10/2025, aggregate <br> maturing value of $2,517,266,667 (collateralized by agency mortgage-backed <br> securities, U.S. government sponsored agency obligations and U.S. Treasury <br> obligations valued at $2,550,000,006; 0.00% - 8.00%; 09/04/2025 - <br> 04/20/2065)<sup>(d)(e)</sup> <br>| 4.44% | 09/05/2025 | 100690667 | &nbsp;&nbsp; 100000000 |
| BNP Paribas Securities Corp., joint term agreement dated 07/28/2025, aggregate <br> maturing value of $2,009,598,333 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $2,040,000,000; 0.00% - <br> 8.00%; 10/25/2025 - 04/20/2065)<sup>(d)(e)</sup> <br>| 4.43% | 09/05/2025 | 175839854 | &nbsp;&nbsp; 175000000 |
| BNP Paribas Securities Corp., joint term agreement dated 08/20/2025, aggregate <br> maturing value of $4,143,991,111 (collateralized by U.S. Treasury obligations <br> valued at $4,080,000,237; 0.13% - 4.63%; 05/15/2026 - 08/15/2054)<sup>(d)</sup> <br>| 3.88% | 07/20/2026 | 186479600 | &nbsp;&nbsp; 180000000 |
| BofA Securities, Inc., joint term agreement dated 04/22/2025, aggregate maturing <br> value of $2,033,320,000 (collateralized by agency mortgage-backed securities <br> valued at $2,040,000,000; 1.00% - 8.35%; 10/15/2033 - 08/20/2075)<sup>(d)(e)</sup> <br>| 4.41% | 09/05/2025 | 103699320 | &nbsp;&nbsp; 102000000 |
| BofA Securities, Inc., joint term agreement dated 04/23/2025, aggregate maturing <br> value of $1,016,537,503 (collateralized by agency mortgage-backed securities <br> valued at $1,020,000,000; 0.13% - 8.10%; 06/25/2028 - 07/20/2075)<sup>(d)(e)</sup> <br>| 4.41% | 09/05/2025 | 51843413 | &nbsp;&nbsp; 51000000 |
| BofA Securities, Inc., joint term agreement dated 07/28/2025, aggregate maturing <br> value of $1,758,201,667 (collateralized by U.S. Treasury obligations valued at <br> $1,785,000,406; 0.38% - 5.00%; 08/31/2025 - 05/15/2053)<sup>(d)(e)</sup> <br>| 4.44% | 09/05/2025 | 60281200 | &nbsp;&nbsp; 60000000 |
| BofA Securities, Inc., joint term agreement dated 07/29/2025, aggregate maturing <br> value of $1,004,583,889 (collateralized by agency mortgage-backed securities <br> valued at $1,020,000,000; 2.00% - 7.50%; 05/15/2032 - 01/20/2074)<sup>(d)(e)</sup> <br>| 4.46% | 09/05/2025 | 60275033 | &nbsp;&nbsp; 60000000 |
| Citigroup Global Markets, Inc., joint term agreement dated 07/31/2025, aggregate <br> maturing value of $252,872,222 (collateralized by agency mortgage-backed <br> securities valued at $255,001,008; 4.50% - 8.00%; 06/01/2054 - <br> 01/15/2060)<br>| 4.40% | 11/03/2025 | 10114889 | &nbsp;&nbsp; 10000000 |
| Credit Agricole Corporate & Investment Bank, joint agreement dated 08/29/2025, <br> aggregate maturing value of $1,500,721,667 (collateralized by U.S. Treasury <br> obligations valued at $1,530,000,060; 1.88% - 4.75%; 02/15/2042 - <br> 08/15/2053)<br>| 4.33% | 09/02/2025 | 50024056 | &nbsp;&nbsp; 50000000 |
| Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated <br> 08/29/2025, aggregate maturing value of $5,502,646,111 (collateralized by <br> U.S. Treasury obligations valued at $5,610,000,238; 0.13% - 4.50%; <br> 03/31/2027 - 02/15/2054)<br>| 4.33% | 09/02/2025 | 375180417 | &nbsp;&nbsp; 375000000 |
| Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated <br> 08/29/2025, aggregate maturing value of $5,502,646,111 (collateralized by <br> U.S. Treasury obligations valued at $5,610,000,055; 0.00% - 6.63%; <br> 09/04/2025 - 08/15/2055)<br>| 4.33% | 09/02/2025 | 350168389 | &nbsp;&nbsp; 350000000 |
| Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated <br> 08/29/2025, aggregate maturing value of $4,502,165,000 (collateralized by <br> U.S. Treasury obligations valued at $4,590,000,183; 0.00% - 4.63%; <br> 10/21/2025 - 05/15/2053)<br>| 4.33% | 09/02/2025 | 150072167 | &nbsp;&nbsp; 150000000 |
| Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated <br> 08/26/2025, aggregate maturing value of $720,085,999 (collateralized by <br> U.S. Treasury obligations valued at $734,400,126; 0.00% - 4.75%; <br> 10/21/2025 - 08/15/2052)<sup>(f)</sup> <br>| 4.30% | 11/07/2025 | 32003822 | &nbsp;&nbsp; 32000000 |
| Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated <br> 08/29/2025, aggregate maturing value of $2,150,256,805 (collateralized by <br> U.S. Treasury obligations valued at $2,193,000,423; 0.00% - 4.75%; <br> 10/21/2025 - 08/15/2055)<sup>(f)</sup> <br>| 4.30% | 10/29/2025 | 140016722 | &nbsp;&nbsp; 140000000 |
| J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024 (collateralized <br> by agency mortgage-backed securities and U.S. Treasury obligations valued at <br> $1,020,000,006; 0.00% - 7.50%; 12/25/2026 - 05/20/2055)<sup>(e)(g)</sup> <br>| 4.38% | 09/05/2025 | 41717933 | &nbsp;&nbsp; 40000000 |
| Metropolitan Life Insurance Co., joint term agreement dated 08/27/2025, aggregate <br> maturing value of $350,304,095 (collateralized by U.S. Treasury obligations <br> valued at $357,049,922; 0.00%; 02/15/2043 - 08/15/2046)<sup>(d)</sup> <br>| 4.38% | 09/03/2025 | 25022080 | &nbsp;&nbsp; 25000788 |

---

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

**4**

**Invesco Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/27/2025, <br> aggregate maturing value of $1,882,326,751 (collateralized by U.S. Treasury <br> obligations valued at $1,926,267,830; 1.13% - 4.38%; 01/31/2027 - <br> 11/15/2040)<sup>(d)</sup> <br>| 4.38% | 09/03/2025 |  | $168174357 | &nbsp;&nbsp; $168031250 |
| Natixis, joint agreement dated 08/29/2025, aggregate maturing value of <br> $1,000,482,222 (collateralized by agency mortgage-backed securities, U.S. <br> government sponsored agency obligations, U.S. Treasury obligations valued at <br> $1,020,000,037; 0.00% - 7.00%; 10/09/2025 - 05/15/2058)<br>| 4.34% | 09/02/2025 |  | 300144667 | &nbsp;&nbsp; 300000000 |
| RBC Dominion Securities Inc., joint agreement dated 08/29/2025, aggregate <br> maturing value of $500,241,111 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $510,245,933; 0.88% - <br> 6.50%; 07/31/2028 - 08/20/2055)<br>| 4.34% | 09/02/2025 |  | 250120556 | &nbsp;&nbsp; 250000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/26/2025, aggregate <br> maturing value of $1,035,905,000 (collateralized by U.S. Treasury obligations <br> valued at $1,020,657,998; 0.00% - 4.75%; 09/04/2025 - 08/15/2055)<sup>(d)</sup> <br>| 3.87% | 07/27/2026 |  | 41436200 | &nbsp;&nbsp; 40000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/26/2025, aggregate <br> maturing value of $1,038,725,556 (collateralized by U.S. Treasury obligations <br> valued at $1,020,651,187; 0.00% - 4.75%; 09/04/2025 - 08/15/2055)<sup>(d)</sup> <br>| 3.83% | 08/26/2026 |  | 44665199 | &nbsp;&nbsp; 43000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/27/2025, aggregate <br> maturing value of $1,569,780,100 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,547,152,184; 0.00% - <br> 6.00%; 10/02/2025 - 08/15/2055)<sup>(d)</sup> <br>| 3.87% | 07/24/2026 |  | 63163975 | &nbsp;&nbsp; 61000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,540,310,000 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $1,560,660,355; 0.00% - 7.00%; <br> 09/25/2025 - 08/15/2055)<sup>(d)</sup> <br>| 4.17% | 10/31/2025 |  | 58531780 | &nbsp;&nbsp; 57000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,541,315,700 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $1,567,124,654; 0.85% - 7.00%; <br> 11/30/2026 - 01/07/2062)<sup>(d)</sup> <br>| 4.20% | 09/30/2025 |  | 58336650 | &nbsp;&nbsp; 57000000 |
| Societe Generale, joint term agreement dated 08/25/2025, aggregate maturing <br> value of $500,485,556 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $510,000,000; 2.00% - 7.00%; <br> 08/15/2041 - 09/01/2055)<sup>(d)</sup> <br>| 4.37% | 09/02/2025 |  | 60058267 | &nbsp;&nbsp; 60000000 |
| Standard Chartered Bank, joint agreement dated 08/29/2025, aggregate maturing <br> value of $3,001,446,667 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $3,061,475,600; 0.00% - 6.00%; <br> 09/16/2025 - 09/01/2055)<br>| 4.34% | 09/02/2025 |  | 350168778 | &nbsp;&nbsp; 350000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 08/29/2025, aggregate <br> maturing value of $5,302,555,778 (collateralized by agency mortgage-backed <br> securities valued at $5,436,494,182; 3.00% - 6.50%; 10/20/2042 - <br> 03/20/2055)<br>| 4.34% | 09/02/2025 |  | 146862219 | &nbsp;&nbsp; 146791433 |
| Wells Fargo Securities, LLC, joint term agreement dated 06/13/2025, aggregate <br> maturing value of $1,718,864,806 (collateralized by agency mortgage-backed <br> securities valued at $1,734,000,001; 1.50% - 7.50%; 06/01/2026 - <br> 01/01/2059)<br>| 4.39% | 09/12/2025 |  | 85943240 | &nbsp;&nbsp; 85000000 |
| Total Repurchase Agreements (Cost $3,647,823,471) | Total Repurchase Agreements (Cost $3,647,823,471) | Total Repurchase Agreements (Cost $3,647,823,471) | Total Repurchase Agreements (Cost $3,647,823,471) |  | &nbsp;&nbsp; 3647823471 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-100.63% (Cost $6,441,914,823) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-100.63% (Cost $6,441,914,823) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-100.63% (Cost $6,441,914,823) | TOTAL INVESTMENTS IN SECURITIES<sup>(h)</sup>-100.63% (Cost $6,441,914,823) |  | &nbsp;&nbsp; 6441914823 |
| OTHER ASSETS LESS LIABILITIES-(0.63)% | OTHER ASSETS LESS LIABILITIES-(0.63)% | OTHER ASSETS LESS LIABILITIES-(0.63)% | OTHER ASSETS LESS LIABILITIES-(0.63)% |  | &nbsp;&nbsp; (40460832)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $6401453991 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

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

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

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

<sup>(d)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(e)</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>(f)</sup> Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 

<sup>(g)</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. 

<sup>(h)</sup> Also represents cost for federal income tax purposes.

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

**5**

**Invesco Government Money Market Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $2794091352 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 3647823471 |
| Cash | &nbsp;&nbsp; 8141 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 4536629 |
| Interest | &nbsp;&nbsp; 20370962 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 319449 |
| Other assets | &nbsp;&nbsp; 175676 |
| Total assets | &nbsp;&nbsp; 6467325680 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 49877763 |
| Fund shares reacquired | &nbsp;&nbsp; 10454950 |
| Dividends | &nbsp;&nbsp; 1911078 |
| Accrued fees to affiliates | &nbsp;&nbsp; 3198643 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 6548 |
| Accrued operating expenses | &nbsp;&nbsp; 86682 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 336025 |
| Total liabilities | &nbsp;&nbsp; 65871689 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $6401453991 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6402015117 |
| Distributable earnings (loss) | &nbsp;&nbsp; (561126)<br>|
|  | &nbsp;&nbsp; $6401453991 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Invesco Cash Reserve | &nbsp;&nbsp; $5043255459 |
| Class A | &nbsp;&nbsp; $314895551 |
| Class AX | &nbsp;&nbsp; $58536807 |
| Class C | &nbsp;&nbsp; $112999501 |
| Class CX | &nbsp;&nbsp; $149956 |
| Class R | &nbsp;&nbsp; $201286697 |
| Class Y | &nbsp;&nbsp; $449418409 |
| Investor Class | &nbsp;&nbsp; $208527521 |
| Class R6 | &nbsp;&nbsp; $12384090 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Invesco Cash Reserve | &nbsp;&nbsp; 5043635842 |
| Class A | &nbsp;&nbsp; 314919525 |
| Class AX | &nbsp;&nbsp; 58541381 |
| Class C | &nbsp;&nbsp; 113008145 |
| Class CX | &nbsp;&nbsp; 149967 |
| Class R | &nbsp;&nbsp; 201302135 |
| Class Y | &nbsp;&nbsp; 449452763 |
| Investor Class | &nbsp;&nbsp; 208543452 |
| Class R6 | &nbsp;&nbsp; 12385034 |
| Net asset value and offering price per share for each <br> class<br>| &nbsp;&nbsp; $1.00 |

---

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

**6**

**Invesco Government Money Market Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $138864758 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4719863 |
| Administrative services fees | &nbsp;&nbsp; 1407037 |
| Custodian fees | &nbsp;&nbsp; 23063 |
| Distribution fees: |  |
| Invesco Cash Reserve | &nbsp;&nbsp; 3703624 |
| Class A | &nbsp;&nbsp; 316987 |
| Class AX | &nbsp;&nbsp; 44492 |
| Class C | &nbsp;&nbsp; 453015 |
| Class CX | &nbsp;&nbsp; 692 |
| Class R | &nbsp;&nbsp; 405766 |
| Transfer agent fees - Invesco Cash Reserve, A, AX, C, CX, R, Y and Investor | &nbsp;&nbsp; 3192749 |
| Transfer agent fees - R6 | &nbsp;&nbsp; 1897 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 34257 |
| Registration and filing fees | &nbsp;&nbsp; 134888 |
| Reports to shareholders | &nbsp;&nbsp; 86513 |
| Professional services fees | &nbsp;&nbsp; 37297 |
| Other | &nbsp;&nbsp; 37898 |
| Total expenses | &nbsp;&nbsp; 14600038 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (65478)<br>|
| Net expenses | &nbsp;&nbsp; 14534560 |
| Net investment income | &nbsp;&nbsp; 124330198 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 111190 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $124441388 |

---

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

**7**

**Invesco Government Money Market Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $124330198 | &nbsp;&nbsp; $260211719 |
| Net realized gain | &nbsp;&nbsp; 111190 | &nbsp;&nbsp; 195306 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 124441388 | &nbsp;&nbsp; 260407025 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp; (97717759)<br>| &nbsp;&nbsp; (202236982)<br>|
| Class A | &nbsp;&nbsp; (6193839)<br>| &nbsp;&nbsp; (14562803)<br>|
| Class AX | &nbsp;&nbsp; (1173965)<br>| &nbsp;&nbsp; (2772916)<br>|
| Class C | &nbsp;&nbsp; (2028207)<br>| &nbsp;&nbsp; (4893901)<br>|
| Class CX | &nbsp;&nbsp; (2466)<br>| &nbsp;&nbsp; (6427)<br>|
| Class R | &nbsp;&nbsp; (3761324)<br>| &nbsp;&nbsp; (8348562)<br>|
| Class Y | &nbsp;&nbsp; (8762734)<br>| &nbsp;&nbsp; (18184208)<br>|
| Investor Class | &nbsp;&nbsp; (4425601)<br>| &nbsp;&nbsp; (8850790)<br>|
| Class R6 | &nbsp;&nbsp; (264303)<br>| &nbsp;&nbsp; (355130)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (124330198)<br>| &nbsp;&nbsp; (260211719)<br>|
| **Share transactions-net:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp; 335764388 | &nbsp;&nbsp; 569585500 |
| Class A | &nbsp;&nbsp; (8634209)<br>| &nbsp;&nbsp; (9368402)<br>|
| Class AX | &nbsp;&nbsp; (1444482)<br>| &nbsp;&nbsp; (1412387)<br>|
| Class C | &nbsp;&nbsp; (3228848)<br>| &nbsp;&nbsp; (11942194)<br>|
| Class CX | &nbsp;&nbsp; (6162)<br>| &nbsp;&nbsp; (24383)<br>|
| Class R | &nbsp;&nbsp; 2442633 | &nbsp;&nbsp; 8808629 |
| Class Y | &nbsp;&nbsp; 53618708 | &nbsp;&nbsp; 56832312 |
| Investor Class | &nbsp;&nbsp; 24023382 | &nbsp;&nbsp; (1626852)<br>|
| Class R6 | &nbsp;&nbsp; 1801000 | &nbsp;&nbsp; 7269697 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 404336410 | &nbsp;&nbsp; 618121920 |
| Net increase in net assets | &nbsp;&nbsp; 404447600 | &nbsp;&nbsp; 618317226 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5997006391 | &nbsp;&nbsp; 5378689165 |
| End of period | &nbsp;&nbsp; $6401453991 | &nbsp;&nbsp; $5997006391 |

---

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

**8**

**Invesco Government Money Market Fund**

------

**Financial Highlights**

*(Unaudited)*

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>**(realized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<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 expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>|
| **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** |
| Six months ended 08/31/25 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02)<br>| $1.00 | 2.01<br> %<br>| $5043255 | 0.46<br> %<br>| 0.46<br> %<br>| 3.95<br> %<br>|
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.69 | 4707415 | 0.47 | 0.47 | 4.59 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.89 | 4137681 | 0.48 | 0.48 | 4.80 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 1.99 | 3129323 | 0.45 | 0.47 | 2.07 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 2390850 | 0.07 | 0.51 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.06 | 2699457 | 0.23 | 0.50 | 0.05 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.99 | 314896 | 0.51 | 0.51 | 3.90 |
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.64 | 323519 | 0.52 | 0.52 | 4.54 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.84 | 332871 | 0.53 | 0.53 | 4.75 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 1.95 | 346709 | 0.50 | 0.52 | 2.02 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 340937 | 0.07 | 0.56 | 0.01 |
| Period ended 02/28/21<sup>(d)</sup> <br>| 1.00 | 0.00 | (0.00)<br>| (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 401229 | 0.20 <br><sup>(e)</sup><br>| 0.54 <br><sup>(e)</sup><br>| 0.08 <br><sup>(e)</sup><br>|
| **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** | **Class AX** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 2.01 | 58537 | 0.46 | 0.46 | 3.95 |
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.69 | 59979 | 0.47 | 0.47 | 4.59 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.89 | 61389 | 0.48 | 0.48 | 4.80 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 1.99 | 64032 | 0.45 | 0.47 | 2.07 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 70035 | 0.07 | 0.51 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.06 | 74001 | 0.23 | 0.50 | 0.05 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.70 | 113000 | 1.06 | 1.06 | 3.35 |
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.07 | 116224 | 1.07 | 1.07 | 3.99 |
| Year ended 02/29/24 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.26 | 128160 | 1.08 | 1.08 | 4.20 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 1.53 | 145787 | 0.92 | 1.07 | 1.60 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 122057 | 0.07 | 1.11 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.02 | 144331 | 0.23 | 1.11 | 0.05 |
| **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** | **Class CX** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.63 | 150 | 1.21 | 1.21 | 3.20 |
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 3.91 | 156 | 1.22 | 1.22 | 3.84 |
| Year ended 02/29/24 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.11 | 180 | 1.23 | 1.23 | 4.05 |
| Year ended 02/28/23 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.42 | 222 | 1.01 | 1.22 | 1.51 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 244 | 0.07 | 1.26 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.02 | 369 | 0.29 | 1.25 | (0.01)<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.88 | 201287 | 0.71 | 0.71 | 3.70 |
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.43 | 198838 | 0.72 | 0.72 | 4.34 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.63 | 190022 | 0.73 | 0.73 | 4.55 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 1.78 | 180897 | 0.66 | 0.72 | 1.86 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 159912 | 0.07 | 0.76 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.04 | 183057 | 0.22 | 0.74 | 0.06 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 2.09 | 449418 | 0.31 | 0.31 | 4.10 |
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.85 | 395792 | 0.32 | 0.32 | 4.74 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 5.05 | 338954 | 0.33 | 0.33 | 4.95 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 2.14 | 200876 | 0.31 | 0.32 | 2.21 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 67999 | 0.07 | 0.36 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.08 | 55813 | 0.21 | 0.35 | 0.07 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 2.09 | 208528 | 0.31 | 0.31 | 4.10 |
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.85 | 184500 | 0.32 | 0.32 | 4.74 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 5.05 | 186118 | 0.33 | 0.33 | 4.95 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 2.14 | 145977 | 0.31 | 0.32 | 2.21 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 120491 | 0.07 | 0.36 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.08 | 114665 | 0.21 | 0.35 | 0.07 |

---

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

**9**

**Invesco Government Money Market Fund**

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> **(realized)**<br>| **Total from**<br> **investment**<br> **operations**<br>| **Dividends**<br> **from net**<br> **investment**<br> **income**<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 expenses**<br> **absorbed**<br>| **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or expenses**<br> **absorbed**<br>| **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets**<br>|
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Six months ended 08/31/25 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02)<br>| $1.00 | 2.12<br> %<br>| $12384 | 0.24<br> %<br>| 0.24<br> %<br>| 4.17<br> %<br>|
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.93 | 10583 | 0.24 | 0.24 | 4.82 |
| Year ended 02/29/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 5.14 | 3314 | 0.24 | 0.24 | 5.04 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| 1.00 | 2.21 | 268 | 0.18 | 0.18 | 2.34 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00 )<sup>(c)</sup><br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 126 | 0.07 | 0.27 | 0.01 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.10 | 127 | 0.18 | 0.31 | 0.10 |

---

<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 does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> Commencement date of May 15, 2020.

<sup>(e)</sup> Annualized.

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

**10**

**Invesco Government Money Market Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Government Money Market Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently consists of nine different classes of shares: Invesco Cash Reserve, Class A , Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6. Class A, Class AX and Class CX shares are closed to new investors. Class Y and Investor Class shares are available only to certain investors. Class C and Class CX shares are sold with a contingent deferred sales charges ("CDSC"). Invesco Cash Reserve, Class A, Class AX, Class R, Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

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

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, 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.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund 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.

**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.

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 gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized 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 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.

**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.

**11**

**Invesco Government Money Market Fund**

------

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

**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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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. 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 adviser 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.

**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 0.15% of the Fund's average daily net assets.

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. (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 agreed, for an indefinite period, 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 Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares to 1.40%, 1.45%, 1.40%, 2.00%, 2.15%, 1.65%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended 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 the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Invesco Cash Reserve, Class A, Class AX, Class C, Class CX, Class R, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Invesco Cash Reserve, Class A, Class AX, Class C, Class CX and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the Fund's average daily net assets of Invesco Cash Reserve shares, 0.75% of the Fund's average daily net assets of Class C shares and 0.40% of the Fund's average daily net assets of Class R shares. The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.20% of the Fund's average daily net assets of Class A shares, up to a maximum annual rate of 0.15% of the Fund's average daily net assets of Class AX shares and up to a maximum annual rate of 0.90% of the average daily net assets of Class CX shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. Expenses under this agreement are shown as *Distribution fees* in the Statement of Operations.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $0 in front-end sales commissions from the sale of Class A shares and $11,025, $0, $3,407 and $3 from Invesco Cash Reserve, Class A, Class C and Class CX shares, respectively, for CDSC imposed on redemptions by shareholders.

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

**12**

**Invesco Government Money Market Fund**

------

**NOTE 3—Additional Valuation Information**

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

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

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

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

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 six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $65,478.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 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; $444651 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $444651 |

---

\* 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. 

**13**

**Invesco Government Money Market Fund**

------

**NOTE 8—Share Information** 

---

| | | |
|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** |
|  | **Amount** | **Amount** |
| **Sold:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; $2511831962 | &nbsp;&nbsp;&nbsp; $4281529245 |
| Class A | &nbsp;&nbsp;&nbsp; 69208829 | &nbsp;&nbsp;&nbsp; 136238051 |
| Class AX | &nbsp;&nbsp;&nbsp; 3466504 | &nbsp;&nbsp;&nbsp; 8022853 |
| Class C | &nbsp;&nbsp;&nbsp; 33602410 | &nbsp;&nbsp;&nbsp; 59061315 |
| Class CX | &nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp; 11252 |
| Class R | &nbsp;&nbsp;&nbsp; 57103891 | &nbsp;&nbsp;&nbsp; 94588143 |
| Class Y | &nbsp;&nbsp;&nbsp; 299646173 | &nbsp;&nbsp;&nbsp; 397453367 |
| Investor Class | &nbsp;&nbsp;&nbsp; 100499137 | &nbsp;&nbsp;&nbsp; 117841142 |
| Class R6 | &nbsp;&nbsp;&nbsp; 15116841 | &nbsp;&nbsp;&nbsp; 13273281 |
| **Issued as reinvestment of dividends:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; 90768423 | &nbsp;&nbsp;&nbsp; 184060664 |
| Class A | &nbsp;&nbsp;&nbsp; 5413429 | &nbsp;&nbsp;&nbsp; 12927285 |
| Class AX | &nbsp;&nbsp;&nbsp; 1131786 | &nbsp;&nbsp;&nbsp; 2663731 |
| Class C | &nbsp;&nbsp;&nbsp; 1952176 | &nbsp;&nbsp;&nbsp; 4662354 |
| Class CX | &nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp; 6401 |
| Class R | &nbsp;&nbsp;&nbsp; 3720006 | &nbsp;&nbsp;&nbsp; 8245843 |
| Class Y | &nbsp;&nbsp;&nbsp; 6289116 | &nbsp;&nbsp;&nbsp; 12568310 |
| Investor Class | &nbsp;&nbsp;&nbsp; 4100234 | &nbsp;&nbsp;&nbsp; 8193092 |
| Class R6 | &nbsp;&nbsp;&nbsp; 260023 | &nbsp;&nbsp;&nbsp; 348287 |
| **Automatic Conversion of Class C and CX shares to** <br> **Invesco** <br>**Cash Reserve shares:**<br>|  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; 5006278 | &nbsp;&nbsp;&nbsp; 11247947 |
| Class C | &nbsp;&nbsp;&nbsp; (4994119)<br>| &nbsp;&nbsp;&nbsp; (11226436)<br>|
| Class CX | &nbsp;&nbsp;&nbsp; (12159)<br>| &nbsp;&nbsp;&nbsp; (21511)<br>|
| **Reacquired:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; (2271842275)<br>| &nbsp;&nbsp;&nbsp; (3907252356)<br>|
| Class A | &nbsp;&nbsp;&nbsp; (83256467)<br>| &nbsp;&nbsp;&nbsp; (158533738)<br>|
| Class AX | &nbsp;&nbsp;&nbsp; (6042772)<br>| &nbsp;&nbsp;&nbsp; (12098971)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (33789315)<br>| &nbsp;&nbsp;&nbsp; (64439427)<br>|
| Class CX | &nbsp;&nbsp;&nbsp; (1768)<br>| &nbsp;&nbsp;&nbsp; (20525)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (58381264)<br>| &nbsp;&nbsp;&nbsp; (94025357)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (252316581)<br>| &nbsp;&nbsp;&nbsp; (353189365)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (80575989)<br>| &nbsp;&nbsp;&nbsp; (127661086)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (13575864)<br>| &nbsp;&nbsp;&nbsp; (6351871)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; $404336410 | &nbsp;&nbsp;&nbsp; $618121920 |

---

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

**14**

**Invesco Government Money Market Fund**

------

**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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Government Money Market 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. (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 T-Bill 3 Month Index (Index). The Board noted that performance of Invesco Cash Reserve shares of the Fund was in the third quintile of its performance universe for the one year period and the second quintile for the 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 Invesco Cash Reserve shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. 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

**15**

**Invesco Government Money Market Fund**

------

as other performance metrics, which did not change its conclusions.

*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 Invesco Cash Reserve 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 also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

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 compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations)to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

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 noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share 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.

*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.

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

**16**

**Invesco Government Money Market 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.

**17**

**Invesco Government Money Market Fund**

------

![](imgef4b85351.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

GMKT-NCSRS

------

![](img86b0d26e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco High Yield Fund**

Nasdaq:

A: AMHYX ■ C: AHYCX ■ Y: AHHYX ■ Investor: HYINX ■ R5: AHIYX ■ R6: HYIFX

------

---

| | |
|:---|:---|
| [2](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_SOI-Continued-107_1) | Schedule of Investments |
| [12](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_FS-Continued-107_1) | Financial Statements |
| [15](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_FS-Continued-107_4) | Financial Highlights |
| [16](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_NTF-Continued-107_1) | Notes to Financial Statements |
| [25](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_AOC-Continued-107_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [28](#xx_581fbde1-7f47-4577-97e4-62c3a1657a3b_OIRSR-Continued-107_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–84.21%** | **U.S. Dollar Denominated Bonds & Notes–84.21%** | **U.S. Dollar Denominated Bonds & Notes–84.21%** | **U.S. Dollar Denominated Bonds & Notes–84.21%** |
| **Advertising–0.51%** | **Advertising–0.51%** | **Advertising–0.51%** | **Advertising–0.51%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.50%, 06/01/2029<sup>(b)(c)</sup> <br>|  | $1245000 | &nbsp;&nbsp; $1158476 |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | 1855000 | &nbsp;&nbsp; 1885938 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 2900000 | &nbsp;&nbsp; 2953714 |
|  |  |  | &nbsp;&nbsp; 5998128 |
| **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** | **Aerospace & Defense–0.99%** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 5900000 | &nbsp;&nbsp; 6072796 |
| 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 5375000 | &nbsp;&nbsp; 5439188 |
|  |  |  | &nbsp;&nbsp; 11511984 |
| **Alternative Carriers–0.80%** | **Alternative Carriers–0.80%** | **Alternative Carriers–0.80%** | **Alternative Carriers–0.80%** |
| Lumen Technologies, Inc., | Lumen Technologies, Inc., |  |  |
| 4.50%, 01/15/2029<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 281540 |
| 5.38%, 06/15/2029<sup>(b)</sup> <br>|  | 173000 | &nbsp;&nbsp; 156039 |
| 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 647000 | &nbsp;&nbsp; 656154 |
| Series P, 7.60%, 09/15/2039 |  | 306000 | &nbsp;&nbsp; 269825 |
| Series U, 7.65%, 03/15/2042 |  | 272000 | &nbsp;&nbsp; 231778 |
| Windstream Services LLC/<br> Windstream Escrow Finance <br> Corp., 8.25%, 10/01/2031<sup>(b)</sup> <br>|  | 5405000 | &nbsp;&nbsp; 5626859 |
| Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |  |
| 4.00%, 03/01/2027<sup>(b)</sup> <br>|  | 1300000 | &nbsp;&nbsp; 1258580 |
| 6.13%, 03/01/2028<sup>(b)</sup> <br>|  | 920000 | &nbsp;&nbsp; 855417 |
|  |  |  | &nbsp;&nbsp; 9336192 |
| **Apparel Retail–0.11%** | **Apparel Retail–0.11%** | **Apparel Retail–0.11%** | **Apparel Retail–0.11%** |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 3231810 | &nbsp;&nbsp; 1308560 |
| **Application Software–0.70%** | **Application Software–0.70%** | **Application Software–0.70%** | **Application Software–0.70%** |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(b)</sup> <br>|  | 2504000 | &nbsp;&nbsp; 2612948 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 4514000 | &nbsp;&nbsp; 4518582 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 974000 | &nbsp;&nbsp; 1011451 |
|  |  |  | &nbsp;&nbsp; 8142981 |
| **Automobile Manufacturers–0.99%** | **Automobile Manufacturers–0.99%** | **Automobile Manufacturers–0.99%** | **Automobile Manufacturers–0.99%** |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 5740000 | &nbsp;&nbsp; 5694545 |
| 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 6356000 | &nbsp;&nbsp; 5870144 |
|  |  |  | &nbsp;&nbsp; 11564689 |
| **Automotive Parts & Equipment–2.32%** | **Automotive Parts & Equipment–2.32%** | **Automotive Parts & Equipment–2.32%** | **Automotive Parts & Equipment–2.32%** |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 530000 | &nbsp;&nbsp; 549528 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup> <br>|  | 5568000 | &nbsp;&nbsp; 5907303 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | 5618000 | &nbsp;&nbsp; 5931378 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(c)</sup> <br>|  | 5956000 | &nbsp;&nbsp; 5814717 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** | **Automotive Parts & Equipment–(continued)** |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | $5740000 | &nbsp;&nbsp; $5932301 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 2807000 | &nbsp;&nbsp; 2885141 |
|  |  |  | &nbsp;&nbsp; 27020368 |
| **Automotive Retail–2.62%** | **Automotive Retail–2.62%** | **Automotive Retail–2.62%** | **Automotive Retail–2.62%** |
| Carvana Co., 0.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(d)</sup> <br>|  | 5681856 | &nbsp;&nbsp; 6451310 |
| Global Auto Holdings Ltd./AAG FH <br> UK Ltd. (United Kingdom), <br> 8.75%, 01/15/2032<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 883500 |
| Group 1 Automotive, Inc., 6.38%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 5657000 | &nbsp;&nbsp; 5806865 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 2966000 | &nbsp;&nbsp; 2914515 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 5456000 | &nbsp;&nbsp; 5788587 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 2740000 | &nbsp;&nbsp; 2716863 |
| 4.38%, 01/15/2031<sup>(b)(c)</sup> <br>|  | 6255000 | &nbsp;&nbsp; 5948885 |
|  |  |  | &nbsp;&nbsp; 30510525 |
| **Broadcasting–0.96%** | **Broadcasting–0.96%** | **Broadcasting–0.96%** | **Broadcasting–0.96%** |
| AMC Networks, Inc., 4.25%, <br> 02/15/2029<sup>(c)</sup> <br>|  | 692000 | &nbsp;&nbsp; 570288 |
| Gray Media, Inc., | Gray Media, Inc., |  |  |
| 5.38%, 11/15/2031<sup>(b)</sup> <br>|  | 1104000 | &nbsp;&nbsp; 814778 |
| 9.63%, 07/15/2032<sup>(b)</sup> <br>|  | 1791000 | &nbsp;&nbsp; 1801554 |
| iHeartCommunications, Inc., | iHeartCommunications, Inc., |  |  |
| 4.75%, 01/15/2028<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 322734 |
| 9.13%, 05/01/2029<sup>(b)</sup> <br>|  | 825000 | &nbsp;&nbsp; 709943 |
| 10.88%, 05/01/2030<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 444438 |
| 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 76247 |
| Scripps Escrow II, Inc., | Scripps Escrow II, Inc., |  |  |
| 3.88%, 01/15/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 443287 |
| 5.38%, 01/15/2031<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 250755 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 3105000 | &nbsp;&nbsp; 3225154 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 2395000 | &nbsp;&nbsp; 2523652 |
|  |  |  | &nbsp;&nbsp; 11182830 |
| **Broadline Retail–0.51%** | **Broadline Retail–0.51%** | **Broadline Retail–0.51%** | **Broadline Retail–0.51%** |
| Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(b)</sup> <br>|  | 6861000 | &nbsp;&nbsp; 5995210 |
| **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** |
| Cornerstone Building Brands, Inc., <br> 9.50%, 08/15/2029<sup>(b)</sup> <br>|  | 612000 | &nbsp;&nbsp; 589584 |
| New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 5675000 | &nbsp;&nbsp; 5614408 |
| Park River Holdings, Inc., 6.75%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 649000 | &nbsp;&nbsp; 614420 |
|  |  |  | &nbsp;&nbsp; 6818412 |
| **Cable & Satellite–6.27%** | **Cable & Satellite–6.27%** | **Cable & Satellite–6.27%** | **Cable & Satellite–6.27%** |
| Altice Financing S.A. (Altice-Int'l) <br> (Luxembourg), 5.75%, <br> 08/15/2029<sup>(b)</sup> <br>|  | 2300000 | &nbsp;&nbsp; 1825395 |

---

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

**2**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | $6432000 | &nbsp;&nbsp; $6386069 |
| 4.75%, 02/01/2032<sup>(b)(c)</sup> <br>|  | 5989000 | &nbsp;&nbsp; 5559305 |
| 4.50%, 05/01/2032 |  | 6629000 | &nbsp;&nbsp; 6066070 |
| 4.50%, 06/01/2033<sup>(b)(c)</sup> <br>|  | 8057000 | &nbsp;&nbsp; 7192967 |
| 4.25%, 01/15/2034<sup>(b)(c)</sup> <br>|  | 3652000 | &nbsp;&nbsp; 3173725 |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| 11.75%, 01/31/2029<sup>(b)</sup> <br>|  | 2128000 | &nbsp;&nbsp; 1953213 |
| 6.50%, 02/01/2029<sup>(b)</sup> <br>|  | 1538000 | &nbsp;&nbsp; 1213587 |
| 5.75%, 01/15/2030<sup>(b)</sup> <br>|  | 3346000 | &nbsp;&nbsp; 1575380 |
| 4.13%, 12/01/2030<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 655978 |
| 4.63%, 12/01/2030<sup>(b)</sup> <br>|  | 2146000 | &nbsp;&nbsp; 941799 |
| 4.50%, 11/15/2031<sup>(b)</sup> <br>|  | 3347000 | &nbsp;&nbsp; 2173761 |
| Directv Financing LLC/Directv <br> Financing Co-Obligor, Inc., <br> 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 2917000 | &nbsp;&nbsp; 2901668 |
| DISH DBS Corp., | DISH DBS Corp., |  |  |
| 5.25%, 12/01/2026<sup>(b)</sup> <br>|  | 1841000 | &nbsp;&nbsp; 1787358 |
| 7.38%, 07/01/2028 |  | 2475000 | &nbsp;&nbsp; 2242115 |
| 5.75%, 12/01/2028<sup>(b)</sup> <br>|  | 2014000 | &nbsp;&nbsp; 1897025 |
| 5.13%, 06/01/2029 |  | 1717000 | &nbsp;&nbsp; 1418938 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup> <br>|  | 2795000 | &nbsp;&nbsp; 2956812 |
| EchoStar Corp., | EchoStar Corp., |  |  |
| 10.75%, 11/30/2029 |  | 2834000 | &nbsp;&nbsp; 3052686 |
| 6.75% PIK Rate, 0.00% Cash <br> Rate, 11/30/2030<sup>(d)</sup> <br>|  | 10227597 | &nbsp;&nbsp; 10101388 |
| LCPR Senior Secured Financing DAC <br> (Puerto Rico), 6.75%, <br> 10/15/2027<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 624502 |
| Sinclair Television Group, Inc., | Sinclair Television Group, Inc., |  |  |
| 5.50%, 03/01/2030<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 331000 |
| 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 1100000 | &nbsp;&nbsp; 1127913 |
| Virgin Media Secured Finance PLC <br> (United Kingdom), 4.50%, <br> 08/15/2030<sup>(b)</sup> <br>|  | 6325000 | &nbsp;&nbsp; 5941819 |
|  |  |  | &nbsp;&nbsp; 73100473 |
| **Casinos & Gaming–1.09%** | **Casinos & Gaming–1.09%** | **Casinos & Gaming–1.09%** | **Casinos & Gaming–1.09%** |
| Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), |  |  |
| 6.50%, 01/15/2028<sup>(b)</sup> <br>|  | 933000 | &nbsp;&nbsp; 930767 |
| 5.00%, 01/15/2029<sup>(b)</sup> <br>|  | 6434000 | &nbsp;&nbsp; 6102590 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 5385000 | &nbsp;&nbsp; 5686544 |
|  |  |  | &nbsp;&nbsp; 12719901 |
| **Commercial & Residential Mortgage Finance–1.76%** | **Commercial & Residential Mortgage Finance–1.76%** | **Commercial & Residential Mortgage Finance–1.76%** | **Commercial & Residential Mortgage Finance–1.76%** |
| Nationstar Mortgage Holdings, Inc., <br> 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 5583000 | &nbsp;&nbsp; 5823795 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 3050000 | &nbsp;&nbsp; 2943972 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 5777000 | &nbsp;&nbsp; 5948143 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 5531000 | &nbsp;&nbsp; 5758601 |
|  |  |  | &nbsp;&nbsp; 20474511 |
| **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** | **Commodity Chemicals–0.49%** |
| Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | 5346000 | &nbsp;&nbsp; 5670930 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Communications Equipment–0.41%** | **Communications Equipment–0.41%** | **Communications Equipment–0.41%** | **Communications Equipment–0.41%** |
| CommScope LLC, 9.50%, <br> 12/15/2031<sup>(b)(c)</sup> <br>|  | $2766000 | &nbsp;&nbsp; $2862304 |
| Hughes Satellite Systems Corp., <br> 6.63%, 08/01/2026<br>|  | 1380000 | &nbsp;&nbsp; 1278592 |
| Viasat, Inc., 7.50%, <br> 05/30/2031<sup>(b)</sup> <br>|  | 675000 | &nbsp;&nbsp; 634489 |
|  |  |  | &nbsp;&nbsp; 4775385 |
| **Construction & Engineering–1.04%** | **Construction & Engineering–1.04%** | **Construction & Engineering–1.04%** | **Construction & Engineering–1.04%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 5705000 | &nbsp;&nbsp; 5826802 |
| Brand Industrial Services, Inc., <br> 10.38%, 08/01/2030<sup>(b)</sup> <br>|  | 640000 | &nbsp;&nbsp; 629142 |
| Great Lakes Dredge & Dock Corp., <br> 5.25%, 06/01/2029<sup>(b)</sup> <br>|  | 5925000 | &nbsp;&nbsp; 5700020 |
|  |  |  | &nbsp;&nbsp; 12155964 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 5537000 | &nbsp;&nbsp; 5698094 |
| **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** |
| Camelot Return Merger Sub, Inc., <br> 8.75%, 08/01/2028<sup>(b)</sup> <br>|  | 613000 | &nbsp;&nbsp; 590400 |
| **Consumer Finance–3.20%** | **Consumer Finance–3.20%** | **Consumer Finance–3.20%** | **Consumer Finance–3.20%** |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 10707000 | &nbsp;&nbsp; 11316014 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 8324000 | &nbsp;&nbsp; 8648095 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 3476000 | &nbsp;&nbsp; 3452969 |
| 9.38%, 07/25/2030 |  | 2043000 | &nbsp;&nbsp; 2258257 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 |  | 5546000 | &nbsp;&nbsp; 5431110 |
| 6.63%, 05/15/2029 |  | 2358000 | &nbsp;&nbsp; 2427648 |
| 7.13%, 09/15/2032 |  | 3595000 | &nbsp;&nbsp; 3747824 |
|  |  |  | &nbsp;&nbsp; 37281917 |
| **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** | **Copper–0.50%** |
| First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |  |  |
| 8.63%, 06/01/2031<sup>(b)(c)</sup> <br>|  | 2774000 | &nbsp;&nbsp; 2901202 |
| 8.00%, 03/01/2033<sup>(b)</sup> <br>|  | 2800000 | &nbsp;&nbsp; 2911389 |
|  |  |  | &nbsp;&nbsp; 5812591 |
| **Diversified Banks–0.49%** | **Diversified Banks–0.49%** | **Diversified Banks–0.49%** | **Diversified Banks–0.49%** |
| Citigroup, Inc., Series Y, <br> 4.15%<sup>(e)(f)</sup> <br>|  | 5775000 | &nbsp;&nbsp; 5650923 |
| **Diversified Financial Services–5.21%** | **Diversified Financial Services–5.21%** | **Diversified Financial Services–5.21%** | **Diversified Financial Services–5.21%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.95%, 03/10/2055<sup>(e)</sup> <br>|  | 8068000 | &nbsp;&nbsp; 8451850 |
| Avation Capital S.A. (Singapore), <br> 9.00% PIK Rate, 8.25% Cash <br> Rate, 10/31/2026<sup>(b)(d)</sup> <br>|  | 11840000 | &nbsp;&nbsp; 11788888 |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 2877000 | &nbsp;&nbsp; 2969259 |
| GGAM Finance Ltd. (Ireland), <br> 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 8299000 | &nbsp;&nbsp; 8610246 |
| Global Aircraft Leasing Co. Ltd. <br> (Cayman Islands), 8.75%, <br> 09/01/2027<sup>(b)</sup> <br>|  | 8129000 | &nbsp;&nbsp; 8374309 |

---

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

**3**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | $5845000 | &nbsp;&nbsp; $5876224 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 5495000 | &nbsp;&nbsp; 5681753 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., 9.75%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 8066000 | &nbsp;&nbsp; 8484754 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc. <br> (Switzerland), | VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc. <br> (Switzerland), |  |  |
| 9.50%, 06/01/2028<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 260174 |
| 6.38%, 02/01/2030<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 240886 |
|  |  |  | &nbsp;&nbsp; 60738343 |
| **Diversified REITs–1.04%** | **Diversified REITs–1.04%** | **Diversified REITs–1.04%** | **Diversified REITs–1.04%** |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 6887000 | &nbsp;&nbsp; 6626342 |
| Uniti Group L.P./Uniti Fiber <br> Holdings, Inc./CSL Capital LLC, <br> 6.00%, 01/15/2030<sup>(b)</sup> <br>|  | 1263000 | &nbsp;&nbsp; 1162171 |
| Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, <br> 8.63%, 06/15/2032<sup>(b)</sup> <br>|  | 3160000 | &nbsp;&nbsp; 3110069 |
| Uniti Group L.P./Uniti Group <br> Finance, Inc./CSL Capital LLC, <br> 6.50%, 02/15/2029<sup>(b)</sup> <br>|  | 1268000 | &nbsp;&nbsp; 1208842 |
|  |  |  | &nbsp;&nbsp; 12107424 |
| **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** | **Diversified Support Services–1.11%** |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 8089000 | &nbsp;&nbsp; 8289437 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 2897000 | &nbsp;&nbsp; 3043716 |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., |  |  |
| 10.75%, 11/15/2029<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 533771 |
| 11.13%, 07/15/2030<sup>(b)</sup> <br>|  | 1107000 | &nbsp;&nbsp; 1086354 |
|  |  |  | &nbsp;&nbsp; 12953278 |
| **Electric Utilities–2.86%** | **Electric Utilities–2.86%** | **Electric Utilities–2.86%** | **Electric Utilities–2.86%** |
| Brookfield Infrastructure Finance <br> ULC (Canada), 6.75%, <br> 03/15/2055<sup>(e)</sup> <br>|  | 8423000 | &nbsp;&nbsp; 8582633 |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(e)</sup> <br>|  | 5482000 | &nbsp;&nbsp; 5689614 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(e)</sup> <br>|  | 5497000 | &nbsp;&nbsp; 5738612 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 1981000 | &nbsp;&nbsp; 1976889 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 3410000 | &nbsp;&nbsp; 3625192 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 7283000 | &nbsp;&nbsp; 7648111 |
|  |  |  | &nbsp;&nbsp; 33261051 |
| **Electrical Components & Equipment–0.49%** | **Electrical Components & Equipment–0.49%** | **Electrical Components & Equipment–0.49%** | **Electrical Components & Equipment–0.49%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 5530000 | &nbsp;&nbsp; 5702951 |
| **Electronic Components–0.51%** | **Electronic Components–0.51%** | **Electronic Components–0.51%** | **Electronic Components–0.51%** |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 2752000 | &nbsp;&nbsp; 2531676 |
| 6.63%, 07/15/2032<sup>(b)</sup> <br>|  | 3300000 | &nbsp;&nbsp; 3411263 |
|  |  |  | &nbsp;&nbsp; 5942939 |
| **Environmental & Facilities Services–1.00%** | **Environmental & Facilities Services–1.00%** | **Environmental & Facilities Services–1.00%** | **Environmental & Facilities Services–1.00%** |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 5988000 | &nbsp;&nbsp; 5841920 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 4431000 | &nbsp;&nbsp; 4294566 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** |
| Wrangler Holdco Corp. (Canada), <br> 6.63%, 04/01/2032<sup>(b)</sup> <br>|  | $1453000 | &nbsp;&nbsp; $1515679 |
|  |  |  | &nbsp;&nbsp; 11652165 |
| **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** | **Fertilizers & Agricultural Chemicals–0.09%** |
| Consolidated Energy Finance S.A. <br> (Switzerland), | Consolidated Energy Finance S.A. <br> (Switzerland), |  |  |
| 6.50%, 05/15/2026<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 683221 |
| 12.00%, 02/15/2031<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 322117 |
|  |  |  | &nbsp;&nbsp; 1005338 |
| **Gold–1.02%** | **Gold–1.02%** | **Gold–1.02%** | **Gold–1.02%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 11369000 | &nbsp;&nbsp; 11859027 |
| **Health Care Equipment–0.20%** | **Health Care Equipment–0.20%** | **Health Care Equipment–0.20%** | **Health Care Equipment–0.20%** |
| Hologic, Inc., 3.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 2417000 | &nbsp;&nbsp; 2310727 |
| **Health Care Facilities–1.18%** | **Health Care Facilities–1.18%** | **Health Care Facilities–1.18%** | **Health Care Facilities–1.18%** |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(c)</sup> <br>|  | 5473000 | &nbsp;&nbsp; 5509489 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.13%, 10/01/2028 |  | 2502000 | &nbsp;&nbsp; 2505370 |
| 4.25%, 06/01/2029 |  | 3658000 | &nbsp;&nbsp; 3563745 |
| 6.75%, 05/15/2031 |  | 2127000 | &nbsp;&nbsp; 2212163 |
|  |  |  | &nbsp;&nbsp; 13790767 |
| **Health Care REITs–0.85%** | **Health Care REITs–0.85%** | **Health Care REITs–0.85%** | **Health Care REITs–0.85%** |
| Diversified Healthcare Trust, <br> 0.00%, 01/15/2026<sup>(b)(g)</sup> <br>|  | 8907000 | &nbsp;&nbsp; 8765199 |
| MPT Operating Partnership L.P./MPT <br> Finance Corp., | MPT Operating Partnership L.P./MPT <br> Finance Corp., |  |  |
| 4.63%, 08/01/2029 |  | 716000 | &nbsp;&nbsp; 565050 |
| 3.50%, 03/15/2031 |  | 846000 | &nbsp;&nbsp; 596154 |
|  |  |  | &nbsp;&nbsp; 9926403 |
| **Health Care Services–1.54%** | **Health Care Services–1.54%** | **Health Care Services–1.54%** | **Health Care Services–1.54%** |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 1256000 | &nbsp;&nbsp; 999743 |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 4422000 | &nbsp;&nbsp; 3967728 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 4177000 | &nbsp;&nbsp; 3564335 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 2730000 | &nbsp;&nbsp; 2826347 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 2895000 | &nbsp;&nbsp; 3002703 |
| MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/2030<sup>(b)</sup> <br>|  | 2411000 | &nbsp;&nbsp; 2111035 |
| 5.00% PIK Rate, 6.50% Cash <br> Rate, 12/31/2030<sup>(b)(d)</sup> <br>|  | 1401175 | &nbsp;&nbsp; 1431566 |
|  |  |  | &nbsp;&nbsp; 17903457 |
| **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 3007000 | &nbsp;&nbsp; 2889341 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 5803000 | &nbsp;&nbsp; 5750442 |
|  |  |  | &nbsp;&nbsp; 8639783 |
| **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** |
| LBM Acquisition LLC, 6.25%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 596981 |

---

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

**4**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotel & Resort REITs–1.09%** | **Hotel & Resort REITs–1.09%** | **Hotel & Resort REITs–1.09%** | **Hotel & Resort REITs–1.09%** |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | $5639000 | &nbsp;&nbsp; $5828318 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 6054000 | &nbsp;&nbsp; 5685433 |
| Service Properties Trust, 4.38%, <br> 02/15/2030<sup>(c)</sup> <br>|  | 1327000 | &nbsp;&nbsp; 1130154 |
|  |  |  | &nbsp;&nbsp; 12643905 |
| **Hotels, Resorts & Cruise Lines–0.99%** | **Hotels, Resorts & Cruise Lines–0.99%** | **Hotels, Resorts & Cruise Lines–0.99%** | **Hotels, Resorts & Cruise Lines–0.99%** |
| Carnival Corp., 6.13%, <br> 02/15/2033<sup>(b)</sup> <br>|  | 5650000 | &nbsp;&nbsp; 5805539 |
| Hilton Domestic Operating Co., Inc., <br> 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 5621000 | &nbsp;&nbsp; 5739929 |
|  |  |  | &nbsp;&nbsp; 11545468 |
| **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 2701000 | &nbsp;&nbsp; 2719191 |
| 6.38%, 05/15/2030 |  | 6078000 | &nbsp;&nbsp; 6009496 |
|  |  |  | &nbsp;&nbsp; 8728687 |
| **Independent Power Producers & Energy Traders–1.28%** | **Independent Power Producers & Energy Traders–1.28%** | **Independent Power Producers & Energy Traders–1.28%** | **Independent Power Producers & Energy Traders–1.28%** |
| Vistra Corp., | Vistra Corp., |  |  |
| 8.00%<sup>(b)(e)(f)</sup> <br>|  | 3217000 | &nbsp;&nbsp; 3285847 |
| Series C, 8.88%<sup>(b)(e)(f)</sup> <br>|  | 10703000 | &nbsp;&nbsp; 11669342 |
|  |  |  | &nbsp;&nbsp; 14955189 |
| **Industrial Machinery & Supplies & Components–1.74%** | **Industrial Machinery & Supplies & Components–1.74%** | **Industrial Machinery & Supplies & Components–1.74%** | **Industrial Machinery & Supplies & Components–1.74%** |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 5810000 | &nbsp;&nbsp; 5943142 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 8295000 | &nbsp;&nbsp; 8539404 |
| Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 5895000 | &nbsp;&nbsp; 5741956 |
|  |  |  | &nbsp;&nbsp; 20224502 |
| **Insurance Brokers–1.44%** | **Insurance Brokers–1.44%** | **Insurance Brokers–1.44%** | **Insurance Brokers–1.44%** |
| Alliant Holdings Intermediate LLC, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 5617000 | &nbsp;&nbsp; 5813943 |
| Ardonagh Finco Ltd. (United <br> Kingdom), 7.75%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 575967 |
| Ardonagh Group Finance Ltd. <br> (United Kingdom), 8.88%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 582687 |
| Howden UK Refinance PLC/Howden <br> UK Refinance 2 PLC/Howden US <br> Refinance LLC (United Kingdom), <br> 7.25%, 02/15/2031<sup>(b)</sup> <br>|  | 1150000 | &nbsp;&nbsp; 1188643 |
| HUB International Ltd., | HUB International Ltd., |  |  |
| 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 2693000 | &nbsp;&nbsp; 2818572 |
| 7.38%, 01/31/2032<sup>(b)</sup> <br>|  | 2789000 | &nbsp;&nbsp; 2935300 |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> <br>|  | 2730000 | &nbsp;&nbsp; 2895962 |
|  |  |  | &nbsp;&nbsp; 16811074 |
| **Integrated Telecommunication Services–5.77%** | **Integrated Telecommunication Services–5.77%** | **Integrated Telecommunication Services–5.77%** | **Integrated Telecommunication Services–5.77%** |
| Altice France Holding S.A. (Luxembourg), | Altice France Holding S.A. (Luxembourg), |  |  |
| 10.50%, 05/15/2027<sup>(b)(h)</sup> <br>|  | 1750000 | &nbsp;&nbsp; 631234 |
| 6.00%, 02/15/2028<sup>(b)</sup> <br>|  | 7900000 | &nbsp;&nbsp; 2853632 |
| Altice France S.A. (France), | Altice France S.A. (France), |  |  |
| 5.50%, 01/15/2028<sup>(b)</sup> <br>|  | 5092000 | &nbsp;&nbsp; 4506420 |
| 5.50%, 10/15/2029<sup>(b)</sup> <br>|  | 8950000 | &nbsp;&nbsp; 7681695 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| FIBERCOP S.p.A. (Italy), | FIBERCOP S.p.A. (Italy), |  |  |
| 6.00%, 09/30/2034<sup>(b)</sup> <br>|  | $2975000 | &nbsp;&nbsp; $2830130 |
| 7.20%, 07/18/2036<sup>(b)</sup> <br>|  | 2975000 | &nbsp;&nbsp; 2993534 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 3.63%, 01/15/2029<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 264195 |
| 4.88%, 06/15/2029<sup>(b)</sup> <br>|  | 1521000 | &nbsp;&nbsp; 1425938 |
| 3.75%, 07/15/2029<sup>(b)</sup> <br>|  | 527000 | &nbsp;&nbsp; 442680 |
| 4.50%, 04/01/2030<sup>(b)</sup> <br>|  | 2523000 | &nbsp;&nbsp; 2277008 |
| 3.88%, 10/15/2030<sup>(b)</sup> <br>|  | 703000 | &nbsp;&nbsp; 601065 |
| 4.00%, 04/15/2031<sup>(b)</sup> <br>|  | 1032000 | &nbsp;&nbsp; 869460 |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 2629000 | &nbsp;&nbsp; 2655172 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 3016332 | &nbsp;&nbsp; 3039473 |
| Maya S.A.S. (France), | Maya S.A.S. (France), |  |  |
| 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 8138000 | &nbsp;&nbsp; 8761739 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 5582000 | &nbsp;&nbsp; 5748003 |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| 6.38%, 11/15/2033 |  | 2997000 | &nbsp;&nbsp; 3109963 |
| 7.72%, 06/04/2038 |  | 8099000 | &nbsp;&nbsp; 8852390 |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 7225000 | &nbsp;&nbsp; 7696720 |
|  |  |  | &nbsp;&nbsp; 67240451 |
| **Interactive Media & Services–0.79%** | **Interactive Media & Services–0.79%** | **Interactive Media & Services–0.79%** | **Interactive Media & Services–0.79%** |
| CMG Media Corp., 8.88%, <br> 06/18/2029<sup>(b)</sup> <br>|  | 504000 | &nbsp;&nbsp; 470081 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032<sup>(c)</sup> <br>|  | 5610000 | &nbsp;&nbsp; 4844936 |
| 5.05%, 03/15/2042 |  | 3995000 | &nbsp;&nbsp; 2694887 |
| 5.14%, 03/15/2052 |  | 1842000 | &nbsp;&nbsp; 1148598 |
|  |  |  | &nbsp;&nbsp; 9158502 |
| **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 1087000 | &nbsp;&nbsp; 1092044 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 1182000 | &nbsp;&nbsp; 1171653 |
|  |  |  | &nbsp;&nbsp; 2263697 |
| **Investment Banking & Brokerage–0.48%** | **Investment Banking & Brokerage–0.48%** | **Investment Banking & Brokerage–0.48%** | **Investment Banking & Brokerage–0.48%** |
| Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)</sup> <br>|  | 5231000 | &nbsp;&nbsp; 5553036 |
| **Metal, Glass & Plastic Containers–0.63%** | **Metal, Glass & Plastic Containers–0.63%** | **Metal, Glass & Plastic Containers–0.63%** | **Metal, Glass & Plastic Containers–0.63%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, | Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, |  |  |
| 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 2635000 | &nbsp;&nbsp; 2637183 |
| 4.00%, 09/01/2029<sup>(b)</sup> <br>|  | 3400000 | &nbsp;&nbsp; 3122692 |
| LABL, Inc., | LABL, Inc., |  |  |
| 10.50%, 07/15/2027<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 499359 |
| 8.63%, 10/01/2031<sup>(b)</sup> <br>|  | 661000 | &nbsp;&nbsp; 488582 |
| Trivium Packaging Finance B.V. <br> (Netherlands), 12.25%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 536600 |
|  |  |  | &nbsp;&nbsp; 7284416 |
| **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** | **Movies & Entertainment–0.80%** |
| AMC Entertainment Holdings, Inc., <br> 7.50%, 02/15/2029<sup>(b)</sup> <br>|  | 652000 | &nbsp;&nbsp; 527100 |
| Starz Capital Holdings 1, Inc., <br> 6.00%, 04/15/2030<sup>(b)</sup> <br>|  | 9538000 | &nbsp;&nbsp; 8750447 |
|  |  |  | &nbsp;&nbsp; 9277547 |

---

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

**5**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** |
| Acrisure LLC, 7.50%, <br> 11/06/2030<sup>(b)</sup> <br>|  | $8282000 | &nbsp;&nbsp; $8588492 |
| **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(e)</sup> <br>|  | 5420000 | &nbsp;&nbsp; 5564053 |
| **Oil & Gas Drilling–0.98%** | **Oil & Gas Drilling–0.98%** | **Oil & Gas Drilling–0.98%** | **Oil & Gas Drilling–0.98%** |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 5563000 | &nbsp;&nbsp; 5552495 |
| Transocean, Inc., 8.50%, <br> 05/15/2031<sup>(b)</sup> <br>|  | 6252000 | &nbsp;&nbsp; 5879247 |
|  |  |  | &nbsp;&nbsp; 11431742 |
| **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 5690000 | &nbsp;&nbsp; 6075543 |
| **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 5367000 | &nbsp;&nbsp; 5601930 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 5575000 | &nbsp;&nbsp; 5788840 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup> <br>|  | 5625000 | &nbsp;&nbsp; 5550049 |
| Crescent Energy Finance LLC, <br> 8.38%, 01/15/2034<sup>(b)</sup> <br>|  | 2875000 | &nbsp;&nbsp; 2919562 |
|  |  |  | &nbsp;&nbsp; 19860381 |
| **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** |
| Sunoco L.P., 6.25%, <br> 07/01/2033<sup>(b)</sup> <br>|  | 5972000 | &nbsp;&nbsp; 6107266 |
| **Oil & Gas Storage & Transportation–5.47%** | **Oil & Gas Storage & Transportation–5.47%** | **Oil & Gas Storage & Transportation–5.47%** | **Oil & Gas Storage & Transportation–5.47%** |
| Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 5433000 | &nbsp;&nbsp; 5622204 |
| Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., 7.38%, <br> 06/30/2033<sup>(b)</sup> <br>|  | 5850000 | &nbsp;&nbsp; 5858096 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 5510000 | &nbsp;&nbsp; 5870971 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 7.88%, 05/15/2032 |  | 4175000 | &nbsp;&nbsp; 4336193 |
| 8.00%, 05/15/2033 |  | 4077000 | &nbsp;&nbsp; 4261350 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 5905000 | &nbsp;&nbsp; 6048474 |
| New Fortress Energy, Inc., 6.50%, <br> 09/30/2026<sup>(b)</sup> <br>|  | 912000 | &nbsp;&nbsp; 319984 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 5365000 | &nbsp;&nbsp; 5531175 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 7772000 | &nbsp;&nbsp; 8467625 |
| 9.00%<sup>(b)(e)(f)</sup> <br>|  | 5655000 | &nbsp;&nbsp; 5619214 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 5028000 | &nbsp;&nbsp; 5252209 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 6183000 | &nbsp;&nbsp; 6492614 |
|  |  |  | &nbsp;&nbsp; 63680109 |
| **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** | **Other Specialized REITs–0.45%** |
| Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 5528000 | &nbsp;&nbsp; 5262434 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Other Specialty Retail–0.35%** | **Other Specialty Retail–0.35%** | **Other Specialty Retail–0.35%** | **Other Specialty Retail–0.35%** |
| Michaels Cos., Inc. (The), | Michaels Cos., Inc. (The), |  |  |
| 5.25%, 05/01/2028<sup>(b)</sup> <br>|  | $557000 | &nbsp;&nbsp; $442380 |
| 7.88%, 05/01/2029<sup>(b)</sup> <br>|  | 1019000 | &nbsp;&nbsp; 695920 |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 1448645 | &nbsp;&nbsp; 1287821 |
| Staples, Inc., | Staples, Inc., |  |  |
| 10.75%, 09/01/2029<sup>(b)</sup> <br>|  | 1300000 | &nbsp;&nbsp; 1251250 |
| 12.75%, 01/15/2030<sup>(b)</sup> <br>|  | 600000 | &nbsp;&nbsp; 430082 |
|  |  |  | &nbsp;&nbsp; 4107453 |
| **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** |
| Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)</sup> <br>|  | 6325000 | &nbsp;&nbsp; 5953920 |
| **Paper & Plastic Packaging Products & Materials–0.59%** | **Paper & Plastic Packaging Products & Materials–0.59%** | **Paper & Plastic Packaging Products & Materials–0.59%** | **Paper & Plastic Packaging Products & Materials–0.59%** |
| Mauser Packaging Solutions Holding <br> Co., 9.25%, 04/15/2027<sup>(b)</sup> <br>|  | 1145000 | &nbsp;&nbsp; 1140867 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 2890000 | &nbsp;&nbsp; 2868745 |
| 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 2650000 | &nbsp;&nbsp; 2864398 |
|  |  |  | &nbsp;&nbsp; 6874010 |
| **Paper Products–0.05%** | **Paper Products–0.05%** | **Paper Products–0.05%** | **Paper Products–0.05%** |
| Mercer International, Inc. <br> (Germany), 5.13%, <br> 02/01/2029<sup>(c)</sup> <br>|  | 695000 | &nbsp;&nbsp; 548741 |
| **Passenger Airlines–1.03%** | **Passenger Airlines–1.03%** | **Passenger Airlines–1.03%** | **Passenger Airlines–1.03%** |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 8004000 | &nbsp;&nbsp; 8053177 |
| CHC Group LLC, 11.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 2764000 | &nbsp;&nbsp; 2754124 |
| JetBlue Airways Corp./JetBlue <br> Loyalty L.P., 9.88%, <br> 09/20/2031<sup>(b)(c)</sup> <br>|  | 1153000 | &nbsp;&nbsp; 1146617 |
|  |  |  | &nbsp;&nbsp; 11953918 |
| **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** | **Passenger Ground Transportation–0.05%** |
| Hertz Corp. (The), 5.00%, <br> 12/01/2029<sup>(b)</sup> <br>|  | 775000 | &nbsp;&nbsp; 558788 |
| **Personal Care Products–0.51%** | **Personal Care Products–0.51%** | **Personal Care Products–0.51%** | **Personal Care Products–0.51%** |
| Opal Bidco SAS (France), 6.50%, <br> 03/31/2032 (Acquired <br> 03/31/2025-04/14/2025; <br> Cost $5,852,580)<sup>(b)(c)(i)</sup> <br>|  | 5860000 | &nbsp;&nbsp; 5966939 |
| **Pharmaceuticals–0.99%** | **Pharmaceuticals–0.99%** | **Pharmaceuticals–0.99%** | **Pharmaceuticals–0.99%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 5649000 | &nbsp;&nbsp; 5870136 |
| Amneal Pharmaceuticals LLC, <br> 6.88%, 08/01/2032<sup>(b)</sup> <br>|  | 1761000 | &nbsp;&nbsp; 1814121 |
| Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 948000 | &nbsp;&nbsp; 727808 |
| 6.25%, 02/15/2029<sup>(b)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 833175 |
| 5.25%, 01/30/2030<sup>(b)</sup> <br>|  | 1334000 | &nbsp;&nbsp; 972559 |
| 5.25%, 02/15/2031<sup>(b)</sup> <br>|  | 1065000 | &nbsp;&nbsp; 719828 |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, <br> 06/01/2029<sup>(b)(c)</sup> <br>|  | 706000 | &nbsp;&nbsp; 621690 |
|  |  |  | &nbsp;&nbsp; 11559317 |

---

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

**6**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Reinsurance–0.49%** | **Reinsurance–0.49%** | **Reinsurance–0.49%** | **Reinsurance–0.49%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(e)</sup> <br>|  | $5815000 | &nbsp;&nbsp; $5722764 |
| **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 5434000 | &nbsp;&nbsp; 5514847 |
| **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 6175000 | &nbsp;&nbsp; 5838962 |
| **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)</sup> <br>|  | 5300000 | &nbsp;&nbsp; 5494616 |
| **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 9191000 | &nbsp;&nbsp; 8679217 |
| **Specialized Finance–0.54%** | **Specialized Finance–0.54%** | **Specialized Finance–0.54%** | **Specialized Finance–0.54%** |
| CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 673000 | &nbsp;&nbsp; 513546 |
| TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 5460000 | &nbsp;&nbsp; 5805624 |
|  |  |  | &nbsp;&nbsp; 6319170 |
| **Specialty Chemicals–0.57%** | **Specialty Chemicals–0.57%** | **Specialty Chemicals–0.57%** | **Specialty Chemicals–0.57%** |
| Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<br>|  | 5513000 | &nbsp;&nbsp; 5739882 |
| Vibrantz Technologies, Inc., <br> 9.00%, 02/15/2030<sup>(b)</sup> <br>|  | 652000 | &nbsp;&nbsp; 346222 |
| Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 511064 |
|  |  |  | &nbsp;&nbsp; 6597168 |
| **Steel–0.54%** | **Steel–0.54%** | **Steel–0.54%** | **Steel–0.54%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 2685000 | &nbsp;&nbsp; 2728897 |
| 7.00%, 03/15/2032<sup>(b)(c)</sup> <br>|  | 3079000 | &nbsp;&nbsp; 3064828 |
| Infrabuild Australia Pty Ltd. <br> (Australia), 14.50%, <br> 11/15/2028<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 540713 |
|  |  |  | &nbsp;&nbsp; 6334438 |
| **Systems Software–0.10%** | **Systems Software–0.10%** | **Systems Software–0.10%** | **Systems Software–0.10%** |
| McAfee Corp., 7.38%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 1230000 | &nbsp;&nbsp; 1137290 |
| **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** | **Technology Hardware, Storage & Peripherals–0.12%** |
| Xerox Corp., | Xerox Corp., |  |  |
| 10.25%, 10/15/2030<sup>(b)</sup> <br>|  | 227000 | &nbsp;&nbsp; 235820 |
| 13.50%, 04/15/2031<sup>(b)</sup> <br>|  | 327000 | &nbsp;&nbsp; 328436 |
| 4.80%, 03/01/2035 |  | 239000 | &nbsp;&nbsp; 114737 |
| 6.75%, 12/15/2039 |  | 196000 | &nbsp;&nbsp; 97937 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 587000 | &nbsp;&nbsp; 382361 |
| 8.88%, 11/30/2029<sup>(b)(c)</sup> <br>|  | 462000 | &nbsp;&nbsp; 283119 |
|  |  |  | &nbsp;&nbsp; 1442410 |
| **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** |
| SBA Communications Corp., <br> 3.13%, 02/01/2029<br>|  | 6055000 | &nbsp;&nbsp; 5694940 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors–2.00%** | **Trading Companies & Distributors–2.00%** | **Trading Companies & Distributors–2.00%** |
| Air Lease Corp., Series B, <br> 4.65%<sup>(e)(f)</sup> <br>| $8675000 | &nbsp;&nbsp; $8601521 |
| Aircastle Ltd., 5.25%<sup>(b)(e)(f)</sup> <br>| 14742000 | &nbsp;&nbsp; 14684508 |
|  |  | &nbsp;&nbsp; 23286029 |
| **Wireless Telecommunication Services–1.50%** | **Wireless Telecommunication Services–1.50%** | **Wireless Telecommunication Services–1.50%** |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 4.75%, <br> 07/15/2031<sup>(b)</sup> <br>| 6268000 | &nbsp;&nbsp; 5865195 |
| Vodafone Group PLC (United <br> Kingdom), 4.13%, <br> 06/04/2081<sup>(e)</sup> <br>| 12538000 | &nbsp;&nbsp; 11626421 |
|  |  | &nbsp;&nbsp; 17491616 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $964,111,985) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $964,111,985) | &nbsp;&nbsp; 981044649 |
| **Variable Rate Senior Loan Interests–6.77%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–6.77%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–6.77%**<sup>(j)(k)</sup>  |
| **Advertising–0.49%** | **Advertising–0.49%** | **Advertising–0.49%** |
| Clear Channel Outdoor Holdings, <br> Inc., Term Loan B, 8.43% (1 <br> mo. Term SOFR + 4.00%), <br> 08/23/2028<br>| 5735863 | &nbsp;&nbsp; 5750202 |
| **Aerospace & Defense–1.00%** | **Aerospace & Defense–1.00%** | **Aerospace & Defense–1.00%** |
| TransDigm, Inc., Term Loan L, <br> 6.80% (3 mo. Term SOFR + <br> 2.50%), 01/19/2032<br>| 11644065 | &nbsp;&nbsp; 11666538 |
| **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** |
| Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL) (United Kingdom), Term <br> Loan B, 7.07% (1 mo. SOFR + <br> 2.75%), 01/15/2032<br>| 5465000 | &nbsp;&nbsp; 5476094 |
| **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** | **Cable & Satellite–0.41%** |
| CSC Holdings LLC, |  |  |
| Term Loan, 7.71% (3 mo. PRIME <br> + 1.50%), 04/15/2027<br>| 2368668 | &nbsp;&nbsp; 2322160 |
| Term Loan B, 8.86% (1 mo. <br> Term SOFR + 4.50%), <br> 01/15/2028<br>| 2442475 | &nbsp;&nbsp; 2439995 |
|  |  | &nbsp;&nbsp; 4762155 |
| **Electronic Manufacturing Services–0.75%** | **Electronic Manufacturing Services–0.75%** | **Electronic Manufacturing Services–0.75%** |
| EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, <br> 6.57% (1 mo. Term SOFR + <br> 2.50%), 08/04/2031<br>| 8790714 | &nbsp;&nbsp; 8784209 |
| **Health Care Services–0.51%** | **Health Care Services–0.51%** | **Health Care Services–0.51%** |
| MPH Acquisition Holdings LLC, Term <br> Loan, 8.06% (3 mo. Term SOFR <br> + 3.75%), 12/31/2030<br>| 5905200 | &nbsp;&nbsp; 5917010 |
| **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** |
| Bausch and Lomb, Inc., Term Loan <br> B, 8.57% (1 mo. Term SOFR + <br> 4.25%), 01/30/2031<br>| 5800000 | &nbsp;&nbsp; 5815544 |
| **Oil & Gas Storage & Transportation–0.53%** | **Oil & Gas Storage & Transportation–0.53%** | **Oil & Gas Storage & Transportation–0.53%** |
| NFE Atlantic Holdings LLC, Term <br> Loan, 9.81% (3 mo. Term SOFR <br> + 5.50%), 10/30/2028<br>| 825000 | &nbsp;&nbsp; 401362 |

---

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

**7**

**Invesco High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Prairie ECI Acquiror L.P., Term Loan <br> B, 8.07% (1 mo. Term SOFR + <br> 3.75%), 08/01/2029<br>|  | $5680853 | &nbsp;&nbsp; $5738372 |
|  |  |  | &nbsp;&nbsp; 6139734 |
| **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** |
| AAdvantage Loyalty IP Ltd. <br> (American Airlines, Inc.), Term <br> Loan B, 7.58% (3 mo. Term <br> SOFR + 3.25%), 05/07/2032<br>|  | 3526162 | &nbsp;&nbsp; 3549312 |
| **Pharmaceuticals–0.86%** | **Pharmaceuticals–0.86%** | **Pharmaceuticals–0.86%** | **Pharmaceuticals–0.86%** |
| Amneal Pharmaceuticals LLC, Term <br> Loan, 7.82% (1 mo. Term SOFR <br> + 3.5%), 07/31/2032<br>|  | 4075000 | &nbsp;&nbsp; 4105563 |
| Endo Finance Holdings, Inc., Term <br> Loan B, 8.32% (1 mo. Term <br> SOFR + 4.00%), 04/23/2031<br>|  | 5830937 | &nbsp;&nbsp; 5860821 |
|  |  |  | &nbsp;&nbsp; 9966384 |
| **Real Estate Development–0.95%** | **Real Estate Development–0.95%** | **Real Estate Development–0.95%** | **Real Estate Development–0.95%** |
| Cushman & Wakefield U.S. Borrower LLC, | Cushman & Wakefield U.S. Borrower LLC, |  |  |
| Term Loan, 7.07% (1 mo. Term <br> SOFR + 3.25%), 01/31/2030<br>|  | 5047332 | &nbsp;&nbsp; 5062045 |
| Term Loan B2, 7.07% (1 mo. <br> Term SOFR + 2.75%), <br> 01/31/2030<br>|  | 424244 | &nbsp;&nbsp; 426011 |
| Greystar Real Estate Partners LLC, <br> Term Loan B, 7.05% (2 mo. <br> Term SOFR + 2.75%), <br> 08/21/2030<sup>(l)</sup> <br>|  | 5595766 | &nbsp;&nbsp; 5609755 |
|  |  |  | &nbsp;&nbsp; 11097811 |
| Total Variable Rate Senior Loan Interests <br> (Cost $78,524,219) | Total Variable Rate Senior Loan Interests <br> (Cost $78,524,219) | Total Variable Rate Senior Loan Interests <br> (Cost $78,524,219) | &nbsp;&nbsp; 78924993 |
| **Non-U.S. Dollar Denominated Bonds & Notes–3.32%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.32%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.32%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–3.32%**<sup>(m)</sup>  |
| **Automotive Parts & Equipment–0.25%** | **Automotive Parts & Equipment–0.25%** | **Automotive Parts & Equipment–0.25%** | **Automotive Parts & Equipment–0.25%** |
| Clarios Global L.P./Clarios US <br> Finance Co., 4.75%, <br> 06/15/2031<sup>(b)</sup> <br>| EUR | 2400000 | &nbsp;&nbsp; 2851726 |
| **Cable & Satellite–0.76%** | **Cable & Satellite–0.76%** | **Cable & Satellite–0.76%** | **Cable & Satellite–0.76%** |
| Sunrise FinCo I B.V. (Netherlands), <br> 4.63%, 05/15/2032<sup>(b)</sup> <br>| EUR | 5125000 | &nbsp;&nbsp; 6061372 |
| Virgin Media O2 Vendor Financing <br> Notes V DAC (Ireland), 7.84%, <br> 03/15/2032<sup>(b)</sup> <br>| GBP | 2000000 | &nbsp;&nbsp; 2787038 |
|  |  |  | &nbsp;&nbsp; 8848410 |
| **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** |
| Carnival PLC, 4.13%, <br> 07/15/2031<sup>(b)</sup> <br>| EUR | 4875000 | &nbsp;&nbsp; 5760954 |
| **Integrated Telecommunication Services–0.21%** | **Integrated Telecommunication Services–0.21%** | **Integrated Telecommunication Services–0.21%** | **Integrated Telecommunication Services–0.21%** |
| Altice France S.A. (France), 3.38%, <br> 01/15/2028<sup>(b)</sup> <br>| EUR | 2450000 | &nbsp;&nbsp; 2487461 |
| **IT Consulting & Other Services–0.26%** | **IT Consulting & Other Services–0.26%** | **IT Consulting & Other Services–0.26%** | **IT Consulting & Other Services–0.26%** |
| Atos SE (France), 5.00%, <br> 12/18/2030<sup>(b)(n)</sup> <br>| EUR | 3000000 | &nbsp;&nbsp; 3025481 |
| **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** | **Metal, Glass & Plastic Containers–0.53%** |
| Ball Corp., 4.25%, 07/01/2032 | EUR | 5155000 | &nbsp;&nbsp; 6158454 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Specialized Consumer Services–0.30%** | **Specialized Consumer Services–0.30%** | **Specialized Consumer Services–0.30%** | **Specialized Consumer Services–0.30%** |
| Allwyn Entertainment Financing <br> (UK) PLC (Czech Republic), <br> 4.13%, 02/15/2031<sup>(b)</sup> <br>| EUR | 3000000 | &nbsp;&nbsp; $3474203 |
| **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc., <br> 5.50%, 05/15/2033<sup>(b)</sup> <br>| EUR | 4994000 | &nbsp;&nbsp; 6062373 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $37,360,719) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $37,360,719) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $37,360,719) | &nbsp;&nbsp; 38669062 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–2.28%** | **Exchange-Traded Funds–2.28%** | **Exchange-Traded Funds–2.28%** | **Exchange-Traded Funds–2.28%** |
| BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF<sup>(c)</sup>  | BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF<sup>(c)</sup>  | 80000 | &nbsp;&nbsp; 3127200 |
| iShares iBoxx High Yield Corporate Bond <br> ETF<sup>(c)</sup>  | iShares iBoxx High Yield Corporate Bond <br> ETF<sup>(c)</sup>  | 290000 | &nbsp;&nbsp; 23449400 |
| Total Exchange-Traded Funds <br> (Cost $26,277,790) | Total Exchange-Traded Funds <br> (Cost $26,277,790) | Total Exchange-Traded Funds <br> (Cost $26,277,790) | &nbsp;&nbsp; 26576600 |
| **Common Stocks & Other Equity Interests–0.40%** | **Common Stocks & Other Equity Interests–0.40%** | **Common Stocks & Other Equity Interests–0.40%** | **Common Stocks & Other Equity Interests–0.40%** |
| **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** | **Alternative Carriers–0.02%** |
| Lumen Technologies, Inc.<sup>(o)</sup>  | Lumen Technologies, Inc.<sup>(o)</sup>  | 43000 | &nbsp;&nbsp; 213710 |
| **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** | **Apparel, Accessories & Luxury Goods–0.03%** |
| Under Armour, Inc., Class C<sup>(o)</sup>  | Under Armour, Inc., Class C<sup>(o)</sup>  | 25000 | &nbsp;&nbsp; 123000 |
| V.F. Corp. | V.F. Corp. | 15000 | &nbsp;&nbsp; 226950 |
|  |  |  | &nbsp;&nbsp; 349950 |
| **Broadcasting–0.06%** | **Broadcasting–0.06%** | **Broadcasting–0.06%** | **Broadcasting–0.06%** |
| E.W. Scripps Co. (The), Class A<sup>(o)</sup>  | E.W. Scripps Co. (The), Class A<sup>(o)</sup>  | 55000 | &nbsp;&nbsp; 164450 |
| Gray Media, Inc. | Gray Media, Inc. | 55000 | &nbsp;&nbsp; 337150 |
| Sinclair, Inc. | Sinclair, Inc. | 15000 | &nbsp;&nbsp; 217050 |
|  |  |  | &nbsp;&nbsp; 718650 |
| **Broadline Retail–0.00%** | **Broadline Retail–0.00%** | **Broadline Retail–0.00%** | **Broadline Retail–0.00%** |
| Americanas S.A. (Brazil)<sup>(o)</sup>  | Americanas S.A. (Brazil)<sup>(o)</sup>  | 41300 | &nbsp;&nbsp; 50121 |
| Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(o)</sup>  | Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(o)</sup>  | 13766 | &nbsp;&nbsp; 10436 |
|  |  |  | &nbsp;&nbsp; 60557 |
| **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** | **Cable & Satellite–0.04%** |
| Altice USA, Inc., Class A<sup>(o)</sup>  | Altice USA, Inc., Class A<sup>(o)</sup>  | 100000 | &nbsp;&nbsp; 234000 |
| Cable One, Inc. | Cable One, Inc. | 1500 | &nbsp;&nbsp; 242220 |
|  |  |  | &nbsp;&nbsp; 476220 |
| **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** |
| Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(l)</sup>  | Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Spain)<sup>(l)</sup>  | 29 | &nbsp;&nbsp; 136 |
| **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** | **Commodity Chemicals–0.02%** |
| Olin Corp. | Olin Corp. | 10000 | &nbsp;&nbsp; 236600 |
| **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** | **Electrical Components & Equipment–0.01%** |
| GrafTech International Ltd. | GrafTech International Ltd. | 10000 | &nbsp;&nbsp; 98800 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Casino Guichard-Perrachon S.A. <br> (France)<sup>(o)</sup>  | Casino Guichard-Perrachon S.A. <br> (France)<sup>(o)</sup>  | 28014 | &nbsp;&nbsp; 19021 |
| Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(o)</sup>  | Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(o)</sup>  | 1495460 | &nbsp;&nbsp; 875 |
|  |  |  | &nbsp;&nbsp; 19896 |

---

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

**8**

**Invesco High Yield Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Housewares & Specialties–0.03%** | **Housewares & Specialties–0.03%** | **Housewares & Specialties–0.03%** |
| Newell Brands, Inc. | 50000 | &nbsp;&nbsp; $296000 |
| **Independent Power Producers & Energy Traders–0.03%** | **Independent Power Producers & Energy Traders–0.03%** | **Independent Power Producers & Energy Traders–0.03%** |
| Vistra Corp. | 2000 | &nbsp;&nbsp; 378220 |
| **Interactive Media & Services–0.01%** | **Interactive Media & Services–0.01%** | **Interactive Media & Services–0.01%** |
| ZipRecruiter, Inc., Class A<sup>(o)</sup>  | 25000 | &nbsp;&nbsp; 125000 |
| **Internet Services & Infrastructure–0.02%** | **Internet Services & Infrastructure–0.02%** | **Internet Services & Infrastructure–0.02%** |
| CoreWeave, Inc., Class A<sup>(o)</sup>  | 2000 | &nbsp;&nbsp; 206080 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| HF Holdings, Inc.<sup>(l)</sup>  | 36820 | &nbsp;&nbsp; 0 |
| **Movies & Entertainment–0.02%** | **Movies & Entertainment–0.02%** | **Movies & Entertainment–0.02%** |
| AMC Entertainment Holdings, Inc.<sup>(o)</sup>  | 100000 | &nbsp;&nbsp; 281000 |
| **Oil & Gas Drilling–0.02%** | **Oil & Gas Drilling–0.02%** | **Oil & Gas Drilling–0.02%** |
| Nabors Industries Ltd.<sup>(o)</sup>  | 5000 | &nbsp;&nbsp; 186400 |
| **Oil & Gas Exploration & Production–0.02%** | **Oil & Gas Exploration & Production–0.02%** | **Oil & Gas Exploration & Production–0.02%** |
| Venture Global, Inc., Class A | 20000 | &nbsp;&nbsp; 260000 |
| **Other Specialized REITs–0.02%** | **Other Specialized REITs–0.02%** | **Other Specialized REITs–0.02%** |
| Uniti Group, Inc.<sup>(o)</sup>  | 36116 | &nbsp;&nbsp; 227531 |
| **Packaged Foods & Meats–0.01%** | **Packaged Foods & Meats–0.01%** | **Packaged Foods & Meats–0.01%** |
| B&G Foods, Inc. | 25000 | &nbsp;&nbsp; 112750 |
| **Restaurants–0.01%** | **Restaurants–0.01%** | **Restaurants–0.01%** |
| Bloomin' Brands, Inc. | 10000 | &nbsp;&nbsp; 73500 |
| **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** |
| Xerox Holdings Corp. | 25000 | &nbsp;&nbsp; 99500 |
| **Trading Companies & Distributors–0.02%** | **Trading Companies & Distributors–0.02%** | **Trading Companies & Distributors–0.02%** |
| Avation PLC (Singapore) | 125000 | &nbsp;&nbsp; 267644 |
| Total Common Stocks & Other Equity Interests <br> (Cost $11,712,441) | Total Common Stocks & Other Equity Interests <br> (Cost $11,712,441) | &nbsp;&nbsp; 4688144 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** | **Preferred Stocks–0.01%** |
| **Aerospace & Defense–0.01%** | **Aerospace & Defense–0.01%** | **Aerospace & Defense–0.01%** | **Aerospace & Defense–0.01%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. <br>(Cost $144,706) | Boeing Co. (The), 6.00%, Conv. Pfd. <br>(Cost $144,706) | 2000 | &nbsp;&nbsp; $148840 |
| **Money Market Funds–1.86%** | **Money Market Funds–1.86%** | **Money Market Funds–1.86%** | **Money Market Funds–1.86%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(p)(q)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(p)(q)</sup>  | 7589908 | &nbsp;&nbsp; 7589908 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(p)(q)</sup>  | 14095532 | &nbsp;&nbsp; 14095532 |
| Total Money Market Funds (Cost $21,685,440) | Total Money Market Funds (Cost $21,685,440) | Total Money Market Funds (Cost $21,685,440) | &nbsp;&nbsp; 21685440 |
| **Options Purchased–0.06%** | **Options Purchased–0.06%** | **Options Purchased–0.06%** | **Options Purchased–0.06%** |
| (Cost $299,698)<sup>(r)</sup>  | (Cost $299,698)<sup>(r)</sup>  | (Cost $299,698)<sup>(r)</sup>  | &nbsp;&nbsp; 637535 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-98.91% <br> (Cost $1,140,116,998)<br>|  |  | &nbsp;&nbsp; 1152375263 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.66%** | **Money Market Funds–3.66%** | **Money Market Funds–3.66%** | **Money Market Funds–3.66%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(p)(q)(s)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(p)(q)(s)</sup>  | 11843498 | &nbsp;&nbsp; 11843498 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(p)(q)(s)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(p)(q)(s)</sup>  | 30814343 | &nbsp;&nbsp; 30823587 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,665,316) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,665,316) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,665,316) | &nbsp;&nbsp; 42667085 |
| TOTAL INVESTMENTS IN SECURITIES–102.57% <br> (Cost $1,182,782,314) | TOTAL INVESTMENTS IN SECURITIES–102.57% <br> (Cost $1,182,782,314) | TOTAL INVESTMENTS IN SECURITIES–102.57% <br> (Cost $1,182,782,314) | &nbsp;&nbsp; 1195042348 |
| OTHER ASSETS LESS LIABILITIES—(2.57)% | OTHER ASSETS LESS LIABILITIES—(2.57)% | OTHER ASSETS LESS LIABILITIES—(2.57)% | &nbsp;&nbsp; (29973735)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1165068613 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |
| SOFR | – Secured Overnight Financing Rate |
| USD | – U.S. Dollar |
| Wts. | – Warrants |

---

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

**9**

**Invesco High Yield Fund**

------

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> 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 $850,354,265, which represented 72.99% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

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

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

<sup>(f)</sup> Perpetual bond with no specified maturity date.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Restricted security. The value of this security at August 31, 2025 represented less than 1% of the Fund's Net Assets.

<sup>(j)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(k)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(l)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(m)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(n)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(o)</sup> Non-income producing security.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $10461156 | &nbsp;&nbsp; $153491696 | &nbsp;&nbsp; $(156362944) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7589908 | &nbsp;&nbsp; $215285 |
| Invesco Treasury Portfolio, Institutional Class | 19427352 | &nbsp;&nbsp; 285056006 | &nbsp;&nbsp; (290387826) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14095532 | &nbsp;&nbsp; 393690 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 6262 | &nbsp;&nbsp; 120722118 | &nbsp;&nbsp; (108884882) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11843498 | &nbsp;&nbsp; 236,523\* |
| Invesco Private Prime Fund | 17551 | &nbsp;&nbsp; 211281842 | &nbsp;&nbsp; (180478710) | &nbsp;&nbsp; 1769 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 30823587 | &nbsp;&nbsp; 662,346\* |
| Total | $29912321 | &nbsp;&nbsp; $770551662 | &nbsp;&nbsp; $(736114362) | &nbsp;&nbsp; $1769 | &nbsp;&nbsp; $1135 | &nbsp;&nbsp; $64352525 | &nbsp;&nbsp; $1507844 |

---

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

<sup>(q)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(r)</sup> The table below details options purchased.

<sup>(s)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| iShares iBoxx High Yield Corporate Bond ETF | Put | 10/17/2025 | &nbsp;&nbsp;&nbsp; 4825 | USD | 78.00 | USD | 37635000 | &nbsp;&nbsp;&nbsp; $574175 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500® Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 33 | USD | 5800.00 | USD | 19140000 | &nbsp;&nbsp;&nbsp; $63360 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

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

**10**

**Invesco High Yield Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 26212000 | USD | 30880231 | &nbsp;&nbsp;&nbsp; $101215 |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | State Street Bank & Trust Co. | EUR | 600000 | USD | 702502 | &nbsp;&nbsp;&nbsp; (2038)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $99177 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ETF | —Exchange-Traded Fund |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

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

**11**

**Invesco High Yield Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,118,431,558)\*<br>| &nbsp;&nbsp; $1130689823 |
| Investments in affiliated money market funds, at value <br> (Cost $64,350,756)<br>| &nbsp;&nbsp; 64352525 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 101215 |
| Cash | &nbsp;&nbsp; 30701 |
| Foreign currencies, at value (Cost $1,338,697) | &nbsp;&nbsp; 1370955 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2183 |
| Fund shares sold | &nbsp;&nbsp; 602345 |
| Dividends | &nbsp;&nbsp; 99338 |
| Interest | &nbsp;&nbsp; 18221999 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 284776 |
| Other assets | &nbsp;&nbsp; 100640 |
| Total assets | &nbsp;&nbsp; 1215856500 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 2038 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 697953 |
| Dividends | &nbsp;&nbsp; 966027 |
| Fund shares reacquired | &nbsp;&nbsp; 5560385 |
| Due to broker | &nbsp;&nbsp; 5206 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 42665316 |
| Accrued fees to affiliates | &nbsp;&nbsp; 466517 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2512 |
| Accrued other operating expenses | &nbsp;&nbsp; 89649 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 332284 |
| Total liabilities | &nbsp;&nbsp; 50787887 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1165068613 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1472556207 |
| Distributable earnings (loss) | &nbsp;&nbsp; (307487594)<br>|
|  | &nbsp;&nbsp; $1165068613 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $593899210 |
| Class C | &nbsp;&nbsp; $15502849 |
| Class Y | &nbsp;&nbsp; $41257814 |
| Investor Class | &nbsp;&nbsp; $56894009 |
| Class R5 | &nbsp;&nbsp; $16306278 |
| Class R6 | &nbsp;&nbsp; $441208453 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 166745857 |
| Class C | &nbsp;&nbsp; 4359340 |
| Class Y | &nbsp;&nbsp; 11567935 |
| Investor Class | &nbsp;&nbsp; 15991287 |
| Class R5 | &nbsp;&nbsp; 4589537 |
| Class R6 | &nbsp;&nbsp; 123948582 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $3.56 |
| Maximum offering price per share <br>(Net asset value of $3.56 ÷ 95.75%)<br>| &nbsp;&nbsp; $3.72 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.56 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.57 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.56 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.55 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.56 |

---

\* At August 31, 2025, securities with an aggregate value of $41,690,095 were on loan to brokers. 

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

**12**

**Invesco High Yield Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $39918630 |
| Dividends (net of foreign withholding taxes of $1,275) | &nbsp;&nbsp; 790160 |
| Dividends from affiliated money market funds (includes net securities lending income of $92,618) | &nbsp;&nbsp; 701593 |
| Total investment income | &nbsp;&nbsp; 41410383 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3065322 |
| Administrative services fees | &nbsp;&nbsp; 83611 |
| Custodian fees | &nbsp;&nbsp; 17382 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 735785 |
| Class C | &nbsp;&nbsp; 79463 |
| Investor Class | &nbsp;&nbsp; 70931 |
| Transfer agent fees — A, C, Y and Investor | &nbsp;&nbsp; 587407 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 8243 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 72846 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 17144 |
| Registration and filing fees | &nbsp;&nbsp; 58696 |
| Reports to shareholders | &nbsp;&nbsp; 49920 |
| Professional services fees | &nbsp;&nbsp; 42310 |
| Other | &nbsp;&nbsp; 11800 |
| Total expenses | &nbsp;&nbsp; 4900860 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (28583)<br>|
| Net expenses | &nbsp;&nbsp; 4872277 |
| Net investment income | &nbsp;&nbsp; 36538106 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (9306439)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1135 |
| Foreign currencies | &nbsp;&nbsp; 747821 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1830661)<br>|
| Futures contracts | &nbsp;&nbsp; (161475)<br>|
| Swap agreements | &nbsp;&nbsp; (1111767)<br>|
|  | &nbsp;&nbsp; (11661386)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 10565877 |
| Affiliated investment securities | &nbsp;&nbsp; 1769 |
| Foreign currencies | &nbsp;&nbsp; 181415 |
| Forward foreign currency contracts | &nbsp;&nbsp; 27285 |
|  | &nbsp;&nbsp; 10776346 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (885040)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $35653066 |

---

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

**13**

**Invesco High Yield Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $36538106 | &nbsp;&nbsp; $66346013 |
| Net realized gain (loss) | &nbsp;&nbsp; (11661386)<br>| &nbsp;&nbsp; 13518097 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 10776346 | &nbsp;&nbsp; 8983126 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 35653066 | &nbsp;&nbsp; 88847236 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (19152775)<br>| &nbsp;&nbsp; (38110066)<br>|
| Class C | &nbsp;&nbsp; (456209)<br>| &nbsp;&nbsp; (966878)<br>|
| Class Y | &nbsp;&nbsp; (1651127)<br>| &nbsp;&nbsp; (5358682)<br>|
| Investor Class | &nbsp;&nbsp; (1840276)<br>| &nbsp;&nbsp; (3839942)<br>|
| Class R5 | &nbsp;&nbsp; (559943)<br>| &nbsp;&nbsp; (1162261)<br>|
| Class R6 | &nbsp;&nbsp; (14917555)<br>| &nbsp;&nbsp; (20205577)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (38577885)<br>| &nbsp;&nbsp; (69643406)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 1449379 | &nbsp;&nbsp; 16122467 |
| Class C | &nbsp;&nbsp; (1049659)<br>| &nbsp;&nbsp; (609269)<br>|
| Class Y | &nbsp;&nbsp; (40336180)<br>| &nbsp;&nbsp; 13573857 |
| Investor Class | &nbsp;&nbsp; 144089 | &nbsp;&nbsp; (679395)<br>|
| Class R5 | &nbsp;&nbsp; (327175)<br>| &nbsp;&nbsp; (83738)<br>|
| Class R6 | &nbsp;&nbsp; 19163372 | &nbsp;&nbsp; 57790836 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (20956174)<br>| &nbsp;&nbsp; 86114758 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (23880993)<br>| &nbsp;&nbsp; 105318588 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1188949606 | &nbsp;&nbsp; 1083631018 |
| End of period | &nbsp;&nbsp; $1165068613 | &nbsp;&nbsp; $1188949606 |

---

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

**14**

**Invesco High Yield Fund**

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**Financial Highlights**

*(Unaudited)*

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>| **Return of** <br>**capital**<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** |
| Six months ended 08/31/25 | $3.57 | $0.11 | $(0.00)<br>| $0.11 | $(0.12)<br>| $— | $(0.12)<br>| $3.56 | 3.03<br> %<br>| &nbsp;&nbsp; $593899 | 1.00 %<sup>(d)</sup><br>| 1.00 %<sup>(d)</sup><br>| 6.14 %<sup>(d)</sup><br>| 89<br> %<br>|
| Year ended 02/28/25 | 3.49 | 0.22 | 0.09 | 0.31 | (0.23)<br>|  | (0.23)<br>| 3.57 | 9.25 | &nbsp;&nbsp; 593630 | 0.99 | 1.00 | 6.29 | 172 |
| Year ended 02/29/24 | 3.43 | 0.22 | 0.06 | 0.28 | (0.22)<br>|  | (0.22)<br>| 3.49 | 8.54 | &nbsp;&nbsp; 565075 | 1.03 | 1.03 | 6.45 | 148 |
| Year ended 02/28/23 | 3.81 | 0.17 | (0.38)<br>| (0.21)<br>| (0.17)<br>|  | (0.17)<br>| 3.43 | (5.36)<br>| &nbsp;&nbsp; 556275 | 1.03 | 1.03 | 4.94 | 87 |
| Year ended 02/28/22 | 3.97 | 0.15 | (0.13)<br>| 0.02 | (0.18)<br>|  | (0.18)<br>| 3.81 | 0.36 | &nbsp;&nbsp; 640948 | 1.03 | 1.03 | 3.90 | 88 |
| Year ended 02/28/21 | 3.96 | 0.19 | 0.05 | 0.24 | (0.22)<br>| (0.01)<br>| (0.23)<br>| 3.97 | 6.59 | &nbsp;&nbsp; 657549 | 1.07 | 1.07 | 4.89 | 101 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 3.56 | 0.10 | 0.00 <br><sup>(e)</sup><br>| 0.10 | (0.10)<br>|  | (0.10)<br>| 3.56 | 2.92 | &nbsp;&nbsp; 15503 | 1.75 <br><sup>(d)</sup><br>| 1.75 <br><sup>(d)</sup><br>| 5.39 <br><sup>(d)</sup><br>| 89 |
| Year ended 02/28/25 | 3.49 | 0.20 | 0.08 | 0.28 | (0.21)<br>|  | (0.21)<br>| 3.56 | 8.14 | &nbsp;&nbsp; 16594 | 1.74 | 1.75 | 5.54 | 172 |
| Year ended 02/29/24 | 3.42 | 0.20 | 0.07 | 0.27 | (0.20)<br>|  | (0.20)<br>| 3.49 | 8.05 | &nbsp;&nbsp; 16838 | 1.78 | 1.78 | 5.70 | 148 |
| Year ended 02/28/23 | 3.80 | 0.15 | (0.38)<br>| (0.23)<br>| (0.15)<br>|  | (0.15)<br>| 3.42 | (6.10)<br>| &nbsp;&nbsp; 16924 | 1.78 | 1.78 | 4.19 | 87 |
| Year ended 02/28/22 | 3.96 | 0.12 | (0.13)<br>| (0.01)<br>| (0.15)<br>|  | (0.15)<br>| 3.80 | (0.40)<br>| &nbsp;&nbsp; 22626 | 1.78 | 1.78 | 3.15 | 88 |
| Year ended 02/28/21 | 3.95 | 0.16 | 0.05 | 0.21 | (0.19)<br>| (0.01)<br>| (0.20)<br>| 3.96 | 5.79 | &nbsp;&nbsp; 26860 | 1.82 | 1.82 | 4.14 | 101 |
| **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** |
| Six months ended 08/31/25 | 3.58 | 0.11 | (0.00)<br>| 0.11 | (0.12)<br>|  | (0.12)<br>| 3.57 | 3.15 | &nbsp;&nbsp; 41258 | 0.75 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 6.39 <br><sup>(d)</sup><br>| 89 |
| Year ended 02/28/25 | 3.50 | 0.23 | 0.09 | 0.32 | (0.24)<br>|  | (0.24)<br>| 3.58 | 9.51 | &nbsp;&nbsp; 83173 | 0.74 | 0.75 | 6.54 | 172 |
| Year ended 02/29/24 | 3.44 | 0.23 | 0.06 | 0.29 | (0.23)<br>|  | (0.23)<br>| 3.50 | 8.81 | &nbsp;&nbsp; 67978 | 0.78 | 0.78 | 6.70 | 148 |
| Year ended 02/28/23 | 3.82 | 0.18 | (0.38)<br>| (0.20)<br>| (0.18)<br>|  | (0.18)<br>| 3.44 | (5.09)<br>| &nbsp;&nbsp; 42874 | 0.78 | 0.78 | 5.19 | 87 |
| Year ended 02/28/22 | 3.98 | 0.16 | (0.13)<br>| 0.03 | (0.19)<br>|  | (0.19)<br>| 3.82 | 0.63 | &nbsp;&nbsp; 45483 | 0.78 | 0.78 | 4.15 | 88 |
| Year ended 02/28/21 | 3.97 | 0.19 | 0.06 | 0.25 | (0.23)<br>| (0.01)<br>| (0.24)<br>| 3.98 | 6.85 | &nbsp;&nbsp; 51180 | 0.82 | 0.82 | 5.14 | 101 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 08/31/25 | 3.56 | 0.11 | 0.00 <br><sup>(e)</sup><br>| 0.11 | (0.11)<br>|  | (0.11)<br>| 3.56 | 3.31 | &nbsp;&nbsp; 56894 | 1.00 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 6.14 <br><sup>(d)</sup><br>| 89 |
| Year ended 02/28/25 | 3.49 | 0.22 | 0.08 | 0.30 | (0.23)<br>|  | (0.23)<br>| 3.56 | 8.95 | &nbsp;&nbsp; 56843 | 0.99 | 1.00 | 6.29 | 172 |
| Year ended 02/29/24 | 3.43 | 0.22 | 0.06 | 0.28 | (0.22)<br>|  | (0.22)<br>| 3.49 | 8.54 | &nbsp;&nbsp; 56267 | 1.03 | 1.03 | 6.45 | 148 |
| Year ended 02/28/23 | 3.81 | 0.17 | (0.38)<br>| (0.21)<br>| (0.17)<br>|  | (0.17)<br>| 3.43 | (5.37)<br>| &nbsp;&nbsp; 58755 | 1.03 | 1.03 | 4.94 | 87 |
| Year ended 02/28/22 | 3.97 | 0.15 | (0.13)<br>| 0.02 | (0.18)<br>|  | (0.18)<br>| 3.81 | 0.36 | &nbsp;&nbsp; 68375 | 1.03 | 1.03 | 3.90 | 88 |
| Year ended 02/28/21 | 3.96 | 0.18 | 0.06 | 0.24 | (0.22)<br>| (0.01)<br>| (0.23)<br>| 3.97 | 6.59 | &nbsp;&nbsp; 74887 | 1.07 | 1.07 | 4.89 | 101 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 3.56 | 0.11 | (0.00)<br>| 0.11 | (0.12)<br>|  | (0.12)<br>| 3.55 | 3.18 | &nbsp;&nbsp; 16306 | 0.68 <br><sup>(d)</sup><br>| 0.68 <br><sup>(d)</sup><br>| 6.46 <br><sup>(d)</sup><br>| 89 |
| Year ended 02/28/25 | 3.48 | 0.23 | 0.09 | 0.32 | (0.24)<br>|  | (0.24)<br>| 3.56 | 9.58 | &nbsp;&nbsp; 16671 | 0.68 | 0.69 | 6.60 | 172 |
| Year ended 02/29/24 | 3.42 | 0.23 | 0.06 | 0.29 | (0.23)<br>|  | (0.23)<br>| 3.48 | 8.87 | &nbsp;&nbsp; 16389 | 0.71 | 0.71 | 6.77 | 148 |
| Year ended 02/28/23 | 3.80 | 0.18 | (0.37)<br>| (0.19)<br>| (0.19)<br>|  | (0.19)<br>| 3.42 | (5.08)<br>| &nbsp;&nbsp; 18972 | 0.71 | 0.71 | 5.26 | 87 |
| Year ended 02/28/22 | 3.96 | 0.17 | (0.14)<br>| 0.03 | (0.19)<br>|  | (0.19)<br>| 3.80 | 0.67 | &nbsp;&nbsp; 27997 | 0.72 | 0.72 | 4.21 | 88 |
| Year ended 02/28/21 | 3.94 | 0.20 | 0.06 | 0.26 | (0.23)<br>| (0.01)<br>| (0.24)<br>| 3.96 | 7.21 | &nbsp;&nbsp; 38676 | 0.74 | 0.74 | 5.22 | 101 |
| **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** |
| Six months ended 08/31/25 | 3.57 | 0.12 | (0.01)<br>| 0.11 | (0.12)<br>|  | (0.12)<br>| 3.56 | 3.22 | &nbsp;&nbsp; 441208 | 0.61 <br><sup>(d)</sup><br>| 0.61 <br><sup>(d)</sup><br>| 6.53 <br><sup>(d)</sup><br>| 89 |
| Year ended 02/28/25 | 3.49 | 0.24 | 0.09 | 0.33 | (0.25)<br>|  | (0.25)<br>| 3.57 | 9.67 | &nbsp;&nbsp; 422039 | 0.60 | 0.61 | 6.68 | 172 |
| Year ended 02/29/24 | 3.43 | 0.23 | 0.07 | 0.30 | (0.24)<br>|  | (0.24)<br>| 3.49 | 8.95 | &nbsp;&nbsp; 361083 | 0.64 | 0.64 | 6.84 | 148 |
| Year ended 02/28/23 | 3.81 | 0.19 | (0.38)<br>| (0.19)<br>| (0.19)<br>|  | (0.19)<br>| 3.43 | (5.00)<br>| &nbsp;&nbsp; 71702 | 0.64 | 0.64 | 5.33 | 87 |
| Year ended 02/28/22 | 3.97 | 0.17 | (0.14)<br>| 0.03 | (0.19)<br>|  | (0.19)<br>| 3.81 | 0.75 | &nbsp;&nbsp; 80390 | 0.64 | 0.64 | 4.29 | 88 |
| Year ended 02/28/21 | 3.95 | 0.20 | 0.07 | 0.27 | (0.24)<br>| (0.01)<br>| (0.25)<br>| 3.97 | 7.29 | &nbsp;&nbsp; 83282 | 0.65 | 0.65 | 5.31 | 101 |

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<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. Does not include sales charges and is 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.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

**15**

**Invesco High Yield Fund**

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**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco High Yield Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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.

**16**

**Invesco High Yield Fund**

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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.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**17**

**Invesco High Yield Fund**

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**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended August 31, 2025, the Fund paid the Adviser $1,794 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

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

**18**

**Invesco High Yield Fund**

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contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

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

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

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

**P.** **Swap Agreements** — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/ OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund's net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a "basket" of securities representing a particular index.

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by

**19**

**Invesco High Yield Fund**

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having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

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

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

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of August 31, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

**Q.** **Bank Loan Risk** — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

**S.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders ("Lenders") or one of the participants in the syndicate ("Participant"), one or more of which administers the loan on behalf of all the Lenders (the "Agent Bank"), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund's rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as "Intermediate Participants".

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

**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** | **Rate** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% |
| Next $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.430% |

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**Invesco High Yield Fund**

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For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.53%.

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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50%, 1.25% and 1.25%, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $17,397.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $27,552 in front-end sales commissions from the sale of Class A shares and $5,064 and $987 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. 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.

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**Invesco High Yield Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $981044649 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $981044649 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73315238 | &nbsp;&nbsp;&nbsp;&nbsp; 5609755 | &nbsp;&nbsp;&nbsp;&nbsp; 78924993 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38669062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38669062 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 26576600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26576600 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 4401343 | &nbsp;&nbsp;&nbsp;&nbsp; 286665 | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 4688144 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 148840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148840 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 21685440 | &nbsp;&nbsp;&nbsp;&nbsp; 42667085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64352525 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 637535 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 637535 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 53449758 | &nbsp;&nbsp;&nbsp;&nbsp; 1135982699 | &nbsp;&nbsp;&nbsp;&nbsp; 5609891 | &nbsp;&nbsp;&nbsp;&nbsp; 1195042348 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101215 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2038)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99177 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $53449758 | &nbsp;&nbsp;&nbsp;&nbsp; $1136081876 | &nbsp;&nbsp;&nbsp;&nbsp; $5609891 | &nbsp;&nbsp;&nbsp;&nbsp; $1195141525 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $101215 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $101215 |
| Options purchased, at value — Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 637535 | &nbsp;&nbsp;&nbsp;&nbsp; 637535 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 101215 | &nbsp;&nbsp;&nbsp;&nbsp; 637535 | &nbsp;&nbsp;&nbsp;&nbsp; 738750 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (637535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (637535)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $101215 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $101215 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(2038)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(2038)<br>|

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $101215 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $101215 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $101215 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2038)<br>| &nbsp;&nbsp;&nbsp; (2038)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2038)<br>|
| Total | &nbsp;&nbsp;&nbsp; $101215 | &nbsp;&nbsp;&nbsp; $(2038)<br>| &nbsp;&nbsp;&nbsp; $99177 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $99177 |

---

**22**

**Invesco High Yield Fund**

------

**Effect of Derivative Investments for the six months ended August 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1830661)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1830661)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (161475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161475)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (572908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (572908)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1111767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1111767)<br>|
| Change in Net Unrealized Appreciation: |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 27285 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 27285 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 807913 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 807913 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1111767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1803376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $235005 | &nbsp;&nbsp;&nbsp;&nbsp; $(161475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2841613)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $22366026 | &nbsp;&nbsp;&nbsp;&nbsp; $27752344 | &nbsp;&nbsp;&nbsp;&nbsp; $26626750 | &nbsp;&nbsp;&nbsp;&nbsp; $19140000 | &nbsp;&nbsp;&nbsp;&nbsp; $41150000 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3555 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $11,186.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 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; $53719370 | &nbsp;&nbsp;&nbsp;&nbsp; $256466836 | &nbsp;&nbsp;&nbsp;&nbsp; $310186206 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**23**

**Invesco High Yield Fund**

------

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $997,452,372 and $1,044,891,931, 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; $25870589 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (14897304)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10973285 |

---

Cost of investments for tax purposes is $1,184,168,240.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 23643992 | &nbsp;&nbsp;&nbsp; $83085915 | &nbsp;&nbsp;&nbsp; 52136619 | &nbsp;&nbsp;&nbsp; $184663183 |
| Class C | &nbsp;&nbsp;&nbsp; 487864 | &nbsp;&nbsp;&nbsp; 1710705 | &nbsp;&nbsp;&nbsp; 1275294 | &nbsp;&nbsp;&nbsp; 4513963 |
| Class Y | &nbsp;&nbsp;&nbsp; 1959763 | &nbsp;&nbsp;&nbsp; 6922135 | &nbsp;&nbsp;&nbsp; 17186036 | &nbsp;&nbsp;&nbsp; 60878582 |
| Investor Class | &nbsp;&nbsp;&nbsp; 1725452 | &nbsp;&nbsp;&nbsp; 6088388 | &nbsp;&nbsp;&nbsp; 21193520 | &nbsp;&nbsp;&nbsp; 74888763 |
| Class R5 | &nbsp;&nbsp;&nbsp; 405385 | &nbsp;&nbsp;&nbsp; 1419077 | &nbsp;&nbsp;&nbsp; 1045906 | &nbsp;&nbsp;&nbsp; 3689234 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8806204 | &nbsp;&nbsp;&nbsp; 30443376 | &nbsp;&nbsp;&nbsp; 72416008 | &nbsp;&nbsp;&nbsp; 259183002 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4147548 | &nbsp;&nbsp;&nbsp; 14612324 | &nbsp;&nbsp;&nbsp; 8192015 | &nbsp;&nbsp;&nbsp; 29027555 |
| Class C | &nbsp;&nbsp;&nbsp; 104939 | &nbsp;&nbsp;&nbsp; 368982 | &nbsp;&nbsp;&nbsp; 203368 | &nbsp;&nbsp;&nbsp; 719098 |
| Class Y | &nbsp;&nbsp;&nbsp; 321582 | &nbsp;&nbsp;&nbsp; 1133943 | &nbsp;&nbsp;&nbsp; 1221683 | &nbsp;&nbsp;&nbsp; 4338311 |
| Investor Class | &nbsp;&nbsp;&nbsp; 443977 | &nbsp;&nbsp;&nbsp; 1561882 | &nbsp;&nbsp;&nbsp; 915796 | &nbsp;&nbsp;&nbsp; 3240161 |
| Class R5 | &nbsp;&nbsp;&nbsp; 158751 | &nbsp;&nbsp;&nbsp; 557652 | &nbsp;&nbsp;&nbsp; 327843 | &nbsp;&nbsp;&nbsp; 1157911 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4160254 | &nbsp;&nbsp;&nbsp; 14651155 | &nbsp;&nbsp;&nbsp; 5541532 | &nbsp;&nbsp;&nbsp; 19651596 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 288392 | &nbsp;&nbsp;&nbsp; 1015043 | &nbsp;&nbsp;&nbsp; 702126 | &nbsp;&nbsp;&nbsp; 2495352 |
| Class C | &nbsp;&nbsp;&nbsp; (288906)<br>| &nbsp;&nbsp;&nbsp; (1015043)<br>| &nbsp;&nbsp;&nbsp; (703223)<br>| &nbsp;&nbsp;&nbsp; (2495352)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (27684954)<br>| &nbsp;&nbsp;&nbsp; (97263903)<br>| &nbsp;&nbsp;&nbsp; (56500450)<br>| &nbsp;&nbsp;&nbsp; (200063623)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (602719)<br>| &nbsp;&nbsp;&nbsp; (2114303)<br>| &nbsp;&nbsp;&nbsp; (948395)<br>| &nbsp;&nbsp;&nbsp; (3346978)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (13975078)<br>| &nbsp;&nbsp;&nbsp; (48392258)<br>| &nbsp;&nbsp;&nbsp; (14579950)<br>| &nbsp;&nbsp;&nbsp; (51643036)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (2126698)<br>| &nbsp;&nbsp;&nbsp; (7506181)<br>| &nbsp;&nbsp;&nbsp; (22284051)<br>| &nbsp;&nbsp;&nbsp; (78808319)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (658864)<br>| &nbsp;&nbsp;&nbsp; (2303904)<br>| &nbsp;&nbsp;&nbsp; (1397653)<br>| &nbsp;&nbsp;&nbsp; (4930883)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7362625)<br>| &nbsp;&nbsp;&nbsp; (25931159)<br>| &nbsp;&nbsp;&nbsp; (63104945)<br>| &nbsp;&nbsp;&nbsp; (221043762)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (6045741)<br>| &nbsp;&nbsp;&nbsp; $(20956174)<br>| &nbsp;&nbsp;&nbsp; 22839079 | &nbsp;&nbsp;&nbsp; $86114758 |

---

---

| | |
|:---|:---|
| <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 47% of the outstanding shares of the <br> Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are <br> 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 <br> brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 4% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**24**

**Invesco High Yield Fund**

------

**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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield 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.&nbsp;&nbsp;&nbsp;&nbsp;

**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 Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the 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 Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the 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

**25**

**Invesco High Yield Fund**

------

reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions

*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 Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was amended effective July 1, 2024 to add an additional breakpoint for assets over $5 billion. 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 also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and total expenses.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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

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

*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 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.

*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.

**26**

**Invesco High Yield Fund**

------

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 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.

**27**

**Invesco High Yield Fund**

------

**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.

**28**

**Invesco High Yield Fund**

------

![](img86b0d26e1.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

HYI-NCSRS

------

![](img574a69cc1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Income Fund**

Nasdaq:

A: AGOVX ■ C: AGVCX ■ R: AGVRX ■ Y: AGVYX ■ Investor: AGIVX ■ R5: AGOIX ■ R6: AGVSX

------

---

| | |
|:---|:---|
| [2](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_SOI-Continued-123_1) | Schedule of Investments |
| [7](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_FS-Continued-123_1) | Financial Statements |
| [10](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_FS-Continued-123_4) | Financial Highlights |
| [11](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_NTF-Continued-123_1) | Notes to Financial Statements |
| [18](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_AOC-Continued-123_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_83c53d29-c424-4f0f-8ee5-eb8a8e139346_OIRSR-Continued-123_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–75.19%** | **Asset-Backed Securities–75.19%** | **Asset-Backed Securities–75.19%** | **Asset-Backed Securities–75.19%** |
| Affirm Asset Securitization Trust, <br> Series 2025-X1, Class A, 5.08%, <br> 04/15/2030<sup>(a)</sup> <br>|  | $1447219 | &nbsp;&nbsp; $1449202 |
| Affirm Master Trust, Series 2025-2A, <br> Class C, 5.26%, 07/15/2033<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1511677 |
| AMSR Trust, | AMSR Trust, |  |  |
| Series 2021-SFR4, Class D, 2.77%, <br> 12/17/2038<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1458455 |
| Series 2023-SFR2, Class C, 3.95%, <br> 06/17/2040<sup>(a)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 3853919 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2022-2, Class M1, 4.12%, <br> 01/25/2067<sup>(a)(b)</sup> <br>|  | 5893000 | &nbsp;&nbsp; 4744207 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(a)</sup> <br>|  | 1505975 | &nbsp;&nbsp; 1521291 |
| Series 2025-HB1, Class A1, 6.15% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(a)(c)</sup> <br>|  | 473860 | &nbsp;&nbsp; 478629 |
| AutoNation Finance Trust, <br> Series 2025-1A, Class D, 5.63%, <br> 09/10/2032<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2044228 |
| Avis Budget Rental Car Funding <br> (AESOP) LLC, | Avis Budget Rental Car Funding <br> (AESOP) LLC, |  |  |
| Series 2023-1A, Class B, 6.08%, <br> 04/20/2029<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2063609 |
| Series 2023-4A, Class C, 7.24%, <br> 06/20/2029<sup>(a)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3153850 |
| Banc of America Commercial Mortgage <br> Trust, Series 2015-UBS7, Class XA, <br> IO, 0.71%, 09/15/2048<sup>(d)</sup> <br>|  | 6866091 | &nbsp;&nbsp; 250 |
| Bank, | Bank, |  |  |
| Series 2017-BNK5, Class AS, <br> 3.62%, 06/15/2060<br>|  | 4302000 | &nbsp;&nbsp; 4191547 |
| Series 2018-BNK14, Class E, <br> 3.00%, 09/15/2060<sup>(a)</sup> <br>|  | 5750000 | &nbsp;&nbsp; 3648914 |
| BBCMS Mortgage Trust, | BBCMS Mortgage Trust, |  |  |
| Series 2018-C2, Class C, 5.13%, <br> 12/15/2051<sup>(b)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2248491 |
| Series 2022-C15, Class AS, <br> 3.75%, 04/15/2055<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 721868 |
| Series 2023-C22, Class AS, <br> 7.37%, 11/15/2056<sup>(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3330705 |
| Series 2024-C24, Class AS, <br> 5.87%, 02/15/2057<br>|  | 2000000 | &nbsp;&nbsp; 2102406 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, Series 2004-10, Class 12A1, <br> 4.92%, 01/25/2035<sup>(b)</sup> <br>|  | 192245 | &nbsp;&nbsp; 186422 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| Series 2021-B28, Class AS, <br> 2.43%, 08/15/2054<br>|  | 3200000 | &nbsp;&nbsp; 2767762 |
| Series 2022-B37, Class AS, <br> 5.94%, 11/15/2055<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4108947 |
| Series 2023-B40, Class AS, <br> 6.59%, 12/15/2056<br>|  | 2000000 | &nbsp;&nbsp; 2157201 |
| Series 2023-V3, Class AS, 7.10%, <br> 07/15/2056<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4237480 |
| Series 2024-V5, Class AM, 6.42%, <br> 01/10/2057<sup>(b)</sup> <br>|  | 1900000 | &nbsp;&nbsp; 1991788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BMO Mortgage Trust, Series 2024-<br> 5C4, Class A3, 6.53%, <br> 05/15/2057<sup>(b)</sup> <br>|  | $1066000 | &nbsp;&nbsp; $1138289 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-VOLT, Class B, 5.43% <br> (1 mo. Term SOFR + 1.06%), <br> 09/15/2036<sup>(a)(c)</sup> <br>|  | 1259477 | &nbsp;&nbsp; 1255975 |
| Series 2021-VOLT, Class C, 5.58% <br> (1 mo. Term SOFR + 1.21%), <br> 09/15/2036<sup>(a)(c)</sup> <br>|  | 1937656 | &nbsp;&nbsp; 1931159 |
| Cantor Commercial Real Estate <br> Lending, Series 2019-CF1, <br> Class 65D, 4.66%, <br> 05/15/2052<sup>(a)(b)</sup> <br>|  | 4517000 | &nbsp;&nbsp; 118571 |
| Centersquare Issuer LLC, | Centersquare Issuer LLC, |  |  |
| Series 2024-1A, Class A2, 5.20%, <br> 10/26/2054<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1988160 |
| Series 2025-4A, Class A2, 5.20%, <br> 08/25/2055<sup>(e)</sup> <br>|  | 750000 | &nbsp;&nbsp; 707480 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(a)(b)</sup> <br>|  | 735699 | &nbsp;&nbsp; 673143 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(a)(b)</sup> <br>|  | 1089952 | &nbsp;&nbsp; 1012697 |
| CHNGE Mortgage Trust, <br> Series 2023-3, Class A1, 7.10%, <br> 07/25/2058<sup>(a)</sup> <br>|  | 1993328 | &nbsp;&nbsp; 2010682 |
| Citigroup Commercial Mortgage Trust, <br> Series 2018-C5, Class AS, 4.41%, <br> 06/10/2051<sup>(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 2959615 |
| Citigroup Mortgage Loan Trust, <br> Series 2024-1, Class A4A, 6.00%, <br> 07/25/2054<sup>(a)(b)</sup> <br>|  | 787995 | &nbsp;&nbsp; 795912 |
| COLT Mortgage Loan Trust, <br> Series 2020-3, Class A3, 2.38%, <br> 04/27/2065<sup>(a)(b)</sup> <br>|  | 91942 | &nbsp;&nbsp; 90749 |
| Commonbond Student Loan Trust, <br> Series 2020-1, Class A, 1.69%, <br> 10/25/2051<sup>(a)</sup> <br>|  | 1518097 | &nbsp;&nbsp; 1395088 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2022-ATH2, Class M1, <br> 4.98%, 05/25/2067<sup>(a)(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 3733828 |
| Series 2022-ATH3, Class A3, <br> 6.39%, 08/25/2067<sup>(a)(b)</sup> <br>|  | 2731107 | &nbsp;&nbsp; 2738947 |
| CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |  |  |
| Series 2016-C6, Class E, 4.08%, <br> 01/15/2049<sup>(a)(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 2114935 |
| Series 2018-CX11, Class A4, <br> 3.77%, 04/15/2051<br>|  | 380832 | &nbsp;&nbsp; 376620 |
| Series 2018-CX11, Class A5, <br> 4.03%, 04/15/2051<sup>(b)</sup> <br>|  | 550000 | &nbsp;&nbsp; 545980 |
| DB Master Finance LLC, <br> Series 2021-1A, Class A23, <br> 2.79%, 11/20/2051<sup>(a)</sup> <br>|  | 1097250 | &nbsp;&nbsp; 973498 |
| Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, |  |  |
| Series 2021-3, Class A1, 1.19%, <br> 08/25/2066<sup>(a)(b)</sup> <br>|  | 1877440 | &nbsp;&nbsp; 1666383 |
| Series 2024-1, Class A1, 5.74%, <br> 07/25/2069<sup>(a)</sup> <br>|  | 1590239 | &nbsp;&nbsp; 1601667 |
| Ellington Financial Mortgage Trust, <br> Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(a)</sup> <br>|  | 2966407 | &nbsp;&nbsp; 2957956 |

---

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

**2**

**Invesco Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| ELM Trust, Series 2024-ELM, <br> Class A10, 5.99%, <br> 06/10/2039<sup>(a)(b)</sup> <br>|  | $1200000 | &nbsp;&nbsp; $1212826 |
| FIVE Mortgage Trust, Series 2023-V1, <br> Class XA, IO, 0.88%, <br> 02/10/2056<sup>(d)</sup> <br>|  | 55894401 | &nbsp;&nbsp; 794215 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2018-5, Class B1, 4.40%, <br> 09/25/2048<sup>(a)(b)</sup> <br>|  | 1377224 | &nbsp;&nbsp; 1308861 |
| Series 2018-5, Class B2, 4.40%, <br> 09/25/2048<sup>(a)(b)</sup> <br>|  | 1650238 | &nbsp;&nbsp; 1564202 |
| Series 2018-6RR, Class B2, <br> 4.91%, 10/25/2048<sup>(a)(b)</sup> <br>|  | 2403367 | &nbsp;&nbsp; 2363116 |
| Series 2018-6RR, Class B3, <br> 4.91%, 10/25/2048<sup>(a)(b)</sup> <br>|  | 2403367 | &nbsp;&nbsp; 2357821 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(a)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4066130 |
| Galton Funding Mortgage Trust, <br> Series 2019-H1, Class B1, 3.89%, <br> 10/25/2059<sup>(a)(b)</sup> <br>|  | 5480000 | &nbsp;&nbsp; 5048202 |
| GCAT Trust, Series 2023-NQM2, <br> Class M1, 6.99%, <br> 11/25/2067<sup>(a)(b)</sup> <br>|  | 2781000 | &nbsp;&nbsp; 2782587 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-HE1, Class A1, 5.90% <br> (30 Day Average SOFR + 1.55%), <br> 10/25/2055<sup>(a)(c)</sup> <br>|  | 751603 | &nbsp;&nbsp; 752164 |
| Hertz Vehicle Financing III L.P., <br> Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(a)</sup> <br>|  | 1765000 | &nbsp;&nbsp; 1706520 |
| Hertz Vehicle Financing III LLC, <br> Series 2023-1A, Class C, 6.91%, <br> 06/25/2027<sup>(a)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2521193 |
| Hertz Vehicle Financing LLC, | Hertz Vehicle Financing LLC, |  |  |
| Series 2022-2A, Class B, 2.65%, <br> 06/26/2028<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 962452 |
| Series 2022-2A, Class C, 2.95%, <br> 06/26/2028<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1439388 |
| Homeward Opportunities Fund Trust, | Homeward Opportunities Fund Trust, |  |  |
| Series 2022-1, Class M1, 5.08%, <br> 07/25/2067<sup>(a)</sup> <br>|  | 3000643 | &nbsp;&nbsp; 2987062 |
| Series 2022-1, Class M1, 5.03%, <br> 07/25/2067<sup>(a)(b)</sup> <br>|  | 2878000 | &nbsp;&nbsp; 2828434 |
| HPEFS Equipment Trust, | HPEFS Equipment Trust, |  |  |
| Series 2023-2A, Class D, 6.97%, <br> 07/21/2031<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1523677 |
| Series 2024-1A, Class D, 5.82%, <br> 11/20/2031<sup>(a)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2537255 |
| JP Morgan Mortgage Trust, <br> Series 2024-5, Class A6, 6.00%, <br> 11/25/2054<sup>(a)(b)</sup> <br>|  | 1049052 | &nbsp;&nbsp; 1056046 |
| MACH 1 Cayman Ltd., Series 2019-1, <br> Class B, 4.34%, 10/15/2039<sup>(a)</sup> <br>|  | 248302 | &nbsp;&nbsp; 245948 |
| Metronet Infrastructure Issuer LLC, <br> 6.01%, 07/20/2055<sup>(e)</sup> <br>|  | 750000 | &nbsp;&nbsp; 751903 |
| MILE Trust, Series 2025-STNE, Class A, <br> 5.86% (1 mo. Term SOFR + <br> 1.50%), 07/15/2042<sup>(a)(c)</sup> <br>|  | 1630000 | &nbsp;&nbsp; 1633135 |
| Morgan Stanley Capital I Trust, <br> Series 2017-H1, Class A5, 3.53%, <br> 06/15/2050<br>|  | 100000 | &nbsp;&nbsp; 98368 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2023-NQM1, <br> Class A3, 7.53%, 09/25/2068<sup>(a)</sup> <br>|  | 1687049 | &nbsp;&nbsp; 1712491 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| MSWF Commercial Mortgage Trust, <br> Series 2023-1, Class A2, 6.45%, <br> 05/15/2056<br>|  | $2000000 | &nbsp;&nbsp; $2093489 |
| Navistar Financial Dealer Note Master <br> Owner Trust, Series 2024-1, <br> Class C, 6.13%, 04/25/2029<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2014267 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2022-NQM7, Class A1, <br> 5.11%, 08/25/2062<sup>(a)</sup> <br>|  | 4590430 | &nbsp;&nbsp; 4578907 |
| Series 2022-NQM7, Class A3, <br> 5.70%, 08/25/2062<sup>(a)</sup> <br>|  | 947354 | &nbsp;&nbsp; 946029 |
| Series 2023-NQM1, Class A3, <br> 6.50%, 11/25/2062<sup>(a)(b)</sup> <br>|  | 2307336 | &nbsp;&nbsp; 2307496 |
| Series 2024-NQM5, Class A1, <br> 5.99%, 01/25/2064<sup>(a)</sup> <br>|  | 974538 | &nbsp;&nbsp; 983045 |
| Series 2025-HE1, Class A1, 5.95% <br> (30 Day Average SOFR + 1.60%), <br> 02/25/2055<sup>(a)(c)</sup> <br>|  | 554448 | &nbsp;&nbsp; 557529 |
| PRPM Trust, Series 2023-NQM3, <br> Class A3, 6.98%, 11/25/2068<sup>(a)</sup> <br>|  | 2168103 | &nbsp;&nbsp; 2196563 |
| Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(a)</sup> <br>|  | 2992500 | &nbsp;&nbsp; 3132335 |
| Rad CLO 18 Ltd., Series 2023-18A, <br> Class BR, 6.22% (3 mo. Term SOFR <br> + 1.90%), 07/15/2037<sup>(a)(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2508437 |
| Residential Mortgage Loan Trust, <br> Series 2019-3, Class B1, 3.81%, <br> 09/25/2059<sup>(a)(b)</sup> <br>|  | 3276000 | &nbsp;&nbsp; 3222468 |
| Sapphire Aviation Finance II Ltd., <br> Series 2020-1A, Class B, 4.34%, <br> 03/15/2040<sup>(a)</sup> <br>|  | 1654257 | &nbsp;&nbsp; 1520696 |
| Seasoned Credit Risk Transfer Trust, <br> Series 2017-4, Class M, 4.75%, <br> 06/25/2057<sup>(a)(b)</sup> <br>|  | 1729856 | &nbsp;&nbsp; 1708214 |
| SG Residential Mortgage Trust, <br> Series 2022-1, Class M1, 3.95%, <br> 03/27/2062<sup>(a)(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 3204336 |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2I, 3.85%, 01/20/2050<sup>(a)</sup> <br>|  | 1995000 | &nbsp;&nbsp; 1961714 |
| Stack Infrastructure Issuer LLC, <br> Series 2023-3A, Class A2, 5.90%, <br> 10/25/2048<sup>(a)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2522025 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A2I, 6.27%, <br> 07/30/2054<sup>(a)</sup> <br>|  | 858512 | &nbsp;&nbsp; 880276 |
| Series 2024-3A, Class A2I, 5.57%, <br> 07/30/2054<sup>(a)</sup> <br>|  | 2257937 | &nbsp;&nbsp; 2267319 |
| Taco Bell Funding LLC, Series 2021-<br> 1A, Class A23, 2.54%, <br> 08/25/2051<sup>(a)</sup> <br>|  | 982500 | &nbsp;&nbsp; 859868 |
| Textainer Marine Containers VII Ltd. <br> (China), | Textainer Marine Containers VII Ltd. <br> (China), |  |  |
| Series 2020-1A, Class B, 4.94%, <br> 08/21/2045<sup>(a)</sup> <br>|  | 1715000 | &nbsp;&nbsp; 1691154 |
| Series 2021-1A, Class B, 2.52%, <br> 02/20/2046<sup>(a)</sup> <br>|  | 1655897 | &nbsp;&nbsp; 1537094 |
| Series 2021-2A, Class B, 2.82%, <br> 04/20/2046<sup>(a)</sup> <br>|  | 2940000 | &nbsp;&nbsp; 2730620 |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2023-1A, Class A2, 6.00%, <br> 06/25/2053<sup>(a)</sup> <br>|  | 666667 | &nbsp;&nbsp; 667994 |
| Series 2025-1A, Class A2, 6.15%, <br> 04/26/2055<sup>(a)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4070485 |
| Triton Container Finance IX LLC, <br> Series 2025-1A, Class C, 6.21%, <br> 06/20/2050<sup>(a)</sup> <br>|  | 1477500 | &nbsp;&nbsp; 1499434 |

---

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

**3**

**Invesco Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| USB Auto Owner Trust 2025-1, <br> Series 2025-1A, Class D, 5.40%, <br> 12/15/2032<sup>(a)</sup> <br>|  | $1250000 | &nbsp;&nbsp; $1272630 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2022-INV2, Class A3, <br> 6.79%, 10/25/2067<sup>(a)</sup> <br>|  | 1270587 | &nbsp;&nbsp; 1267960 |
| Series 2023-INV2, Class A3, <br> 7.08%, 08/25/2068<sup>(a)</sup> <br>|  | 1584734 | &nbsp;&nbsp; 1600262 |
| Vista Point Securitization Trust, <br> Series 2020-1, Class M1, 4.15%, <br> 03/25/2065<sup>(a)(b)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2079222 |
| Voya CLO Ltd., Series 2014-1A, <br> Class CR2, 7.39% (3 mo. Term <br> SOFR + 3.06%), 04/18/2031<sup>(a)(c)</sup> <br>|  | 1300000 | &nbsp;&nbsp; 1302803 |
| WBHT Commercial Mortgage Trust, <br> Series 2025-WBM, Class B, 6.55% <br> (1 mo. Term SOFR + 2.19%), <br> 06/15/2042<sup>(a)(c)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1503320 |
| Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |  |
| Series 2017-C38, Class AS, <br> 3.67%, 07/15/2050<sup>(b)</sup> <br>|  | 2647358 | &nbsp;&nbsp; 2577626 |
| Series 2017-RC1, Class D, 3.25%, <br> 01/15/2060<sup>(a)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 3543298 |
| Wendy's Funding LLC, | Wendy's Funding LLC, |  |  |
| Series 2018-1A, Class A2II, <br> 3.88%, 03/15/2048<sup>(a)</sup> <br>|  | 1105120 | &nbsp;&nbsp; 1084941 |
| Series 2021-1A, Class A2II, <br> 2.78%, 06/15/2051<sup>(a)</sup> <br>|  | 1343992 | &nbsp;&nbsp; 1200306 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, 3.24%, <br> 07/30/2051<sup>(a)</sup> <br>|  | 3302399 | &nbsp;&nbsp; 3113171 |
| Series 2024-1A, Class A2I, 6.59%, <br> 04/30/2054<sup>(a)</sup> <br>|  | 559350 | &nbsp;&nbsp; 574378 |
| Zayo Issuer LLC, Series 2025-2A, <br> Class A2, 5.95%, 06/20/2055<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2067683 |
| Total Asset-Backed Securities (Cost $213,653,958) | Total Asset-Backed Securities (Cost $213,653,958) | Total Asset-Backed Securities (Cost $213,653,958) | &nbsp;&nbsp; 205863572 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.74%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.74%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.74%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–22.74%** |
| **Collateralized Mortgage Obligations–1.27%** | **Collateralized Mortgage Obligations–1.27%** | **Collateralized Mortgage Obligations–1.27%** | **Collateralized Mortgage Obligations–1.27%** |
| Fannie Mae REMICs, IO, <br>2.50%, 08/25/2049<sup>(f)</sup> <br>|  | 11653288 | &nbsp;&nbsp; 1701905 |
| Freddie Mac REMICs, IO, <br>2.50%, 09/25/2048<sup>(f)</sup> <br>|  | 12774257 | &nbsp;&nbsp; 1782083 |
|  |  |  | &nbsp;&nbsp; 3483988 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–3.71%** | **Federal Home Loan Mortgage Corp. (FHLMC)–3.71%** | **Federal Home Loan Mortgage Corp. (FHLMC)–3.71%** | **Federal Home Loan Mortgage Corp. (FHLMC)–3.71%** |
| 6.50%, 06/01/2029 to <br> 08/01/2032<br>|  | 1303 | &nbsp;&nbsp; 1355 |
| 7.00%, 03/01/2032 to <br> 05/01/2032<br>|  | 257 | &nbsp;&nbsp; 271 |
| 5.50%, 05/01/2053 |  | 6058290 | &nbsp;&nbsp; 6152477 |
| 6.00%, 06/01/2053 |  | 3909488 | &nbsp;&nbsp; 4010736 |
|  |  |  | &nbsp;&nbsp; 10164839 |
| **Federal National Mortgage Association (FNMA)–2.91%** | **Federal National Mortgage Association (FNMA)–2.91%** | **Federal National Mortgage Association (FNMA)–2.91%** | **Federal National Mortgage Association (FNMA)–2.91%** |
| 6.50%, 02/01/2028 to <br> 10/01/2036<br>|  | 1510 | &nbsp;&nbsp; 1569 |
| 7.00%, 06/01/2029 |  | 60 | &nbsp;&nbsp; 63 |
| 8.00%, 10/01/2029 |  | 7 | &nbsp;&nbsp; 7 |
| 6.00%, 06/01/2053 |  | 7749384 | &nbsp;&nbsp; 7968191 |
|  |  |  | &nbsp;&nbsp; 7969830 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–12.69%** | **Government National Mortgage Association (GNMA)–12.69%** | **Government National Mortgage Association (GNMA)–12.69%** | **Government National Mortgage Association (GNMA)–12.69%** |
| 8.00%, 10/15/2025 to <br> 12/15/2030<br>|  | $96787 | &nbsp;&nbsp; $101265 |
| 6.95%, 11/20/2026 |  | 2741 | &nbsp;&nbsp; 2744 |
| 7.00%, 02/15/2027 to <br> 12/15/2036<br>|  | 149117 | &nbsp;&nbsp; 151312 |
| 6.50%, 10/15/2027 to <br> 09/15/2032<br>|  | 206 | &nbsp;&nbsp; 209 |
| 8.50%, 01/15/2037 |  | 10785 | &nbsp;&nbsp; 10791 |
| TBA, <br>2.50%, 09/01/2055<sup>(g)</sup> <br>|  | 5495000 | &nbsp;&nbsp; 4685241 |
| 5.00%, 09/01/2055<sup>(g)</sup> <br>|  | 13550000 | &nbsp;&nbsp; 13416595 |
| 5.50%, 09/01/2055<sup>(g)</sup> <br>|  | 12500000 | &nbsp;&nbsp; 12595662 |
| 6.00%, 09/01/2055<sup>(g)</sup> <br>|  | 3700000 | &nbsp;&nbsp; 3774517 |
|  |  |  | &nbsp;&nbsp; 34738336 |
| **Uniform Mortgage-Backed Securities–2.16%** | **Uniform Mortgage-Backed Securities–2.16%** | **Uniform Mortgage-Backed Securities–2.16%** | **Uniform Mortgage-Backed Securities–2.16%** |
| TBA, <br>3.00%, 09/01/2055<sup>(g)</sup> <br>|  | 4944000 | &nbsp;&nbsp; 4284075 |
| 6.00%, 09/01/2055<sup>(g)</sup> <br>|  | 1580000 | &nbsp;&nbsp; 1614318 |
|  |  |  | &nbsp;&nbsp; 5898393 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $61,106,393) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $61,106,393) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $61,106,393) | &nbsp;&nbsp; 62255386 |
| **U.S. Treasury Securities–7.84%** | **U.S. Treasury Securities–7.84%** | **U.S. Treasury Securities–7.84%** | **U.S. Treasury Securities–7.84%** |
| **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** | **U.S. Treasury Bills–0.64%** |
| 3.83% - 4.12%, 05/14/2026<sup>(h)(i)</sup> <br>|  | 1798000 | &nbsp;&nbsp; 1750809 |
| **U.S. Treasury Notes–7.20%** | **U.S. Treasury Notes–7.20%** | **U.S. Treasury Notes–7.20%** | **U.S. Treasury Notes–7.20%** |
| 4.25%, 11/30/2026 |  | 2500000 | &nbsp;&nbsp; 2513672 |
| 3.88%, 03/31/2027 |  | 1000000 | &nbsp;&nbsp; 1002715 |
| 3.63%, 08/15/2028 |  | 8000000 | &nbsp;&nbsp; 8010937 |
| 4.50%, 05/31/2029 |  | 1000000 | &nbsp;&nbsp; 1030410 |
| 4.13%, 10/31/2029 |  | 4000000 | &nbsp;&nbsp; 4073047 |
| 4.25%, 01/31/2030 |  | 3000000 | &nbsp;&nbsp; 3071133 |
|  |  |  | &nbsp;&nbsp; 19701914 |
| Total U.S. Treasury Securities (Cost $21,228,866) | Total U.S. Treasury Securities (Cost $21,228,866) | Total U.S. Treasury Securities (Cost $21,228,866) | &nbsp;&nbsp; 21452723 |
| **Agency Credit Risk Transfer Notes–5.56%** | **Agency Credit Risk Transfer Notes–5.56%** | **Agency Credit Risk Transfer Notes–5.56%** | **Agency Credit Risk Transfer Notes–5.56%** |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |  |
| Series 2023-R07, Class 2M2, <br> 7.60% (30 Day Average SOFR + <br> 3.25%), 09/25/2043<sup>(a)(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2603099 |
| Series 2023-R08, Class 1M2, <br> 6.85% (30 Day Average SOFR + <br> 2.50%), 10/25/2043<sup>(a)(c)</sup> <br>|  | 785000 | &nbsp;&nbsp; 808026 |
| Series 2025-R02, Class 1M1, <br> 5.50% (30 Day Average SOFR + <br> 1.15%), 02/25/2045<sup>(a)(c)</sup> <br>|  | 591196 | &nbsp;&nbsp; 592652 |

---

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

**4**

**Invesco Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.25% (30 Day Average <br> SOFR + 2.90%), 04/25/2042<sup>(a)(c)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3090037 |
| Series 2022-DNA4, Class M1, <br> STACR<sup>®</sup>, 7.70% (30 Day Average <br> SOFR + 3.35%), 05/25/2042<sup>(a)(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1038691 |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 8.05% (30 Day Average <br> SOFR + 3.70%), 09/25/2042<sup>(a)(c)</sup> <br>|  | 2250000 | &nbsp;&nbsp; 2366142 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 7.45% (30 Day Average <br> SOFR + 3.10%), 03/25/2043<sup>(a)(c)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3135616 |
| Series 2023-HQA3, Class M2, <br> STACR<sup>®</sup>, 7.70% (30 Day Average <br> SOFR + 3.35%), 11/25/2043<sup>(a)(c)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1584428 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $14,916,820) | Total Agency Credit Risk Transfer Notes <br> (Cost $14,916,820) | Total Agency Credit Risk Transfer Notes <br> (Cost $14,916,820) | &nbsp;&nbsp; 15218691 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–1.20%** | **Preferred Stocks–1.20%** | **Preferred Stocks–1.20%** | **Preferred Stocks–1.20%** |
| **Mortgage REITs–1.20%** | **Mortgage REITs–1.20%** | **Mortgage REITs–1.20%** | **Mortgage REITs–1.20%** |
| Chimera Investment Corp., 7.75%, <br> Series C, Pfd.<sup>(j)</sup>  | Chimera Investment Corp., 7.75%, <br> Series C, Pfd.<sup>(j)</sup>  | 26638 | &nbsp;&nbsp; 619333 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Mortgage REITs–(continued)** | **Mortgage REITs–(continued)** | **Mortgage REITs–(continued)** |
| PennyMac Mortgage Investment Trust, <br> 8.00%, Series B, Pfd. | 68689 | &nbsp;&nbsp; $1645102 |
| Redwood Trust, Inc., 10.00%, Pfd.<sup>(j)</sup>  | 40000 | &nbsp;&nbsp; 1016000 |
| Total Preferred Stocks (Cost $3,284,759) | Total Preferred Stocks (Cost $3,284,759) | &nbsp;&nbsp; 3280435 |
| **Money Market Funds–0.94%** | **Money Market Funds–0.94%** | **Money Market Funds–0.94%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(k)(l)</sup>  | 1547628 | &nbsp;&nbsp; 1547628 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(k)(l)</sup>  | 1031752 | &nbsp;&nbsp; 1031752 |
| Total Money Market Funds (Cost $2,579,380) | Total Money Market Funds (Cost $2,579,380) | &nbsp;&nbsp; 2579380 |
| TOTAL INVESTMENTS IN SECURITIES–113.47% <br> (Cost $316,770,176) | TOTAL INVESTMENTS IN SECURITIES–113.47% <br> (Cost $316,770,176) | &nbsp;&nbsp; 310650187 |
| OTHER ASSETS LESS LIABILITIES—(13.47)% | OTHER ASSETS LESS LIABILITIES—(13.47)% | &nbsp;&nbsp; (36877067)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $273773120 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| IO | – Interest Only |
| Pfd. | – Preferred |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

Notes to Schedule of Investments:

<sup>(a)</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 $180,993,811, which represented 66.11% of the Fund's Net Assets. 

<sup>(b)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025. 

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

<sup>(d)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025. 

<sup>(e)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(f)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

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

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

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

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

<sup>(k)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $3003437 | &nbsp;&nbsp; $21681199 | &nbsp;&nbsp; $(23137008) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1547628 | &nbsp;&nbsp; $53475 |
| Invesco Treasury Portfolio, Institutional Class | 2002292 | &nbsp;&nbsp; 14454133 | &nbsp;&nbsp; (15424673) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1031752 | &nbsp;&nbsp; 35425 |
| Total | $5005729 | &nbsp;&nbsp; $36135332 | &nbsp;&nbsp; $(38561681) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2579380 | &nbsp;&nbsp; $88900 |

---

<sup>(l)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

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

**5**

**Invesco Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 155 | December-2025 | &nbsp;&nbsp;&nbsp; $32323555 | &nbsp;&nbsp;&nbsp; $73631 | &nbsp;&nbsp;&nbsp; $73631 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 130 | December-2025 | &nbsp;&nbsp;&nbsp; 14230937 | &nbsp;&nbsp;&nbsp; 91209 | &nbsp;&nbsp;&nbsp; 91209 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 164840 | &nbsp;&nbsp;&nbsp; 164840 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 121 | December-2025 | &nbsp;&nbsp;&nbsp; (13612500)<br>| &nbsp;&nbsp;&nbsp; (40850)<br>| &nbsp;&nbsp;&nbsp; (40850)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 85 | December-2025 | &nbsp;&nbsp;&nbsp; (9724531)<br>| &nbsp;&nbsp;&nbsp; (20374)<br>| &nbsp;&nbsp;&nbsp; (20374)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 175 | December-2025 | &nbsp;&nbsp;&nbsp; (19993750)<br>| &nbsp;&nbsp;&nbsp; 43154 | &nbsp;&nbsp;&nbsp; 43154 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 68 | December-2025 | &nbsp;&nbsp;&nbsp; (7926250)<br>| &nbsp;&nbsp;&nbsp; 47254 | &nbsp;&nbsp;&nbsp; 47254 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 29184 | &nbsp;&nbsp;&nbsp; 29184 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $194024 | &nbsp;&nbsp;&nbsp; $194024 |

---

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

**6**

**Invesco Income Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $314,190,796)<br>| &nbsp;&nbsp; $308070807 |
| Investments in affiliated money market funds, at value <br> (Cost $2,579,380)<br>| &nbsp;&nbsp; 2579380 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 215358 |
| Receivable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 4259572 |
| Fund shares sold | &nbsp;&nbsp; 2634392 |
| Dividends | &nbsp;&nbsp; 43315 |
| Interest | &nbsp;&nbsp; 1112627 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 182042 |
| Other assets | &nbsp;&nbsp; 71379 |
| Total assets | &nbsp;&nbsp; 319168872 |
| **Liabilities:** |  |
| Payable for: |  |
| TBA purchased commitment | &nbsp;&nbsp; 44579695 |
| Dividends | &nbsp;&nbsp; 149696 |
| Fund shares reacquired | &nbsp;&nbsp; 161171 |
| Amount due custodian | &nbsp;&nbsp; 108044 |
| Accrued fees to affiliates | &nbsp;&nbsp; 153376 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2046 |
| Accrued other operating expenses | &nbsp;&nbsp; 54487 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 187237 |
| Total liabilities | &nbsp;&nbsp; 45395752 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $273773120 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $376697348 |
| Distributable earnings (loss) | &nbsp;&nbsp; (102924228)<br>|
|  | &nbsp;&nbsp; $273773120 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $238289255 |
| Class C | &nbsp;&nbsp; $6371020 |
| Class R | &nbsp;&nbsp; $5583545 |
| Class Y | &nbsp;&nbsp; $9974635 |
| Investor Class | &nbsp;&nbsp; $12627003 |
| Class R5 | &nbsp;&nbsp; $409193 |
| Class R6 | &nbsp;&nbsp; $518469 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 33644623 |
| Class C | &nbsp;&nbsp; 899038 |
| Class R | &nbsp;&nbsp; 787866 |
| Class Y | &nbsp;&nbsp; 1406779 |
| Investor Class | &nbsp;&nbsp; 1780327 |
| Class R5 | &nbsp;&nbsp; 57744 |
| Class R6 | &nbsp;&nbsp; 73142 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $7.08 |
| Maximum offering price per share <br>(Net asset value of $7.08 ÷ 95.75%)<br>| &nbsp;&nbsp; $7.39 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.09 |

---

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

**7**

**Invesco Income Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $7820137 |
| Dividends | &nbsp;&nbsp; 144495 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 88900 |
| Total investment income | &nbsp;&nbsp; 8053532 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 642006 |
| Administrative services fees | &nbsp;&nbsp; 19345 |
| Custodian fees | &nbsp;&nbsp; 17647 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 297974 |
| Class C | &nbsp;&nbsp; 29411 |
| Class R | &nbsp;&nbsp; 13249 |
| Investor Class | &nbsp;&nbsp; 10086 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 237417 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 198 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 29 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11501 |
| Registration and filing fees | &nbsp;&nbsp; 49376 |
| Reports to shareholders | &nbsp;&nbsp; 24631 |
| Professional services fees | &nbsp;&nbsp; 30561 |
| Other | &nbsp;&nbsp; 8063 |
| Total expenses | &nbsp;&nbsp; 1391494 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (11884)<br>|
| Net expenses | &nbsp;&nbsp; 1379610 |
| Net investment income | &nbsp;&nbsp; 6673922 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 272024 |
| Futures contracts | &nbsp;&nbsp; 559630 |
|  | &nbsp;&nbsp; 831654 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1144608 |
| Futures contracts | &nbsp;&nbsp; 253107 |
|  | &nbsp;&nbsp; 1397715 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2229369 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $8903291 |

---

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

**8**

**Invesco Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6673922 | &nbsp;&nbsp; $14042299 |
| Net realized gain (loss) | &nbsp;&nbsp; 831654 | &nbsp;&nbsp; (1943503)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 1397715 | &nbsp;&nbsp; 9769397 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8903291 | &nbsp;&nbsp; 21868193 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (6105189)<br>| &nbsp;&nbsp; (13017904)<br>|
| Class C | &nbsp;&nbsp; (128908)<br>| &nbsp;&nbsp; (214550)<br>|
| Class R | &nbsp;&nbsp; (129203)<br>| &nbsp;&nbsp; (245144)<br>|
| Class Y | &nbsp;&nbsp; (195104)<br>| &nbsp;&nbsp; (397329)<br>|
| Investor Class | &nbsp;&nbsp; (334936)<br>| &nbsp;&nbsp; (749842)<br>|
| Class R5 | &nbsp;&nbsp; (10766)<br>| &nbsp;&nbsp; (22197)<br>|
| Class R6 | &nbsp;&nbsp; (13226)<br>| &nbsp;&nbsp; (368726)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6917332)<br>| &nbsp;&nbsp; (15015692)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (1996426)<br>| &nbsp;&nbsp; (8182963)<br>|
| Class C | &nbsp;&nbsp; 1270696 | &nbsp;&nbsp; 585604 |
| Class R | &nbsp;&nbsp; 433563 | &nbsp;&nbsp; 98530 |
| Class Y | &nbsp;&nbsp; 3393149 | &nbsp;&nbsp; (836000)<br>|
| Investor Class | &nbsp;&nbsp; (704524)<br>| &nbsp;&nbsp; (892868)<br>|
| Class R5 | &nbsp;&nbsp; 21491 | &nbsp;&nbsp; 2509 |
| Class R6 | &nbsp;&nbsp; 99352 | &nbsp;&nbsp; (82127554)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 2517301 | &nbsp;&nbsp; (91352742)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 4503260 | &nbsp;&nbsp; (84500241)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 269269860 | &nbsp;&nbsp; 353770101 |
| End of period | &nbsp;&nbsp; $273773120 | &nbsp;&nbsp; $269269860 |

---

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

**9**

**Invesco Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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>| **Return of** <br>**capital**<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** |
| Six months ended 08/31/25 | $7.03 | $0.17 | $0.06 | $0.23 | $(0.18)<br>| $— | $(0.18)<br>| $7.08 | 3.33<br> %<br>| &nbsp;&nbsp; $238289 | 1.01 %<sup>(d)</sup><br>| 1.02 %<sup>(d)</sup><br>| 4.94 %<sup>(d)</sup><br>| 102<br> %<br>|
| Year ended 02/28/25 | 6.85 | 0.36 | 0.20 | 0.56 | (0.38)<br>|  | (0.38)<br>| 7.03 | 8.42 | &nbsp;&nbsp; 238550 | 1.02 | 1.03 | 5.15 | 183 |
| Year ended 02/29/24 | 7.00 | 0.32 | (0.08)<br>| 0.24 | (0.39)<br>|  | (0.39)<br>| 6.85 | 3.62 | &nbsp;&nbsp; 240670 | 0.99 | 1.00 | 4.68 | 268 |
| Year ended 02/28/23 | 7.71 | 0.28 | (0.73)<br>| (0.45)<br>| (0.26)<br>|  | (0.26)<br>| 7.00 | (5.88)<br>| &nbsp;&nbsp; 257447 | 0.96 | 0.97 | 3.95 | 199 |
| Year ended 02/28/22 | 7.94 | 0.20 | (0.20)<br>| 0.00 | (0.23)<br>|  | (0.23)<br>| 7.71 | (0.06)<br>| &nbsp;&nbsp; 303030 | 0.91 | 0.91 | 2.56 | 220 |
| Year ended 02/28/21 | 8.68 | 0.23 | (0.66)<br>| (0.43)<br>| (0.30)<br>| (0.01)<br>| (0.31)<br>| 7.94 | (4.62)<br>| &nbsp;&nbsp; 336319 | 0.97 | 0.97 | 3.16 | 276 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 7.03 | 0.15 | 0.07 | 0.22 | (0.16)<br>|  | (0.16)<br>| 7.09 | 3.09 | &nbsp;&nbsp; 6371 | 1.76 <br><sup>(d)</sup><br>| 1.77 <br><sup>(d)</sup><br>| 4.19 <br><sup>(d)</sup><br>| 102 |
| Year ended 02/28/25 | 6.86 | 0.30 | 0.20 | 0.50 | (0.33)<br>|  | (0.33)<br>| 7.03 | 7.46 | &nbsp;&nbsp; 5045 | 1.77 | 1.78 | 4.40 | 183 |
| Year ended 02/29/24 | 7.00 | 0.27 | (0.07)<br>| 0.20 | (0.34)<br>|  | (0.34)<br>| 6.86 | 2.99 | &nbsp;&nbsp; 4340 | 1.74 | 1.75 | 3.93 | 268 |
| Year ended 02/28/23 | 7.71 | 0.23 | (0.74)<br>| (0.51)<br>| (0.20)<br>|  | (0.20)<br>| 7.00 | (6.59)<br>| &nbsp;&nbsp; 4957 | 1.71 | 1.72 | 3.20 | 199 |
| Year ended 02/28/22 | 7.94 | 0.14 | (0.20)<br>| (0.06)<br>| (0.17)<br>|  | (0.17)<br>| 7.71 | (0.81)<br>| &nbsp;&nbsp; 6586 | 1.66 | 1.66 | 1.81 | 220 |
| Year ended 02/28/21 | 8.68 | 0.18 | (0.67)<br>| (0.49)<br>| (0.25)<br>| (0.00)<br>| (0.25)<br>| 7.94 | (5.35)<br>| &nbsp;&nbsp; 5489 | 1.72 | 1.72 | 2.41 | 276 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 7.03 | 0.17 | 0.06 | 0.23 | (0.17)<br>|  | (0.17)<br>| 7.09 | 3.35 | &nbsp;&nbsp; 5584 | 1.26 <br><sup>(d)</sup><br>| 1.27 <br><sup>(d)</sup><br>| 4.69 <br><sup>(d)</sup><br>| 102 |
| Year ended 02/28/25 | 6.86 | 0.34 | 0.19 | 0.53 | (0.36)<br>|  | (0.36)<br>| 7.03 | 7.99 | &nbsp;&nbsp; 5109 | 1.27 | 1.28 | 4.90 | 183 |
| Year ended 02/29/24 | 7.00 | 0.30 | (0.07)<br>| 0.23 | (0.37)<br>|  | (0.37)<br>| 6.86 | 3.52 | &nbsp;&nbsp; 4889 | 1.24 | 1.25 | 4.43 | 268 |
| Year ended 02/28/23 | 7.72 | 0.27 | (0.75)<br>| (0.48)<br>| (0.24)<br>|  | (0.24)<br>| 7.00 | (6.23)<br>| &nbsp;&nbsp; 3945 | 1.21 | 1.22 | 3.70 | 199 |
| Year ended 02/28/22 | 7.95 | 0.18 | (0.20)<br>| (0.02)<br>| (0.21)<br>|  | (0.21)<br>| 7.72 | (0.27)<br>| &nbsp;&nbsp; 4043 | 1.16 | 1.16 | 2.31 | 220 |
| Year ended 02/28/21 | 8.69 | 0.22 | (0.67)<br>| (0.45)<br>| (0.28)<br>| (0.01)<br>| (0.29)<br>| 7.95 | (4.85)<br>| &nbsp;&nbsp; 3832 | 1.22 | 1.22 | 2.91 | 276 |
| **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** |
| Six months ended 08/31/25 | 7.04 | 0.18 | 0.06 | 0.24 | (0.19)<br>|  | (0.19)<br>| 7.09 | 3.46 | &nbsp;&nbsp; 9975 | 0.76 <br><sup>(d)</sup><br>| 0.77 <br><sup>(d)</sup><br>| 5.19 <br><sup>(d)</sup><br>| 102 |
| Year ended 02/28/25 | 6.86 | 0.37 | 0.21 | 0.58 | (0.40)<br>|  | (0.40)<br>| 7.04 | 8.69 | &nbsp;&nbsp; 6525 | 0.77 | 0.78 | 5.40 | 183 |
| Year ended 02/29/24 | 7.01 | 0.34 | (0.08)<br>| 0.26 | (0.41)<br>|  | (0.41)<br>| 6.86 | 3.88 | &nbsp;&nbsp; 7189 | 0.74 | 0.75 | 4.93 | 268 |
| Year ended 02/28/23 | 7.72 | 0.30 | (0.73)<br>| (0.43)<br>| (0.28)<br>|  | (0.28)<br>| 7.01 | (5.63)<br>| &nbsp;&nbsp; 5059 | 0.71 | 0.72 | 4.20 | 199 |
| Year ended 02/28/22 | 7.95 | 0.23 | (0.21)<br>| 0.02 | (0.25)<br>|  | (0.25)<br>| 7.72 | 0.19 | &nbsp;&nbsp; 7659 | 0.66 | 0.66 | 2.81 | 220 |
| Year ended 02/28/21 | 8.69 | 0.26 | (0.67)<br>| (0.41)<br>| (0.32)<br>| (0.01)<br>| (0.33)<br>| 7.95 | (4.37)<br>| &nbsp;&nbsp; 49578 | 0.72 | 0.72 | 3.41 | 276 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 08/31/25 | 7.04 | 0.18 | 0.05 | 0.23 | (0.18)<br>|  | (0.18)<br>| 7.09 | 3.37 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 12627 | 0.92 <br><sup>(d)(e)</sup><br>| 0.93 <br><sup>(d)(e)</sup><br>| 5.03 <br><sup>(d)(e)</sup><br>| 102 |
| Year ended 02/28/25 | 6.86 | 0.36 | 0.21 | 0.57 | (0.39)<br>|  | (0.39)<br>| 7.04 | 8.50 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 13241 | 0.95 <br><sup>(e)</sup><br>| 0.96 <br><sup>(e)</sup><br>| 5.22 <br><sup>(e)</sup><br>| 183 |
| Year ended 02/29/24 | 7.01 | 0.33 | (0.08)<br>| 0.25 | (0.40)<br>|  | (0.40)<br>| 6.86 | 3.70 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 13792 | 0.87 <br><sup>(e)</sup><br>| 0.88 <br><sup>(e)</sup><br>| 4.80 <br><sup>(e)</sup><br>| 268 |
| Year ended 02/28/23 | 7.72 | 0.29 | (0.74)<br>| (0.45)<br>| (0.26)<br>|  | (0.26)<br>| 7.01 | (5.78 )<sup>(e)</sup><br>| &nbsp;&nbsp; 15088 | 0.91 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 4.00 <br><sup>(e)</sup><br>| 199 |
| Year ended 02/28/22 | 7.95 | 0.21 | (0.21)<br>| 0.00 | (0.23)<br>|  | (0.23)<br>| 7.72 | 0.01 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 17588 | 0.83 <br><sup>(e)</sup><br>| 0.83 <br><sup>(e)</sup><br>| 2.64 <br><sup>(e)</sup><br>| 220 |
| Year ended 02/28/21 | 8.69 | 0.24 | (0.67)<br>| (0.43)<br>| (0.30)<br>| (0.01)<br>| (0.31)<br>| 7.95 | (4.55 )<sup>(e)</sup><br>| &nbsp;&nbsp; 19552 | 0.89 <br><sup>(e)</sup><br>| 0.89 <br><sup>(e)</sup><br>| 3.24 <br><sup>(e)</sup><br>| 276 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 7.03 | 0.19 | 0.06 | 0.25 | (0.19)<br>|  | (0.19)<br>| 7.09 | 3.64 | &nbsp;&nbsp; 409 | 0.69 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| 5.26 <br><sup>(d)</sup><br>| 102 |
| Year ended 02/28/25 | 6.86 | 0.38 | 0.19 | 0.57 | (0.40)<br>|  | (0.40)<br>| 7.03 | 8.62 | &nbsp;&nbsp; 385 | 0.70 | 0.70 | 5.47 | 183 |
| Year ended 02/29/24 | 7.00 | 0.34 | (0.07)<br>| 0.27 | (0.41)<br>|  | (0.41)<br>| 6.86 | 4.12 | &nbsp;&nbsp; 373 | 0.66 | 0.66 | 5.01 | 268 |
| Year ended 02/28/23 | 7.72 | 0.31 | (0.75)<br>| (0.44)<br>| (0.28)<br>|  | (0.28)<br>| 7.00 | (5.67)<br>| &nbsp;&nbsp; 351 | 0.61 | 0.62 | 4.30 | 199 |
| Year ended 02/28/22 | 7.94 | 0.23 | (0.19)<br>| 0.04 | (0.26)<br>|  | (0.26)<br>| 7.72 | 0.41 | &nbsp;&nbsp; 405 | 0.54 | 0.54 | 2.93 | 220 |
| Year ended 02/28/21 | 8.68 | 0.26 | (0.67)<br>| (0.41)<br>| (0.32)<br>| (0.01)<br>| (0.33)<br>| 7.94 | (4.26)<br>| &nbsp;&nbsp; 388 | 0.57 | 0.57 | 3.56 | 276 |
| **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** |
| Six months ended 08/31/25 | 7.04 | 0.19 | 0.06 | 0.25 | (0.20)<br>|  | (0.20)<br>| 7.09 | 3.54 | &nbsp;&nbsp; 518 | 0.60 <br><sup>(d)</sup><br>| 0.60 <br><sup>(d)</sup><br>| 5.35 <br><sup>(d)</sup><br>| 102 |
| Year ended 02/28/25 | 6.84 | 0.38 | 0.23 | 0.61 | (0.41)<br>|  | (0.41)<br>| 7.04 | 9.19 | &nbsp;&nbsp; 415 | 0.63 | 0.63 | 5.54 | 183 |
| Year ended 02/29/24 | 6.99 | 0.35 | (0.08)<br>| 0.27 | (0.42)<br>|  | (0.42)<br>| 6.84 | 4.04 | &nbsp;&nbsp; 82517 | 0.59 | 0.59 | 5.08 | 268 |
| Year ended 02/28/23 | 7.70 | 0.31 | (0.73)<br>| (0.42)<br>| (0.29)<br>|  | (0.29)<br>| 6.99 | (5.49)<br>| &nbsp;&nbsp; 100183 | 0.54 | 0.55 | 4.37 | 199 |
| Year ended 02/28/22 | 7.93 | 0.24 | (0.21)<br>| 0.03 | (0.26)<br>|  | (0.26)<br>| 7.70 | 0.36 | &nbsp;&nbsp; 162015 | 0.49 | 0.49 | 2.98 | 220 |
| Year ended 02/28/21 | 8.67 | 0.27 | (0.67)<br>| (0.40)<br>| (0.33)<br>| (0.01)<br>| (0.34)<br>| 7.93 | (4.23)<br>| &nbsp;&nbsp; 227247 | 0.52 | 0.52 | 3.61 | 276 |

---

<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. Does not include sales charges and is 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.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.16%, 0.18%, 0.13%, 0.20%, 0.17% and 0.17% for the six months ended August 31, 2025 and the years ended February 28, 2025, February 29, 2024, February 28, 2023, February 28, 2022 and February 28, 2021, respectively. 

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

**10**

**Invesco Income Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Income Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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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.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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

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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.

**J.** **Commercial Mortgage-Backed Securities** – The Fund may invest in both single and multi-issuer Commercial Mortgage-Backed Securities ("CMBS"). This includes both investment grade and non-investment grade CMBS as well as other non-rated CMBS. A CMBS is a type of mortgage-backed security that is secured by one or more mortgage loans on interests in commercial real estate property. CMBS differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. Investments in CMBS are subject to the various risks which relate to the pool of underlying assets in which the CMBS represents an interest. Securities backed by commercial real estate assets are subject to securities market risks as well as risks similar to those of direct ownership of commercial real estate loans. Risks include the ability of a borrower to meet its obligations on the loan which could lead to default or foreclosure of the property. Such actions may impact the amount of proceeds ultimately derived from the loan, and the timing of receipt of such proceeds.

Management estimates future expected cash flows at the time of purchase based on the anticipated repayment dates on the CMBS. Subsequent changes in expected cash flow projection may result in a prospective change in the timing or character of income recognized on these securities, or the amortized cost of these securities. The Fund amortizes premiums and/or accretes discounts based on the projected cash flows. Realized and unrealized gains and losses on CMBS are included in the Statement of Operations as *Net realized gain (loss) from unaffiliated investment securities* and *Change in net unrealized appreciation (depreciation)of unaffiliated investment securities*, respectively.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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

**M.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund executes its dollar roll transactions in the *to be announced* ("TBA") market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

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

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

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

**P.** **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.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CLOs may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to CLO securities as a class. The risks of CLOs will be greater if the Fund invests in CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of the CLO that absorbs losses from the defaults before senior tranches. In addition, CLOs are subject to interest rate risk and credit risk.

The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to

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**Invesco Income Fund**

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evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.

The Fund's investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund's investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

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

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with 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** | **Rate** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Next $19.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.300% |
| Over $20.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.240% |

---

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.47%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.50%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $2,363.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

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The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $4,436 in front-end sales commissions from the sale of Class A shares and $805 and $313 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $204404189 | &nbsp;&nbsp;&nbsp;&nbsp; $1459383 | &nbsp;&nbsp;&nbsp;&nbsp; $205863572 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62255386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62255386 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21452723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21452723 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15218691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15218691 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3280435 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3280435 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2579380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2579380 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 5859815 | &nbsp;&nbsp;&nbsp;&nbsp; 303330989 | &nbsp;&nbsp;&nbsp;&nbsp; 1459383 | &nbsp;&nbsp;&nbsp;&nbsp; 310650187 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 255248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255248 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (61224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61224)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 194024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194024 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6053839 | &nbsp;&nbsp;&nbsp;&nbsp; $303330989 | &nbsp;&nbsp;&nbsp;&nbsp; $1459383 | &nbsp;&nbsp;&nbsp;&nbsp; $310844211 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**15**

**Invesco Income Fund**

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $255248 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (255248)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(61224)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 61224 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

**Effect of Derivative Investments for the six months ended August 31, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $559630 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 253107 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $812737 |

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $98058965 |

---

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $9,521.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Tax Information**

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

**16**

**Invesco Income Fund**

------

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

The Fund had a capital loss carryforward as of February 28, 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; $22752546 | &nbsp;&nbsp;&nbsp;&nbsp; $76243247 | &nbsp;&nbsp;&nbsp;&nbsp; $98995793 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $23,236,981 and $24,785,910, 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; $5421211 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (10230420)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(4809209)<br>|

---

Cost of investments for tax purposes is $315,653,420.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1020241 | &nbsp;&nbsp;&nbsp; $7166298 | &nbsp;&nbsp;&nbsp; 2006510 | &nbsp;&nbsp;&nbsp; $13934095 |
| Class C | &nbsp;&nbsp;&nbsp; 317047 | &nbsp;&nbsp;&nbsp; 2220280 | &nbsp;&nbsp;&nbsp; 269146 | &nbsp;&nbsp;&nbsp; 1867490 |
| Class R | &nbsp;&nbsp;&nbsp; 91872 | &nbsp;&nbsp;&nbsp; 645344 | &nbsp;&nbsp;&nbsp; 215037 | &nbsp;&nbsp;&nbsp; 1492666 |
| Class Y | &nbsp;&nbsp;&nbsp; 582987 | &nbsp;&nbsp;&nbsp; 4118640 | &nbsp;&nbsp;&nbsp; 305238 | &nbsp;&nbsp;&nbsp; 2116943 |
| Investor Class | &nbsp;&nbsp;&nbsp; 40954 | &nbsp;&nbsp;&nbsp; 287938 | &nbsp;&nbsp;&nbsp; 61695 | &nbsp;&nbsp;&nbsp; 428474 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1636 | &nbsp;&nbsp;&nbsp; 11498 | &nbsp;&nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp; 15229 |
| Class R6 | &nbsp;&nbsp;&nbsp; 12404 | &nbsp;&nbsp;&nbsp; 87054 | &nbsp;&nbsp;&nbsp; 60461 | &nbsp;&nbsp;&nbsp; 418916 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 759291 | &nbsp;&nbsp;&nbsp; 5340243 | &nbsp;&nbsp;&nbsp; 1645284 | &nbsp;&nbsp;&nbsp; 11393498 |
| Class C | &nbsp;&nbsp;&nbsp; 15485 | &nbsp;&nbsp;&nbsp; 109055 | &nbsp;&nbsp;&nbsp; 26316 | &nbsp;&nbsp;&nbsp; 182375 |
| Class R | &nbsp;&nbsp;&nbsp; 18288 | &nbsp;&nbsp;&nbsp; 128784 | &nbsp;&nbsp;&nbsp; 35076 | &nbsp;&nbsp;&nbsp; 242996 |
| Class Y | &nbsp;&nbsp;&nbsp; 16252 | &nbsp;&nbsp;&nbsp; 114441 | &nbsp;&nbsp;&nbsp; 35341 | &nbsp;&nbsp;&nbsp; 244809 |
| Investor Class | &nbsp;&nbsp;&nbsp; 44007 | &nbsp;&nbsp;&nbsp; 309872 | &nbsp;&nbsp;&nbsp; 101017 | &nbsp;&nbsp;&nbsp; 700472 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp; 10528 | &nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp; 20882 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1847 | &nbsp;&nbsp;&nbsp; 13005 | &nbsp;&nbsp;&nbsp; 53488 | &nbsp;&nbsp;&nbsp; 367522 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 31310 | &nbsp;&nbsp;&nbsp; 220426 | &nbsp;&nbsp;&nbsp; 72705 | &nbsp;&nbsp;&nbsp; 503534 |
| Class C | &nbsp;&nbsp;&nbsp; (31285)<br>| &nbsp;&nbsp;&nbsp; (220426)<br>| &nbsp;&nbsp;&nbsp; (72638)<br>| &nbsp;&nbsp;&nbsp; (503534)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2098308)<br>| &nbsp;&nbsp;&nbsp; (14723393)<br>| &nbsp;&nbsp;&nbsp; (4918178)<br>| &nbsp;&nbsp;&nbsp; (34014090)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (119384)<br>| &nbsp;&nbsp;&nbsp; (838213)<br>| &nbsp;&nbsp;&nbsp; (138568)<br>| &nbsp;&nbsp;&nbsp; (960727)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (48606)<br>| &nbsp;&nbsp;&nbsp; (340565)<br>| &nbsp;&nbsp;&nbsp; (236935)<br>| &nbsp;&nbsp;&nbsp; (1637132)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (119497)<br>| &nbsp;&nbsp;&nbsp; (839932)<br>| &nbsp;&nbsp;&nbsp; (461578)<br>| &nbsp;&nbsp;&nbsp; (3197752)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (185454)<br>| &nbsp;&nbsp;&nbsp; (1302334)<br>| &nbsp;&nbsp;&nbsp; (291832)<br>| &nbsp;&nbsp;&nbsp; (2021814)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (535)<br>| &nbsp;&nbsp;&nbsp; (4854)<br>| &nbsp;&nbsp;&nbsp; (33602)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp; (707)<br>| &nbsp;&nbsp;&nbsp; (12111278)<br>| &nbsp;&nbsp;&nbsp; (82913992)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 352405 | &nbsp;&nbsp;&nbsp; $2517301 | &nbsp;&nbsp;&nbsp; (13343336)<br>| &nbsp;&nbsp;&nbsp; $(91352742)<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 12% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**17**

**Invesco Income Fund**

------

**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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco 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. (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 Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile for the one year period, the fourth quintile for the three year period and the fifth quintile for the five year period. The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund's investments in securitized assets negatively impacted Fund's five year performance relative to its peers. 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

**18**

**Invesco Income Fund**

------

performance metrics, which did not change its conclusions.

*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 Class A shares of the Fund were each below 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 also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 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.

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

*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.

*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 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.

**19**

**Invesco Income Fund**

------

**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.

**20**

**Invesco Income Fund**

------

![](img574a69cc1.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

INC-NCSRS

------

![](imgae7570051.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Real Estate Fund**

Nasdaq:

A: IARAX ■ C: IARCX ■ R: IARRX ■ Y: IARYX ■ Investor: REINX ■ R5: IARIX ■ R6: IARFX

------

---

| | |
|:---|:---|
| [2](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_SOI-Continued-118_1) | Schedule of Investments |
| [4](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_FS-Continued-118_1) | Financial Statements |
| [7](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_FS-Continued-118_4) | Financial Highlights |
| [8](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_NTF-Continued-118_1) | Notes to Financial Statements |
| [14](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_AOC-Continued-118_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_PR-Continued-118_1) | Proxy Results |
| [18](#xx_8a3d6fae-7f2d-4ef1-9ac3-ca9f4ae7c682_OIRSR-Continued-118_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.25%** | **Common Stocks & Other Equity Interests–100.25%** | **Common Stocks & Other Equity Interests–100.25%** |
| **Apartments –8.82%** |  |  |
| AvalonBay Communities, Inc.<sup>(b)</sup>  | 110337 | &nbsp;&nbsp; $21609501 |
| Equity Residential | 290989 | &nbsp;&nbsp; 19240193 |
| UDR, Inc.<sup>(b)</sup>  | 556585 | &nbsp;&nbsp; 22024069 |
|  |  | &nbsp;&nbsp; 62873763 |
| **Data Centers –9.90%** |  |  |
| Digital Realty Trust, Inc. | 232446 | &nbsp;&nbsp; 38967247 |
| Equinix, Inc. | 40236 | &nbsp;&nbsp; 31633141 |
|  |  | &nbsp;&nbsp; 70600388 |
| **Diversified–2.73%** |  |  |
| W.P. Carey, Inc. | 290028 | &nbsp;&nbsp; 19460879 |
| **Free Standing –4.12%** |  |  |
| Agree Realty Corp. | 146974 | &nbsp;&nbsp; 10690889 |
| Essential Properties Realty Trust, <br> Inc.<sup>(b)</sup>  | 597126 | &nbsp;&nbsp; 18701986 |
|  |  | &nbsp;&nbsp; 29392875 |
| **Gaming REITs–2.85%** |  |  |
| Gaming and Leisure Properties, Inc. | 422569 | &nbsp;&nbsp; 20287538 |
| **Health Care–15.83%** |  |  |
| American Healthcare REIT, Inc.<sup>(b)</sup>  | 298098 | &nbsp;&nbsp; 12755614 |
| CareTrust REIT, Inc. | 325871 | &nbsp;&nbsp; 11213221 |
| Omega Healthcare Investors, Inc. | 395462 | &nbsp;&nbsp; 16834817 |
| Ventas, Inc. | 93892 | &nbsp;&nbsp; 6392167 |
| Welltower, Inc. | 390174 | &nbsp;&nbsp; 65658481 |
|  |  | &nbsp;&nbsp; 112854300 |
| **Industrial–11.20%** |  |  |
| EastGroup Properties, Inc.<sup>(b)</sup>  | 81056 | &nbsp;&nbsp; 13743855 |
| First Industrial Realty Trust, Inc. | 376840 | &nbsp;&nbsp; 19821784 |
| Prologis, Inc. | 288970 | &nbsp;&nbsp; 32879007 |
| Rexford Industrial Realty, Inc.<sup>(b)</sup>  | 323881 | &nbsp;&nbsp; 13411912 |
|  |  | &nbsp;&nbsp; 79856558 |
| **Infrastructure REITs–14.34%** |  |  |
| American Tower Corp. | 349136 | &nbsp;&nbsp; 71171374 |
| Crown Castle, Inc. | 313080 | &nbsp;&nbsp; 31038751 |
|  |  | &nbsp;&nbsp; 102210125 |
| **Lodging Resorts–2.37%** |  |  |
| Hilton Worldwide Holdings, Inc. | 34232 | &nbsp;&nbsp; 9450085 |
| Host Hotels & Resorts, Inc. | 432798 | &nbsp;&nbsp; 7448453 |
|  |  | &nbsp;&nbsp; 16898538 |
| **Office–2.48%** |  |  |
| Cousins Properties, Inc. | 124959 | &nbsp;&nbsp; 3685041 |
| Vornado Realty Trust<sup>(b)</sup>  | 368950 | &nbsp;&nbsp; 14031168 |
|  |  | &nbsp;&nbsp; 17716209 |
| **Regional Malls–3.24%** |  |  |
| Simon Property Group, Inc. | 128035 | &nbsp;&nbsp; 23130803 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Self Storage–5.89%** | **Self Storage–5.89%** |  |  |
| CubeSmart | CubeSmart | 252516 | &nbsp;&nbsp; $10332955 |
| Extra Space Storage, Inc. | Extra Space Storage, Inc. | 220579 | &nbsp;&nbsp; 31670733 |
|  |  |  | &nbsp;&nbsp; 42003688 |
| **Shopping Centers–4.48%** | **Shopping Centers–4.48%** |  |  |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 646713 | &nbsp;&nbsp; 18101497 |
| Regency Centers Corp. | Regency Centers Corp. | 46613 | &nbsp;&nbsp; 3379442 |
| Tanger, Inc.<sup>(b)</sup>  | Tanger, Inc.<sup>(b)</sup>  | 305409 | &nbsp;&nbsp; 10438880 |
|  |  |  | &nbsp;&nbsp; 31919819 |
| **Single Family Homes–4.04%** | **Single Family Homes–4.04%** |  |  |
| American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | 370269 | &nbsp;&nbsp; 13263036 |
| Invitation Homes, Inc. | Invitation Homes, Inc. | 496111 | &nbsp;&nbsp; 15523313 |
|  |  |  | &nbsp;&nbsp; 28786349 |
| **Specialty–6.02%** | **Specialty–6.02%** |  |  |
| Iron Mountain, Inc. | Iron Mountain, Inc. | 302760 | &nbsp;&nbsp; 27953831 |
| Lamar Advertising Co., Class A<sup>(b)</sup>  | Lamar Advertising Co., Class A<sup>(b)</sup>  | 62314 | &nbsp;&nbsp; 7929456 |
| Outfront Media, Inc. | Outfront Media, Inc. | 376144 | &nbsp;&nbsp; 7026370 |
|  |  |  | &nbsp;&nbsp; 42909657 |
| **Timber REITs–1.94%** | **Timber REITs–1.94%** |  |  |
| Weyerhaeuser Co. | Weyerhaeuser Co. | 533799 | &nbsp;&nbsp; 13809380 |
| Total Common Stocks & Other Equity Interests <br> (Cost $546,844,242) | Total Common Stocks & Other Equity Interests <br> (Cost $546,844,242) | Total Common Stocks & Other Equity Interests <br> (Cost $546,844,242) | &nbsp;&nbsp; 714710869 |
| **Money Market Funds–0.27%** | **Money Market Funds–0.27%** | **Money Market Funds–0.27%** | **Money Market Funds–0.27%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(c)(d)</sup>  | 674080 | &nbsp;&nbsp; 674080 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.17%<sup>(c)(d)</sup>  | 1254623 | &nbsp;&nbsp; 1254623 |
| Total Money Market Funds (Cost $1,928,703) | Total Money Market Funds (Cost $1,928,703) | Total Money Market Funds (Cost $1,928,703) | &nbsp;&nbsp; 1928703 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.52% <br> (Cost $548,772,945)<br>|  |  | &nbsp;&nbsp; 716639572 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.18%** | **Money Market Funds–5.18%** |  |  |
| Invesco Private Government Fund, <br> 4.28%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(c)(d)(e)</sup>  | 10251546 | &nbsp;&nbsp; 10251546 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 26678185 | &nbsp;&nbsp; 26686189 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,935,499) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,935,499) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,935,499) | &nbsp;&nbsp; 36937735 |
| TOTAL INVESTMENTS IN SECURITIES–105.70% <br> (Cost $585,708,444) | TOTAL INVESTMENTS IN SECURITIES–105.70% <br> (Cost $585,708,444) | TOTAL INVESTMENTS IN SECURITIES–105.70% <br> (Cost $585,708,444) | &nbsp;&nbsp; 753577307 |
| OTHER ASSETS LESS LIABILITIES–(5.70)% | OTHER ASSETS LESS LIABILITIES–(5.70)% | OTHER ASSETS LESS LIABILITIES–(5.70)% | &nbsp;&nbsp; (40623429)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $712953878 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

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

**2**

**Invesco Real Estate Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT. 

<sup>(b)</sup> All or a portion of this security was out on loan at August 31, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $2503533 | &nbsp;&nbsp; $24973884 | &nbsp;&nbsp; $(26803337) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $674080 | &nbsp;&nbsp; $31929 |
| Invesco Treasury Portfolio, Institutional Class | 4657305 | &nbsp;&nbsp; 46380070 | &nbsp;&nbsp; (49782752) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1254623 | &nbsp;&nbsp; 58724 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 6754113 | &nbsp;&nbsp; 90577889 | &nbsp;&nbsp; (87080456) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10251546 | &nbsp;&nbsp; 166,817\* |
| Invesco Private Prime Fund | 17582725 | &nbsp;&nbsp; 229339126 | &nbsp;&nbsp; (220236614) | &nbsp;&nbsp; 2236 | &nbsp;&nbsp; (1284) | &nbsp;&nbsp; 26686189 | &nbsp;&nbsp; 454,700\* |
| Total | $31497676 | &nbsp;&nbsp; $391270969 | &nbsp;&nbsp; $(383903159) | &nbsp;&nbsp; $2236 | &nbsp;&nbsp; $(1284) | &nbsp;&nbsp; $38866438 | &nbsp;&nbsp; $712170 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco Real Estate Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $546,844,242)\*<br>| &nbsp;&nbsp; $714710869 |
| Investments in affiliated money market funds, at value <br> (Cost $38,864,202)<br>| &nbsp;&nbsp; 38866438 |
| Foreign currencies, at value and cost | &nbsp;&nbsp; 261 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1544358 |
| Fund shares sold | &nbsp;&nbsp; 284890 |
| Dividends | &nbsp;&nbsp; 399805 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 338055 |
| Other assets | &nbsp;&nbsp; 94301 |
| Total assets | &nbsp;&nbsp; 756238977 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1509295 |
| Dividends | &nbsp;&nbsp; 1615 |
| Fund shares reacquired | &nbsp;&nbsp; 3006625 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 36935499 |
| Accrued fees to affiliates | &nbsp;&nbsp; 591945 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 11878 |
| Accrued other operating expenses | &nbsp;&nbsp; 878766 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 349476 |
| Total liabilities | &nbsp;&nbsp; 43285099 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $712953878 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $542977913 |
| Distributable earnings | &nbsp;&nbsp; 169975965 |
|  | &nbsp;&nbsp; $712953878 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $443586191 |
| Class C | &nbsp;&nbsp; $12810816 |
| Class R | &nbsp;&nbsp; $67922194 |
| Class Y | &nbsp;&nbsp; $65432177 |
| Investor Class | &nbsp;&nbsp; $16959208 |
| Class R5 | &nbsp;&nbsp; $28177910 |
| Class R6 | &nbsp;&nbsp; $78065382 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 26151616 |
| Class C | &nbsp;&nbsp; 761076 |
| Class R | &nbsp;&nbsp; 3996133 |
| Class Y | &nbsp;&nbsp; 3861748 |
| Investor Class | &nbsp;&nbsp; 1003436 |
| Class R5 | &nbsp;&nbsp; 1663874 |
| Class R6 | &nbsp;&nbsp; 4609559 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $16.96 |
| Maximum offering price per share <br>(Net asset value of $16.96 ÷ 94.50%)<br>| &nbsp;&nbsp; $17.95 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.83 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.00 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.94 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.90 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.94 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.94 |

---

\* At August 31, 2025, securities with an aggregate value of $36,200,548 were on loan to brokers. 

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

**4**

**Invesco Real Estate Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $(504)) | &nbsp;&nbsp; $13271196 |
| Dividends from affiliated money market funds (includes net securities lending income of $15,198) | &nbsp;&nbsp; 105851 |
| Total investment income | &nbsp;&nbsp; 13377047 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2817424 |
| Administrative services fees | &nbsp;&nbsp; 55299 |
| Custodian fees | &nbsp;&nbsp; 3964 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 568153 |
| Class C | &nbsp;&nbsp; 67259 |
| Class R | &nbsp;&nbsp; 173698 |
| Investor Class | &nbsp;&nbsp; 17178 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 753472 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 19551 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 18727 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13779 |
| Registration and filing fees | &nbsp;&nbsp; 54492 |
| Reports to shareholders | &nbsp;&nbsp; 1052700 |
| Professional services fees | &nbsp;&nbsp; 131171 |
| Other | &nbsp;&nbsp; 11358 |
| Total expenses | &nbsp;&nbsp; 5758225 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (22497)<br>|
| Net expenses | &nbsp;&nbsp; 5735728 |
| Net investment income | &nbsp;&nbsp; 7641319 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5384482 |
| Affiliated investment securities | &nbsp;&nbsp; (1284)<br>|
|  | &nbsp;&nbsp; 5383198 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (38153411)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 2236 |
| Foreign currencies | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp; (38151042)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (32767844)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(25126525)<br>|

---

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

**5**

**Invesco Real Estate Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $7641319 | &nbsp;&nbsp; $17655885 |
| Net realized gain | &nbsp;&nbsp; 5383198 | &nbsp;&nbsp; 31111617 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (38151042)<br>| &nbsp;&nbsp; 59091248 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (25126525)<br>| &nbsp;&nbsp; 107858750 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (4496687)<br>| &nbsp;&nbsp; (21804007)<br>|
| Class C | &nbsp;&nbsp; (79295)<br>| &nbsp;&nbsp; (619486)<br>|
| Class R | &nbsp;&nbsp; (587232)<br>| &nbsp;&nbsp; (3042415)<br>|
| Class Y | &nbsp;&nbsp; (753430)<br>| &nbsp;&nbsp; (3868875)<br>|
| Investor Class | &nbsp;&nbsp; (177765)<br>| &nbsp;&nbsp; (939169)<br>|
| Class R5 | &nbsp;&nbsp; (488235)<br>| &nbsp;&nbsp; (3988817)<br>|
| Class R6 | &nbsp;&nbsp; (1110755)<br>| &nbsp;&nbsp; (7564483)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (7693399)<br>| &nbsp;&nbsp; (41827252)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (33360948)<br>| &nbsp;&nbsp; (69795505)<br>|
| Class C | &nbsp;&nbsp; (1347742)<br>| &nbsp;&nbsp; (5371560)<br>|
| Class R | &nbsp;&nbsp; (3435216)<br>| &nbsp;&nbsp; (8895714)<br>|
| Class Y | &nbsp;&nbsp; (6839889)<br>| &nbsp;&nbsp; (28231463)<br>|
| Investor Class | &nbsp;&nbsp; (1403745)<br>| &nbsp;&nbsp; (3989837)<br>|
| Class R5 | &nbsp;&nbsp; (40182444)<br>| &nbsp;&nbsp; (52515548)<br>|
| Class R6 | &nbsp;&nbsp; (21570630)<br>| &nbsp;&nbsp; (98405358)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (108140614)<br>| &nbsp;&nbsp; (267204985)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (140960538)<br>| &nbsp;&nbsp; (201173487)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 853914416 | &nbsp;&nbsp; 1055087903 |
| End of period | &nbsp;&nbsp; $712953878 | &nbsp;&nbsp; $853914416 |

---

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

**6**

**Invesco Real Estate Fund**

------

**Financial Highlights**

*(Unaudited)*

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** <br>**(loss)**<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>| **Return of** <br>**capital**<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>**(loss)** <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** | **Class A** |
| Six months ended 08/31/25 | $17.63 | $0.17 | $(0.68)<br>| $(0.51)<br>| $(0.16)<br>| $— | $— | $(0.16)<br>| $16.96 | (2.86)%<br>| $443586 | 1.57 %<sup>(d)</sup><br>| 1.58 %<sup>(d)</sup><br>| 1.94 %<sup>(d)</sup><br>| 34<br> %<br>|
| Year ended 02/28/25 | 16.51 | 0.30 | 1.56 | 1.86 | (0.39)<br>| (0.35)<br>|  | (0.74)<br>| 17.63 | 11.41 | 496149 | 1.27 | 1.28 | 1.71 | 63 |
| Year ended 02/29/24 | 16.96 | 0.36 | (0.26)<br>| 0.10 | (0.35)<br>| (0.20)<br>|  | (0.55)<br>| 16.51 | 0.71 | 531718 | 1.25 | 1.26 | 2.23 | 62 |
| Year ended 02/28/23 | 21.15 | 0.25 | (2.67)<br>| (2.42)<br>| (0.17)<br>| (1.60)<br>|  | (1.77)<br>| 16.96 | (11.57)<br>| 649570 | 1.24 | 1.24 | 1.30 | 42 |
| Year ended 02/28/22 | 18.67 | 0.10 | 3.73 | 3.83 | (0.21)<br>| (1.11)<br>| (0.03)<br>| (1.35)<br>| 21.15 | 20.12 | 834552 | 1.23 | 1.23 | 0.45 | 59 |
| Year ended 02/28/21 | 20.72 | 0.17 | (0.89)<br>| (0.72)<br>| (0.28)<br>| (1.05)<br>|  | (1.33)<br>| 18.67 | (2.59)<br>| 804058 | 1.28 | 1.28 | 0.98 | 156 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 17.50 | 0.10 | (0.67)<br>| (0.57)<br>| (0.10)<br>|  |  | (0.10)<br>| 16.83 | (3.26)<br>| 12811 | 2.32 <br><sup>(d)</sup><br>| 2.33 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 34 |
| Year ended 02/28/25 | 16.39 | 0.16 | 1.56 | 1.72 | (0.26)<br>| (0.35)<br>|  | (0.61)<br>| 17.50 | 10.58 | 14730 | 2.02 | 2.03 | 0.96 | 63 |
| Year ended 02/29/24 | 16.83 | 0.24 | (0.26)<br>| (0.02)<br>| (0.22)<br>| (0.20)<br>|  | (0.42)<br>| 16.39 | (0.02)<br>| 19047 | 2.00 | 2.01 | 1.48 | 62 |
| Year ended 02/28/23 | 20.99 | 0.11 | (2.66)<br>| (2.55)<br>| (0.01)<br>| (1.60)<br>|  | (1.61)<br>| 16.83 | (12.21)<br>| 24619 | 1.99 | 1.99 | 0.55 | 42 |
| Year ended 02/28/22 | 18.53 | (0.07)<br>| 3.71 | 3.64 | (0.04)<br>| (1.11)<br>| (0.03)<br>| (1.18)<br>| 20.99 | 19.25 | 37459 | 1.98 | 1.98 | (0.30)<br>| 59 |
| Year ended 02/28/21 | 20.56 | 0.04 | (0.88)<br>| (0.84)<br>| (0.14)<br>| (1.05)<br>|  | (1.19)<br>| 18.53 | (3.33)<br>| 38752 | 2.03 | 2.03 | 0.23 | 156 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 17.67 | 0.14 | (0.67)<br>| (0.53)<br>| (0.14)<br>|  |  | (0.14)<br>| 17.00 | (2.97)<br>| 67922 | 1.82 <br><sup>(d)</sup><br>| 1.83 <br><sup>(d)</sup><br>| 1.69 <br><sup>(d)</sup><br>| 34 |
| Year ended 02/28/25 | 16.54 | 0.25 | 1.58 | 1.83 | (0.35)<br>| (0.35)<br>|  | (0.70)<br>| 17.67 | 11.18 | 74239 | 1.52 | 1.53 | 1.46 | 63 |
| Year ended 02/29/24 | 17.00 | 0.32 | (0.27)<br>| 0.05 | (0.31)<br>| (0.20)<br>|  | (0.51)<br>| 16.54 | 0.39 | 78002 | 1.50 | 1.51 | 1.98 | 62 |
| Year ended 02/28/23 | 21.18 | 0.21 | (2.67)<br>| (2.46)<br>| (0.12)<br>| (1.60)<br>|  | (1.72)<br>| 17.00 | (11.73)<br>| 92226 | 1.49 | 1.49 | 1.05 | 42 |
| Year ended 02/28/22 | 18.70 | 0.04 | 3.73 | 3.77 | (0.15)<br>| (1.11)<br>| (0.03)<br>| (1.29)<br>| 21.18 | 19.79 | 114999 | 1.48 | 1.48 | 0.20 | 59 |
| Year ended 02/28/21 | 20.74 | 0.13 | (0.89)<br>| (0.76)<br>| (0.23)<br>| (1.05)<br>|  | (1.28)<br>| 18.70 | (2.81)<br>| 103667 | 1.53 | 1.53 | 0.73 | 156 |
| **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** | **Class Y** |
| Six months ended 08/31/25 | 17.61 | 0.19 | (0.67)<br>| (0.48)<br>| (0.19)<br>|  |  | (0.19)<br>| 16.94 | (2.74)<br>| 65432 | 1.32 <br><sup>(d)</sup><br>| 1.33 <br><sup>(d)</sup><br>| 2.19 <br><sup>(d)</sup><br>| 34 |
| Year ended 02/28/25 | 16.49 | 0.34 | 1.56 | 1.90 | (0.43)<br>| (0.35)<br>|  | (0.78)<br>| 17.61 | 11.71 | 75144 | 1.02 | 1.03 | 1.96 | 63 |
| Year ended 02/29/24 | 16.95 | 0.40 | (0.27)<br>| 0.13 | (0.39)<br>| (0.20)<br>|  | (0.59)<br>| 16.49 | 0.91 | 97481 | 1.00 | 1.01 | 2.48 | 62 |
| Year ended 02/28/23 | 21.14 | 0.31 | (2.68)<br>| (2.37)<br>| (0.22)<br>| (1.60)<br>|  | (1.82)<br>| 16.95 | (11.34)<br>| 214673 | 0.98 | 0.98 | 1.56 | 42 |
| Year ended 02/28/22 | 18.66 | 0.15 | 3.73 | 3.88 | (0.26)<br>| (1.11)<br>| (0.03)<br>| (1.40)<br>| 21.14 | 20.43 | 296638 | 0.98 | 0.98 | 0.70 | 59 |
| Year ended 02/28/21 | 20.71 | 0.22 | (0.90)<br>| (0.68)<br>| (0.32)<br>| (1.05)<br>|  | (1.37)<br>| 18.66 | (2.33)<br>| 256699 | 1.03 | 1.03 | 1.23 | 156 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Six months ended 08/31/25 | 17.57 | 0.17 | (0.67)<br>| (0.50)<br>| (0.17)<br>|  |  | (0.17)<br>| 16.90 | (2.85 )<sup>(e)</sup><br>| 16959 | 1.51 <br><sup>(d)(e)</sup><br>| 1.52 <br><sup>(d)(e)</sup><br>| 2.00 <br><sup>(d)(e)</sup><br>| 34 |
| Year ended 02/28/25 | 16.45 | 0.31 | 1.56 | 1.87 | (0.40)<br>| (0.35)<br>|  | (0.75)<br>| 17.57 | 11.49 <br><sup>(e)</sup><br>| 19099 | 1.20 <br><sup>(e)</sup><br>| 1.21 <br><sup>(e)</sup><br>| 1.78 <br><sup>(e)</sup><br>| 63 |
| Year ended 02/29/24 | 16.90 | 0.37 | (0.27)<br>| 0.10 | (0.35)<br>| (0.20)<br>|  | (0.55)<br>| 16.45 | 0.72 <br><sup>(e)</sup><br>| 21797 | 1.20 <br><sup>(e)</sup><br>| 1.21 <br><sup>(e)</sup><br>| 2.28 <br><sup>(e)</sup><br>| 62 |
| Year ended 02/28/23 | 21.08 | 0.25 | (2.66)<br>| (2.41)<br>| (0.17)<br>| (1.60)<br>|  | (1.77)<br>| 16.90 | (11.53)<br>| 26616 | 1.24 | 1.24 | 1.30 | 42 |
| Year ended 02/28/22 | 18.61 | 0.11 | 3.71 | 3.82 | (0.21)<br>| (1.11)<br>| (0.03)<br>| (1.35)<br>| 21.08 | 20.17 <br><sup>(e)</sup><br>| 33026 | 1.16 <br><sup>(e)</sup><br>| 1.16 <br><sup>(e)</sup><br>| 0.52 <br><sup>(e)</sup><br>| 59 |
| Year ended 02/28/21 | 20.65 | 0.18 | (0.89)<br>| (0.71)<br>| (0.28)<br>| (1.05)<br>|  | (1.33)<br>| 18.61 | (2.53 )<sup>(e)</sup><br>| 27546 | 1.23 <br><sup>(e)</sup><br>| 1.23 <br><sup>(e)</sup><br>| 1.03 <br><sup>(e)</sup><br>| 156 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 17.61 | 0.20 | (0.67)<br>| (0.47)<br>| (0.20)<br>|  |  | (0.20)<br>| 16.94 | (2.67)<br>| 28178 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 2.32 <br><sup>(d)</sup><br>| 34 |
| Year ended 02/28/25 | 16.49 | 0.35 | 1.58 | 1.93 | (0.46)<br>| (0.35)<br>|  | (0.81)<br>| 17.61 | 11.85 | 71034 | 0.91 | 0.91 | 2.07 | 63 |
| Year ended 02/29/24 | 16.95 | 0.43 | (0.28)<br>| 0.15 | (0.41)<br>| (0.20)<br>|  | (0.61)<br>| 16.49 | 1.05 | 114645 | 0.87 | 0.87 | 2.61 | 62 |
| Year ended 02/28/23 | 21.14 | 0.33 | (2.68)<br>| (2.35)<br>| (0.24)<br>| (1.60)<br>|  | (1.84)<br>| 16.95 | (11.22)<br>| 198456 | 0.87 | 0.87 | 1.67 | 42 |
| Year ended 02/28/22 | 18.66 | 0.18 | 3.73 | 3.91 | (0.29)<br>| (1.11)<br>| (0.03)<br>| (1.43)<br>| 21.14 | 20.58 | 283546 | 0.86 | 0.86 | 0.82 | 59 |
| Year ended 02/28/21 | 20.71 | 0.25 | (0.91)<br>| (0.66)<br>| (0.34)<br>| (1.05)<br>|  | (1.39)<br>| 18.66 | (2.22)<br>| 247114 | 0.87 | 0.87 | 1.39 | 156 |
| **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** | **Class R6** |
| Six months ended 08/31/25 | 17.60 | 0.20 | (0.66)<br>| (0.46)<br>| (0.20)<br>|  |  | (0.20)<br>| 16.94 | (2.59)<br>| 78065 | 1.13 <br><sup>(d)</sup><br>| 1.13 <br><sup>(d)</sup><br>| 2.38 <br><sup>(d)</sup><br>| 34 |
| Year ended 02/28/25 | 16.49 | 0.37 | 1.56 | 1.93 | (0.47)<br>| (0.35)<br>|  | (0.82)<br>| 17.60 | 11.87 | 103519 | 0.84 | 0.84 | 2.14 | 63 |
| Year ended 02/29/24 | 16.95 | 0.44 | (0.28)<br>| 0.16 | (0.42)<br>| (0.20)<br>|  | (0.62)<br>| 16.49 | 1.12 | 192398 | 0.80 | 0.80 | 2.68 | 62 |
| Year ended 02/28/23 | 21.14 | 0.34 | (2.68)<br>| (2.34)<br>| (0.25)<br>| (1.60)<br>|  | (1.85)<br>| 16.95 | (11.16)<br>| 259893 | 0.81 | 0.81 | 1.73 | 42 |
| Year ended 02/28/22 | 18.66 | 0.20 | 3.72 | 3.92 | (0.30)<br>| (1.11)<br>| (0.03)<br>| (1.44)<br>| 21.14 | 20.67 | 341500 | 0.78 | 0.78 | 0.90 | 59 |
| Year ended 02/28/21 | 20.71 | 0.26 | (0.90)<br>| (0.64)<br>| (0.36)<br>| (1.05)<br>|  | (1.41)<br>| 18.66 | (2.13)<br>| 318936 | 0.79 | 0.79 | 1.47 | 156 |

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<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. Does not include sales charges and is 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. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $630,639,314 and sold of $40,029,958 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco Oppenheimer Real Estate Fund into the Fund. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.19%, 0.18%, 0.20%, 0.18% and 0.20% for the six months ended August 31, 2025 and the years ended February 28, 2025, February 29, 2024, February 28, 2022 and February 28, 2021, respectively. 

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

**7**

**Invesco Real Estate Fund**

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**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Real Estate Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

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.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

**8**

**Invesco Real Estate Fund**

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in

**9**

**Invesco Real Estate Fund**

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short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended August 31, 2025, the Fund paid the Adviser $1,058 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**M.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund's investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

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

**10**

**Invesco Real Estate 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:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.74%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $2,666.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $16,491 in front-end sales commissions from the sale of Class A shares and $366 and $120 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended August 31, 2025, the Fund incurred $28,707 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

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

**11**

**Invesco Real Estate Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $714710869 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $714710869 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1928703 | &nbsp;&nbsp;&nbsp;&nbsp; 36937735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38866438 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $716639572 | &nbsp;&nbsp;&nbsp;&nbsp; $36937735 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $753577307 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $19,831.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of February 28, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $258,036,935 and $357,309,020, 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; $165463366 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9755471)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $155707895 |

---

Cost of investments for tax purposes is $597,869,412.

**12**

**Invesco Real Estate Fund**

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**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 912676 | &nbsp;&nbsp;&nbsp; $15348132 | &nbsp;&nbsp;&nbsp; 2051463 | &nbsp;&nbsp;&nbsp; $35298155 |
| Class C | &nbsp;&nbsp;&nbsp; 40529 | &nbsp;&nbsp;&nbsp; 675658 | &nbsp;&nbsp;&nbsp; 217910 | &nbsp;&nbsp;&nbsp; 3838415 |
| Class R | &nbsp;&nbsp;&nbsp; 285007 | &nbsp;&nbsp;&nbsp; 4804452 | &nbsp;&nbsp;&nbsp; 685819 | &nbsp;&nbsp;&nbsp; 11754769 |
| Class Y | &nbsp;&nbsp;&nbsp; 268735 | &nbsp;&nbsp;&nbsp; 4524148 | &nbsp;&nbsp;&nbsp; 1075110 | &nbsp;&nbsp;&nbsp; 18221494 |
| Investor Class | &nbsp;&nbsp;&nbsp; 13546 | &nbsp;&nbsp;&nbsp; 224422 | &nbsp;&nbsp;&nbsp; 53827 | &nbsp;&nbsp;&nbsp; 900882 |
| Class R5 | &nbsp;&nbsp;&nbsp; 216104 | &nbsp;&nbsp;&nbsp; 3646829 | &nbsp;&nbsp;&nbsp; 759919 | &nbsp;&nbsp;&nbsp; 12949970 |
| Class R6 | &nbsp;&nbsp;&nbsp; 812176 | &nbsp;&nbsp;&nbsp; 13702494 | &nbsp;&nbsp;&nbsp; 1740542 | &nbsp;&nbsp;&nbsp; 29586391 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 251745 | &nbsp;&nbsp;&nbsp; 4233063 | &nbsp;&nbsp;&nbsp; 1191494 | &nbsp;&nbsp;&nbsp; 20709292 |
| Class C | &nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp; 76730 | &nbsp;&nbsp;&nbsp; 34729 | &nbsp;&nbsp;&nbsp; 600293 |
| Class R | &nbsp;&nbsp;&nbsp; 34770 | &nbsp;&nbsp;&nbsp; 586211 | &nbsp;&nbsp;&nbsp; 174337 | &nbsp;&nbsp;&nbsp; 3037599 |
| Class Y | &nbsp;&nbsp;&nbsp; 32351 | &nbsp;&nbsp;&nbsp; 543189 | &nbsp;&nbsp;&nbsp; 176044 | &nbsp;&nbsp;&nbsp; 3052478 |
| Investor Class | &nbsp;&nbsp;&nbsp; 10065 | &nbsp;&nbsp;&nbsp; 166968 | &nbsp;&nbsp;&nbsp; 52246 | &nbsp;&nbsp;&nbsp; 902724 |
| Class R5 | &nbsp;&nbsp;&nbsp; 29016 | &nbsp;&nbsp;&nbsp; 488026 | &nbsp;&nbsp;&nbsp; 231193 | &nbsp;&nbsp;&nbsp; 3988475 |
| Class R6 | &nbsp;&nbsp;&nbsp; 64870 | &nbsp;&nbsp;&nbsp; 1088271 | &nbsp;&nbsp;&nbsp; 431854 | &nbsp;&nbsp;&nbsp; 7473576 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 46195 | &nbsp;&nbsp;&nbsp; 775405 | &nbsp;&nbsp;&nbsp; 142429 | &nbsp;&nbsp;&nbsp; 2433237 |
| Class C | &nbsp;&nbsp;&nbsp; (46532)<br>| &nbsp;&nbsp;&nbsp; (775405)<br>| &nbsp;&nbsp;&nbsp; (143447)<br>| &nbsp;&nbsp;&nbsp; (2433237)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3198619)<br>| &nbsp;&nbsp;&nbsp; (53717548)<br>| &nbsp;&nbsp;&nbsp; (7452256)<br>| &nbsp;&nbsp;&nbsp; (128236189)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (79462)<br>| &nbsp;&nbsp;&nbsp; (1324725)<br>| &nbsp;&nbsp;&nbsp; (429713)<br>| &nbsp;&nbsp;&nbsp; (7377031)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (525659)<br>| &nbsp;&nbsp;&nbsp; (8825879)<br>| &nbsp;&nbsp;&nbsp; (1373340)<br>| &nbsp;&nbsp;&nbsp; (23688082)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (705640)<br>| &nbsp;&nbsp;&nbsp; (11907226)<br>| &nbsp;&nbsp;&nbsp; (2895106)<br>| &nbsp;&nbsp;&nbsp; (49505435)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (107238)<br>| &nbsp;&nbsp;&nbsp; (1795135)<br>| &nbsp;&nbsp;&nbsp; (344175)<br>| &nbsp;&nbsp;&nbsp; (5793443)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2615528)<br>| &nbsp;&nbsp;&nbsp; (44317299)<br>| &nbsp;&nbsp;&nbsp; (3908446)<br>| &nbsp;&nbsp;&nbsp; (69453993)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2147891)<br>| &nbsp;&nbsp;&nbsp; (36361395)<br>| &nbsp;&nbsp;&nbsp; (7961018)<br>| &nbsp;&nbsp;&nbsp; (135465325)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (6404194)<br>| &nbsp;&nbsp;&nbsp; $(108140614)<br>| &nbsp;&nbsp;&nbsp; (15488585)<br>| &nbsp;&nbsp;&nbsp; $(267204985)<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 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco Real Estate 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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Real Estate 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. (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 as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited 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 FTSE NAREIT All Equity REITs Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth 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 Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund's underperformance was driven by allocation to certain market sectors. The Board also considered that the Fund underwent a change in portfolio management in 2024, and that the chief investment officer for the Fund's portfolio management team also changed in 2024. The Board considered that, in March, 2025, it had approved a change in the Fund's classification from "diversified" to "non-diversified"

**14**

**Invesco Real Estate Fund**

------

for purposes of the 1940 Act and that such change was subsequently submitted to shareholders for approval in connection with a shareholder meeting to be held on July 10, 2025. The Board considered that as a non-diversified fund, the Fund can invest a greater percentage of its assets in a smaller number of issuers or any one issuer than a diversified fund and that it had discussed with management the potential benefits of such change on the Fund's performance. 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.

*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 Class A shares of the Fund were each reasonably comparable to 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 also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expenses driving total expenses relative to peers.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*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 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.

*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. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

**15**

**Invesco Real Estate Fund**

------

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 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.

**16**

**Invesco Real Estate Fund**

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**Proxy Results**

A Special Meeting ("Meeting") of Shareholders of Invesco Real Estate Fund (the "Fund") was held on July 10, 2025, and was adjourned until July 31, 2025, and further adjourned until August 19, 2025. The Meeting on August 19, 2025, was held for the following purpose:

(1). Approve changing the Fund's sub-classification from "diversified" to "non-diversified" and the elimination of the related fundamental investment restriction.

The August 19, 2025, results of the voting on the above matter were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Matter** | **Votes For** | &nbsp;&nbsp;&nbsp;&nbsp; **Votes** <br>**Against**<br>| **Votes Abstain** |
| (1) | Approve changing the Fund's sub-classification from "diversified" to "non-diversified" <br> and the elimination of the related fundamental investment restriction.<br>| &nbsp;&nbsp;&nbsp; 15870806 | &nbsp;&nbsp;&nbsp;&nbsp; 1605927 | &nbsp;&nbsp;&nbsp;&nbsp; 2067979 |

---

**17**

**Invesco Real Estate 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>**

Matters submitted during the period covered by this report to a vote of shareholders can be found in the Proxy Results section of this report.

**<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.

**18**

**Invesco Real Estate Fund**

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![](imgae7570051.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

REA-NCSRS

------

![](img421272d71.jpg)

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**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Short Duration Inflation Protected Fund**

Nasdaq:

A: LMTAX ■ A2: SHTIX ■ Y: LMTYX ■ R5: ALMIX ■ R6: SDPSX

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---

| | |
|:---|:---|
| [2](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_SOI-Continued-119_1) | Schedule of Investments |
| [3](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_FS-Continued-119_1) | Financial Statements |
| [6](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_FS-Continued-119_4) | Financial Highlights |
| [7](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_NTF-Continued-119_1) | Notes to Financial Statements |
| [11](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_AOC-Continued-119_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [14](#xx_87dd603f-b956-4487-91a6-efebb7d061aa_OIRSR-Continued-119_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities–99.46%** | **U.S. Treasury Securities–99.46%** | **U.S. Treasury Securities–99.46%** | **U.S. Treasury Securities–99.46%** |  |  |
| **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Bonds–27.80%**<sup>(a)</sup>  |
| U.S. Treasury Inflation - Indexed Bonds | 2.38% | 01/15/2027 |  | $11369 | &nbsp;&nbsp; $11601766 |
| U.S. Treasury Inflation - Indexed Bonds | 1.75% | 01/15/2028 |  | 10373 | &nbsp;&nbsp; 10586223 |
| U.S. Treasury Inflation - Indexed Bonds | 3.62% | 04/15/2028 |  | 14398 | &nbsp;&nbsp; 15406454 |
| U.S. Treasury Inflation - Indexed Bonds | 2.50% | 01/15/2029 |  | 9282 | &nbsp;&nbsp; 9758072 |
| U.S. Treasury Inflation - Indexed Bonds | 3.87% | 04/15/2029 |  | 16429 | &nbsp;&nbsp; 18092182 |
| U.S. Treasury Inflation - Indexed Bonds | 1.63% | 04/15/2030 |  | 22857 | &nbsp;&nbsp; 23351638 |
| U.S. Treasury Inflation - Indexed Bonds | 0.13% | 07/15/2030 |  | 23308 | &nbsp;&nbsp; 22274570 |
|  |  |  |  |  | &nbsp;&nbsp; 111070905 |
| **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  | **U.S. Treasury Inflation — Indexed Notes–71.66%**<sup>(a)</sup>  |
| U.S. Treasury Inflation - Indexed Notes | 0.13% | 10/15/2026 |  | 19644 | &nbsp;&nbsp; 19537125 |
| U.S. Treasury Inflation - Indexed Notes | 0.38% | 01/15/2027 |  | 22133 | &nbsp;&nbsp; 21986842 |
| U.S. Treasury Inflation - Indexed Notes | 0.13% | 04/15/2027 |  | 19487 | &nbsp;&nbsp; 19233881 |
| U.S. Treasury Inflation - Indexed Notes | 0.38% | 07/15/2027 |  | 21111 | &nbsp;&nbsp; 21011349 |
| U.S. Treasury Inflation - Indexed Notes | 1.62% | 10/15/2027 |  | 18937 | &nbsp;&nbsp; 19312145 |
| U.S. Treasury Inflation - Indexed Notes | 0.50% | 01/15/2028 |  | 21933 | &nbsp;&nbsp; 21745553 |
| U.S. Treasury Inflation - Indexed Notes | 1.25% | 04/15/2028 |  | 18686 | &nbsp;&nbsp; 18841311 |
| U.S. Treasury Inflation - Indexed Notes | 0.75% | 07/15/2028 |  | 20339 | &nbsp;&nbsp; 20335959 |
| U.S. Treasury Inflation - Indexed Notes | 2.37% | 10/15/2028 |  | 19193 | &nbsp;&nbsp; 20108648 |
| U.S. Treasury Inflation - Indexed Notes | 0.87% | 01/15/2029 |  | 20051 | &nbsp;&nbsp; 20005203 |
| U.S. Treasury Inflation - Indexed Notes | 2.12% | 04/15/2029 |  | 19780 | &nbsp;&nbsp; 20547173 |
| U.S. Treasury Inflation - Indexed Notes | 0.25% | 07/15/2029 |  | 21731 | &nbsp;&nbsp; 21186682 |
| U.S. Treasury Inflation - Indexed Notes | 1.62% | 10/15/2029 |  | 20650 | &nbsp;&nbsp; 21187962 |
| U.S. Treasury Inflation - Indexed Notes | 0.13% | 01/15/2030 |  | 22240 | &nbsp;&nbsp; 21341768 |
|  |  |  |  |  | &nbsp;&nbsp; 286381601 |
| Total U.S. Treasury Securities (Cost $389,397,450) | Total U.S. Treasury Securities (Cost $389,397,450) | Total U.S. Treasury Securities (Cost $389,397,450) | Total U.S. Treasury Securities (Cost $389,397,450) |  | &nbsp;&nbsp; 397452506 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** | **Money Market Funds–0.17%** |
| Invesco Government & Agency Portfolio, Institutional Class, 4.21%<sup>(b)(c)</sup> <br>|  |  |  | 237571 | &nbsp;&nbsp; 237571 |
| Invesco Treasury Portfolio, Institutional Class, 4.17%<sup>(b)(c)</sup> <br>|  |  |  | 441202 | &nbsp;&nbsp; 441202 |
| Total Money Market Funds (Cost $678,773) | Total Money Market Funds (Cost $678,773) | Total Money Market Funds (Cost $678,773) | Total Money Market Funds (Cost $678,773) |  | &nbsp;&nbsp; 678773 |
| TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $390,076,223) | TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $390,076,223) | TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $390,076,223) | TOTAL INVESTMENTS IN SECURITIES–99.63% (Cost $390,076,223) |  | &nbsp;&nbsp; 398131279 |
| OTHER ASSETS LESS LIABILITIES–0.37% | OTHER ASSETS LESS LIABILITIES–0.37% | OTHER ASSETS LESS LIABILITIES–0.37% | OTHER ASSETS LESS LIABILITIES–0.37% |  | &nbsp;&nbsp; 1484960 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $399616239 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal amount of security and interest payments are adjusted for inflation. See Note 1I.

<sup>(b)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $- | &nbsp;&nbsp; $10276408 | &nbsp;&nbsp; $(10038837) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $237571 | &nbsp;&nbsp; $3370 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 19084757 | &nbsp;&nbsp; (18643555) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 441202 | &nbsp;&nbsp; 6039 |
| Total | $- | &nbsp;&nbsp; $29361165 | &nbsp;&nbsp; $(28682392) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $678773 | &nbsp;&nbsp; $9409 |

---

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

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

**2**

**Invesco Short Duration Inflation Protected Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $389,397,450)<br>| &nbsp;&nbsp; $397452506 |
| Investments in affiliated money market funds, at value <br> (Cost $678,773)<br>| &nbsp;&nbsp; 678773 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 704137 |
| Dividends | &nbsp;&nbsp; 95 |
| Interest | &nbsp;&nbsp; 1447331 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 85960 |
| Other assets | &nbsp;&nbsp; 41719 |
| Total assets | &nbsp;&nbsp; 400410521 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 477118 |
| Fund shares reacquired | &nbsp;&nbsp; 90471 |
| Accrued fees to affiliates | &nbsp;&nbsp; 71224 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2159 |
| Accrued other operating expenses | &nbsp;&nbsp; 63472 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 89838 |
| Total liabilities | &nbsp;&nbsp; 794282 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $399616239 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $440642706 |
| Distributable earnings (loss) | &nbsp;&nbsp; (41026467)<br>|
|  | &nbsp;&nbsp; $399616239 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $101978490 |
| Class A2 | &nbsp;&nbsp; $10240889 |
| Class Y | &nbsp;&nbsp; $64808105 |
| Class R5 | &nbsp;&nbsp; $3496687 |
| Class R6 | &nbsp;&nbsp; $219092068 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 9929241 |
| Class A2 | &nbsp;&nbsp; 996072 |
| Class Y | &nbsp;&nbsp; 6300154 |
| Class R5 | &nbsp;&nbsp; 340001 |
| Class R6 | &nbsp;&nbsp; 21312099 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $10.27 |
| Maximum offering price per share <br>(Net asset value of $10.27 ÷ 97.50%)<br>| &nbsp;&nbsp; $10.53 |
| Class A2: |  |
| Net asset value per share | &nbsp;&nbsp; $10.28 |
| Maximum offering price per share <br>(Net asset value of $10.28 ÷ 99.00%)<br>| &nbsp;&nbsp; $10.38 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.29 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.28 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.28 |

---

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

**3**

**Invesco Short Duration Inflation Protected Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Treasury Inflation-Protected Securities inflation adjustments | &nbsp;&nbsp; $11322814 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 9409 |
| Total investment income | &nbsp;&nbsp; 11332223 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 393546 |
| Administrative services fees | &nbsp;&nbsp; 27430 |
| Custodian fees | &nbsp;&nbsp; 2242 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 127875 |
| Class A2 | &nbsp;&nbsp; 7800 |
| Transfer agent fees — A, A2, and Y | &nbsp;&nbsp; 95548 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1416 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 32553 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11867 |
| Registration and filing fees | &nbsp;&nbsp; 37507 |
| Licensing fees | &nbsp;&nbsp; 39837 |
| Reports to shareholders | &nbsp;&nbsp; 12870 |
| Professional services fees | &nbsp;&nbsp; 21154 |
| Other | &nbsp;&nbsp; 7147 |
| Total expenses | &nbsp;&nbsp; 818792 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (93131)<br>|
| Net expenses | &nbsp;&nbsp; 725661 |
| Net investment income | &nbsp;&nbsp; 10606562 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities | &nbsp;&nbsp; (146334)<br>|
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 4040747 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3894413 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14500975 |

---

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

**4**

**Invesco Short Duration Inflation Protected Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $10606562 | &nbsp;&nbsp; $14786835 |
| Net realized gain (loss) | &nbsp;&nbsp; (146334)<br>| &nbsp;&nbsp; (6880580)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 4040747 | &nbsp;&nbsp; 17241694 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14500975 | &nbsp;&nbsp; 25147949 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (1640402)<br>| &nbsp;&nbsp; (2975658)<br>|
| Class A2 | &nbsp;&nbsp; (171606)<br>| &nbsp;&nbsp; (299125)<br>|
| Class Y | &nbsp;&nbsp; (867370)<br>| &nbsp;&nbsp; (1111604)<br>|
| Class R5 | &nbsp;&nbsp; (63060)<br>| &nbsp;&nbsp; (267693)<br>|
| Class R6 | &nbsp;&nbsp; (3818702)<br>| &nbsp;&nbsp; (6764135)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (6561140)<br>| &nbsp;&nbsp; (11418215)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (2786832)<br>| &nbsp;&nbsp; (24992457)<br>|
| Class A2 | &nbsp;&nbsp; (264990)<br>| &nbsp;&nbsp; (1079018)<br>|
| Class Y | &nbsp;&nbsp; 23508645 | &nbsp;&nbsp; (1052840)<br>|
| Class R5 | &nbsp;&nbsp; (308465)<br>| &nbsp;&nbsp; (17383315)<br>|
| Class R6 | &nbsp;&nbsp; (5684889)<br>| &nbsp;&nbsp; (31497224)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 14463469 | &nbsp;&nbsp; (76004854)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 22403304 | &nbsp;&nbsp; (62275120)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 377212935 | &nbsp;&nbsp; 439488055 |
| End of period | &nbsp;&nbsp; $399616239 | &nbsp;&nbsp; $377212935 |

---

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

**5**

**Invesco Short Duration Inflation Protected Fund**

------

**Financial Highlights**

*(Unaudited)*

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>| **Return of** <br>**capital**<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** |
| Six months ended 08/31/25 | $10.07 | $0.27 | $0.09 | $0.36 | $(0.16)<br>| $— | $(0.16)<br>| $10.27 | 3.65<br> %<br>| &nbsp;&nbsp; $101978 | 0.55 %<sup>(d)</sup><br>| 0.64 %<sup>(d)</sup><br>| 5.21 %<sup>(d)</sup><br>| 21<br> %<br>|
| Year ended 02/28/25 | 9.74 | 0.35 | 0.25 | 0.60 | (0.27)<br>|  | (0.27)<br>| 10.07 | 6.25 | &nbsp;&nbsp; 102740 | 0.55 | 0.66 | 3.53 | 46 |
| Year ended 02/29/24 | 9.67 | 0.31 | 0.05 | 0.36 | (0.27)<br>| (0.02)<br>| (0.29)<br>| 9.74 | 3.79 | &nbsp;&nbsp; 123910 | 0.55 | 0.68 | 3.22 | 36 |
| Year ended 02/28/23 | 10.87 | 0.50 | (0.99)<br>| (0.49)<br>| (0.64)<br>| (0.07)<br>| (0.71)<br>| 9.67 | (4.66)<br>| &nbsp;&nbsp; 185876 | 0.55 | 0.64 | 4.95 | 52 |
| Year ended 02/28/22 | 10.82 | 0.57 | (0.07)<br>| 0.50 | (0.45)<br>|  | (0.45)<br>| 10.87 | 4.65 | &nbsp;&nbsp; 126718 | 0.55 | 0.61 | 5.23 | 53 |
| Year ended 02/28/21 | 10.43 | 0.09 | 0.40 | 0.49 | (0.09)<br>| (0.01)<br>| (0.10)<br>| 10.82 | 4.76 | &nbsp;&nbsp; 76073 | 0.55 | 0.67 | 0.87 | 49 |
| **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** |
| Six months ended 08/31/25 | 10.08 | 0.27 | 0.10 | 0.37 | (0.17)<br>|  | (0.17)<br>| 10.28 | 3.70 | &nbsp;&nbsp; 10241 | 0.45 <br><sup>(d)</sup><br>| 0.54 <br><sup>(d)</sup><br>| 5.31 <br><sup>(d)</sup><br>| 21 |
| Year ended 02/28/25 | 9.75 | 0.36 | 0.25 | 0.61 | (0.28)<br>|  | (0.28)<br>| 10.08 | 6.35 | &nbsp;&nbsp; 10301 | 0.45 | 0.56 | 3.63 | 46 |
| Year ended 02/29/24 | 9.68 | 0.32 | 0.05 | 0.37 | (0.28)<br>| (0.02)<br>| (0.30)<br>| 9.75 | 3.90 | &nbsp;&nbsp; 11023 | 0.45 | 0.58 | 3.32 | 36 |
| Year ended 02/28/23 | 10.88 | 0.51 | (0.99)<br>| (0.48)<br>| (0.65)<br>| (0.07)<br>| (0.72)<br>| 9.68 | (4.56)<br>| &nbsp;&nbsp; 11739 | 0.45 | 0.54 | 5.05 | 52 |
| Year ended 02/28/22 | 10.84 | 0.59 | (0.09)<br>| 0.50 | (0.46)<br>|  | (0.46)<br>| 10.88 | 4.66 | &nbsp;&nbsp; 13778 | 0.45 | 0.51 | 5.33 | 53 |
| Year ended 02/28/21 | 10.45 | 0.10 | 0.40 | 0.50 | (0.09)<br>| (0.02)<br>| (0.11)<br>| 10.84 | 4.86 | &nbsp;&nbsp; 15618 | 0.45 | 0.57 | 0.97 | 49 |
| **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** |
| Six months ended 08/31/25 | 10.08 | 0.28 | 0.11 | 0.39 | (0.18)<br>|  | (0.18)<br>| 10.29 | 3.88 | &nbsp;&nbsp; 64808 | 0.30 <br><sup>(d)</sup><br>| 0.39 <br><sup>(d)</sup><br>| 5.46 <br><sup>(d)</sup><br>| 21 |
| Year ended 02/28/25 | 9.75 | 0.37 | 0.26 | 0.63 | (0.30)<br>|  | (0.30)<br>| 10.08 | 6.51 | &nbsp;&nbsp; 40093 | 0.30 | 0.41 | 3.78 | 46 |
| Year ended 02/29/24 | 9.68 | 0.34 | 0.05 | 0.39 | (0.30)<br>| (0.02)<br>| (0.32)<br>| 9.75 | 4.05 | &nbsp;&nbsp; 39865 | 0.30 | 0.43 | 3.47 | 36 |
| Year ended 02/28/23 | 10.89 | 0.53 | (1.01)<br>| (0.48)<br>| (0.66)<br>| (0.07)<br>| (0.73)<br>| 9.68 | (4.49)<br>| &nbsp;&nbsp; 87930 | 0.30 | 0.39 | 5.20 | 52 |
| Year ended 02/28/22 | 10.84 | 0.60 | (0.07)<br>| 0.53 | (0.48)<br>|  | (0.48)<br>| 10.89 | 4.91 | &nbsp;&nbsp; 100465 | 0.30 | 0.36 | 5.48 | 53 |
| Year ended 02/28/21 | 10.45 | 0.12 | 0.40 | 0.52 | (0.11)<br>| (0.02)<br>| (0.13)<br>| 10.84 | 5.02 | &nbsp;&nbsp; 33512 | 0.30 | 0.42 | 1.12 | 49 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 10.08 | 0.28 | 0.10 | 0.38 | (0.18)<br>|  | (0.18)<br>| 10.28 | 3.78 | &nbsp;&nbsp; 3497 | 0.30 <br><sup>(d)</sup><br>| 0.36 <br><sup>(d)</sup><br>| 5.46 <br><sup>(d)</sup><br>| 21 |
| Year ended 02/28/25 | 9.75 | 0.37 | 0.26 | 0.63 | (0.30)<br>|  | (0.30)<br>| 10.08 | 6.51 | &nbsp;&nbsp; 3734 | 0.30 | 0.37 | 3.78 | 46 |
| Year ended 02/29/24 | 9.68 | 0.34 | 0.05 | 0.39 | (0.30)<br>| (0.02)<br>| (0.32)<br>| 9.75 | 4.05 | &nbsp;&nbsp; 20557 | 0.30 | 0.36 | 3.47 | 36 |
| Year ended 02/28/23 | 10.88 | 0.53 | (1.00)<br>| (0.47)<br>| (0.66)<br>| (0.07)<br>| (0.73)<br>| 9.68 | (4.41)<br>| &nbsp;&nbsp; 33939 | 0.30 | 0.30 | 5.20 | 52 |
| Year ended 02/28/22 | 10.83 | 0.60 | (0.07)<br>| 0.53 | (0.48)<br>|  | (0.48)<br>| 10.88 | 4.91 | &nbsp;&nbsp; 28283 | 0.30 | 0.34 | 5.48 | 53 |
| Year ended 02/28/21 | 10.44 | 0.12 | 0.40 | 0.52 | (0.11)<br>| (0.02)<br>| (0.13)<br>| 10.83 | 5.02 | &nbsp;&nbsp; 4640 | 0.30 | 0.34 | 1.12 | 49 |
| **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** |
| Six months ended 08/31/25 | 10.08 | 0.28 | 0.10 | 0.38 | (0.18)<br>|  | (0.18)<br>| 10.28 | 3.78 | &nbsp;&nbsp; 219092 | 0.30 <br><sup>(d)</sup><br>| 0.31 <br><sup>(d)</sup><br>| 5.46 <br><sup>(d)</sup><br>| 21 |
| Year ended 02/28/25 | 9.75 | 0.37 | 0.26 | 0.63 | (0.30)<br>|  | (0.30)<br>| 10.08 | 6.51 | &nbsp;&nbsp; 220345 | 0.30 | 0.32 | 3.78 | 46 |
| Year ended 02/29/24 | 9.68 | 0.34 | 0.05 | 0.39 | (0.30)<br>| (0.02)<br>| (0.32)<br>| 9.75 | 4.05 | &nbsp;&nbsp; 244133 | 0.30 | 0.34 | 3.47 | 36 |
| Year ended 02/28/23 | 10.88 | 0.53 | (1.00)<br>| (0.47)<br>| (0.66)<br>| (0.07)<br>| (0.73)<br>| 9.68 | (4.41)<br>| &nbsp;&nbsp; 295467 | 0.30 | 0.30 | 5.20 | 52 |
| Year ended 02/28/22 | 10.84 | 0.61 | (0.09)<br>| 0.52 | (0.48)<br>|  | (0.48)<br>| 10.88 | 4.84 | &nbsp;&nbsp; 322282 | 0.28 | 0.28 | 5.50 | 53 |
| Year ended 02/28/21 | 10.45 | 0.12 | 0.40 | 0.52 | (0.11)<br>| (0.02)<br>| (0.13)<br>| 10.84 | 5.05 | &nbsp;&nbsp; 391051 | 0.27 | 0.27 | 1.15 | 49 |

---

<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. Does not include sales charges and is 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.

<sup>(d)</sup> Annualized.

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

**6**

**Invesco Short Duration Inflation Protected Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Short Duration Inflation Protected Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to provide protection from the negative effects of unanticipated inflation.

The Fund currently consists of five different classes of shares: Class A, Class A2, Class Y, Class R5 and Class R6. Class A2 shares are closed to new investors. Class Y shares are available only to certain investors. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class Y, Class R5 and Class R6 shares are sold at net asset value.

Class R5 shares are closed to new investors.

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.

Securities normally 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, yield, quality, coupon rate, maturity, type of issue, 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 securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, 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.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

**D.** **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.

**7**

**Invesco Short Duration Inflation Protected Fund**

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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.

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

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

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

**H.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**I.** **Treasury Inflation-Protected Securities** — The Fund may invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as *Treasury Inflation-Protected Securities inflation adjustments* in the Statement of Operations, even though investors do not receive their principal until maturity.

**J.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.200% |
| Over $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.175% |

---

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.20%.

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. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2026, 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 A2, Class Y, Class R5 and Class R6 shares to 0.55%, 0.45%, 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 June 30, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $334 and reimbursed class level expenses of $47,950, $4,877, $25,521, $1,071 and $11,660 of Class A, Class A2, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

**8**

**Invesco Short Duration Inflation Protected Fund**

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intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class A2, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class A2 shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the average daily net assets of Class A shares and 0.15% of the Fund's average daily net assets of Class A2 shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $2,082 and $60 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $3,330 and $0 from Class A and Class A2 shares, respectively, for CDSC was imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $397452506 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $397452506 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 678773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 678773 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $678773 | &nbsp;&nbsp;&nbsp;&nbsp; $397452506 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $398131279 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,718.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

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

**9**

**Invesco Short Duration Inflation Protected Fund**

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

The Fund had a capital loss carryforward as of February 28, 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; $6975572 | &nbsp;&nbsp;&nbsp;&nbsp; $42404487 | &nbsp;&nbsp;&nbsp;&nbsp; $49380059 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 8—Investment Transactions**

The aggregate amount of long-term U.S. government obligations (other than short-term securities and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $83,528,544 and $118,196,705, 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; $1429070 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1429070 |

---

Cost of investments for tax purposes is $396,702,209.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1014611 | &nbsp;&nbsp;&nbsp; $10251620 | &nbsp;&nbsp;&nbsp; 1449409 | &nbsp;&nbsp;&nbsp; $14301604 |
| Class A2 | &nbsp;&nbsp;&nbsp; 6796 | &nbsp;&nbsp;&nbsp; 69098 | &nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp; 57730 |
| Class Y | &nbsp;&nbsp;&nbsp; 2818966 | &nbsp;&nbsp;&nbsp; 28526055 | &nbsp;&nbsp;&nbsp; 2008722 | &nbsp;&nbsp;&nbsp; 19952124 |
| Class R5 | &nbsp;&nbsp;&nbsp; 13700 | &nbsp;&nbsp;&nbsp; 138756 | &nbsp;&nbsp;&nbsp; 70611 | &nbsp;&nbsp;&nbsp; 697974 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1098563 | &nbsp;&nbsp;&nbsp; 11091725 | &nbsp;&nbsp;&nbsp; 4154223 | &nbsp;&nbsp;&nbsp; 41524341 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 133124 | &nbsp;&nbsp;&nbsp; 1339873 | &nbsp;&nbsp;&nbsp; 247229 | &nbsp;&nbsp;&nbsp; 2440840 |
| Class A2 | &nbsp;&nbsp;&nbsp; 15048 | &nbsp;&nbsp;&nbsp; 151599 | &nbsp;&nbsp;&nbsp; 26878 | &nbsp;&nbsp;&nbsp; 265681 |
| Class Y | &nbsp;&nbsp;&nbsp; 66582 | &nbsp;&nbsp;&nbsp; 671150 | &nbsp;&nbsp;&nbsp; 82600 | &nbsp;&nbsp;&nbsp; 816247 |
| Class R5 | &nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp; 30852 | &nbsp;&nbsp;&nbsp; 9231 | &nbsp;&nbsp;&nbsp; 90937 |
| Class R6 | &nbsp;&nbsp;&nbsp; 376792 | &nbsp;&nbsp;&nbsp; 3796168 | &nbsp;&nbsp;&nbsp; 681127 | &nbsp;&nbsp;&nbsp; 6729040 |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1422898)<br>| &nbsp;&nbsp;&nbsp; (14378325)<br>| &nbsp;&nbsp;&nbsp; (4219138)<br>| &nbsp;&nbsp;&nbsp; (41734901)<br>|
| Class A2 | &nbsp;&nbsp;&nbsp; (47846)<br>| &nbsp;&nbsp;&nbsp; (485687)<br>| &nbsp;&nbsp;&nbsp; (141631)<br>| &nbsp;&nbsp;&nbsp; (1402429)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (561520)<br>| &nbsp;&nbsp;&nbsp; (5688560)<br>| &nbsp;&nbsp;&nbsp; (2203242)<br>| &nbsp;&nbsp;&nbsp; (21821211)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (47100)<br>| &nbsp;&nbsp;&nbsp; (478073)<br>| &nbsp;&nbsp;&nbsp; (1819000)<br>| &nbsp;&nbsp;&nbsp; (18172226)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2028339)<br>| &nbsp;&nbsp;&nbsp; (20572782)<br>| &nbsp;&nbsp;&nbsp; (8022165)<br>| &nbsp;&nbsp;&nbsp; (79750605)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1439541 | &nbsp;&nbsp;&nbsp; $14463469 | &nbsp;&nbsp;&nbsp; (7669319)<br>| &nbsp;&nbsp;&nbsp; $(76004854)<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 71% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**10**

**Invesco Short Duration Inflation Protected 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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Duration Inflation Protected 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. (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.&nbsp;&nbsp;&nbsp;&nbsp;

**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 1-5 Year US Inflation-Linked Treasury Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period (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 Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund generally seeks to replicate the risk and return of the Index by generally investing in the components of the Index, and that the Fund's performance will typically lag the Index due to fees and may differ from the peers in its Broadridge performance universe, which

**11**

**Invesco Short Duration Inflation Protected Fund**

------

may not seek to replicate the performance of a benchmark index. 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.

*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 Class A shares of the Fund were each below 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 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 may benefit 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 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.

*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

**12**

**Invesco Short Duration Inflation Protected Fund**

------

through the affiliated broker and that such trades 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.

**13**

**Invesco Short Duration Inflation Protected Fund**

------

**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.

**14**

**Invesco Short Duration Inflation Protected Fund**

------

![](img421272d71.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

SDIP-NCSRS

------

![](img728aa2361.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco Short Term Bond Fund**

Nasdaq:

A: STBAX ■ C: STBCX ■ R: STBRX ■ Y: STBYX ■ R5: ISTBX ■ R6: ISTFX

------

---

| | |
|:---|:---|
| [2](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_SOI-Continued-120_1) | Schedule of Investments |
| [20](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_FS-Continued-120_1) | Financial Statements |
| [23](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_FS-Continued-120_4) | Financial Highlights |
| [24](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_NTF-Continued-120_1) | Notes to Financial Statements |
| [31](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_AOC-Continued-120_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [33](#xx_6776bf1d-9b77-4208-95c1-2bf2912600d0_OIRSR-Continued-120_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–66.23%** | **U.S. Dollar Denominated Bonds & Notes–66.23%** | **U.S. Dollar Denominated Bonds & Notes–66.23%** | **U.S. Dollar Denominated Bonds & Notes–66.23%** |
| **Aerospace & Defense–1.17%** | **Aerospace & Defense–1.17%** | **Aerospace & Defense–1.17%** | **Aerospace & Defense–1.17%** |
| BAE Systems PLC (United Kingdom), <br> 5.00%, 03/26/2027<sup>(b)</sup> <br>|  | $1534000 | &nbsp;&nbsp; $1552165 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027<sup>(c)</sup> <br>|  | 780000 | &nbsp;&nbsp; 802989 |
| 6.30%, 05/01/2029 |  | 1130000 | &nbsp;&nbsp; 1200475 |
| L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 3577000 | &nbsp;&nbsp; 3634972 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.15%, 08/15/2028 |  | 2013000 | &nbsp;&nbsp; 2024155 |
| 4.50%, 02/15/2029 |  | 1247000 | &nbsp;&nbsp; 1265283 |
| 4.40%, 08/15/2030 |  | 1728000 | &nbsp;&nbsp; 1742535 |
| RTX Corp., | RTX Corp., |  |  |
| 5.00%, 02/27/2026 |  | 548000 | &nbsp;&nbsp; 549370 |
| 5.75%, 11/08/2026 |  | 4412000 | &nbsp;&nbsp; 4486572 |
| 5.75%, 01/15/2029 |  | 1179000 | &nbsp;&nbsp; 1238252 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 874000 | &nbsp;&nbsp; 899597 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 4621000 | &nbsp;&nbsp; 4736909 |
|  |  |  | &nbsp;&nbsp; 24133274 |
| **Agricultural & Farm Machinery–0.62%** | **Agricultural & Farm Machinery–0.62%** | **Agricultural & Farm Machinery–0.62%** | **Agricultural & Farm Machinery–0.62%** |
| AGCO Corp., 5.45%, 03/21/2027 |  | 1345000 | &nbsp;&nbsp; 1363224 |
| CNH Industrial Capital LLC, | CNH Industrial Capital LLC, |  |  |
| 5.45%, 10/14/2025<sup>(c)</sup> <br>|  | 2424000 | &nbsp;&nbsp; 2426241 |
| 4.75%, 03/21/2028 |  | 781000 | &nbsp;&nbsp; 789976 |
| Imperial Brands Finance PLC <br> (United Kingdom), 4.50%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 3751000 | &nbsp;&nbsp; 3776058 |
| John Deere Capital Corp., | John Deere Capital Corp., |  |  |
| 5.15%, 09/08/2026<sup>(c)</sup> <br>|  | 1043000 | &nbsp;&nbsp; 1055703 |
| 4.90%, 03/03/2028 |  | 479000 | &nbsp;&nbsp; 490430 |
| 4.38%, 10/15/2030<sup>(c)</sup> <br>|  | 2849000 | &nbsp;&nbsp; 2873154 |
|  |  |  | &nbsp;&nbsp; 12774786 |
| **Agricultural Products & Services–0.28%** | **Agricultural Products & Services–0.28%** | **Agricultural Products & Services–0.28%** | **Agricultural Products & Services–0.28%** |
| Bunge Ltd. Finance Corp., 4.55%, <br> 08/04/2030<sup>(c)</sup> <br>|  | 5755000 | &nbsp;&nbsp; 5787976 |
| **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** | **Air Freight & Logistics–0.06%** |
| United Parcel Service, Inc., 4.65%, <br> 10/15/2030<sup>(c)</sup> <br>|  | 1275000 | &nbsp;&nbsp; 1303646 |
| **Apparel Retail–0.02%** | **Apparel Retail–0.02%** | **Apparel Retail–0.02%** | **Apparel Retail–0.02%** |
| Gap, Inc. (The), 3.63%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 472000 | &nbsp;&nbsp; 443078 |
| **Application Software–0.84%** | **Application Software–0.84%** | **Application Software–0.84%** | **Application Software–0.84%** |
| Cadence Design Systems, Inc., <br> 4.30%, 09/10/2029<br>|  | 2161000 | &nbsp;&nbsp; 2177376 |
| Constellation Software, Inc. <br> (Canada), 5.16%, <br> 02/16/2029<sup>(b)(c)</sup> <br>|  | 928000 | &nbsp;&nbsp; 951065 |
| Intuit, Inc., | Intuit, Inc., |  |  |
| 5.25%, 09/15/2026<sup>(c)</sup> <br>|  | 2649000 | &nbsp;&nbsp; 2677583 |
| 5.13%, 09/15/2028<sup>(c)</sup> <br>|  | 4207000 | &nbsp;&nbsp; 4347799 |
| Open Text Corp. (Canada), 6.90%, <br> 12/01/2027<sup>(b)(c)</sup> <br>|  | 345000 | &nbsp;&nbsp; 358332 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.25%, 09/15/2028 |  | $1031000 | &nbsp;&nbsp; $1035129 |
| 4.50%, 10/15/2029 |  | 1524000 | &nbsp;&nbsp; 1537096 |
| 4.45%, 09/15/2030 |  | 1087000 | &nbsp;&nbsp; 1089730 |
| SS&C Technologies, Inc., 5.50%, <br> 09/30/2027<sup>(b)</sup> <br>|  | 737000 | &nbsp;&nbsp; 737748 |
| Synopsys, Inc., 4.85%, <br> 04/01/2030<br>|  | 2343000 | &nbsp;&nbsp; 2390568 |
|  |  |  | &nbsp;&nbsp; 17302426 |
| **Asset Management & Custody Banks–0.41%** | **Asset Management & Custody Banks–0.41%** | **Asset Management & Custody Banks–0.41%** | **Asset Management & Custody Banks–0.41%** |
| Bain Capital Specialty Finance, Inc., <br> 5.95%, 03/15/2030<br>|  | 435000 | &nbsp;&nbsp; 437331 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.44%, 06/09/2028<sup>(d)</sup> <br>|  | 2103000 | &nbsp;&nbsp; 2116776 |
| 5.04% (SOFR + 0.68%), <br> 06/09/2028<sup>(e)</sup> <br>|  | 3782000 | &nbsp;&nbsp; 3794246 |
| 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 902000 | &nbsp;&nbsp; 927241 |
| Citadel L.P., 6.00%, <br> 01/23/2030<sup>(b)(c)</sup> <br>|  | 349000 | &nbsp;&nbsp; 363764 |
| Golub Capital Private Credit Fund, <br> 5.45%, 08/15/2028<sup>(b)</sup> <br>|  | 883000 | &nbsp;&nbsp; 886787 |
|  |  |  | &nbsp;&nbsp; 8526145 |
| **Automobile Manufacturers–5.05%** | **Automobile Manufacturers–5.05%** | **Automobile Manufacturers–5.05%** | **Automobile Manufacturers–5.05%** |
| Allison Transmission, Inc., 4.75%, <br> 10/01/2027<sup>(b)(c)</sup> <br>|  | 4950000 | &nbsp;&nbsp; 4910801 |
| American Honda Finance Corp., <br> 5.80%, 10/03/2025<br>|  | 6130000 | &nbsp;&nbsp; 6136349 |
| Daimler Truck Finance North <br> America LLC (Germany), | Daimler Truck Finance North <br> America LLC (Germany), |  |  |
| 5.15%, 01/16/2026<sup>(b)(c)</sup> <br>|  | 1645000 | &nbsp;&nbsp; 1649603 |
| 4.30%, 08/12/2027<sup>(b)(c)</sup> <br>|  | 2949000 | &nbsp;&nbsp; 2954373 |
| 4.95%, 01/13/2028<sup>(b)</sup> <br>|  | 794000 | &nbsp;&nbsp; 805553 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 7.31% (SOFR + 2.95%), <br> 03/06/2026<sup>(e)</sup> <br>|  | 2578000 | &nbsp;&nbsp; 2597464 |
| 5.85%, 05/17/2027 |  | 6384000 | &nbsp;&nbsp; 6450716 |
| 5.92%, 03/20/2028 |  | 1671000 | &nbsp;&nbsp; 1696376 |
| 6.80%, 11/07/2028 |  | 1998000 | &nbsp;&nbsp; 2080179 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 9116000 | &nbsp;&nbsp; 9175663 |
| 4.69%, 07/08/2030 |  | 11606000 | &nbsp;&nbsp; 11717805 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.65%, 06/26/2026<sup>(b)</sup> <br>|  | 1243000 | &nbsp;&nbsp; 1255758 |
| 5.30%, 03/19/2027<sup>(b)(c)</sup> <br>|  | 2565000 | &nbsp;&nbsp; 2600438 |
| 4.88%, 06/23/2027<sup>(b)(c)</sup> <br>|  | 5215000 | &nbsp;&nbsp; 5262271 |
| 5.00%, 01/07/2028<sup>(b)(c)</sup> <br>|  | 6583000 | &nbsp;&nbsp; 6674813 |
| 5.60%, 03/30/2028<sup>(b)(c)</sup> <br>|  | 719000 | &nbsp;&nbsp; 740376 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 2047000 | &nbsp;&nbsp; 2108805 |
| Hyundai Capital Services, Inc. <br> (South Korea), 5.25%, <br> 01/22/2028<sup>(b)</sup> <br>|  | 2243000 | &nbsp;&nbsp; 2289314 |
| PACCAR Financial Corp., 4.25%, <br> 06/23/2027<br>|  | 7553000 | &nbsp;&nbsp; 7602879 |

---

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

**2**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** | **Automobile Manufacturers–(continued)** |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 5.60%, 09/11/2025 |  | $6330000 | &nbsp;&nbsp; $6331751 |
| 4.55%, 08/07/2026 |  | 5014000 | &nbsp;&nbsp; 5036582 |
| 4.55%, 08/09/2029 |  | 1033000 | &nbsp;&nbsp; 1051145 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 5.80%, 09/12/2025<sup>(b)</sup> <br>|  | 5577000 | &nbsp;&nbsp; 5578793 |
| 5.40%, 03/20/2026<sup>(b)</sup> <br>|  | 5296000 | &nbsp;&nbsp; 5321276 |
| 4.90%, 08/14/2026<sup>(b)</sup> <br>|  | 2354000 | &nbsp;&nbsp; 2367291 |
|  |  |  | &nbsp;&nbsp; 104396374 |
| **Automotive Parts & Equipment–0.72%** | **Automotive Parts & Equipment–0.72%** | **Automotive Parts & Equipment–0.72%** | **Automotive Parts & Equipment–0.72%** |
| BMW US Capital LLC (Germany), | BMW US Capital LLC (Germany), |  |  |
| 4.15%, 08/11/2027<sup>(b)(c)</sup> <br>|  | 3786000 | &nbsp;&nbsp; 3788835 |
| 5.11% (SOFR + 0.71%), <br> 08/11/2027<sup>(b)(e)</sup> <br>|  | 9952000 | &nbsp;&nbsp; 9986073 |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 386743 |
| ERAC USA Finance LLC, 5.00%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 744000 | &nbsp;&nbsp; 762147 |
|  |  |  | &nbsp;&nbsp; 14923798 |
| **Automotive Retail–0.43%** | **Automotive Retail–0.43%** | **Automotive Retail–0.43%** | **Automotive Retail–0.43%** |
| Lithia Motors, Inc., 4.63%, <br> 12/15/2027<sup>(b)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 5949335 |
| O'Reilly Automotive, Inc., 5.75%, <br> 11/20/2026<br>|  | 2793000 | &nbsp;&nbsp; 2840528 |
|  |  |  | &nbsp;&nbsp; 8789863 |
| **Biotechnology–0.13%** | **Biotechnology–0.13%** | **Biotechnology–0.13%** | **Biotechnology–0.13%** |
| AbbVie, Inc., 4.80%, <br> 03/15/2027<br>|  | 2682000 | &nbsp;&nbsp; 2710658 |
| **Building Products–0.26%** | **Building Products–0.26%** | **Building Products–0.26%** | **Building Products–0.26%** |
| Amrize Finance US LLC, | Amrize Finance US LLC, |  |  |
| 4.60%, 04/07/2027<sup>(b)</sup> <br>|  | 3494000 | &nbsp;&nbsp; 3513519 |
| 4.95%, 04/07/2030<sup>(b)</sup> <br>|  | 495000 | &nbsp;&nbsp; 505424 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 1324000 | &nbsp;&nbsp; 1372289 |
|  |  |  | &nbsp;&nbsp; 5391232 |
| **Cable & Satellite–0.17%** | **Cable & Satellite–0.17%** | **Cable & Satellite–0.17%** | **Cable & Satellite–0.17%** |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating <br> Capital Corp., 6.15%, <br> 11/10/2026<br>|  | 3526000 | &nbsp;&nbsp; 3580749 |
| **Cargo Ground Transportation–0.72%** | **Cargo Ground Transportation–0.72%** | **Cargo Ground Transportation–0.72%** | **Cargo Ground Transportation–0.72%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> <br>|  | 1507000 | &nbsp;&nbsp; 1518627 |
| 5.35%, 01/12/2027<sup>(b)(c)</sup> <br>|  | 907000 | &nbsp;&nbsp; 918050 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1011000 | &nbsp;&nbsp; 1058255 |
| 5.25%, 02/01/2030<sup>(b)(c)</sup> <br>|  | 7877000 | &nbsp;&nbsp; 8130558 |
| Ryder System, Inc., | Ryder System, Inc., |  |  |
| 5.30%, 03/15/2027 |  | 2242000 | &nbsp;&nbsp; 2275095 |
| 4.90%, 12/01/2029 |  | 985000 | &nbsp;&nbsp; 1006454 |
|  |  |  | &nbsp;&nbsp; 14907039 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commercial & Residential Mortgage Finance–0.14%** | **Commercial & Residential Mortgage Finance–0.14%** | **Commercial & Residential Mortgage Finance–0.14%** | **Commercial & Residential Mortgage Finance–0.14%** |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | $2190000 | &nbsp;&nbsp; $2241874 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 710000 | &nbsp;&nbsp; 731034 |
|  |  |  | &nbsp;&nbsp; 2972908 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** |
| Caterpillar Financial Services Corp., <br> 4.50%, 01/07/2027<br>|  | 3392000 | &nbsp;&nbsp; 3418685 |
| Cummins, Inc., 4.25%, <br> 05/09/2028<br>|  | 2112000 | &nbsp;&nbsp; 2129815 |
| Komatsu Finance America, Inc., <br> 5.50%, 10/06/2027<sup>(b)</sup> <br>|  | 2357000 | &nbsp;&nbsp; 2418295 |
| Westinghouse Air Brake <br> Technologies Corp., 4.90%, <br> 05/29/2030<sup>(c)</sup> <br>|  | 2158000 | &nbsp;&nbsp; 2208416 |
|  |  |  | &nbsp;&nbsp; 10175211 |
| **Construction Materials–0.13%** | **Construction Materials–0.13%** | **Construction Materials–0.13%** | **Construction Materials–0.13%** |
| JH North America Holdings, Inc., <br> 5.88%, 01/31/2031<sup>(b)(c)</sup> <br>|  | 2735000 | &nbsp;&nbsp; 2766904 |
| **Consumer Electronics–0.79%** | **Consumer Electronics–0.79%** | **Consumer Electronics–0.79%** | **Consumer Electronics–0.79%** |
| LG Electronics, Inc. (South Korea), | LG Electronics, Inc. (South Korea), |  |  |
| 5.63%, 04/24/2027<sup>(b)</sup> <br>|  | 14770000 | &nbsp;&nbsp; 15058975 |
| 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | 1284000 | &nbsp;&nbsp; 1337503 |
|  |  |  | &nbsp;&nbsp; 16396478 |
| **Consumer Finance–1.30%** | **Consumer Finance–1.30%** | **Consumer Finance–1.30%** | **Consumer Finance–1.30%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(c)(d)</sup> <br>|  | 2877000 | &nbsp;&nbsp; 2900742 |
| 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 5968000 | &nbsp;&nbsp; 6066799 |
| 5.65% (SOFR + 1.26%), <br> 04/25/2029<sup>(e)</sup> <br>|  | 1677000 | &nbsp;&nbsp; 1701136 |
| 4.35%, 07/20/2029<sup>(d)</sup> <br>|  | 3572000 | &nbsp;&nbsp; 3591027 |
| 5.20% (SOFR + 0.81%), <br> 07/20/2029<sup>(e)</sup> <br>|  | 5324000 | &nbsp;&nbsp; 5335422 |
| Capital One Financial Corp., <br> 7.15%, 10/29/2027<sup>(c)(d)</sup> <br>|  | 1466000 | &nbsp;&nbsp; 1511102 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 6.05%, 10/10/2025 |  | 3614000 | &nbsp;&nbsp; 3618923 |
| 5.40%, 04/06/2026 |  | 345000 | &nbsp;&nbsp; 346681 |
| SLM Corp., 6.50%, 01/31/2030 |  | 1302000 | &nbsp;&nbsp; 1363660 |
| Synchrony Financial, 5.02%, <br> 07/29/2029<sup>(d)</sup> <br>|  | 388000 | &nbsp;&nbsp; 390840 |
|  |  |  | &nbsp;&nbsp; 26826332 |
| **Consumer Staples Merchandise Retail–0.23%** | **Consumer Staples Merchandise Retail–0.23%** | **Consumer Staples Merchandise Retail–0.23%** | **Consumer Staples Merchandise Retail–0.23%** |
| Walmart, Inc., 4.10%, <br> 04/28/2027<br>|  | 4795000 | &nbsp;&nbsp; 4819580 |
| **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** |
| Constellation Brands, Inc., 4.80%, <br> 05/01/2030<br>|  | 249000 | &nbsp;&nbsp; 252935 |
| **Distributors–0.19%** | **Distributors–0.19%** | **Distributors–0.19%** | **Distributors–0.19%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | 1669000 | &nbsp;&nbsp; 1777808 |
| 4.95%, 08/15/2029 |  | 2094000 | &nbsp;&nbsp; 2138378 |
|  |  |  | &nbsp;&nbsp; 3916186 |

---

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

**3**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–15.64%** | **Diversified Banks–15.64%** | **Diversified Banks–15.64%** | **Diversified Banks–15.64%** |
| Banco Santander S.A. (Spain), <br> 6.53%, 11/07/2027<sup>(d)</sup> <br>|  | $400000 | &nbsp;&nbsp; $410121 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 5.08%, 01/20/2027<sup>(c)(d)</sup> <br>|  | 2549000 | &nbsp;&nbsp; 2555241 |
| 4.98%, 01/24/2029<sup>(d)</sup> <br>|  | 8056000 | &nbsp;&nbsp; 8200366 |
| 4.62%, 05/09/2029<sup>(d)</sup> <br>|  | 2010000 | &nbsp;&nbsp; 2032966 |
| 5.51% (SOFR + 1.11%), <br> 05/09/2029<sup>(c)(e)</sup> <br>|  | 5852000 | &nbsp;&nbsp; 5920263 |
| 5.41% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)(e)</sup> <br>|  | 1720000 | &nbsp;&nbsp; 1720803 |
| Bank of Montreal (Canada), 5.26% <br> (SOFR + 0.86%), <br> 01/27/2029<sup>(c)(e)</sup> <br>|  | 3720000 | &nbsp;&nbsp; 3733894 |
| Bank of New York Mellon (The), <br> 4.73%, 04/20/2029<sup>(d)</sup> <br>|  | 1093000 | &nbsp;&nbsp; 1111219 |
| Banque Federative du Credit Mutuel <br> (France), | Banque Federative du Credit Mutuel <br> (France), |  |  |
| 4.59%, 10/16/2028<sup>(b)</sup> <br>|  | 4723000 | &nbsp;&nbsp; 4767522 |
| 5.38% (SOFR + 0.99%), <br> 10/16/2028<sup>(b)(e)</sup> <br>|  | 9643000 | &nbsp;&nbsp; 9686911 |
| Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |  |  |
| 6.50%, 09/13/2027<sup>(d)</sup> <br>|  | 4322000 | &nbsp;&nbsp; 4412855 |
| 5.09%, 02/25/2029<sup>(d)</sup> <br>|  | 2240000 | &nbsp;&nbsp; 2276749 |
| 4.48%, 11/11/2029<sup>(d)</sup> <br>|  | 3612000 | &nbsp;&nbsp; 3619119 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(c)(d)</sup> <br>|  | 2487000 | &nbsp;&nbsp; 2511057 |
| 5.83% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(e)</sup> <br>|  | 4153000 | &nbsp;&nbsp; 4203105 |
| Citibank N.A., | Citibank N.A., |  |  |
| 5.49%, 12/04/2026<sup>(c)</sup> <br>|  | 2660000 | &nbsp;&nbsp; 2703046 |
| 5.12% (SOFR + 0.71%), <br> 11/19/2027<sup>(e)</sup> <br>|  | 6806000 | &nbsp;&nbsp; 6820109 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.61%, 09/29/2026<sup>(c)(d)</sup> <br>|  | 3650000 | &nbsp;&nbsp; 3652676 |
| 4.64%, 05/07/2028<sup>(d)</sup> <br>|  | 4644000 | &nbsp;&nbsp; 4670513 |
| 5.55% (SOFR + 1.14%), <br> 05/07/2028<sup>(e)</sup> <br>|  | 3770000 | &nbsp;&nbsp; 3796677 |
| 4.79%, 03/04/2029<sup>(d)</sup> <br>|  | 7562000 | &nbsp;&nbsp; 7661973 |
| 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 2899000 | &nbsp;&nbsp; 2913250 |
| 5.87% (SOFR + 1.46%), <br> 05/07/2031<sup>(e)</sup> <br>|  | 1693000 | &nbsp;&nbsp; 1721364 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(c)(d)</sup> <br>|  | 564000 | &nbsp;&nbsp; 585274 |
| Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |  |  |
| 5.37%, 01/10/2029<sup>(d)</sup> <br>|  | 2848000 | &nbsp;&nbsp; 2912662 |
| 5.59% (SOFR + 1.21%), <br> 01/10/2029<sup>(e)</sup> <br>|  | 1208000 | &nbsp;&nbsp; 1212613 |
| Fifth Third Bancorp, 6.34%, <br> 07/27/2029<sup>(d)</sup> <br>|  | 341000 | &nbsp;&nbsp; 360004 |
| Fifth Third Bank N.A., | Fifth Third Bank N.A., |  |  |
| 4.97%, 01/28/2028<sup>(c)(d)</sup> <br>|  | 2480000 | &nbsp;&nbsp; 2507024 |
| 5.18% (SOFR + 0.81%), <br> 01/28/2028<sup>(e)</sup> <br>|  | 3432000 | &nbsp;&nbsp; 3431808 |
| Goldman Sachs Bank USA, 5.28%, <br> 03/18/2027<sup>(d)</sup> <br>|  | 6953000 | &nbsp;&nbsp; 6985572 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 7.34%, 11/03/2026<sup>(d)</sup> <br>|  | $3152000 | &nbsp;&nbsp; $3166432 |
| 5.89%, 08/14/2027<sup>(d)</sup> <br>|  | 2200000 | &nbsp;&nbsp; 2230184 |
| 5.13%, 11/19/2028<sup>(d)</sup> <br>|  | 7042000 | &nbsp;&nbsp; 7157831 |
| 5.45% (SOFR + 1.04%), <br> 11/19/2028<sup>(e)</sup> <br>|  | 4369000 | &nbsp;&nbsp; 4390330 |
| 4.90%, 03/03/2029<sup>(d)</sup> <br>|  | 4251000 | &nbsp;&nbsp; 4312525 |
| 5.44% (SOFR + 1.03%), <br> 03/03/2029<sup>(e)</sup> <br>|  | 5583000 | &nbsp;&nbsp; 5606701 |
| 5.69% (SOFR + 1.29%), <br> 11/19/2030<sup>(e)</sup> <br>|  | 4991000 | &nbsp;&nbsp; 5028080 |
| 5.97% (SOFR + 1.57%), <br> 05/13/2031<sup>(e)</sup> <br>|  | 4754000 | &nbsp;&nbsp; 4839442 |
| HSBC USA, Inc., | HSBC USA, Inc., |  |  |
| 5.29%, 03/04/2027<sup>(c)</sup> <br>|  | 5115000 | &nbsp;&nbsp; 5207995 |
| 4.65%, 06/03/2028<sup>(c)</sup> <br>|  | 2238000 | &nbsp;&nbsp; 2270120 |
| ING Groep N.V. (Netherlands), <br> 6.08%, 09/11/2027<sup>(d)</sup> <br>|  | 3481000 | &nbsp;&nbsp; 3540663 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 6.07%, 10/22/2027<sup>(d)</sup> <br>|  | 3795000 | &nbsp;&nbsp; 3870662 |
| 5.04%, 01/23/2028<sup>(d)</sup> <br>|  | 3692000 | &nbsp;&nbsp; 3731793 |
| 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | 2111000 | &nbsp;&nbsp; 2156560 |
| 4.98%, 07/22/2028<sup>(d)</sup> <br>|  | 6817000 | &nbsp;&nbsp; 6916256 |
| 4.51%, 10/22/2028<sup>(d)</sup> <br>|  | 4137000 | &nbsp;&nbsp; 4165045 |
| 4.92%, 01/24/2029<sup>(d)</sup> <br>|  | 806000 | &nbsp;&nbsp; 820457 |
| 5.19% (SOFR + 0.80%), <br> 01/24/2029<sup>(e)</sup> <br>|  | 3043000 | &nbsp;&nbsp; 3051680 |
| 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 2067000 | &nbsp;&nbsp; 2181024 |
| KeyBank N.A., | KeyBank N.A., |  |  |
| 4.70%, 01/26/2026 |  | 1588000 | &nbsp;&nbsp; 1588627 |
| 5.85%, 11/15/2027<sup>(c)</sup> <br>|  | 1773000 | &nbsp;&nbsp; 1829273 |
| Lloyds Banking Group PLC (United <br> Kingdom), | Lloyds Banking Group PLC (United <br> Kingdom), |  |  |
| 5.99%, 08/07/2027<sup>(d)</sup> <br>|  | 2191000 | &nbsp;&nbsp; 2222177 |
| 5.46%, 01/05/2028<sup>(d)</sup> <br>|  | 4456000 | &nbsp;&nbsp; 4521084 |
| 5.47% (SOFR + 1.06%), <br> 11/26/2028<sup>(e)</sup> <br>|  | 6394000 | &nbsp;&nbsp; 6437141 |
| Manufacturers & Traders Trust Co., <br> 4.65%, 01/27/2026<br>|  | 2767000 | &nbsp;&nbsp; 2769217 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.87% (SOFR + <br> 1.48%), 04/24/2031<sup>(e)</sup> <br>|  | 1928000 | &nbsp;&nbsp; 1965099 |
| Mizuho Financial Group, Inc. <br> (Japan), 5.63% (SOFR + <br> 1.25%), 07/08/2031<sup>(c)(e)</sup> <br>|  | 2980000 | &nbsp;&nbsp; 3005913 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 4.45%, 10/15/2027<sup>(d)</sup> <br>|  | 2414000 | &nbsp;&nbsp; 2416632 |
| 4.95%, 01/14/2028<sup>(d)</sup> <br>|  | 3683000 | &nbsp;&nbsp; 3718231 |
| 5.50%, 05/26/2028<sup>(d)</sup> <br>|  | 4664000 | &nbsp;&nbsp; 4768632 |
| 4.97%, 07/14/2028<sup>(c)(d)</sup> <br>|  | 3993000 | &nbsp;&nbsp; 4049498 |
| 5.02%, 01/12/2029<sup>(d)</sup> <br>|  | 1075000 | &nbsp;&nbsp; 1093615 |
| Morgan Stanley Private Bank N.A., | Morgan Stanley Private Bank N.A., |  |  |
| 4.47%, 07/06/2028<sup>(d)</sup> <br>|  | 2180000 | &nbsp;&nbsp; 2190410 |
| 5.13% (SOFR + 0.77%), <br> 07/06/2028<sup>(e)</sup> <br>|  | 5265000 | &nbsp;&nbsp; 5281507 |
| National Securities Clearing Corp., <br> 5.10%, 11/21/2027<sup>(b)</sup> <br>|  | 2489000 | &nbsp;&nbsp; 2544328 |
| NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |  |  |
| 7.47%, 11/10/2026<sup>(d)</sup> <br>|  | 2199000 | &nbsp;&nbsp; 2210859 |
| 5.58%, 03/01/2028<sup>(d)</sup> <br>|  | 2764000 | &nbsp;&nbsp; 2816098 |
| 5.52%, 09/30/2028<sup>(d)</sup> <br>|  | 1900000 | &nbsp;&nbsp; 1947296 |

---

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

**4**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Norinchukin Bank (The) (Japan), <br> 5.09%, 10/16/2029<sup>(b)(c)</sup> <br>|  | $946000 | &nbsp;&nbsp; $966942 |
| PNC Bank N.A., | PNC Bank N.A., |  |  |
| 4.54%, 05/13/2027<sup>(c)(d)</sup> <br>|  | 5551000 | &nbsp;&nbsp; 5560894 |
| 4.43%, 07/21/2028<sup>(c)(d)</sup> <br>|  | 5883000 | &nbsp;&nbsp; 5906280 |
| 5.09% (SOFR + 0.73%), <br> 07/21/2028<sup>(c)(e)</sup> <br>|  | 3440000 | &nbsp;&nbsp; 3446458 |
| PNC Financial Services Group, Inc. <br> (The), | PNC Financial Services Group, Inc. <br> (The), |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 2631000 | &nbsp;&nbsp; 2697587 |
| 5.58%, 06/12/2029<sup>(d)</sup> <br>|  | 2450000 | &nbsp;&nbsp; 2541919 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.97%, 01/24/2029<sup>(c)(d)</sup> <br>|  | 7328000 | &nbsp;&nbsp; 7464317 |
| 5.22% (SOFR + 0.83%), <br> 01/24/2029<sup>(e)</sup> <br>|  | 3611000 | &nbsp;&nbsp; 3620906 |
| 5.43% (SOFR + 1.03%), <br> 02/04/2031<sup>(e)</sup> <br>|  | 7485000 | &nbsp;&nbsp; 7493178 |
| Santander UK Group Holdings PLC <br> (United Kingdom), 6.83%, <br> 11/21/2026<sup>(d)</sup> <br>|  | 2091000 | &nbsp;&nbsp; 2101242 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | 2202000 | &nbsp;&nbsp; 2233970 |
| 6.75%, 02/08/2028<sup>(b)(d)</sup> <br>|  | 2169000 | &nbsp;&nbsp; 2239388 |
| 5.55%, 01/21/2029<sup>(b)(d)</sup> <br>|  | 3733000 | &nbsp;&nbsp; 3827651 |
| 5.63% (SOFR + 1.24%), <br> 01/21/2029<sup>(b)(e)</sup> <br>|  | 2490000 | &nbsp;&nbsp; 2506391 |
| Truist Bank, | Truist Bank, |  |  |
| 4.42%, 07/24/2028<sup>(d)</sup> <br>|  | 3961000 | &nbsp;&nbsp; 3973690 |
| 5.14% (SOFR + 0.77%), <br> 07/24/2028<sup>(e)</sup> <br>|  | 5178000 | &nbsp;&nbsp; 5181033 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.73%, 10/21/2026<sup>(d)</sup> <br>|  | 3231000 | &nbsp;&nbsp; 3235998 |
| 6.79%, 10/26/2027<sup>(d)</sup> <br>|  | 7282000 | &nbsp;&nbsp; 7486466 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 1304000 | &nbsp;&nbsp; 1333959 |
| 4.97%, 04/23/2029<sup>(d)</sup> <br>|  | 3727000 | &nbsp;&nbsp; 3798183 |
| 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 1271000 | &nbsp;&nbsp; 1317846 |
| 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 1420000 | &nbsp;&nbsp; 1505484 |
| 7.63%<sup>(c)(d)(f)</sup> <br>|  | 1385000 | &nbsp;&nbsp; 1482667 |
|  |  |  | &nbsp;&nbsp; 323038622 |
| **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** | **Diversified Capital Markets–0.48%** |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.71%, 01/12/2027<sup>(b)(d)</sup> <br>|  | 5625000 | &nbsp;&nbsp; 5649119 |
| 6.25%, 09/22/2029<sup>(b)(d)</sup> <br>|  | 4088000 | &nbsp;&nbsp; 4316346 |
|  |  |  | &nbsp;&nbsp; 9965465 |
| **Diversified Chemicals–0.14%** | **Diversified Chemicals–0.14%** | **Diversified Chemicals–0.14%** | **Diversified Chemicals–0.14%** |
| Sasol Financing USA LLC (South <br> Africa), 8.75%, 05/03/2029<sup>(b)</sup> <br>|  | 2930000 | &nbsp;&nbsp; 2964735 |
| **Diversified Financial Services–2.17%** | **Diversified Financial Services–2.17%** | **Diversified Financial Services–2.17%** | **Diversified Financial Services–2.17%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), |  |  |
| 6.10%, 01/15/2027 |  | 5061000 | &nbsp;&nbsp; 5173495 |
| 5.75%, 06/06/2028 |  | 1438000 | &nbsp;&nbsp; 1492442 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)(c)</sup> <br>|  | 2534000 | &nbsp;&nbsp; 2560736 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 2351000 | &nbsp;&nbsp; 2459848 |
| Eagle Funding LuxCo S.a.r.l. <br> (Mexico), 5.50%, <br> 08/17/2030<sup>(b)</sup> <br>|  | 15783000 | &nbsp;&nbsp; 16025269 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** | **Diversified Financial Services–(continued)** |
| Goldman Sachs Private Credit Corp., | Goldman Sachs Private Credit Corp., |  |  |
| 5.88%, 05/06/2028<sup>(b)</sup> <br>|  | $420000 | &nbsp;&nbsp; $426723 |
| 6.25%, 05/06/2030<sup>(b)</sup> <br>|  | 420000 | &nbsp;&nbsp; 430317 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 859000 | &nbsp;&nbsp; 875957 |
| 4.90%, 04/03/2028 |  | 3080000 | &nbsp;&nbsp; 3120844 |
| 6.75%, 11/17/2028 |  | 908000 | &nbsp;&nbsp; 972292 |
| OPEC Fund for International <br> Development (The) <br> (Supranational), 4.50%, <br> 01/26/2026<sup>(b)</sup> <br>|  | 11240000 | &nbsp;&nbsp; 11246259 |
|  |  |  | &nbsp;&nbsp; 44784182 |
| **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** | **Diversified Metals & Mining–0.21%** |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 5.44% (SOFR + 1.06%), <br> 04/04/2027<sup>(b)(e)</sup> <br>|  | 1316000 | &nbsp;&nbsp; 1323603 |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 684000 | &nbsp;&nbsp; 695661 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 928000 | &nbsp;&nbsp; 954312 |
| Rio Tinto Finance (USA) PLC <br> (Australia), 4.88%, <br> 03/14/2030<br>|  | 1384000 | &nbsp;&nbsp; 1419601 |
|  |  |  | &nbsp;&nbsp; 4393177 |
| **Diversified Support Services–0.23%** | **Diversified Support Services–0.23%** | **Diversified Support Services–0.23%** | **Diversified Support Services–0.23%** |
| Element Fleet Management Corp. <br> (Canada), | Element Fleet Management Corp. <br> (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 2115000 | &nbsp;&nbsp; 2240663 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 2184000 | &nbsp;&nbsp; 2228250 |
| RB Global Holdings, Inc. (Canada), <br> 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 217000 | &nbsp;&nbsp; 222377 |
|  |  |  | &nbsp;&nbsp; 4691290 |
| **Electric Utilities–4.01%** | **Electric Utilities–4.01%** | **Electric Utilities–4.01%** | **Electric Utilities–4.01%** |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup> <br>|  | 1275000 | &nbsp;&nbsp; 1365996 |
| Capital Power (US Holdings), Inc. <br> (Canada), 5.26%, <br> 06/01/2028<sup>(b)</sup> <br>|  | 2789000 | &nbsp;&nbsp; 2837813 |
| CenterPoint Energy Houston <br> Electric LLC, | CenterPoint Energy Houston <br> Electric LLC, |  |  |
| 5.20%, 10/01/2028<sup>(c)</sup> <br>|  | 992000 | &nbsp;&nbsp; 1024188 |
| 4.80%, 03/15/2030 |  | 1535000 | &nbsp;&nbsp; 1573073 |
| Consolidated Edison Co. of New <br> York, Inc., 4.93% (SOFR + <br> 0.52%), 11/18/2027<sup>(e)</sup> <br>|  | 3189000 | &nbsp;&nbsp; 3201599 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 5.00%, 12/08/2025 |  | 1792000 | &nbsp;&nbsp; 1794543 |
| 4.85%, 01/05/2027<sup>(c)</sup> <br>|  | 3372000 | &nbsp;&nbsp; 3403110 |
| 5.00%, 12/08/2027 |  | 526000 | &nbsp;&nbsp; 536082 |
| 4.85%, 01/05/2029<sup>(c)</sup> <br>|  | 777000 | &nbsp;&nbsp; 792133 |
| Enel Finance International N.V. <br> (Italy), 7.05%, <br> 10/14/2025<sup>(b)(c)</sup> <br>|  | 2126000 | &nbsp;&nbsp; 2131560 |
| Exelon Corp., 5.13%, <br> 03/15/2031<sup>(c)</sup> <br>|  | 2637000 | &nbsp;&nbsp; 2724187 |
| FirstEnergy Transmission LLC, <br> 4.55%, 01/15/2030<br>|  | 479000 | &nbsp;&nbsp; 483333 |

---

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

**5**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 5.60%, 11/13/2026<sup>(c)</sup> <br>|  | $2851000 | &nbsp;&nbsp; $2895527 |
| 5.20% (SOFR + 0.80%), <br> 02/05/2027<sup>(e)</sup> <br>|  | 4415000 | &nbsp;&nbsp; 4441243 |
| 4.12%, 09/16/2027 |  | 3939000 | &nbsp;&nbsp; 3950349 |
| 4.85%, 02/07/2029 |  | 1412000 | &nbsp;&nbsp; 1446319 |
| Series D, 4.15%, 08/25/2028 |  | 7323000 | &nbsp;&nbsp; 7351376 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.95%, 01/29/2026 |  | 5306000 | &nbsp;&nbsp; 5317191 |
| 4.69%, 09/01/2027 |  | 6197000 | &nbsp;&nbsp; 6258087 |
| 4.85%, 02/04/2028<sup>(c)</sup> <br>|  | 2201000 | &nbsp;&nbsp; 2238395 |
| 6.38%, 08/15/2055<sup>(d)</sup> <br>|  | 2910000 | &nbsp;&nbsp; 3007139 |
| Niagara Mohawk Power Corp., <br> 4.65%, 10/03/2030<sup>(b)(c)</sup> <br>|  | 2794000 | &nbsp;&nbsp; 2807784 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.50%, 03/20/2027<sup>(b)</sup> <br>|  | 4668000 | &nbsp;&nbsp; 4702051 |
| 4.65%, 11/01/2029 |  | 1862000 | &nbsp;&nbsp; 1894833 |
| PacifiCorp, 5.10%, 02/15/2029 |  | 902000 | &nbsp;&nbsp; 924402 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 704000 | &nbsp;&nbsp; 714866 |
| 5.15%, 05/15/2030<sup>(c)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1158117 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 2057000 | &nbsp;&nbsp; 2117538 |
| Public Service Co. of New <br> Hampshire, 4.40%, <br> 07/01/2028<br>|  | 3427000 | &nbsp;&nbsp; 3464526 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.15%, 10/06/2025<sup>(c)</sup> <br>|  | 789000 | &nbsp;&nbsp; 789274 |
| Series B, 4.00%, <br> 01/15/2051<sup>(d)</sup> <br>|  | 1625000 | &nbsp;&nbsp; 1621406 |
| Trans-Allegheny Interstate Line <br> Co., 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 430000 | &nbsp;&nbsp; 440779 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 1421000 | &nbsp;&nbsp; 1432416 |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1501545 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 444000 | &nbsp;&nbsp; 449664 |
|  |  |  | &nbsp;&nbsp; 82792444 |
| **Electrical Components & Equipment–0.81%** | **Electrical Components & Equipment–0.81%** | **Electrical Components & Equipment–0.81%** | **Electrical Components & Equipment–0.81%** |
| EnerSys, 4.38%, <br> 12/15/2027<sup>(b)(c)</sup> <br>|  | 337000 | &nbsp;&nbsp; 331383 |
| Molex Electronic Technologies LLC, <br> 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 1019000 | &nbsp;&nbsp; 1030124 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.05%, 02/15/2026 |  | 3730000 | &nbsp;&nbsp; 3746197 |
| 6.05%, 04/15/2028 |  | 1791000 | &nbsp;&nbsp; 1854984 |
| Vertiv Group Corp., 4.13%, <br> 11/15/2028<sup>(b)</sup> <br>|  | 9900000 | &nbsp;&nbsp; 9671499 |
|  |  |  | &nbsp;&nbsp; 16634187 |
| **Electronic Equipment & Instruments–0.13%** | **Electronic Equipment & Instruments–0.13%** | **Electronic Equipment & Instruments–0.13%** | **Electronic Equipment & Instruments–0.13%** |
| Keysight Technologies, Inc., <br> 5.35%, 07/30/2030<br>|  | 2647000 | &nbsp;&nbsp; 2750920 |
| **Environmental & Facilities Services–0.32%** | **Environmental & Facilities Services–0.32%** | **Environmental & Facilities Services–0.32%** | **Environmental & Facilities Services–0.32%** |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026<sup>(c)</sup> <br>|  | 4555000 | &nbsp;&nbsp; 4603706 |
| 5.35%, 09/18/2028 |  | 1851000 | &nbsp;&nbsp; 1912521 |
|  |  |  | &nbsp;&nbsp; 6516227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** | **Financial Exchanges & Data–0.02%** |
| Nasdaq, Inc., 5.35%, <br> 06/28/2028<br>|  | $324000 | &nbsp;&nbsp; $334432 |
| **Forest Products–0.03%** | **Forest Products–0.03%** | **Forest Products–0.03%** | **Forest Products–0.03%** |
| Georgia-Pacific LLC, 4.40%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 660000 | &nbsp;&nbsp; 666172 |
| **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** | **Gas Utilities–0.09%** |
| Snam S.p.A. (Italy), 5.00%, <br> 05/28/2030<sup>(b)</sup> <br>|  | 1068000 | &nbsp;&nbsp; 1083798 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 659000 | &nbsp;&nbsp; 678473 |
|  |  |  | &nbsp;&nbsp; 1762271 |
| **Health Care Distributors–0.22%** | **Health Care Distributors–0.22%** | **Health Care Distributors–0.22%** | **Health Care Distributors–0.22%** |
| Cardinal Health, Inc., 4.50%, <br> 09/15/2030<br>|  | 738000 | &nbsp;&nbsp; 739617 |
| McKesson Corp., 4.65%, <br> 05/30/2030<br>|  | 3803000 | &nbsp;&nbsp; 3869808 |
|  |  |  | &nbsp;&nbsp; 4609425 |
| **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 1230000 | &nbsp;&nbsp; 1251008 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.55%, 02/10/2027<sup>(c)</sup> <br>|  | 4932000 | &nbsp;&nbsp; 4975733 |
| 4.70%, 02/10/2028 |  | 6206000 | &nbsp;&nbsp; 6300004 |
|  |  |  | &nbsp;&nbsp; 12526745 |
| **Health Care REITs–0.11%** | **Health Care REITs–0.11%** | **Health Care REITs–0.11%** | **Health Care REITs–0.11%** |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 2218000 | &nbsp;&nbsp; 2250993 |
| **Health Care Services–0.61%** | **Health Care Services–0.61%** | **Health Care Services–0.61%** | **Health Care Services–0.61%** |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 994000 | &nbsp;&nbsp; 1013240 |
| 7.00%, 03/10/2055<sup>(d)</sup> <br>|  | 6860000 | &nbsp;&nbsp; 7159151 |
| HCA, Inc., 5.00%, 03/01/2028<sup>(c)</sup> <br>|  | 929000 | &nbsp;&nbsp; 946014 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 1855000 | &nbsp;&nbsp; 1894395 |
| 5.85%, 05/08/2029 |  | 1536000 | &nbsp;&nbsp; 1606928 |
|  |  |  | &nbsp;&nbsp; 12619728 |
| **Health Care Supplies–0.26%** | **Health Care Supplies–0.26%** | **Health Care Supplies–0.26%** | **Health Care Supplies–0.26%** |
| Solventum Corp., 5.45%, <br> 02/25/2027<br>|  | 5310000 | &nbsp;&nbsp; 5413413 |
| **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** | **Hotels, Resorts & Cruise Lines–0.49%** |
| Carnival Corp., 5.75%, <br> 03/15/2030<sup>(b)(c)</sup> <br>|  | 4662000 | &nbsp;&nbsp; 4782405 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.20%, 07/15/2027<sup>(c)</sup> <br>|  | 3256000 | &nbsp;&nbsp; 3262334 |
| 4.80%, 03/15/2030<sup>(c)</sup> <br>|  | 2013000 | &nbsp;&nbsp; 2047029 |
|  |  |  | &nbsp;&nbsp; 10091768 |
| **Housewares & Specialties–0.05%** | **Housewares & Specialties–0.05%** | **Housewares & Specialties–0.05%** | **Housewares & Specialties–0.05%** |
| Newell Brands, Inc., 6.38%, <br> 05/15/2030<sup>(c)</sup> <br>|  | 950000 | &nbsp;&nbsp; 939293 |
| **Industrial Conglomerates–0.07%** | **Industrial Conglomerates–0.07%** | **Industrial Conglomerates–0.07%** | **Industrial Conglomerates–0.07%** |
| Siemens Funding B.V. (Germany), <br> 4.60%, 05/28/2030<sup>(b)</sup> <br>|  | 1400000 | &nbsp;&nbsp; 1425243 |

---

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

**6**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Machinery & Supplies & Components–0.14%** | **Industrial Machinery & Supplies & Components–0.14%** | **Industrial Machinery & Supplies & Components–0.14%** | **Industrial Machinery & Supplies & Components–0.14%** |
| Ingersoll Rand, Inc., 5.20%, <br> 06/15/2027<br>|  | $1224000 | &nbsp;&nbsp; $1245531 |
| Nordson Corp., 5.60%, <br> 09/15/2028<br>|  | 680000 | &nbsp;&nbsp; 705448 |
| Weir Group, Inc. (United Kingdom), <br> 5.35%, 05/06/2030<sup>(b)</sup> <br>|  | 855000 | &nbsp;&nbsp; 873350 |
|  |  |  | &nbsp;&nbsp; 2824329 |
| **Industrial REITs–0.03%** | **Industrial REITs–0.03%** | **Industrial REITs–0.03%** | **Industrial REITs–0.03%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 584000 | &nbsp;&nbsp; 621752 |
| **Insurance Brokers–0.11%** | **Insurance Brokers–0.11%** | **Insurance Brokers–0.11%** | **Insurance Brokers–0.11%** |
| Arthur J. Gallagher & Co., 4.60%, <br> 12/15/2027<sup>(c)</sup> <br>|  | 2326000 | &nbsp;&nbsp; 2348215 |
| **Integrated Oil & Gas–0.45%** | **Integrated Oil & Gas–0.45%** | **Integrated Oil & Gas–0.45%** | **Integrated Oil & Gas–0.45%** |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.00%, 08/01/2027 |  | 3287000 | &nbsp;&nbsp; 3321589 |
| 5.20%, 08/01/2029 |  | 796000 | &nbsp;&nbsp; 806757 |
| Saudi Arabian Oil Co. (Saudi <br> Arabia), 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 5022000 | &nbsp;&nbsp; 5107162 |
|  |  |  | &nbsp;&nbsp; 9235508 |
| **Integrated Telecommunication Services–1.27%** | **Integrated Telecommunication Services–1.27%** | **Integrated Telecommunication Services–1.27%** | **Integrated Telecommunication Services–1.27%** |
| AT&T, Inc., 4.70%, <br> 08/15/2030<sup>(c)</sup> <br>|  | 6647000 | &nbsp;&nbsp; 6750469 |
| NBN Co. Ltd. (Australia), 4.00%, <br> 10/01/2027<sup>(b)</sup> <br>|  | 9091000 | &nbsp;&nbsp; 9057667 |
| NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |  |  |
| 4.88%, 07/16/2030<sup>(b)</sup> <br>|  | 2257000 | &nbsp;&nbsp; 2292601 |
| 5.69% (SOFR + 1.31%), <br> 07/16/2030<sup>(b)(e)</sup> <br>|  | 1729000 | &nbsp;&nbsp; 1766860 |
| TELUS Corp. (Canada), 6.63%, <br> 10/15/2055<sup>(c)(d)</sup> <br>|  | 4496000 | &nbsp;&nbsp; 4575237 |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 1626000 | &nbsp;&nbsp; 1732162 |
|  |  |  | &nbsp;&nbsp; 26174996 |
| **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** | **Interactive Home Entertainment–0.23%** |
| Roblox Corp., 3.88%, <br> 05/01/2030<sup>(b)</sup> <br>|  | 4950000 | &nbsp;&nbsp; 4710218 |
| **Interactive Media & Services–0.25%** | **Interactive Media & Services–0.25%** | **Interactive Media & Services–0.25%** | **Interactive Media & Services–0.25%** |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)</sup> <br>|  | 611000 | &nbsp;&nbsp; 622508 |
| WarnerMedia Holdings, Inc., <br> 4.05%, 03/15/2029<sup>(c)</sup> <br>|  | 4700000 | &nbsp;&nbsp; 4468690 |
|  |  |  | &nbsp;&nbsp; 5091198 |
| **Investment Banking & Brokerage–2.44%** | **Investment Banking & Brokerage–2.44%** | **Investment Banking & Brokerage–2.44%** | **Investment Banking & Brokerage–2.44%** |
| Blue Owl Technology Finance Corp., <br> 6.10%, 03/15/2028<sup>(b)</sup> <br>|  | 3844000 | &nbsp;&nbsp; 3893153 |
| Charles Schwab Corp. (The), <br> 5.88%, 08/24/2026<br>|  | 7038000 | &nbsp;&nbsp; 7143537 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.17% (SOFR + 0.81%), <br> 03/09/2027<sup>(e)</sup> <br>|  | $4457000 | &nbsp;&nbsp; $4464318 |
| 5.18% (SOFR + 0.82%), <br> 09/10/2027<sup>(e)</sup> <br>|  | 361000 | &nbsp;&nbsp; 361758 |
| 4.94%, 04/23/2028<sup>(d)</sup> <br>|  | 2766000 | &nbsp;&nbsp; 2795466 |
| 5.68% (SOFR + 1.29%), <br> 04/23/2028<sup>(e)</sup> <br>|  | 6238000 | &nbsp;&nbsp; 6299754 |
| 5.48% (SOFR + 1.08%), <br> 01/28/2031<sup>(c)(e)</sup> <br>|  | 7182000 | &nbsp;&nbsp; 7192684 |
| Series W, 7.50%<sup>(c)(d)(f)</sup> <br>|  | 10381000 | &nbsp;&nbsp; 11033664 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.05%, 01/28/2027<sup>(c)(d)</sup> <br>|  | 1373000 | &nbsp;&nbsp; 1376673 |
| 5.65%, 04/13/2028<sup>(c)(d)</sup> <br>|  | 1390000 | &nbsp;&nbsp; 1420156 |
| 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 3549000 | &nbsp;&nbsp; 3615393 |
| 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 701000 | &nbsp;&nbsp; 723816 |
|  |  |  | &nbsp;&nbsp; 50320372 |
| **IT Consulting & Other Services–0.56%** | **IT Consulting & Other Services–0.56%** | **IT Consulting & Other Services–0.56%** | **IT Consulting & Other Services–0.56%** |
| International Business Machines <br> Corp., 4.80%, 02/10/2030<sup>(c)</sup> <br>|  | 11197000 | &nbsp;&nbsp; 11480022 |
| **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)(c)</sup> <br>|  | 1649000 | &nbsp;&nbsp; 1672012 |
| **Life & Health Insurance–4.47%** | **Life & Health Insurance–4.47%** | **Life & Health Insurance–4.47%** | **Life & Health Insurance–4.47%** |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 1021000 | &nbsp;&nbsp; 1052838 |
| Athene Global Funding, | Athene Global Funding, |  |  |
| 5.62%, 05/08/2026<sup>(b)</sup> <br>|  | 5034000 | &nbsp;&nbsp; 5074980 |
| 4.86%, 08/27/2026<sup>(b)</sup> <br>|  | 5714000 | &nbsp;&nbsp; 5744389 |
| 5.52%, 03/25/2027<sup>(b)</sup> <br>|  | 2008000 | &nbsp;&nbsp; 2043256 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.67% (SOFR + 1.30%), <br> 09/25/2026<sup>(b)(e)</sup> <br>|  | 3459000 | &nbsp;&nbsp; 3485549 |
| 4.65%, 08/20/2027<sup>(b)</sup> <br>|  | 3093000 | &nbsp;&nbsp; 3125073 |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1308000 | &nbsp;&nbsp; 1369228 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1015000 | &nbsp;&nbsp; 1044316 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 1880000 | &nbsp;&nbsp; 1937419 |
| Equitable America Global Funding, <br> 4.65%, 06/09/2028<sup>(b)</sup> <br>|  | 3933000 | &nbsp;&nbsp; 3973189 |
| GA Global Funding Trust, | GA Global Funding Trust, |  |  |
| 4.40%, 09/23/2027<sup>(b)</sup> <br>|  | 4047000 | &nbsp;&nbsp; 4056615 |
| 5.50%, 01/08/2029<sup>(b)</sup> <br>|  | 1685000 | &nbsp;&nbsp; 1741230 |
| Jackson National Life Global Funding, | Jackson National Life Global Funding, |  |  |
| 5.50%, 01/09/2026<sup>(b)</sup> <br>|  | 3312000 | &nbsp;&nbsp; 3322749 |
| 4.70%, 06/05/2028<sup>(b)(c)</sup> <br>|  | 2177000 | &nbsp;&nbsp; 2203750 |
| Lincoln Financial Global Funding, <br> 4.63%, 05/28/2028<sup>(b)</sup> <br>|  | 6261000 | &nbsp;&nbsp; 6326525 |
| MassMutual Global Funding II, <br> 5.10%, 04/09/2027<sup>(b)</sup> <br>|  | 4446000 | &nbsp;&nbsp; 4519861 |
| New York Life Global Funding, | New York Life Global Funding, |  |  |
| 4.15%, 07/25/2028<sup>(b)</sup> <br>|  | 9490000 | &nbsp;&nbsp; 9525023 |
| 5.05% (SOFR + 0.66%), <br> 07/25/2028<sup>(b)(e)</sup> <br>|  | 9490000 | &nbsp;&nbsp; 9527583 |
| Northwestern Mutual Global <br> Funding, 5.07%, <br> 03/25/2027<sup>(b)</sup> <br>|  | 2314000 | &nbsp;&nbsp; 2350970 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| 5.50%, 08/28/2026<sup>(b)</sup> <br>|  | 5005000 | &nbsp;&nbsp; 5076631 |
| 4.50%, 08/28/2029<sup>(b)</sup> <br>|  | 5606000 | &nbsp;&nbsp; 5654567 |

---

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

**7**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| Pricoa Global Funding I, | Pricoa Global Funding I, |  |  |
| 5.55%, 08/28/2026<sup>(b)</sup> <br>|  | $2054000 | &nbsp;&nbsp; $2082183 |
| 4.40%, 08/27/2027<sup>(b)</sup> <br>|  | 2940000 | &nbsp;&nbsp; 2961225 |
| Principal Life Global Funding II, <br> 5.00%, 01/16/2027<sup>(b)</sup> <br>|  | 975000 | &nbsp;&nbsp; 986232 |
| Protective Life Global Funding, <br> 5.37%, 01/06/2026<sup>(b)(c)</sup> <br>|  | 3187000 | &nbsp;&nbsp; 3197258 |
|  |  |  | &nbsp;&nbsp; 92382639 |
| **Managed Health Care–0.41%** | **Managed Health Care–0.41%** | **Managed Health Care–0.41%** | **Managed Health Care–0.41%** |
| Elevance Health, Inc., 5.35%, <br> 10/15/2025<br>|  | 2881000 | &nbsp;&nbsp; 2881644 |
| Humana, Inc., 5.75%, <br> 12/01/2028<br>|  | 1030000 | &nbsp;&nbsp; 1074082 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.15%, 10/15/2025 |  | 1266000 | &nbsp;&nbsp; 1267039 |
| 4.75%, 07/15/2026 |  | 3171000 | &nbsp;&nbsp; 3188024 |
|  |  |  | &nbsp;&nbsp; 8410789 |
| **Multi-Family Residential REITs–0.36%** | **Multi-Family Residential REITs–0.36%** | **Multi-Family Residential REITs–0.36%** | **Multi-Family Residential REITs–0.36%** |
| Camden Property Trust, 5.85%, <br> 11/03/2026<sup>(c)</sup> <br>|  | 7282000 | &nbsp;&nbsp; 7417519 |
| **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** | **Multi-Utilities–0.45%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 2165000 | &nbsp;&nbsp; 2181032 |
| DTE Energy Co., 4.95%, <br> 07/01/2027<sup>(c)</sup> <br>|  | 848000 | &nbsp;&nbsp; 859855 |
| NiSource, Inc., 5.25%, <br> 03/30/2028<sup>(c)</sup> <br>|  | 323000 | &nbsp;&nbsp; 331982 |
| Sempra, | Sempra, |  |  |
| 6.63%, 04/01/2055<sup>(c)(d)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1507910 |
| 6.38%, 04/01/2056<sup>(d)</sup> <br>|  | 1628000 | &nbsp;&nbsp; 1641881 |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.00%, 09/27/2025 |  | 2005000 | &nbsp;&nbsp; 2005123 |
| 5.15%, 10/01/2027 |  | 660000 | &nbsp;&nbsp; 672801 |
|  |  |  | &nbsp;&nbsp; 9200584 |
| **Office REITs–0.28%** | **Office REITs–0.28%** | **Office REITs–0.28%** | **Office REITs–0.28%** |
| Brandywine Operating Partnership <br> L.P., 8.30%, 03/15/2028<sup>(c)</sup> <br>|  | 4768000 | &nbsp;&nbsp; 5073734 |
| Office Properties Income Trust, <br> 9.00%, 09/30/2029<sup>(b)</sup> <br>|  | 1069000 | &nbsp;&nbsp; 735589 |
|  |  |  | &nbsp;&nbsp; 5809323 |
| **Oil & Gas Exploration & Production–0.86%** | **Oil & Gas Exploration & Production–0.86%** | **Oil & Gas Exploration & Production–0.86%** | **Oil & Gas Exploration & Production–0.86%** |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027<sup>(c)</sup> <br>|  | 1180000 | &nbsp;&nbsp; 1198275 |
| 5.15%, 01/30/2030 |  | 1122000 | &nbsp;&nbsp; 1153038 |
| EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 663000 | &nbsp;&nbsp; 669616 |
| EQT Corp., 6.50%, 07/01/2027<sup>(b)</sup> <br>|  | 9953000 | &nbsp;&nbsp; 10176167 |
| Pioneer Natural Resources Co., <br> 5.10%, 03/29/2026<sup>(c)</sup> <br>|  | 346000 | &nbsp;&nbsp; 347565 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 2829286 | &nbsp;&nbsp; 2909038 |
| Var Energi ASA (Norway), 5.88%, <br> 05/22/2030<sup>(b)</sup> <br>|  | 1346000 | &nbsp;&nbsp; 1396444 |
|  |  |  | &nbsp;&nbsp; 17850143 |
| **Oil & Gas Storage & Transportation–2.53%** | **Oil & Gas Storage & Transportation–2.53%** | **Oil & Gas Storage & Transportation–2.53%** | **Oil & Gas Storage & Transportation–2.53%** |
| Columbia Pipelines Holding Co. LLC, <br> 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 527000 | &nbsp;&nbsp; 533470 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.05%, 12/01/2026 |  | $3012000 | &nbsp;&nbsp; $3070908 |
| 5.50%, 06/01/2027 |  | 8053000 | &nbsp;&nbsp; 8192995 |
| 6.10%, 12/01/2028 |  | 1049000 | &nbsp;&nbsp; 1103863 |
| 6.50%, 02/15/2056<sup>(d)</sup> <br>|  | 4921000 | &nbsp;&nbsp; 4901227 |
| Series H, 6.50%<sup>(d)(f)</sup> <br>|  | 175000 | &nbsp;&nbsp; 176075 |
| Enterprise Products Operating LLC, <br> 4.30%, 06/20/2028<sup>(c)</sup> <br>|  | 3309000 | &nbsp;&nbsp; 3335217 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.10%, 08/01/2029 |  | 2369000 | &nbsp;&nbsp; 2435610 |
| 5.15%, 06/01/2030 |  | 1082000 | &nbsp;&nbsp; 1113050 |
| MPLX L.P., 4.80%, 02/15/2031 |  | 2237000 | &nbsp;&nbsp; 2239358 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.85%, 01/15/2026 |  | 1555000 | &nbsp;&nbsp; 1560800 |
| 5.55%, 11/01/2026 |  | 1396000 | &nbsp;&nbsp; 1412857 |
| Plains All American Pipeline L.P., <br> Series B, 8.58% (3 mo. Term <br> SOFR + 4.37%)<sup>(e)(f)</sup> <br>|  | 4776000 | &nbsp;&nbsp; 4789674 |
| South Bow USA Infrastructure <br> Holdings LLC (Canada), | South Bow USA Infrastructure <br> Holdings LLC (Canada), |  |  |
| 4.91%, 09/01/2027 |  | 4297000 | &nbsp;&nbsp; 4335749 |
| 5.03%, 10/01/2029 |  | 1403000 | &nbsp;&nbsp; 1420971 |
| Tennessee Gas Pipeline Co. LLC, <br> 7.00%, 10/15/2028<br>|  | 6355000 | &nbsp;&nbsp; 6849780 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028<sup>(c)</sup> <br>|  | 2917000 | &nbsp;&nbsp; 3010332 |
| 4.80%, 11/15/2029 |  | 1751000 | &nbsp;&nbsp; 1782953 |
|  |  |  | &nbsp;&nbsp; 52264889 |
| **Packaged Foods & Meats–0.93%** | **Packaged Foods & Meats–0.93%** | **Packaged Foods & Meats–0.93%** | **Packaged Foods & Meats–0.93%** |
| General Mills, Inc., 5.50%, <br> 10/17/2028<sup>(c)</sup> <br>|  | 1347000 | &nbsp;&nbsp; 1401668 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(b)(c)</sup> <br>|  | 6754000 | &nbsp;&nbsp; 6797027 |
| 4.60%, 03/01/2028<sup>(b)</sup> <br>|  | 7289000 | &nbsp;&nbsp; 7381069 |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 2734000 | &nbsp;&nbsp; 2787068 |
| The Campbell's Company, 5.20%, <br> 03/19/2027<br>|  | 749000 | &nbsp;&nbsp; 760956 |
|  |  |  | &nbsp;&nbsp; 19127788 |
| **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** | **Paper & Plastic Packaging Products & Materials–0.17%** |
| Berry Global, Inc., 4.88%, <br> 07/15/2026<sup>(b)</sup> <br>|  | 875000 | &nbsp;&nbsp; 874433 |
| Sealed Air Corp., 7.25%, <br> 02/15/2031<sup>(b)(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2635132 |
|  |  |  | &nbsp;&nbsp; 3509565 |
| **Passenger Airlines–0.81%** | **Passenger Airlines–0.81%** | **Passenger Airlines–0.81%** | **Passenger Airlines–0.81%** |
| American Airlines Pass-Through <br> Trust, Series 2021-1, Class B, <br> 3.95%, 07/11/2030<br>|  | 1173840 | &nbsp;&nbsp; 1126831 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 375980 |
| British Airways Pass-Through Trust <br> (United Kingdom), <br> Series 2019-1, Class A, 3.35%, <br> 06/15/2029<sup>(b)</sup> <br>|  | 206447 | &nbsp;&nbsp; 199208 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 7766000 | &nbsp;&nbsp; 7866336 |
| 5.25%, 07/10/2030 |  | 2458000 | &nbsp;&nbsp; 2508227 |
| Delta Air Lines, Inc./SkyMiles IP <br> Ltd., 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 952707 | &nbsp;&nbsp; 951633 |

---

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

**8**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2016-2, Class B, 3.65%, <br> 10/07/2025<br>|  | $1245299 | &nbsp;&nbsp; $1242699 |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 1407253 | &nbsp;&nbsp; 1441724 |
| United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 1117000 | &nbsp;&nbsp; 1114039 |
|  |  |  | &nbsp;&nbsp; 16826677 |
| **Pharmaceuticals–1.13%** | **Pharmaceuticals–1.13%** | **Pharmaceuticals–1.13%** | **Pharmaceuticals–1.13%** |
| AstraZeneca Finance LLC (United <br> Kingdom), 4.80%, <br> 02/26/2027<sup>(c)</sup> <br>|  | 2380000 | &nbsp;&nbsp; 2409118 |
| Bristol-Myers Squibb Co., 4.90%, <br> 02/22/2027<sup>(c)</sup> <br>|  | 519000 | &nbsp;&nbsp; 525644 |
| EMD Finance LLC (Germany), | EMD Finance LLC (Germany), |  |  |
| 4.13%, 08/15/2028<sup>(b)</sup> <br>|  | 1860000 | &nbsp;&nbsp; 1860489 |
| 4.38%, 10/15/2030<sup>(b)</sup> <br>|  | 9136000 | &nbsp;&nbsp; 9127802 |
| Johnson & Johnson, 4.50%, <br> 03/01/2027<br>|  | 7443000 | &nbsp;&nbsp; 7518957 |
| Zoetis, Inc., 4.15%, <br> 08/17/2028<sup>(c)</sup> <br>|  | 1790000 | &nbsp;&nbsp; 1794825 |
|  |  |  | &nbsp;&nbsp; 23236835 |
| **Rail Transportation–0.35%** | **Rail Transportation–0.35%** | **Rail Transportation–0.35%** | **Rail Transportation–0.35%** |
| TTX Co., 5.50%, 09/25/2026<sup>(b)</sup> <br>|  | 7110000 | &nbsp;&nbsp; 7196432 |
| **Real Estate Development–0.47%** | **Real Estate Development–0.47%** | **Real Estate Development–0.47%** | **Real Estate Development–0.47%** |
| Essential Properties L.P., 2.95%, <br> 07/15/2031<br>|  | 4821000 | &nbsp;&nbsp; 4339981 |
| Piedmont Operating Partnership <br> L.P., 9.25%, 07/20/2028<sup>(c)</sup> <br>|  | 4864000 | &nbsp;&nbsp; 5408401 |
|  |  |  | &nbsp;&nbsp; 9748382 |
| **Regional Banks–0.27%** | **Regional Banks–0.27%** | **Regional Banks–0.27%** | **Regional Banks–0.27%** |
| Huntington Bancshares, Inc., <br> 6.21%, 08/21/2029<sup>(d)</sup> <br>|  | 998000 | &nbsp;&nbsp; 1051948 |
| Santander Holdings USA, Inc., <br> 6.12%, 05/31/2027<sup>(d)</sup> <br>|  | 2304000 | &nbsp;&nbsp; 2330497 |
| Zions Bancorp. N.A., 4.70%, <br> 08/18/2028<sup>(d)</sup> <br>|  | 2279000 | &nbsp;&nbsp; 2288016 |
|  |  |  | &nbsp;&nbsp; 5670461 |
| **Reinsurance–0.24%** | **Reinsurance–0.24%** | **Reinsurance–0.24%** | **Reinsurance–0.24%** |
| RGA Global Funding, 4.35%, <br> 08/25/2028<sup>(b)</sup> <br>|  | 5014000 | &nbsp;&nbsp; 5029701 |
| **Research & Consulting Services–0.04%** | **Research & Consulting Services–0.04%** | **Research & Consulting Services–0.04%** | **Research & Consulting Services–0.04%** |
| Verisk Analytics, Inc., 4.50%, <br> 08/15/2030<sup>(c)</sup> <br>|  | 732000 | &nbsp;&nbsp; 735373 |
| **Restaurants–0.83%** | **Restaurants–0.83%** | **Restaurants–0.83%** | **Restaurants–0.83%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.60%, 05/15/2030 |  | 3895000 | &nbsp;&nbsp; 3964544 |
| 4.40%, 02/12/2031 |  | 7370000 | &nbsp;&nbsp; 7397574 |
| Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup> <br>|  | 5565000 | &nbsp;&nbsp; 5873089 |
|  |  |  | &nbsp;&nbsp; 17235207 |
| **Retail REITs–0.03%** | **Retail REITs–0.03%** | **Retail REITs–0.03%** | **Retail REITs–0.03%** |
| Realty Income Corp., 5.05%, <br> 01/13/2026<br>|  | 595000 | &nbsp;&nbsp; 595055 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Self-Storage REITs–0.40%** | **Self-Storage REITs–0.40%** | **Self-Storage REITs–0.40%** | **Self-Storage REITs–0.40%** |
| Extra Space Storage L.P., 5.70%, <br> 04/01/2028<br>|  | $695000 | &nbsp;&nbsp; $718216 |
| Public Storage Operating Co., <br> 5.06% (SOFR + 0.70%), <br> 04/16/2027<sup>(e)</sup> <br>|  | 7421000 | &nbsp;&nbsp; 7448431 |
|  |  |  | &nbsp;&nbsp; 8166647 |
| **Semiconductors–0.92%** | **Semiconductors–0.92%** | **Semiconductors–0.92%** | **Semiconductors–0.92%** |
| Broadcom, Inc., | Broadcom, Inc., |  |  |
| 5.05%, 07/12/2027<sup>(c)</sup> <br>|  | 2731000 | &nbsp;&nbsp; 2774533 |
| 4.15%, 02/15/2028 |  | 4002000 | &nbsp;&nbsp; 4007773 |
| 4.60%, 07/15/2030<sup>(c)</sup> <br>|  | 7674000 | &nbsp;&nbsp; 7750077 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.90%, 01/25/2030<sup>(b)(c)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 1108649 |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 3165000 | &nbsp;&nbsp; 3288827 |
|  |  |  | &nbsp;&nbsp; 18929859 |
| **Soft Drinks & Non-alcoholic Beverages–0.61%** | **Soft Drinks & Non-alcoholic Beverages–0.61%** | **Soft Drinks & Non-alcoholic Beverages–0.61%** | **Soft Drinks & Non-alcoholic Beverages–0.61%** |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| 4.98% (SOFR + 0.58%), <br> 11/15/2026<sup>(e)</sup> <br>|  | 7962000 | &nbsp;&nbsp; 7964443 |
| 4.35%, 05/15/2028 |  | 442000 | &nbsp;&nbsp; 441642 |
| PepsiCo, Inc., 4.30%, <br> 07/23/2030<br>|  | 4263000 | &nbsp;&nbsp; 4291111 |
|  |  |  | &nbsp;&nbsp; 12697196 |
| **Sovereign Debt–0.65%** | **Sovereign Debt–0.65%** | **Sovereign Debt–0.65%** | **Sovereign Debt–0.65%** |
| Indonesia Government <br> International Bond (Indonesia), <br> 4.40%, 03/10/2029<br>|  | 9538000 | &nbsp;&nbsp; 9618918 |
| Romanian Government <br> International Bond (Romania), <br> 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 3794000 | &nbsp;&nbsp; 3882234 |
|  |  |  | &nbsp;&nbsp; 13501152 |
| **Specialized Consumer Services–0.11%** | **Specialized Consumer Services–0.11%** | **Specialized Consumer Services–0.11%** | **Specialized Consumer Services–0.11%** |
| Rentokil Terminix Funding LLC, <br> 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 2265000 | &nbsp;&nbsp; 2307851 |
| **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** |
| OCP S.A. (Morocco), 6.10%, <br> 04/30/2030<sup>(b)</sup> <br>|  | 1149000 | &nbsp;&nbsp; 1185287 |
| Sherwin-Williams Co. (The), | Sherwin-Williams Co. (The), |  |  |
| 4.30%, 08/15/2028 |  | 7636000 | &nbsp;&nbsp; 7671434 |
| 4.50%, 08/15/2030<sup>(c)</sup> <br>|  | 1392000 | &nbsp;&nbsp; 1400366 |
| Wayfair LLC, 7.25%, <br> 10/31/2029<sup>(b)(c)</sup> <br>|  | 2500000 | &nbsp;&nbsp; 2555322 |
|  |  |  | &nbsp;&nbsp; 12812409 |
| **Steel–0.45%** | **Steel–0.45%** | **Steel–0.45%** | **Steel–0.45%** |
| ArcelorMittal S.A. (Luxembourg), <br> 6.55%, 11/29/2027<br>|  | 2073000 | &nbsp;&nbsp; 2163787 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 06/01/2027 |  | 1500000 | &nbsp;&nbsp; 1499240 |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 1950000 | &nbsp;&nbsp; 1981880 |
| POSCO (South Korea), 5.63%, <br> 01/17/2026<sup>(b)</sup> <br>|  | 2197000 | &nbsp;&nbsp; 2207451 |
| POSCO Holdings, Inc. (South Korea), <br> 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 1415000 | &nbsp;&nbsp; 1452423 |
|  |  |  | &nbsp;&nbsp; 9304781 |
| **Systems Software–0.08%** | **Systems Software–0.08%** | **Systems Software–0.08%** | **Systems Software–0.08%** |
| Oracle Corp., 5.80%, <br> 11/10/2025<br>|  | 1629000 | &nbsp;&nbsp; 1632799 |

---

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

**9**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Tobacco–0.75%** | **Tobacco–0.75%** | **Tobacco–0.75%** | **Tobacco–0.75%** |
| Altria Group, Inc., 4.88%, <br> 02/04/2028<br>|  | $2038000 | &nbsp;&nbsp; $2069681 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 5.00%, 11/17/2025 |  | 1925000 | &nbsp;&nbsp; 1926964 |
| 4.75%, 02/12/2027 |  | 3271000 | &nbsp;&nbsp; 3301865 |
| 4.38%, 11/01/2027 |  | 4150000 | &nbsp;&nbsp; 4181953 |
| 5.13%, 11/17/2027<sup>(c)</sup> <br>|  | 1016000 | &nbsp;&nbsp; 1037940 |
| 4.13%, 04/28/2028<sup>(c)</sup> <br>|  | 1349000 | &nbsp;&nbsp; 1352361 |
| 5.25%, 09/07/2028 |  | 1561000 | &nbsp;&nbsp; 1613386 |
|  |  |  | &nbsp;&nbsp; 15484150 |
| **Trading Companies & Distributors–0.16%** | **Trading Companies & Distributors–0.16%** | **Trading Companies & Distributors–0.16%** | **Trading Companies & Distributors–0.16%** |
| Air Lease Corp., Series B, <br> 4.65%<sup>(c)(d)(f)</sup> <br>|  | 1351000 | &nbsp;&nbsp; 1339557 |
| Mitsubishi Corp. (Japan), 5.00%, <br> 07/02/2029<sup>(b)(c)</sup> <br>|  | 1993000 | &nbsp;&nbsp; 2052110 |
|  |  |  | &nbsp;&nbsp; 3391667 |
| **Transaction & Payment Processing Services–0.39%** | **Transaction & Payment Processing Services–0.39%** | **Transaction & Payment Processing Services–0.39%** | **Transaction & Payment Processing Services–0.39%** |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.15%, 03/15/2027<sup>(c)</sup> <br>|  | 5222000 | &nbsp;&nbsp; 5290286 |
| 4.55%, 02/15/2031 |  | 2705000 | &nbsp;&nbsp; 2705557 |
|  |  |  | &nbsp;&nbsp; 7995843 |
| **Wireless Telecommunication Services–0.04%** | **Wireless Telecommunication Services–0.04%** | **Wireless Telecommunication Services–0.04%** | **Wireless Telecommunication Services–0.04%** |
| T-Mobile USA, Inc., 4.95%, <br> 03/15/2028<sup>(c)</sup> <br>|  | 829000 | &nbsp;&nbsp; 844744 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,350,737,060) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,350,737,060) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $1,350,737,060) | &nbsp;&nbsp; 1368063392 |
| **Asset-Backed Securities–25.80%** | **Asset-Backed Securities–25.80%** | **Asset-Backed Securities–25.80%** | **Asset-Backed Securities–25.80%** |
| AGL CLO 17 Ltd., Series 2022-<br> 17A, Class AR, 5.28% (3 mo. <br> Term SOFR + 0.95%), <br> 01/21/2035<sup>(b)(e)</sup> <br>|  | 4509000 | &nbsp;&nbsp; 4511520 |
| ALA Trust, Series 2025-OANA, <br> Class B, 6.21% (1 mo. Term <br> SOFR + 1.84%), <br> 06/15/2040<sup>(b)(e)</sup> <br>|  | 6200000 | &nbsp;&nbsp; 6243916 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.16%, 12/25/2059<sup>(b)(g)</sup> <br>|  | 349957 | &nbsp;&nbsp; 341202 |
| Series 2020-3, Class A1, <br> 1.69%, 04/25/2065<sup>(b)(g)</sup> <br>|  | 1468797 | &nbsp;&nbsp; 1393283 |
| Series 2020-5, Class A1, <br> 1.37%, 05/25/2065<sup>(b)(g)</sup> <br>|  | 651027 | &nbsp;&nbsp; 624641 |
| Series 2021-3, Class A1, <br> 1.07%, 05/25/2066<sup>(b)(g)</sup> <br>|  | 2205237 | &nbsp;&nbsp; 1900918 |
| Series 2021-7, Class A1, <br> 1.98%, 10/25/2066<sup>(b)(g)</sup> <br>|  | 8733191 | &nbsp;&nbsp; 7612847 |
| Series 2022-1, Class A1, <br> 2.88%, 12/25/2066<sup>(b)(g)</sup> <br>|  | 5479149 | &nbsp;&nbsp; 5155027 |
| Series 2023-6, Class A1, <br> 6.50%, 12/25/2067<sup>(b)(g)</sup> <br>|  | 3811609 | &nbsp;&nbsp; 3850400 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)(g)</sup> <br>|  | 3185648 | &nbsp;&nbsp; 3202271 |
| Series 2024-2, Class A1, <br> 5.99%, 01/25/2069<sup>(b)(g)</sup> <br>|  | 4883125 | &nbsp;&nbsp; 4932786 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Avis Budget Rental Car Funding <br> (AESOP) LLC, | Avis Budget Rental Car Funding <br> (AESOP) LLC, |  |  |
| Series 2022-5A, Class A, <br> 6.12%, 04/20/2027<sup>(b)</sup> <br>|  | $19000000 | &nbsp;&nbsp; $19135759 |
| Series 2023-1A, Class A, <br> 5.25%, 04/20/2029<sup>(b)</sup> <br>|  | 2033000 | &nbsp;&nbsp; 2079835 |
| Series 2023-2A, Class A, <br> 5.20%, 10/20/2027<sup>(b)</sup> <br>|  | 2425000 | &nbsp;&nbsp; 2443341 |
| Series 2023-4A, Class A, <br> 5.49%, 06/20/2029<sup>(b)</sup> <br>|  | 6690000 | &nbsp;&nbsp; 6886982 |
| Bain Capital Credit CLO Ltd. (Cayman <br> Islands), | Bain Capital Credit CLO Ltd. (Cayman <br> Islands), |  |  |
| Series 2019-4A, Class A1RR, <br> 5.31% (3 mo. Term SOFR + <br> 0.99%), 04/23/2035<sup>(b)(e)</sup> <br>|  | 535000 | &nbsp;&nbsp; 535453 |
| Series 2021-1A, Class AR, <br> 5.27% (3 mo. Term SOFR + <br> 0.94%), 04/18/2034<sup>(b)(e)</sup> <br>|  | 2452000 | &nbsp;&nbsp; 2452689 |
| Series 2021-3A, Class AR, <br> 5.38% (3 mo. Term SOFR + <br> 1.06%), 07/24/2034<sup>(b)(e)</sup> <br>|  | 705000 | &nbsp;&nbsp; 706122 |
| Series 2021-4A, Class A1R, <br> 5.53% (3 mo. Term SOFR + <br> 1.20%), 10/20/2034<sup>(b)(e)</sup> <br>|  | 895000 | &nbsp;&nbsp; 896138 |
| Series 2021-6A, Class A1R, <br> 5.42% (3 mo. Term SOFR + <br> 1.09%), 10/21/2034<sup>(b)(e)</sup> <br>|  | 1210000 | &nbsp;&nbsp; 1212349 |
| Series 2022-1A, Class A1, <br> 5.65% (3 mo. Term SOFR + <br> 1.32%), 04/18/2035<sup>(b)(e)</sup> <br>|  | 2554000 | &nbsp;&nbsp; 2557287 |
| Banc of America Mortgage Trust, <br> Series 2004-D, Class 2A2, <br> 6.46%, 05/25/2034<sup>(g)</sup> <br>|  | 8411 | &nbsp;&nbsp; 8155 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A8, <br> 2.50%, 10/25/2051<sup>(b)(g)</sup> <br>|  | 4332958 | &nbsp;&nbsp; 3896753 |
| Series 2021-5, Class A1, <br> 3.00%, 11/25/2051<sup>(b)(g)</sup> <br>|  | 5196645 | &nbsp;&nbsp; 4445349 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, <br> 0.76% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.30%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 72156 | &nbsp;&nbsp; 68756 |
| Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.25%), <br> 02/25/2036<sup>(e)</sup> <br>|  | 159116 | &nbsp;&nbsp; 152058 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(h)</sup> <br>|  | 16605226 | &nbsp;&nbsp; 163679 |
| Benefit Street Partners CLO XXV <br> Ltd., Series 2021-25A, <br> Class A1R, 5.32% (3 mo. Term <br> SOFR + 1.00%), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 5262000 | &nbsp;&nbsp; 5264626 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(g)</sup> <br>|  | 540717 | &nbsp;&nbsp; 527228 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, <br> 5.55%, 06/15/2044<sup>(b)(g)</sup> <br>|  | 4936000 | &nbsp;&nbsp; 5079604 |
| Buckhorn Park CLO Ltd., <br> Series 2019-1A, Class ARR, <br> 5.40% (3 mo. Term SOFR + <br> 1.07%), 07/18/2034<sup>(b)(e)</sup> <br>|  | 1523000 | &nbsp;&nbsp; 1523751 |

---

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

**10**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.33% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(e)</sup> <br>|  | $2961966 | &nbsp;&nbsp; $2961900 |
| Series 2021-VOLT, Class A, <br> 5.18% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 6360357 | &nbsp;&nbsp; 6352324 |
| Series 2021-VOLT, Class B, <br> 5.43% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 10971978 | &nbsp;&nbsp; 10941472 |
| Series 2021-VOLT, Class C, <br> 5.58% (1 mo. Term SOFR + <br> 1.21%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 2707875 | &nbsp;&nbsp; 2698795 |
| Series 2021-VOLT, Class D, <br> 6.13% (1 mo. Term SOFR + <br> 1.76%), 09/15/2036<sup>(b)(e)</sup> <br>|  | 6262505 | &nbsp;&nbsp; 6246690 |
| BX Trust, | BX Trust, |  |  |
| Series 2021-LGCY, Class A, <br> 4.98% (1 mo. Term SOFR + <br> 0.62%), 10/15/2036<sup>(b)(e)</sup> <br>|  | 25000000 | &nbsp;&nbsp; 24928150 |
| Series 2022-LBA6, Class A, <br> 5.36% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 5550000 | &nbsp;&nbsp; 5551422 |
| Series 2022-LBA6, Class B, <br> 5.66% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 3435000 | &nbsp;&nbsp; 3436445 |
| Series 2022-LBA6, Class C, <br> 5.96% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(e)</sup> <br>|  | 1835000 | &nbsp;&nbsp; 1835512 |
| Series 2025-VLT6, Class A, <br> 5.81% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(e)</sup> <br>|  | 4055000 | &nbsp;&nbsp; 4057218 |
| Series 2025-VLT6, Class B, <br> 6.26% (1 mo. Term SOFR + <br> 1.89%), 03/15/2042<sup>(b)(e)</sup> <br>|  | 2870000 | &nbsp;&nbsp; 2872816 |
| CarMax Auto Owner Trust, <br> Series 2022-4, Class A4, <br> 5.70%, 07/17/2028<br>|  | 11274000 | &nbsp;&nbsp; 11440480 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 1.03%, <br> 11/13/2050<sup>(h)</sup> <br>|  | 6828415 | &nbsp;&nbsp; 91788 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 5.26% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(e)</sup> <br>|  | 2532026 | &nbsp;&nbsp; 2529241 |
| Centersquare Issuer LLC, <br> Series 2025-3A, Class A2, <br> 5.00%, 08/25/2055<sup>(b)</sup> <br>|  | 13275000 | &nbsp;&nbsp; 12827863 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(g)</sup> <br>|  | 40595 | &nbsp;&nbsp; 38913 |
| Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(g)</sup> <br>|  | 1314584 | &nbsp;&nbsp; 1198949 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.88%, 01/25/2036<sup>(g)</sup> <br>|  | 166170 | &nbsp;&nbsp; 154297 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 1.12%, <br> 10/12/2050<sup>(h)</sup> <br>|  | 18081499 | &nbsp;&nbsp; 306923 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2004-UST1, Class A4, <br> 6.53%, 08/25/2034<sup>(g)</sup> <br>|  | $24879 | &nbsp;&nbsp; $23519 |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 282266 | &nbsp;&nbsp; 270667 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(g)</sup> <br>|  | 4968797 | &nbsp;&nbsp; 4065777 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, <br> 1.73%, 11/26/2066<sup>(b)(g)</sup> <br>|  | 4151721 | &nbsp;&nbsp; 3761458 |
| Series 2022-1, Class A1, <br> 2.28%, 12/27/2066<sup>(b)(g)</sup> <br>|  | 3090400 | &nbsp;&nbsp; 2827168 |
| Series 2022-2, Class A1, <br> 2.99%, 02/25/2067<sup>(b)(g)</sup> <br>|  | 3211655 | &nbsp;&nbsp; 3082447 |
| Series 2022-5, Class A1, <br> 4.55%, 04/25/2067<sup>(b)(g)</sup> <br>|  | 10836999 | &nbsp;&nbsp; 10929080 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 128401 | &nbsp;&nbsp; 128631 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 234779 | &nbsp;&nbsp; 193302 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2020-AFC1, Class A1, <br> 3.24%, 02/25/2050<sup>(b)(g)</sup> <br>|  | 2207197 | &nbsp;&nbsp; 2122603 |
| Series 2021-INV1, Class A4, <br> 2.50%, 07/25/2056<sup>(b)(g)</sup> <br>|  | 10301543 | &nbsp;&nbsp; 9391892 |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(g)</sup> <br>|  | 622606 | &nbsp;&nbsp; 566989 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(g)</sup> <br>|  | 3212331 | &nbsp;&nbsp; 2889067 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(g)</sup> <br>|  | 3789935 | &nbsp;&nbsp; 3687806 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(g)</sup> <br>|  | 4488140 | &nbsp;&nbsp; 4474837 |
| Domino's Pizza Master Issuer LLC, <br> Series 2025-1A, Class A2I, <br> 4.93%, 07/25/2055<sup>(b)</sup> <br>|  | 3590000 | &nbsp;&nbsp; 3617561 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.01%, 05/25/2065<sup>(b)(g)</sup> <br>|  | 27028 | &nbsp;&nbsp; 26900 |
| Series 2021-1, Class A1, <br> 0.80%, 02/25/2066<sup>(b)(g)</sup> <br>|  | 849404 | &nbsp;&nbsp; 745709 |
| Series 2022-1, Class A1, <br> 2.21%, 01/25/2067<sup>(b)(g)</sup> <br>|  | 3143509 | &nbsp;&nbsp; 2783021 |
| Series 2022-3, Class A1, <br> 5.00%, 08/25/2067<sup>(b)(g)</sup> <br>|  | 4437745 | &nbsp;&nbsp; 4425102 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A2, <br> 5.74%, 12/20/2026<sup>(b)</sup> <br>|  | 847403 | &nbsp;&nbsp; 851723 |
| Series 2024-2, Class A3, <br> 5.61%, 04/20/2028<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 744057 |
| Series 2024-4, Class A3, <br> 4.56%, 11/20/2028<sup>(b)</sup> <br>|  | 1490000 | &nbsp;&nbsp; 1503914 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(g)</sup> <br>|  | 7332616 | &nbsp;&nbsp; 6595208 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(g)</sup> <br>|  | 1545277 | &nbsp;&nbsp; 1389871 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, <br> 5.28% (3 mo. Term SOFR + <br> 0.95%), 04/22/2034<sup>(b)(e)</sup> <br>|  | 5654000 | &nbsp;&nbsp; 5646090 |

---

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

**11**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | $5507791 | &nbsp;&nbsp; $5598849 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(g)</sup> <br>|  | 985908 | &nbsp;&nbsp; 963700 |
| Series 2020-NQM2, Class A1, <br> 2.56%, 04/25/2065<sup>(b)(g)</sup> <br>|  | 489072 | &nbsp;&nbsp; 470344 |
| Series 2024-INV1, Class 2A2, <br> 6.50%, 01/25/2054<sup>(b)(g)</sup> <br>|  | 2366485 | &nbsp;&nbsp; 2418740 |
| Series 2025-NQM2, Class A1, <br> 5.60%, 04/25/2070<sup>(b)(g)</sup> <br>|  | 1754659 | &nbsp;&nbsp; 1773628 |
| Goldentree Loan Management US <br> CLO 1 Ltd., Series 2017-1A, <br> Class A1R3, 5.30% (3 mo. <br> Term SOFR + 0.97%), <br> 04/20/2034<sup>(b)(e)</sup> <br>|  | 1680000 | &nbsp;&nbsp; 1678960 |
| GoldenTree Loan Management US <br> CLO 8 Ltd., Series 2020-8A, <br> Class ARR, 5.48% (3 mo. Term <br> SOFR + 1.15%), <br> 10/20/2034<sup>(b)(e)</sup> <br>|  | 2228000 | &nbsp;&nbsp; 2231520 |
| Golub Capital Partners CLO 53(B) <br> Ltd., Series 2021-53A, <br> Class AR, 5.31% (3 mo. Term <br> SOFR + 0.98%), <br> 07/20/2034<sup>(b)(e)</sup> <br>|  | 6284000 | &nbsp;&nbsp; 6285445 |
| GS Mortgage-Backed Securities <br> Trust, Series 2021-INV1, <br> Class A6, 2.50%, <br> 12/25/2051<sup>(b)(g)</sup> <br>|  | 3989068 | &nbsp;&nbsp; 3574545 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.01%, 07/25/2035<sup>(g)</sup> <br>|  | 16658 | &nbsp;&nbsp; 15723 |
| Hilton Grand Vacations Trust, <br> Series 2019 AA, Class A, <br> 2.34%, 07/25/2033<sup>(b)</sup> <br>|  | 537981 | &nbsp;&nbsp; 532771 |
| ICG US CLO Ltd., Series 2016-1A, <br> Class A1RR, 5.83% (3 mo. Term <br> SOFR + 1.51%), <br> 04/29/2034<sup>(b)(e)</sup> <br>|  | 2836144 | &nbsp;&nbsp; 2838756 |
| IP Lending IV Ltd., Series 2022-<br> 4A, Class SNR, 6.05%, <br> 04/28/2027<sup>(b)(i)</sup> <br>|  | 6557000 | &nbsp;&nbsp; 6530772 |
| IP Mortgage Trust, Series 2025-IP, <br> Class A, 5.42%, <br> 06/10/2042<sup>(b)(g)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3062749 |
| JP Morgan Mortgage Trust, <br> Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(g)</sup> <br>|  | 72930 | &nbsp;&nbsp; 74025 |
| JPMBB Commercial Mortgage <br> Securities Trust, Series 2015-<br> C27, Class XA, IO, 0.86%, <br> 02/15/2048<sup>(h)</sup> <br>|  | 3470484 | &nbsp;&nbsp; 178 |
| Mello Mortgage Capital Acceptance <br> Trust, | Mello Mortgage Capital Acceptance <br> Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(g)</sup> <br>|  | 3054576 | &nbsp;&nbsp; 2735529 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(g)</sup> <br>|  | 3024102 | &nbsp;&nbsp; 2713847 |
| Merrill Lynch Mortgage Investors <br> Trust, Series 2005-3, Class 3A, <br> 2.39%, 11/25/2035<sup>(g)</sup> <br>|  | 141165 | &nbsp;&nbsp; 133134 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(g)</sup> <br>|  | 5637424 | &nbsp;&nbsp; 5089780 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| MILE Trust, | MILE Trust, |  |  |
| Series 2025-STNE, Class B, <br> 6.06% (1 mo. Term SOFR + <br> 1.70%), 07/15/2042<sup>(b)(e)</sup> <br>|  | $1515000 | &nbsp;&nbsp; $1518227 |
| Series 2025-STNE, Class C, <br> 6.46% (1 mo. Term SOFR + <br> 2.10%), 07/15/2042<sup>(b)(e)</sup> <br>|  | 1195000 | &nbsp;&nbsp; 1198021 |
| MMAF Equipment Finance LLC, <br> Series 2020-A, Class A3, <br> 0.97%, 04/09/2027<sup>(b)</sup> <br>|  | 1524346 | &nbsp;&nbsp; 1503890 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(h)</sup> <br>|  | 6849182 | &nbsp;&nbsp; 109240 |
| Morgan Stanley Residential <br> Mortgage Loan Trust, <br> Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(g)</sup> <br>|  | 5463743 | &nbsp;&nbsp; 5516619 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 2433112 | &nbsp;&nbsp; 2471964 |
| Neuberger Berman Loan Advisers <br> CLO 38 Ltd., Series 2020-38A, <br> Class AR2, 5.29% (3 mo. Term <br> SOFR + 0.96%), <br> 10/20/2036<sup>(b)(e)</sup> <br>|  | 3320000 | &nbsp;&nbsp; 3321534 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(g)</sup> <br>|  | 394764 | &nbsp;&nbsp; 378774 |
| Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(g)</sup> <br>|  | 814453 | &nbsp;&nbsp; 773643 |
| Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(g)</sup> <br>|  | 3140407 | &nbsp;&nbsp; 2989692 |
| Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 5.29% (3 mo. Term <br> SOFR + 0.97%), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 5654000 | &nbsp;&nbsp; 5656573 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2019-EXP1, Class 1A3, <br> 4.00%, 01/25/2059<sup>(b)(g)</sup> <br>|  | 29329 | &nbsp;&nbsp; 29043 |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(g)</sup> <br>|  | 4681777 | &nbsp;&nbsp; 4010573 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(g)</sup> <br>|  | 3817754 | &nbsp;&nbsp; 3438004 |
| Series 2022-NQM7, Class A1, <br> 5.11%, 08/25/2062<sup>(b)(g)</sup> <br>|  | 2754258 | &nbsp;&nbsp; 2747344 |
| Series 2022-NQM8, Class A1, <br> 6.10%, 09/25/2062<sup>(b)(g)</sup> <br>|  | 6198251 | &nbsp;&nbsp; 6181516 |
| Series 2023-NQM1, Class A1, <br> 6.12%, 11/25/2062<sup>(b)(g)</sup> <br>|  | 2570602 | &nbsp;&nbsp; 2570531 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, <br> 2.50%, 07/25/2051<sup>(b)(g)</sup> <br>|  | 3504260 | &nbsp;&nbsp; 3159799 |
| Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 5.13% (3 mo. Term <br> SOFR + 0.94%), <br> 05/18/2034<sup>(b)(e)</sup> <br>|  | 3978000 | &nbsp;&nbsp; 3979058 |
| PPM CLO 3 Ltd., Series 2019-3A, <br> Class AR, 5.67% (3 mo. Term <br> SOFR + 1.35%), <br> 04/17/2034<sup>(b)(e)</sup> <br>|  | 3874000 | &nbsp;&nbsp; 3879912 |
| PRKCM Trust, | PRKCM Trust, |  |  |
| Series 2021-AFC2, Class M1, <br> 5.34%, 08/25/2057<sup>(b)(g)</sup> <br>|  | 4262846 | &nbsp;&nbsp; 4258490 |
| Series 2023-AFC4, Class A1, <br> 7.23%, 11/25/2058<sup>(b)(g)</sup> <br>|  | 4261573 | &nbsp;&nbsp; 4331726 |

---

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

**12**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | $3117332 | &nbsp;&nbsp; $2955196 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 8257565 | &nbsp;&nbsp; 8261104 |
| Qdoba Funding LLC, <br> Series 2023-1A, Class A2, <br> 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 6368040 | &nbsp;&nbsp; 6665610 |
| Rate Mortgage Trust, <br> Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(g)</sup> <br>|  | 2173043 | &nbsp;&nbsp; 2207529 |
| Regatta XIII Funding Ltd., <br> Series 2018-2A, Class A1R, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 07/15/2031<sup>(b)(e)</sup> <br>|  | 1749421 | &nbsp;&nbsp; 1749957 |
| Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 2432 | &nbsp;&nbsp; 1932 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, <br> 2.38%, 01/26/2060<sup>(b)(g)</sup> <br>|  | 76947 | &nbsp;&nbsp; 76396 |
| RR 17 Ltd., Series 2021-17A, <br> Class A1AR, 0.00% (3 mo. Term <br> SOFR + 1.07%), <br> 07/15/2034<sup>(b)(e)(j)</sup> <br>|  | 8860000 | &nbsp;&nbsp; 8866645 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(b)</sup> <br>|  | 2656405 | &nbsp;&nbsp; 2632510 |
| Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |  |  |
| Series 2013-3, Class A1, <br> 2.00%, 03/25/2043<sup>(g)</sup> <br>|  | 404521 | &nbsp;&nbsp; 345838 |
| Series 2013-6, Class A2, <br> 3.00%, 05/25/2043<sup>(g)</sup> <br>|  | 513023 | &nbsp;&nbsp; 464365 |
| Series 2013-7, Class A2, <br> 3.00%, 06/25/2043<sup>(g)</sup> <br>|  | 313984 | &nbsp;&nbsp; 283744 |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 5.40% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(e)</sup> <br>|  | 4931000 | &nbsp;&nbsp; 4936419 |
| Sonic Capital LLC, Series 2021-1A, <br> Class A2I, 2.19%, <br> 08/20/2051<sup>(b)</sup> <br>|  | 4429442 | &nbsp;&nbsp; 4099299 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, <br> 2.28%, 02/25/2050<sup>(b)(g)</sup> <br>|  | 66921 | &nbsp;&nbsp; 64108 |
| Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(g)</sup> <br>|  | 568097 | &nbsp;&nbsp; 539484 |
| Series 2022-1, Class A1, <br> 2.45%, 12/25/2066<sup>(b)(g)</sup> <br>|  | 3940733 | &nbsp;&nbsp; 3569003 |
| Structured Asset Securities Corp. <br> Pass-Through Ctfs., <br> Series 2002-AL1, Class AIO, <br> 3.45%, 02/25/2032<sup>(g)</sup> <br>|  | 148368 | &nbsp;&nbsp; 8225 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 3117442 | &nbsp;&nbsp; 3169799 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 2967575 | &nbsp;&nbsp; 2972178 |
| Symphony CLO XVI Ltd., <br> Series 2015-16A, Class ARR, <br> 5.52% (3 mo. Term SOFR + <br> 1.20%), 10/15/2031<sup>(b)(e)</sup> <br>|  | 1582773 | &nbsp;&nbsp; 1585321 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 5.42% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(e)</sup> <br>|  | 2973344 | &nbsp;&nbsp; 2974495 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 5.22% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(e)</sup> <br>|  | $4298800 | &nbsp;&nbsp; $4300330 |
| Synchrony Card Funding LLC, <br> Series 2024-A2, Class A, <br> 4.93%, 07/15/2030<br>|  | 1995000 | &nbsp;&nbsp; 2029397 |
| Textainer Marine Containers Ltd., <br> Series 2021-3A, CLass A, <br> 1.94%, 08/20/2046<sup>(b)</sup> <br>|  | 1870000 | &nbsp;&nbsp; 1683472 |
| Textainer Marine Containers VII <br> Ltd., Series 2021-2A, Class A, <br> 2.23%, 04/20/2046<sup>(b)</sup> <br>|  | 4417840 | &nbsp;&nbsp; 4146447 |
| TierPoint Issuer LLC, | TierPoint Issuer LLC, |  |  |
| Series 2023-1A, Class A2, <br> 6.00%, 06/25/2053<sup>(b)</sup> <br>|  | 1068167 | &nbsp;&nbsp; 1070293 |
| Series 2025-1A, Class A2, <br> 6.15%, 04/26/2055<sup>(b)</sup> <br>|  | 4388000 | &nbsp;&nbsp; 4465322 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 5.46% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(e)</sup> <br>|  | 4023674 | &nbsp;&nbsp; 4035405 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.24%, 11/15/2050<sup>(h)</sup> <br>|  | 8737425 | &nbsp;&nbsp; 147668 |
| Urbacon DC L.P., Series 2025-1A, <br> Class A2, 4.51%, <br> 08/25/2055<sup>(b)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 3657844 |
| VDCM Commercial Mortgage Trust, | VDCM Commercial Mortgage Trust, |  |  |
| Series 2025-AZ, Class A, <br> 5.23%, 07/13/2044<sup>(b)(g)</sup> <br>|  | 5295000 | &nbsp;&nbsp; 5360380 |
| Series 2025-AZ, Class B, <br> 5.48%, 07/13/2044<sup>(b)(g)</sup> <br>|  | 1995000 | &nbsp;&nbsp; 2019980 |
| Series 2025-AZ, Class D, <br> 6.43%, 07/13/2044<sup>(b)(g)</sup> <br>|  | 3360000 | &nbsp;&nbsp; 3402752 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(g)</sup> <br>|  | 1535409 | &nbsp;&nbsp; 1380856 |
| Series 2021-2, Class A1, <br> 1.03%, 02/25/2066<sup>(b)(g)</sup> <br>|  | 986336 | &nbsp;&nbsp; 882981 |
| Series 2021-7, Class A1, <br> 1.83%, 10/25/2066<sup>(b)(g)</sup> <br>|  | 4475112 | &nbsp;&nbsp; 4095239 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(g)</sup> <br>|  | 716099 | &nbsp;&nbsp; 690130 |
| Series 2022-1, Class A1, <br> 2.72%, 01/25/2067<sup>(b)(g)</sup> <br>|  | 3060642 | &nbsp;&nbsp; 2873170 |
| Series 2022-7, Class A1, <br> 5.15%, 07/25/2067<sup>(b)(g)</sup> <br>|  | 1547139 | &nbsp;&nbsp; 1542646 |
| Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(b)(g)</sup> <br>|  | 2019472 | &nbsp;&nbsp; 2015972 |
| Series 2024-7, Class A1, <br> 5.10%, 09/25/2069<sup>(b)(g)</sup> <br>|  | 1688100 | &nbsp;&nbsp; 1686803 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, <br> 11/25/2055<sup>(b)</sup> <br>|  | 521603 | &nbsp;&nbsp; 502538 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 6.45%, 10/25/2033<sup>(g)</sup> <br>|  | 56545 | &nbsp;&nbsp; 54478 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(g)</sup> <br>|  | 27103 | &nbsp;&nbsp; 25599 |
| Series 2005-AR16, Class 1A1, <br> 4.68%, 12/25/2035<sup>(g)</sup> <br>|  | 121814 | &nbsp;&nbsp; 112491 |

---

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

**13**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.98%, <br> 12/15/2050<sup>(h)</sup> <br>|  | $10571702 | &nbsp;&nbsp; $164369 |
| Wendy's Funding LLC, <br> Series 2019-1A, Class A2I, <br> 3.78%, 06/15/2049<sup>(b)</sup> <br>|  | 6194205 | &nbsp;&nbsp; 6142468 |
| WEST Trust, Series 2025-ROSE, <br> Class A, 5.45%, <br> 04/10/2035<sup>(b)(g)</sup> <br>|  | 6916000 | &nbsp;&nbsp; 7066184 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, <br> 4.94%, 02/15/2029<br>|  | 10000000 | &nbsp;&nbsp; 10135461 |
| Zaxby's Funding LLC, <br> Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 9595200 | &nbsp;&nbsp; 9045392 |
| Total Asset-Backed Securities <br> (Cost $546,872,500) | Total Asset-Backed Securities <br> (Cost $546,872,500) | Total Asset-Backed Securities <br> (Cost $546,872,500) | &nbsp;&nbsp; 532932714 |
| **U.S. Treasury Securities–4.15%** | **U.S. Treasury Securities–4.15%** | **U.S. Treasury Securities–4.15%** | **U.S. Treasury Securities–4.15%** |
| **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** | **U.S. Treasury Bills–0.42%** |
| 3.83% - 4.12%, <br> 05/14/2026<sup>(k)</sup> <br>|  | 8953000 | &nbsp;&nbsp; 8718014 |
| **U.S. Treasury Notes–3.73%** | **U.S. Treasury Notes–3.73%** | **U.S. Treasury Notes–3.73%** | **U.S. Treasury Notes–3.73%** |
| 3.88%, 07/31/2027 |  | 46589900 | &nbsp;&nbsp; 46786451 |
| 3.63%, 08/15/2028 |  | 22204400 | &nbsp;&nbsp; 22234758 |
| 3.88%, 07/31/2030 |  | 7962500 | &nbsp;&nbsp; 8027817 |
|  |  |  | &nbsp;&nbsp; 77049026 |
| Total U.S. Treasury Securities <br> (Cost $85,595,352) | Total U.S. Treasury Securities <br> (Cost $85,595,352) | Total U.S. Treasury Securities <br> (Cost $85,595,352) | &nbsp;&nbsp; 85767040 |
| **Variable Rate Senior Loan Interests–0.56%**<sup>(l)(m)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(l)(m)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(l)(m)</sup>  | **Variable Rate Senior Loan Interests–0.56%**<sup>(l)(m)</sup>  |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| TransDigm, Inc., Term Loan M, <br> 6.85% (1 mo. Term SOFR + <br> 2.50%), 08/30/2032<br>|  | 1108800 | &nbsp;&nbsp; 1110375 |
| **Restaurants–0.23%** | **Restaurants–0.23%** | **Restaurants–0.23%** | **Restaurants–0.23%** |
| Raising Cane's Restaurants LLC, <br> Term Loan B, 6.32% (1 mo. <br> SOFR + 2.00%), 09/10/2031<br>|  | 4650100 | &nbsp;&nbsp; 4657377 |
| **Wireless Telecommunication Services–0.28%** | **Wireless Telecommunication Services–0.28%** | **Wireless Telecommunication Services–0.28%** | **Wireless Telecommunication Services–0.28%** |
| X Corp., | X Corp., |  |  |
| Term Loan B, 9.50%, <br> 10/27/2029<br>|  | 5000000 | &nbsp;&nbsp; 4923200 |
| Term Loan B , 10.96% (3 mo. <br> SOFR + 6.65%), 10/27/2029<br>|  | 989809 | &nbsp;&nbsp; 968954 |
|  |  |  | &nbsp;&nbsp; 5892154 |
| Total Variable Rate Senior Loan Interests <br> (Cost $11,826,752) | Total Variable Rate Senior Loan Interests <br> (Cost $11,826,752) | Total Variable Rate Senior Loan Interests <br> (Cost $11,826,752) | &nbsp;&nbsp; 11659906 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.42%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.42%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.42%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.42%** |
| **Collateralized Mortgage Obligations–0.23%** | **Collateralized Mortgage Obligations–0.23%** | **Collateralized Mortgage Obligations–0.23%** | **Collateralized Mortgage Obligations–0.23%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>7.50%, 11/25/2029<sup>(n)</sup> <br>|  | $175732 | &nbsp;&nbsp; $17727 |
| 6.50%, 02/25/2032 to <br> 07/25/2032<sup>(n)</sup> <br>|  | 135817 | &nbsp;&nbsp; 16212 |
| 6.00%, 12/25/2032 to <br> 09/25/2035<sup>(n)</sup> <br>|  | 341788 | &nbsp;&nbsp; 40733 |
| 5.50%, 11/25/2033 to <br> 06/25/2035<sup>(n)</sup> <br>|  | 293517 | &nbsp;&nbsp; 39964 |
| PO, <br>0.00%, 09/25/2032<sup>(j)</sup> <br>|  | 11394 | &nbsp;&nbsp; 10431 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.00%, 11/25/2027<sup>(n)</sup> <br>|  | 156722 | &nbsp;&nbsp; 2655 |
| 3.44% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 to <br> 12/18/2031<sup>(e)(n)</sup> <br>|  | 70020 | &nbsp;&nbsp; 6215 |
| 3.44% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(e)(n)</sup> <br>|  | 15250 | &nbsp;&nbsp; 1558 |
| 3.49% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032 to <br> 07/25/2032<sup>(e)(n)</sup> <br>|  | 62120 | &nbsp;&nbsp; 4870 |
| 3.54% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/18/2032<sup>(e)(n)</sup> <br>|  | 30674 | &nbsp;&nbsp; 3117 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032 to <br> 04/25/2032<sup>(e)(n)</sup> <br>|  | 43839 | &nbsp;&nbsp; 4447 |
| 2.54% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(e)(n)</sup> <br>|  | 29023 | &nbsp;&nbsp; 2319 |
| 3.34% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(e)(n)</sup> <br>|  | 13920 | &nbsp;&nbsp; 1520 |
| 3.54% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 to <br> 09/25/2032<sup>(e)(n)</sup> <br>|  | 86904 | &nbsp;&nbsp; 9045 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(e)(n)</sup> <br>|  | 61080 | &nbsp;&nbsp; 5521 |
| 3.79% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(e)(n)</sup> <br>|  | 79961 | &nbsp;&nbsp; 11740 |
| 7.00%, 04/25/2033<sup>(n)</sup> <br>|  | 382885 | &nbsp;&nbsp; 48954 |
| 2.24% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2035<sup>(e)(n)</sup> <br>|  | 352030 | &nbsp;&nbsp; 29380 |
| 1.59% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 to <br> 07/25/2038<sup>(e)(n)</sup> <br>|  | 197750 | &nbsp;&nbsp; 15944 |
| 2.29% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 to <br> 05/25/2035<sup>(e)(n)</sup> <br>|  | 75915 | &nbsp;&nbsp; 3245 |
| 2.14% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(e)(n)</sup> <br>|  | 72418 | &nbsp;&nbsp; 4667 |

---

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

**14**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 3.50%, 08/25/2035<sup>(n)</sup> <br>|  | $1873256 | &nbsp;&nbsp; $191776 |
| 2.08% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(e)(n)</sup> <br>|  | 78174 | &nbsp;&nbsp; 6342 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(n)</sup> <br>|  | 480121 | &nbsp;&nbsp; 76472 |
| 2.09% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(e)(n)</sup> <br>|  | 190444 | &nbsp;&nbsp; 16212 |
| 1.69% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(e)(n)</sup> <br>|  | 438624 | &nbsp;&nbsp; 52699 |
| 4.50%, 02/25/2043<sup>(n)</sup> <br>|  | 112134 | &nbsp;&nbsp; 13277 |
| 5.50%, 07/25/2046<sup>(n)</sup> <br>|  | 519769 | &nbsp;&nbsp; 68549 |
| 1.44% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(e)(n)</sup> <br>|  | 3744907 | &nbsp;&nbsp; 388750 |
| 6.50%, 11/25/2029 |  | 18934 | &nbsp;&nbsp; 19243 |
| 5.46% (30 Day Average SOFR + <br> 1.11%), 04/25/2032<sup>(e)</sup> <br>|  | 18999 | &nbsp;&nbsp; 19181 |
| 4.96% (30 Day Average SOFR + <br> 0.61%), 10/18/2032<sup>(e)</sup> <br>|  | 9544 | &nbsp;&nbsp; 9520 |
| 4.86% (30 Day Average SOFR + <br> 0.51%), 11/25/2033 to <br> 03/25/2042<sup>(e)</sup> <br>|  | 55629 | &nbsp;&nbsp; 55164 |
| 5.50%, 04/25/2035 to <br> 03/25/2037<br>|  | 977402 | &nbsp;&nbsp; 1014376 |
| 8.20% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(e)</sup> <br>|  | 43091 | &nbsp;&nbsp; 51595 |
| 7.84% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(e)</sup> <br>|  | 127713 | &nbsp;&nbsp; 151349 |
| 7.84% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(e)</sup> <br>|  | 18679 | &nbsp;&nbsp; 20712 |
| 4.00%, 03/25/2041 |  | 62635 | &nbsp;&nbsp; 60222 |
| 4.91% (30 Day Average SOFR + <br> 0.56%), 02/25/2047<sup>(e)</sup> <br>|  | 34288 | &nbsp;&nbsp; 34192 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.80%, 02/25/2026<sup>(h)</sup> <br>|  | 20989090 | &nbsp;&nbsp; 22641 |
| Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(h)</sup> <br>|  | 25644470 | &nbsp;&nbsp; 113597 |
| Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(h)</sup> <br>|  | 20548700 | &nbsp;&nbsp; 598440 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.00%, 06/15/2027 to <br> 12/15/2027<sup>(n)</sup> <br>|  | $537122 | &nbsp;&nbsp; $9605 |
| 2.50%, 05/15/2028<sup>(n)</sup> <br>|  | 166481 | &nbsp;&nbsp; 3769 |
| 4.24% (8.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/17/2028<sup>(e)(n)</sup> <br>|  | 6 | &nbsp;&nbsp; 0 |
| 3.59% (8.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2029<sup>(e)(n)</sup> <br>|  | 52760 | &nbsp;&nbsp; 3239 |
| 3.29% (7.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(e)(n)</sup> <br>|  | 49574 | &nbsp;&nbsp; 2679 |
| 3.64% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029 to <br> 09/15/2029<sup>(e)(n)</sup> <br>|  | 31126 | &nbsp;&nbsp; 1896 |
| 2.24% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(e)(n)</sup> <br>|  | 201945 | &nbsp;&nbsp; 13053 |
| 2.29% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(e)(n)</sup> <br>|  | 40528 | &nbsp;&nbsp; 2526 |
| 2.26% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(e)(n)</sup> <br>|  | 94997 | &nbsp;&nbsp; 6037 |
| 1.69% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2035<sup>(e)(n)</sup> <br>|  | 119880 | &nbsp;&nbsp; 5998 |
| 2.54% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(e)(n)</sup> <br>|  | 25837 | &nbsp;&nbsp; 2768 |
| 1.54% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(e)(n)</sup> <br>|  | 23403 | &nbsp;&nbsp; 2090 |
| 1.61% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(e)(n)</sup> <br>|  | 413561 | &nbsp;&nbsp; 36112 |
| 1.79% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(e)(n)</sup> <br>|  | 71380 | &nbsp;&nbsp; 6669 |
| 1.64% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(e)(n)</sup> <br>|  | 514307 | &nbsp;&nbsp; 52629 |
| 6.50%, 04/15/2028 to <br> 06/15/2032<br>|  | 284104 | &nbsp;&nbsp; 294358 |
| 6.00%, 01/15/2029 to <br> 04/15/2029<br>|  | 100018 | &nbsp;&nbsp; 101621 |
| 7.50%, 09/15/2029 |  | 12923 | &nbsp;&nbsp; 13254 |
| 8.00%, 03/15/2030 |  | 10254 | &nbsp;&nbsp; 10624 |
| 5.41% (30 Day Average SOFR + <br> 1.06%), 08/15/2031 to <br> 01/15/2032<sup>(e)</sup> <br>|  | 27683 | &nbsp;&nbsp; 27951 |
| 5.46% (30 Day Average SOFR + <br> 1.11%), 12/15/2031 to <br> 03/15/2032<sup>(e)</sup> <br>|  | 58042 | &nbsp;&nbsp; 58398 |
| 4.96% (30 Day Average SOFR + <br> 0.61%), 01/15/2033<sup>(e)</sup> <br>|  | 1306 | &nbsp;&nbsp; 1306 |
| 5.00%, 08/15/2035 |  | 669740 | &nbsp;&nbsp; 691129 |
| 4.00%, 06/15/2038 |  | 41847 | &nbsp;&nbsp; 40306 |

---

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

**15**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>3.00%, 12/15/2027<sup>(n)</sup> <br>|  | $213744 | &nbsp;&nbsp; $4556 |
| 3.15%, 12/15/2027<sup>(h)</sup> <br>|  | 64919 | &nbsp;&nbsp; 1602 |
| 6.50%, 02/01/2028<sup>(n)</sup> <br>|  | 3514 | &nbsp;&nbsp; 186 |
| 7.00%, 09/01/2029<sup>(n)</sup> <br>|  | 40031 | &nbsp;&nbsp; 3665 |
| 7.50%, 12/15/2029<sup>(n)</sup> <br>|  | 20669 | &nbsp;&nbsp; 2090 |
| 6.00%, 12/15/2032<sup>(n)</sup> <br>|  | 20300 | &nbsp;&nbsp; 2231 |
|  |  |  | &nbsp;&nbsp; 4666920 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.04%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.04%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.04%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.04%** |
| 8.50%, 06/01/2026 |  | 817 | &nbsp;&nbsp; 819 |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 26554 | &nbsp;&nbsp; 27555 |
| 7.00%, 08/01/2028 to <br> 03/01/2035<br>|  | 311206 | &nbsp;&nbsp; 327985 |
| 7.50%, 01/01/2032 to <br> 02/01/2032<br>|  | 140998 | &nbsp;&nbsp; 146440 |
| 5.00%, 07/01/2033 to <br> 06/01/2034<br>|  | 97867 | &nbsp;&nbsp; 98458 |
| 5.50%, 09/01/2039 |  | 293789 | &nbsp;&nbsp; 303178 |
| ARM, <br>6.45% (6 mo. Refinitiv USD <br> IBOR Consumer Cash Fallbacks + <br> 1.82%), 07/01/2036<sup>(e)</sup> <br>|  | 3125 | &nbsp;&nbsp; 3176 |
| 7.23% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 2.29%), 02/01/2037<sup>(e)</sup> <br>|  | 1435 | &nbsp;&nbsp; 1482 |
| 7.08% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 2.08%), 01/01/2038<sup>(e)</sup> <br>|  | 5258 | &nbsp;&nbsp; 5408 |
|  |  |  | &nbsp;&nbsp; 914501 |
| **Federal National Mortgage Association (FNMA)–0.11%** | **Federal National Mortgage Association (FNMA)–0.11%** | **Federal National Mortgage Association (FNMA)–0.11%** | **Federal National Mortgage Association (FNMA)–0.11%** |
| 7.00%, 12/01/2025 to <br> 08/01/2036<br>|  | 570520 | &nbsp;&nbsp; 599817 |
| 7.50%, 02/01/2027 to <br> 08/01/2033<br>|  | 318488 | &nbsp;&nbsp; 327809 |
| 6.50%, 12/01/2029 to <br> 10/01/2035<br>|  | 416057 | &nbsp;&nbsp; 431669 |
| 9.00%, 01/01/2030 |  | 385 | &nbsp;&nbsp; 384 |
| 8.50%, 05/01/2030 to <br> 07/01/2030<br>|  | 42611 | &nbsp;&nbsp; 44020 |
| 6.00%, 06/01/2030 to <br> 03/01/2037<br>|  | 725808 | &nbsp;&nbsp; 757194 |
| 8.00%, 07/01/2032 |  | 26037 | &nbsp;&nbsp; 26247 |
| 5.50%, 02/01/2035 to <br> 05/01/2036<br>|  | 110276 | &nbsp;&nbsp; 113365 |
| ARM, <br>6.88% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.22%), <br> 11/01/2032<sup>(e)</sup> <br>|  | 11898 | &nbsp;&nbsp; 12159 |
| 6.38% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.21%), <br> 05/01/2035<sup>(e)</sup> <br>|  | 11206 | &nbsp;&nbsp; 11585 |
| 6.73% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 1.73%), 03/01/2038<sup>(e)</sup> <br>|  | 3467 | &nbsp;&nbsp; 3546 |
|  |  |  | &nbsp;&nbsp; 2327795 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–0.04%** | **Government National Mortgage Association (GNMA)–0.04%** | **Government National Mortgage Association (GNMA)–0.04%** | **Government National Mortgage Association (GNMA)–0.04%** |
| 7.50%, 11/15/2025 to <br> 11/15/2026<br>|  | $948 | &nbsp;&nbsp; $949 |
| 7.00%, 10/15/2026 to <br> 01/20/2030<br>|  | 18476 | &nbsp;&nbsp; 18722 |
| 8.50%, 07/20/2027 |  | 2537 | &nbsp;&nbsp; 2551 |
| 6.50%, 07/15/2028 to <br> 02/15/2034<br>|  | 266922 | &nbsp;&nbsp; 278309 |
| IO, <br>2.08% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(e)(n)</sup> <br>|  | 367167 | &nbsp;&nbsp; 21027 |
| 2.18% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(e)(n)</sup> <br>|  | 493405 | &nbsp;&nbsp; 33668 |
| 4.50%, 09/16/2047<sup>(n)</sup> <br>|  | 1274875 | &nbsp;&nbsp; 176718 |
| 1.73% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(e)(n)</sup> <br>|  | 1395202 | &nbsp;&nbsp; 182476 |
|  |  |  | &nbsp;&nbsp; 714420 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $11,678,564) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $11,678,564) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $11,678,564) | &nbsp;&nbsp; 8623636 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.31%** | **Preferred Stocks–0.31%** | **Preferred Stocks–0.31%** | **Preferred Stocks–0.31%** |
| **Diversified Financial Services–0.31%** | **Diversified Financial Services–0.31%** | **Diversified Financial Services–0.31%** | **Diversified Financial Services–0.31%** |
| Apollo Global Management, Inc., <br> 7.63%, Pfd. <br>(Cost $5,994,375)<sup>(d)</sup>  | Apollo Global Management, Inc., <br> 7.63%, Pfd. <br>(Cost $5,994,375)<sup>(d)</sup>  | 239775 | &nbsp;&nbsp; 6342049 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Agency Credit Risk Transfer Notes–0.21%** | **Agency Credit Risk Transfer Notes–0.21%** | **Agency Credit Risk Transfer Notes–0.21%** | **Agency Credit Risk Transfer Notes–0.21%** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M1, 6.65% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(b)(e)</sup> <br>|  | $1189999 | &nbsp;&nbsp; 1215500 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 6.65% (30 Day <br> Average SOFR + 2.30%), <br> 08/25/2042<sup>(b)(e)</sup> <br>|  | 1631302 | &nbsp;&nbsp; 1663092 |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.50% (30 Day <br> Average SOFR + 2.15%), <br> 09/25/2042<sup>(b)(e)</sup> <br>|  | 465083 | &nbsp;&nbsp; 468326 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.45% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(e)</sup> <br>|  | 888570 | &nbsp;&nbsp; 903045 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $4,174,954) | Total Agency Credit Risk Transfer Notes <br> (Cost $4,174,954) | Total Agency Credit Risk Transfer Notes <br> (Cost $4,174,954) | &nbsp;&nbsp; 4249963 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–0.12%** | **Exchange-Traded Funds–0.12%** | **Exchange-Traded Funds–0.12%** | **Exchange-Traded Funds–0.12%** |
| Invesco High Yield Bond Factor ETF<sup>(o)</sup>  | Invesco High Yield Bond Factor ETF<sup>(o)</sup>  | 82000 | &nbsp;&nbsp; 1861810 |
| Invesco High Yield Select ETF<sup>(o)</sup>  | Invesco High Yield Select ETF<sup>(o)</sup>  | 9000 | &nbsp;&nbsp; 230850 |
| Invesco Short Duration Total Return <br> Bond ETF<sup>(o)</sup>  | Invesco Short Duration Total Return <br> Bond ETF<sup>(o)</sup>  | 13000 | &nbsp;&nbsp; 325455 |
| Total Exchange-Traded Funds (Cost $2,401,898) | Total Exchange-Traded Funds (Cost $2,401,898) | Total Exchange-Traded Funds (Cost $2,401,898) | &nbsp;&nbsp; 2418115 |
| **Money Market Funds–2.21%** | **Money Market Funds–2.21%** | **Money Market Funds–2.21%** | **Money Market Funds–2.21%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.21%<sup>(o)(p)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.21%<sup>(o)(p)</sup>  | 15955123 | &nbsp;&nbsp; 15955123 |

---

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

**16**

**Invesco Short Term Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.17%<sup>(o)(p)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.17%<sup>(o)(p)</sup>  | 29630802 | &nbsp;&nbsp; $29630802 |
| Total Money Market Funds (Cost $45,585,925) | Total Money Market Funds (Cost $45,585,925) | Total Money Market Funds (Cost $45,585,925) | &nbsp;&nbsp; 45585925 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-100.01% <br> (Cost $2,064,867,380)<br>|  |  | &nbsp;&nbsp; 2065642740 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–7.66%** | **Money Market Funds–7.66%** | **Money Market Funds–7.66%** | **Money Market Funds–7.66%** |
| Invesco Private Government Fund, <br> 4.28%<sup>(o)(p)(q)</sup>  | Invesco Private Government Fund, <br> 4.28%<sup>(o)(p)(q)</sup>  | 43973120 | &nbsp;&nbsp; 43973120 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.46%<sup>(o)(p)(q)</sup>  | 114259044 | &nbsp;&nbsp; $114293322 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $158,257,269) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $158,257,269) | &nbsp;&nbsp; 158266442 |
| TOTAL INVESTMENTS IN SECURITIES–107.67% <br> (Cost $2,223,124,649) | TOTAL INVESTMENTS IN SECURITIES–107.67% <br> (Cost $2,223,124,649) | &nbsp;&nbsp; 2223909182 |
| OTHER ASSETS LESS LIABILITIES—(7.67)% | OTHER ASSETS LESS LIABILITIES—(7.67)% | &nbsp;&nbsp; (158440468)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2065468714 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| CLO | – Collateralized Loan Obligation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| IBOR | – Interbank Offered Rate |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| USD | – U.S. Dollar |

---

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

**17**

**Invesco Short Term Bond Fund**

------

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> 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 $972,017,439, which represented 47.06% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at August 31, 2025.

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

<sup>(f)</sup> Perpetual bond with no specified maturity date.

<sup>(g)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025. 

<sup>(h)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on August 31, 2025. 

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Zero coupon bond issued at a discount.

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

<sup>(l)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(m)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act") and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(o)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco High Yield Bond Factor ETF | $341423 | &nbsp;&nbsp; $1512919 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7468 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1861810 | &nbsp;&nbsp; $55410 |
| Invesco High Yield Select ETF | 255199 | &nbsp;&nbsp; - | &nbsp;&nbsp; (25349) | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 230850 | &nbsp;&nbsp; 7263 |
| Invesco Short Duration Total Return Bond ETF | 299952 | &nbsp;&nbsp; 25020 | &nbsp;&nbsp; - | &nbsp;&nbsp; 483 | &nbsp;&nbsp; - | &nbsp;&nbsp; 325455 | &nbsp;&nbsp; 7694 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 16391349 | &nbsp;&nbsp; 140351579 | &nbsp;&nbsp; (140787805) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15955123 | &nbsp;&nbsp; 194948 |
| Invesco Treasury Portfolio, Institutional Class | 30436638 | &nbsp;&nbsp; 260652932 | &nbsp;&nbsp; (261458768) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29630802 | &nbsp;&nbsp; 358989 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 37482250 | &nbsp;&nbsp; 144426993 | &nbsp;&nbsp; (137936123) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 43973120 | &nbsp;&nbsp; 879,847\* |
| Invesco Private Prime Fund | 100147827 | &nbsp;&nbsp; 335278404 | &nbsp;&nbsp; (321132923) | &nbsp;&nbsp; 9173 | &nbsp;&nbsp; (9159) | &nbsp;&nbsp; 114293322 | &nbsp;&nbsp; 2,390,874\* |
| Total | $185354638 | &nbsp;&nbsp; $882247847 | &nbsp;&nbsp; $(861340968) | &nbsp;&nbsp; $17690 | &nbsp;&nbsp; $(8725) | &nbsp;&nbsp; $206270482 | &nbsp;&nbsp; $3895025 |

---

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

<sup>(p)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

<sup>(q)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 4639 | December-2025 | &nbsp;&nbsp;&nbsp; $967412709 | &nbsp;&nbsp;&nbsp; $1997179 | &nbsp;&nbsp;&nbsp; $1997179 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 63 | December-2025 | &nbsp;&nbsp;&nbsp; 7343438 | &nbsp;&nbsp;&nbsp; 19912 | &nbsp;&nbsp;&nbsp; 19912 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 2017091 | &nbsp;&nbsp;&nbsp; 2017091 |

---

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

**18**

**Invesco Short Term Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 2764 | December-2025 | &nbsp;&nbsp;&nbsp; $(302571625)<br>| &nbsp;&nbsp;&nbsp; $(774836)<br>| &nbsp;&nbsp;&nbsp; $(774836)<br>|
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 62 | December-2025 | &nbsp;&nbsp;&nbsp; (6975000)<br>| &nbsp;&nbsp;&nbsp; (24295)<br>| &nbsp;&nbsp;&nbsp; (24295)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 602 | December-2025 | &nbsp;&nbsp;&nbsp; (68872563)<br>| &nbsp;&nbsp;&nbsp; (179724)<br>| &nbsp;&nbsp;&nbsp; (179724)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 232 | December-2025 | &nbsp;&nbsp;&nbsp; (26506000)<br>| &nbsp;&nbsp;&nbsp; 46721 | &nbsp;&nbsp;&nbsp; 46721 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (932134)<br>| &nbsp;&nbsp;&nbsp; (932134)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $1084957 | &nbsp;&nbsp;&nbsp; $1084957 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |
| 10/31/2025 | HSBC Bank USA<br> CAD | 5000000 | USD | 3645381 | &nbsp;&nbsp;&nbsp; $(5538)<br>|

---

Abbreviations: <br> CAD – Canadian Dollar <br> USD – U.S. Dollar

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

**19**

**Invesco Short Term Bond Fund**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,016,879,557)\*<br>| &nbsp;&nbsp; $2017638700 |
| Investments in affiliates, at value <br>(Cost $206,245,092)<br>| &nbsp;&nbsp; 206270482 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 326911 |
| Foreign currencies, at value (Cost $59) | &nbsp;&nbsp; 66 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 12877796 |
| Fund shares sold | &nbsp;&nbsp; 1636709 |
| Dividends | &nbsp;&nbsp; 198690 |
| Interest | &nbsp;&nbsp; 18450505 |
| Investments matured, at value (Cost $472,938) | &nbsp;&nbsp; 32900 |
| Principal paydowns | &nbsp;&nbsp; 43 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 194797 |
| Other assets | &nbsp;&nbsp; 102347 |
| Total assets | &nbsp;&nbsp; 2257729946 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 5538 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 24275853 |
| Dividends | &nbsp;&nbsp; 1204130 |
| Fund shares reacquired | &nbsp;&nbsp; 1513050 |
| Amount due custodian | &nbsp;&nbsp; 6053232 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 158257269 |
| Accrued fees to affiliates | &nbsp;&nbsp; 610919 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 32681 |
| Accrued other operating expenses | &nbsp;&nbsp; 104202 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 204358 |
| Total liabilities | &nbsp;&nbsp; 192261232 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2065468714 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2257521416 |
| Distributable earnings (loss) | &nbsp;&nbsp; (192052702)<br>|
|  | &nbsp;&nbsp; $2065468714 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1201356025 |
| Class C | &nbsp;&nbsp; $71094460 |
| Class R | &nbsp;&nbsp; $42576131 |
| Class Y | &nbsp;&nbsp; $300246244 |
| Class R5 | &nbsp;&nbsp; $841057 |
| Class R6 | &nbsp;&nbsp; $449354797 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 147626154 |
| Class C | &nbsp;&nbsp; 8736064 |
| Class R | &nbsp;&nbsp; 5221655 |
| Class Y | &nbsp;&nbsp; 36879907 |
| Class R5 | &nbsp;&nbsp; 103534 |
| Class R6 | &nbsp;&nbsp; 55167885 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.14 |
| Maximum offering price per share <br>(Net asset value of $8.14 ÷ 97.50%)<br>| &nbsp;&nbsp; $8.35 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.14 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.15 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.14 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.12 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.15 |

---

\* At August 31, 2025, securities with an aggregate value of $152,849,503 were on loan to brokers. 

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

**20**

**Invesco Short Term Bond Fund**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $50555072 |
| Dividends | &nbsp;&nbsp; 228536 |
| Dividends from affiliates (includes net securities lending income of $99,555) | &nbsp;&nbsp; 723859 |
| Total investment income | &nbsp;&nbsp; 51507467 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3255307 |
| Administrative services fees | &nbsp;&nbsp; 145089 |
| Custodian fees | &nbsp;&nbsp; 14871 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 873430 |
| Class C | &nbsp;&nbsp; 243041 |
| Class R | &nbsp;&nbsp; 106136 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1038895 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 440 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 60065 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 17777 |
| Registration and filing fees | &nbsp;&nbsp; 83981 |
| Reports to shareholders | &nbsp;&nbsp; 65895 |
| Professional services fees | &nbsp;&nbsp; 35392 |
| Other | &nbsp;&nbsp; 20925 |
| Total expenses | &nbsp;&nbsp; 5961244 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (94494)<br>|
| Net expenses | &nbsp;&nbsp; 5866750 |
| Net investment income | &nbsp;&nbsp; 45640717 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 5324753 |
| Affiliated investment securities | &nbsp;&nbsp; (8725)<br>|
| Foreign currencies | &nbsp;&nbsp; 5788 |
| Futures contracts | &nbsp;&nbsp; (3714994)<br>|
|  | &nbsp;&nbsp; 1606822 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6726155 |
| Affiliated investment securities | &nbsp;&nbsp; 17690 |
| Foreign currencies | &nbsp;&nbsp; 62 |
| Forward foreign currency contracts | &nbsp;&nbsp; (5538)<br>|
| Futures contracts | &nbsp;&nbsp; 296347 |
|  | &nbsp;&nbsp; 7034716 |
| Net realized and unrealized gain | &nbsp;&nbsp; 8641538 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $54282255 |

---

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

**21**

**Invesco Short Term Bond Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $45640717 | &nbsp;&nbsp; $92490511 |
| Net realized gain (loss) | &nbsp;&nbsp; 1606822 | &nbsp;&nbsp; (2342906)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 7034716 | &nbsp;&nbsp; 29794355 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 54282255 | &nbsp;&nbsp; 119941960 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (26135762)<br>| &nbsp;&nbsp; (54826268)<br>|
| Class C | &nbsp;&nbsp; (1526516)<br>| &nbsp;&nbsp; (3862338)<br>|
| Class R | &nbsp;&nbsp; (867217)<br>| &nbsp;&nbsp; (1947753)<br>|
| Class Y | &nbsp;&nbsp; (7027084)<br>| &nbsp;&nbsp; (16250677)<br>|
| Class R5 | &nbsp;&nbsp; (20224)<br>| &nbsp;&nbsp; (42779)<br>|
| Class R6 | &nbsp;&nbsp; (10288359)<br>| &nbsp;&nbsp; (23329592)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (45865162)<br>| &nbsp;&nbsp; (100259407)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 50385842 | &nbsp;&nbsp; 28743048 |
| Class C | &nbsp;&nbsp; (5196363)<br>| &nbsp;&nbsp; (18948691)<br>|
| Class R | &nbsp;&nbsp; 311138 | &nbsp;&nbsp; (1266485)<br>|
| Class Y | &nbsp;&nbsp; (28920979)<br>| &nbsp;&nbsp; 5505943 |
| Class R5 | &nbsp;&nbsp; (184480)<br>| &nbsp;&nbsp; 8667 |
| Class R6 | &nbsp;&nbsp; 25184145 | &nbsp;&nbsp; (106667041)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 41579303 | &nbsp;&nbsp; (92624559)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 49996396 | &nbsp;&nbsp; (72942006)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2015472318 | &nbsp;&nbsp; 2088414324 |
| End of period | &nbsp;&nbsp; $2065468714 | &nbsp;&nbsp; $2015472318 |

---

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

**22**

**Invesco Short Term Bond Fund**

------

**Financial Highlights**

*(Unaudited)*

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>| **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** |
| Six months ended 08/31/25 | $8.10 | $0.18 | $0.04 | $0.22 | $(0.18)<br>| $8.14 | 2.76<br> %<br>| $1201356 | 0.64 %<sup>(d)</sup><br>| 0.64 %<sup>(d)</sup><br>| 4.40 %<sup>(d)</sup><br>| 73<br> %<br>|
| Year ended 02/28/25 | 8.03 | 0.37 | 0.10 | 0.47 | (0.40)<br>| 8.10 | 5.97 | 1146035 | 0.65 | 0.65 | 4.55 | 125 |
| Year ended 02/29/24 | 7.98 | 0.35 | 0.07 | 0.42 | (0.37)<br>| 8.03 | 5.33 | 1106368 | 0.65 | 0.65 | 4.40 | 169 |
| Year ended 02/28/23 | 8.37 | 0.23 | (0.41)<br>| (0.18)<br>| (0.21)<br>| 7.98 | (2.13)<br>| 1217102 | 0.64 | 0.64 | 2.85 | 155 |
| Year ended 02/28/22 | 8.68 | 0.13 | (0.32)<br>| (0.19)<br>| (0.12)<br>| 8.37 | (2.20)<br>| 1407707 | 0.62 | 0.62 | 1.49 | 141 |
| Year ended 02/28/21 | 8.66 | 0.16 | 0.04 | 0.20 | (0.18)<br>| 8.68 | 2.33 | 1527875 | 0.63 | 0.63 | 1.85 | 245 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 8.10 | 0.17 | 0.04 | 0.21 | (0.17)<br>| 8.14 | 2.58 | 71094 | 0.99 <br><sup>(d)</sup><br>| 1.14 <br><sup>(d)</sup><br>| 4.05 <br><sup>(d)</sup><br>| 73 |
| Year ended 02/28/25 | 8.03 | 0.34 | 0.10 | 0.44 | (0.37)<br>| 8.10 | 5.60 | 76000 | 1.00 | 1.15 | 4.20 | 125 |
| Year ended 02/29/24 | 7.98 | 0.32 | 0.07 | 0.39 | (0.34)<br>| 8.03 | 4.96 | 94151 | 1.00 | 1.15 | 4.05 | 169 |
| Year ended 02/28/23 | 8.38 | 0.20 | (0.42)<br>| (0.22)<br>| (0.18)<br>| 7.98 | (2.59)<br>| 120755 | 0.99 | 1.14 | 2.50 | 155 |
| Year ended 02/28/22 | 8.68 | 0.10 | (0.31)<br>| (0.21)<br>| (0.09)<br>| 8.38 | (2.41)<br>| 183817 | 0.97 | 1.12 | 1.14 | 141 |
| Year ended 02/28/21 | 8.66 | 0.13 | 0.03 | 0.16 | (0.14)<br>| 8.68 | 1.93 | 237167 | 0.98 | 0.98 | 1.50 | 245 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 8.12 | 0.17 | 0.03 | 0.20 | (0.17)<br>| 8.15 | 2.45 | 42576 | 0.99 <br><sup>(d)</sup><br>| 0.99 <br><sup>(d)</sup><br>| 4.05 <br><sup>(d)</sup><br>| 73 |
| Year ended 02/28/25 | 8.04 | 0.34 | 0.11 | 0.45 | (0.37)<br>| 8.12 | 5.73 | 42093 | 1.00 | 1.00 | 4.20 | 125 |
| Year ended 02/29/24 | 8.00 | 0.32 | 0.06 | 0.38 | (0.34)<br>| 8.04 | 4.83 | 42921 | 1.00 | 1.00 | 4.05 | 169 |
| Year ended 02/28/23 | 8.39 | 0.20 | (0.41)<br>| (0.21)<br>| (0.18)<br>| 8.00 | (2.46)<br>| 42348 | 0.99 | 0.99 | 2.50 | 155 |
| Year ended 02/28/22 | 8.70 | 0.10 | (0.32)<br>| (0.22)<br>| (0.09)<br>| 8.39 | (2.54)<br>| 45537 | 0.97 | 0.97 | 1.14 | 141 |
| Year ended 02/28/21 | 8.68 | 0.13 | 0.04 | 0.17 | (0.15)<br>| 8.70 | 1.98 | 50473 | 0.98 | 0.98 | 1.50 | 245 |
| **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** |
| Six months ended 08/31/25 | 8.11 | 0.19 | 0.03 | 0.22 | (0.19)<br>| 8.14 | 2.71 | 300246 | 0.49 <br><sup>(d)</sup><br>| 0.49 <br><sup>(d)</sup><br>| 4.55 <br><sup>(d)</sup><br>| 73 |
| Year ended 02/28/25 | 8.03 | 0.38 | 0.11 | 0.49 | (0.41)<br>| 8.11 | 6.26 | 328040 | 0.50 | 0.50 | 4.70 | 125 |
| Year ended 02/29/24 | 7.98 | 0.36 | 0.07 | 0.43 | (0.38)<br>| 8.03 | 5.49 | 319439 | 0.50 | 0.50 | 4.55 | 169 |
| Year ended 02/28/23 | 8.38 | 0.24 | (0.42)<br>| (0.18)<br>| (0.22)<br>| 7.98 | (2.10)<br>| 339677 | 0.49 | 0.49 | 3.00 | 155 |
| Year ended 02/28/22 | 8.68 | 0.14 | (0.31)<br>| (0.17)<br>| (0.13)<br>| 8.38 | (1.94)<br>| 583784 | 0.47 | 0.47 | 1.64 | 141 |
| Year ended 02/28/21 | 8.66 | 0.17 | 0.04 | 0.21 | (0.19)<br>| 8.68 | 2.50 | 629462 | 0.45 | 0.48 | 2.03 | 245 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Six months ended 08/31/25 | 8.09 | 0.19 | 0.03 | 0.22 | (0.19)<br>| 8.12 | 2.72 | 841 | 0.46 <br><sup>(d)</sup><br>| 0.46 <br><sup>(d)</sup><br>| 4.58 <br><sup>(d)</sup><br>| 73 |
| Year ended 02/28/25 | 8.01 | 0.38 | 0.11 | 0.49 | (0.41)<br>| 8.09 | 6.29 | 1022 | 0.47 | 0.47 | 4.73 | 125 |
| Year ended 02/29/24 | 7.96 | 0.36 | 0.07 | 0.43 | (0.38)<br>| 8.01 | 5.52 | 1004 | 0.47 | 0.47 | 4.58 | 169 |
| Year ended 02/28/23 | 8.36 | 0.24 | (0.42)<br>| (0.18)<br>| (0.22)<br>| 7.96 | (2.08)<br>| 940 | 0.46 | 0.46 | 3.03 | 155 |
| Year ended 02/28/22 | 8.66 | 0.15 | (0.31)<br>| (0.16)<br>| (0.14)<br>| 8.36 | (1.89)<br>| 705 | 0.41 | 0.41 | 1.70 | 141 |
| Year ended 02/28/21 | 8.65 | 0.18 | 0.03 | 0.21 | (0.20)<br>| 8.66 | 2.48 | 524 | 0.38 | 0.38 | 2.10 | 245 |
| **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** |
| Six months ended 08/31/25 | 8.11 | 0.19 | 0.04 | 0.23 | (0.19)<br>| 8.15 | 2.88 | 449355 | 0.39 <br><sup>(d)</sup><br>| 0.39 <br><sup>(d)</sup><br>| 4.65 <br><sup>(d)</sup><br>| 73 |
| Year ended 02/28/25 | 8.03 | 0.39 | 0.11 | 0.50 | (0.42)<br>| 8.11 | 6.36 | 422282 | 0.40 | 0.40 | 4.80 | 125 |
| Year ended 02/29/24 | 7.99 | 0.37 | 0.06 | 0.43 | (0.39)<br>| 8.03 | 5.46 | 524531 | 0.40 | 0.40 | 4.65 | 169 |
| Year ended 02/28/23 | 8.38 | 0.25 | (0.41)<br>| (0.16)<br>| (0.23)<br>| 7.99 | (1.88)<br>| 556410 | 0.39 | 0.39 | 3.10 | 155 |
| Year ended 02/28/22 | 8.69 | 0.15 | (0.32)<br>| (0.17)<br>| (0.14)<br>| 8.38 | (1.95)<br>| 598369 | 0.37 | 0.37 | 1.74 | 141 |
| Year ended 02/28/21 | 8.67 | 0.18 | 0.04 | 0.22 | (0.20)<br>| 8.69 | 2.62 | 645331 | 0.35 | 0.35 | 2.13 | 245 |

---

<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. Does not include sales charges and is 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. For the year ended February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $1,288,591,313 in connection with the acquisition of Invesco Oppenheimer Limited-Term Bond Fund into the Fund. 

<sup>(d)</sup> Annualized.

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

**23**

**Invesco Short Term Bond Fund**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Short Term Bond Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

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.

**24**

**Invesco Short Term Bond Fund**

------

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

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not

**25**

**Invesco Short Term Bond Fund**

------

increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended August 31, 2025, the Fund paid the Adviser $589 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

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

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

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

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.325% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.300% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.290% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.280% |

---

For the six months ended August 31, 2025, the effective advisory fee rate incurred by the Fund was 0.32%.

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. (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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.40%, 1.75%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser waived advisory fees of $19,837.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the

**26**

**Invesco Short Term Bond Fund**

------

Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI compensation at the annual rate of 0.15% of the Fund's average daily net assets of Class A shares. The Fund pursuant to the Plans, pays IDI compensation at the annual rate of 0.65% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. IDI has contractually agreed, through at least June 30, 2026, to waive 12b-1 fees for Class C shares to the extent necessary to limit 12b-1 fees to 0.50% of average daily net assets. 12b-1 fees before fee waivers under this agreement are shown as *Distribution fees* in the Statement of Operations. For the six months ended August 31, 2025, 12b-1 fees incurred for Class C shares were $186,954 after fee waivers of $56,086.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI retained $40,518 in front-end sales commissions from the sale of Class A shares and $52,094 and $995 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1368063392 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1368063392 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526401942 | &nbsp;&nbsp;&nbsp;&nbsp; 6530772 | &nbsp;&nbsp;&nbsp;&nbsp; 532932714 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85767040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85767040 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11659906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11659906 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8623636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8623636 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 6342049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6342049 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4249963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4249963 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2418115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2418115 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 45585925 | &nbsp;&nbsp;&nbsp;&nbsp; 158266442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203852367 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 54346089 | &nbsp;&nbsp;&nbsp;&nbsp; 2163032321 | &nbsp;&nbsp;&nbsp;&nbsp; 6530772 | &nbsp;&nbsp;&nbsp;&nbsp; 2223909182 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32900 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2063812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2063812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2063812 | &nbsp;&nbsp;&nbsp;&nbsp; 32900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2096712 |

---

**27**

**Invesco Short Term Bond Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(978855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(978855)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (978855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (984393)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 1084957 | &nbsp;&nbsp;&nbsp;&nbsp; 27362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1112319 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $55431046 | &nbsp;&nbsp;&nbsp;&nbsp; $2163059683 | &nbsp;&nbsp;&nbsp;&nbsp; $6530772 | &nbsp;&nbsp;&nbsp;&nbsp; $2225021501 |

---

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

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2063812 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (2063812)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(978855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(978855)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (978855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (984393)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 978855 | &nbsp;&nbsp;&nbsp;&nbsp; 978855 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5538)<br>|

---

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

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| HSBC Bank USA | &nbsp;&nbsp;&nbsp; $(5538)<br>| &nbsp;&nbsp;&nbsp; $(5538)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5538)<br>|

---

**Effect of Derivative Investments for the six months ended August 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(3714994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3714994)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 296347 | &nbsp;&nbsp;&nbsp;&nbsp; 296347 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(5538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3418647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3424185)<br>|

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**28**

**Invesco Short Term Bond Fund**

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $3650919 | &nbsp;&nbsp;&nbsp;&nbsp; $1362802967 |

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**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $18,571.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 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; $77637153 | &nbsp;&nbsp;&nbsp;&nbsp; $116586704 | &nbsp;&nbsp;&nbsp;&nbsp; $194223857 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $652,706,634 and $618,873,347, 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; $24202335 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (23575653)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $626682 |

---

Cost of investments for tax purposes is $2,224,394,819.

**29**

**Invesco Short Term Bond Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 21774539 | &nbsp;&nbsp;&nbsp; $176269191 | &nbsp;&nbsp;&nbsp; 38119033 | &nbsp;&nbsp;&nbsp; $307518796 |
| Class C | &nbsp;&nbsp;&nbsp; 974462 | &nbsp;&nbsp;&nbsp; 7876832 | &nbsp;&nbsp;&nbsp; 1672539 | &nbsp;&nbsp;&nbsp; 13499639 |
| Class R | &nbsp;&nbsp;&nbsp; 556002 | &nbsp;&nbsp;&nbsp; 4507005 | &nbsp;&nbsp;&nbsp; 1407682 | &nbsp;&nbsp;&nbsp; 11350343 |
| Class Y | &nbsp;&nbsp;&nbsp; 5105188 | &nbsp;&nbsp;&nbsp; 41330515 | &nbsp;&nbsp;&nbsp; 14623721 | &nbsp;&nbsp;&nbsp; 118061069 |
| Class R5 | &nbsp;&nbsp;&nbsp; 35651 | &nbsp;&nbsp;&nbsp; 288014 | &nbsp;&nbsp;&nbsp; 56298 | &nbsp;&nbsp;&nbsp; 452199 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8439740 | &nbsp;&nbsp;&nbsp; 68343957 | &nbsp;&nbsp;&nbsp; 15593205 | &nbsp;&nbsp;&nbsp; 125811270 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2735675 | &nbsp;&nbsp;&nbsp; 22177029 | &nbsp;&nbsp;&nbsp; 5752280 | &nbsp;&nbsp;&nbsp; 46368719 |
| Class C | &nbsp;&nbsp;&nbsp; 165603 | &nbsp;&nbsp;&nbsp; 1342716 | &nbsp;&nbsp;&nbsp; 418933 | &nbsp;&nbsp;&nbsp; 3375967 |
| Class R | &nbsp;&nbsp;&nbsp; 104907 | &nbsp;&nbsp;&nbsp; 851835 | &nbsp;&nbsp;&nbsp; 236556 | &nbsp;&nbsp;&nbsp; 1910799 |
| Class Y | &nbsp;&nbsp;&nbsp; 570380 | &nbsp;&nbsp;&nbsp; 4625694 | &nbsp;&nbsp;&nbsp; 1406918 | &nbsp;&nbsp;&nbsp; 11346050 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2468 | &nbsp;&nbsp;&nbsp; 19965 | &nbsp;&nbsp;&nbsp; 5245 | &nbsp;&nbsp;&nbsp; 42210 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1197927 | &nbsp;&nbsp;&nbsp; 9717248 | &nbsp;&nbsp;&nbsp; 2749642 | &nbsp;&nbsp;&nbsp; 22179368 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 682304 | &nbsp;&nbsp;&nbsp; 5520610 | &nbsp;&nbsp;&nbsp; 1654610 | &nbsp;&nbsp;&nbsp; 13340142 |
| Class C | &nbsp;&nbsp;&nbsp; (682223)<br>| &nbsp;&nbsp;&nbsp; (5520610)<br>| &nbsp;&nbsp;&nbsp; (1654610)<br>| &nbsp;&nbsp;&nbsp; (13340142)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (18976674)<br>| &nbsp;&nbsp;&nbsp; (153580988)<br>| &nbsp;&nbsp;&nbsp; (41980335)<br>| &nbsp;&nbsp;&nbsp; (338484609)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1099142)<br>| &nbsp;&nbsp;&nbsp; (8895301)<br>| &nbsp;&nbsp;&nbsp; (2790793)<br>| &nbsp;&nbsp;&nbsp; (22484155)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (622694)<br>| &nbsp;&nbsp;&nbsp; (5047702)<br>| &nbsp;&nbsp;&nbsp; (1797356)<br>| &nbsp;&nbsp;&nbsp; (14527627)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9254748)<br>| &nbsp;&nbsp;&nbsp; (74877188)<br>| &nbsp;&nbsp;&nbsp; (15358883)<br>| &nbsp;&nbsp;&nbsp; (123901176)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (60922)<br>| &nbsp;&nbsp;&nbsp; (492459)<br>| &nbsp;&nbsp;&nbsp; (60512)<br>| &nbsp;&nbsp;&nbsp; (485742)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6527742)<br>| &nbsp;&nbsp;&nbsp; (52877060)<br>| &nbsp;&nbsp;&nbsp; (31583191)<br>| &nbsp;&nbsp;&nbsp; (254657679)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 5120701 | &nbsp;&nbsp;&nbsp; $41579303 | &nbsp;&nbsp;&nbsp; (11529018)<br>| &nbsp;&nbsp;&nbsp; $(92624559)<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 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**30**

**Invesco Short Term Bond Fund**

------

**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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Short Term Bond 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. (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 Bloomberg 1-3 Year Government/Credit Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (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 Class A shares of the Fund was above 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.

**31**

**Invesco Short Term Bond Fund**

------

&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 Class A 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 the "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 also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board 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 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.

*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 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.

**32**

**Invesco Short Term Bond Fund**

------

**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.

**33**

**Invesco Short Term Bond Fund**

------

![](img728aa2361.jpg)

SEC file number(s):

Invesco Distributors, Inc.

STB-NCSRS

------

![](img2860c8f31.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco SMA High Yield Bond Fund**

Nasdaq:

SMHYX

------

---

| | |
|:---|:---|
| [2](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_SOI-Continued-903_1) | Schedule of Investments |
| [8](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_FS-Continued-903_1) | Financial Statements |
| [11](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_FS-Continued-903_4) | Financial Highlights |
| [12](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_NTF-Continued-903_1) | Notes to Financial Statements |
| [18](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_AOC-Continued-903_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [20](#xx_e2ca05b4-b5bc-4219-81de-47190e7f2d7d_OIRSR-Continued-903_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*August 31, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–89.34%** | **U.S. Dollar Denominated Bonds & Notes–89.34%** | **U.S. Dollar Denominated Bonds & Notes–89.34%** | **U.S. Dollar Denominated Bonds & Notes–89.34%** |
| **Advertising–0.47%** | **Advertising–0.47%** | **Advertising–0.47%** | **Advertising–0.47%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 7.13%, 02/15/2031<sup>(b)</sup> <br>|  | $25000 | &nbsp;&nbsp; $25417 |
| 7.50%, 03/15/2033<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25463 |
|  |  |  | &nbsp;&nbsp; 50880 |
| **Aerospace & Defense–1.99%** | **Aerospace & Defense–1.99%** | **Aerospace & Defense–1.99%** | **Aerospace & Defense–1.99%** |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 58670 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51254 |
| 6.88%, 12/15/2030<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24905 |
| 7.13%, 12/01/2031<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 29221 |
| 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49585 |
|  |  |  | &nbsp;&nbsp; 213635 |
| **Alternative Carriers–0.58%** | **Alternative Carriers–0.58%** | **Alternative Carriers–0.58%** | **Alternative Carriers–0.58%** |
| Lumen Technologies, Inc., 10.00%, <br> 10/15/2032<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10142 |
| Windstream Services LLC/Windstream <br> Escrow Finance Corp., 8.25%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52052 |
|  |  |  | &nbsp;&nbsp; 62194 |
| **Apparel Retail–0.12%** | **Apparel Retail–0.12%** | **Apparel Retail–0.12%** | **Apparel Retail–0.12%** |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 31290 | &nbsp;&nbsp; 12669 |
| **Application Software–0.96%** | **Application Software–0.96%** | **Application Software–0.96%** | **Application Software–0.96%** |
| Cloud Software Group, Inc., | Cloud Software Group, Inc., |  |  |
| 6.50%, 03/31/2029<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37436 |
| 8.25%, 06/30/2032<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 16048 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 43044 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7269 |
|  |  |  | &nbsp;&nbsp; 103797 |
| **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** |
| Allison Transmission, Inc., 3.75%, <br> 01/30/2031<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 105286 |
| **Automotive Parts & Equipment–2.61%** | **Automotive Parts & Equipment–2.61%** | **Automotive Parts & Equipment–2.61%** | **Automotive Parts & Equipment–2.61%** |
| Clarios Global L.P./Clarios US Finance Co., <br> 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 77763 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 54108 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 42231 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 53695 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24804 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 27752 |
|  |  |  | &nbsp;&nbsp; 280353 |
| **Automotive Retail–3.26%** | **Automotive Retail–3.26%** | **Automotive Retail–3.26%** | **Automotive Retail–3.26%** |
| Carvana Co., PIK Rate, 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(c)</sup> <br>|  | 50290 | &nbsp;&nbsp; 57100 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–(continued)** | **Automotive Retail–(continued)** | **Automotive Retail–(continued)** | **Automotive Retail–(continued)** |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | $56000 | &nbsp;&nbsp; $54376 |
| 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52351 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27514 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 53048 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 52553 |
| 4.38%, 01/15/2031<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 53259 |
|  |  |  | &nbsp;&nbsp; 350201 |
| **Broadcasting–0.63%** | **Broadcasting–0.63%** | **Broadcasting–0.63%** | **Broadcasting–0.63%** |
| Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15089 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 8.00%, 08/15/2028<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31161 |
| 9.38%, 08/01/2032<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 21074 |
|  |  |  | &nbsp;&nbsp; 67324 |
| **Broadline Retail–1.01%** | **Broadline Retail–1.01%** | **Broadline Retail–1.01%** | **Broadline Retail–1.01%** |
| Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, |  |  |
| 7.38%, 08/01/2033<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53458 |
| 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 55050 |
|  |  |  | &nbsp;&nbsp; 108508 |
| **Building Products–0.48%** | **Building Products–0.48%** | **Building Products–0.48%** | **Building Products–0.48%** |
| New Enterprise Stone & Lime Co., Inc., <br> 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 51445 |
| **Cable & Satellite–2.99%** | **Cable & Satellite–2.99%** | **Cable & Satellite–2.99%** | **Cable & Satellite–2.99%** |
| CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 59000 | &nbsp;&nbsp; 54767 |
| 4.50%, 05/01/2032 |  | 61000 | &nbsp;&nbsp; 55820 |
| 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 92847 |
| 4.25%, 01/15/2034<sup>(b)</sup> <br>|  | 63000 | &nbsp;&nbsp; 54749 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., |  |  |
| 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 25890 |
| 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 27000 | &nbsp;&nbsp; 26858 |
| Sinclair Television Group, Inc., 8.13%, <br> 02/15/2033<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10254 |
|  |  |  | &nbsp;&nbsp; 321185 |
| **Casinos & Gaming–2.24%** | **Casinos & Gaming–2.24%** | **Casinos & Gaming–2.24%** | **Casinos & Gaming–2.24%** |
| Studio City Finance Ltd. (Macau), 5.00%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 189698 |
| Voyager Parent LLC, 9.25%, <br> 07/01/2032<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 51744 |
|  |  |  | &nbsp;&nbsp; 241442 |
| **Commercial & Residential Mortgage Finance–2.19%** | **Commercial & Residential Mortgage Finance–2.19%** | **Commercial & Residential Mortgage Finance–2.19%** | **Commercial & Residential Mortgage Finance–2.19%** |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 50317 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52157 |
| PennyMac Financial Services, Inc., 4.25%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27027 |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53540 |

---

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

**2**

**Invesco SMA High Yield Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** | **Commercial & Residential Mortgage Finance–(continued)** |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | $51000 | &nbsp;&nbsp; $53099 |
|  |  |  | &nbsp;&nbsp; 236140 |
| **Construction & Engineering–0.49%** | **Construction & Engineering–0.49%** | **Construction & Engineering–0.49%** | **Construction & Engineering–0.49%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53110 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52484 |
| **Consumer Finance–3.24%** | **Consumer Finance–3.24%** | **Consumer Finance–3.24%** | **Consumer Finance–3.24%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 105688 |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 77920 |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | 38000 | &nbsp;&nbsp; 37748 |
| 9.38%, 07/25/2030 |  | 17000 | &nbsp;&nbsp; 18791 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | 14000 | &nbsp;&nbsp; 14414 |
| 4.00%, 09/15/2030 |  | 34000 | &nbsp;&nbsp; 31451 |
| 6.75%, 03/15/2032 |  | 25000 | &nbsp;&nbsp; 25624 |
| 7.13%, 09/15/2032 |  | 35000 | &nbsp;&nbsp; 36488 |
|  |  |  | &nbsp;&nbsp; 348124 |
| **Diversified Banks–0.50%** | **Diversified Banks–0.50%** | **Diversified Banks–0.50%** | **Diversified Banks–0.50%** |
| Citigroup, Inc., Series Y, 4.15%<sup>(d)(e)</sup> <br>|  | 55000 | &nbsp;&nbsp; 53818 |
| **Diversified Financial Services–5.10%** | **Diversified Financial Services–5.10%** | **Diversified Financial Services–5.10%** | **Diversified Financial Services–5.10%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland), 6.95%, <br> 03/10/2055<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 157136 |
| Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26834 |
| GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 105825 |
| Global Aircraft Leasing Co. Ltd. (Cayman <br> Islands), 8.75%, 09/01/2027<sup>(b)</sup> <br>|  | 74000 | &nbsp;&nbsp; 76233 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11059 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 94093 |
| Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 74000 | &nbsp;&nbsp; 77842 |
|  |  |  | &nbsp;&nbsp; 549022 |
| **Diversified REITs–0.97%** | **Diversified REITs–0.97%** | **Diversified REITs–0.97%** | **Diversified REITs–0.97%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 54842 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, | Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, |  |  |
| 10.50%, 02/15/2028<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 40010 |
| 8.63%, 06/15/2032<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9842 |
|  |  |  | &nbsp;&nbsp; 104694 |
| **Diversified Support Services–0.96%** | **Diversified Support Services–0.96%** | **Diversified Support Services–0.96%** | **Diversified Support Services–0.96%** |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 76859 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26266 |
|  |  |  | &nbsp;&nbsp; 103125 |
| **Electric Utilities–3.29%** | **Electric Utilities–3.29%** | **Electric Utilities–3.29%** | **Electric Utilities–3.29%** |
| Brookfield Infrastructure Finance ULC <br> (Canada), 6.75%, 03/15/2055<sup>(d)</sup> <br>|  | 77000 | &nbsp;&nbsp; 78459 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(d)</sup> <br>|  | $53000 | &nbsp;&nbsp; $55007 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(d)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53242 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 71000 | &nbsp;&nbsp; 71073 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 21954 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 74418 |
|  |  |  | &nbsp;&nbsp; 354153 |
| **Electrical Components & Equipment–1.24%** | **Electrical Components & Equipment–1.24%** | **Electrical Components & Equipment–1.24%** | **Electrical Components & Equipment–1.24%** |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 56050 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23719 |
| Nissan Motor Acceptance Co. LLC, 7.05%, <br> 09/15/2028<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53840 |
|  |  |  | &nbsp;&nbsp; 133609 |
| **Electronic Components–0.45%** | **Electronic Components–0.45%** | **Electronic Components–0.45%** | **Electronic Components–0.45%** |
| Sensata Technologies, Inc., 3.75%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 48757 |
| **Electronic Manufacturing Services–0.74%** | **Electronic Manufacturing Services–0.74%** | **Electronic Manufacturing Services–0.74%** | **Electronic Manufacturing Services–0.74%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, <br> Inc., 6.63%, 12/15/2030<sup>(b)</sup> <br>|  | 77000 | &nbsp;&nbsp; 79177 |
| **Environmental & Facilities Services–1.49%** | **Environmental & Facilities Services–1.49%** | **Environmental & Facilities Services–1.49%** | **Environmental & Facilities Services–1.49%** |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 107316 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 53307 |
|  |  |  | &nbsp;&nbsp; 160623 |
| **Gold–1.01%** | **Gold–1.01%** | **Gold–1.01%** | **Gold–1.01%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 108483 |
| **Health Care Equipment–0.19%** | **Health Care Equipment–0.19%** | **Health Care Equipment–0.19%** | **Health Care Equipment–0.19%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 21033 |
| **Health Care Facilities–1.20%** | **Health Care Facilities–1.20%** | **Health Care Facilities–1.20%** | **Health Care Facilities–1.20%** |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50333 |
| Tenet Healthcare Corp., 6.75%, <br> 05/15/2031<br>|  | 76000 | &nbsp;&nbsp; 79043 |
|  |  |  | &nbsp;&nbsp; 129376 |
| **Health Care REITs–0.59%** | **Health Care REITs–0.59%** | **Health Care REITs–0.59%** | **Health Care REITs–0.59%** |
| Diversified Healthcare Trust, 0.00%, <br> 01/15/2026<sup>(b)(f)</sup> <br>|  | 54000 | &nbsp;&nbsp; 53140 |
| MPT Operating Partnership L.P./MPT <br> Finance Corp., 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10492 |
|  |  |  | &nbsp;&nbsp; 63632 |
| **Health Care Services–0.98%** | **Health Care Services–0.98%** | **Health Care Services–0.98%** | **Health Care Services–0.98%** |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 22432 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 29866 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26918 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25930 |
|  |  |  | &nbsp;&nbsp; 105146 |

---

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

**3**

**Invesco SMA High Yield Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** | **Health Care Supplies–0.74%** |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | $28000 | &nbsp;&nbsp; $26904 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 52520 |
|  |  |  | &nbsp;&nbsp; 79424 |
| **Homebuilding–0.50%** | **Homebuilding–0.50%** | **Homebuilding–0.50%** | **Homebuilding–0.50%** |
| Taylor Morrison Communities, Inc., <br> 5.13%, 08/01/2030<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 53882 |
| **Hotel & Resort REITs–1.13%** | **Hotel & Resort REITs–1.13%** | **Hotel & Resort REITs–1.13%** | **Hotel & Resort REITs–1.13%** |
| RHP Hotel Properties L.P./RHP Finance <br> Corp., 6.50%, 06/15/2033<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53746 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 52590 |
| Service Properties Trust, 8.88%, <br> 06/15/2032<br>|  | 15000 | &nbsp;&nbsp; 15490 |
|  |  |  | &nbsp;&nbsp; 121826 |
| **Hotels, Resorts & Cruise Lines–2.93%** | **Hotels, Resorts & Cruise Lines–2.93%** | **Hotels, Resorts & Cruise Lines–2.93%** | **Hotels, Resorts & Cruise Lines–2.93%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 5.75%, 08/01/2032<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 81420 |
| 6.13%, 02/15/2033<sup>(b)</sup> <br>|  | 126000 | &nbsp;&nbsp; 129469 |
| Hilton Domestic Operating Co., Inc., <br> 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104158 |
|  |  |  | &nbsp;&nbsp; 315047 |
| **Household Appliances–0.49%** | **Household Appliances–0.49%** | **Household Appliances–0.49%** | **Household Appliances–0.49%** |
| Whirlpool Corp., 4.75%, 02/26/2029 |  | 53000 | &nbsp;&nbsp; 52366 |
| **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 26000 | &nbsp;&nbsp; 26175 |
| 6.38%, 05/15/2030 |  | 55000 | &nbsp;&nbsp; 54380 |
|  |  |  | &nbsp;&nbsp; 80555 |
| **Independent Power Producers & Energy Traders–1.80%** | **Independent Power Producers & Energy Traders–1.80%** | **Independent Power Producers & Energy Traders–1.80%** | **Independent Power Producers & Energy Traders–1.80%** |
| Calpine Corp., 5.13%, 03/15/2028<sup>(b)</sup> <br>|  | 79000 | &nbsp;&nbsp; 78992 |
| Vistra Corp., | Vistra Corp., |  |  |
| 8.00%<sup>(b)(d)(e)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26556 |
| Series C, 8.88%<sup>(b)(d)(e)</sup> <br>|  | 81000 | &nbsp;&nbsp; 88313 |
|  |  |  | &nbsp;&nbsp; 193861 |
| **Industrial Machinery & Supplies & Components–2.23%** | **Industrial Machinery & Supplies & Components–2.23%** | **Industrial Machinery & Supplies & Components–2.23%** | **Industrial Machinery & Supplies & Components–2.23%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 106383 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> <br>|  | 77000 | &nbsp;&nbsp; 79269 |
| Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 54546 |
|  |  |  | &nbsp;&nbsp; 240198 |
| **Insurance Brokers–1.46%** | **Insurance Brokers–1.46%** | **Insurance Brokers–1.46%** | **Insurance Brokers–1.46%** |
| Alliant Holdings Intermediate LLC, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 80735 |
| HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 76404 |
|  |  |  | &nbsp;&nbsp; 157139 |
| **Integrated Telecommunication Services–3.84%** | **Integrated Telecommunication Services–3.84%** | **Integrated Telecommunication Services–3.84%** | **Integrated Telecommunication Services–3.84%** |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 58577 |
| 7.00%, 03/31/2034<sup>(b)</sup> <br>|  | 27833 | &nbsp;&nbsp; 28047 |
| Maya S.A.S. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 215329 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| 6.38%, 11/15/2033 |  | $53000 | &nbsp;&nbsp; $54998 |
| 7.72%, 06/04/2038 |  | 51000 | &nbsp;&nbsp; 55744 |
|  |  |  | &nbsp;&nbsp; 412695 |
| **Interactive Media & Services–0.98%** | **Interactive Media & Services–0.98%** | **Interactive Media & Services–0.98%** | **Interactive Media & Services–0.98%** |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 50000 | &nbsp;&nbsp; 43181 |
| 5.05%, 03/15/2042 |  | 76000 | &nbsp;&nbsp; 51267 |
| 5.14%, 03/15/2052 |  | 17000 | &nbsp;&nbsp; 10601 |
|  |  |  | &nbsp;&nbsp; 105049 |
| **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** | **Internet Services & Infrastructure–0.19%** |
| CoreWeave, Inc., | CoreWeave, Inc., |  |  |
| 9.25%, 06/01/2030<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10046 |
| 9.00%, 02/01/2031<sup>(b)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9913 |
|  |  |  | &nbsp;&nbsp; 19959 |
| **Leisure Facilities–0.52%** | **Leisure Facilities–0.52%** | **Leisure Facilities–0.52%** | **Leisure Facilities–0.52%** |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 55768 |
| **Metal, Glass & Plastic Containers–1.90%** | **Metal, Glass & Plastic Containers–1.90%** | **Metal, Glass & Plastic Containers–1.90%** | **Metal, Glass & Plastic Containers–1.90%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200166 |
| LABL, Inc., 8.63%, 10/01/2031<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 4435 |
|  |  |  | &nbsp;&nbsp; 204601 |
| **Movies & Entertainment–0.98%** | **Movies & Entertainment–0.98%** | **Movies & Entertainment–0.98%** | **Movies & Entertainment–0.98%** |
| Starz Capital Holdings 1, Inc., 6.00%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 53211 |
| WMG Acquisition Corp., 3.75%, <br> 12/01/2029<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 52233 |
|  |  |  | &nbsp;&nbsp; 105444 |
| **Multi-line Insurance–0.73%** | **Multi-line Insurance–0.73%** | **Multi-line Insurance–0.73%** | **Multi-line Insurance–0.73%** |
| Acrisure LLC, 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 78813 |
| **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** | **Multi-Utilities–0.48%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(d)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51329 |
| **Oil & Gas Drilling–0.70%** | **Oil & Gas Drilling–0.70%** | **Oil & Gas Drilling–0.70%** | **Oil & Gas Drilling–0.70%** |
| Summit Midstream Holdings LLC, 8.63%, <br> 10/31/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 50904 |
| Transocean, Inc., 8.75%, 02/15/2030<sup>(b)</sup> <br>|  | 23250 | &nbsp;&nbsp; 24629 |
|  |  |  | &nbsp;&nbsp; 75533 |
| **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** | **Oil & Gas Equipment & Services–0.52%** |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 55523 |
| **Oil & Gas Exploration & Production–2.17%** | **Oil & Gas Exploration & Production–2.17%** | **Oil & Gas Exploration & Production–2.17%** | **Oil & Gas Exploration & Production–2.17%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 51145 |
| Caturus Energy LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52956 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 52294 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., <br> 8.38%, 11/01/2033<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52249 |
| Transocean Titan Financing Ltd., 8.38%, <br> 02/01/2028<sup>(b)</sup> <br>|  | 24286 | &nbsp;&nbsp; 24970 |
|  |  |  | &nbsp;&nbsp; 233614 |

---

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

**4**

**Invesco SMA High Yield Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Refining & Marketing–0.73%** | **Oil & Gas Refining & Marketing–0.73%** | **Oil & Gas Refining & Marketing–0.73%** | **Oil & Gas Refining & Marketing–0.73%** |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | $77000 | &nbsp;&nbsp; $78744 |
| **Oil & Gas Storage & Transportation–6.94%** | **Oil & Gas Storage & Transportation–6.94%** | **Oil & Gas Storage & Transportation–6.94%** | **Oil & Gas Storage & Transportation–6.94%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51741 |
| Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., 7.38%, <br> 06/30/2033<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 55076 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 54341 |
| Genesis Energy L.P./Genesis Energy Finance <br> Corp., | Genesis Energy L.P./Genesis Energy Finance <br> Corp., |  |  |
| 8.88%, 04/15/2030 |  | 4000 | &nbsp;&nbsp; 4236 |
| 7.88%, 05/15/2032 |  | 33000 | &nbsp;&nbsp; 34274 |
| 8.00%, 05/15/2033 |  | 39000 | &nbsp;&nbsp; 40764 |
| Global Partners L.P./GLP Finance Corp., <br> 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 56336 |
| Prairie Acquiror L.P., 9.00%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 53215 |
| Tallgrass Energy Partners L.P./Tallgrass <br> Energy Finance Corp., 7.38%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53611 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 71000 | &nbsp;&nbsp; 77355 |
| 9.00%<sup>(b)(d)(e)</sup> <br>|  | 51500 | &nbsp;&nbsp; 51174 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156689 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 57754 |
|  |  |  | &nbsp;&nbsp; 746566 |
| **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** |
| Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 53310 |
| **Other Specialty Retail–0.11%** | **Other Specialty Retail–0.11%** | **Other Specialty Retail–0.11%** | **Other Specialty Retail–0.11%** |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 13710 | &nbsp;&nbsp; 12188 |
| **Packaged Foods & Meats–0.50%** | **Packaged Foods & Meats–0.50%** | **Packaged Foods & Meats–0.50%** | **Packaged Foods & Meats–0.50%** |
| Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 53656 |
| **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** | **Paper & Plastic Packaging Products & Materials–0.48%** |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 25809 |
| 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 25941 |
|  |  |  | &nbsp;&nbsp; 51750 |
| **Passenger Airlines–0.97%** | **Passenger Airlines–0.97%** | **Passenger Airlines–0.97%** | **Passenger Airlines–0.97%** |
| American Airlines, Inc./AAdvantage Loyalty <br> IP Ltd., 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 78479 |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 25907 |
|  |  |  | &nbsp;&nbsp; 104386 |
| **Pharmaceuticals–1.61%** | **Pharmaceuticals–1.61%** | **Pharmaceuticals–1.61%** | **Pharmaceuticals–1.61%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39487 |
| Amneal Pharmaceuticals LLC, 6.88%, <br> 08/01/2032<sup>(b)</sup> <br>|  | 60000 | &nbsp;&nbsp; 61810 |
| Bausch Health Cos., Inc., 11.00%, <br> 09/30/2028<sup>(b)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14696 |
| Endo Finance Holdings, Inc., 8.50%, <br> 04/15/2031<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 52227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, <br> 06/01/2029<sup>(b)</sup> <br>|  | $6000 | &nbsp;&nbsp; $5283 |
|  |  |  | &nbsp;&nbsp; 173503 |
| **Real Estate Development–0.98%** | **Real Estate Development–0.98%** | **Real Estate Development–0.98%** | **Real Estate Development–0.98%** |
| Cushman & Wakefield U.S. Borrower LLC, <br> 8.88%, 09/01/2031<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 54723 |
| Greystar Real Estate Partners LLC, 7.75%, <br> 09/01/2030<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 50862 |
|  |  |  | &nbsp;&nbsp; 105585 |
| **Reinsurance–0.51%** | **Reinsurance–0.51%** | **Reinsurance–0.51%** | **Reinsurance–0.51%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 55112 |
| **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** | **Renewable Electricity–0.47%** |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (United Kingdom), <br> 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50744 |
| **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** | **Research & Consulting Services–0.50%** |
| Clarivate Science Holdings Corp., 4.88%, <br> 07/01/2029<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 53898 |
| **Security & Alarm Services–0.49%** | **Security & Alarm Services–0.49%** | **Security & Alarm Services–0.49%** | **Security & Alarm Services–0.49%** |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 52873 |
| **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** | **Specialized Consumer Services–0.75%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 80267 |
| **Specialized Finance–0.53%** | **Specialized Finance–0.53%** | **Specialized Finance–0.53%** | **Specialized Finance–0.53%** |
| CD&R Smokey Buyer, Inc./Radio Systems <br> Corp., 9.50%, 10/15/2029<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 4578 |
| TrueNoord Capital DAC (Ireland), 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 52102 |
|  |  |  | &nbsp;&nbsp; 56680 |
| **Specialty Chemicals–0.53%** | **Specialty Chemicals–0.53%** | **Specialty Chemicals–0.53%** | **Specialty Chemicals–0.53%** |
| Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<br>|  | 50000 | &nbsp;&nbsp; 52058 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5110 |
|  |  |  | &nbsp;&nbsp; 57168 |
| **Steel–0.49%** | **Steel–0.49%** | **Steel–0.49%** | **Steel–0.49%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13212 |
| 7.00%, 03/15/2032<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 39816 |
|  |  |  | &nbsp;&nbsp; 53028 |
| **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 4560 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 4902 |
|  |  |  | &nbsp;&nbsp; 9462 |
| **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** | **Telecom Tower REITs–0.49%** |
| SBA Communications Corp., 3.13%, <br> 02/01/2029<br>|  | 56000 | &nbsp;&nbsp; 52670 |
| **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** | **Trading Companies & Distributors–1.70%** |
| Air Lease Corp., Series B, 4.65%<sup>(d)(e)</sup> <br>|  | 80000 | &nbsp;&nbsp; 79322 |
| Aircastle Ltd., 5.25%<sup>(b)(d)(e)</sup> <br>|  | 104000 | &nbsp;&nbsp; 103595 |
|  |  |  | &nbsp;&nbsp; 182917 |

---

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

**5**

**Invesco SMA High Yield Bond Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Transaction & Payment Processing Services–0.48%** | **Transaction & Payment Processing Services–0.48%** | **Transaction & Payment Processing Services–0.48%** | **Transaction & Payment Processing Services–0.48%** |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc., 6.75%, <br> 08/15/2032<sup>(b)</sup> <br>|  | $50000 | &nbsp;&nbsp; $51874 |
| **Wireless Telecommunication Services–1.01%** | **Wireless Telecommunication Services–1.01%** | **Wireless Telecommunication Services–1.01%** | **Wireless Telecommunication Services–1.01%** |
| Vodafone Group PLC (United Kingdom), <br> 4.13%, 06/04/2081<sup>(d)</sup> <br>|  | 117000 | &nbsp;&nbsp; 108493 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $9,408,199) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $9,408,199) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $9,408,199) | &nbsp;&nbsp; 9610925 |
| **Non-U.S. Dollar Denominated Bonds & Notes–4.59%**<sup>(g)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.59%**<sup>(g)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.59%**<sup>(g)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–4.59%**<sup>(g)</sup>  |
| **Cable & Satellite–1.10%** | **Cable & Satellite–1.10%** | **Cable & Satellite–1.10%** | **Cable & Satellite–1.10%** |
| Sunrise FinCo I B.V. (Netherlands), 4.63%, <br> 05/15/2032<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 118271 |
| **Metal, Glass & Plastic Containers–1.11%** | **Metal, Glass & Plastic Containers–1.11%** | **Metal, Glass & Plastic Containers–1.11%** | **Metal, Glass & Plastic Containers–1.11%** |
| Ball Corp., 4.25%, 07/01/2032 | EUR | 100000 | &nbsp;&nbsp; 119465 |
| **Specialized Consumer Services–1.07%** | **Specialized Consumer Services–1.07%** | **Specialized Consumer Services–1.07%** | **Specialized Consumer Services–1.07%** |
| Allwyn Entertainment Financing (UK) PLC <br> (Czech Republic), 4.13%, <br> 02/15/2031<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 115807 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Wireless Telecommunication Services–1.31%** | **Wireless Telecommunication Services–1.31%** | **Wireless Telecommunication Services–1.31%** | **Wireless Telecommunication Services–1.31%** |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 3.25%, 01/31/2031<sup>(b)</sup> <br>| EUR | 125000 | &nbsp;&nbsp; $140564 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $449,669) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $449,669) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $449,669) | &nbsp;&nbsp; 494107 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–2.92%** | **Exchange-Traded Funds–2.92%** | **Exchange-Traded Funds–2.92%** | **Exchange-Traded Funds–2.92%** |
| Invesco Senior Loan ETF <br>(Cost $311,700)<sup>(h)</sup>  | Invesco Senior Loan ETF <br>(Cost $311,700)<sup>(h)</sup>  | 15000 | &nbsp;&nbsp; 313800 |
| **Money Market Funds–2.11%** | **Money Market Funds–2.11%** | **Money Market Funds–2.11%** | **Money Market Funds–2.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(h)(i)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.21%<sup>(h)(i)</sup>  | 79391 | &nbsp;&nbsp; 79391 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(h)(i)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.17%<sup>(h)(i)</sup>  | 147334 | &nbsp;&nbsp; 147334 |
| Total Money Market Funds (Cost $226,725) | Total Money Market Funds (Cost $226,725) | Total Money Market Funds (Cost $226,725) | &nbsp;&nbsp; 226725 |
| TOTAL INVESTMENTS IN SECURITIES–98.96% <br> (Cost $10,396,293) | TOTAL INVESTMENTS IN SECURITIES–98.96% <br> (Cost $10,396,293) | TOTAL INVESTMENTS IN SECURITIES–98.96% <br> (Cost $10,396,293) | &nbsp;&nbsp; 10645557 |
| OTHER ASSETS LESS LIABILITIES—1.04% | OTHER ASSETS LESS LIABILITIES—1.04% | OTHER ASSETS LESS LIABILITIES—1.04% | &nbsp;&nbsp; 111384 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $10756941 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| PIK | – Pay-in-Kind |
| REIT | – Real Estate Investment Trust |

---

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> 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 $8,501,178, which represented 79.03% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<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> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Zero coupon bond issued at a discount.

<sup>(g)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(h)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended August 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**August 31, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | $- | &nbsp;&nbsp; $311700 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2100 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $313800 | &nbsp;&nbsp; $9731 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | 111921 | &nbsp;&nbsp; 1297446 | &nbsp;&nbsp; (1329976) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 79391 | &nbsp;&nbsp; 2041 |
| Invesco Treasury Portfolio, Institutional Class | 207692 | &nbsp;&nbsp; 2409541 | &nbsp;&nbsp; (2469899) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 147334 | &nbsp;&nbsp; 3728 |
| Total | $319613 | &nbsp;&nbsp; $4018687 | &nbsp;&nbsp; $(3799875) | &nbsp;&nbsp; $2100 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $540525 | &nbsp;&nbsp; $15500 |

---

<sup>(i)</sup> The rate shown is the 7-day SEC standardized yield as of August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** |
| **Currency Risk** |  |  |  |  |  |  |
| 10/31/2025 | Citibank, N.A. | EUR | 403000 | USD | 474772 | &nbsp;&nbsp;&nbsp; $1556 |

---

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

**6**

**Invesco SMA High Yield Bond Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation** |
| 10/31/2025 | Citibank, N.A. | USD | 23226 | EUR | 20000 | &nbsp;&nbsp;&nbsp; $259 |
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $1815 |

---

Abbreviations: <br> EUR – Euro <br> USD – U.S. Dollar

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

**7**

**Invesco SMA High Yield Bond Fund**

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**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $9,857,868)<br>| &nbsp;&nbsp; $10105032 |
| Investments in affiliates, at value <br>(Cost $538,425)<br>| &nbsp;&nbsp; 540525 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1815 |
| Cash | &nbsp;&nbsp; 4181 |
| Foreign currencies, at value (Cost $5,749) | &nbsp;&nbsp; 6020 |
| Receivable for: |  |
| Fund expenses absorbed | &nbsp;&nbsp; 26241 |
| Dividends | &nbsp;&nbsp; 852 |
| Interest | &nbsp;&nbsp; 163801 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 9788 |
| Other assets | &nbsp;&nbsp; 14963 |
| Total assets | &nbsp;&nbsp; 10873218 |
| **Liabilities:** |  |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 62855 |
| Fund shares reacquired | &nbsp;&nbsp; 2042 |
| Accrued fees to affiliates | &nbsp;&nbsp; 443 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1875 |
| Accrued other operating expenses | &nbsp;&nbsp; 39274 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 9788 |
| Total liabilities | &nbsp;&nbsp; 116277 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $10756941 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $10536901 |
| Distributable earnings | &nbsp;&nbsp; 220040 |
|  | &nbsp;&nbsp; $10756941 |
| **Shares outstanding, no par value, with an** <br> **unlimited number of shares authorized:**<br>|  |
| Shares outstanding | &nbsp;&nbsp; 1052484 |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.22 |

---

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

**8**

**Invesco SMA High Yield Bond Fund**

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**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $335465 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 15500 |
| Total investment income | &nbsp;&nbsp; 350965 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 791 |
| Custodian fees | &nbsp;&nbsp; 1929 |
| Transfer agent fees | &nbsp;&nbsp; 1623 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10557 |
| Registration and filing fees | &nbsp;&nbsp; 10267 |
| Reports to shareholders | &nbsp;&nbsp; 3246 |
| Professional services fees | &nbsp;&nbsp; 40371 |
| Other | &nbsp;&nbsp; 1239 |
| Total expenses | &nbsp;&nbsp; 70023 |
| Less: Expenses reimbursed | &nbsp;&nbsp; (70023)<br>|
| Net expenses | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 350965 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (16769)<br>|
| Foreign currencies | &nbsp;&nbsp; 2432 |
| Forward foreign currency contracts | &nbsp;&nbsp; (25449)<br>|
|  | &nbsp;&nbsp; (39786)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 50026 |
| Affiliated investment securities | &nbsp;&nbsp; 2100 |
| Foreign currencies | &nbsp;&nbsp; 327 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp; 53739 |
| Net realized and unrealized gain | &nbsp;&nbsp; 13953 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $364918 |

---

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

**9**

**Invesco SMA High Yield Bond Fund**

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**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $350965 | &nbsp;&nbsp; $739099 |
| Net realized gain (loss) | &nbsp;&nbsp; (39786)<br>| &nbsp;&nbsp; 203279 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 53739 | &nbsp;&nbsp; (50305)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 364918 | &nbsp;&nbsp; 892073 |
| Distributions to shareholders from distributable earnings | &nbsp;&nbsp; (373717)<br>| &nbsp;&nbsp; (883023)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 175989 | &nbsp;&nbsp; 360902 |
| Net increase in net assets | &nbsp;&nbsp; 167190 | &nbsp;&nbsp; 369952 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 10589751 | &nbsp;&nbsp; 10219799 |
| End of period | &nbsp;&nbsp; $10756941 | &nbsp;&nbsp; $10589751 |

---

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

**10**

**Invesco SMA High Yield Bond Fund**

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**Financial Highlights**

*(Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28,** <br>**2025**<br>| &nbsp;&nbsp; **Period Ended** <br>**February 29,** <br>**2024**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net gains on securities (both realized and unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Less: |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| Distributions from net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp; $10.22 |
| Total return<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.35<br> %<br>|
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $10757 | &nbsp;&nbsp;&nbsp; $10590 | &nbsp;&nbsp;&nbsp; $10220 |
| Portfolio turnover rate<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 126<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|
| **Ratios/supplemental data based on average net assets:** |  |  |  |
| Ratio of expenses: |  |  |  |
| With fee waivers and/or expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 %<sup>(e)</sup><br>|
| Without fee waivers and/or expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65 %<sup>(e)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 6.63 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55 %<sup>(e)</sup><br>|

---

<sup>(a)</sup> Commencement date of March 1, 2023.

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

<sup>(c)</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>(d)</sup> Portfolio turnover is not annualized for periods less than one year, if applicable.

<sup>(e)</sup> Annualized.

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

**11**

**Invesco SMA High Yield Bond Fund**

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**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco SMA High Yield Bond Fund (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (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. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund will be voted on exclusively by the shareholders of the Fund.

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

The Fund commenced operations on March 1, 2023. Shares of the Fund may be purchased and held by or on behalf of wrap fee, separately managed and other discretionary accounts ("SMAs") for which Invesco Advisers, Inc (the "Adviser" or "Invesco") or its affiliates have an agreement with a program sponsor or directly with the client, to provide management or advisory services to the account.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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.

**12**

**Invesco SMA High Yield Bond Fund**

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

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

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

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

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

**H.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development,

**13**

**Invesco SMA High Yield Bond Fund**

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and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**K.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, Invesco will be compensated directly or indirectly by clients or account program sponsors for managed account advisory services, including with respect to assets that may be invested in the Fund.

The Adviser has entered into a master sub-advisory agreement with 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"). Because the Adviser does not receive a fee from the Fund for providing investment advisory services pursuant to its investment advisory agreement with the Trust, the Affiliated Sub-Advisers will not receive compensation for providing investment management services to the Fund.

Invesco has contractually agreed to reimburse expenses necessary to limit total fund operating expenses after expense reimbursement (excluding (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) to 0.00% of the Fund's average daily net assets (the "expense limit"). This expense reimbursement agreement will continue in effect for so long as Invesco serves as adviser to the Fund. The expense reimbursement agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

**14**

**Invesco SMA High Yield Bond Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2025, the Adviser reimbursed expenses of $70,023.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

Certain officers and trustees of the Trust are officers and directors of Invesco.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9610925 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9610925 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 494107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 494107 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 313800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 313800 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 226725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226725 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 540525 | &nbsp;&nbsp;&nbsp;&nbsp; 10105032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10645557 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1815 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $540525 | &nbsp;&nbsp;&nbsp;&nbsp; $10106847 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10647372 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of August 31, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $1815 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1815 |

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**15**

**Invesco SMA High Yield Bond Fund**

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**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of August 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; $1815 | &nbsp;&nbsp;&nbsp; $1815 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1815 |

---

**Effect of Derivative Investments for the six months ended August 31, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(25449)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1286 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(24163)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $382920 |

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**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of February 28, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2025 was $7,648,272 and $7,494,871, 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; $274325 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (34420)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $239905 |

---

Cost of investments for tax purposes is $10,407,467.

**16**

**Invesco SMA High Yield Bond Fund**

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**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**August 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Sold | &nbsp;&nbsp;&nbsp; 21044 | &nbsp;&nbsp;&nbsp; $213888 | &nbsp;&nbsp;&nbsp; 41782 | &nbsp;&nbsp;&nbsp; $429628 |
| Reacquired | &nbsp;&nbsp;&nbsp; (3732)<br>| &nbsp;&nbsp;&nbsp; (37899)<br>| &nbsp;&nbsp;&nbsp; (6611)<br>| &nbsp;&nbsp;&nbsp; (68726)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 17312 | &nbsp;&nbsp;&nbsp; $175989 | &nbsp;&nbsp;&nbsp; 35171 | &nbsp;&nbsp;&nbsp; $360902 |

---

<sup>(a)</sup> 95% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**17**

**Invesco SMA High Yield Bond 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 AIM Investment Securities Trust (Invesco Investment Securities Trust) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco SMA High Yield Bond 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 absence of 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 that the Fund is only offered and sold to wrap fee, separately managed and other discretionary investment account (collectively, "SMA") clients where Invesco Advisers (or one of its affiliates) has an agreement with the program sponsor or directly with the client to provide investment management services to the SMA. 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 noted that the Fund had recently commenced operations in February 2023 and that therefore performance information for the Fund was limited. The Board compared the Fund's investment performance for the one year period ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Index (Index). The Board noted that performance of Fund was in the fourth quintile of its performance universe for the one year period. The Board noted that performance of the Fund was reasonably comparable to the performance of the Index for the one year period. The Board also considered information provided by Invesco Advisers regarding the role that the Fund plays in SMAs managed by Invesco Advisers or an affiliate. The Board acknowledged that, because the Fund is designed to meet the specialized investment objectives of SMA clients by providing access to the relevant fixed-income market segment, certain principal

**18**

**Invesco SMA High Yield Bond Fund**

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investment strategies of the Fund are different from other Invesco Funds investing in high yield bond markets.

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

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement. The Board considered that the Fund is available for investment only by investors as a part of an SMA arrangement managed by Invesco Advisers or an affiliate, and that because Invesco Advisers (or one of its affiliates) receives fees from SMA clients invested in the Fund at the SMA level, the Fund is not charged an advisory fee by Invesco Advisers to avoid duplication of fees at the Fund and SMA level.

The Board considered that Invesco Advisers contractually agreed to an expense limit for the Fund so that the Fund's total expenses (excluding (i) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or non-routine items, including litigation expenses; (v) expenses that the Fund incurs but does not actually pay because of an expense offset arrangement and (vi) acquired fund fees and expenses, in each case if applicable) are equal to 0.0% of average daily net assets. The Board noted that such expense limit was permanent and had no expiration date.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation will be payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, but that Invesco Advisers does receive fees that are charged at the SMA level. 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 and Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. The Board also noted that the Fund benefits from economies of scale through Invesco Advisers' commitment to waive fees or reimburse expenses so that the Fund's total expenses (other than the excluded items referred to above) are equal to 0.0% of average daily net assets.

*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 and its affiliates do not make a profit from managing the Fund because no advisory fee is charged to the Fund and other fees payable to Invesco Advisers or its affiliates by the Fund are either waived or reimbursed to the Fund, although Invesco Advisers does receive fees at the SMA level. 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.

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

The Board considered various other benefits to be received by Invesco Advisers and its affiliates from the relationship with the Fund, including the revenue Invesco Advisers (or its affiliates) receives from SMA clients invested in the Fund at the SMA level and the potential growth of Invesco Advisers' and its affiliates' SMA business because the Fund may enhance their ability to personalize the SMA client experience and provide investment exposure ordinarily unavailable in SMAs.

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 may be invested in registered money market funds advised by Invesco Advisers, and that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments.

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 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.

**19**

**Invesco SMA High Yield Bond Fund**

------

**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.

**20**

**Invesco SMA High Yield Bond Fund**

------

![](img2860c8f31.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

SMAHYB-NCSRS

------

![](img7a691e3c1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**August 31, 2025**

**Invesco U.S. Government Money Portfolio**

Nasdaq:

Invesco Cash Reserve: GMQXX ■ C: GMCXX ■ R: GMLXX ■ Y: OMBXX ■ R6: GMRXX

------

---

| | |
|:---|:---|
| [2](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_SOI-Continued-759_1) | Schedule of Investments |
| [5](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_FS-Continued-759_1) | Financial Statements |
| [8](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_FS-Continued-759_4) | Financial Highlights |
| [9](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_NTF-Continued-759_1) | Notes to Financial Statements |
| [13](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_AOC-Continued-759_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_2f6aa65e-8939-4f70-966c-74f42ee47ad9_OIRSR-Continued-759_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*August 31, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities-21.50%** | **U.S. Treasury Securities-21.50%** | **U.S. Treasury Securities-21.50%** | **U.S. Treasury Securities-21.50%** | **U.S. Treasury Securities-21.50%** | **U.S. Treasury Securities-21.50%** |
| **U.S. Treasury Bills-17.78%**<sup>(a)</sup> | **U.S. Treasury Bills-17.78%**<sup>(a)</sup> | **U.S. Treasury Bills-17.78%**<sup>(a)</sup> | **U.S. Treasury Bills-17.78%**<sup>(a)</sup> | **U.S. Treasury Bills-17.78%**<sup>(a)</sup> | **U.S. Treasury Bills-17.78%**<sup>(a)</sup> |
| U.S. Treasury Bills | 4.30% | 09/02/2025 |  | $8500 | &nbsp;&nbsp; $8498987 |
| U.S. Treasury Bills | 4.32% | 09/30/2025 |  | 12000 | &nbsp;&nbsp; 11958530 |
| U.S. Treasury Bills | 4.22% | 10/02/2025 |  | 5000 | &nbsp;&nbsp; 4982550 |
| U.S. Treasury Bills | 4.26% | 10/07/2025 |  | 12000 | &nbsp;&nbsp; 11949180 |
| U.S. Treasury Bills | 4.15% | 10/16/2025 |  | 12000 | &nbsp;&nbsp; 11939100 |
| U.S. Treasury Bills | 4.23% | 10/21/2025 |  | 10000 | &nbsp;&nbsp; 9941597 |
| U.S. Treasury Bills | 4.28%-4.29% | 10/30/2025 |  | 12000 | &nbsp;&nbsp; 11919252 |
| U.S. Treasury Bills | 4.16% | 12/09/2025 |  | 25000 | &nbsp;&nbsp; 24717781 |
| U.S. Treasury Bills | 4.10% | 12/16/2025 |  | 18000 | &nbsp;&nbsp; 17785350 |
| U.S. Treasury Bills | 4.06% | 02/05/2026 |  | 24000 | &nbsp;&nbsp; 23583427 |
| U.S. Treasury Bills | 4.05% | 02/12/2026 |  | 13000 | &nbsp;&nbsp; 12764888 |
| U.S. Treasury Bills | 4.03% | 02/19/2026 |  | 2000 | &nbsp;&nbsp; 1962522 |
| U.S. Treasury Bills | 3.99% | 02/26/2026 |  | 12000 | &nbsp;&nbsp; 11767888 |
| U.S. Treasury Bills | 4.11% | 03/19/2026 |  | 9500 | &nbsp;&nbsp; 9292833 |
| U.S. Treasury Bills | 4.09% | 04/16/2026 |  | 5000 | &nbsp;&nbsp; 4875781 |
| U.S. Treasury Bills | 4.08% | 06/11/2026 |  | 6000 | &nbsp;&nbsp; 5814399 |
| U.S. Treasury Bills | 4.08%-4.12% | 07/09/2026 |  | 12000 | &nbsp;&nbsp; 11591035 |
| U.S. Treasury Bills | 3.89%-3.92% | 08/06/2026 |  | 10500 | &nbsp;&nbsp; 10127759 |
|  |  |  |  |  | &nbsp;&nbsp; 205472859 |
| **U.S. Treasury Floating Rate Notes-0.52%** | **U.S. Treasury Floating Rate Notes-0.52%** | **U.S. Treasury Floating Rate Notes-0.52%** | **U.S. Treasury Floating Rate Notes-0.52%** | **U.S. Treasury Floating Rate Notes-0.52%** | **U.S. Treasury Floating Rate Notes-0.52%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.17%)<sup>(b)</sup> <br>| 4.31% | 10/31/2025 |  | 1000 | &nbsp;&nbsp; 1000000 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.16%)<sup>(b)</sup> <br>| 4.30% | 04/30/2027 |  | 5000 | &nbsp;&nbsp; 5001994 |
|  |  |  |  |  | &nbsp;&nbsp; 6001994 |
| **U.S. Treasury Notes-3.20%** | **U.S. Treasury Notes-3.20%** | **U.S. Treasury Notes-3.20%** | **U.S. Treasury Notes-3.20%** | **U.S. Treasury Notes-3.20%** | **U.S. Treasury Notes-3.20%** |
| U.S. Treasury Notes | 0.25% | 09/30/2025 |  | 8000 | &nbsp;&nbsp; 7974762 |
| U.S. Treasury Notes | 0.75% | 04/30/2026 |  | 5000 | &nbsp;&nbsp; 4895285 |
| U.S. Treasury Notes | 4.13% | 06/15/2026 |  | 6000 | &nbsp;&nbsp; 6002135 |
| U.S. Treasury Notes | 4.63% | 06/30/2026 |  | 13000 | &nbsp;&nbsp; 13047367 |
| U.S. Treasury Notes | 4.50% | 07/15/2026 |  | 5000 | &nbsp;&nbsp; 5025135 |
|  |  |  |  |  | &nbsp;&nbsp; 36944684 |
| Total U.S. Treasury Securities (Cost $248,419,537) | Total U.S. Treasury Securities (Cost $248,419,537) | Total U.S. Treasury Securities (Cost $248,419,537) | Total U.S. Treasury Securities (Cost $248,419,537) |  | &nbsp;&nbsp; 248419537 |
| **U.S. Government Sponsored Agency Securities-17.70%** | **U.S. Government Sponsored Agency Securities-17.70%** | **U.S. Government Sponsored Agency Securities-17.70%** | **U.S. Government Sponsored Agency Securities-17.70%** | **U.S. Government Sponsored Agency Securities-17.70%** | **U.S. Government Sponsored Agency Securities-17.70%** |
| **Federal Farm Credit Bank (FFCB)-15.06%** | **Federal Farm Credit Bank (FFCB)-15.06%** | **Federal Farm Credit Bank (FFCB)-15.06%** | **Federal Farm Credit Bank (FFCB)-15.06%** | **Federal Farm Credit Bank (FFCB)-15.06%** | **Federal Farm Credit Bank (FFCB)-15.06%** |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(b)</sup> <br>| 4.50% | 11/28/2025 |  | 5500 | &nbsp;&nbsp; 5500000 |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(b)</sup> <br>| 4.50% | 12/01/2025 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/15/2025 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/29/2025 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.49% | 01/12/2026 |  | 4500 | &nbsp;&nbsp; 4500000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.06%)<sup>(b)</sup> <br>| 4.39% | 01/16/2026 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 02/02/2026 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 02/12/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 4.46% | 03/12/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(b)</sup> <br>| 4.43% | 05/21/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/03/2026 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 08/26/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/09/2026 |  | 3500 | &nbsp;&nbsp; 3500000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(b)</sup> <br>| 4.38% | 09/17/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 10/06/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/15/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |

---

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

**2**

**Invesco U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** | **Federal Farm Credit Bank (FFCB)-(continued)** |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 11/23/2026 |  | $2000 | &nbsp;&nbsp; $2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/02/2026 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 12/07/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/09/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/30/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 01/27/2027 |  | 3500 | &nbsp;&nbsp; 3500000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 02/03/2027 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(b)</sup> <br>| 4.46% | 02/10/2027 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 03/11/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 03/24/2027 |  | 9000 | &nbsp;&nbsp; 9000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(b)</sup> <br>| 4.41% | 03/26/2027 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 04/09/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 05/13/2027 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 05/14/2027 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 05/27/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 07/21/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 09/02/2027 |  | 4000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  |  | &nbsp;&nbsp; 174000000 |
| **Federal Home Loan Bank (FHLB)-2.64%** | **Federal Home Loan Bank (FHLB)-2.64%** | **Federal Home Loan Bank (FHLB)-2.64%** | **Federal Home Loan Bank (FHLB)-2.64%** | **Federal Home Loan Bank (FHLB)-2.64%** | **Federal Home Loan Bank (FHLB)-2.64%** |
| Federal Home Loan Bank (SOFR + 0.08%)<sup>(b)</sup> <br>| 4.42% | 09/19/2025 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Home Loan Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/08/2025 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Home Loan Bank (SOFR + 0.15%)<sup>(b)</sup> <br>| 4.49% | 12/11/2025 |  | 4500 | &nbsp;&nbsp; 4500000 |
| Federal Home Loan Bank (SOFR + 0.13%)<sup>(b)</sup> <br>| 4.47% | 02/09/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Home Loan Bank (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 05/13/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/24/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Home Loan Bank (SOFR + 0.11%)<sup>(b)</sup> <br>| 4.45% | 07/16/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  |  | &nbsp;&nbsp; 30500000 |
| Total U.S. Government Sponsored Agency Securities (Cost $204,500,000) | Total U.S. Government Sponsored Agency Securities (Cost $204,500,000) | Total U.S. Government Sponsored Agency Securities (Cost $204,500,000) | Total U.S. Government Sponsored Agency Securities (Cost $204,500,000) |  | &nbsp;&nbsp; 204500000 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.55%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.47%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 02/09/2026 |  | 7000 | &nbsp;&nbsp; 7000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/04/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/29/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
|  |  |  |  |  | &nbsp;&nbsp; 17000000 |
| **Federal National Mortgage Association (FNMA)-2.08%** | **Federal National Mortgage Association (FNMA)-2.08%** | **Federal National Mortgage Association (FNMA)-2.08%** | **Federal National Mortgage Association (FNMA)-2.08%** | **Federal National Mortgage Association (FNMA)-2.08%** | **Federal National Mortgage Association (FNMA)-2.08%** |
| Federal National Mortgage Association (SOFR + 0.10%)<sup>(b)</sup> <br>| 4.44% | 06/18/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 08/21/2026 |  | 8500 | &nbsp;&nbsp; 8500000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 09/11/2026 |  | 3500 | &nbsp;&nbsp; 3500000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 10/23/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(b)</sup> <br>| 4.48% | 12/11/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
|  |  |  |  |  | &nbsp;&nbsp; 24000000 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $41,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $41,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $41,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $41,000,000) |  | &nbsp;&nbsp; 41000000 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-42.75% <br>(Cost $493,919,537) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-42.75% <br>(Cost $493,919,537) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-42.75% <br>(Cost $493,919,537) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-42.75% <br>(Cost $493,919,537) |  | &nbsp;&nbsp; 493919537 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-57.48%**<sup>(c)</sup>  | **Repurchase Agreements-57.48%**<sup>(c)</sup>  | **Repurchase Agreements-57.48%**<sup>(c)</sup>  | **Repurchase Agreements-57.48%**<sup>(c)</sup>  | **Repurchase Agreements-57.48%**<sup>(c)</sup>  | **Repurchase Agreements-57.48%**<sup>(c)</sup>  |
| Banco Santander, joint agreement dated 08/29/2025, aggregate maturing value of <br> $1,000,482,222 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,020,491,867; 0.00% - 9.00%; <br> 10/14/2025 - 08/01/2056)<br>| 4.34% | 09/02/2025 |  | 100048222 | &nbsp;&nbsp; 100000000 |
| BMO Capital Markets Corp., joint term agreement dated 08/29/2025, aggregate <br> maturing value of $1,506,387,500 (collateralized by agency mortgage-backed <br> securities valued at $1,530,000,006; 0.13% - 5.85%; 05/20/2031 - <br> 11/20/2072)<sup>(d)</sup> <br>| 4.38% | 10/03/2025 |  | 25106458 | &nbsp;&nbsp; 25000000 |

---

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

**3**

**Invesco U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| BNP Paribas Securities Corp., joint term agreement dated 07/10/2025, aggregate <br> maturing value of $2,501,233,333 (collateralized by agency mortgage-backed <br> securities, U.S. government sponsored agency obligations and U.S. Treasury <br> obligations valued at $2,550,000,006; 0.00% - 8.00%; 09/04/2025 - <br> 04/20/2065)<sup>(d)(e)</sup> <br>| 4.44% | 09/02/2025 |  | $25012333 | &nbsp;&nbsp; $25000000 |
| BofA Securities, Inc., joint term agreement dated 07/28/2025, aggregate maturing <br> value of $1,750,863,333 (collateralized by U.S. Treasury obligations valued at <br> $1,785,000,406; 0.38% - 5.00%; 08/31/2025 - 05/15/2053)<sup>(d)(e)</sup> <br>| 4.44% | 09/02/2025 |  | 10004933 | &nbsp;&nbsp; 10000000 |
| ING Financial Markets, LLC, joint agreement dated 08/29/2025, aggregate maturing <br> value of $500,241,111 (collateralized by agency mortgage-backed securities <br> valued at $510,000,001; 5.00% - 6.00%; 02/01/2053 - 04/01/2055)<br>| 4.34% | 09/02/2025 |  | 115055456 | &nbsp;&nbsp; 115000000 |
| Mizuho Securities (USA) LLC, joint agreement dated 08/29/2025, aggregate <br> maturing value of $400,192,889 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $408,000,102; 2.00% - <br> 7.00%; 01/01/2026 - 09/01/2055)<br>| 4.34% | 09/02/2025 |  | 100048222 | &nbsp;&nbsp; 100000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/26/2025, aggregate <br> maturing value of $1,035,905,000 (collateralized by U.S. Treasury obligations <br> valued at $1,020,657,998; 0.00% - 4.75%; 09/04/2025 - 08/15/2055)<sup>(d)</sup> <br>| 3.87% | 07/27/2026 |  | 12430860 | &nbsp;&nbsp; 12000000 |
| RBC Dominion Securities Inc., joint term agreement dated 08/27/2025, aggregate <br> maturing value of $1,569,780,100 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,547,152,184; 0.00% - <br> 6.00%; 10/02/2025 - 08/15/2055)<sup>(d)</sup> <br>| 3.87% | 07/24/2026 |  | 12425700 | &nbsp;&nbsp; 12000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,540,310,000 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $1,560,660,355; 0.00% - 7.00%; <br> 09/25/2025 - 08/15/2055)<sup>(d)</sup> <br>| 4.17% | 10/31/2025 |  | 11295607 | &nbsp;&nbsp; 11000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,541,315,700 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $1,567,124,654; 0.85% - 7.00%; <br> 11/30/2026 - 01/07/2062)<sup>(d)</sup> <br>| 4.20% | 09/30/2025 |  | 11257950 | &nbsp;&nbsp; 11000000 |
| Standard Chartered Bank, joint agreement dated 08/29/2025, aggregate maturing <br> value of $3,001,446,667 (collateralized by agency mortgage-backed securities <br> and U.S. Treasury obligations valued at $3,061,475,600; 0.00% - 6.00%; <br> 09/16/2025 - 09/01/2055)<br>| 4.34% | 09/02/2025 |  | 115055456 | &nbsp;&nbsp; 115000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 08/29/2025, aggregate <br> maturing value of $5,302,555,778 (collateralized by agency mortgage-backed <br> securities valued at $5,436,494,182; 3.00% - 6.50%; 10/20/2042 - <br> 03/20/2055)<br>| 4.34% | 09/02/2025 |  | 18108728 | &nbsp;&nbsp; 18100000 |
| TD Securities (USA) LLC, joint term agreement dated 08/27/2025, aggregate <br> maturing value of $480,407,867 (collateralized by agency mortgage-backed <br> securities valued at $489,600,001; 1.00% - 8.40%; 08/20/2040 - <br> 11/16/2065)<sup>(d)</sup> <br>| 4.37% | 09/03/2025 |  | 110093469 | &nbsp;&nbsp; 110000000 |
| Total Repurchase Agreements (Cost $664,100,000) | Total Repurchase Agreements (Cost $664,100,000) | Total Repurchase Agreements (Cost $664,100,000) | Total Repurchase Agreements (Cost $664,100,000) |  | &nbsp;&nbsp; 664100000 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-100.23% (Cost $1,158,019,537) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-100.23% (Cost $1,158,019,537) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-100.23% (Cost $1,158,019,537) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-100.23% (Cost $1,158,019,537) |  | &nbsp;&nbsp; 1158019537 |
| OTHER ASSETS LESS LIABILITIES-(0.23)% | OTHER ASSETS LESS LIABILITIES-(0.23)% | OTHER ASSETS LESS LIABILITIES-(0.23)% | OTHER ASSETS LESS LIABILITIES-(0.23)% |  | &nbsp;&nbsp; (2607306)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $1155412231 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

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

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

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

<sup>(d)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(e)</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>(f)</sup> Also represents cost for federal income tax purposes.

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

**4**

**Invesco U.S. Government Money Portfolio**

------

**Statement of Assets and Liabilities**

*August 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $493919537 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 664100000 |
| Cash | &nbsp;&nbsp; 3771 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 519287 |
| Interest | &nbsp;&nbsp; 2673739 |
| Fund expenses absorbed | &nbsp;&nbsp; 80391 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 117031 |
| Total assets | &nbsp;&nbsp; 1161413756 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4000000 |
| Fund shares reacquired | &nbsp;&nbsp; 927229 |
| Dividends | &nbsp;&nbsp; 58080 |
| Accrued fees to affiliates | &nbsp;&nbsp; 770266 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 5601 |
| Accrued operating expenses | &nbsp;&nbsp; 61178 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 179171 |
| Total liabilities | &nbsp;&nbsp; 6001525 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1155412231 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1155661450 |
| Distributable earnings (loss) | &nbsp;&nbsp; (249219)<br>|
|  | &nbsp;&nbsp; $1155412231 |
| **Net Assets:** | **Net Assets:** |
| Invesco Cash Reserve | &nbsp;&nbsp; $47937649 |
| Class C | &nbsp;&nbsp; $7015507 |
| Class R | &nbsp;&nbsp; $13586895 |
| Class Y | &nbsp;&nbsp; $1084450188 |
| Class R6 | &nbsp;&nbsp; $2421992 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Invesco Cash Reserve | &nbsp;&nbsp; 47939826 |
| Class C | &nbsp;&nbsp; 7015798 |
| Class R | &nbsp;&nbsp; 13587504 |
| Class Y | &nbsp;&nbsp; 1084496678 |
| Class R6 | &nbsp;&nbsp; 2422093 |
| Net asset value, offering and redemption price per share <br> for each class<br>| &nbsp;&nbsp; $1.00 |

---

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

**5**

**Invesco U.S. Government Money Portfolio**

------

**Statement of Operations**

*For the six months ended August 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $25939560 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2459313 |
| Administrative services fees | &nbsp;&nbsp; 257897 |
| Custodian fees | &nbsp;&nbsp; 7192 |
| Distribution fees: |  |
| Invesco Cash Reserve | &nbsp;&nbsp; 37638 |
| Class C | &nbsp;&nbsp; 32335 |
| Class R | &nbsp;&nbsp; 33910 |
| Transfer agent fees - Invesco Cash Reserve, C, R and Y | &nbsp;&nbsp; 1118715 |
| Transfer agent fees - R6 | &nbsp;&nbsp; 145 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 14981 |
| Registration and filing fees | &nbsp;&nbsp; 44345 |
| Reports to shareholders | &nbsp;&nbsp; 56531 |
| Professional services fees | &nbsp;&nbsp; 25678 |
| Other | &nbsp;&nbsp; 5554 |
| Total expenses | &nbsp;&nbsp; 4094234 |
| Less: Fees waived and expense offset arrangement(s) | &nbsp;&nbsp; (578844)<br>|
| Net expenses | &nbsp;&nbsp; 3515390 |
| Net investment income | &nbsp;&nbsp; 22424170 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 22685 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $22446855 |

---

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

**6**

**Invesco U.S. Government Money Portfolio**

------

**Statement of Changes in Net Assets**

*For the six months ended August 31, 2025 and the year ended February 28, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **August 31,** <br>**2025**<br>| **February 28,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $22424170 | &nbsp;&nbsp; $53900252 |
| Net realized gain | &nbsp;&nbsp; 22685 | &nbsp;&nbsp; 10710 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 22446855 | &nbsp;&nbsp; 53910962 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp; (923292)<br>| &nbsp;&nbsp; (2290386)<br>|
| Class C | &nbsp;&nbsp; (91487)<br>| &nbsp;&nbsp; (229409)<br>|
| Class R | &nbsp;&nbsp; (225815)<br>| &nbsp;&nbsp; (548072)<br>|
| Class Y | &nbsp;&nbsp; (21164613)<br>| &nbsp;&nbsp; (50820762)<br>|
| Class R6 | &nbsp;&nbsp; (18963)<br>| &nbsp;&nbsp; (11623)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (22424170)<br>| &nbsp;&nbsp; (53900252)<br>|
| **Share transactions-net:** |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp; (1846102)<br>| &nbsp;&nbsp; (3483018)<br>|
| Class C | &nbsp;&nbsp; 1076868 | &nbsp;&nbsp; (1041482)<br>|
| Class R | &nbsp;&nbsp; (493163)<br>| &nbsp;&nbsp; 1199202 |
| Class Y | &nbsp;&nbsp; (18784668)<br>| &nbsp;&nbsp; (51719495)<br>|
| Class R6 | &nbsp;&nbsp; 2159857 | &nbsp;&nbsp; 250022 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (17887208)<br>| &nbsp;&nbsp; (54794771)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (17864523)<br>| &nbsp;&nbsp; (54784061)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1173276754 | &nbsp;&nbsp; 1228060815 |
| End of period | &nbsp;&nbsp; $1155412231 | &nbsp;&nbsp; $1173276754 |

---

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

**7**

**Invesco U.S. Government Money Portfolio**

------

**Financial Highlights**

*(Unaudited)*

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>| **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 expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>|
| **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** | **Invesco Cash Reserve** |
| Six months ended 08/31/25 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02)<br>| $(0.02)<br>| $1.00 | 1.87<br> %<br>| $47938 | 0.73 %<sup>(c)</sup><br>| 0.83 %<sup>(c)</sup><br>| 3.68 %<sup>(c)</sup><br>|
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| (0.04)<br>| 1.00 | 4.42 | 49782 | 0.73 | 0.87 | 4.34 |
| Year ended 02/29/24 | 1.00 | 0.05 | (0.00)<br>| 0.05 | (0.05)<br>| (0.05)<br>| 1.00 | 4.62 | 53265 | 0.73 | 0.83 | 4.52 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.79 | 53056 | 0.66 | 0.83 | 1.76 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 53481 | 0.07 | 0.83 | 0.00 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.03 | 60704 | 0.18 | 0.89 | 0.04 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six months ended 08/31/25 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01)<br>| (0.01)<br>| 1.00 | 1.43 | 7016 | 1.58 <br><sup>(c)</sup><br>| 1.68 <br><sup>(c)</sup><br>| 2.83 <br><sup>(c)</sup><br>|
| Year ended 02/28/25 | 1.00 | 0.03 | 0.00 | 0.03 | (0.03)<br>| (0.03)<br>| 1.00 | 3.54 | 5939 | 1.58 | 1.72 | 3.49 |
| Year ended 02/29/24 | 1.00 | 0.04 | (0.00)<br>| 0.04 | (0.04)<br>| (0.04)<br>| 1.00 | 3.73 | 6980 | 1.58 | 1.68 | 3.67 |
| Year ended 02/28/23 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| (0.01)<br>| 1.00 | 1.18 | 7822 | 1.27 | 1.68 | 1.14 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 8105 | 0.07 | 1.68 | 0.00 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 11019 | 0.19 | 1.74 | 0.03 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.69 | 13587 | 1.08 <br><sup>(c)</sup><br>| 1.18 <br><sup>(c)</sup><br>| 3.33 <br><sup>(c)</sup><br>|
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| (0.04)<br>| 1.00 | 4.06 | 14080 | 1.08 | 1.22 | 3.99 |
| Year ended 02/29/24 | 1.00 | 0.04 | (0.00)<br>| 0.04 | (0.04)<br>| (0.04)<br>| 1.00 | 4.25 | 12881 | 1.08 | 1.18 | 4.17 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.53 | 6791 | 0.93 | 1.18 | 1.48 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 5042 | 0.07 | 1.18 | 0.00 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.02 | 5857 | 0.19 | 1.24 | 0.03 |
| **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** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.95 | 1084450 | 0.58 <br><sup>(c)</sup><br>| 0.68 <br><sup>(c)</sup><br>| 3.83 <br><sup>(c)</sup><br>|
| Year ended 02/28/25 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| (0.04)<br>| 1.00 | 4.58 | 1103214 | 0.58 | 0.72 | 4.49 |
| Year ended 02/29/24 | 1.00 | 0.05 | (0.00)<br>| 0.05 | (0.05)<br>| (0.05)<br>| 1.00 | 4.77 | 1154923 | 0.58 | 0.68 | 4.67 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.91 | 1224628 | 0.53 | 0.68 | 1.88 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 1283313 | 0.07 | 0.68 | 0.00 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.04 | 1470499 | 0.18 | 0.74 | 0.04 |
| **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** |
| Six months ended 08/31/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 2.00 | 2422 | 0.48 <br><sup>(c)</sup><br>| 0.52 <br><sup>(c)</sup><br>| 3.93 <br><sup>(c)</sup><br>|
| Year ended 02/28/25 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| (0.05)<br>| 1.00 | 4.70 | 262 | 0.48 | 0.53 | 4.59 |
| Year ended 02/29/24 | 1.00 | 0.05 | (0.00)<br>| 0.05 | (0.05)<br>| (0.05)<br>| 1.00 | 4.91 | 12 | 0.48 | 0.52 | 4.77 |
| Year ended 02/28/23 | 1.00 | 0.02 | (0.00)<br>| 0.02 | (0.02)<br>| (0.02)<br>| 1.00 | 1.99 | 10 | 0.45 | 0.51 | 1.97 |
| Year ended 02/28/22 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.01 | 10 | 0.07 | 0.53 | 0.00 |
| Year ended 02/28/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| (0.00)<br>| 1.00 | 0.05 | 10 | 0.16 | 0.57 | 0.06 |

---

<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 does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Annualized.

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

**8**

**Invesco U.S. Government Money Portfolio**

------

**Notes to Financial Statements**

*August 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco U.S. Government Money Portfolio (the "Fund") is a series portfolio of AIM Investment Securities Funds (Invesco Investment Securities Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of such Fund or each class.

The Fund's investment objective is to seek income consistent with stability of principal.

The Fund currently consists of five different classes of shares: Invesco Cash Reserve, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class C shares are sold with a contingent deferred sales charges ("CDSC"). Invesco Cash Reserve, Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Invesco Cash Reserve shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

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

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

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

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, 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.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund 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.

**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.

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 gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized 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 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.

**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

**9**

**Invesco U.S. Government Money Portfolio**

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("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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. 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.

**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. 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 adviser 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

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

For the six months ended August 31, 2025, the effective advisory fees incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC, and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Funds.

The Adviser has contractually agreed, through June 30, 2026, 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 Invesco Cash Reserve, Class C, Class R, Class Y, and Class R6 shares to 0.73%, 1.58%, 1.08%, 0.58%, and 0.48%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2026. 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 six months ended August 31, 2025, the Adviser contractually waived fund level expenses of $33 and class level expenses of $24,706, $3,185, $6,676, $544,100 and $145, of Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended 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 the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended August 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Invesco Cash Reserve, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Invesco Cash Reserve, Class C and Class R shares (collectively the "Plans"). The Fund pursuant to the Plans, pays IDI compensation at the annual rate of 0.15% of the average daily net assets of Invesco Cash Reserve shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial

**10**

**Invesco U.S. Government Money Portfolio**

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Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund plans. Expenses under this agreement are shown as *Distribution fees* in the Statement of Operations.

CDSC are not recorded as expenses of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2025, IDI advised the Fund that IDI imposed CDSC on redemptions by shareholders for Class C shares of $98.

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 six months ended August 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $90,558.

**NOTE 5—Trustees' and Officers' Fees and Benefits**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of February 28, 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; $85931 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $85931 |

---

\* 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. 

**11**

**Invesco U.S. Government Money Portfolio**

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**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**August 31, 2025** | **Six months ended** <br>**August 31, 2025** | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; 13294885 | &nbsp;&nbsp;&nbsp; $13294885 | &nbsp;&nbsp;&nbsp; 31023752 | &nbsp;&nbsp;&nbsp; $31023752 |
| Class C | &nbsp;&nbsp;&nbsp; 2417258 | &nbsp;&nbsp;&nbsp; 2417258 | &nbsp;&nbsp;&nbsp; 1899704 | &nbsp;&nbsp;&nbsp; 1899704 |
| Class R | &nbsp;&nbsp;&nbsp; 2758078 | &nbsp;&nbsp;&nbsp; 2758078 | &nbsp;&nbsp;&nbsp; 6844859 | &nbsp;&nbsp;&nbsp; 6844859 |
| Class Y | &nbsp;&nbsp;&nbsp; 98513544 | &nbsp;&nbsp;&nbsp; 98513544 | &nbsp;&nbsp;&nbsp; 194136716 | &nbsp;&nbsp;&nbsp; 194136716 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4443605 | &nbsp;&nbsp;&nbsp; 4443605 | &nbsp;&nbsp;&nbsp; 3439456 | &nbsp;&nbsp;&nbsp; 3439456 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; 892747 | &nbsp;&nbsp;&nbsp; 892747 | &nbsp;&nbsp;&nbsp; 2173382 | &nbsp;&nbsp;&nbsp; 2173382 |
| Class C | &nbsp;&nbsp;&nbsp; 90437 | &nbsp;&nbsp;&nbsp; 90437 | &nbsp;&nbsp;&nbsp; 224767 | &nbsp;&nbsp;&nbsp; 224767 |
| Class R | &nbsp;&nbsp;&nbsp; 223550 | &nbsp;&nbsp;&nbsp; 223550 | &nbsp;&nbsp;&nbsp; 542800 | &nbsp;&nbsp;&nbsp; 542800 |
| Class Y | &nbsp;&nbsp;&nbsp; 20744129 | &nbsp;&nbsp;&nbsp; 20744129 | &nbsp;&nbsp;&nbsp; 49765807 | &nbsp;&nbsp;&nbsp; 49765807 |
| Class R6 | &nbsp;&nbsp;&nbsp; 18765 | &nbsp;&nbsp;&nbsp; 18765 | &nbsp;&nbsp;&nbsp; 11167 | &nbsp;&nbsp;&nbsp; 11167 |
| **Automatic Conversion of Class C shares to Invesco Cash** <br> **Reserve shares:**<br>|  |  |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; 255841 | &nbsp;&nbsp;&nbsp; 255841 | &nbsp;&nbsp;&nbsp; 590294 | &nbsp;&nbsp;&nbsp; 590294 |
| Class C | &nbsp;&nbsp;&nbsp; (255841)<br>| &nbsp;&nbsp;&nbsp; (255841)<br>| &nbsp;&nbsp;&nbsp; (590294)<br>| &nbsp;&nbsp;&nbsp; (590294)<br>|
| **Reacquired:** |  |  |  |  |
| Invesco Cash Reserve | &nbsp;&nbsp;&nbsp; (16289575)<br>| &nbsp;&nbsp;&nbsp; (16289575)<br>| &nbsp;&nbsp;&nbsp; (37270446)<br>| &nbsp;&nbsp;&nbsp; (37270446)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1174986)<br>| &nbsp;&nbsp;&nbsp; (1174986)<br>| &nbsp;&nbsp;&nbsp; (2575659)<br>| &nbsp;&nbsp;&nbsp; (2575659)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (3474791)<br>| &nbsp;&nbsp;&nbsp; (3474791)<br>| &nbsp;&nbsp;&nbsp; (6188457)<br>| &nbsp;&nbsp;&nbsp; (6188457)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (138042341)<br>| &nbsp;&nbsp;&nbsp; (138042341)<br>| &nbsp;&nbsp;&nbsp; (295622018)<br>| &nbsp;&nbsp;&nbsp; (295622018)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2302513)<br>| &nbsp;&nbsp;&nbsp; (2302513)<br>| &nbsp;&nbsp;&nbsp; (3200601)<br>| &nbsp;&nbsp;&nbsp; (3200601)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (17887208)<br>| &nbsp;&nbsp;&nbsp; $(17887208)<br>| &nbsp;&nbsp;&nbsp; (54794771)<br>| &nbsp;&nbsp;&nbsp; $(54794771)<br>|

---

**12**

**Invesco U.S. Government Money Portfolio**

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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 AIM Investment Securities Funds (Invesco Investment Securities Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco U.S. Government Money Portfolio'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 separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (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. The Board noted that performance of Class Y shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the 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 the Fund was reasonably comparable to the performance universe median 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

**13**

**Invesco U.S. Government Money Portfolio**

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performance as well as other performance metrics, which did not change its conclusions.

*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 Class Y shares of the Fund were each above 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 also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual and contractual management fees and total expense ratio were each in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's actual and contractual management fees and total expenses.

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 further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

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 compared the Fund's advisory fee rate the application of advisory fee waivers/expense limitations to the effective advisory fee rates of other similarly managed mutual funds advised or

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

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 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;

&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.

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

**14**

**Invesco U.S. Government Money Portfolio**

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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.

**15**

**Invesco U.S. Government Money Portfolio**

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![](img7a691e3c1.jpg)

SEC file number(s): 811-05686 and 033-39519

Invesco Distributors, Inc.

O-GMKT-NCSRS

------

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.

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

------

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.

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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 Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the 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) Not applicable.

(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>AIM Investment Securities Funds (Invesco Investment Securities Funds)</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

------

## 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 AIM Investment Securities Funds (Invesco Investment Securities Funds) 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 AIM Investment Securities Funds (Invesco Investment Securities Funds) 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.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 AIM Investment Securities Funds (Invesco Investment Securities Funds);

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 AIM Investment Securities Funds (Invesco Investment Securities Funds);

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

------